labels: stock markets - india, markets - general
Rex Mathewnews
01 November 2006
Helped by firm trend across Asian markets, the indices opened higher - only to lose ground soon after. They slipped into the red briefly before recovering and climbing slowly to early highs by early afternoon.

After holding level, mostly helped by a rally in Reliance Industries, the indices slipped sharply in the closing hour. They soon recovered and ended close to the day's highs.

Sensex closed with gains of 71 points at 13033 and the Nifty gained 23 points to end at 3767. Nifty November futures closed at a premium of 10 points to the spot index.

The day clearly belonged to Reliance Industries, which attracted interest on announcement of a $2 billion fund raising programme and hopes of an early return to full capacity at its fire-damaged refinery. The stock finally ended 3.13 per cent higher at a new lifetime high.

Telecom stocks roared back after yesterday's correction. Reliance Communications gained 2.77 per cent and led the sector. VSNL rallied 2.18 per cent and Bharti gained 2.06 per cent.

Zee Tele was the best performer among index stocks, ending with impressive gains of 5.11 per cent.

BPCL added 2.06 per cent on good quarterly numbers
HLL sustained the rally and added another 1.67 per cent after gaining 2 per cent yesterday

Gujarat Ambuja Cements had a good day and gained 1.74 per cent

Among other major gainers, SBI gained 1.66 per cent and BHEL ended 1.58 per cent higher.

HDFC, which had remained firm yesterday, was the worst performer among index stocks with losses of 2.61 per cent. HDFC Bank gave up 0.56 per cent.

ONGC remained weak throughout the session and closed 1.43 per cent lower.

Among tech stocks, HCL Technologies slipped 1.05 per cent and Satyam lost 1.02 per cent

Among auto stocks, M&M gave up 0.51 per cent and Maruti slipped 0.67 per cent.

Among other losers, Cipla gave up 1.95 per cent, Gail lost 0.86 per cent and Reliance Energy ended 0.63 per cent lower.

Global markets / crude oil
US markets were mostly unchanged yesterday as data released showed some unexpected decline in manufacturing activity in select regions. This has led to fresh concerns about a substantial economic slowdown. Recovery in crude oil prices helped oil stocks in the afternoon, but pulled down consumer stocks.

The Dow index closed 0.05 per cent lower while the broader S&P 500 index ended absolutely flat. Technology stocks were firm and helped the NASDAQ index to add over 0.1 per cent.

Asian markets continued to gain after yesterday's rally. Singapore was the best performer, adding over 1.3 per cent, followed by Thailand which gained over 1.15 per cent. Shanghai gained nearly a per cent while Hong Kong and South Korea ended 0.7 per cent each higher. Indonesia added 0.45 per cent while Malaysia ended with modest gains.

Japan was the only major loser, ending 0.15 per cent lower.
European indices had a mixed opening, but have recovered in early afternoon trades. Major indices are trading with modest gains.

Crude oil prices recovered after remaining weak in Asian and European trades yesterday. Near month NYMEX futures added 37 cents and ended at $58.73 per barrel yesterday. The commodity has lost 40 cents per barrel in European trades today.

Large-cap news flow
  • Hindalco would hold a 70 per cent stake in a JV with a US-based company to set up a manufacturing unit for high strength aluminium alloys for various applications. The facility would cost Rs155 crore and would have a capacity of 46,000 tonnes.

  • Tata Steel has denied media reports that it is planning an acquisition bid on Brazilian steel maker CSN.

  • The board of Reliance Industries would meet next week to consider raising $2 billion in syndicated loans or by issuing convertible bonds

  • JSW Steel has raised galvanised steel prices by Rs1,000 per tonne

Mid-Cap Action

Mid-caps and small caps also recovered from yesterday's decline and outperformed the large caps. Many mid-cap stocks saw significant price action after result announcements.

The CNX Mid-Cap index ended with gains of 24 points, or 0.5 per cent, at 4859. BSE mid-cap index gained 1.03 per cent and the BSE small cap index ended 0.79 per cent higher.

KEC International added 16.17 per cent while KEC Infrastructure was locked in 10 per cent upper circuit.

TV 18 added 10.71 per cent while Ruchi Soya and BL Kashyap were 2 other major gainers.

DCB, which was listed recently, saw another sharp surge and added 10.31 per cent.

IFB Industries and Sutlej Industries were both locked in 10 per cent upper circuits.

Deccan Aviation slipped 5.11 per cent after yesterday's rally.

IFGL Refractories, Agro Dutch, Manugraph, Oil Country Tubular, Shreyas Shipping, Nagreeka Exports, Unitech and Sirpur Paper were among the major mid-cap losers.

Mid-cap news flow

  • The boards of Megasoft and Visualsoft have approved the merger of Visualsoft with Megasoft. The merger ratio has been fixed at 5 shares of Megasoft for every 8 shares of Visualsoft.

  • Amtek Auto has formed an equal JV with a Canadian company for setting up an auto-ancillary manufacturing facility near Delhi.

  • Moser Baer has filed a suit in the Delhi High Court against Philips, which had earlier sent legal notices to the company alleging patent violations.

  • PSL has won a $20 million order from the Middle East for supply of pipes.

  • Sun TV said its flagship Tamil television channel will become a pay channel with effect from early next month

  • The board of Bombay Rayon Fashions would meet next week to consider preferential issue of equity shares and warrants.

  • Sunil Hitech Engineers has received new orders worth Rs123.4 crore.

  • KSL Industries would raise additional resources through private placement of equity shares or related instruments

  • Deepak Nitrite has sold its factory land in Pune

  • The board of Everest Kanto would meet this week to consider the issue of 18.97 lakh equity shares at a price of Rs485 per share

  • Man Industries is planning to expand its HSAW pipe capacity by middle of next year. The company would also put up an additional 4.5 MW of wind power capacity.

  • Kallam Spinning is planning to expand its manufacturing facilities at a cost of Rs36.75 crore. The company is planning a preferential issue of shares or warrants to promoters.

  • Empire Industries has denied media reports that the company is planning to sell part of its real estate holdings.

  • Steel Exchange would merge Vizag Profiles with the company

  • Praj Industries has formed an alliance with a Belgian company to market brewery filters in the country.

  • Himalaya International would raise funds from a rights issue to finance a project to set up cold chain facilities.

  • Unity Infraprojects has formed a subsidiary to undertake real estate development and bid for BOT and BOOT projects. It would also form another subsidiary in the Middle East to bid for projects in that region.

  • Dolphin Offshore would issue bonus shares in the ratio of 3 shares for every 5 shares held.

  • Ginni Filaments would invest Rs47.5 crore for its expansion programme and would raise resources from a preferential issue.

*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
13,033.04
+71.14
NIFTY
3,767.05
+22.95
Last Update : 1 November, 2006 16:00 PM

Market Counters
Figures in Rupees

BSE 30
Scrip Name Open High Low Last Price
ACC
951.90
988.50
951.90
978.60
Bajaj Auto
2,775.00
2,775.00
2,729.00
2,742.25
Bharti Tele
532.00
544.75
528.00
541.20
BHEL
2,416.00
2,471.00
2,411.25
2,458.95
Cipla
264.00
264.00
256.10
256.95
Dr Reddys Lab
709.00
758.00
709.00
751.35
Grasim Indus
2,760.00
2,770.00
2,728.10
2,767.55
Guj Ambuja
117.50
120.40
117.00
119.40
HDFC Bank Ltd
1,017.00
1,017.00
990.05
993.95
HDFC Ltd
1,472.00
1,472.00
1,420.00
1,428.10
Hero Honda
762.00
771.00
759.00
764.95
Hindalco
190.20
192.75
189.55
190.75
HLL
237.95
238.40
233.20
236.95
ICICI Bank
777.00
782.00
771.50
775.90
Infosys
2,109.70
2,115.00
2,096.35
2,103.80
ITC
189.85
192.25
189.00
190.60
L&T
1,312.80
1,330.10
1,301.00
1,321.10
Maruti
970.00
978.05
955.60
962.30
NTPC
130.00
131.00
129.50
130.40
ONGC
818.00
818.90
799.00
804.00
Ranbaxy
401.15
403.00
396.20
397.90
Rel Energy
486.00
486.00
478.25
479.85
Reliance
1,268.00
1,226.00
1,220.15
1,264.20
Satyam
441.00
443.80
432.10
434.90
SBI
1,095.00
1,122.00
1,088.50
1,116.05
Tata Motors
832.00
841.40
826.00
829.25
Reliance Comm Ventures Ltd
381.85
390.00
380.55
388.65
Tata Steel
490.00
495.80
488.30
489.95
TCS
1,095.00
1,100.00
1,080.00
1,082.25
Wipro
540.00
544.30
533.50
537.20
   Last Update : 1 November, 2006 16:00 PM

S&P CNX Nifty
Scrip Name Open High Low Last Price
RELIANCE
1221
1268
1220.1
1264.4
RCOM
379
391.7
379
389.35
BAJAJAUTO
2778
2778
2731
2741.75
HINDLEVER
237
238.85
233.4
237.55
TATAMOTORS
830.15
840.75
824.8
829.15
ZEETELE
302.5
319
302.5
317.25
TATASTEEL
495.5
496
488.25
489.9
INFOSYSTCH
2096
2117.8
2081.1
2103.45
SBIN
1256.3
1256.3
1089
1113.8
SATYAMCOMP
442
444.3
433.15
435.3
ONGC
802
818
799
804.1
LT
1315
1330
1302.1
1321.65
BHEL
2425
2469
2410
2458.35
ACC
971
988
964.4
978.15
MARUTI
968
978.6
956.2
961.55
VSNL
437.5
456.9
437.5
444.75
HINDALC0
189.6
192.7
189.6
190.9
ICICIBANK
784.9
784.9
771.15
778.15
SAIL
86.55
88.15
86.3
86.85
IPCL
293.4
296.25
286.1
295
ITC
191
192
189.9
190.8
TCS
1097
1105.9
1080.3
1083.2
GRASIM
2745.05
2770
2725
2767.75
HDFC
1470
1478
1420.3
1425.75
WIPRO
541
544
533
537.5
BHARTIARTL
534.45
544.8
525
541.1
SIEMENS
1225.7
1253.9
1221.5
1231.85
M&M
789.6
789.6
772.35
777.95
GUJAMBCEM
117.05
120.3
117
119.55
ABB
3599
3643
3580
3589.35
RANBAXY
405.95
405.95
395.3
397.9
HEROHONDA
757
768.75
757
765.2
HINDPETRO
325
330.7
324.3
328.7
MTNL
142
143.2
139.8
142
CIPLA
274.4
274.4
256.1
256.9
GAIL
255
258.5
252
253.9
SUZLON
1310
1319.9
1304
1307.05
BPCL
410
412.5
404
409.15
PNB
522.9
526.5
517.1
520.3
HCLTECH
623
627
612.4
615.8
DABUR
154.75
156.95
153.5
154.6
REL
484.5
485
478.15
479.45
HDFCBANK
1014.4
1018
994.2
998.95
DRREDDY
750
758.7
747
750.85
SUNPHARMA
923
923
886
913.15
JETAIRWAYS
609
609
592
594.05
GLAXO
1146
1172.4
1142.1
1168.6
NATIONALUM
231.2
234.95
229.6
230.8
ORIENTBANK
259.85
264.8
255.15
256.25
TATAPOWER
530
550
530
547.3
Last Update : 1 November, 2006 16:00 PM


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Rex Mathew