|
Yet another volatile day in the market as the indices are trying to get
a sense of direction on mixed signals. The results season is ahead of us and
the market is cautiously optimistic. However, global cues in the form of oil
prices and investment flows continue to cause a few worries.
After
opening firm the indices declined soon to touch the lows of the day before
noon. Early afternoon, the indices bounced back into positive territory only
to give up and close in the red. Sensex closed at 6550, down 54 points and
the Nifty at 2053, down 11 points. Among
index stocks, Tata Chemicals, ONGC and Bajaj Auto were the biggest percentage
gainers while Tata Motors, Maruti and Gujarat Ambuja were the top losers. On
Monday, US markets bounced back from early losses to close with reasonable
gains. Declining oil prices and news of large mergers helped turn around the
sentiment. Insurance giant AIG, facing regulatory investigations, bounced
back on news of a possible settlement. Oil giant Chevron-Texaco announced
acquisition of smaller rival Unocal for $16.4 billion. There is also speculation
about a possible bid by HSBC to acquire investment bank Morgan Stanley. Morgan
Stanley is facing severe internal management issues with many top executives
leaving. Oil
touched a new high of $58.28 in morning trades before declining and closing
at $57.01 to a barrel. OPEC has indicated that it is willing to increase production
by half a million barrels a day to cool prices. Telecom
major Bharti Tele announced plans to invest around $850 million in the current
year for expansion. A large part of the proposed investments will be spent
on mobile services. The company is not planning to raise fresh equity. The
stock recovered from its morning losses on hearing this announcement. Indian
Oil announced a price hike of Rs5,000 per kilolitre for aviation fuel. Jet
Airways, the only listed operational airline, lost two per cent on this news
early in the morning. Fuel forms a substantial part of an airline's operating
costs and prices have gone up by more than 50 per cent from last year's levels. HPCL
announced plans to invest up to Rs1,300 crore to increase capacity of its
Mumbai oil refinery. The company is also expanding the capacity of its Vizag
refinery and has offered a stake to Saudi Arabian oil company Aramco in the
Vizag project. Larsen
& Toubro is joining hands with Dubai Aluminium to set up an alumina refinery
in the state of Orissa. The project which would also include a bauxite mining
unit is expected to cost Rs5,000 crore. ICICI
Bank touched a new all time high of Rs429.50 before closing almost 2 per cent
up at Rs425. BHEL and HCL Tech also gained in a weak market. Power
stocks Reliance Energy and Tata Power were weak today as also banking majors
SBI and HDFC Bank. Mid-cap
action
Jubilant Organosys
announced acquisition of a US based generic pharma company for $8.25 million.
The target company reportedly has 5 approved drugs and has filed applications
for more drug approvals. Jubilant will pay cash for the acquisition and is
looking to invest an additional $12 million in the US company.
Construction companies keep on announcing new project orders almost every
day. Today, a consortium of Hindustan Construction announced and Nagarjuna
Construction announced a huge order for an irrigation project worth Rs1,887
crore. Hindustan shot up more than 8 per cent and Nagarjuna by 2 per cent
in early morning trades. Hindustan
Oil Exploration was the biggest gainer among mid-caps with a gain of 20 per
cent. The stock is attracting buying interest on rising crude prices and the
company's reserve estimate of 40 million barrels of crude. Rain
Commodities gained more than 7 per cent on news of a warrant issue to a subsidiary
of Citibank. The company, previously called Priyadarshini Cement, is the holding
company of Rain Industries, which is a regional cement player in the state
of Andhra Pradesh. Dwarikesh
Sugar said it would spend up to Rs150 crore to acquire sugar mills in the
state of Uttar Pradesh. The company is looking at 3 mills with a crushing
capacity of 5,000 tonnes of cane per day. Allahabad
Bank was the single biggest loser among mid-caps with losses of over 7 per
cent. The bank announced the price band for its public issue between Rs75
to Rs82. The market was speculating a price of around Rs90 based on some statements
issued by the bank management. The steep discount of the offer price to current
market price led to large scale unloading of the stock. Yet another reminder
for retail investors not to jump into the ring based on market speculation. Other
mid-cap public sector banks were also lost substantial ground. Bank of Baroda,
Indian Overseas Bank, Bank of India and Union Bank all lost between 3-5 percent. IL&FS
Investment, South East Asia Marine, Zodiac JRD and Jindal Drilling were among
the major mid-cap gainers for the day.  SB&T
International, Suryalakshmi Cotton, Pantaloon Retail and Crest Animation were
among the major mid-cap losers.
*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
|
6,550.29
|
-54.13
|
| NIFTY
|
2,052.55
|
-10.85
|
Last
Update : 5 April, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ONG
CORP LTD |
882.00
|
947.70
|
882.00
|
912.40 |
| BAJAJ
AUTO |
1,063.00
|
1,093.00
|
1,055.00
|
1,084.10 |
| BHEL |
793.00 |
804.40
|
780.00
|
801.15 |
| ICICI
BANK L |
418.00
|
428.50
|
410.10
|
424.55 |
| BHARTI
TELE |
215.00
|
218.00
|
210.25
|
217.25 |
| HEROHONDA
M |
538.65
|
546.00
|
529.00
|
540.60 |
| TATA
MOTORS |
423.10
|
425.00
|
405.10
|
406.20 |
| MARUTI
UDYOG |
422.00
|
423.45
|
400.10
|
402.35 |
| GUJARAT
AMBUJA CEMENTS LTD. |
425.00
|
425.00
|
407.05
|
409.35 |
| STATE
BANK OF INDIA |
667.35
|
669.00
|
641.95
|
645.20 |
| TATA
POWER |
360.00
|
360.00
|
345.05
|
346.55 |
| WIPRO
LTD. |
675.00
|
675.00
|
655.10
|
659.65 |
| TATA
IRON AND STEEL CO. LTD. |
398.00
|
398.00
|
380.65
|
382.40 |
| HDFC
BANK LT |
553.00
|
563.00
|
540.00
|
540.05 |
| RELIANCE
ENR* |
550.00
|
550.00
|
530.50
|
532.90 |
| GRASIM
INDUSTRIES LTD. |
1,227.00 |
1,243.00
|
1,205.00
|
1,210.75 |
| RELIANCE*
|
564.00
|
568.80
|
553.25
|
555.65 |
| SATYAM
COMP |
423.00
|
426.80
|
415.15
|
417.00 |
| RANBAXY
LABORATORIES LTD. |
1,012.70
|
1,015.00
|
989.00
|
992.80 |
| HINDUSTAN
LEVER LTD. |
132.00
|
132.00
|
129.15
|
129.50 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
320.00
|
322.00
|
313.10
|
316.75 |
| CIPLA
LTD. |
263.00
|
263.00
|
256.00
|
259.75 |
| LARSEN
& TOUBRO LTD. |
1,040.00
|
1,047.50
|
1,021.05
|
1,024.55 |
| HOUSING
DEVELOPMENT FINANCE CO |
724.00
|
728.00
|
711.00
|
721.00 |
| ZEE
TELEF LT |
142.00
|
143.60
|
139.10
|
139.70 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,100.00
|
2,246.80
|
2,100.00
|
2,220.30 |
| ACC |
|
|
|
361.60 |
| Dr.
Reddys Laboratories |
|
|
|
748.50 |
| Hindalco
Industries Limited |
|
|
|
1,375.10 |
| ITC |
|
|
|
1,350.00 |
Last
Update : 5 April, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| TISCO
|
394.00
|
396.00
|
380.50
|
382.35 |
| ONGC
|
893.10
|
915.00
|
892.00
|
912.15 |
| RELIANCE
|
565.95
|
569.80
|
553.55
|
556.05 |
| SBIN
|
668.00
|
669.45
|
641.90
|
645.40 |
| ICICIBANK
|
418.00
|
429.50
|
409.50
|
425.45 |
| SATYAMCOMP
|
423.00
|
426.55
|
414.65
|
418.05 |
| INFOSYSTCH
|
2250.00
|
2422.80
|
2213.00
|
2221.45 |
| TATAMOTORS
|
427.00
|
427.00
|
405.10
|
406.40 |
| MARUTI
|
420.75
|
423.00
|
401.15
|
403.10 |
| PNB
|
398.90
|
400.85
|
388.10
|
390.35 |
| SAIL
|
63.00
|
63.60
|
61.80
|
62.20 |
| TCS
|
1429.00
|
1442.50
|
1416.10
|
1425.45 |
| ITC
|
1365.00
|
1374.70
|
1348.00
|
1350.65 |
| HCLTECH
|
375.25
|
385.00
|
374.00
|
382.75 |
| WIPRO
|
670.00
|
674.80
|
657.45
|
660.60 |
| M&M
|
493.20
|
495.90
|
482.00
|
487.70 |
| RANBAXY
|
1009.80
|
1013.55
|
988.10
|
993.05 |
| BHEL
|
789.70
|
805.00
|
780.00
|
801.40 |
| HINDLEVER
|
132.00
|
132.00
|
129.00
|
129.75 |
| GAIL
|
219.80
|
221.00
|
213.30
|
215.80 |
| LT
|
1042.90
|
1047.90
|
1021.00
|
1027.85 |
| ACC
|
362.00
|
363.95
|
361.10
|
361.90 |
| HINDPETRO
|
320.00
|
322.10
|
313.05
|
317.55 |
| BHARTI
|
225.00
|
225.00
|
210.00
|
216.95 |
| BPCL
|
359.20
|
366.80
|
353.30
|
363.00 |
| HINDALC0
|
1374.00
|
1379.90
|
1353.00
|
1372.00 |
| GUJAMBCEM
|
424.15
|
424.15
|
405.00
|
409.05 |
| HDFC
|
725.40
|
730.00
|
711.00
|
725.65 |
| IPCL
|
174.00
|
174.00
|
168.70
|
169.50 |
| ORIENTBANK
|
316.00
|
318.00
|
311.05
|
312.80 |
| TATAPOWER
|
357.00
|
359.70
|
345.05
|
346.65 |
| BAJAJAUTO
|
1064.00
|
1094.50
|
1057.10
|
1085.50 |
| REL
|
559.90
|
559.90
|
530.25
|
532.85 |
| HDFCBANK
|
557.00
|
562.00
|
537.05
|
539.95 |
| CIPLA
|
260.00
|
262.00
|
256.05
|
259.70 |
| MTNL
|
118.90
|
119.70
|
116.00
|
117.25 |
| HEROHONDA
|
540.00
|
550.00
|
529.90
|
539.70 |
| TATATEA
|
530.00
|
535.95
|
522.00
|
529.45 |
| ZEETELE
|
141.10
|
143.40
|
139.10
|
139.60 |
| NATIONALUM
|
177.00
|
177.00
|
169.50
|
172.40 |
| TATACHEM
|
150.80
|
155.50
|
149.05
|
154.35 |
| DRREDDY
|
748.00
|
755.90
|
742.00
|
746.55 |
| DABUR
|
113.50
|
114.25
|
110.25
|
111.85 |
| GRASIM |
1238.00 |
1241.90
|
1206.10
|
1212.55 |
| SCI
|
155.40
|
155.40
|
151.00
|
152.05 |
| VSNL
|
195.90
|
197.75
|
190.30
|
192.90 |
| SUNPHARMA
|
475.00
|
475.00
|
463.50
|
465.70 |
| ABB
|
1190.00
|
1200.00
|
1162.10
|
1181.00 |
| GLAXO
|
711.00
|
715.00
|
695.50
|
698.65 |
Last
Update : 5 April, 2005, 16:04PM
| 
