|
In a repeat of yesterday's action, markets opened on a
flat note in the morning even on the back of some positive
global cues. US markets had a firm closing yesterday and
most Asian markets opened firm in the morning.
Some amount of selling emerged in the morning itself and
the markets drifted into the negative. The indices traded
with a weak bias till early in the afternoon.
Later in the afternoon, buying emerged and pushed the
markets up. The rally sustained till close of the day
helping the indices to finish the session with decent
gains.
Sensex closed at 6565, up 25 points and the Nifty at 2029,
up 15 points. Nifty May futures discount to the spot index
widened marginally to five points from yesterday's four
points. May futures are due for expiry this Thursday.
Nifty June futures are quoting at a discount of 20 points
to the spot.
Among Nifty stocks, SAIL, Sun Pharma and Tata Motors were
the major percentage gainers while Zee Tele, Satyam Computers
and Gujarat Ambuja Cements were the major losers.
US markets continued their up trend from last week and
closed with decent gains. The minutes of the US Fed meeting
held earlier this month will be released today and many
analysts expect to find clues to a softening of the 'measured
pace' stance on short term interest rates. The first quarter
GDP rates are expected to be revised to at least 3.6 per
cent later in the week from the earlier estimated 3.1
per cent. Both Dow and NASDAQ closed with gains of half-a-per
cent.
Crude
oil futures for July delivery rose around a per cent yesterday
to close above the $49 to a barrel mark. After the steady
downtrend over the last week, oil futures gained as traders
built fresh positions on the July contracts.
On
the NASDAQ, Infosys ADR surged close to 4 per cent. Satyam
and Wipro ADRs on the NYSE did not disappoint either,
with gains of over a per cent each. ICICI Bank, HDFC Bank
and Tata Motors closed with losses. Telecom stocks, VSNL
and MTNL, both managed to close with gains.
The
surge in Infosys ADR prices was after reports that the
company's sponsored ADR offering is receiving very good
response from overseas investors. According to reports,
the issue has been subscribed more than twice in Europe
and received good response in Japan as well. Infosys closed
with gains of close to a per cent on the domestic bourses
today.
ONGC
is planning to raise up to $3 billion by way of an overseas
debt issue to finance its acquisition plans abroad. The
stock closed with gains of half a per cent.
According
to reports, ONGC is evaluating Tide Water Oil for a possible
acquisition. Tide Water markets automobile lubricants.
ONGC may also get a place in the Fortune 500 list of largest
global corporations this year.
Wipro
is on the look out for more overseas acquisitions. According
to reports, the company is also a front runner to win
part of a $3-billion development and outsourcing order
from General Motors. Wipro has bid for part of the order
on its own and has teamed up with Accenture for another
part.
Wipro
also announced an alliance with US based Wind River, a
company which develops application software for devices.
Wipro closed with gains of over two per cent.
Ranbaxy
gained over a per cent after the company announced the
US launch of a tablet, Clarithromycin, to treat infections.
The US market for this medicine is estimated at over $200
million per year.
Automobile
exports from the country posted a strong 34 per cent growth
for the month of April. Commercial vehicles with an increase
of over 76 per cent followed by two-wheelers with gains
of 49 per cent were the star performers.
Auto
stocks had a good day at the markets today as most of
them closed with gains. Tata Motors was one of the better
performers with gains of close to 3 per cent.
Mid-Cap Action
Bharat
Forge, the second largest forgings company in the world,
announced its results for the quarter and year ended March
2005. The company, which is a major supplier to automobile
companies, has increased its profits for the fourth quarter
by over 33 per cent and for the full year by close to
30 per cent.
Bharat
Forge is also planning an acquisition in the US which
is expected to cost $15 to $20 million. The stock declined
more than a per cent after the results announcement.
Balmer
Lawrie, a diversified public sector company, surged close
to 10 per cent after the company announced a 126 per cent
surge in profits for the quarter ended March 2005. The
company manufactures a host of industrial products steel
barrels, cylinders, chemicals etc and also has a trading
arm.
Sirpur
Paper Mills lost ground after the company announced disappointing
results. For the quarter ended March 2005, profits have
declined over 60 per cent. Total revenues have also shown
a marginal decline of 3 per cent.
KCP
Limited, LG Balakrishnan Brothers and Jindal Photofilms
were among the best performing stocks among mid-caps.
 Mangalam
Drugs, Foursoft and Herdilia Chemicals were among the
significant mid-cap losers.
*Disclaimer:
The author does not 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
|
6,565.37
|
+25.54
|
| NIFTY
|
2,028.60
|
+14.70
|
Last
Update : 24 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| TATA
MOTORS |
435.00
|
446.80
|
433.55
|
445.00 |
| RANBAXY
LABORATORIES LTD. |
980.00
|
1,010.00
|
978.05
|
1,002.40 |
| WIPRO
LTD. |
674.40
|
684.00
|
666.60
|
682.10 |
| TATA
IRON AND STEEL CO. LTD. |
353.80
|
359.20
|
351.10
|
357.85 |
| CIPLA
LTD. |
274.00
|
279.00
|
273.00
|
278.50 |
| STATE
BANK OF INDIA |
655.00
|
664.90
|
649.00
|
662.75 |
| TATA
POWER |
366.00
|
370.00
|
365.00
|
369.55 |
| HINDUSTAN
LEVER LTD. |
129.25
|
129.50
|
127.85
|
129.15 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,155.00
|
2,174.00
|
2,135.45
|
2,157.00 |
| MARUTI
UDYOG |
452.30
|
459.80
|
452.30
|
457.90 |
| I
T C LTD |
1,500.00
|
1,518.00
|
1,491.60
|
1,501.40 |
| ASSOCIATED
CEMENT COMPANIES LT |
379.50
|
383.95
|
377.60
|
380.95 |
| HINDALCO
IN |
1,163.00
|
1,170.00
|
1,151.05
|
1,163.70 |
| ONG
CORP LTD |
872.00
|
879.90
|
861.00
|
871.55 |
| BHARTI
TELE |
219.50
|
222.00
|
218.20
|
219.75 |
| RELIANCE
ENR* |
485.00
|
487.00
|
483.15
|
484.85 |
| BHEL
|
875.00
|
876.90
|
858.10
|
873.05 |
| ZEE
TELEF LT |
150.25
|
150.25
|
143.50
|
144.55 |
| SATYAM
COMP |
461.55
|
466.00
|
449.65
|
451.80 |
| GUJARAT
AMBUJA CEMENTS LTD. |
437.15
|
440.40
|
431.20
|
433.00 |
| ICICI
BANK L |
403.05
|
403.05
|
394.00
|
399.20 |
| BAJAJ
AUTO |
1,217.50
|
1,221.00
|
1,193.00
|
1,205.90 |
| DR.REDDY'S
LABORATORIES LTD. |
698.05
|
698.05
|
682.25
|
690.85 |
| HEROHONDA
M |
570.00
|
573.00
|
560.00
|
568.60 |
| HOUSING
DEVELOPMENT FINANCE CO |
756.20
|
757.00
|
753.00
|
754.30 |
| GRASIM
INDUSTRIES LTD. |
1,102.00
|
1,125.95
|
1,028.80
|
1,117.40 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
338.80
|
339.80
|
332.20
|
337.15 |
| HDFC
BANK LT |
549.60
|
554.50
|
542.30
|
545.10 |
| RELIANCE*
|
533.90
|
536.00
|
527.15
|
530.45 |
| LARSEN
& TOUBRO LTD. |
1,080.00
|
1,088.90
|
1,072.50
|
1,081.60 |
Last
Update : 24 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| SATYAMCOMP
|
467.50
|
467.50
|
449.60
|
451.80 |
| RELIANCE
|
533.15
|
535.75
|
526.60
|
531.00 |
| INFOSYSTCH
|
2162.10
|
2173.60
|
2138.50
|
2155.50 |
| SBIN
|
655.00
|
664.25
|
649.00
|
662.70 |
| TISCO
|
353.00
|
359.40
|
351.00
|
358.10 |
| SAIL
|
49.00
|
52.50
|
48.85
|
52.20 |
| TCS
|
1244.70
|
1244.70
|
1205.25
|
1234.85 |
| MARUTI
|
459.00
|
459.90
|
452.25
|
458.05 |
| TATAMOTORS
|
435.00
|
448.50
|
433.90
|
445.45 |
| ONGC
|
878.00
|
880.00
|
861.55
|
872.75 |
| ITC
|
1488.00
|
1518.00
|
1485.00
|
1502.55 |
| WIPRO
|
675.55
|
684.40
|
666.20
|
682.45 |
| BAJAJAUTO
|
1190.00
|
1225.00
|
1190.00
|
1207.70 |
| PNB
|
389.95
|
392.00
|
384.75
|
388.45 |
| ZEETELE
|
149.90
|
152.80
|
131.60
|
144.90 |
| RANBAXY
|
980.00
|
1012.00
|
979.60
|
1000.00 |
| HINDALC0
|
1155.00
|
1170.00
|
1150.55
|
1163.75 |
| HINDLEVER
|
128.90
|
129.90
|
127.90
|
129.30 |
| HEROHONDA
|
569.00
|
575.00
|
560.00
|
568.50 |
| GAIL
|
221.00
|
224.80
|
220.00
|
222.75 |
| GUJAMBCEM
|
437.00
|
440.85
|
432.00
|
432.95 |
| LT
|
1089.95
|
1093.90
|
1070.30
|
1081.00 |
| BPCL
|
397.60
|
402.00
|
390.55
|
397.75 |
| BHARTI
|
219.00
|
221.95
|
217.50
|
219.95 |
| HDFC
|
754.10
|
758.95
|
752.30
|
754.80 |
| ACC
|
378.25
|
383.80
|
377.55
|
381.95 |
| HINDPETRO
|
338.05
|
339.90
|
332.50
|
337.15 |
| GRASIM
|
1111.00
|
1130.00
|
1110.25
|
1117.25 |
| ORIENTBANK
|
266.10
|
269.35
|
264.50
|
266.60 |
| BHEL
|
873.10
|
876.80
|
858.55
|
872.70 |
| ICICIBANK
|
400.00
|
402.00
|
394.30
|
399.30 |
| IPCL
|
164.25
|
166.00
|
164.15
|
165.65 |
| M&M
|
480.85
|
484.70
|
477.50
|
482.20 |
| CIPLA
|
300.00
|
300.00
|
270.00
|
279.35 |
| NATIONALUM
|
145.95
|
149.45
|
145.95
|
146.80 |
| TATACHEM
|
163.00
|
164.75
|
163.00
|
163.95 |
| DRREDDY
|
681.00
|
692.95
|
681.00
|
691.15 |
| VSNL
|
210.00
|
214.25
|
204.10
|
212.60 |
| SUNPHARMA
|
515.00
|
535.10
|
515.00
|
531.85 |
| REL
|
488.90
|
500.00
|
483.50
|
484.95 |
| TATAPOWER
|
365.00
|
370.00
|
365.00
|
369.25 |
| HCLTECH
|
355.00
|
356.00
|
350.05
|
353.40 |
| HDFCBANK
|
550.10
|
553.85
|
535.00
|
546.50 |
| MTNL
|
115.25
|
117.45
|
115.25
|
116.65 |
| COLGATE
|
214.00
|
216.45
|
213.25
|
215.00 |
| TATATEA
|
542.90
|
546.00
|
534.00
|
544.40 |
| DABUR
|
125.00
|
125.95
|
123.20
|
125.30 |
| ABB
|
1288.00
|
1300.00
|
1285.00
|
1300.00 |
| GLAXO
|
749.95
|
789.00
|
732.00
|
741.45 |
| SCI
|
150.00
|
151.00
|
149.30
|
149.85 |
Last
Update : 24 May, 2005, 16:04PM
|
