|
Markets opened on a very firm note after yesterday's strong rally in the US
markets. The sharp upsurge in ADR's of IT stocks yesterday led to all round
buying which saw the indices rally close to a per cent higher in morning trades.
Heavy buying interest in FMCG stocks like HLL and ITC helped the indices to
rally further.
Markets
maintained their up trend and touched the highs of the day by noon. Early
afternoon saw the indices correcting marginally only to re-test the earlier
highs later.
Massive
selling in the last one hour saw the indices tumbling down and giving up all
their gains. The Nifty went into the red for a brief while before recovering
to close with marginal gains.
Sensex
closed at 6708, up 37 points and the Nifty at 2076, up 2 points. Nifty June
futures discount to the spot index narrowed to 28 points from yesterday's
40 points.
Among
Nifty stocks, HLL, Ranbaxy, MTNL were the major percentage gainers while BHEL,
Sun Pharma and Hero Honda were the major losers.
Yesterday,
US markets surged after release of data showing strong economic growth. US
GDP surged 3.5 per cent in the first quarter against earlier estimates of
3.1 per cent. NASDAQ closed with gains of a per cent. Gains on the Dow were
marginally lower. Crude
oil futures for July delivery remained around the $51 to a barrel mark yesterday
in the absence of fresh triggers. Crude opened below $51 in early Asian trades
today. It
was a big day for Indian stocks on the US exchanges. ADR's issued by Infosys
in its most recent issue made their debut on the NASDAQ. The ADR shot up close
to 5 per cent to close above $72 as against an issue price of $67. Wipro on
the NYSE gained over 8 per cent followed by Satyam at close to 4 per cent
gains. Tata Motors, ICICI Bank, HDFC Bank and Dr. Reddy's all closed with
gains of over a per cent each. Inflation
for the week ended 14 May declined marginally to 5.55 per cent from 5.61 per
cent reported for the previous week. Tobacco
and FMCG major ITC saw its profits increase by close to 10 per cent during
the fourth quarter on a revenue growth of over 15 per cent. During the last
quarter, the company had an exceptional income of over Rs300 crore on account
of a write back. Including the exceptional item, profits for the quarter nearly
doubled. The
results include the figures of ITC Hotels, which was merged into the company.
The stock surged over 4 per cent after the company indicated that its board
would meet to consider a bonus issue and stock split. The stock touched a
new 52-week high today. Hindustan
Lever was one of the most significant gainers among frontline stocks today.
At one point the stock was up by over 7 per cent. Investors are buying the
stock on anticipation of a good monsoon, which would boost the demand for
consumer goods. The recent price hikes by the company is expected to improve
margins as well. Engineering
major Larsen & Toubro's profits for the fourth quarter, ended March 2005,
increased over 16 per cent on a revenue growth of over 18 per cent as compared
to the same quarter of the previous year. L&T
announced a final dividend of Rs17.5 per share of Rs2 each. The company had
earlier declared an interim dividend of Rs10 per share. The stock was up by
almost 2 per cent in early trades before giving up its gains. The stock closed
almost a per cent lower. ONGC
gained in the early part of the day after reports that the government has
approved a 12 per cent increase in the prices of natural gas. The stock was
trading with gains of over 2 per cent by noon. IT
stocks had a field day after yesterday's strong surge in ADR prices. Infosys,
Wipro and Satyam all gained close to 2 per cent and more in early trades.
All three stocks managed to close with gains of over a per cent each. TCS
was the lone loser among the large cap IT companies as the stock corrected
after the strong rally over the last few days. BHEL,
in which the government has decided to offload a 10 per cent stake, lost close
to 5 per cent in late afternoon trades. The stock opened firm in the morning
before heavy profit booking brought it tumbling down. The stock closed with
losses of over 4 per cent. Mid-Cap
Action Mid-caps
corrected in the afternoon after opening with gains in the morning. The CNX
Mid-Cap 200 index closed with losses of half a per cent. The index closed
a point down at 2,992, down 17 points. Shasun
Chemicals, the south based contract manufacturer of pharmaceuticals, reported
a 20 per cent increase in profits on revenue growth of close to 30 per cent
for the full year ended March 2005. The stock gained after the company also
indicated that the FII limit will be raised to 30 per cent and the company
will go for a stock split to improve liquidity. Global
beer major SAB Miller has bought out the entire stake in its beer joint venture
with Shaw Wallace. SAB Miller now has full ownership of the beer business.
UB group is buying the liquor business of Shaw Wallace. TN
Newsprint reported strong growth in its fourth quarter profits. Profits for
the quarter, ended March 2005, more than tripled even though revenues grew
only around 10 per cent. For the full year ended March 2005, the company's
profits have declined even as revenues rose close to 15 per cent. The stock
gained over 5 per cent in early trades.  Mangalam
Drugs, Vindhya Telelinks and Ruchi Soya were among the best performing stocks
among mid-caps.
Godavari
Fertilisers, Godrej Industries and Eicher Motors 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
|
6,707.72
|
+36.94
|
| NIFTY
|
2,076.40
|
+1.70
|
Last
Update : 27 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| HINDUSTAN
LEVER LTD. |
132.00
|
141.50
|
131.50
|
138.10 |
| RANBAXY
LABORATORIES LTD. |
1,075.00
|
1,147.80
|
1,075.00
|
1,102.05 |
| RELIANCE
ENR* |
504.40
|
508.80
|
485.00
|
497.60 |
| I
T C LTD |
1,529.90
|
1,615.00
|
1,526.10
|
1,570.35 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
329.90
|
345.25
|
325.00
|
338.30 |
| GUJARAT
AMBUJA CEMENTS LTD. |
440.00
|
453.50
|
440.00
|
447.50 |
| SATYAM
COMP |
453.00
|
465.50
|
452.00
|
457.40 |
| TATA
IRON AND STEEL CO. LTD. |
357.00
|
367.50
|
355.80
|
362.60 |
| HINDALCO
IN |
1,175.00
|
1,219.00
|
1,162.00
|
1,179.50 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,224.75
|
2,260.10
|
2,220.10
|
2,231.75 |
| WIPRO
LTD. |
717.00
|
733.20
|
717.00
|
724.00 |
| MARUTI
UDYOG |
464.00
|
468.50
|
461.90
|
466.25 |
| CIPLA
LTD. |
287.50
|
289.00
|
284.10
|
287.05 |
| ASSOCIATED
CEMENT COMPANIES LT |
380.00
|
386.90
|
379.25
|
382.10 |
| HDFC
BANK LT |
538.10
|
540.90
|
536.05
|
538.95 |
| TATA
POWER |
384.50
|
391.60
|
382.25
|
386.65 |
| GRASIM
INDUSTRIES LTD. |
1,138.00
|
1,152.00
|
1,127.00
|
1,136.25 |
| RELIANCE*
|
530.00
|
539.20
|
529.15
|
530.95 |
| BHEL
|
911.00
|
950.00
|
865.10
|
871.80 |
| HEROHONDA
M |
588.00
|
588.00
|
569.50
|
578.50 |
| STATE
BANK OF INDIA |
684.10 |
684.90
|
664.10
|
668.00 |
| TATA
MOTORS |
450.00
|
453.50
|
439.20
|
442.30 |
| ZEE
TELEF LT |
140.00 |
141.90
|
137.20
|
138.15 |
| DR.REDDY'S
LABORATORIES LTD. |
725.00 |
725.00
|
712.00
|
715.60 |
| BHARTI
TELE |
226.90 |
228.50
|
222.15
|
225.10 |
| HOUSING
DEVELOPMENT FINANCE CO |
768.90
|
768.90
|
759.00
|
764.00 |
| LARSEN
& TOUBRO LTD. |
1,107.00
|
1,132.90
|
1,082.35
|
1,094.50 |
| ICICI
BANK L |
399.00
|
401.90
|
396.85
|
398.05 |
| ONG
CORP LTD |
909.10
|
929.00
|
896.10
|
900.70 |
| BAJAJ
AUTO |
1,239.75
|
1,243.00
|
1,220.00
|
1,233.75 |
Last
Update : 27 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| INFOSYSTCH
|
2145.00
|
2264.40
|
2145.00
|
2232.35 |
| SATYAMCOMP
|
454.00
|
465.70
|
452.00
|
457.70 |
| RELIANCE
|
531.10
|
539.40
|
529.35
|
531.25 |
| ITC
|
1534.00
|
1614.70
|
1530.00
|
1570.70 |
| SBIN
|
685.00
|
685.00
|
664.10
|
668.30 |
| ONGC
|
910.00
|
929.30
|
896.00
|
901.60 |
| TISCO
|
360.00
|
369.00
|
356.10
|
362.60 |
| TCS
|
1283.00
|
1299.00
|
1255.25
|
1269.20 |
| SAIL
|
54.00
|
55.25
|
53.65
|
54.15 |
| RANBAXY
|
1084.00
|
1115.00
|
1084.00
|
1102.20 |
| BHEL
|
882.00
|
927.00
|
866.10
|
872.15 |
| TATAMOTORS
|
447.80
|
453.45
|
438.50
|
440.95 |
| MARUTI
|
464.00
|
468.50
|
461.50
|
466.40 |
| HINDLEVER
|
131.25
|
141.65
|
131.25
|
138.20 |
| WIPRO
|
715.45
|
734.00
|
715.45
|
724.15 |
| GAIL
|
228.00
|
233.20
|
222.10
|
224.10 |
| BHARTI
|
228.00
|
228.30
|
222.10
|
225.00 |
| LT
|
1122.00
|
1134.90
|
1085.55
|
1095.65 |
| HINDPETRO
|
331.00
|
345.50
|
328.60
|
338.25 |
| ORIENTBANK
|
264.80
|
271.45
|
262.00
|
263.80 |
| TATACHEM
|
177.80
|
181.40
|
174.50
|
175.30 |
| HINDALC0
|
1170.00
|
1236.90
|
1161.05
|
1175.65 |
| BPCL
|
385.00
|
399.00
|
381.00
|
394.50 |
| IPCL
|
166.00
|
168.80
|
165.00
|
165.80 |
| HCLTECH
|
376.10
|
380.10
|
363.30
|
367.05 |
| GUJAMBCEM
|
441.00
|
454.00
|
440.00
|
447.45 |
| M&M
|
500.00
|
509.65
|
498.00
|
503.25 |
| MTNL
|
117.80
|
122.45
|
116.40
|
119.30 |
| ZEETELE
|
141.35
|
148.05
|
137.50
|
138.20 |
| PNB
|
385.75
|
388.95
|
381.55
|
382.65 |
| HEROHONDA
|
590.00
|
590.00
|
565.20
|
579.95 |
| TATAPOWER
|
390.00
|
392.50
|
382.25
|
386.35 |
| HDFC
|
772.00
|
772.00
|
755.25
|
765.00 |
| REL
|
489.00
|
507.70
|
485.05
|
497.05 |
| CIPLA
|
286.90
|
288.50
|
285.10
|
287.00 |
| DRREDDY
|
731.00
|
731.00
|
710.00
|
714.85 |
| TATATEA
|
560.00
|
565.40
|
556.00
|
558.50 |
| GRASIM
|
1140.00
|
1147.90
|
1125.15
|
1136.20 |
| ACC
|
381.95
|
386.70
|
379.50
|
382.30 |
| ICICIBANK
|
400.00
|
402.00
|
397.00
|
399.05 |
| HDFCBANK
|
538.50
|
543.70
|
536.05
|
540.65 |
| BAJAJAUTO
|
1210.30
|
1250.00
|
1210.30
|
1233.45 |
| NATIONALUM
|
147.20
|
151.50
|
146.50
|
150.05 |
| COLGATE
|
221.90
|
225.00
|
218.10
|
219.95 |
| SCI
|
149.00
|
151.50
|
147.90
|
150.00 |
| SUNPHARMA
|
553.90
|
553.90
|
541.05
|
544.30 |
| VSNL
|
215.00
|
215.00
|
207.10
|
209.15 |
| DABUR
|
129.90
|
130.85
|
125.10
|
126.40 |
| GLAXO |
761.00 |
761.45
|
749.00
|
750.00 |
| ABB
|
1325.00
|
1337.95
|
1272.30
|
1283.65 |
Last
Update : 27 May, 2005, 16:04PM
| 
