labels: stock markets - india, markets - general
Sensex gives up gains in afternoon declinenews
Rex Mathew
15 March 2007

Helped by the recovery across Asian markets, indices attempted a bounce back from yesterday's sharp slide. The Sensex pulled back nearly 250 points in morning trades and held on to those levels till noon. However, large cap stocks came under further selling pressure in the afternoon and the indices lost most of their gains and closed marginally higher.

Sensex closed with gains of 14 points at 12544 and the Nifty gained 3 points to end at 3644. Nifty March futures closed at a discount of 24 points to the spot index.

Metal stocks had a good day. SAIL led the pack with gains of 2.33 per cent. Nalco added 2.08 per cent and Hindalco gained 2.03 per cent

Among technology stocks, Infosys rallied 2.94 per cent and TCS closed 1.71 per cent

Dr Reddy's was the best performer among index stocks with gains of 3.7 per cent

ITC surged 3.08 per cent

Among other major gainers, MTNL added 2.59 per cent while Gail India ended 2.56 per cent. Siemens closed 1.98 per cent higher.

Cement stocks came under renewed pressure today. Grasim gave up 2.97 per cent and ACC closed 2.03 per cent lower

Select banking and financial stocks continued the decline from yesterday. HDFC lost 2.77 per cent and SBI gave up 2.73 per cent. PNB ended 1.6 per cent lower

HCL Tech was the worst performer among index stocks with losses of 3.19 per cent

Tata Motors lost 2.38 per cent on reports of fresh protests against its new small car plant in West Bengal

Suzlon Energy gave up 2.71 per cent

Among other losers, Reliance Communications gave up 2.02 per cent and Zee Entertainment lost 1.68 per cent.

Global markets / crude oil

US markets partly recovered yesterday after the previous day's sharp fall. Though worries about mortgage defaults continued to affect financial stocks, short covering at lower levels helped the indices.

The Dow gained close to 0.5 per cent and the S&P 500 closed more than 0.65 per cent higher. The NASDAQ closed with gains of 0.9 per cent.

Asian markets also recovered today and all major indices ended with very good gains. Shanghai was the best performer with gains of 1.55 per cent followed by South Korea which ended nearly 1.4 per cent higher. Singapore closed nearly 1.35 per cent higher while Japan added 1.1 per cent.

Indonesia added 0.8 per cent while Hong Kong closed 0.7 per cent higher and Thailand gained 0.55 per cent.

Major European indices are trading with gains of between 0.45 per cent and 1.2 per cent each in afternoon trades.

Near month NYMEX futures ended at $58.16 per barrel yesterday. The commodity is trading with modest gains in European trades today.

Large-cap news flow

  • A consortium led by L&T has won the order worth Rs1,400 crore to build a new blast furnace with a capacity of 2.5 million tonnes for RINL. L&T' share of the contract is around Rs810 crore and the project would be executed in 30 months.
  • NTPC has signed an agreement with Coal India for joint development and operation of coal blocks. The two companies have decided to develop two coal blocks in Jharkhand under an equal JV
  • GE Shipping has contracted to acquire a dry bulk vessel which would join the fleet next quarter. The shipping line has taken delivery of a 1994 built Panamax dry bulk carrier.
  • The board of VSNL has approved the de-merger of its broadband and retail internet services to a subsidiary for a consideration of Rs400 crore
  • Maruti Udyog has announced modest hikes in prices of its various models to offset the higher education cess announced in the budget.
  • Reliance Industries has reportedly pulled out of discussions to acquire a cooperative retail chain in Delhi. The company may team up with Gail India to bid for exploration blocks in the next round of domestic bidding
  • Suzlon Energy has been reportedly outbid by French company Areva in the race to acquire German wind power equipment manufacturer RE Power
  • ITC may bid for a prominent brand of Indian foods in the UK, according to unconfirmed reports

Mid-Cap Action

Mid-caps and small caps fared better as they managed to hold on to a good part of their gains even as the frontline stocks came under pressure in the afternoon. The CNX Mid-Cap index ended with gains of 11 points, or 0.23 per cent, at 4634. BSE mid-cap index gained 0.66 per cent and the BSE small cap index ended with gains of 0.7 per cent.

Bank of Rajasthan ended at 20 per cent upper circuit

Hindustan Composites, Shyam Telecom, Sandesh, House of Pearl Fashions, Orient Hotels, Technocraft and Venus Remedies were among the other mid-cap gainers

AI Champdany and Atlanta Limited closed at 5 per cent lower circuits.

Ramco Industries, TCI, Orient Ceramics, KIL, BBTC, Paramount Cables and Crisil were the other major losers among mid-caps.

Mid-cap news flow

  • The board of Bartronics would meet next week to consider an overseas FCCB or GDR issue
  • The board of Centurion Bank of Punjab would meet next week to consider raising additional capital
  • Tanla Solutions has entered into a partnership with a British company to offer internet based text messaging solutions in UK
  • Gujarat NRE said trading in the shares of its Australian subsidiary has recommenced
  • Ceat has clarified that the company has not finalised capacity expansion plans. The company was responding to reports of a Rs700 crore expansion plan
  • Kanoria Chemicals would raise $5 million from a preferential issue of equity shares to IFC
  • Micro Inks said one of its units has been temporarily shut down after a fire incident
  • Pritish Nandy would close its QIP issue tomorrow
  • The board of BEML would meet later this month to consider the prospectus for the follow on public issue
  • Emco Limited would merge two privately held entities with the company
  • Gujarat Borosil is planning to set up a new figured glass project adjacent to the existing unit
  • Aarvee Denim has denied media reports of a major deal with a US company and large expansion in retail business
  • Dagger Forst has approved the prospectus for the proposed rights-cum-public issue
  • i-flex said its subsidiary Mantas has won an order for enterprise compliance software from an Israeli Bank
  • The board of Ganesh Housing has approved the merger of 5 privately held entities with the company
  • Kirloskar Brothers has received an order worth Rs344 crore for construction of irrigation pumping station in Andhra Pradesh
  • The open offer for 20 per cent of Millars India at Rs80 per share would start on 21 March
  • Spanco Tele has allotted 6.5 lakh equity shares and 13.5 lakh convertible warrants to promoters at a price of Rs210 per share
  • Jupiter Bioscience has entered into an agreement with a leading scientist for acquiring the technology for a new hypertension drug
  • Jai Corp has converted two privately held entities as subsidiaries by acquiring additional shares
  • The board of GTC Industries would meet next week to consider the development of surplus land

*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
745.00
770.00
727.10
731.65
Bajaj Auto
2,563.85
2,563.85
2,481.05
2,490.50
Bharti Tele
735.00
748.70
722.40
727.75
BHEL
2,068.00
2,085.00
1,995.00
2,007.40
Cipla
232.90
233.95
225.90
227.25
Dr Reddys Lab
659.40
684.80
656.55
674.90
Grasim Indus
2,030.00
2,073.90
2,005.10
2,017.20
Guj Ambuja
108.20
109.30
105.30
106.00
HDFC Bank Ltd
944.00
954.90
913.20
917.75
HDFC Ltd
1,579.90
1,580.00
1,501.00
1,513.55
Hero Honda
695.00
695.00
665.00
668.45
Hindalco
130.00
132.50
129.05
130.65
HLL
179.85
180.40
175.25
177.30
ICICI Bank
843.05
850.00
817.00
822.00
Infosys
2,070.00
2,101.00
2,039.90
2,078.20
ITC
145.00
150.85
144.55
147.35
L&T
1,490.00
1,532.00
1,485.05
1,494.10
Maruti
799.00
805.90
791.25
797.30
NTPC
139.50
141.85
139.10
140.50
ONGC
786.00
792.90
770.25
774.65
Ranbaxy
316.00
320.50
310.10
311.05
Rel Energy
466.00
480.00
460.10
460.10
Reliance
1,294.00
1,310.00
1,276.25
1,283.75
Satyam
442.00
445.00
430.30
432.85
SBI
955.00
964.95
917.55
921.90
Tata Motors
759.00
759.00
724.00
725.85
Reliance Comm Ventures Ltd
405.00
409.90
387.10
390.65
Tata Steel
435.00
444.00
431.55
433.35
TCS
1,235.00
1,251.05
1,221.00
1,236.20
Wipro
562.00
570.00
558.10
560.00
     Last Update : 15 March, 2007 16:00 PM

BSE 30
Scrip Name Open High Low Last Price
INFOSYSTCH
2051
2104.9
2036
2081
RELIANCE
1299
1309.9
1279
1279
RCOM
405.8
408.85
387
388
SBIN
955
964.7
917.75
918.8
ICICIBANK
835
852.4
815.1
821
ITC
145
150.75
145
147.5
TCS
1230
1251
1228
1240
ACC
750
774.65
727
729
SATYAMCOMP
455
459
432.1
435
BHARTIARTL
740
749.8
723.2
724
SUZLON
1085
1092.4
1008.15
1010.1
BHEL
2050
2084.35
1995
2008
LT
1495
1531.3
1476.1
1481.7
ONGC
789.9
794.65
771.1
775
DRREDDY
655
680
655
674
HDFC
1585
1585
1500.25
1517.9
MARUTI
804.1
815
791
800
SAIL
105.4
105.4
102.6
103.15
HCLTECH
320
320
299
311.1
TATASTEEL
435
444.5
430.8
432.1
GUJAMBCEM
107.2
109.85
105.3
106.15
TATAMOTORS
750
762.4
723.05
728
HINDLEVER
178
180.7
175
177
RANBAXY
315.95
320.55
309.7
310.65
HDFCBANK
965
980
915
921
GRASIM
2080
2080
2005.05
2021
WIPRO
572
597.7
558.4
560.1
BAJAJAUTO
2541
2580
2480
2500
HINDALC0
130
132.45
129
129.35
IPCL
258.45
265
257.25
260.05
SIEMENS
1024.05
1048
1024.05
1033.7
MTNL
140.25
145.4
140.25
142.3
M&M
760
768.45
742
743
REL
470
489.9
460.15
461
PNB
430
437.7
417.1
419.05
ABB
3550
3645
3470
3479
ZEEL
235
241.8
225.15
230
SUNPHARMA
1019
1028
1000
1025
VSNL
374
379
362.2
362.2
CIPLA
234.8
235.95
226.05
226.5
HINDPETRO
255
258
250.4
251.4
HEROHONDA
680
686
660.05
670
BPCL
299
301
290.1
296
GLAXO
1174
1183.9
1160
1165
GAIL
261.4
269.9
261.4
268.8
JETAIRWAYS
566
590
561
562.3
ORIENTBANK
164.1
165.7
160.1
160.1
TATAPOWER
524
524
510.1
516
NATIONALUM
229
234
226
233
DABUR
89
89.9
87.25
87.25
     Last Update : 15 March, 2007 16:00 PM


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Sensex gives up gains in afternoon decline