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Markets opened flat and soon slipped into the red disappointing many
who were expecting a technical bounce back after five days of losses. The
bad news on inflation kept the market at lower levels till afternoon. When
the market men were readying themselves for another negative closing, the
frontline stocks held a smart rally to take the indices up. Sensex closed
at 6700, up 30 points and the Nifty at 2109, up 10 points. Nifty
futures closed at a premium to the spot index.
Oil
shot up again and posted a new all-time high of $57.6 in early trades before
closing marginally lower at $56.4 to a barrel. US markets were flat as some
positive news on employment data was counterbalanced by rising crude prices.
Indian ADR's continue to seek lower levels with most of them posting losses
except ICICI Bank, Wipro and Satyam. Tata Motors and HDFC Bank each lost 2
per cent. Inflation
for the week ended 5 March ended higher at 5.3 per cent as compared to 4.95
for the pervious week. The increase is mainly on account of increase in manufactured
prices. The figure was higher than market expectations and contributed to
the weak sentiment till afternoon. ICICI
Bank was one of the stars of the day touching a new all time high today. The
bank's sponsored ADR issue was subscribed more than four times and was priced
at $21.11 per ADR. The price is equivalent to Rs459 per share, or a 10 per
cent premium to the domestic market price. The stock closed with gains of
3 per cent. Bharti
Televentures ended its losing streak and rallied more than 5 per cent during
the day. Couple of negative news flows like RBI banning fresh FII purchases
and a stake sale by the promoter had dampened the stock price. The stock bounced
back on value picking at lower levels. A foreign brokerage had given a fresh
buy recommendation on the stock. IT
services major, TCS, indicated that it is on the lookout for acquisitions.
The company is also hopeful of additional business from major US corporations
including auto major, Chrysler. The stock closed with gains of close to a
per cent.
Mahindra & Mahindra also announced that it was looking at possible acquisitions
in the US and European markets. The company is launching its SUV model, Scorpio,
in many overseas markets. The stock gained close to a per cent. Maruti
Udyog is reviewing its production plans for the coming month as demand growth
is lower than expected. The company is facing stiff competition from competitors
and its entry model continues to lose market share. The stock closed higher
despite the negative news. Tata Motors also managed a positive closing. Reliance
Industries, with gains of close to 2 per cent, also lent strength to the late
afternoon rally. IT majors Infosys and Wipro also posted gains of nearly a
per cent each. HDFC and HDFC Bank were among the major losers. Mid-cap
action
Kotak Bank
rallied in opening trades as RBI has allowed the hike in FII investment limit.
The stock rallied close to 10 per cent before settling at lower levels. Jain
studios, which run the almost defunct Jain TV channel, made substantial gains
on news of a preferential offer. The stock has appreciated considerably in
the recent past though fundamentals remain questionable. Aban
Lloyd Chiles, the oil exploration services company, decided to go for a stock
split to increase liquidity for the stock. The company is also planning an
overseas issue of up to $100 million to finance expansion plans. The stock
has seen a sustained up trend over the past few weeks. Dolphin
Offshore, another oil exploration services company, announced an order from
engineering major Larsen & Toubro. The stock rallied on this news. Small
steel stocks which have been the flavor of the market bounced back sharply
from the lower levels seen in the morning. Many stocks in this sector saw
intra day movement of more than 10 per cent indicating extreme volatility. The
Nicholas Piramal counter saw a block deal today and the stock slipped marginally
on the news. Private equity player Warburg Pincus holds around 10 per cent
stake in the company. Asian
markets led by Japan, staged a smart bounce back today brushing aside high
crude prices. Japanese NIKKEI index closed more than a per cent higher. The
strong rally in the last hour or so may be either on account of short covering
or institutional buying. Sensex closing at 6700 and Nifty above 2100 would
comfort many traders. Direction of the  market
for the rest of the month would depend more on external factors like crude
prices and performance of other emerging markets.
*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
|
6,704.11 |
+34.59 |
| NIFTY
|
2,111.20 |
+12.70 |
Last
Update : 18 March, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name | Open | High | Low | Last
Price | | BHARTI TELE
| 201.50 | 208.00
| 198.95 | 207.70 |
| ICICI BANK L | 403.00
| 418.00 | 394.10 | 412.50 |
| RANBAXY LABORATORIES LTD. | 1,040.00
| 1,078.80 | 1,033.50 | 1,072.95 |
| MARUTI UDYOG | 435.00
| 447.40 | 423.55 | 446.20 |
| RELIANCE* | 565.00
| 573.40 | 560.00
| 572.25 |
| TATA MOTORS | 452.00
| 461.75 | 446.55
| 460.10 |
| BHEL | 781.00 | 795.00
| 765.00 | 792.00 |
| INFOSYS TECHNOLOGIES LTD.-ORDI | 2,181.00
| 2,201.00 | 2,145.30
| 2,199.10 | | WIPRO
LTD. | 681.00 | 688.00
| 671.00 | 684.00 |
| TATA IRON AND STEEL CO. LTD. | 430.50
| 434.80 | 421.40
| 433.75 | | HINDUSTAN
LEVER LTD. | 133.00 | 134.00
| 132.00 | 133.20 |
| TATA IRON AND STEEL CO. LTD. | 430.50
| 435.40 | 421.40
| 434.55 | | ASSOCIATED
CEMENT COMPANIES LT | 360.00
| 361.50 | 354.55
| 360.45 |
| RELIANCE ENR* | 531.00 | 540.00
| 530.00 | 537.00 |
| TATA POWER | 381.90
| 383.50 | 373.50
| 379.50 |
| SATYAM COMP | 399.50
| 404.85 | 394.20
| 401.00 | | STATE
BANK OF INDIA | 726.00
| 730.00 | 712.55
| 728.50 |
| HINDUSTAN PETROLEUM CORP. LTD. | 331.00
| 334.90 | 329.00
| 331.55 |
| DR.REDDY'S LABORATORIES LTD. |
748.50 | 748.50 | 715.00
| 718.05 |
| HOUSING DEVELOPMENT FINANCE CO | 780.00
| 780.00 | 755.00
| 762.05 | | CIPLA
LTD. | 280.00 | 282.75
| 273.90 | 276.00 |
| I T C LTD | 1,315.15
| 1,332.00 | 1,306.20
| 1,310.00 |
| LARSEN & TOUBRO LTD. | 1,046.00
| 1,052.00 | 1,028.00
| 1,033.90 |
| HINDALCO IN | 1,400.00 | 1,412.50
| 1,377.20 | 1,391.00 |
| HDFC BANK LT | 572.00
| 574.00 | 562.00
| 565.15 |
| GRASIM INDUSTRIES LTD. | 1,301.00
| 1,315.00 | 1,278.20
| 1,290.00 |
| BAJAJ AUTO | 1,099.00 | 1,099.00
| 1,054.30 | 1,075.00 |
| HEROHONDA M | 540.00
| 541.90 | 531.00
| 536.95 |
| ONG CORP LTD | 898.95 | 921.80
| 898.95 | 912.00 |
| RELIANCE ENR* | 531.00
| 540.00 | 530.00
| 535.05 | Last
Update : 18 March, 2005, 16:05PM
S&P
CNX Nifty
| Symbol | Open | High | Low | Last
Price | | RELIANCE
| 560.00 | 573.90
| 555.15 | 571.95 |
| SAIL | 64.90 | 68.50
| 63.35 | 68.40 | | SBIN
| 727.00 | 730.30 | 712.30
| 729.35 | | TISCO
| 429.80 | 435.40 | 421.70
| 435.30 | | INFOSYSTCH
| 2184.70 | 2203.00
| 2144.95 | 2200.00 |
| ONGC |
911.35 | 922.00 | 907.60
| 909.55 | | MARUTI
| 437.00 | 449.90
| 423.20 | 449.65 |
| TATAMOTORS | 454.00
| 461.90 | 446.50 | 461.50 |
| SATYAMCOMP | 399.05
| 404.00 | 394.10
| 401.00 |
| TCS | 1459.00 | 1472.50
| 1425.00 | 1469.50 |
| PNB | 440.80
| 444.95 | 431.40
| 434.60 |
| ICICIBANK | 402.80 | 417.80
| 395.45 | 414.45 |
| M&M | 515.00
| 521.90 | 498.20
| 519.20 |
| BHEL | 783.50 | 794.50
| 765.15 | 791.35 |
| GAIL | 230.00
| 231.00 | 224.55
| 229.55 |
| RANBAXY | 1050.00
| 1079.80 | 1037.30
| 1075.00 | | BHARTI
| 198.15 | 208.80
| 198.15 | 208.80 |
| ORIENTBANK | 339.00
| 343.90 | 335.15
| 342.25 | | ACC
| 359.00 | 360.90
| 354.20 | 360.45 |
| HINDPETRO | 330.50
| 334.95 | 329.90
| 331.50 | | DRREDDY
| 746.00 | 747.50
| 717.00 | 718.00 |
| LT | 1030.55
| 1053.90 | 1027.50
| 1031.00 | | WIPRO
| 680.10 | 688.95
| 670.25 | 688.00 |
| ITC | 1335.00
| 1335.00 | 1305.00
| 1310.10 | | BPCL
| 387.00 | 388.00
| 378.00 | 383.75 |
| HDFC | 779.90
| 780.00 | 750.00
| 757.25 | | CIPLA
| 280.00 | 282.95
| 274.00 | 277.00 |
| GRASIM | 1307.00
| 1313.70 | 1276.35
| 1291.00 | | HCLTECH
| 366.00 | 372.90
| 360.70 | 365.00 |
| GUJAMBCEM | 420.00
| 427.10 | 412.50
| 426.20 | | MTNL
| 130.15 | 131.90
| 127.75 | 128.00 |
| TATAPOWER | 380.00
| 383.60 | 373.55
| 379.85 | | HINDLEVER
| 133.50 | 134.35
| 132.00 | 133.60 |
| NATIONALUM | 182.75
| 185.00 | 180.15
| 184.00 | | HEROHONDA
| 540.00 | 542.00
| 531.15 | 539.40 |
| HINDALC0 | 1405.20
| 1412.80 | 1378.10
| 1390.35 | | ZEETELE |
134.50 | 136.80 | 133.00
| 136.25 |
| IPCL | 177.80 | 177.80
| 173.50 | 176.35 |
| HDFCBANK | 572.00
| 573.95 | 562.10
| 566.70 |
| BAJAJAUTO | 1076.10 | 1087.00
| 1056.25 | 1080.00 |
| SCI | 162.00
| 165.00 | 158.55
| 164.55 |
| TATATEA | 521.10 | 528.00
| 508.00 | 521.85 |
| VSNL | 200.90
| 205.90 | 194.00
| 194.20 |
| REL | 536.00 | 540.00
| 531.00 | 536.15 |
| TATACHEM | 153.00
| 154.40 | 151.10
| 152.70 |
| DABUR | 121.00 | 121.90
| 115.55 | 118.60 |
| GLAXO | 731.00
| 732.00 | 720.10
| 722.00 |
| SUNPHARMA | 481.00 | 484.85
| 476.00 | 484.00 |
| COLGATE | 179.50
| 183.00 | 177.30
| 180.85 |
| ABB | 1210.00 | 1225.00
| 1201.60 | 1208.00 |
Last Update
: 18 March, 2005, 16:04PM
|
