|
Yesterday's strong pull back could not be sustained today
as global markets turned weak yet again. India was the
worst hit today in Asia, as the continuing weakness of
the rupee against the US dollar would dissuade inflows
of overseas money into the markets.
The
markets opened significantly lower and after trying to
hold level for sometime, slipped again before noon. By
early afternoon, both frontline indices were down nearly
2 per cent each and there was no recovery from those levels.
Sensex
closed with losses of 267 points at 10086 and the Nifty
lost 78 points to close at 2945. Nifty July futures ended
at a discount of 9 points to the spot index.
Technology
stocks came under further pressure after yesterday's recovery
as some of the results have failed to excite the markets.
HCL Tech was the biggest loser among index stocks, closing
more than 6.5 per cent lower. Wipro ended nearly 4.5 per
cent lower.
Among
other tech stocks, Infosys lost close to 3 per cent while
TCS ended more than 2 per cent lower. Satyam closed with
modest losses of under 0.5 per cent.
FMCG
stocks were also under pressure, despite good outlook
for the next few quarters. Dabur lost 6.5 per cent while
ITC declined 4.5 per cent. HLL ended with losses of close
to 3.5 per cent.
Jet
Airways went back to its lows after just a day of recovery
yesterday. The stock closed 4.5 per cent down, barely
above Rs500.
L&T
lost over 5 per cent after the announcement of results.
BHEL slipped close to 1.5 per cent while ABB gave up almost
3 per cent.
Cement
stocks declined, despite being one of the best performing
sectors in terms of profitability. Grasim lost over 4.5
per cent and Gujarat Ambuja gave up close to 4 per cent.
ACC declined nearly 3 per cent.
Both
index heavyweights, ONGC and Reliance Industries, ended
with losses of close to 3 per cent each.
Hindalco
and Tata Power were the other major losers, both closing
more than 4 per cent each lower.
There
were only three gainers among index stocks. Select pharma
stocks remained firm on good quarterly results. Ranbaxy
added more than a per cent while Cipla gained close to
a per cent.
Reliance
Energy closed with modest gains of under 0.5 per cent.
Global
markets / crude oil
US markets gave up a large part of the previous day's
gains yesterday, as most analysts said the markets overreacted
to the Fed chief's statements on inflation and interest
rates. Analysts expect the Fed to raise rates at least
one more time in August before considering a pause. Lower
than expected guidance from chip major Intel and weak
economic data affected the sentiment further.
The
Dow closed with losses of over 0.75 per cent while the
S&P 500 ended 0.85 per cent lower. The NASDAQ index
closed with losses of close to 2 per cent.
Most
Asian markets closed lower following the decline in US
indices. Japan was the weakest in the region, ending nearly
0.85 per cent lower. Singapore lost 0.5 per cent while
Indonesia and Hong Kong ended with modest losses.
Among
the gainers, Thailand surged 2.5 per cent and Malaysia
added nearly 0.9 per cent. Shanghai added over 0.6 per
cent.
European
markets opened weak and some of them have lost further
ground. Major indices are trading with gains of between
0.2 and 0.8 per cent each.
Crude
oil prices remained firm yesterday as the situation in
the Middle East remained volatile. Near month NYMEX futures
settled at $74.27 per barrel yesterday. The commodity
has is trading with modest gains in European trades today.
Large-cap
news flow
- The
board of BHEL would meet later this month to
consider a stock split and bonus issue.
- Videocon
Industries has raised $105 million from a FCCB issue.
The 5-year bonds would be listed in Singapore and would
carry an interest rate of 4.5 per cent per annum. The
company has set an initial conversion price of Rs511.18
per share.
- L&T
said high prices of crude oil have led to have boosted
investment in hydrocarbon and other core sectors. The
company expects to improve the growth in engineering
and construction businesses and sustain operating margins,
considering the buoyancy in capacity creation in both
domestic and Middle East markets.
Mid-Cap
Action
Mid-caps
and small caps also gave up all of their yesterday's gains.
They opened weak and declined further as the session progressed,
in line with the trend in large caps. Stocks of companies,
which came out with weak results, were severely beaten
down.
The
CNX Mid-Cap index ended with losses of 76 points, or 2.04
per cent, to end the day at 3640. BSE mid-cap index lost
2.34 per cent and the BSE small cap index gave up 2.61
per cent.
Stocks
of auto battery manufacturers attracted heavy interest
today. Exide Industries added 10.5 per cent despite news
of a workers strike and Amara Raja added over 6 per cent.
GIC
Housing Finance, SB&T International, Greenply, Mukand
Engineering and Balmer Lawrie were among the other mid-cap
gainers.
Gateway
Distriparks, Uttam Sugar, Saregama, Subhash Projects,
Prime Focus, Cholamandalam DBS, India Infoline and Bajaj
Hindustan were among the major mid-cap losers.
Mid-cap
news flow
- KEC
International has
won an order worth $62 million for setting up a power
transmission line and optic fibre line for telecom in
Kazakhstan. The company has also won an order worth
$49 million for construction of 2 transmission lines
in UAE.
- Polaris
Software said
the company launched a centre for application testing
services in Ireland. The company has won 3 new clients
in association with a Danish system integration company.
- Aban
Loyd has transferred one of its offshore rigs to
an indirect subsidiary of the company for a total consideration
of $96 million.
- The
board of Aurionpro has approved the acquisition
of a US based IT services company with revenues of $9
million, for an undisclosed amount.
- Four
Soft has floated a fully owned subsidiary in Japan
to expand its operations.
- Workers
at one of the manufacturing units of Exide are
on strike and operations have been disrupted.
- The
board of TTK Healthcare has approved a preferential
issue of 15 lakh equity shares at a price of Rs73 per
share to unidentified investors.
- Shareholders
and creditors of Pearl Global have approved the
merger of 2 privately held entities with the company.
- The
board of Shree Rajasthan Syntex would meet later
this month to consider the merger of Shree Rajasthan
Texchem with the company.
- The
board of Navneet Publications would meet later
this month to consider a stock split.
- The
creditors of Adlabs have approved the merger
of 3 privately held entities with the company.
- Syndicate
Bank has raised Rs250 crore from an issue of redeemable
non-convertible bonds.
- Everest
Industries has started commercial production at
its new plant for sandwich panels made of lightweight
reinforced cement core.
- The
board of SB&T International has approved
a share buy back scheme at a price not exceeding Rs60
per share.
- Lupin
has received US FDA approval for a drug in tablet form,
used in the treatment of osteoarthritis and rheumatic
arthritis. The company said the market potential for
the drug is around $1.1 billion.
- Unity
Infraprojects has received a new order worth Rs38
crore
for construction of a hospital in Haryana.
- Tantia
Constructions
has received a new order worth Rs19 crore for a railway
bridge.
*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
|
10,085.91
|
-267.03
|
| NIFTY
|
2,945.00
|
-78.05
|
Last
Update : 21 July, 2006 16:00:00 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ACC
|
815.00
|
817.00
|
784.05
|
788.45
|
| Bajaj
Auto |
|
|
|
2,459.65 |
| Bharti
Tele |
362.00
|
362.15
|
354.00
|
357.60
|
| BHEL
|
|
|
|
1,787.35 |
| Cipla |
218.00
|
223.00
|
216.10
|
220.15
|
| Dr
Reddys Lab |
1,269.00
|
1,269.00
|
1,228.00
|
1,242.35
|
| Grasim
Indus |
1,975.00
|
1,975.00
|
1,862.30
|
1,883.20 |
| Guj
Ambuja |
103.55
|
104.00
|
99.10
|
99.60
|
| HDFC
Bank Ltd |
726.05
|
730.00
|
705.10
|
709.30
|
| HDFC
Ltd |
|
|
|
1,070.95 |
| Hero
Honda |
|
|
|
709.70 |
| Hindalco
|
163.00
|
163.00
|
156.35
|
157.45 |
| HLL
|
230.00
|
231.20
|
222.50
|
223.85 |
| ICICI
Bank |
489.00
|
489.00
|
478.10
|
484.75
|
| Infosys |
1,640.00
|
1,645.00
|
1,581.25
|
1,603.50
|
| ITC
|
174.00
|
175.50
|
166.45
|
167.20
|
| L&T
|
2,134.00
|
2,134.00
|
2,005.00
|
2,022.35
|
| Maruti |
738.00
|
739.70
|
705.50
|
711.15
|
| NTPC
|
113.00
|
113.00
|
107.90
|
108.90
|
| ONGC
|
1,071.20
|
1,080.00
|
1,041.30
|
1,049.65
|
| Ranbaxy
|
348.15
|
355.80
|
346.00
|
353.75
|
| Rel
Energy |
444.95
|
447.00
|
425.00
|
439.30
|
| Reliance
|
994.90
|
994.90
|
956.00
|
967.55
|
| Satyam
|
|
|
|
686.60 |
| SBI
|
|
|
|
716.05 |
| Tata
Motors |
684.90
|
686.00
|
664.65
|
673.10 |
| Reliance
Comm Ventures Ltd |
248.00
|
249.40
|
232.50
|
238.30
|
| Tata
Steel |
|
|
|
483.55 |
| TCS
|
1,799.00
|
1,799.00
|
1,751.00
|
1,767.25
|
| Wipro
|
465.00
|
468.00
|
444.00
|
447.60
|
Last
Update : 21 July, 2006 16:26 PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
990.00
|
995.00
|
955.60
|
967.55 |
| SATYAMCOMP
|
719.00
|
719.00
|
676.60
|
687.00 |
| TATASTEEL
|
487.00
|
487.30
|
466.10
|
483.05 |
| INFOSYSTCH
|
1634.80
|
1634.80
|
1580.50
|
1602.10 |
| ITC
|
177.00
|
177.00
|
166.50
|
167.30 |
| BHEL |
1862.05 |
1900.00
|
1764.40
|
1787.85 |
| SUZLON
|
980.00
|
980.00
|
932.00
|
953.75 |
| TCS |
1798.00 |
1804.80
|
1752.60
|
1767.55 |
| WIPRO |
465.00 |
469.90
|
444.10
|
449.00 |
| ACC |
813.00 |
813.00
|
783.15
|
789.55 |
| RANBAXY
|
352.00
|
355.90
|
346.30
|
353.75 |
| LT
|
2120.00
|
2125.00
|
2007.00
|
2023.40 |
| TATAMOTORS
|
684.80
|
720.00
|
665.05
|
672.45 |
| SBIN
|
726.50
|
726.50
|
704.10
|
715.80 |
| MARUTI
|
740.00
|
740.00
|
705.00
|
711.25 |
| SAIL
|
70.00
|
70.00
|
66.90
|
67.35 |
| GUJAMBCEM
|
103.05
|
103.05
|
99.00
|
99.50 |
| ONGC
|
1070.00
|
1080.00
|
1042.00
|
1051.35 |
| CIPLA |
217.95 |
222.80
|
216.20
|
219.80 |
| GRASIM
|
1956.00
|
1977.00
|
1858.10
|
1883.50 |
| VSNL |
354.00 |
354.95
|
343.50
|
350.55 |
| HCLTECH
|
547.00
|
549.50
|
505.00
|
514.50 |
| M&M
|
522.00
|
530.00
|
506.00
|
513.70 |
| SIEMENS
|
848.00
|
854.30
|
822.00
|
837.20 |
| IPCL
|
246.00
|
246.00
|
235.10
|
239.05 |
| HINDALC0
|
163.00
|
163.00
|
156.30
|
157.45 |
| DABUR
|
141.00
|
141.00
|
129.00
|
130.90 |
| MTNL |
140.00 |
140.45
|
136.50
|
136.85 |
| HINDLEVER
|
230.30
|
230.30
|
222.05
|
223.55 |
| BAJAJAUTO
|
2489.00
|
2489.00
|
2420.20
|
2456.25 |
| ZEETELE |
253.00 |
254.40
|
245.00
|
252.15 |
| HDFCBANK
|
715.00
|
727.00
|
705.00
|
709.85 |
| REL
|
435.00
|
446.80
|
425.00
|
439.80 |
| ICICIBANK
|
491.40
|
491.40
|
478.10
|
484.75 |
| HDFC
|
1085.00
|
1085.00
|
1065.05
|
1071.35 |
| BHARTIARTL
|
364.00
|
364.00
|
354.25
|
357.85 |
| HEROHONDA
|
716.00
|
716.00
|
705.00
|
709.60 |
| ABB
|
2401.10
|
2410.00
|
2308.50
|
2343.80 |
| GLAXO
|
1000.00
|
1000.00
|
978.00
|
983.00 |
| SUNPHARMA
|
761.00
|
766.00
|
743.00
|
748.65 |
| JETAIRWAYS
|
530.00
|
530.00
|
505.00
|
506.40 |
| NATIONALUM
|
217.00
|
217.00
|
211.00
|
213.40 |
| GAIL |
231.05 |
240.00
|
231.05
|
234.50 |
| DRREDDY
|
1252.00
|
1265.00
|
1228.00
|
1241.00 |
| PNB
|
322.30
|
323.90
|
311.95
|
315.35 |
| TATAPOWER
|
483.00
|
483.00
|
460.00
|
464.10 |
| TATATEA
|
735.00
|
735.00
|
705.05
|
725.65 |
| BPCL
|
318.90
|
318.90
|
310.05
|
313.60 |
| ORIENTBANK
|
158.00
|
158.00
|
153.05
|
154.75 |
| HINDPETRO
|
220.00
|
220.00
|
213.55
|
215.35 |
Last
Update : 21 July, 2006 16:0
|
|
