|
Market remained lackluster today with intra-day swings. Indices managed
to close in positive territory after a late rally. In fact, India is the only
market in the entire Asian region to close in the green today. Sensex closed
at 6907, up 15 points and the Nifty at 2167, gain of 6 points. The Nifty futures
discount to the spot index remains nearly unchanged at 10 points.
Yesterday,
US markets lost ground on profit booking. The Dow and S&P 500 lost a per
cent each on worries over inflation, while NASDAQ lost 12 points. Crude ended
lower on profit booking by hedge funds and speculators. Most Indian ADR's
ended week except for Dr. Reddy's and MTNL. While Infosys and Satyam lost
more than 2 per cent each, ICICI Bank, Wipro, HDFC Bank and Tata Motors all
lost more than a percent each. Commerce
ministry indicated that merchandise exports from the country for fiscal 2005
should touch $75 billion. This is creditable considering the weakness of the
US dollar and would beat the targeted export growth rate of around 16 per
cent for the year. The imports for the year are expected to be around $100
billion on higher crude prices. Rahul
Bajaj indicated the possibility of an early settlement to the ownership issues
in the group. According to him, sugar major Bajaj Hindustan and unlisted Bajaj
Consumercare would go to Shishir Bajaj while the other companies will stay
within the parent group. He also announced Bajaj Auto's intention to pick
up a 20 per cent stake in Maharashtra Scooters. The stock of Maharashtra Scooters
shot up 20 per cent in morning trades. Bajaj Auto expects to sell around 1.8-million
vehicles in the current year. HSBC,
one of the world's largest banking groups, announced fresh investment of $150
million in its Indian operations. The retail arm of HSBC India has been aggressive
in housing and consumer loans and this move would make matters tough for the
smaller Indian banks. HSBC also announced that it intends to remain only as
a financial investor in UTI Bank. UTI Bank stock hit a new 52-week high on
this announcement as well as its proposed GDR issue. Private
sector HDFC Bank saw a huge block deal worth over Rs700 crore — close
to 4 per cent of the bank's equity — in morning trades. HDFC is picking
up an equity stake in commodity exchange MCX. HDFC Bank has been on an upswing
for the last one week on sustained interest from foreign investors. The stock
of HDFC Bank closed marginally in the red while HDFC managed a positive closing. Super
heavy weights ONGC and Reliance supported the indices throughout the day.
Both companies will benefit from rising oil prices, ONGC from better realizations
and Reliance from better refinery margins. ONGC gained more than 2 per cent
and Reliance more than a per cent. State Bank joined the rally in afternoon
trades with gains of more than 2 per cent. The
Delhi High Court asked Reliance Infocomm to pay MTNL Rs125 in the international
call re-routing case. This payment is over and above the penalty imposed on
Reliance Infocomm by telecom tribunal TDSAT earlier. Stock of MTNL gained
more than 3 per cent in morning trades. Tech
pack Infosys, TCS, Satyam and Wipro closed weaker. Steel stocks Tata Steel
and SAIL ended flat as did auto major Tata Motors. Mid-cap
action
Mid-caps bounced
back after yesterday's correction with the CNX Mid-cap index gaining more
than once per cent. Cigarette
manufacturer Godfrey Philips was locked in the upper 20 per cent circuit.
VST Industries, the Hyderabad-based cigarette manufacturer, also gained close
to 7 per cent. Tata
group companies Titan Industries and Trent Ltd were major gainers today. Trent
shot up by more than 16 per cent while Titan gained close to 8 per cent. Both
stocks have received good buying support from overseas investors as they offer
excellent bets in the retail space. There is talk of Trent going for a rights
issue in the near future. Pantaloon, the largest organised retail player,
also made smart gains. Indian
Hotels, another Tata group company operating the Taj chain of hotels, rallied
on good investor interest. The occupancy rates are on an upswing and the company
has announced an aggressive foray into the budget hotels space under the indiOne
brand. The stock is at an 8-year high after going through rough days during
the tourism slump post September 11. Public
sector telecom manufacturer ITI gained more than 10 per cent for the second
day running on increased volumes. The company was in deep financial problems
and government had decided to pump in funds to revive the company. With its
new focus on broadband internet equipment, a segment growing rapidly, market
expects the company to post a turnaround. TASC
Pharma and Glenmark Laboratories have decided to merge in the ratio 1.8:1.
Glenmark Laboratories is an unlisted company of the Glenmark group and should
not be confused with Glenmark Pharmaceuticals. TASC Pharma gained more than
3 per cent to a new lifetime high before closing marginally in the green. Nicholas
Piramal gained more than 5 per cent on its plans to raise funds for expansion
through issue of FCCB's. Nicholas Piramal has been focusing on contract research
and contract manufacturing of drugs and has tie-ups with global pharma majors.
Construction companies Gammon India and Hindustan Construction continued their
rally. Gammon India has gained over 15 per cent over the last 3 trading sessions.
The rally in construction stocks is on strong additions to their order book.
Investors would do well to remember that it will take time for the orders
to flow into financials of the companies and they may be exposed to inflationary
risks till execution. Srei
Infrastructure Finance board approved a GDR issue of up to $50 million. The
stock has seen considerable interest from major overseas investors in the
recent past. UB
group stocks resumed their up move with McDowell, United Breweries and UB
Holdings all gaining ground. McDowell shot up by 10 per cent and was locked
in the upper circuit. There
was all round weakness across Asian markets today. Most of these markets have
been relative out-performers when compared to the Indian market over the last
2 months or so. Japanese index NIKKEI broke its week long rally and Hong Kong
continued the weak trend of yesterday. European markets have also opened weak
in morning trades. The
market breadth turned positive as the mid-caps made a turn around. The upturn
in afternoon trades may help the market to  open
firm tomorrow. Close above 6900 for the Sensex is positive but intra-day volatility
can be expected as indices try to reach previous highs.
*Disclaimer:
The author doesn't have any position in 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.
Other
articles by Rex Mathew List
of general reports on markets List
of general reports on finance Market:
Indices
National
Markets
Gain (+) / Loss (-)
|
SENSEX
|
6907.65
|
+14.83
|
| NIFTY
|
2167.40
|
+6.60
|
Last
Update : 10 March, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| STATE
BANK OF INDIA |
722.10
|
744.85
|
715.00
|
742.00 |
| HOUSING
DEVELOPMENT FINANCE CO |
800.00
|
824.00
|
797.00
|
820.00 |
| ONG
CORP LTD |
915.00
|
939.95
|
904.50
|
929.00 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
339.00
|
340.50
|
335.00
|
339.30 |
| I
T C LTD |
1,372.00
|
1,390.00
|
1,361.05
|
1,384.00 |
| RELIANCE*
|
587.00
|
597.20
|
582.00
|
592.25 |
| ICICI
BANK L |
391.50
|
394.00
|
385.00
|
393.00 |
| DR.REDDY'S
LABORATORIES LTD. |
755.00
|
767.50
|
747.00
|
756.00 |
| BHEL
|
825.00
|
837.90
|
825.00
|
834.00 |
| MARUTI
UDYOG |
459.00
|
464.90
|
457.00
|
461.20 |
| BAJAJ
AUTO |
1,096.00
|
1,111.00
|
1,082.55
|
1,100.00 |
| ASSOCIATED
CEMENT COMPANIES LT |
370.00
|
371.20
|
365.10
|
368.20 |
| TATA
POWER |
395.00
|
397.40
|
391.00
|
396.00 |
| HEROHONDA
M |
551.00
|
558.00
|
548.10
|
554.65 |
| CIPLA
LTD. |
290.00
|
294.75
|
283.40
|
283.40 |
| WIPRO
LTD. |
711.00
|
711.00
|
700.00
|
703.00 |
| RANBAXY
LABORATORIES LTD. |
1,094.00
|
1,097.00
|
1,078.00
|
1,080.05 |
| BHARTI
TELE |
228.00
|
229.10
|
222.30
|
227.45 |
| HDFC
BANK LT |
615.00
|
629.95
|
612.05
|
612.10 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,211.00
|
2,245.00
|
2,200.00
|
2,230.00 |
| GUJARAT
AMBUJA CEMENTS LTD. |
441.10
|
445.40
|
438.60
|
441.00 |
| GRASIM
INDUSTRIES LTD. |
1,381.00
|
1,409.90
|
1,370.00
|
1,377.65 |
| LARSEN
& TOUBRO LTD. |
1,099.70
|
1,103.80
|
1,084.35
|
1,090.00 |
| ZEE
TELEF LT |
141.90
|
143.90
|
140.55
|
141.00 |
| TATA
IRON AND STEEL CO. LTD. |
433.00
|
433.00
|
426.50
|
431.15 |
| HINDALCO
IN |
1,460.00
|
1,460.00
|
1,425.25
|
1,432.00 |
| RELIANCE
ENR* |
571.50
|
586.90
|
571.50
|
579.50 |
| TATA
MOTORS |
469.00
|
472.20
|
465.00
|
467.90 |
| HLL |
|
|
|
142.70 |
| Satyam
Computer Services |
|
|
|
414.00 |
Last
Update : 10 March, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| SBIN
|
719.90
|
744.00
|
715.85
|
741.40 |
| RELIANCE
|
588.00
|
597.00
|
584.50
|
594.40 |
| ONGC |
914.00 |
940.00
|
903.50
|
932.85 |
| SATYAMCOMP
|
415.00
|
417.00
|
409.25
|
415.90 |
| INFOSYSTCH
|
2250.00
|
2250.00
|
2195.00
|
2232.00 |
| TISCO
|
432.00
|
432.55
|
426.45
|
431.35 |
| PNB
|
488.80
|
494.50
|
475.10
|
493.70 |
| TATAMOTORS
|
488.00
|
488.00
|
465.20
|
468.15 |
| MARUTI
|
460.00
|
465.20
|
457.15
|
461.75 |
| SAIL
|
64.65
|
64.80
|
64.05
|
64.40 |
| BHARTI
|
230.20
|
230.20
|
222.65
|
222.75 |
| MTNL
|
137.50
|
141.95
|
137.50
|
141.35 |
| CIPLA
|
300.00
|
300.00
|
284.50
|
284.50 |
| ORIENTBANK
|
359.00
|
368.35
|
356.35
|
367.40 |
| ITC
|
1365.00
|
1390.50
|
1365.00
|
1380.75 |
| GAIL
|
245.50
|
249.20
|
242.05
|
249.05 |
| TCS
|
1410.00
|
1410.00
|
1390.25
|
1398.00 |
| HDFC
|
800.00
|
823.00
|
795.05
|
821.50 |
| HINDPETRO
|
335.00
|
341.00
|
334.60
|
339.85 |
| M&M
|
540.00
|
542.00
|
528.30
|
534.60 |
| RANBAXY
|
1091.00
|
1097.50
|
1077.15
|
1082.80 |
| ACC
|
367.80
|
371.30
|
365.20
|
369.55 |
| ICICIBANK
|
390.10
|
393.50
|
383.40
|
392.65 |
| WIPRO |
715.00 |
715.00
|
699.00
|
704.35 |
| IPCL
|
184.00
|
185.40
|
181.70
|
182.80 |
| HINDLEVER
|
144.15
|
146.10
|
142.20
|
144.10 |
| BPCL
|
402.00
|
406.90
|
401.10
|
402.65 |
| GRASIM
|
1370.00
|
1404.00
|
1362.05
|
1396.00 |
| HCLTECH
|
358.00
|
364.40
|
351.10
|
363.90 |
| TATATEA
|
542.10
|
552.90
|
541.25
|
542.20 |
| GUJAMBCEM
|
444.00
|
445.85
|
439.05
|
441.00 |
| BHEL
|
826.20
|
836.90
|
826.20
|
833.40 |
| DRREDDY
|
751.50
|
767.00
|
747.50
|
759.10 |
| LT
|
1100.00
|
1104.00
|
1085.00
|
1093.00 |
| HDFCBANK
|
620.15
|
628.60
|
615.00
|
615.00 |
| TATAPOWER
|
394.00
|
398.70
|
391.00
|
395.40 |
| BAJAJAUTO
|
1081.25
|
1109.95
|
1071.20
|
1100.55 |
| HINDALC0
|
1431.00
|
1448.00
|
1431.00
|
1435.25 |
| NATIONALUM
|
184.00
|
188.40
|
184.00
|
185.10 |
| HEROHONDA
|
554.00
|
558.40
|
548.10
|
556.90 |
| ZEETELE |
142.50 |
143.80
|
140.50
|
141.40 |
| SCI
|
166.40
|
167.85
|
164.95
|
165.90 |
| SUNPHARMA
|
493.50
|
494.00
|
480.00
|
485.30 |
| GLAXO
|
753.95
|
769.00
|
747.00
|
765.00 |
| REL
|
582.00
|
586.10
|
575.25
|
580.75 |
| TATACHEM
|
157.60
|
158.70
|
157.00
|
157.85 |
| DABUR
|
123.00
|
140.00
|
116.50
|
119.50 |
| VSNL
|
217.25
|
221.50
|
217.25
|
221.25 |
| ABB |
1271.00 |
1277.65
|
1241.00
|
1249.00 |
| COLGATE
|
185.50
|
185.50
|
182.15
|
184.00 |
Last
Update : 10 March, 2005, 16:00PM
| 
