|
Sentiment across global equity markets was very weak for
the second day on concerns of escalating conflict in the
Middle East, rising oil prices and interest rates. Asian
markets slipped further following another sharp fall in
US indices yesterday.
Frontline
indices opened substantially lower, but recovered only
to decline again. They touched their lows by early afternoon
as the Sensex slipped below 10600 and Nifty went below
3100.
A
sharp recovery in the afternoon took the indices within
one percent of yesterday's closing levels. However, the
last half hour saw some more selling pressure.
Sensex
closed with losses of 180 points at 10678 and the Nifty
lost 46 points to close at 3123. Nifty July futures ended
at a discount of 25 points to the spot index.
Stocks
of oil marketing companies were among the worst hit as
crude oil prices hit record highs. BPCL dropped more than
5 per cent in morning trades and finally closed with losses
of nearly 4 per cent while HPCL ended close to 3 per cent
lower.
Auto
stocks, another sector that would be affected by high
oil prices, were also hit heavily today. Tata Motors was
the biggest loser among index stocks, closing nearly 4
per cent lower. M&M and Maruti lost over 1.5 per cent
each.
Among
two-wheelers, Bajaj Auto declined more than 2.5 per cent.
Hero Honda recovered from its declining trend and closed
nearly a per cent higher.
Most
technology stocks gave up the rest of their gains from
Wednesday after losing part of it yesterday. Satyam closed
more than 3 per cent lower and Wipro ended over 2.5 per
cent lower. Infosys gave up another 2 per cent.
Tata
Power gave up all its gains from yesterday and closed
more than 3 per cent lower.
Among
index heavyweights, ONGC lost nearly a per cent and Reliance
Industries declined over 0.5 per cent.
Cement
stocks were also under pressure and Grasim ended nearly
4 per cent lower. Gujarat Ambuja lost over 1.5 per cent
and ACC slipped close to 0.5 per cent.
Jet
Airways touched a new lifetime low as the Supreme Court
extended the stay on the transfer of funds in the escrow
account opened by Jet in favour of Sahara. The stock closed
more than 3 per cent lower.
OBC
was the biggest loser among baking stocks, closing more
than 3 per cent lower. HDFC Bank lost over 2 per cent
while ICICI Bank and HDFC ended nearly 2 per cent each
lower.
HCL
Technologies was the only major gainer among index stocks
for a considerable part of the session. The stock finally
ended nearly 3 per cent higher. Among other tech stocks,
TCS added close to 0.5 per cent ahead of its results announcement
on Monday.
Zee
Tele soared in afternoon trades and ended as the biggest
gainer among index stocks, adding 5.5 per cent.
Aluminium
stocks recovered from a weak start and closed with gains.
Nalco added nearly a per cent while Hindalco gained under
0.5 per cent.
Reliance
Energy, Tata Tea and SBI were the other gainers.
Global
markets / crude oil
US markets tumbled for the second day yesterday as escalating
conflict in the Middle East encouraged investors to reduce
their equity exposure. The sharp surge in crude oil prices
was another factor, which affected investor sentiment.
The
Dow index had one of its worst falls in recent months
and closed more than 1.5 per cent lower and S&P 500
gave up nearly 1.3 per cent. Technology stocks were once
again the worst hit and the NASDAQ lost another 1.75 per
cent.
Asian
markets also slipped substantially for the second day
on higher oil prices. The rate hike by Bank of Japan was
expected and some analysts are seeing it as a positive
sign on Japanese economic growth. South Korea and Indoenesia
were the biggest losers, closing more than 2.25 per cent
each lower. Japan and Thailand lost over 1.6 per cent
each while Singapore, Malaysia and Hong Kong declined
over a per cent each.
Shanghai
recovered from yesterday's 5 per cent fall and closed
with modest gains of over 0.5 per cent.
European
markets are also weak, but the losses are not as bad as
the rest of the global markets. Major indices are trading
with losses of between 0.3 to a per cent each.
Crude
oil prices surged yesterday on concerns that the conflict
in the Middle East would affect oil supplies. Violence
in Nigeria has affected oil exports from that country
and the Iranian nuclear dispute showed no signs of improvement.
Near month NYMEX futures closed more than 2 per cent higher
at $76.7 per barrel yesterday. The commodity crossed $78
in Asian trades today and is now trading above $77 in
early European trades today.
Large-cap
news flow
- HDFC
Bank said its branch network has expanded to 535
as of end June 2006. Total credit cards issued by the
bank have crossed 25 lakh and the number of debit cards
has crossed 40 lakh.
- HCL
Technologies would showcase its integrated solutions
for the aerospace industry in this year's Farnborough
air show. The company already has some of the large
companies in the sector like Boeing as its clients.
Mid-Cap Action
Mid-caps
and small caps also opened weak in line with the downtrend
in large caps. But the losses were much lower than the
frontline indices as a number of stocks held on to their
gains and some other rallied ahead.
The
CNX Mid-Cap index ended with losses of 34 points, or 0.88
per cent, to end the day at 3878. BSE mid-cap index lost
0.73 per cent and the BSE small cap index did even better
with losses of only 0.59 per cent.
Select
mid-cap IT stocks continued to rally for the third day
on expectations of strong results. Onward Technologies,
Sonata Software, Aftek Info, Geometric Software and Polaris
were the major gainers. Aztec Software continued its decline
and lost another 5.5 per cent.
Texmaco,
Nelco and D-Link were among the other mid-cap gainers.
Astra
Microwave, Bindal Agro, Tata Coffee, Flex Engineering,
Sadbhav Engineering, Unitech, Lloyd Engineering, DCM Sriram
and Prime Securities were among the major mid-cap losers.
Mid-cap
news flow
- Texmaco
has won an order worth Rs296 crore from National Hydro
Electric Corp for supply of hydro-mechanical equipment.
The company has also won an order worth Rs187 crore
for container flat wagons for railways.
- The
board of ISMT would meet early next week to consider
mobilisation of additional resources.
- Jindal
Stainless has received High Court approval for de-merger
of lifestyle products and architecture divisions of
the company.
- IVRCL
has achieved financial closure for its highway project
in Punjab. The project worth Rs238 crore is being implemented
on a BOT basis.
-
BSEL Infrastructure said it would complete its
integrated complex in Gujarat by 2007 at a cost of Rs25
crore. The company has also entered into an agreement
to develop a shopping mall in Nagpur. A subsidiary of
BSEL is also developing retail properties and townships
in Dubai at a cost of Rs100 crore.
- Venus
Remedies has filed for international patent for
its newly developed drug for treating severe infections.
The company said clinical trials are being conducted
for the drug.
- CS
Software has received an order from the ESI Corporation
for the social security number project. The order is
worth Rs53 crore.
-
The board of KSL & Industries would meet
early next week to consider raising of additional resources
for its real estate projects.
- Celebrity
Fashions has started trial production at its new
garment unit in Tamil Nadu.
- Shareholders
and creditors of Ansal Properties have approved
the merger of Ansal Township with the company.
*Disclaimer:
The author
may have positions in some of the stocks specifically
mentioned above at the time of writing this article. This
analysis / report is only for the purpose of information
and is not an investment advice. Readers are advised to
consult a certified financial advisor before taking any
investment decisions. While efforts have been made to
ensure the accuracy of the information provided
in the content the author or publisher shall not be held
responsible for any loss caused to any person whatsoever.
Market:
Indices
National
Markets
Gain (+) / Loss (-)
|
SENSEX
|
10,678.22
|
-180.28
|
| NIFTY
|
3,123.35
|
-
45.95 |
Last
Update : 14 July, 2006 16:00:00 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ACC
|
|
|
|
834.00 |
| Bajaj
Auto |
2,695.00
|
2,695.00
|
2,606.00
|
2,644.30 |
| Bharti
Tele |
371.00
|
371.00
|
358.00
|
362.10
|
| BHEL
|
1,950.00
|
1,950.00
|
1,910.00
|
1,928.50 |
| Cipla |
225.00
|
225.00
|
219.00
|
222.25
|
| Dr
Reddys Lab |
1,300.00
|
1,314.95
|
1,286.00
|
1,304.60
|
| Grasim
Indus |
2,028.00
|
2,028.00
|
1,951.50
|
1,963.95 |
| Guj
Ambuja |
107.50
|
108.00
|
104.75
|
106.95
|
| HDFC
Bank Ltd |
1,161.00
|
1,161.00
|
1,128.20
|
1,141.00 |
| HDFC
Ltd |
745.65
|
745.65
|
717.00
|
728.55
|
| Hero
Honda |
701.00
|
725.00
|
695.00
|
718.15
|
| Hindalco
|
178.90
|
178.90
|
173.05
|
174.90
|
| HLL
|
|
|
|
242.85 |
| ICICI
Bank |
491.00
|
491.00
|
481.00
|
486.25
|
| Infosys |
1,667.90
|
1,667.90
|
1,620.00
|
1,650.75
|
| ITC
|
180.00
|
180.00
|
175.35
|
176.35
|
| L&T
|
2,220.00
|
2,220.00
|
2,180.05
|
2,190.70
|
| Maruti |
799.00
|
803.00
|
782.55
|
795.10
|
| NTPC
|
116.00
|
118.90
|
113.00
|
118.30
|
| ONGC
|
|
|
|
1,107.95 |
| Ranbaxy
|
343.00
|
344.35
|
334.00
|
335.05
|
| Rel
Energy |
440.35
|
448.10
|
435.55
|
446.10
|
| Reliance
|
|
|
|
1,065.15 |
| Satyam
|
740.00
|
742.00
|
715.60
|
721.60
|
| SBI
|
726.90
|
741.05
|
717.05
|
737.65
|
| Tata
Motors |
753.00
|
756.00
|
736.60
|
739.85 |
| Reliance
Comm Ventures Ltd |
263.70
|
275.00
|
254.55
|
269.20
|
| Tata
Steel |
515.00
|
515.00
|
503.00
|
510.70
|
| TCS
|
1,860.00
|
1,894.00
|
1,822.00
|
1,875.50
|
| Wipro
|
495.00
|
495.00
|
481.10
|
489.95
|
Last
Update : 14 July, 2006 16:26 PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
1065.00
|
1083.00
|
1050.75
|
1069.10 |
| INFOSYSTCH
|
1650.00
|
1661.05
|
1620.00
|
1648.75 |
| SATYAMCOMP
|
736.10
|
738.00
|
715.25
|
721.85 |
| TATASTEEL
|
512.00
|
514.25
|
503.00
|
511.35 |
| TATAMOTORS
|
759.75
|
759.75
|
735.00
|
739.45 |
| TCS
|
1840.00
|
1896.00
|
1825.10
|
1874.30 |
| ONGC
|
1111.00
|
1135.00
|
1100.00
|
1108.85 |
| ACC
|
781.45
|
840.00
|
760.00
|
835.00 |
| GRASIM
|
2010.00
|
2010.00
|
1940.00
|
1959.55 |
| BAJAJAUTO
|
2680.00
|
2680.00
|
2600.00
|
2642.80 |
| SUZLON
|
1020.00
|
1041.00
|
1002.10
|
1028.15 |
| MARUTI
|
799.40
|
799.40
|
782.50
|
795.00 |
| ITC
|
180.00
|
180.00
|
175.50
|
176.55 |
| SBIN
|
720.00
|
741.90
|
716.10
|
737.40 |
| HEROHONDA
|
709.90
|
724.95
|
695.00
|
717.75 |
| WIPRO
|
498.00
|
500.00
|
480.95
|
489.10 |
| HINDALC0
|
174.35
|
178.90
|
173.00
|
174.80 |
| LT
|
2238.90
|
2238.90
|
2160.00
|
2194.95 |
| HCLTECH
|
538.00
|
565.05
|
530.00
|
557.50 |
| GUJAMBCEM
|
107.15
|
108.00
|
104.80
|
107.00 |
| ZEETELE
|
255.00
|
274.85
|
248.00
|
269.85 |
| VSNL
|
388.00
|
391.40
|
375.50
|
384.60 |
| HINDLEVER
|
241.00
|
243.40
|
238.00
|
241.30 |
| SAIL
|
74.90
|
74.90
|
73.50
|
74.50 |
| RANBAXY
|
340.00
|
343.00
|
334.00
|
335.30 |
| BHEL
|
1945.00
|
1948.00
|
1910.00
|
1930.95 |
| IPCL |
266.10 |
267.00
|
259.55
|
264.30 |
| BHARTIARTL
|
363.65
|
370.00
|
358.00
|
362.00 |
| HDFCBANK
|
746.00
|
746.00
|
715.60
|
729.30 |
| HDFC
|
1151.00
|
1159.95
|
1127.00
|
1143.20 |
| MTNL |
147.50 |
151.00
|
144.20
|
148.20 |
| DRREDDY
|
1301.65
|
1315.00
|
1282.50
|
1305.95 |
| M&M |
590.00 |
590.00
|
580.00
|
585.35 |
| SIEMENS
|
845.00
|
925.00
|
845.00
|
911.05 |
| CIPLA
|
224.00
|
224.00
|
219.00
|
221.95 |
| PNB
|
321.10
|
323.00
|
312.00
|
321.55 |
| ICICIBANK
|
482.20
|
492.00
|
472.50
|
485.90 |
| BPCL |
327.05 |
327.05
|
310.00
|
315.60 |
| TATATEA
|
721.00
|
731.00
|
705.05
|
726.90 |
| GAIL |
252.00 |
252.55
|
246.15
|
248.75 |
| DABUR
|
146.90
|
148.35
|
144.05
|
147.10 |
| TATAPOWER
|
488.00
|
491.00
|
475.00
|
478.65 |
| REL
|
444.00
|
451.50
|
435.10
|
448.75 |
| NATIONALUM
|
217.85
|
221.95
|
212.60
|
219.95 |
| ABB
|
2551.60
|
2590.00
|
2525.05
|
2574.55 |
| JETAIRWAYS
|
553.20
|
553.20
|
537.00
|
539.10 |
| HINDPETRO
|
221.00
|
221.00
|
210.00
|
214.75 |
| ORIENTBANK
|
161.10
|
161.10
|
152.35
|
155.30 |
| SUNPHARMA
|
757.35
|
759.95
|
741.00
|
753.80 |
| GLAXO
|
1038.00
|
1038.00
|
1000.00
|
1009.15 |
Last
Update : 14 July, 2006 16:0
|
