|
Markets had a very flat opening even as reports of fresh earth quakes
in Maharashtra came in. After struggling to trade in positive territory, the
indices took the lead from other Asian markets and went down. Markets across
Asia corrected today on worries of high crude prices. Sensex closed at 6752,
down 58 points and the Nifty at 2129, down 17 points. The Nifty futures discount
to the spot index remains at 9 points.
US
markets rallied towards close after being in the red in afternoon trades.
Crude continued its rally ahead of a crucial OPEC meeting in Iran. The Dow
and NASDAQ both gained a third of a per cent. Indian ADR's continued their
bad run with many of them closing with substantial losses. HDFC Bank, which
had a strong rally over the last couple of weeks, led the weakness with a
loss of around 3 per cent. Telecom stocks VSNL and MTNL also closed lower.
Infosys, Satyam and Tata Motors managed to close with marginal gains. The
controversial Reliance Infocomm equity allotments came up for discussion in
the Parliament today. The finance minister, while explaining government's
stand, stated that there was no prima facie violation of rules and SEBI is
investigating into investor complaints on Reliance Industries corporate governance
practices. After
yesterday's run up, Jet Airways stock remained subdued today. It traded in
a narrow range around Rs1,300 for most of the day except for a brief period
when it slipped to Rs1,280 levels. The stock closed at Rs1,293, down Rs11. Bharti
Televentures and Punjab National Bank were major losers as RBI has banned
fresh FII buying in both stocks. PNB has been losing steadily after close
of its public issue which had led to a strong rally in the stock. Tata
group company VSNL was a major loser down close to 5 per cent in morning trades.
VSNL ADR had a very bad day yesterday on the New York stock exchange. Other
Tata stocks like Tata Motors, Tata Tea, Tata Power and TCS also closed in
the red. Steel
stocks Tata Steel and SAIL opened in the positive before drifting down in
the early afternoon. Tata Steel however managed a smart rally towards closing
to end in the green. Pharmaceutical
stocks resisted the weakness in the market and held firm throughout the session.
The sector was held up by Dr. Reddy's tie up with an Australian company to
develop anti-bacterial drugs and Glaxo SmithKline announcing a share buy back
of up to 25 per cent of equity. Ranbaxy was the only loser among the pharma
pack. Heavy
weights Reliance Industries, Infosys and Wipro all contributed to the weakness
in the indices. ONGC and ITC were two big stocks which managed a positive
closing. Mid-cap
action
Small steel
stocks continued their run up ahead of their expected price hike in April.
The sentiment was boosted by bullish statements from the managements of some
of these companies. These companies expect to continue posting good margins
going forward even as input costs are shooting up. Investors should think
about the sustainability of future earnings and also consider the fact that
many of these companies are more expensive than integrated steel companies,
which are less prone to input cost risks. Ispat
Industries, Essar Steel, Mahindra Ugine, Bhushan Steel, and Mukand were some
of the prominent gainers among mid-cap steel stocks and the volumes continue
to be good. Electrosteel Castings was a big winner with gains of more than
17 per cent. Shipping
Corporation, which has the largest fleet of bulk carriers among Indian shipping
companies, declined on reports that there could be a major drop in bulk freight
rates in the near future. The stock lost more than 2 per cent in morning trades
but recovered towards close on news that SCI plans to buy 18 ships for $1.8
billion. Smaller
shipping stocks remained positive in morning trades led by Mercator Lines.
The company is going in for a fleet expansion and would be issuing GDR's to
finance the same. The stock closed with 5 per cent gains. Small
sugar stocks, after remaining weak for a couple of weeks, bounced back to
post good gains. Shakthi Sugar, Oudh Sugar, Dhampur and Rajshree all saw good
action. Small sugar stocks continue to attract the fancy of retail investors
even though their earnings record have been erratic when compared to larger
sugar companies like Bajaj Hindustan and Balrampur Chini. Madhucon
Projects, a mid-sized construction company, bagged irrigation projects worth
close to Rs400 crore from the Andhra Pradesh government. The stock gained
close to 4 per cent on release of this news. Gammon India, another construction
company, was once again locked in the upper circuit after the weak trend over
last two days. Mid-cap
cigarette company, Godfrey Philips, bounced back after yesterday's correction.
The strong rally in this stock over the last week or so has surprised many.
US tobacco major Philip Morris is acquiring an Indonesian cigarette manufacturer
for $5 billion. Maybe this news was driving up Godfrey Philips, as Philip
Morris also holds a stake in this company. Towards
the end of the session, McDowell acquired 49 per cent of competitor Herbertsons
for Rs131 crore through a block deal reported in the BSE. McDowell closed
lower today after a sustained rally over the last week. Pritish
Nandy Communications, Bombay Burmah, LG Balakrishnan, Ruchi Soya and Mico
were some of the other significant mid-cap gainers today. Market
is in a correction mode and there is some more down side  left
before the indices can re-test previous highs. Tomorrow may see a minor bounce
back after three continuous sessions in the negative.
*Disclaimer:
The author doesn't have any position in 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.
Other
articles by Rex Mathew List
of general reports on markets List
of general reports on finance Market:
Indices
National
Markets
Gain (+) / Loss (-)
|
SENSEX
|
6,751.32
|
-58.72
|
| NIFTY
|
2,127.15
|
-19.20
|
Last
Update : 15 March, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| CIPLA
LTD. |
276.30
|
286.10
|
274.10
|
283.00 |
| DR.REDDY'S
LABORATORIES LTD. |
742.00
|
762.00
|
735.00
|
753.00 |
| TATA
IRON AND STEEL CO. LTD. |
438.00
|
444.75
|
433.25
|
442.05 |
| I
T C LTD |
1,340.00
|
1,356.90
|
1,325.00
|
1,339.00 |
| ONG
CORP LTD |
912.00
|
920.00
|
905.85
|
912.95 |
| RELIANCE
ENR* |
579.00
|
579.00
|
546.25
|
547.05 |
| BHARTI
TELE |
222.00
|
223.30
|
215.00
|
216.15 |
| HINDUSTAN
LEVER LTD. |
138.90
|
139.80
|
135.05
|
135.15 |
| HEROHONDA
M |
573.90
|
578.00
|
561.30
|
562.50 |
| TATA
MOTORS |
469.85
|
469.90
|
455.40
|
455.50 |
| HOUSING
DEVELOPMENT FINANCE CO |
798.00
|
800.00
|
778.10
|
785.50 |
| ZEE
TELEF LT |
139.95
|
139.95
|
135.50
|
135.85 |
| WIPRO
LTD. |
695.00
|
695.80
|
681.25
|
682.00 |
| BAJAJ
AUTO |
1,124.00
|
1,124.00
|
1,085.50
|
1,091.50 |
| TATA
POWER |
388.00
|
391.60
|
382.10
|
382.50 |
| RELIANCE*
|
580.00
|
583.90
|
569.30
|
570.75 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,223.00
|
2,232.00
|
2,201.10
|
2,202.05 |
| SATYAM
COMP |
412.45
|
415.50
|
407.00
|
407.00 |
| HINDALCO
IN |
1,459.00
|
1,459.00
|
1,427.00
|
1,433.85 |
| LARSEN
& TOUBRO LTD. |
1,090.15
|
1,104.00
|
1,065.00
|
1,088.05 |
| BHEL
|
813.00
|
821.80
|
805.15
|
805.90 |
| GUJARAT
AMBUJA CEMENTS LTD. |
427.00
|
431.70
|
425.00
|
426.45 |
| ASSOCIATED
CEMENT COMPANIES LT |
365.90
|
368.00
|
360.50
|
363.05 |
| GRASIM
INDUSTRIES LTD. |
1,365.90
|
1,365.90
|
1,353.00
|
1,362.90 |
| HDFC
Bank |
|
|
|
593.60 |
| Hindustan
Petroleum Corp |
|
|
|
332.95 |
| ICICI
Bank |
|
|
|
382.40 |
| Maruti
Udyog |
|
|
|
1,084.60 |
| Ranbaxy
Labs |
|
|
|
1,068.00 |
| State
Bank Of India |
|
|
|
731.30 |
Last
Update : 15 March, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
580.00
|
584.10
|
569.20
|
570.35 |
| TISCO
|
438.90
|
444.75
|
433.55
|
441.80 |
| SBIN
|
734.00
|
737.60
|
725.00
|
729.65 |
| SAIL
|
66.95
|
67.80
|
65.70
|
66.25 |
| SATYAMCOMP
|
415.00
|
415.45
|
407.65
|
408.45 |
| ONGC
|
910.00
|
920.00
|
906.20
|
911.45 |
| INFOSYSTCH
|
2200.00
|
2229.80
|
2160.00
|
2209.00 |
| TCS
|
1451.00
|
1462.00
|
1430.00
|
1440.00 |
| TATAMOTORS
|
467.50
|
469.00
|
455.10
|
456.00 |
| PNB
|
493.50
|
493.50
|
470.05
|
479.50 |
| RANBAXY
|
1065.00
|
1081.85
|
1047.50
|
1067.00 |
| MARUTI
|
454.05
|
456.40
|
447.15
|
448.80 |
| GAIL
|
242.80
|
244.75
|
239.50
|
240.50 |
| BHARTI
|
224.80
|
224.80
|
214.10
|
215.55 |
| CIPLA
|
276.00
|
286.45
|
274.20
|
282.55 |
| HINDPETRO
|
334.00
|
336.95
|
330.15
|
331.80 |
| HCLTECH
|
372.10
|
374.50
|
365.20
|
365.80 |
| ORIENTBANK
|
368.25
|
369.50
|
358.30
|
358.80 |
| BHEL
|
809.90
|
822.50
|
806.00
|
807.60 |
| HINDLEVER
|
139.00
|
139.80
|
135.10
|
135.70 |
| WIPRO
|
693.00
|
698.00
|
683.00
|
683.85 |
| ACC
|
364.00
|
373.70
|
361.00
|
361.30 |
| BPCL |
415.00 |
415.00
|
387.10
|
388.65 |
| HINDALC0
|
1458.00
|
1458.00
|
1425.00
|
1440.00 |
| HEROHONDA
|
575.00
|
577.00
|
560.50
|
563.60 |
| ITC
|
1344.00
|
1356.00
|
1324.95
|
1336.10 |
| SCI
|
166.00
|
168.80
|
162.50
|
166.80 |
| ICICIBANK
|
385.60
|
386.60
|
376.25
|
381.80 |
| DRREDDY
|
736.15
|
762.00
|
734.00
|
751.05 |
| IPCL
|
181.00
|
181.70
|
179.60
|
180.00 |
| GUJAMBCEM
|
429.95
|
432.00
|
424.35
|
426.00 |
| LT
|
1104.25
|
1104.25
|
1065.30
|
1077.50 |
| TATAPOWER
|
389.60
|
391.70
|
383.00
|
383.10 |
| ZEETELE
|
139.00
|
139.40
|
135.00
|
135.25 |
| M&M |
531.10 |
534.90
|
525.10
|
528.45 |
| HDFC
|
791.25
|
798.00
|
780.00
|
787.05 |
| GLAXO |
770.00 |
784.00
|
765.00
|
770.00 |
| REL
|
568.70
|
568.75
|
548.50
|
549.75 |
| MTNL
|
136.40
|
137.40
|
134.35
|
134.60 |
| TATATEA
|
535.45
|
535.45
|
518.00
|
524.00 |
| NATIONALUM
|
188.05
|
188.20
|
184.15
|
184.15 |
| HDFCBANK |
602.90 |
602.90
|
582.00
|
593.15 |
| BAJAJAUTO
|
1098.00
|
1110.00
|
1084.00
|
1090.00 |
| VSNL |
216.00 |
216.00
|
205.60
|
209.00 |
| GRASIM
|
1350.00
|
1367.00
|
1350.00
|
1360.00 |
| TATACHEM
|
156.10
|
156.20
|
151.80
|
153.05 |
| SUNPHARMA
|
480.10
|
490.00
|
480.10
|
489.25 |
| DABUR
|
121.75
|
121.75
|
118.20
|
120.10 |
| ABB
|
1235.00
|
1245.00
|
1202.60
|
1207.00 |
| COLGATE
|
180.05
|
183.95
|
178.05
|
181.00 |
Last
Update : 15 March, 2005, 16:04PM
|
