labels: stock markets - india, markets - general
Indices at new highs; afternoon selling pares gainsnews
02 March 2006

After gaining close to 300 points on the Sensex after the budget announcement, the markets were on fire once again this morning. After some initial volatility, both the Sensex and Nifty surged and went on to hit new highs.

Both indices touched new lifetime highs by early afternoon before some profit booking emerged and pulled them down. The markets recovered soon after and went close to their previous highs. Another bout of selling in the last hour saw the indices giving up more than half of their gains.

The Sensex crossed the 10700 mark around noon and saw a new lifetime intra-day high of 10706. The Nifty crossed 3150 by mid-morning and recorded a high of 3170.

Sensex closed at 10627, a gain of 61 points, and the Nifty closed higher by 28 points at 3151. Nifty March futures closed at a discount of 17 points to the spot index.

Telecom stocks were among the best performers today. The hike in service tax rates in the budget had led to some weakness in telecom stocks over the last couple of days. However, a significant deal in a privately held mobile company invited interest back to the sector.

Bharti added over 5 per cent and was the best performer among index stocks. VSNL closed 4 per cent higher while MTNL gained close to 3 per cent.

Gail closed nearly 2.5 per cent after institutional investors bought a 2.4 per cent stake in the company sold by Indian Oil.

ONGC gained close to 2.5 per cent after Indian Oil said it is planning to sell part of its stake in the company.

Engineering stocks gained after India and the US announced the deal on civilian nuclear cooperation. ABB closed with gains of close to 3.5 per cent. Siemens gained 7 per cent while L&T added close to a per cent.

Auto stocks remained firm today as well. Tata Motors closed with gains of over 2 per cent. Maruti gave up part of its early gains by still closed nearly 2 per cent higher.

OBC and Tata Chemicals were the other major gainers among index stocks.

Stocks of oil marketing companies were weak today. BPCL lost close to 3 per cent and was the biggest loser among index stocks. HPCL lost close to a per cent.

Technology stocks were weak, led by Infosys. The stock lost nearly 2 per cent. HCL Tech declined close to a per cent.

Cement stocks declined after major cement companies denied that they have increased prices in Maharashtra. ACC lost over 1.5 per cent while Grasim closed 0.5 per cent lower.

Among the metal stocks, Nalco lost a per cent while SAIL declined 0.5 per cent.

Tata Tea, Dr. Reddy's and Cipla were the other major losers.

US markets recovered yesterday after the sharp fall of the previous day. Gains in technology and oil stocks helped the indices. The Dow added over 0.5 per cent while the S&P 500 closed with gains of more than 0.8 per cent. NASDAQ recovered all of the previous day's gains, adding 1.46 per cent as technology stocks recovered led by Cisco.

Asian markets had a mixed day today despite the pull back in the US indices yesterday. Japan, South Korea and Shanghai closed lower while Hong Kong closed 0.4 per cent higher.

April crude oil futures gained nearly a per cent yesterday and closed at $61.97 per barrel. After 3 consecutive weeks of gains, expectations are that US stocks of crude and refined products would decline this week. There are reports of more possible violence in Nigeria. The commodity is trading close to $63per barrel mark in early European trades today.

Indian Oil has sold a 2.41 per cent stake in Gail at Rs275 per share and has realised Rs561.5 crore. The buyers are a group of domestic financial institutions, mutual funds and overseas investors including LIC and ICICI Prudential.

HLL has sold its tea plantation subsidiary Tea Estates India, which owns 8 tea estates and 6 processing facilities in the state of Assam. With this deal HLL has sold off all its tea plantations in Assam.

Bharti has launched new mobile tariff plans which offer domestic calls at Re1 per minute irrespective of distance.

The Kotak Mahindra group has divested its entire holdings in mobile operator Hutchison Essar Limited. Out of the Rs1,019 crore received from the sale, Kotak Mahindra Bank would receive a pre-tax share of Rs392 crore.

Mid-Cap Action

Mid-caps also held firm today though the market breadth declined steadily through the session. By the end of the day, market breadth was slightly negative. The CNX Mid-Cap index gained 31 points to end the day at 4526, a new lifetime high.

The board of Amtek Auto has approved the acquisition of a 100-per cent stake in Amtek Siccardi and 89 per cent in Benda Amtek. The board has also approved a preferential issue of equity shares to raise Rs164.3 crore.

The board of India Cements would meet next week to consider an FCCB issue.

The board of SICAL has approved plans to raise up to $125 million from an overseas issue of equity or convertible bonds.

Flexcube, the core banking software suite from I-Flex, has been adjudged as the best selling core banking solution in the world for the fourth year in a row.

Era Constructions has received an order worth Rs19 crore for civil construction work from Nalco.

Marksans Pharma would acquire an Australian company for an undisclosed sum.

Sunil Hitech Engineers got listed on the exchanges today. Issued at Rs100 per share, the stock opened at Rs110 on the NSE and saw a high of Rs176.90. The stock finally closed at Rs154.3.

Tea plantation stocks came down in the afternoon and most of them were locked in the lower price circuit.

Suryajyoti Spinning, Educomp Consultants and Hindustan Construction were among the major gainers in mid-caps.

Zodiac JRD, Steel Strips Wheels and BBTC were among the significant mid-cap losers on the NSE.

*Disclaimer:The author may have positions in some of 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.



Market: Indices

National Markets
Gain (+) / Loss (-)

SENSEX
10,626.78 + 61.31
NIFTY 3,150.70 +27.60
Last Update : 2 March, 2006 16:00:16 PM

Market Counters
Figures in Rupees

BSE 30
Scrip Name Open High Low Last Price
ACC 690.00 723.00 668.15 673.00
Bajaj Auto 2,720.00 2,755.00 2,710.00 2,723.20
Bharti Tele 380.05 401.40 380.05 396.40
BHEL 2,150.00 2,181.40 2,072.00 2,113.15
Cipla 554.05 558.75 549.55 551.00
Dr Reddys Lab 1,330.00 1,330.00 1,305.00 1,312.50
Grasim Indus 1,828.00 1,850.00 1,800.00 1,808.60
Guj Ambuja 91.10 93.40 91.00 91.40
HDFC Ltd 1,350.00 1,366.00 1,341.20 1,355.85
HDFC Bank Ltd 749.00 759.00 737.00 756.80
Hero Honda 908.50 915.00 896.00 899.65
Hindalco 160.40 162.50 157.00 158.85
HLL 245.50 248.80 242.05 243.65
ICICI Bank 618.00 628.80 608.55 620.15
Infosys 2,915.00 2,930.00 2,841.20 2,852.80
ITC 174.00 180.00 174.00 176.85
L&T 2,475.00 2,547.00 2,461.00 2,474.50
Maruti 890.00 938.80 890.00 903.80
NTPC 133.70 140.00 131.00 132.25
ONGC 1,134.00 1,153.00 1,128.15 1,148.30
Ranbaxy       436.40
Rel Energy 626.55 630.00 615.10 621.00
Reliance 708.05 718.90 707.15 713.00
Satyam 805.30 810.30 793.20 800.20
SBI 886.00 904.00 882.80 894.25
Tata Motors 849.00 887.70 849.00 863.20
Tata Power 524.55 546.80 524.55 535.45
Tata Steel 448.75 458.95 446.25 449.85
TCS 1,740.00 1,753.30 1,720.00 1,742.00
Wipro 529.00 542.25 528.05 530.80
Last Update : 2 March, 2006 16:02 PM

S&P CNX Nifty
Symbol Open High Low Last Price
GAIL 275.25 291.00 274.60 281.30
MARUTI 914.90 936.85 889.00 905.75
TATAMOTORS 851.00 885.90 851.00 864.00
INFOSYSTCH 2910.00 2918.00 2845.00 2854.30
RELIANCE 710.00 719.00 707.00 713.15
SBIN 884.95 904.00 882.00 894.65
LT 2470.00 2549.00 2460.10 2473.25
ACC 688.05 722.00 668.20 673.70
TATASTEEL 447.00 459.00 446.65 449.95
SATYAMCOMP 802.00 812.00 794.10 802.35
ITC 174.00 179.85 174.00 176.70
ONGC 1112.00 1154.80 1111.15 1149.00
ICICIBANK 620.00 628.85 608.30 620.40
BHEL 2120.50 2180.00 2070.00 2107.40
VSNL 370.00 386.90 368.00 380.90
BHARTI 381.00 400.50 381.00 396.80
M&M 612.95 625.00 605.00 609.70
GUJAMBCEM 91.80 93.50 91.00 91.35
HDFC 1354.80 1367.00 1341.30 1355.25
SAIL 67.50 67.50 65.05 65.85
BAJAJAUTO 2700.00 2756.00 2700.00 2723.00
HINDALC0 160.80 162.75 156.50 159.05
IPCL 234.50 235.35 230.00 230.85
TCS 1745.40 1754.00 1720.35 1741.80
GRASIM 1818.55 1852.50 1796.35 1810.20
WIPRO 531.60 542.00 527.25 530.55
TATATEA 931.00 935.00 910.50 914.50
ABB 2550.00 2675.00 2548.00 2635.35
HINDLEVER 245.00 248.95 243.00 244.20
HEROHONDA 900.00 915.00 895.00 900.25
REL 624.00 634.40 618.75 623.20
TATACHEM 240.50 245.25 239.10 244.05
TATAPOWER 522.10 547.40 522.10 535.80
RANBAXY 443.00 445.75 435.00 436.60
HDFCBANK 749.90 760.00 735.05 758.25
PNB 442.00 454.70 440.10 448.90
MTNL 144.00 150.90 142.50 147.95
JETAIRWAYS 984.00 1003.90 980.00 987.85
CIPLA 554.50 558.90 549.25 550.95
DRREDDY 1305.00 1329.00 1305.00 1316.20
ZEETELE 181.25 182.40 176.15 179.05
ORIENTBANK 235.95 242.25 234.60 240.20
DABUR 112.80 116.90 111.75 116.35
SUNPHARMA 774.00 795.00 750.55 787.25
HCLTECH 628.00 634.90 613.35 621.05
HINDPETRO 323.00 327.00 320.00 320.75
NATIONALUM 289.50 289.50 280.00 285.50
BPCL 439.00 439.00 424.00 426.20
GLAXO 1328.00 1341.00 1311.35 1314.80
SCI 150.50 152.00 149.75 150.10
Last Update : 2 March, 2006 16:00PM


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Indices at new highs; afternoon selling pares gains