labels: stock markets - india, markets - general
Sensex ends marginally higher after late recovery news
Rex Mathew
08 February 2007

Indices were considerably volatile today following yesterday's sharp rally. Global cues were mixed and profit booking was seen in many stocks. The indices set new lifetime highs in early trades before slipping and touching their lows in early afternoon trades.

The closing hours saw some short covering and the indices recovered all their losses.

Sensex posted a new lifetime high of 14698 in intra-day trades while the Nifty touched an all-time high of 4245. Sensex also managed to end at a new lifetime closing high.

Sensex closed with gains of 9 points at 14652 and the Nifty lost just 1 point to end at 4223. Nifty February futures closed at a discount of 6 points to the spot index.

ICICI Bank continued the up trend from yesterday and was the best performer among index stocks with gains of 1.68 per cent.

OBC added 1.05 per cent and SBI ended 0.85 per cent higher.

The decline in oil prices helped HPCL to recover 1.25 per cent while BPCL gained 1.1 per cent

Reliance Energy added another 0.98 per cent and Tata Power gained 0.77 per cent

Among engineering stocks, L&T added 0.83 per cent and ABB closed 0.79 per cent higher

Maruti was the other major gainer among index stocks and closed 1.15 per cent higher.

Shipping Corporation saw a huge rally and was the best performer among large caps with gains of 15.62 per cent

Bajaj Auto corrected 2.23 per cent after yesterday's 9 per cent surge while Hero Honda gave up 1.46 per cent. M&M closed 1.4 per cent lower

Hindalco was the worst performer among index stocks with losses of 3.85 per cent. SAIL corrected 0.9 per cent after yesterday's rally

Dabur slipped 1.55 per cent on unconfirmed reports that promoters may dilute a small part of their stake in the company
Wipro was the biggest loser among tech stocks and ended 1.14 per cent lower

Suzlon continued to correct and lost 1.04 per cent
IPCL and Glaxo were the other major losers among index stocks

Global markets / crude oil
US indices were firm yesterday, but the gains on the broader indices were marginal while technology stocks rallied. The late decline in oil prices affected oil stocks and pared the gains in broader indices.

The Dow closed very flat after touching record highs in intra-day trades while the S&P 500 ended nearly 0.15 per cent higher. Technology stocks had a very good day and the NASDAQ gained over 0.75 per cent.

Asian markets were mixed today as some indices declined on profit booking after yesterday's gains. Thailand was the best performer, rallying 2.35 per cent. Shanghai extended its recovery and ended 0.8 per cent higher while Malaysia added 0.4 per cent. Hong Kong closed with gains of over 0.25 per cent and Japan closed flat.

Indonesia lost more than 0.75 per cent and Singapore ended 0.6 per cent lower. South Korea closed with losses of close to 0.2 per cent.

European markets were firm in opening trades, but slipped afterwards. Major indices are trading with losses of between 0.2 and 0.45 per cent each.

Crude oil prices rallied in intra-day trades yesterday after the US inventory data showed a higher than expected decline in fuel stocks. However, the gains could not be sustained and prices slipped in late trades. Near month NYMEX futures ended nearly 2 per cent lower at $57.71 per barrel yesterday. The commodity is trading with marginal gains in European trades today.

Large-cap news flow

  • ONGC has won 25 oil & gas exploration blocks in the latest round of auction. The company would be the operator for 24 blocks and would partner with Cairn for another. Reliance Industries has won 7 deep water offshore exploration blocks.
  • L&T has signed an agreement with Boeing for joint exploration of business opportunities in India's defence sector
  • HCL Technologies has entered into a strategic partnership with Cranes Aerospace for providing high value engineering services
  • Satyam Computer has opened a new delivery centre at Nanjing, China
  • GMR Infrastructure said its subsidiary GMR Hyderabad International Airport has acquired a majority stake in a cargo handling company
  • Bharat Electronics has signed a JV agreement with an Israeli company for manufacturing thermal imaging and infra-red cameras. Another agreement has been signed with Northrop Grumman for business co-operation and potential co-production opportunities. The company would also sign an agreement with Lockheed Martin to identify potential markets for various products.
  • ABB India has won orders worth Rs311 crore for supplying power and automation products to Grasim and Ultractech Cement
  • Ranbaxy has received final US FDA approval for a drug used in the treatment of depressive disorders. The approved drug is the generic equivalent of a patented drug from Pfizer with current market sales of over $3 billion

Mid-Cap Action

Mid-caps and small caps started on a firm note before slipping into the red. However, they could not recover much in late trades when the large caps pulled back. The CNX Mid-Cap index ended just 1 point, or 0.03 per cent, higher at 5410. BSE mid-cap index lost 0.22 per cent and the BSE small cap index ended with losses of 0.61 per cent.

Global Broadcast News, which owns the CNN-IBN television news channel and other media assets, had a spectacular listing on the exchanges today. Issued at Rs250, the stock opened at Rs425 on the NSE and saw a high of Rs518.8. The stock finally ended at Rs505.9, more than double its issue price.

Murudeswar Ceramics, India Infoline and Foseco India all ended at 10 per cent upper circuits.

AP Paper, Ind-Swift Lab, Cambridge Technologies and Punjab Tractors were the other major mid-cap gainers

Some of the big gainers from recent sessions corrected today. Lakshmi Vilas Bank, Autoline Industries, XL Telecom and Pyramid Saimira all lost substantial ground

Cheslind Textiles, IFB Industries, HT Media, Nagreeka Exports, Mawana Sugar and Rain Calcining were among the major mid-cap losers.

Mid-cap news flow

  • Ansal Properties has clarified that the company has not given any investment plans regarding its real estate development projects in Punjab, except for a project in Ludhiana with expected revenues of Rs800 crore. There were media reports that the company is planning an investment of Rs11,000 crore in various projects in Punjab
  • The boards of Rain Commodities and Rain Calcining have approved a proposal to merge the 2 companies. Subsequent to the merger, the calcined petroleum coke business with US-based GLC Carbon which is proposed to be acquired by Rain Commodities. The merger would create the largest calcined coke manufacturer globally and the company also has plans to set up another new plant in Andhra Pradesh.
  • Ram Informatics has signed an agreement with a US-based company for offshore software services
  • Action Construction has acquired a majority stake in a Romanian manufacturer of tractor parts and other auto components for $2.1 million
  • Petron Engineering has received orders worth Rs10 crore electrical jobs from Reliance Petroleum
  • KEI Industries has acquired a 4 acre plot in Rajasthan for the expansion of its cable manufacturing unit which is expected to cost Rs35 crore
  • HOV Services said a large global telecom service provider has signed an agreement to use the company's transaction management system
  • Ind-Swift Labs said its clarithomycin active ingredient unit has successfully completed US FDA inspection. This would help the company to launch active ingredients in the US market
  • Aftek Limited has clarified that the company has no plans for any asset sales as reported in the media
  • Diamond Cables would raise Rs52.5 crore from a preferential issue of convertible warrants to part-finance expansion projects
  • The board of Stelco Strips would meet later this week to consider a preferential allotment of warrants
  • The board of Todays Writing would meet next week to consider a preferential issue of convertible warrants
  • NIIT has commenced the training programme for tax return preparers in association with ministry of finance
  • Dutron Polymers would close its rights issue tomorrow

*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 Counters
Figures in Rupees

BSE 30
Scrip Name Open High Low Last Price
ACC
1,070.00
1,075.00
1,052.00
1,066.85
Bajaj Auto
3,100.00
3,100.10
2,995.00
3,008.25
Bharti Tele
776.00
778.00
760.00
766.80
BHEL
2,500.00
2,572.00
2,489.10
2,508.05
Cipla
259.50
259.90
253.25
255.70
Dr Reddys Lab
750.00
751.00
738.05
741.80
Grasim Indus
2,880.00
2,884.00
2,843.00
2,867.00
Guj Ambuja
142.50
142.65
141.20
141.55
HDFC Bank Ltd
1,118.00
1,119.00
1,090.20
1,100.55
HDFC Ltd
1,808.85
1,816.00
1,762.05
1,807.70
Hero Honda
740.00
740.00
725.50
726.20
Hindalco
182.95
184.00
174.50
175.00
HLL
210.00
210.00
204.45
205.15
ICICI Bank
983.35
1,003.90
977.50
997.90
Infosys
2,360.00
2,375.00
2,333.00
2,368.25
ITC
177.80
177.80
173.00
176.25
L&T
1,750.00
1,765.00
1,702.10
1,752.55
Maruti
955.00
970.00
944.00
963.15
NTPC
143.90
145.20
141.60
142.60
ONGC
898.80
904.70
888.05
893.55
Ranbaxy
421.90
423.00
411.00
421.50
Rel Energy
562.00
582.00
520.40
565.85
Reliance
1,394.00
1,399.00
1,384.00
1,395.35
Satyam
495.00
495.00
479.15
485.70
SBI
1,200.00
1,219.00
1,192.15
1,204.60
Tata Motors
911.00
911.00
892.15
895.55
Reliance Comm Ventures Ltd
485.00
494.00
474.00
489.00
Tata Steel
465.90
465.90
458.20
461.60
TCS
1,325.00
1,325.00
1,295.00
1,300.05
Wipro
642.00
645.00
633.10
634.95
   Last Update : 8 February, 2007 16:00 PM

S&P CNX Nifty
Scrip Name Open High Low Last Price
RCOM
488
494
473.6
489.05
SATYAMCOMP
493.9
495
479.1
485.85
SAIL
116.35
118.45
113.6
115.3
BHEL
2508
2569.95
2489
2509.55
INFOSYSTCH
2365
2380
2333.6
2373.7
ICICIBANK
988
1005
980.05
999.7
RELIANCE
1396.95
1403
1381
1397.05
SBIN
1195
1218.9
1192
1205.25
LT
1749
1767.8
1702.15
1756.75
ZEETELE
341.6
350.7
335.65
342.6
ABB
3812
3934.7
3801
3835.3
TCS
1311.4
1314.9
1297.35
1304.5
REL
560
582.9
556.15
565.05
HINDALC0
181.95
183
174.6
175
TATASTEEL
465
465
458.25
462.65
ONGC
910
910
889
894
BAJAJAUTO
3080
3108.7
2995
3009.75
TATAMOTORS
912
930
891.2
896.8
SIEMENS
1215
1226
1193.6
1201.75
MARUTI
951.95
966
942.1
962.55
SUZLON
1265
1268
1224
1252.1
ACC
1065
1074.7
1060
1066.55
ITC
175.1
177.45
173.1
176.45
HDFC
1788.1
1820
1763.1
1806.95
BHARTIARTL
779
779
760
766.65
HINDLEVER
210
210
204.5
205.6
M&M
946
947.9
926
931.4
GRASIM
2875
2892
2836.2
2853.1
HDFCBANK
1109.9
1120
1094
1109.8
VSNL
508
508.4
489.5
500.6
RANBAXY
421.9
422.6
411.05
420.95
DRREDDY
746.6
750.05
738.5
741.55
MTNL
164.5
166.1
159.8
164.05
GUJAMBCEM
142
142.65
141.05
141.75
WIPRO
642.8
644.9
633.25
635.45
CIPLA
258.4
260
253.55
257.1
PNB
517.9
525.5
512
516.4
HEROHONDA
731.6
737
726
728.15
HCLTECH
669.25
673.8
660.25
662.45
SUNPHARMA
1026.05
1049.9
1026.05
1047.4
HINDPETRO
292.05
296.9
292.05
296.05
JETAIRWAYS
771.1
796.8
771.1
788.3
BPCL
349
350
342.35
349.6
IPCL
279
279.95
273.85
275.4
GAIL
286.25
294
282.2
291.75
TATAPOWER
607.05
611.85
601.5
607.05
DABUR
106.25
106.7
103
104.7
ORIENTBANK
223
228
221.8
226.4
GLAXO
1195
1195
1162
1172.8
NATIONALUM
235
239
232.5
234.1
Last Update : 8 February, 2007 16:00 PM


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Sensex ends marginally higher after late recovery