labels: stock markets - india, markets - general
Rex Mathewnews
26 October 2006


Recovering from Monday's fall, markets opened firm on the last day of settlement for October series of F&O contracts. Gains across other Asian markets following a firm closing by US indices yesterday helped the sentiment.

From then on the indices lost steady ground and gave up almost all their gains by early afternoon. However, banking stocks led a smart recovery and lifted the indices well past their early highs.

Sensex closed with gains of 75 points at 12698 and the Nifty added 21 points to end at 3678. Nifty October futures closed at a premium of 26 points to the spot index.

OBC saw another of those breathtaking rallies after remaining subdued for many sessions. The stock opened firm and surged in afternoon trades to close nearly 7.5 per cent higher.

ICICI Bank opened more than 3 per cent higher, helped by good results and a rally in ADR prices yesterday. The stock finally ended nearly 5.5 per cent higher.

Among other banking stocks, SBI rallied more than 4 per cent and HDFC Bank ended over 3 per cent higher.

M&M soared more than 5.5 per after the company announced excellent quarterly numbers.

Among engineering and capital goods stocks, Siemens rallied nearly 5 per cent while Suzlon ended nearly 2.5 per cent higher.

Metal stocks, except Tata Steel, had a good day. SAIL was the best performer with gains of over 2.5 per cent. Nalco added nearly 2.5 per cent and Hindalco closed over 2 per cent higher.

Reliance Industries opened lower, following the fire incident at its refinery. Reports that there would be no production loss did not calm the stock in afternoon trades and closed more than 1.5 per cent lower. IPCL closed nearly 2 per cent lower.

Oil marketing stocks came under heavy pressure as crude oil prices climbed back above $61 per barrel. HPCL was the worst performer among index stocks, losing nearly 4 per cent. BPCL lost more than 3 per cent.

Among other oil & gas stocks, Chennai Petro closed more than 7.5 per cent lower.

Videocon Industries was a major loser, slipping more than 8 per cent.

Bajaj Auto resumed its correction after Monday's recovery and lost nearly 2.5 per cent. TVS Motors lost more than 5.5 per cent after announcing disappointing results.

Jet Airways continued to slip on higher oil prices and lost more than 2 per cent.

Ranbaxy remained weak throughout the session and closed more than 2 per cent lower. Glaxo lost nearly 2 per cent.

HLL came under renewed pressure and lost another 2 per cent.
Tata Steel remained weak and lost another 1.5 per cent.

Global markets / crude oil
US indices closed higher yesterday, helped by the Fed's decision to keep interest rates steady and some good corporate numbers. The Fed's outlook on US economic growth and inflation was along expected lines and helped market sentiment.

The Dow closed 0.05 per cent higher at a new lifetime high. The S&P 500 index gained 0.35 per cent while technology shares were once again the best performers and pushed the NASDAQ index 0.5 per cent higher.

Asian markets rallied today, despite the surge in crude oil prices, helped by prospects of steady interest rates. Hong Kong was the best performer with gains of nearly 1.1 per cent followed by Singapore, which added a per cent. Japan gained over 0.65 per cent while Malaysia added 0.35 per cent. Shanghai and South Korea ended with modest gains.

Thailand was the only loser, declining more than 0.5 per cent.
European indices opened firm and have gained further as the session progressed. Major indices, except London, which is trading modestly higher, are trading with gains of around 0.5 per cent each.
Crude oil prices rallied yesterday as US crude oil stocks as per weekly inventory data was lower than market expectations.

Markets fear that stocks may come down further as consumption rises in winter. Near month NYMEX futures rallied and closed at $61.4 per barrel yesterday. The commodity is trading steady at around yesterday's closing levels in European trades today.

Large-cap news flow

  • Wipro is acquiring a Singapore-based infrastructure management services company for $25 million, according to unconfirmed reports. The target company employs around 100 people, mostly in India, and has revenues of around $36 million.

  • Latest news agency reports quoting a Reliance Industries official indicate that there would be no production losses due to yesterday's fire at the Jamnagar refinery. However, there has been no official statement from the company on the extent of damages or production losses.

Mid-Cap Action

Mid-caps and small caps started on a firm note before giving up part of their gains by mid-morning. They remained sideways till mid-afternoon and rallied ahead to close with good gains.

The CNX Mid-Cap index ended with gains of 39 points, or 0.83 per cent, at 4778. BSE mid-cap index gained 0.73 per cent and the BSE small cap index added 0.79 per cent.

Once again, there were many stocks, which ended in upper circuits. Geojit Financial Services, DCM, Talbros, DCM Shriram, GVK Power, Dolphin Offshore and Ruby Mills were all locked in 10 per cent upper circuits.

Saksoft and Ansal Housing were the other major gainers among mid-caps.

Khaitan Electricals, NOCIL, Easun Reyrolle, Renuka Sugar, Softpro Solutions, Rallis and Sical were among the major mid-cap losers.

Mid-cap news flow

  • Hinduja TMT said it has acquired a US-based BPO company for an undisclosed amount. The acquired company has 7 centres in the US and Canada and had annual revenues of $60 million. Consolidated revenues would rise to $130 million after the acquisition.

  • HB Estate Developers has acquired a hotel plot in Gurgaon, Haryana, for Rs138 crore.

  • The board of Graphite India would meet next month to consider a stock split.

  • Aurobindo Pharma has received Dutch regulatory approval for an anti-depressant drug.

  • IOL Broadband has signed a content agreement with Star TV. Subscribers of IOL's IPTV service would be offered various television channels of Star TV.

  • Indo-Tech Transformers has completed its capacity expansion programme

  • Balaji Amines would issue bonus shares in the ratio of one share for every share held.

  • Aftek Infosys has changed its name to Aftek Limited

  • ICI India is planning to merge its subsidiary Quest International with the company.

  • DCM Shriram Consolidated said it would raise its sugarcane crushing capacity to 33,000 tonnes per day from this season and increase captive power capacity to 27.5 MW. The company is also planning to expand its network of rural retail stores over the next 2 years.

  • Elecon Engineering has won a new contract worth Rs70 crore from NTPC for work related to a thermal power plant.

  • Northgate Technologies is planning to issue 24.47 lakh equity shares to a group of foreign investors at a price of Rs497 per share.

  • Murli Agro would expand its paper capacity.
  • Adlabs has signed a popular Hindi actor for Rs36 crore for making 3 new movies.

*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
12,698.41
+75.13
NIFTY
3,677.55
+20.25
Last Update : 26 October, 2006 16:00 PM

Market Counters
Figures in Rupees

BSE 30
Scrip Name Open High Low Last Price
ACC
968.00
982.75
968.00
977.30
Bajaj Auto
2,825.00
2,834.00
2,745.00
2,756.85
Bharti Tele
500.00
509.00
496.20
504.35
BHEL
2,450.00
2,475.00
2,445.00
2,459.00
Cipla
260.00
260.00
254.00
258.10
Dr Reddys Lab
718.00
718.00
708.00
711.75
Grasim Indus
2,630.00
2,656.90
2,621.05
2,633.95
Guj Ambuja
121.50
121.55
119.60
120.10
HDFC Bank Ltd
979.70
1,001.00
970.00
995.75
HDFC Ltd
1,438.00
1,458.00
1,430.00
1,449.70
Hero Honda
746.00
750.00
727.00
739.95
Hindalco
184.50
189.50
183.10
188.50
HLL
230.00
230.00
223.80
224.95
ICICI Bank
729.95
759.70
729.95
753.40
Infosys
2,059.90
2,080.00
2,053.00
2,072.40
ITC
186.75
186.75
181.90
184.30
L&T
1,273.00
1,284.00
1,261.00
1,270.85
Maruti
952.00
955.50
943.60
951.05
NTPC
127.00
127.50
125.00
126.35
ONGC
1,151.50
1,164.00
1,143.00
1,153.60
Ranbaxy
406.00
409.00
401.00
402.35
Rel Energy
465.00
467.80
458.05
466.10
Reliance
1,180.00
1,194.00
1,170.10
1,175.20
Satyam
428.00
436.95
425.15
430.60
SBI
1,025.00
1,071.00
1,017.30
1,065.80
Tata Motors
880.10
886.00
866.05
871.75
Reliance Comm Ventures Ltd
369.90
371.85
367.00
368.05
Tata Steel
507.00
511.00
500.00
501.35
TCS
1,076.00
1,092.00
1,075.00
1,080.00
Wipro
550.00
557.95
548.00
556.15
   Last Update : 26 October, 2006 16:00 PM

S&P CNX Nifty
Scrip Name Open High Low Last Price
INFOSYSTCH
2041.55
2080
2041.55
2073.35
RELIANCE
1190
1194
1170
1174.95
SBIN
1026
1073
1016.35
1066.45
TATASTEEL
511.25
511.25
498.65
500.55
SATYAMCOMP
424
436.9
424
431.1
ONGC
1153
1163.7
1143.15
1153.9
HINDLEVER
230.8
230.8
224
225
ICICIBANK
725.55
767
725.55
759.35
BAJAJAUTO
2820
2830
2742
2751.75
RCOM
368.7
372
367
368.1
ITC
186
186.7
182
184.1
TCS
1081
1091.9
1075
1079.25
M&M
699.75
749.9
695
731.6
LT
1290
1290
1259
1269.55
HINDALC0
184.1
189.5
184
187.95
BHEL
2440
2478
2436.2
2450.35
HDFCBANK
965
1005
965
999.8
WIPRO
548
558.4
548
557.1
HEROHONDA
735
750
703.6
739.75
GRASIM
2625
2655
2618
2631.15
SAIL
89.1
91.5
88.7
91.1
HDFC
1447.7
1460
1434
1449.05
MARUTI
950
955.7
943.1
950.1
SUZLON
1330
1379
1330
1361.7
ABB
3535
3643.8
3513
3560.25
RANBAXY
415
415
400.25
401.95
TATAMOTORS
886.95
887.75
866
871.55
IPCL
298
299.9
291.8
293.65
PNB
500
511
495.5
505.15
ZEETELE
296.5
297.15
290
291.75
SIEMENS
1131.3
1206.9
1131.3
1199.85
ACC
985.3
985.3
970.5
974.6
VSNL
426.95
426.95
418.65
421.9
HCLTECH
612
624.9
604.55
617.75
REL
467.8
467.95
462.5
465.4
DRREDDY
715
720
707.3
712.25
GUJAMBCEM
120.85
121.5
119.5
119.95
CIPLA
257
260
254.1
257.8
HINDPETRO
316
316
302.15
304.35
BHARTIARTL
494.8
509
494.05
503.25
ORIENTBANK
243.5
260.9
241.05
258.05
TATAPOWER
525.15
537
525
527.3
GAIL
255.45
259.75
253.1
256.95
MTNL
154.65
156.5
151.25
152.3
BPCL
403.4
403.4
386.8
388.4
SUNPHARMA
915
927
907
918.5
GLAXO
1194.4
1220
1154.05
1159
JETAIRWAYS
615
622
599
601.5
NATIONALUM
220.75
228.9
220
226.3
DABUR
148.7
148.7
145
145.85
Last Update : 26 October, 2006 16:00 PM


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Rex Mathew