|
Though the indices managed to close with gains, the
intra day movements remained volatile. After opening firm,
the market slipped soon to touch yesterday's closing levels
but recovered from there. The indices rallied from thereon
only to give up part of the gains in an early afternoon
bout of selling. The last half an hour saw some buying
interest emerge and the indices closed near the highs
of the day. Sensex closed at 6606, up 56 points and the
Nifty at 2069, up 17 points.
Among
index stocks, Zee Telefilms, SAIL and Shipping Corporation
were the biggest percentage gainers while Oriental Bank
of Commerce, Bharti Tele and Bajaj Auto were the top losers.
US
markets extended Monday's gains on declining oil prices
and major restructuring plans at pharma major Pfizer.
Dow Industrial average added 37 points and NASDAQ added
8 points, close to half a percent.
For
the second day, crude declined close to two percent to
close at $56.05 to a barrel. Saudi oil company Aramco's
plans to set up an export oriented 20 million tonnes per
year refinery led to some profit booking in oil futures.
US Federal Reserve chairman's statement that the current
'price frenzy' in crude oil will cool down as inventories
build up, led to a further decline towards the later part
of the day.
Indian
ADR's listed on the New York exchange had a bad day with
most of them closing with losses. Tata Motors was the
major loser declining more than four percent. HDFC Bank,
ICICI Bank and Satyam all closed with losses while Infosys
and Wipro managed to close in the green.
Asian
Development Bank released its outlook for Asian economies
for the next three years. The bank expects Indian economy
to post a growth of 6.9 percent for fiscal '05 - '06 on
a revival in agricultural output. The growth rate for
'06 - '07 is expected to decline to 6.1 percent as industry
and service sectors slow down and revive to 7 percent
for the year '07 - '08. ADB estimates inflation in India
during next year to decline to under 5 percent and to
around 3 percent for the following two years.
A
survey by ICICI Bank among major corporates confirms the
bullish industrial outlook. The companies surveyed expect
the economy to grow between 6 to 7 percent and are therefore
confident of increasing their capital investment budgets.
They also expect a stable interest rate environment and
an appreciating Rupee.
The
board of Maruti Udyog approved capital investment plans
totaling Rs3,272 crore. Under the plan, the company will
set up two joint ventures with parent Suzuki Motor, one
for a new car plant and the second for an engine and transmission
unit.
Maruti
will hold a 70 percent stake in the new car-assembling
unit, which will have an initial capacity of 100,000 units
per annum. The engine and transmission plant will focus
on diesel engines and transmission units. Suzuki Motor
will hold a majority 51 percent stake in this venture.
A
consortium led by engineering major Larsen & Toubro
won a major order worth Rs.1,864 crore from ONGC. L&T's
share of the order is around Rs930 crore and half of the
work is expected to be complete this fiscal year. The
company also expects three more major contracts to be
awarded in the current quarter itself. The stock gained
close to a percent in morning trades.
Utility
vehicles major Mahindra & Mahindra was hit by a massive
Rs304 crore demand from the excise department. The demand
pertains to classification of certain models of vehicles
during the early 90's. The company is filing an appeal
against the demand and is confident of receiving a favorable
order. The stock declined more than a percent in morning
trades.
Indian
Oil said it lost an estimated Rs8,400 crore during last
year for subsidizing petroleum products. The company is
demanding a price hike of between Rs4.50 to Rs5 to a litre
for bridging the losses.
Mid-cap
action
There
are reports that the Essar Group has entered into an agreement
to help build a steel plant in Qatar. The four million
tonnes per annum plant is expected to cost $1.25 billion.
The group will provide technical inputs as well as supply
iron ore pellets to the new venture. However, the extent
of investment of the group is not clear and also whether
any of the listed companies will be involved. Group companies
like Essar Oil, Essar Steel etc gained in morning trades.
Small
construction company Subhash Projects bagged an irrigation
project order worth Rs99 crore. The stock was locked in
the 5 percent upper circuit in early trades.
There
are news reports that construction company IVRCL is planning
to acquire engineering firm Hindustan Dorr Oliver from
the Jumbo group. After disposing Shaw Wallace, the Jumbo
group is planning to sell off its other Indian companies
as well.
Mid-cap
IT firm Rolta made smart gains on a statement from the
company about securing software orders worth Rs200 crore.
The stock rallied more than 10 percent in early trades.
Small
steel stocks bounced back today. Ispat, Bhushan and Uttam
were among the significant gainers.
Sugar
stocks rallied on expectations of strong results for the
quarter ended March '05. Bajaj Hindustan, Dhampur Sugar
and Balampur Chini were all major gainers.
Small
IT company Aztec Software slipped more than 5 percent
on reports of an income tax demand of Rs9 crore. Aztec
says it will contest the demand. Many frontline IT companies
including Wirpo and TCS have also received large demands
from the IT department.
 Reliance
Industrial Infrastructure, Noida Toll Bridge and GTC Industries
were the largest mid-cap gainers with gains of 20 percent
each.
ESI
Ltd, Welspun Gujarat and South East Asia Marine were among
the major losers.
*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
|
6,606.41
|
+56.12
|
| NIFTY
|
2,069.30
|
+16.75
|
Last
Update : 6 April, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ZEE
TELEF LT |
140.00
|
148.70
|
139.70
|
147.65 |
| RELIANCE*
|
556.25
|
572.45
|
556.25
|
570.80 |
| HINDUSTAN
LEVER LTD. |
130.00
|
133.40
|
130.00
|
132.85 |
| TATA
IRON AND STEEL CO. LTD. |
384.00
|
392.40
|
384.00
|
390.35 |
| HDFC
BANK LT |
544.70
|
555.00
|
540.55
|
552.70 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
321.85
|
325.90
|
319.00
|
322.30 |
| TATA
POWER |
348.00
|
354.80
|
348.00
|
352.30 |
| TATA
MOTORS |
402.25
|
414.80
|
402.25
|
412.25 |
| I
T C LTD |
1,360.00
|
1,375.00
|
1,353.00
|
1,369.55 |
| GRASIM
INDUSTRIES LTD. |
1,230.00
|
1,233.00
|
1,209.05
|
1,228.20 |
| WIPRO
LTD. |
660.00
|
674.40
|
660.00
|
668.90 |
| MARUTI
UDYOG |
405.45
|
411.50
|
398.90
|
407.85 |
| BHEL
|
811.00
|
815.00
|
802.15
|
810.30 |
| SATYAM
COMP |
419.00
|
427.00
|
413.15
|
421.25 |
| STATE
BANK OF INDIA |
647.00 |
655.90
|
646.00
|
651.70 |
| GUJARAT
AMBUJA CEMENTS LTD. |
413.00
|
417.00
|
408.50
|
413.15 |
| ASSOCIATED
CEMENT COMPANIES LT |
362.00
|
364.45
|
360.00
|
363.60 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,225.00
|
2,239.60
|
2,211.00
|
2,232.10 |
| ONG
CORP LTD |
912.00
|
920.00
|
897.00
|
916.45 |
| DR.REDDY'S
LABORATORIES LTD. |
750.00
|
755.00
|
745.80
|
747.35 |
| BHARTI
TELE |
218.00
|
218.50
|
211.00
|
212.20 |
| BAJAJ
AUTO |
1,092.00
|
1,092.00
|
1,062.00
|
1,066.00 |
| HOUSING
DEVELOPMENT FINANCE CO |
728.00
|
728.00
|
710.10
|
714.75 |
| HEROHONDA
M |
541.00
|
545.00
|
532.00
|
535.50 |
| HINDALCO
IN |
1,372.00
|
1,378.00
|
1,352.00
|
1,365.00 |
| CIPLA
LTD. |
260.10
|
261.00
|
258.00
|
259.40 |
| ICICI
BANK L |
425.00
|
429.00
|
418.55
|
424.05 |
| Larsen
& Toubro Limited |
|
|
|
1,025.75 |
| Ranbaxy
Labs |
|
|
|
995.20 |
| Reliance
Energy |
|
|
|
534.30 |
Last
Update : 6 April, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
558.00
|
572.90
|
558.00
|
571.60 |
| TISCO
|
394.40
|
394.40
|
384.50
|
390.45 |
| MARUTI
|
406.00
|
411.85
|
398.20
|
407.50 |
| SBIN
|
649.00
|
654.40
|
646.30
|
651.55 |
| INFOSYSTCH
|
2225.00
|
2240.00
|
2211.00
|
2236.30 |
| ONGC |
912.25 |
920.00
|
897.10
|
915.55 |
| ICICIBANK
|
422.80
|
429.00
|
418.55
|
425.25 |
| SATYAMCOMP
|
419.00
|
428.85
|
413.20
|
421.90 |
| TATAMOTORS
|
408.00
|
415.90
|
406.40
|
412.25 |
| SAIL
|
62.75
|
64.75
|
62.55
|
64.30 |
| PNB
|
392.50
|
394.00
|
387.00
|
388.95 |
| M&M
|
495.90
|
512.00
|
476.30
|
480.60 |
| ORIENTBANK
|
318.00
|
319.00
|
297.50
|
300.10 |
| TCS
|
1427.00
|
1448.00
|
1427.00
|
1441.35 |
| BPCL
|
366.80
|
370.95
|
362.00
|
365.85 |
| ITC
|
1354.00
|
1377.00
|
1350.00
|
1370.60 |
| HINDPETRO
|
318.85
|
325.80
|
318.85
|
321.50 |
| LT
|
1031.90
|
1055.00
|
1021.05
|
1025.00 |
| RANBAXY
|
1009.30
|
1009.30
|
992.00
|
995.65 |
| ZEETELE
|
140.00
|
148.90
|
140.00
|
147.85 |
| HDFC
|
726.85
|
726.85
|
710.50
|
714.95 |
| HCLTECH
|
382.00
|
386.00
|
376.15
|
379.95 |
| WIPRO
|
661.10
|
673.70
|
656.00
|
669.45 |
| BHEL
|
803.00
|
815.90
|
803.00
|
810.70 |
| GAIL
|
218.90
|
219.55
|
216.25
|
217.55 |
| ACC
|
363.00
|
364.60
|
361.50
|
363.50 |
| HINDLEVER
|
131.80
|
133.25
|
129.80
|
132.75 |
| GUJAMBCEM
|
409.00
|
415.00
|
407.70
|
412.90 |
| IPCL
|
170.40
|
172.80
|
170.15
|
172.20 |
| HDFCBANK
|
536.25
|
557.00
|
536.25
|
553.35 |
| TATAPOWER
|
348.00
|
353.75
|
347.05
|
351.70 |
| REL
|
535.00
|
538.50
|
532.25
|
534.80 |
| BHARTI
|
218.90
|
218.90
|
210.15
|
211.90 |
| MTNL |
118.00 |
119.20
|
116.50
|
118.15 |
| DRREDDY
|
750.00
|
755.00
|
745.05
|
747.75 |
| TATACHEM
|
155.50
|
157.80
|
152.75
|
156.00 |
| SCI
|
153.00
|
157.85
|
152.00
|
156.85 |
| BAJAJAUTO
|
1094.40
|
1094.40
|
1064.05
|
1068.15 |
| HEROHONDA
|
545.00
|
549.00
|
532.00
|
535.30 |
| GRASIM
|
1207.10
|
1238.00
|
1207.10
|
1228.00 |
| CIPLA
|
260.00
|
262.80
|
257.25
|
258.80 |
| HINDALC0
|
1366.00
|
1379.80
|
1355.15
|
1368.95 |
| DABUR
|
111.85
|
113.30
|
110.00
|
111.55 |
| NATIONALUM
|
173.50
|
174.00
|
171.70
|
172.45 |
| VSNL
|
194.90
|
198.00
|
193.00
|
196.85 |
| SUNPHARMA
|
452.35
|
468.80
|
452.35
|
462.05 |
| TATATEA
|
526.55
|
539.00
|
524.00
|
533.25 |
| ABB
|
1162.30
|
1189.90
|
1160.00
|
1166.20 |
| GLAXO |
698.00 |
708.80
|
696.30
|
705.80 |
| COLGATE
|
180.05
|
183.90
|
180.00
|
183.15 |
Last
Update : 6 April, 2005, 16:04PM
| 
