labels: stock markets - india, markets - general
Rex Mathewnews
03 May 2006

Markets opened on a firm note and the Sensex surged another 100 points in early trades before a bout of volatility set in the markets. he indices took a sharp dip and slipped into the red and the Sensex slipped more than 80 points from yesterday's closing before recovering.

Before noon, both indices were back in positive territory. From then on the markets managed to hold on to their gains, despite alternate bouts of selling.

The Sensex touched a new lifetime high of 12337 today while the Nifty saw a lifetime high of 3641.

Sensex closed with gains of 92 points at 12311 and the Nifty added 29 points to close at 3634. Nifty May futures closed at a discount of 26 points to the spot index.

Telecom stocks were the stars of the day as Reliance Communication led from the front with gains of more than 5.5 per cent. The stock would replace Tata Power in the Sensex.

VSNL was the biggest gainer among index stocks, closing more than 4.5 per cent higher. Bharti ended with gains of close to 4 per cent.
Banking stocks continued the strong rally from yesterday. ICICI Bank added close to 4.5 per cent.

Stocks of PSU banks also surged on expectations of improved margins following the hike in lending rates. Strong results from the banking sector are supporting the rally.

PNB added close to 4.5 per cent higher while OBC ended with gains of close to 3 per cent. SBI closed more than 2.5 per cent higher.

Select cement stocks recovered from a weak opening after the government said it would not impose any export controls to reign in prices. Gujarat Ambuja Cement added more than 3 per cent while ACC closed 0.5 per cent lower.

Oil marketing stocks were firm following indications that the government would soon take a decision on retail fuel price hike. BPCL added over 2.5 per cent while HPCL gained close to 1.5 per cent. Indian Oil closed nearly 2 per cent higher.

ABB, Sun Pharma, and Satyam Computers were among the other gainers.

Zee Tele saw some profit booking today after the phenomenal gains of recent sessions. The stock was down nearly 5 per cent at one point, but recovered and closed nearly 3 per cent lower.

Aluminium stocks were under pressure today. Hindalco lost over 2 per cent while Nalco gave up over 1.5 per cent.

Dr Reddy's closed nearly 2 per cent lower after yesterday's phenomenal 17 per cent surge. Ranbaxy, which gained over 10 per cent yesterday, declined over 1.5 per cent.

MTNL remained subdued despite the sharp gains in other telecom stocks and closed more than 2 per cent lower.

Grasim, IPCL, L&T and Gail were among the other major losers.

Global markets / crude oil
US indices gained yesterday on strong corporate numbers and expectations of better performance during the current year.

Continued up trend in oil prices led to gains for oil stocks, further boosting the indices.

The Dow closed more than 0.6 per cent higher at its highest level in more than 5 years while the S&P 500 index added 0.6 per cent. Gains in technology stocks were lower and the NASDAQ ended with gains of over 0.2 per cent.

Asian markets remained firm for the second day today. Hong Kong and Singapore added around a per cent each while Thailand and Indonesia also closed with good gains.

Crude oil prices continued their rally on continuing supply concerns and higher summer demand in major consuming countries. The Bolivian government decision to nationalise the natural gas business also supported the rally. Near month NYMEX futures gained 91 cents to close at $74.61 per barrel yesterday. The commodity is trading flat in European trades today.

Large-cap news flow

  • NTPC will take over Badarpur thermal power plant in Delhi for an enterprise value of Rs408 crore. The company would pay Rs274 crore in cash to the government and would assume debt of Rs134 crore. NTPC would also take more than 517 hectares of land around the power plant on 50 year lease at an annual rent of Rs5.2 crore.

  • Siemens has completed the acquisition of electric circuit isolator business of Elpro International and has merged it with the power transmission and distribution division of the company.

  • The board of Glaxo has approved the sale of its animal healthcare business to a European company, Virbac, for Rs207.1 crore.

  • There are unconfirmed reports that Ambuja Cements Eastern would be merged with Gujarat Ambuja Cements.

Mid-Cap Action

Mid-caps also managed to maintain the up trend but gains were once again lower than frontline stocks. The CNX Mid-Cap index gained 37 points, or 0.51 per cent, to end the day at 5217 - a new lifetime high. Market breadth was modestly positive on the NSE.

Ind-Swift Limited, Adani Exports, Ceat, HFCL, GMR Industries, Aftek Infosys and Jindal Drilling were among the major gainers in mid-caps on the NSE, all closing at the 20 per cent upper circuit. .

Mahindra Gesco, Samtel, FCS Software, Kakatiya Cement and Alstom Projects were among the significant mid-cap losers on the NSE.

Mid-cap news flow

  • Rajshree Sugars has announced major expansion plans. The company would acquire Trident Sugars for Rs62 crore besides setting up 2 new sugar mills in the state of Bihar with a crushing capacity of 5,000 tonnes each. The company would finance these plans through an issue of equity shares or related instruments.

  • Jain Irrigation has acquired a US-based company for a total of $6 million. The company said the acquisition would enhance its market reach in the US.

  • India Cements has priced its 5-year FCCB bonds at a 30 per cent premium to the current market price. The company is raising $75 million from the issue.

  • TTK Prestige has started commercial production at its new pressure cooker manufacturing facility at Coimbatore.

  • Anant Raj Industries has issued 35 lakh equity shares and 15 lakh convertible warrants to a group of overseas investors including Lehman Brothers and ABN Amro at a price of Rs600 each.

  • Pantaloon subsidiary Indus-League Clothing, has entered into an equal JV with a French company for manufacturing and marketing of women's wear and lingerie.

  • The merger between Havells India and Crabtree has received High Court approval.

  • Pricol Limited would set up a new plant in the state of Uttaranchal for manufacturing auto components.

  • LML Limited has denied reports that auto major M&M has carried out a due diligence of the company's facilities for a possible takeover. However, the company said it is restructuring its business which may include strategic tie ups.

  • IL&FS Investment Managers would raise $60 million from an overseas issue. The company would also issue bonus shares in the ratio of one share for every share held and would also hike FII investment limit to 74 per cent.

  • Panacea Biotech would source inactivated polio vaccine from a Dutch organisation for manufacturing finished vaccine. The company would market the products across the globe except select European markets.

  • The board of Morarjee Realties would meet this week to consider the merger of Dawn Mills with the company.

  • Steel Strips Wheels has received an export order for 15,000 car wheels from an Austrian company.

  • Spentex Industries has started commercial production at its acquired facility in Ahmedabad and expanded facility in Solapur. The company is also planning a cotton yarn unit in Uzbekistan.

*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
12,310.72 + 91.94
NIFTY 3,634.25 +28.80
Last Update : 3 May, 2006 16:00:16 PM

Market Counters
Figures in Rupees

BSE 30
Scrip Name Open High Low Last Price
ACC 995.25 1,005.00 970.00 984.90
Bajaj Auto 3,111.00 3,145.00 3,060.00 3,127.70
Bharti Tele 411.90 425.00 409.00 424.20
BHEL 2,380.00 2,390.00 2,336.00 2,363.10
Cipla 265.65 268.00 260.20 266.40
Dr Reddys Lab 1,697.00 1,699.00 1,634.00 1,651.55
Grasim Indus 2,470.05 2,505.00 2,401.00 2,432.30
Guj Ambuja 119.80 127.95 118.20 125.95
HDFC Ltd 1,314.70 1,323.00 1,274.00 1,295.75
HDFC Bank Ltd 860.00 876.90 852.50 861.60
Hero Honda 843.00 850.00 838.00 845.20
Hindalco 237.45 238.80 226.15 230.85
HLL 294.00 295.85 288.70 294.05
ICICI Bank 627.90 650.95 615.00 648.60
Infosys 3,183.00 3,200.00 3,145.50 3,177.25
ITC 209.00 212.70 208.00 208.85
L&T 2,580.00 2,767.00 2,580.00 2,683.35
Maruti 944.65 967.80 934.00 963.45
NTPC      
ONGC 1,334.00 1,349.00 1,319.05 1,330.75
Ranbaxy 525.00 530.00 511.25 514.35
Rel Energy      
Reliance 1,031.00 1,040.00 1,022.00 1,034.75
Satyam 762.30 777.50 756.65 771.65
SBI 938.00 971.60 935.15 961.15
Tata Motors 967.90 975.00 940.15 960.25
Tata Power 552.60 561.50 546.20 558.40
Tata Steel 672.50 679.00 658.00 664.55
TCS 2,021.45 2,034.00 2,011.00 2,028.25
Wipro 542.00 549.00 535.00 539.05
 Last Update : 3 May, 2006 16:00 PM

S&P CNX Nifty
Symbol Open High Low Last Price
ACC 985.00 1005.00 968.15 985.40
RELIANCE 1031.20 1042.00 1021.10 1035.55
TATASTEEL 674.80 680.00 657.60 665.40
SBIN 940.00 971.00 935.15 961.70
SATYAMCOMP 760.05 777.90 757.00 772.65
INFOSYSTCH 3177.00 3191.95 3139.20 3171.40
GUJAMBCEM 118.50 128.00 118.25 126.05
VSNL 444.00 465.50 430.10 463.35
HINDALC0 236.00 239.80 227.05 231.05
ONGC 1327.10 1348.00 1317.00 1332.25
ITC 208.00 212.50 208.00 208.90
MARUTI 942.50 967.85 935.00 963.45
TATAMOTORS 961.00 975.00 940.20 960.25
ICICIBANK 625.85 652.40 615.10 649.10
RANBAXY 522.50 528.00 510.10 513.25
DRREDDY 1700.00 1700.00 1625.00 1651.95
GRASIM 2472.65 2508.00 2401.00 2433.30
MTNL 221.10 226.00 211.50 215.05
HINDLEVER 290.00 295.85 288.60 293.75
TCS 2024.00 2039.90 2015.05 2031.55
ZEETELE 292.00 294.40 274.20 279.85
GAIL 284.10 289.00 278.65 280.25
HDFC 1327.00 1327.00 1272.00 1298.25
ABB 3199.00 3309.50 3152.00 3271.35
SAIL 87.40 87.80 85.50 86.75
LT 2739.70 2757.70 2659.00 2686.60
HCLTECH 579.00 584.65 565.00 579.90
PNB 451.00 475.00 447.30 470.00
BAJAJAUTO 3125.00 3150.00 3001.15 3132.10
SUNPHARMA 886.00 912.00 875.35 901.60
CIPLA 267.00 267.90 261.00 266.50
HDFCBANK 853.00 874.00 850.10 863.20
BHARTI 413.00 425.40 407.00 424.70
M&M 639.95 660.00 631.50 644.65
IPCL 282.00 282.45 272.90 276.30
DABUR 157.75 161.10 157.75 159.00
REL 621.00 628.40 615.00 619.05
WIPRO 545.00 545.00 535.00 539.20
BHEL 2369.00 2395.00 2325.00 2363.75
HINDPETRO 330.00 339.00 330.00 332.00
TATATEA 874.40 874.40 855.00 860.20
HEROHONDA 840.25 847.50 838.00 845.40
TATAPOWER 557.00 561.50 545.00 559.10
NATIONALUM 328.50 330.00 317.00 320.90
ORIENTBANK 237.50 245.00 237.30 243.40
GLAXO 1383.30 1425.00 1375.00 1412.30
JETAIRWAYS 945.00 955.00 938.05 940.40
BPCL 454.00 456.50 444.00 453.70
SCI 165.90 166.75 163.10 164.40
TATACHEM 260.90 262.00 257.30 259.90
Last Update : 3 May, 2006 16:00PM

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Rex Mathew