|
The markets opened lower in the absence of any fresh triggers and after
yesterday's weakness in the US markets. The decline in crude prices was not
unexpected and failed to cheer the markets.
After
touching the low of the day early in the morning the indices started inching
up and maintained the trend for most of the day. Some amount of selling pressure
emerged towards close which prevented the indices from closing the day with
marginal gains. Volumes
remained very low even after quite a few stocks were added recently to the
futures and options segment. Institutional activity remains low in frontline
stocks and most of the retail activity has shifted to the mid-cap segment. Sensex
closed at 6452, down 5 points and the Nifty at 1988, down 5 points. Nifty
May futures discount to the spot index narrowed to 11 points from yesterday's
14 points. Among
Nifty stocks, Cipla, HDFC and Dr Reddy's were the major percentage gainers
while Satyam, Nalco and Infosys were the major losers. Yesterday,
US markets declined and closed with substantial losses. Dow lost over a per
cent as most old economy stocks came under pressure. NASDAQ was better off
with under half-a-percent of losses after Cisco announced better than expected
results. The sharp fall in crude prices led to a sell off in oil stocks which
have been out performing the markets in recent months. US
markets, especially technology stocks, are expected to open higher today after
Dell announced better than expected results after yesterday's market close. Crude
oil futures on NYMEX declined below $49 to a barrel yesterday. A further increase
in US crude inventory led traders to exit their positions. Crude closed at
$48.3 to a barrel yesterday. The commodity has recovered close to a per cent
in early trades today but is still trading below $49. Indian
ADR's had a bloody day as the tech stocks tumbled and closed weaker. Infosys
was the largest loser with losses of close to 3 per cent. Wipro and Satyam
also closed with losses. Among others, HDFC Bank, ICICI Bank, MTNL, Dr Reddy's
all closed with losses. Tata Motors alone bucked the trend and managed to
close with gains. Inflation
for the week ended 30 April fell to 5.67 per cent from 5.91 per cent reported
for the previous week. The decline was on account of a fall in food prices.
The drop was a pleasant surprise for the markets which were expecting higher
levels. Twelve
new stocks have been added to the much tracked MSCI India Index and one stock
has been deleted. The index managed by Morgan Stanley is widely used as the
benchmark for measuring the performance of emerging market funds. Jet
Airways, Arvind Mills, Reliance Energy, Kotak Mahindra, Biocon and UTI Bank
are some of the major stocks added to the index. Punjab Tractors was the only
stock to be removed. The
Supreme Court today rejected the petition of Zee Tele challenging the cancellation
of the cricket telecast contract by BCCI. The court ruled that there was no
final agreement between Zee and BCCI. Meanwhile, American mutual fund giant
Fidelity has increased its stake in Zee to 5 per cent. Mid-cap
action Mid-caps
fared far better than the overall market. CNX Mid-Cap 200 index gained close
to a per cent in today's trade. Essar
Steel commissioned its 100mw captive power plant in Gujarat. The company is
planning to double its steel capacity to 4.6 million tones per annum by investing
over Rs2,000 crore. The company is also planning to raise the capacity of
the captive power plant to 350mw eventually. Ashapura
Minechem has received an approval from the government of Gujarat for an alumina
project in the state. The project will be set up in collaboration with a Chinese
company and is expected to cost over Rs2,000 crore. The
name of Bajaj Tempo has been changed to Force Motors after the Mumbai High
Court approved the same after rejecting the objections raised by Bajaj Auto
group. The company is managed by the Firodias who are related to the Bajaj
family. Bajaj group owns minority sake in Force Motors. Finolex
Industries gained in early trades after the company reported excellent growth
in profits for the quarter ended March 2005. The company's fourth quarter
profit increased more than twice even as revenues slipped marginally. For
the full year, revenues are up over 15 per cent and profit growth is very
marginal at around 4 per cent. NIIT
Ltd gained after US chip major Intel Corp announced that it will pick up a
stake in the company. Intel is very positive about the education market in
the country and expects NIIT to be the market leader. Intel Capital, the private
investment arm of Intel, would take a 10 per cent stake for $10 million. NIIT's
competitor in the computer education sector Aptech also gained close to 19
per cent. SSI Ltd, which used to be one of the prominent education companies,
also made substantial gains. Uttam
Galva Steel was locked in the 5 per cent upper circuit after the company announced
plans to raise funds through an overseas issue. Chemplast
Sanmar was one of the star performers among mid-caps today. The stock flared
up and was locked in 20 per cent upper circuit. There are reports that the
company will start earning carbon credits from some of its new projects which
could be a significant revenue earner in future. Carbon credits are granted
under the Kyoto protocol to companies contributing to reduce greenhouse emissions.
The credits can be sold to polluting countries and companies who have to buy
enough credits to compensate for their emissions. Some
of the mid-cap stocks like BILT and Titan in which derivative trading was
allowed recently, made smart gains after a build up in the futures and options
segment. Basmati
rice exporter Satnam Overseas is planning to raise additional resources through
issue of shares, foreign currency convertible bonds or warrants. The board
will meet shortly and decide on the amount to be raised and the route.  Among
mid-cap stocks Munjal Auto, Surya Roshni and Walchandnagar Industries were
the significant percentage gainers.
Tata Infotech, Solectron Centum and South Indian Bank were among the major
mid-cap losers.
*Disclaimer:
The author does not 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
|
6,451.54
|
-5.28 |
| NIFTY
|
1,988.30
|
-4.85 |
Last
Update : 13 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| HOUSING
DEVELOPMENT FINANCE CO |
750.00
|
777.00
|
750.00
|
772.00 |
| BHEL
|
829.70
|
843.50
|
822.00
|
843.50 |
| CIPLA
LTD. |
277.00
|
283.00
|
276.00
|
282.20 |
| DR.REDDY'S
LABORATORIES LTD. |
657.00 |
669.00
|
654.00
|
665.45 |
| ZEE
TELEF LT |
155.50
|
164.00
|
152.50
|
157.50 |
| I
T C LTD |
1,467.25
|
1,484.90
|
1,458.15
|
1,479.45 |
| HINDUSTAN
LEVER LTD. |
130.60
|
131.90
|
130.50
|
131.35 |
| ICICI
BANK L |
390.00
|
399.90
|
386.00
|
394.65 |
| HDFC
BANK LT |
530.00
|
534.25
|
526.05
|
533.35 |
| TATA
IRON AND STEEL CO. LTD. |
358.50
|
360.45
|
354.00
|
359.60 |
| LARSEN
& TOUBRO LTD. |
1,015.00
|
1,024.90
|
1,012.95
|
1,017.00 |
| RELIANCE
ENR* |
502.00
|
504.00
|
497.10
|
498.60 |
| RANBAXY
LABORATORIES LTD. |
980.00
|
993.00
|
978.10
|
980.00 |
| STATE
BANK OF INDIA |
619.00
|
621.40
|
614.15
|
619.55 |
| TATA
POWER |
368.10
|
372.45
|
366.55
|
368.25 |
| BAJAJ
AUTO |
1,122.00
|
1,141.95
|
1,122.00
|
1,138.35 |
| SATYAM
COMP |
429.00
|
429.00
|
421.45
|
423.50 |
| BHARTI
TELE |
218.90
|
218.90
|
215.00
|
215.60 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,055.00
|
2,055.00
|
2,021.00
|
2,031.65 |
| HEROHONDA
M |
547.00
|
551.00
|
544.05
|
545.70 |
| WIPRO
LTD. |
642.00
|
642.00
|
635.00
|
636.05 |
| MARUTI
UDYOG |
438.00
|
440.00
|
432.55
|
434.65 |
| ONG
CORP LTD |
884.10
|
884.10
|
868.40
|
878.65 |
| RELIANCE*
|
539.40
|
539.40
|
534.10
|
536.20 |
| ASSOCIATED
CEMENT COMPANIES LT |
386.50
|
395.50
|
386.50
|
390.00 |
| GRASIM
INDUSTRIES LTD. |
1,151.00
|
1,155.00
|
1,142.55
|
1,144.95 |
| GUJARAT
AMBUJA CEMENTS LTD. |
445.50
|
449.40
|
442.20
|
444.00 |
| HINDALCO
IN |
1,200.00
|
1,213.95
|
1,200.00
|
1,211.05 |
| TATA
MOTORS |
434.50
|
435.90
|
431.00
|
432.60 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
329.90
|
335.00
|
326.55
|
329.75 |
Last
Update : 13 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| INFOSYSTCH
|
2050.00
|
2050.00
|
2020.40
|
2032.90 |
| TISCO
|
357.00
|
360.65
|
353.00
|
359.65 |
| SATYAMCOMP
|
427.00
|
428.80
|
421.50
|
423.15 |
| RELIANCE
|
538.50
|
539.00
|
534.00
|
536.25 |
| ONGC
|
878.00
|
885.00
|
868.00
|
880.15 |
| SBIN
|
618.00
|
621.35
|
612.50
|
619.35 |
| MARUTI
|
440.00
|
440.00
|
432.95
|
434.70 |
| ZEETELE
|
156.00
|
163.45
|
152.65
|
157.50 |
| TATAMOTORS
|
434.00
|
435.40
|
430.60
|
432.50 |
| HDFC
|
753.10
|
775.15
|
747.10
|
766.50 |
| ITC
|
1474.00
|
1484.50
|
1458.00
|
1480.05 |
| ORIENTBANK
|
257.00
|
259.80
|
254.00
|
257.05 |
| TATATEA
|
545.50
|
550.00
|
540.35
|
545.35 |
| TCS
|
1149.00
|
1151.00
|
1140.15
|
1148.60 |
| SAIL
|
52.25
|
53.15
|
52.25
|
52.85 |
| ACC
|
391.50
|
395.75
|
389.50
|
391.15 |
| M&M
|
466.50
|
469.95
|
458.00
|
460.95 |
| RANBAXY
|
984.00
|
993.85
|
976.10
|
982.40 |
| CIPLA |
278.00 |
283.90
|
276.00
|
282.65 |
| WIPRO
|
645.00
|
645.00
|
633.00
|
636.20 |
| HINDLEVER
|
131.00
|
132.15
|
130.50
|
131.60 |
| HDFCBANK
|
527.00
|
535.50
|
527.00
|
533.00 |
| GUJAMBCEM
|
445.00
|
449.40
|
442.05
|
444.65 |
| BHARTI |
219.80 |
219.80
|
215.00
|
216.60 |
| TATAPOWER
|
368.05
|
372.50
|
367.00
|
368.50 |
| ICICIBANK
|
395.00
|
395.00
|
385.25
|
392.20 |
| BHEL
|
831.00
|
837.90
|
823.05
|
834.25 |
| PNB
|
374.80
|
374.80
|
371.00
|
372.60 |
| LT
|
1012.00
|
1025.00
|
1005.15
|
1021.10 |
| HINDPETRO
|
330.10
|
334.50
|
327.10
|
329.95 |
| BPCL
|
373.55
|
378.40
|
369.90
|
372.40 |
| MTNL
|
116.00
|
116.90
|
115.10
|
115.60 |
| DRREDDY
|
659.00
|
674.40
|
654.20
|
669.25 |
| NATIONALUM
|
150.00
|
151.70
|
149.65
|
150.10 |
| REL
|
499.10
|
501.25
|
496.00
|
499.75 |
| HEROHONDA
|
550.00
|
550.90
|
543.50
|
546.35 |
| IPCL
|
166.00
|
166.25
|
165.00
|
165.45 |
| GAIL
|
218.00
|
218.75
|
215.50
|
217.10 |
| GRASIM
|
1141.20
|
1156.00
|
1141.20
|
1144.25 |
| COLGATE
|
213.80
|
215.50
|
211.15
|
212.75 |
| HCLTECH
|
358.00
|
358.50
|
349.20
|
353.75 |
| BAJAJAUTO
|
1145.00
|
1145.00
|
1131.60
|
1140.30 |
| HINDALC0
|
1190.15
|
1224.00
|
1190.15
|
1210.80 |
| VSNL
|
214.50
|
214.50
|
202.10
|
205.70 |
| ABB
|
1250.00
|
1260.00
|
1241.60
|
1252.50 |
| SUNPHARMA
|
505.00
|
510.00
|
495.35
|
508.45 |
| TATACHEM
|
159.00
|
159.50
|
157.55
|
158.05 |
| GLAXO
|
745.00
|
752.60
|
744.00
|
749.95 |
| DABUR
|
125.85
|
125.85
|
124.00
|
125.00 |
| SCI
|
148.00
|
148.95
|
147.30
|
148.45 |
Last
Update : 13 May, 2005, 16:04PM
| 
