labels: markets - general
Market: Indicesnews
Rex Mathew
03 April 2007

After yesterday's crash, the indices made a modest recovery attempt in early trading. But the up move was not very convincing and they gave up most of their gains before noon. Gain in oil & gas and technology stocks and firm trend across other Asian markets helped the indices to pick up strength and rally ahead. They held on to their gains for the rest of the session.

Sensex closed with gains of 169 points at 12625 and the Nifty added 57 points to end at 3691. Nifty April futures closed at a discount of 35 points to the spot index.

OBC was the biggest gainer among Nifty stocks, rallying 5.58 per cent. HDFC Bank added 1.43 per cent and ICICI Bank closed 0.49 per cent higher.

Wipro led the recovery in tech pack with gains of 2.99 per cent. Satyam gained 2.87 per cent while Infosys added 2.17 per cent. TCS closed 1.13 per cent higher.

Gail India continued it's up trend from yesterday and surged 4.85 per cent while IPCL gained 2.49 per cent. ONGC recovered 2.14 per cent and Reliance Industries closed 2.04 per cent higher.

Jet Airways resumed its rally and added 4.84 per cent.

BHEL saw a major up move and closed 4.68 per cent higher after the company came out with very optimistic plans for the new financial year, including potential acquisitions.

SAIL was the best performer among metals, rallying 3.25 per cent, while Tata Steel added 1.71 per cent.

Hero Honda recovered 2.87 per cent.

HLL led the FMCG stocks and closed 2.3 per cent higher while ITC gained 1.84 per cent.

Select banking and financial services stocks remained subdued today as well. HDFC declined 0.56 per cent while SBI lost 0.4 per cent.

Cipla was the worst performer among Nifty stocks, ending 0.64 per cent lower, while Sun Pharma lost 0.45 per cent.

Bajaj Auto, Dabur, VSNL and ACC were the other losers

Global markets / crude oil
US markets gained modestly yesterday even though economic data released yesterday was not promising. Announcement of some very large mergers and acquisitions helped trading sentiment and pushed up the indices.

The Dow added close to 0.25 per cent while S&P 500 ended with modest gains of less than 0.05 per cent. NASDAQ closed with gains of over 0.26 per cent.

Asian markets extended their gains today as well, helped by the unexpected rise in US indices yesterday. Indonesia was the best performer with gains of nearly 2.45 per cent, followed by Singapore which added 1.3 per cent. Japan also gained nearly 1.3 per cent while Shanghai ended 1.2 per cent higher. Thailand added more than a per cent while Hong Kong gained close to a per cent. South Korea ended with gains of 0.3 per cent.

European markets opened higher and have gained further as the session progressed. Major European indices are trading with gains of between 0.5 and a per cent each in afternoon trades.

Crude oil prices have declined after Iran indicated that it wants to settle the standoff over the capture of British sailors through diplomatic channels. Near month NYMEX futures are trading nearly $1 per barrel lower at below $65 per barrel in European trades today.

Large-cap news flow

  • Tata Steel has completed the acquisition of Corus Group. The combined entity has become the fifth largest steel manufacturer globally with an estimated steel production of 27 million tonnes for 2007.
  • Ranbaxy said the manufacturing facilities of its Romanian subsidiary has received a renewal of certification.
  • Indian Hotels would acquire a premium boutique hotel in San Francisco in association with financial investors. The acquisition would cost a total of $60 million and the investment by the company has not been disclosed.
Mid-Cap Action

Mid-caps and small caps started the day on a weak note before recovering. However, gains for the smaller stocks were much loser than large caps. The CNX Mid-cap index closed 27 points, or 0.58 per cent, higher at 4713. BSE mid-cap index gained 0.52 per cent and BSE small cap index closed 0.31 per cent higher.

Pudumjee Agro, Prime Securities, Orient Hotels, Dredging Corp, India Motor Parts, Sterling Biotech, Sutlej Industries, Exide Industries, Pitti Laminations and SB&T International were among the other mid-cap gainers.

Among prominent mid-caps, BEML lost 5.1 per cent and IndiaBulls Financial lost 5.07 per cent.

Arihant, Abhishek Mills, Rana Sugar, GTL Infrastructure, Kajaria Ceramics, DS Kulkarni and Ansal Infra were the major losers among mid-caps.

Mid-cap news flow

  • Financial Technologies has sold a 1 per cent stake in Dubai Gold and Commodity Exchange for $12.5 million, reducing its stake to 49 per cent.
  • Dr. Agarwal's Eye Hospital said the open offer by promoters would remain open between 05 April and 24 April.
  • Goldstone Tele said it has developed a compound used in manufacturing certain anti-corrosive products for oil & gas pipelines and is expecting revenues of Rs8 crore in the next financial year from the new product.
  • The board of Sakthi Finance is meeting next week to consider a rights issue.
  • Kinetic Motor has allotted 30.77 lakh optionally convertible preference shares of Rs65 each.
  • Petron Engineering has received an order worth Rs19 crore for mechanical works from Reliance Petroleum.
  • Stone India has cancelled 14.33 lakh convertible warrants and has forfeited Rs1.39 crore received as initial payment for the warrants.
  • India Cements has redeemed preference shares worth Rs25 crore.
  • Gammon India said Gammon Realty, engaged in real estate development, has become a subsidiary of the company.
  • Entertainment Network has started radio broadcasting services in Patna.
  • Chowgle Steamships has taken delivery of a 47,574 dwt vessel.
  • Shiva Cement has entered into a marketing alliance with ACC.
  • Orchid Chemicals is planning to enter the Canadian generics market and has received regulatory approval for two drugs.
  • Fortune Financial has raised Rs22 crore through an equity placement with overseas investors at an enterprise value of Rs100 crore.
  • Abhishek Mills is planning to enter the lifestyle garment manufacturing business.
  • Khaitan Electricals said production at its manufacturing unit would be stopped for three weeks following a fire incident
  • Granules India has allotted 22.1 lakh equity shares at Rs105.5 per share to a foreign investor.
  • The board of Mascon Global has approved a preferential allotment of 24.55 lakh equity shares to a promoter at Rs19 per share.
  • Uttam Galva has completed its $30 million GDR issue, which would be listed in Singapore.
  • The board of Eletcrotherm India would meet this week to consider additional fund raising plans.
  • Superhouse has allotted 7 lakh equity shares to promoters.
  • The open offer for shares of Bayer Diagnostics by Siemens AG at Rs668.94 per share would open on 11 April.
  • Areva T&D has started construction of its high voltage transformer factory in Gujarat.
  • Eveready Industries has started commercial production at its new battery manufacturing unit in Uttaranchal.
  • Dabur Pharma has completed the transfer of its non-oncology formulations division to Alembic.
  • The open offer for 20 per cent of Goldstone Technologies at Rs25.81 per share would open on 09 April.
  • ANG Auto has started commercial production of trailers at its Uttaranchal facility.
  • Aksh Optifibre is planning to raise up to $14.25 million from an overseas issue.
  • NCL Industries has received High Court approval for the merger of NCL Energy.

*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
 
 
 
704.80
Bajaj Auto
2,304.00
2,334.90
2,256.00
2,289.50
Bharti Airtel
 
 
 
734.55
BHEL
2,168.00
2,280.00
2,168.00
2,254.00
Cipla
228.00
228.00
220.50
224.05
Dr Reddys Lab
695.00
722.00
695.00
719.20
Grasim Indus
2,060.00
2,120.00
2,049.00
2,104.40
Guj Ambuja
104.20
107.00
103.10
105.40
HDFC Bank Ltd
895.00
920.85
895.00
912.95
HDFC Ltd
1,432.70
1,454.00
1,397.10
1,423.95
Hero Honda
642.00
663.50
635.55
658.85
Hindalco
128.90
129.35
126.70
129.10
HLL
196.80
200.40
194.25
198.80
ICICI Bank
807.10
815.00
791.15
803.95
Infosys
1,935.00
1,974.00
1,928.00
1,963.80
ITC
147.50
149.90
147.50
149.10
L&T
 
 
 
1,527.40
Maruti
 
 
 
755.95
NTPC
147.55
155.95
146.90
154.05
ONGC
835.00
847.00
821.10
841.90
Ranbaxy
 
 
 
343.80
Rel Energy
481.00
484.95
477.00
481.35
Reliance
1,315.00
1,346.00
1,309.55
1,341.20
Satyam
448.05
461.10
445.00
458.70
SBI
931.10
947.40
915.10
926.75
Tata Motors
680.00
690.00
671.00
681.10
Reliance Comm Ventures Ltd
400.10
405.00
395.25
401.60
Tata Steel
428.00
432.50
424.55
429.80
TCS
1,199.00
1,215.00
1,186.00
1,200.90
Wipro
524.10
538.00
519.00
534.20
     Last Update : 3 April, 2007 16:00 PM

S&P CNX Nifty
Scrip Name Open High Low Last Price
INFOSYSTCH
1925
1974.5
1910
1964.65
RELIANCE
1320.5
1346
1309.5
1340.75
ICICIBANK
808
814.6
791
807.9
BHEL
2154.15
2283
2150.1
2255.05
RCOM
398
405.9
394.5
402.1
SATYAMCOMP
440
464.7
440
460.75
TATAMOTORS
679.7
685.85
671
681.4
SAIL
107.5
111.75
106.25
111.15
HDFC
1405.6
1450
1400
1426.65
SBIN
925
947
915
926.75
TCS
1195
1216.8
1188
1202.65
ONGC
822.5
850
821.2
843.8
LT
1575
1575
1505
1528.95
BAJAJAUTO
2280.1
2337
2260
2293.2
BHARTIARTL
730
741.2
724.9
733.7
M&M
714
735
714
727.25
ACC
708
718
692.15
704.3
TATASTEEL
427.5
433.3
424.1
431.15
HINDLEVER
195.7
201.65
194.15
200.2
MARUTI
745
765.8
745
756.45
HDFCBANK
901.15
923.8
901.15
914.2
WIPRO
519
537.7
518.75
534.25
SUZLON
958
975
931
959.55
ITC
147
150.3
147
149.5
VSNL
399
404
392.5
395.4
PNB
432
433
420
427.4
JETAIRWAYS
598
644.7
598
632.55
IPCL
255
266.9
255
265.15
GUJAMBCEM
104
105.95
103
105.55
CIPLA
229
229
220.5
224.15
RANBAXY
342
347
336
343.8
HEROHONDA
640.05
664.8
638
657.85
SIEMENS
1037.2
1048.9
1025.25
1035.9
GRASIM
2050
2110
2050
2102.05
HINDALC0
128
129.9
126.5
129.05
DRREDDY
702
722.95
702
719.8
GAIL
266
281.85
266
279.9
ORIENTBANK
169
186.45
165.4
177.95
HINDPETRO
239
245.9
237.15
243.75
ZEEL
240.5
245.05
238.1
240.7
ABB
3405
3479.95
3381
3444.2
TATAPOWER
502
504.6
495
499.35
SUNPHARMA
1049
1050
1021.1
1041.35
HCLTECH
277.8
280
272.15
278.3
MTNL
143
144.45
142.1
143.1
REL
478
485.75
475
481.8
DABUR
93.1
94.8
91.15
92.95
BPCL
295
298.8
291
297.15
GLAXO
1091
1129.95
1081.1
1119.15
NATIONALUM
225
234
225
233
Last Update : 3 April, 2007 16:00 PM

also see : Other reports by Rex Mathew

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Market: Indices