|
Markets opened the day with a fair amount of volatility as the indices opened
with marginal gains and slipped into red soon after. After declining more
than one-third of a per cent, the indices made an attempt to recover lost
ground.
Support
for the indices came mainly from HLL and TCS while most other frontline stocks
were weak from the morning. The attempt at recovery was weak and markets declined
steadily for the rest of the day ion selling pressure.
The
sell-off gathered momentum by late afternoon as many of the larger stocks
led by metal stocks and Reliance pack went deep into the red. Weakness was
also seen in auto sector stocks and most tech stocks.
The
Sensex closed at 7049, down 102 points and the Nifty at 2170, down 30 points
from yesterday's close. Nifty June futures discount to the spot narrowed to
3 points from yesterday's 20 points.
June
futures are set to expire this Thursday and the July Nifty futures are quoting
at a discount of 25 points to the spot index.
Among
Nifty stocks, HDFC, Bharti and Zee Tele were the major percentage gainers
while Tata Steel, Dabur and Gujarat Ambuja Cement were the major losers.
US
markets closed indecisively yesterday as traders await the US Fed meeting
on Thursday. The Fed is expected to hike short term interest rates by a further
25 basis points. The Dow closed marginally lower while the losses on NASDAQ
were higher at close to half a per cent. Crude
futures for August delivery remained above the $60 mark and touched an intra-day
high of close to $60.95 to a barrel. The new area of concern for the crude
market is a possible hard line stand by the new Iranian leadership on investments
in oil sector in that country. Meanwhile,
Indian Oil said the price of Indian basket of crude has crossed $55 to a barrel
mark. India buys a mix of light sweet and heavy crudes. Indian
ADR's had a reasonably good day yesterday as many of them closed with decent
gains. While HDFC Bank gained close to 2 per cent, ICICI Bank, Tata Motors,
Infosys and Wipro gained over a per cent each. Satyam, Dr. Reddy's and VSNL
were among the losers. After
GSPC's announcement of a huge 20-trillion cubic feet natural gas find over
the weekend, there are reports that Reliance has struck a significant gas
find off the coast of Orissa. Reliance holds a 90 per cent interest in the
field and the rest is held by Niko Resources of Canada. French
consumer electronics major Thomson has confirmed the sale of its television
picture tube manufacturing facilities in China, Mexico and Poland to Videocon
group. Thomson had earlier sold its tube manufacturing facilities in Italy
to Videocon. The
deal is valued at €240 million and the units will be transferred without
cash or debt. Thomson will make an investment of the same amount in Videocon
group companies, Videocon Industries and Videocon International. After the
investment, Thomson will hold around 14 per cent stake each in both companies. Videocon
Industries has completed its GDR issue to raise $75 million. The issue was
priced at $10 per GDR, each GDR representing one equity share. The group is
planning to invest close to $500 million in the picture tube business acquired
from Thomson. The stock of Videocon Industries closed with marginal gains.
There
are rumours of some top level management changes at Wipro. According to newspaper
reports, vice chairman of the company Vivek Paul may quit shortly. Head of
Wipro's BPO division had resigned recently. The stock closed with losses of
over 2 per cent. Among
other tech stocks, Infosys closed with losses of 2 per cent while Satyam lost
close to 2 per cent. TCS managed to end the day with gains of around half
a per cent. Reliance
group stocks all saw deep correction today. Reliance Industries, which opened
on a flat note, lost close to 3 per cent by close. Reliance Energy and IPCL
saw good gains in early trades only to lose ground later in the day. Both
stocks closed with losses of over 2 per cent each. Reliance
Capital, the best performing among all Reliance stocks over the last week,
lost close to 4 per cent today. Metal
stocks were the biggest losers for the day. Tata Steel closed with losses
of close to 5 per cent while SAIL closed 3 per cent lower. Among other steel
stocks, Essar Steel lost over 7 per cent while JSW Steel lost over 3 per cent. FMCG
stocks, which had seen very good gains over the last few days, were among
the biggest losers today. Except HLL, most FMCG stocks saw deep correction.
ITC lost close to 3 per cent while Tata Tea lost well over 3 per cent and
Dabur lost over 4 per cent. HLL closed the day with marginal gains. Auto
stocks also saw substantial correction during the day. Tata Motors lost over
3 per cent and M&M lost over 2 per cent. Maruti too closed in the red.
Hero Honda closed with losses of over a per cent while Bajaj Auto closed with
gains of half-a-per cent. Mid-Cap
Action The
mid-cap index fared worse than the frontline stocks as many of them declined
substantially on profit booking. CNX Mid-Cap 200 index closed at 2963, a loss
of 56 points or close to 2 per cent. Torrent
Pharma announced the acquisition of a German generics company after trading
hours yesterday. The value of the deal is not known. Post acquisition the
total revenues of the company will cross Rs1,000 crore and the company expects
the acquisition to generate profits in 2 years. Torrent
said it is also on the look out for an acquisition in the US markets. After
gaining over 6 per cent yesterday, the stock closed the day a per cent lower.
Construction
company Gammon India has reportedly won a contract from National Highway Authority.
The new contract for construction of a segment of the highway in Maharashtra
is said to be worth Rs800 crore. The stock, which was trading in the red till
early afternoon, bounced back after the news came out only to decline again
and closed with losses of over 2 per cent. MSK
Projects also announced an order from the Punjab government worth Rs17 crore.
The stock closed with gains of a per cent. Indraprastha
Gas, which runs the CNG retail network in Delhi and NCR, has hiked the retail
price of CNG by around 7 per cent. The company said the increase in prices
is to set off the increase in costs. The stock closed with gains of close
to 3 per cent. I-Flex
has entered into a partnership with a European company to offer retail banking
software solutions in the Scandinavian market. The total market size in these
countries is estimated at $1.5 billion. Zodiac
Clothing was locked in the 10 per cent upper circuit after the company announced
that its board will meet to consider a bonus issue. Automotive
battery manufacturer Exide Industries had a dismal fourth quarter ended March
2005. Profits dropped by 40 per cent even as revenues rose by over 15 per
cent. High lead prices are eating into the company's profitability. The stock
closed with losses.  IL&FS,
Reliance Infrastructure and Aegis Logistics were among the best performing
stocks among mid-caps.
JSW
Holdings, Jindal Poly Films and Infomedia India 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
|
7,049.00
|
-102.08 |
| NIFTY
|
2,169.85
|
-
29.95 |
Last
Update : 28 June, 2005, 16:13 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ASSOCIATED
CEMENT COMPANIES LT |
379.00
|
382.00
|
375.00
|
381.50 |
| TCS
LTD |
1,315.00
|
1,329.00
|
1,314.00
|
1,324.65 |
| HOUSING
DEVELOPMENT FINANCE CO |
855.95
|
870.00
|
843.30
|
862.00 |
| BAJAJ
AUTO |
1,316.15
|
1,337.00
|
1,312.00
|
1,330.00 |
| HINDALCO
IN |
1,200.00
|
1,205.00
|
1,182.70
|
1,201.45 |
| BHARTI
TELE |
239.90
|
244.25
|
239.20
|
240.15 |
| HINDUSTAN
LEVER LTD. |
163.00
|
168.40
|
162.25
|
162.75 |
| CIPLA
LTD. |
310.00
|
316.85
|
309.25
|
310.65 |
| DR.REDDY'S
LABORATORIES LTD. |
725.70
|
730.00
|
716.25
|
726.30 |
| ICICI
BANK L |
419.90
|
423.50
|
414.50
|
417.45 |
| TATA
IRON AND STEEL CO. LTD. |
360.90
|
360.90
|
339.50
|
342.30 |
| GUJARAT
AMBUJA CEMENTS LTD. |
62.00
|
62.10
|
59.00
|
59.85 |
| TATA
MOTORS |
433.50
|
435.90
|
415.10
|
416.55 |
| RELIANCE*
|
670.00
|
670.00
|
627.00
|
629.10 |
| I
T C LTD |
1,649.00
|
1,649.00
|
1,583.00
|
1,591.40 |
| RANBAXY
LABORATORIES LTD. |
1,081.70 |
1,081.70
|
1,050.00
|
1,054.80 |
| BHEL |
867.00 |
879.90
|
837.25
|
847.00 |
| RELIANCE
ENR |
639.80
|
654.50
|
622.25
|
625.15 |
| WIPRO
LTD. |
755.25
|
758.90
|
736.50
|
740.20 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,338.90
|
2,348.70
|
2,285.00
|
2,291.75 |
| NTPC
LTD |
84.70
|
85.50
|
82.50
|
82.80 |
| LARSEN
& TOUBRO LTD. |
1,140.00
|
1,144.00
|
1,115.00
|
1,122.45 |
| HEROHONDA
M |
585.00
|
590.00
|
575.00
|
576.00 |
| SATYAM
COMP |
491.90
|
494.00
|
482.10
|
483.90 |
| STATE
BANK OF INDIA |
671.00 |
677.40
|
660.00
|
661.90 |
| TATA
POWER |
380.00
|
388.00
|
376.00
|
376.70 |
| ONG
CORP LTD |
992.00
|
995.40
|
973.55
|
978.05 |
| GRASIM
INDUSTRIES LTD. |
1,102.00
|
1,102.00
|
1,090.00
|
1,091.05 |
| MARUTI
UDYOG |
475.00
|
480.00
|
468.20
|
473.85 |
| HDFC
BANK LT |
600.00
|
600.00
|
575.10
|
588.05 |
Last
Update : 28 June, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
670.00
|
670.00
|
627.15
|
629.55 |
| IPCL
|
177.00
|
184.80
|
171.60
|
172.45 |
| INFOSYSTCH
|
2344.00
|
2344.00
|
2288.00
|
2292.70 |
| SATYAMCOMP
|
491.80
|
494.70
|
482.00
|
483.85 |
| SBIN
|
672.00
|
677.45
|
660.50
|
662.05 |
| TISCO |
359.20 |
360.05
|
339.50
|
341.70 |
| ONGC
|
960.30
|
995.00
|
960.30
|
977.40 |
| REL
|
658.00
|
658.00
|
622.85
|
625.70 |
| TCS
|
1318.00
|
1328.00
|
1314.05
|
1323.55 |
| ITC
|
1640.00
|
1645.00
|
1580.00
|
1592.50 |
| HINDLEVER
|
163.05
|
168.40
|
162.20
|
162.80 |
| MARUTI |
476.00 |
477.70
|
468.00
|
472.85 |
| BHARTI
|
241.00
|
244.25
|
239.30
|
241.35 |
| TATAMOTORS
|
433.50
|
435.90
|
415.00
|
417.55 |
| WIPRO
|
753.00
|
757.85
|
736.10
|
740.65 |
| HDFC
|
852.00
|
868.00
|
845.20
|
864.40 |
| SAIL
|
50.70
|
51.00
|
48.75
|
49.05 |
| BAJAJAUTO
|
1330.00
|
1338.00
|
1318.00
|
1330.75 |
| RANBAXY
|
1088.90
|
1088.90
|
1051.05
|
1055.55 |
| LT
|
1140.00
|
1148.00
|
1113.00
|
1123.85 |
| CIPLA
|
310.00
|
316.50
|
309.00
|
310.90 |
| ICICIBANK
|
428.00
|
428.00
|
414.25
|
417.85 |
| GUJAMBCEM
|
62.50
|
62.50
|
59.00
|
59.85 |
| PNB
|
384.85
|
388.80
|
378.00
|
379.30 |
| ACC
|
378.30
|
382.55
|
377.30
|
380.15 |
| M&M |
583.90 |
583.90
|
565.00
|
566.20 |
| BPCL
|
371.50
|
378.85
|
364.15
|
368.30 |
| ZEETELE
|
150.30
|
153.30
|
146.40
|
151.35 |
| HINDPETRO
|
314.00
|
317.10
|
308.50
|
309.80 |
| TATAPOWER
|
382.00
|
388.00
|
375.55
|
378.65 |
| HINDALC0
|
1202.00
|
1204.00
|
1183.00
|
1197.05 |
| HEROHONDA
|
584.00
|
592.80
|
574.50
|
576.70 |
| BHEL |
866.00 |
869.70
|
837.00
|
847.95 |
| TATACHEM
|
174.10
|
175.55
|
171.55
|
173.90 |
| TATATEA
|
638.00
|
638.00
|
612.00
|
616.25 |
| VSNL
|
225.75
|
226.50
|
220.15
|
224.90 |
| GAIL |
222.00 |
222.80
|
218.00
|
219.10 |
| GRASIM
|
1090.15
|
1102.00
|
1090.15
|
1091.55 |
| HCLTECH
|
387.05
|
389.65
|
380.00
|
380.80 |
| HDFCBANK
|
597.85
|
597.85
|
582.25
|
590.00 |
| DABUR
|
135.00
|
136.80
|
127.50
|
128.15 |
| SCI
|
145.90
|
147.95
|
142.00
|
142.80 |
| ORIENTBANK
|
259.00
|
260.00
|
256.55
|
257.65 |
| MTNL
|
118.35
|
118.50
|
116.30
|
116.60 |
| COLGATE
|
237.80
|
238.50
|
230.05
|
231.15 |
| DRREDDY
|
728.00
|
731.00
|
720.00
|
727.15 |
| NATIONALUM
|
140.80
|
142.00
|
140.00
|
140.60 |
| ABB
|
1300.20
|
1318.00
|
1292.10
|
1309.60 |
| SUNPHARMA
|
577.00
|
581.10
|
558.95
|
564.30 |
| GLAXO
|
789.05
|
789.45
|
780.00
|
783.65 |
Last
Update : 28 June, 2005, 16:00PM
| 
