labels: stock markets - india, markets - general
Sensex gains 17 points after volatile session news
Rex Mathew
26 February 2007

After last week's massive losses, indices were volatile today. They slipped after a firm start and remained within a broad range till early afternoon. Sharp falls in select telecom and banking stocks besides weakness in Reliance Industries and ONGC led to a sharp slide in the indices. The recovery was equally swift and dramatic and the indices closed with very modest gains.

Sensex closed with gains of 17 points at 13650 and the Nifty ended 3 points higher at 3942. Nifty March futures closed at a premium of 12 points to the spot index.

PNB remained firm throughout the day and surged in afternoon trades to close 5.22 per cent higher. SBI added 2.85 per cent
Cement stocks bounced back sharply after last week's losses.

Gujarat Ambuja gained 3.45 per cent while ACC added 3.07 per cent. Grasim ended 3 per cent higher.

Tata Steel sustained the up trend and added another 2.12 per cent while Nalco closed 2.02 per cent higher. Among other metal stocks, Hindustan Zinc surged 8.26 per cent following a product price hike.

Tata Motors rallied in afternoon trades to close 2.76 per cent higher.

Satyam was the best performer among tech stocks with gains of 2.06 per cent.

Glaxo was the other major gainer and added 2.45 per cent.

Telecom stocks continued to correct today as well. Bharti was the worst performer and was down 5 per cent at one point before recovering and closing 3.18 per cent lower. Reliance Communications ended 1.57 per cent lower.

Among banks, OBC ended 2.41 per cent lower.

Wipro was the worst performer among tech stocks, closing 1.56 per cent lower.

Jet Airways gave up 1.51 per cent as the railway fare cut was read as a negative development for the company.

Zee Entertainment continued it's down trend and ended 1.79 per cent lower.

Among 2-wheeler stocks, Hero Honda lost 1.04 per cent and Bajaj Auto ended 1.03 per cent lower.

Ranbaxy sustained the weak trend and lost another 1.46 per cent.

L&T was the other major loser and closed 1.1 per cent lower.

Global markets / crude oil
Asian markets were mixed today as select markets sustained the up trend while others corrected. Shanghai rallied 1.4 per cent after remaining closed for most of last week. Japan added 0.15 per cent while South Korea ended with very marginal gains.

Hong Kong was the biggest loser, ending nearly a per cent lower, while Malaysia lost over 0.8 per cent. Indonesia ended 0.4 per cent lower and Thailand gave up 0.3 per cent. Singapore ended with modest losses.

European markets opened higher and are holding on to their gains. Major indices are trading with gains of between 0.5 and 0.85 per cent each in early afternoon trades.

Crude oil prices have gained further after last week's up trend. Near month NYMEX futures are trading with gains of nearly 0.5 per cent at close to $61.4 per barrel in European trades today.

Large-cap news flow

  • M&M would hold a 50 per cent stake in a Rs4,000 crore venture to build a new automobile manufacturing plant in Chennai. The remaining stake would be held by global auto companies, Nissan and Renault. Production is expected to start by the second half of 2009 and the plant would produce 4 lakh units per annum at peak capacity.
  • Reliance Industries would set up a $3 billion integrated cracker and petrochemicals complex at the proposed Jamnagar SEZ. The company would raise funds by issuing 12 crore convertible warrants to promoters and would also raise $2 billion from external commercial borrowings
  • NTPC would submit a non-binding bid to acquire a 682 MW power project in Egypt
  • Tata Power has bought out the minority shareholders of Chemical Terminal Trombay and has acquired a 74 per cent stake in Industrial Energy
  • GE Shipping is planning to dispose off its stake in Routes Travel, a subsidiary

Mid-Cap Action
Mid-caps and small caps were unaffected by the volatility in large caps. The CNX Mid-Cap index ended with gains of 41 points, or 0.82 per cent, at 5041. BSE mid-cap index gained 0.56 per cent and the BSE small cap index ended with losses of 0.14 per cent.

C and C Construction had a very weak listing today. Issued at Rs291 per share, the stock opened at Rs288 on the NSE and slumped to a low of Rs229.15. The stock finally settled at Rs241.45 per share.

Transwarranty Finance, another new listing today, also ended lower. Issued at Rs52 per share, the stock opened at Rs56 on the NSE and touched a low of Rs45.55. The stock finally ended at Rs47.45 per share.

Among construction stocks, IVRCL added 9.39 per cent and BL Kashyap gained 8.78 per cent.

Sterlite Opticals, JBM Auto Comp, Rane Madras, Siyaram Silk, Avaya Global, TIL and Plethico Pharma were the other major mid-cap gainers.

AI Champdany closed at 10 per cent lower circuit today as well. Atlanta remained locked in 10 per cent down circuit following SEBI action against promoters.

Shah Alloys, Crew BOS and Autoline Industries also closed at 10 per cent down circuits.

Soma Textiles, Kei Industries and Tricom were the other major losers among mid-caps.

Mid-cap news flow

  • HOV Services would acquire the whole of a US-based company for $148 million. The combined entity would have revenues of $200 million with more than 11,000 employees worldwide
  • Autoline Industries would acquire a Belgian company for Rs66.8 crore in stock and cash
  • A consortium including McNally Bharat has received new orders worth Rs688 crore. Share of the company in the order is around Rs556 crore
  • Petron Engineering has received new orders worth Rs4.8 crore
  • House of Pearl Fashions has received new export orders worth Rs30 crore
  • Rayban Sun Opticals said its parent is planning to set up a separate subsidiary to carry out cash and carry wholesale business
  • Kinetic Motor would issue 24 lakh convertible preference shares which are convertible at a price of Rs65 per equity share
  • Allahabad Bank has opened its first overseas branch in Hong Kong
  • The board of Geodesic Information would meet next week to consider a preferential issue of equity shareholders
  • The board of S Kumars Nationwide would meet tomorrow to consider a preferential issue of warrants
  • The open offer for 25.89 per cent of Alfa Laval India by its parent company at Rs875 per share would open on 19 April 2007
  • The board of Network 18 Fincap would meet next week to consider a rights issue
  • LT Overseas is planning to buy out the minority shareholders of Daawat Foods
  • Prithvi Information has completed its $50 million FCCB programme. The 5-year bonds convertible at a price of Rs469.13 per equity share
  • Krebs Biochemicals has allotted 10.5 lakh equity shares to Ranbaxy on a preferential basis
  • Plethico Pharma is planning to raise $75 million from a FCCB issue
  • Aksh Optifibre would issue 60 lakh convertible warrants
  • Abhishek Industries has commissioned a new 20 MW captive power plant
  • Granules India would issue 22.11 lakh equity shares to an overseas investor at a price of Rs105.5 per share
  • Parsvnath Developers has started work on a Rs250 crore hotel project in Ahmedabad
  • Thomas Cook would split its Rs10 shares into 10 shares of Re1 each.

*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
915.00
958.90
910.00
945.90
Bajaj Auto
2,859.00
2,899.90
2,798.00
2,813.60
Bharti Tele
755.00
764.95
714.10
732.40
BHEL
2,298.00
2,300.00
2,240.00
2,258.75
Cipla
244.40
245.50
235.50
243.65
Dr Reddys Lab
684.50
704.00
678.00
691.50
Grasim Indus
2,275.75
2,374.00
2,262.00
2,341.15
Guj Ambuja
125.00
129.00
123.00
127.55
HDFC Bank Ltd
980.00
980.00
940.00
951.65
HDFC Ltd
1,611.00
1,619.50
1,572.00
1,602.95
Hero Honda
706.50
715.00
695.00
706.05
Hindalco
144.70
145.90
143.05
145.30
HLL
190.10
191.00
186.60
189.05
ICICI Bank
909.00
923.80
877.60
905.95
Infosys
2,240.00
2,248.70
2,161.10
2,217.10
ITC
166.00
173.40
166.00
170.40
L&T
1,625.00
1,629.80
1,583.00
1,592.40
Maruti
870.00
891.90
848.00
874.30
NTPC
142.25
143.50
140.00
142.30
ONGC
839.80
850.00
809.00
834.90
Ranbaxy
355.00
359.70
343.00
351.20
Rel Energy
506.50
510.90
497.00
507.00
Reliance
1,445.00
1,445.00
1,373.50
1,407.20
Satyam
450.00
467.90
448.10
461.45
SBI
1,069.80
1,109.00
1,044.00
1,088.75
Tata Motors
814.60
849.00
798.20
839.60
Reliance Comm Ventures Ltd
437.00
437.00
412.10
425.90
Tata Steel
461.10
475.30
460.00
469.70
TCS
1,300.00
1,300.00
1,235.15
1,282.80
Wipro
630.00
630.00
595.00
614.00
     Last Update : 26 February, 2007 16:00 PM

S&P CNX Nifty
Scrip Name Open High Low Last Price

RELIANCE

1420

1429.8

1372.5

1406.55

RCOM

434.9

436.75

412

426.75

INFOSYSTCH

2234

2247

2155

2218.15

TATASTEEL

462.3

475

459

470

BHARTIARTL

752

762.9

714.25

731.9

SATYAMCOMP

454

468.9

450

459.15

TCS

1272

1293.85

1232.5

1286.1

ICICIBANK

913.8

923.45

876

904

ITC

167.25

173.2

166.9

170.3

SAIL

112.65

115.2

111

113.75

LT

1618

1628

1580.1

1593.5

BHEL

2282

2299

2235

2259.95

SBIN

1070

1105.9

1042.1

1088.4

M&M

855.85

875

822.5

855.4

HDFC

1629.7

1629.7

1570

1606.35

TATAMOTORS

820

848.8

796.2

839.55

WIPRO

625

627.9

593.5

613.6

ACC

909.9

959

909.9

942.55

MARUTI

870

900

846.25

878.3

GRASIM

2276

2370

2266

2338.4

GUJAMBCEM

121

128.95

121

127.45

DRREDDY

706

706

675.1

689.3

SUZLON

1052

1065.9

1040

1048.55

HCLTECH

665.8

678.8

651

666.4

ONGC

825.1

838

808.05

834.65

SIEMENS

1121.3

1155

1112

1142.65

RANBAXY

365

365

343.15

351.35

BAJAJAUTO

2851

2903

2795

2813.1

HDFCBANK

977.7

987

940

951.75

HINDALC0

144

146

143

145.45

ABB

3708.35

3750

3651.2

3691.65

HINDLEVER

189

191

186.5

189.55

VSNL

396

401.95

384

393.35

HEROHONDA

702

709.95

693

698.95

REL

504.2

510

498.1

505.9

ZEETELE

253.8

253.8

242.8

244.3

CIPLA

242

246.5

235.4

245

ORIENTBANK

202

209

190.75

194.65

MTNL

140

141.9

137.1

140.8

PNB

437

460.95

437

457.45

JETAIRWAYS

639.5

648.65

618

629.85

TATAPOWER

588

589

563.25

575.55

GAIL

280.3

285

272.25

283.15

BPCL

322

322

310

315.45

DABUR

95.45

100

95.45

99.45

SUNPHARMA

979.9

999

950.05

982.45

HINDPETRO

270

280

270

277.35

IPCL

258

260.15

252.55

259.15

NATIONALUM

231.9

238.5

228.25

234.4

GLAXO

1165

1189.8

1154

1180.35

Last Update : 26 February, 2007 16:00 PM


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Sensex gains 17 points after volatile session