|
The gloom of last two weeks suddenly gave way to frenzy as the markets
rallied to post significant gains today. Following the lead from global markets,
the indices opened on a very strong note. The Sensex gained very rapidly and
was up 100 points early in the morning itself. Indices managed to maintain
the upward trend throughout the day. There were some abnormal spikes in select
frontline stocks in the last five minutes of trade indicating some desperate
short covering on the last day of futures settlement. Sensex closed at 6493,
up 111 points and the Nifty at 2036, up 42 points.
Among
index stocks Wipro, Bajaj Auto and ITC Power were the biggest percentage gainers
while Sunpharma and Ranbaxy were the major losers. Yesterday,
US indices bounced back smartly on declining oil prices to post the highest
gains for the last few months. Both Dow and NASDAQ gained more than a per
cent each with NASDAQ closing above the 2000 mark. Crude oil futures declined
to just under $54 as OPEC confirmed that there are no supply worries. Most
Indian ADR's recovered from previous days' losses. ICICI Bank, which had fallen
substantially on Tuesday, led the rally with gains of close to 4 per cent.
Satyam was the other significant gainer with more than 3 per cent gain. Infosys
and HDFC Bank also gained ground while MTNL was the sole loser. The
GDP growth rate for the third quarter dropped to 6.2 per cent as agricultural
growth dipped. This was anticipated as last year's phenomenal growth in agriculture
was virtually impossible to meet. Double digit growth in manufacturing and
the continuing growth in construction should keep the overall numbers for
the current year in good shape. Noted
industrialist and chairman of the Jindal group O P Jindal died in a helicopter
crash today. Jindal was serving as a minister in the state of Haryana. Jindal
group stocks including Jindal Steel and Power, Jindal Vijayanagar and Jindal
Strips lost ground on hearing the news. Birla
group company Hindalco plans to set up a new aluminium plant in the state
of Jharkhand. To be set up at a cost of Rs7,800 crore, the new plant will
make Hindalco one of the top ten aluminium players in the world. The company
is already the country's largest aluminium manufacturer. State-owned
Saudi oil company Aramco may pickup a stake in the Vizag refinery of HPCL
and the Indian company may in turn pick a stake in a refinery to be set up
by Aramco in its home country. The Saudi company may also pick a stake in
Indian Oil's proposed refinery at Paradip. The Vizag and Paradip refineries
on the East coast of the country are targeting exports of petro products to
East Asia. Tata
Motors is planning to start assembling pick up trucks in Thailand. The company
is reportedly negotiating with local companies for a joint venture. Thailand
is the largest auto market in the Far East and global auto majors use that
country to service neighboring countries. Tata Motor's competitor Ashok Leyland
is also planning an assembly unit in that country. The
second largest public sector bank PNB expects margins to decline marginally
going forward even as credit growth is maintained. The bank also indicated
that it is willing to take over ailing financial institution IFCI only if
it is compensated financially. The stock closed with marginal losses. Mid-cap
action
Mid-caps continued
from where they closed yesterday and the CNX mid-cap 200 index posted gains
of more than 2 per cent. The
shares of Gateway Distriparks opened for trading after its successful IPO.
The stock which was issued at Rs72 opened at Rs90 on the BSE. The stock saw
aggressive buying and closed at Rs110 or a premium of more than 50 per cent
to the issue price. The company is in the business of setting up and operating
inland container depots. Two-wheeler
manufacturer LML surged on reports that the company has completed a financial
reconstruction to reduce debts. The company is also planning to introduce
an entry-level motorcycle shortly. Construction
company IVRCL gained on reports of receiving orders worth over Rs500 crore
from the government of Andhra Pradesh. The new shares issued under the just
concluded public issue of the company will be introduced for trading early
in April. Other construction stocks also made substantial gains. Crompton
& Greaves received an order worth close to $20 million from NTPC for supply
of transformers. The stock surged more than 4 per cent on hearing the news. Mid-cap
pharma company Ind-Swift Laboratories is planning to raise $20-25 million
to fund expansion of capacities. The company also indicated that some of its
facilities will get approved by US authorities in the near future. The company
is into manufacturing of active pharmaceutical ingredients for drug companies.
The stock gained more than 5 per cent. FII's hold more than 30 per cent stake
in the company. Opto
Circuits board meeting approved plans for a GDR issue to raise $20 million.
Pantaloon
Retail gained more than 5 per cent on plans to enter the restaurant and food
business. The company plans to set up two subsidiary companies for this purpose.
Small
steel stocks bounced back on huge volumes today. Ispat, Essar. Southern Iron,
Sunflag and Kalyani all saw substantial gains. Newsprint
stocks rallied on reports of a price hike of Rs1000 per tonne shortly. TN
Newsprint and Rama Newsprint were among major gainers.  UTV
Software, United Western Bank, Hindustan Oil Exploration and Balmer Lawrie
were some of the mid-cap stocks which posted significant gains for the day.
*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
|
6,492.82
|
+111.42
|
| NIFTY
|
2,035.65
|
+41.95 |
Last
Update : 31 March, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| WIPRO
LTD. |
636.15
|
684.85
|
636.15
|
671.10 |
| I
T C LTD |
1,285.00
|
1,355.00
|
1,285.00
|
1,343.75 |
| BAJAJ
AUTO |
1,037.00
|
1,100.00
|
1,032.00
|
1,081.35 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,175.00
|
2,294.50
|
2,172.10
|
2,252.55 |
| GUJARAT
AMBUJA CEMENTS LTD. |
401.00
|
410.05
|
396.00
|
410.00 |
| SATYAM
COMP |
402.00
|
415.25
|
397.90
|
408.50 |
| HEROHONDA
M |
544.00
|
563.00
|
533.00
|
561.00 |
| ONG
CORP LTD |
864.90
|
889.00
|
863.00
|
882.75 |
| ICICI
BANK L |
388.00
|
407.35
|
386.00
|
393.00 |
| ZEE
TELEF LT |
136.25
|
139.50
|
135.10
|
138.90 |
| BHEL |
749.90 |
774.90
|
748.00
|
767.40 |
| HDFC
BANK LT |
539.75
|
549.00
|
536.05
|
544.25 |
| BHARTI
TELE |
204.00
|
209.00
|
204.00
|
206.85 |
| LARSEN
& TOUBRO LTD. |
989.75
|
1,002.90
|
978.25
|
995.15 |
| CIPLA
LTD. |
253.50
|
259.00
|
251.20
|
254.80 |
| TATA
IRON AND STEEL CO. LTD. |
399.95
|
405.25
|
397.60
|
400.90 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
310.00
|
314.00
|
303.00
|
305.95 |
| HINDALCO
IN |
1,295.00
|
1,310.00
|
1,280.00
|
1,293.65 |
| TATA
MOTORS |
412.00
|
418.30
|
408.90
|
413.95 |
| ASSOCIATED
CEMENT COMPANIES LT |
361.90
|
362.40
|
359.20
|
360.45 |
| RANBAXY
LABORATORIES LTD. |
1,035.30
|
1,039.00
|
992.00
|
1,003.85 |
| RELIANCE
ENR* |
545.00
|
548.00
|
525.00
|
529.95 |
| HOUSING
DEVELOPMENT FINANCE CO |
737.50
|
740.00
|
720.00
|
726.60 |
| DR.REDDY'S
LABORATORIES LTD. |
751.00
|
756.95
|
732.00
|
739.10 |
| STATE
BANK OF INDIA |
664.55 |
669.40
|
653.20
|
656.95 |
| Grasim
Industries |
|
|
|
1,213.60 |
| HLL |
|
|
|
131.75 |
| Maruti
Udyog |
|
|
|
420.80 |
| Reliance
Industries |
|
|
|
545.95 |
| Tata
Power |
|
|
|
357.40 |
Last
Update : 31 March, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| TISCO
|
402.70
|
405.00
|
397.50
|
401.05 |
| RELIANCE
|
545.10
|
553.40
|
543.55
|
546.05 |
| SATYAMCOMP
|
402.95
|
415.00
|
402.00
|
409.05 |
| INFOSYSTCH
|
2224.70
|
2315.00
|
2188.10
|
2257.20 |
| SBIN |
666.00 |
669.40
|
650.25
|
654.80 |
| ONGC |
866.00 |
899.20
|
863.00
|
885.30 |
| TATAMOTORS
|
413.85
|
422.00
|
408.30
|
413.70 |
| RANBAXY
|
1020.00
|
1048.00
|
992.50
|
1008.80 |
| PNB
|
398.95
|
402.95
|
391.20
|
393.35 |
| TCS
|
1404.50
|
1445.10
|
1397.25
|
1432.05 |
| ITC
|
1308.00
|
1350.00
|
1295.00
|
1342.05 |
| SAIL
|
62.85
|
64.25
|
62.40
|
63.25 |
| ICICIBANK
|
389.00
|
407.45
|
388.80
|
392.80 |
| WIPRO
|
656.40
|
686.00
|
640.00
|
670.95 |
| DRREDDY
|
750.00
|
758.30
|
731.50
|
739.15 |
| GAIL
|
210.00
|
219.80
|
209.05
|
212.20 |
| MARUTI
|
421.50
|
431.20
|
417.00
|
421.30 |
| BPCL
|
355.00
|
358.00
|
349.00
|
353.50 |
| HINDPETRO
|
307.40
|
311.95
|
300.10
|
304.35 |
| M&M
|
487.00
|
520.00
|
487.00
|
496.90 |
| CIPLA
|
254.40
|
262.00
|
251.00
|
255.80 |
| GUJAMBCEM
|
400.00
|
408.00
|
395.10
|
400.50 |
| BHEL |
760.00 |
778.00
|
752.00
|
766.40 |
| HDFC
|
735.00
|
759.40
|
719.05
|
729.00 |
| HCLTECH
|
366.50
|
377.20
|
359.25
|
372.50 |
| REL
|
541.00
|
547.00
|
525.00
|
529.90 |
| ORIENTBANK
|
314.80
|
314.80
|
308.60
|
310.05 |
| TATAPOWER
|
364.90
|
364.95
|
356.00
|
358.60 |
| IPCL
|
168.00
|
168.90
|
160.65
|
162.00 |
| MTNL
|
113.40
|
116.50
|
113.00
|
113.85 |
| HEROHONDA
|
544.05
|
564.00
|
533.00
|
548.00 |
| BAJAJAUTO
|
1035.00
|
1098.00
|
1030.00
|
1082.10 |
| HINDLEVER
|
131.25
|
133.70
|
130.85
|
131.95 |
| LT
|
990.40
|
1007.00
|
978.20
|
999.50 |
| ACC
|
360.00
|
362.90
|
359.00
|
360.55 |
| TATATEA
|
521.00
|
531.35
|
516.05
|
522.50 |
| HINDALC0
|
1300.00
|
1311.00
|
1267.00
|
1295.55 |
| NATIONALUM
|
170.00
|
178.90
|
168.50
|
174.70 |
| GRASIM
|
1208.00
|
1233.00
|
1204.00
|
1214.45 |
| SCI
|
150.00
|
153.00
|
148.60
|
149.45 |
| HDFCBANK
|
538.90
|
549.90
|
535.20
|
544.85 |
| BHARTI
|
203.00
|
210.90
|
203.00
|
207.40 |
| ZEETELE
|
135.50
|
139.45
|
134.75
|
138.90 |
| DABUR
|
111.50
|
113.65
|
110.20
|
111.05 |
| TATACHEM
|
147.00
|
154.50
|
145.50
|
151.60 |
| VSNL
1 |
82.05
|
187.50
|
182.00
|
183.80 |
| SUNPHARMA
|
479.40
|
479.40
|
465.00
|
466.50 |
| GLAXO
|
710.05
|
723.90
|
704.10
|
718.95 |
| COLGATE
|
180.00
|
183.50
|
179.90
|
182.05 |
| ABB
|
1137.00
|
1180.00
|
1136.15
|
1163.85 |
Last
Update : 31 March, 2005, 16:04PM
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