|
Markets opened the day with a positive gap and the indices
touched new highs in early trades. Sensex touched the
7300-mark for the first time today.
News of the terrorist attack in Ayodhya led to some nervousness
and the indices gave up most of the early gains. Later
reports that the attack had been foiled helped the markets
recover and the indices were trading in positive territory
by early afternoon.
Reports of nation-wide protests being planned tomorrow
by the opposition political parties led to operators covering
their positions which led to weakness in the markets.
Weakness in technology, oil and some FMCG stocks saw the
indices declining sharply and losing ground fast. The
last half hour saw some consolidation at the lows of the
day.
Sensex closed the day at 7220, down 57 points and the
Nifty at 2211, down 20 points. Nifty July futures discount
to the spot index widened to 14 points from yesterday's
4 points.
Among Nifty stocks, ABB, Tata Motors and Zee Tele were
the major percentage gainers while Glaxo, VSNL and HCL
Technologies were the major losers.
US stock and commodity markets remained closed yesterday
for Independence Day.
Foreign
brokerage CLSA considers India to be the best equity story
in Asia for the next few years. The brokerage expects
Chinese growth to decline considerably during the current
year, which will affect most other Asian economies. India
will remain mostly unaffected.
Some
of the stocks recommended by CLSA as their top picks saw
considerable appreciation today. Tata Motors which gained
close to 4 per cent and Jet Airways which gained close
to 2 per cent were among them.
There
are reports that Reliance Industries may agree to share
part of the subsidy burden of PSU oil marketing companies.
Till last financial year, Reliance had voluntarily offered
lower prices on refined products bought by marketing companies.
The stock closed a per cent lower.
Oil
marketing companies are believed to have made losses during
the first quarter of current year as crude prices hit
record highs. At present, only PSU companies like ONGC
and GAIL share the subsidy costs on petroleum products
with the marketing companies.
The
board of Videocon Industries and Videocon International
will meet on July 7 to discuss a merger. Videocon International
is mostly into consumer electronics and appliances while
Videocon Industries is focussing on oil and gas exploration.
The
group had acquired the television picture tube business
of French multinational Thomson in Italy, Mexico, Poland
and China recently. Total turnover of the group is expected
to cross Rs10,000 crore during the current year. Both
Videocon International and Videocon Industries closed
with marginal losses.
The
scramble among domestic steel companies to announce massive
capacity expansions continue unabated. Jindal Steel and
Power, which had earlier proposed to set up a 2-million
tonne steel plant in Orissa, is now planning to increase
the capacity to 6-million tonnes.
The
total project cost has also been increased to Rs15,000.
The first phase of 3-million tonne will be completed by
2007 and the second phase by 2011. The stock closed with
marginal gains.
After
the spectacular run that saw the stock gaining over 10
per cent in the last two sessions, VSNL corrected today
on profit booking. The stock lost over 3 per cent.
M&M's
auto component division is reportedly close to acquiring
a German auto component company. It may also look at possible
acquisitions in the US as well and is believed to have
set aside Rs250 crore to fund these buy outs. The stock
closed marginally lower.
There
are reports that the US government, through its embassy
in Delhi, has sought information about the alleged underworld
links of Jet Airways from the Indian government. A US
company had objected to permission being granted to the
airline to fly to US cities alleging illegal funding and
terrorist links.
Siemens
Limited saw a sharp up surge by early afternoon after
the company's German parent announced that it has won
a contract from the Torrent group to set up a power plant
in the country. The contract is reportedly worth over
$475 million.
Siemens
will also form a JV with Torrent to provide operations
and management services for the power plant. Siemens closed
the day with gains of over 6 per cent. ABB Limited, multinational
equipment major, also closed with gains of over 6 per
cent.
IT
stocks saw a lot of profit booking throughout the day.
TCS, Infosys and Satyam closed with losses of close to
3 per cent each while Wipro closed more than a per cent
lower. HCL Technologies lost over 3 per cent.
Mid-Cap
Action
Mid-caps
surged in the morning and by noon the index was trading
with close to a per cent gain. The mid-cap index touched
a new all-time
high before crashing late in the afternoon. The index
lost all of its gains and slipped into the red as the
breadth turned negative in a big way. CNX Mid-Cap 200
index closed at 3082, a loss of 2 points.
Aurobindo
Pharma has received yet another US FDA approval. The new
approval is for a tablet for AIDS treatment and is the
fourth approval the company has received from the US government.
The stock closed almost 5 per cent lower.
Shipping
company Mercator Lines has registered a subsidiary in
Panama, where many shipping companies are located. The
company had recently signed a deal to acquire 9 bulk carriers,
which needs to be approved by the government. The stock
lost over 2 per cent
JB
Chemicals has out-licensed its brand of cold and cough
syrups and rubs to Ranbaxy to be marketed in Romania.
JB Chemicals is already selling the brand in Russia and
other East European markets.
Amtek
Auto will acquire a 70 per cent stake in a German auto
ancillary company. The target company reportedly has a
turnover of over €100 million. The acquisition will
cost Amtek over 20 million Euros.
Amtek
Auto has an option to acquire 100-per cent stake within
the next three years. The stock gained over 7 per cent
in early trades after the deal was announced. It could
not hold on to those levels and closed the day with gains
of over a per cent.
Madhucon
Projects announced a new order from National Highway Authority
for construction of a highway in Assam. The order is worth
close to Rs275 crore. The stock gave up most of its early
gains towards close.
Tea
exporting company Beeyu Overseas listed on the bourses
today after its recent public issue. The stock, issued
at Rs14 per share, listed on the BSE at Rs18.9 and touched
a high of Rs20 in early trades. The stock could not hold
on to the gains and closed the day at around Rs16.
Some
of the media stocks which saw substantial appreciation
over the last week saw some correction on profit booking.
Deccan Chronicle Holdings, UTV, Mid-Day Multimedia and
Adlabs were among the losers.
However,
the uptrend in TV Today continued as the stock gained
over 10 per cent in early trades and closed more than
5 per cent higher.
Media
Video, which had seen a 20 per cent appreciation yesterday
after the announcement of stake sale to Bennett and Coleman,
gained over 13 per cent today.
 Elder
Pharma, Essar Oil and Bombay Burmah were among the best
performing stocks among mid-caps.
Rain
Calcining, Narmada Chematur and S Kumar's Nationwide 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
|
7,220.25
|
-57.06
|
| NIFTY
|
2,210.75
|
-19.90
|
Last
Update : 5 July, 2005, 16:13 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ABB
LTD |
1,335.00
|
1,458.00 |
1,335.00
|
1,414.70 |
| SIEMENS
LTD |
2,000.00
|
2,150.00
|
2,000.00
|
2,108.95 |
| IPCA
LAB LTD. |
386.00
|
402.00
|
353.50
|
390.90 |
| TATA
MOTORS |
430.10
|
446.50
|
425.60
|
443.80 |
| CASTROL
INDIA |
234.90
|
238.85
|
228.00
|
236.25 |
| FDC
LIMITED |
45.65
|
47.80
|
45.25
|
46.50 |
| ZEE
TELEF LT |
162.90
|
171.25
|
161.15
|
166.00 |
| FINOLEX
CABL |
229.00
|
242.80
|
229.00
|
234.95 |
| HOUSING
DEVELOPMENT FINANCE CO |
882.00
|
915.00
|
882.00
|
901.65 |
| INDO
RMA SYN |
72.00
|
73.00
|
67.10
|
68.60 |
| CIPLA
LTD. |
329.00
|
331.90
|
315.10
|
318.95 |
| TCS
LTD |
1,354.00
|
1,358.00
|
1,313.25
|
1,320.75 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,390.00
|
2,409.00
|
2,321.05
|
2,329.60 |
| SATYAM
COMP |
512.95
|
514.50
|
496.00
|
498.10 |
| BHARTI
TELE |
248.00
|
248.00
|
241.10
|
241.55 |
| RELIANCE
ENR |
658.80
|
659.80
|
637.00
|
639.00 |
| TATA
POWER |
398.00
|
400.00
|
386.00
|
388.95 |
| GRASIM
INDUSTRIES LTD. |
1,077.50
|
1,080.00
|
1,050.00
|
1,051.50 |
| NTPC
LTD |
87.75
|
87.95
|
85.50
|
85.90 |
| GUJARAT
AMBUJA CEMENTS LTD. |
60.90
|
61.25
|
59.55
|
59.75 |
| RANBAXY
LABORATORIES LTD. |
1,084.90
|
1,096.50
|
1,060.00
|
1,064.35 |
| BAJAJ
AUTO |
1,379.00
|
1,388.00
|
1,361.50
|
1,366.25 |
| HEROHONDA
M |
582.00
|
585.00
|
571.00
|
577.65 |
| STATE
BANK OF INDIA |
713.00
|
717.90
|
701.00
|
703.60 |
| ASSOCIATED
CEMENT COMPANIES LT |
390.00
|
393.00
|
383.25
|
385.75 |
| WIPRO
LTD. |
745.00
|
750.80
|
735.00
|
736.70 |
| RELIANCE*
|
642.95
|
650.00
|
636.50
|
638.25 |
| HINDUSTAN
LEVER LTD. |
165.70
|
166.00
|
160.70
|
162.90 |
| ONG
CORP LTD |
993.00
|
996.50
|
972.00
|
979.75 |
| I
T C LTD |
1,683.00
|
1,709.00
|
1,668.10
|
1,674.00 |
Last
Update : 5 July, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE |
644.00 |
648.00
|
636.45
|
638.05 |
| SBIN
|
712.00
|
717.75
|
702.00
|
704.30 |
| TISCO
|
351.00
|
359.90
|
342.35
|
346.95 |
| TATAMOTORS
|
427.00
|
446.45
|
425.15
|
443.40 |
| INFOSYSTCH
|
2390.00
|
2399.00
|
2320.15
|
2330.30 |
| SATYAMCOMP
|
512.00
|
514.15
|
496.05
|
497.95 |
| ONGC |
991.00 |
996.50
|
972.00
|
979.70 |
| TCS
|
1369.75
|
1369.75
|
1312.60
|
1320.20 |
| ZEETELE
|
161.00
|
171.15
|
161.00
|
166.00 |
| IPCL
|
179.00
|
180.30
|
174.80
|
175.80 |
| ITC
|
1684.80
|
1709.70
|
1670.00
|
1673.30 |
| MARUTI
|
464.00
|
468.90
|
457.80
|
462.75 |
| REL
|
655.10
|
659.00
|
636.00
|
639.25 |
| HDFC
|
880.60
|
916.90
|
880.60
|
901.80 |
| HINDLEVER
|
164.50
|
165.90
|
160.55
|
162.80 |
| RANBAXY
|
1081.00
|
1096.90
|
1061.25
|
1066.70 |
| ORIENTBANK
|
260.90
|
266.00
|
256.35
|
257.65 |
| WIPRO
|
755.00
|
758.00
|
734.00
|
736.10 |
| HINDALC0
|
1230.05
|
1259.90
|
1217.00
|
1226.25 |
| LT
|
1169.00
|
1190.00
|
1167.10
|
1183.50 |
| ICICIBANK
|
430.00
|
436.50
|
425.05
|
432.05 |
| MTNL
|
122.45
|
125.00
|
120.55
|
124.00 |
| SAIL
|
48.85
|
49.40
|
48.50
|
49.00 |
| VSNL
|
269.00
|
271.80
|
251.25
|
260.90 |
| CIPLA
|
330.30
|
331.00
|
315.15
|
319.35 |
| ABB
|
1335.00
|
1459.85
|
1317.20
|
1417.80 |
| M&M
|
588.00
|
589.00
|
576.00
|
581.20 |
| PNB
|
392.00
|
393.50
|
384.55
|
387.30 |
| BHARTI
|
246.95
|
248.25
|
241.10
|
241.65 |
| DRREDDY
|
781.00
|
798.00
|
775.00
|
783.00 |
| ACC
|
395.95
|
395.95
|
383.50
|
385.25 |
| GAIL
|
225.90
|
228.00
|
222.00
|
225.85 |
| TATAPOWER
|
399.95
|
402.00
|
385.65
|
389.10 |
| GRASIM
|
1061.55
|
1087.95
|
1052.00
|
1054.55 |
| BAJAJAUTO
|
1370.05
|
1389.90
|
1370.00
|
1374.25 |
| BHEL
|
858.20
|
868.00
|
857.00
|
864.90 |
| HDFCBANK
|
612.25
|
639.90
|
537.90
|
633.10 |
| HCLTECH
|
392.20
|
395.00
|
377.60
|
380.50 |
| TATACHEM
|
173.70
|
173.70
|
170.00
|
170.40 |
| HEROHONDA
|
581.15
|
586.00
|
571.00
|
578.85 |
| NATIONALUM
|
143.00
|
143.20
|
140.60
|
141.05 |
| GLAXO
|
850.00
|
860.00
|
824.05
|
828.65 |
| HINDPETRO
|
311.50
|
313.35
|
309.75
|
310.20 |
| SUNPHARMA
|
619.70
|
619.70
|
592.55
|
602.65 |
| DABUR
|
135.40
|
138.50
|
131.00
|
133.95 |
| TATATEA
|
637.00
|
639.00
|
623.00
|
631.75 |
| COLGATE
|
256.00
|
256.90
|
245.10
|
246.75 |
| BPCL
|
368.00
|
369.00
|
365.00
|
365.10 |
| SCI
|
145.35
|
145.50
|
142.00
|
143.15 |
| GUJAMBCEM
|
61.90
|
61.90
|
59.65
|
59.90 |
Last
Update : 5 July, 2005, 16:00PM
| 
