|
Indices opened on a positive note after yesterday's strong rally in the US
and stable crude prices. The positive sentiment soon subsided and the indices
declined fast.
From
mid-morning to early afternoon, the markets were stuck in a range as IT stock
held the markets from further decline. IT
stocks gave in soon after and the indices declined further to close around
the lows of the day. Sensex
closed at 6466, down 62 points and the Nifty at 1991, down 22 points. Nifty
May futures discount to the spot index widened to 24 points from yesterday's
11 points. Among
Nifty stocks, Oriental Bank of Commerce, Dr Reddy's and Shipping Corporation
were the major percentage gainers while SAIL, Glaxo and Reliance were the
major losers. On
Monday, US markets rallied as old economy stock joined the technology party.
The Dow gained over a per cent as financial sector stocks found favour among
investors. Technology stocks held firm after Friday's strong showing and helped
the NASDAQ to close nearly a per cent higher. The only sector which remained
lacklustre was oil which remained weak on lower oil prices. Crude
oil futures for June delivery on NYMEX declined marginally on yesterday's
trade. The commodity followed the same trading pattern of Friday and opened
weak on Monday. However, part of loss was recovered in the afternoon and oil
futures managed to close above the $48-mark. OPEC has said it can increase
output by year end and is committed to keep prices lower. Yesterday,
Indian ADR's had one of the best days in recent memory on the US exchanges.
Infosys led the bounce back by gaining over 4 per cent. Tata Motors led the
non-IT stocks with gains of over 3 per cent. Dr. Reddy's, Satyam and Wipro
all made gains of over a per cent each. MTNL, ICICI Bank and VSNL also managed
to close in the positive. On
the first anniversary of the worst-ever crash in Indian stock market history,
market regulator SEBI issued orders against UBS Securities which is a major
foreign investor. SEBI has said that UBS benefited by making massive sales
on Nifty futures on that day. It has barred UBS from issuing overseas derivatives
to its clients for the next one year. UBS
on its part said it does not agree with the regulator's findings. The company
is seeking legal opinion on the order issued by SEBI. Tata
Motors declared its last quarter and full year results for the period ended
March 2005. Profits for the full year have grown over 50 per cent on growth
in revenue of over 30 per cent as compared to the previous year. The fourth
quarter profits have grown over 33 per cent as revenues rose around 20 per
cent. The
company says the industry, both commercial and passenger sides, may not see
the same growth as previous few years. First quarter commercial vehicle sales
may also take a hit because of introduction of Euro III norms in large cities.
The company admits it will face cost pressure from rising input costs. On
the new product launches, Tata Motors says its small commercial vehicle introduced
recently is receiving good response. The newly introduced ranges of buses
are also receiving good orders. In
what could be a major boost to Indian software, European banking giant ABN
AMRO is reported to be close to finalising a long term multi-billion dollar
outsourcing contract. The contract will be split among multiple vendors. Infosys
and TCS are believed to be front runners for bagging large parts of the deal. IT
stocks Infosys, Satyam and TCS were trading firm till early afternoon. Satyam
was the biggest gainer after news of a small $1-million order from Jordan.
Infosys and Wipro could not sustain the gains and closed with losses. Satyam,
however, managed to close with gains. ONGC
Videsh, the overseas investment arm of ONGC, has increased its bid for a Canadian
company's oil assets in Ecuador. The company has bid $1.4 billion for Encana's
stake in five discovered and two exploration fields. Mid-cap
action Retail
stock broking company, India Infoline, made its entrance on the stock exchanges
today after its recent IPO. The stock, issued at Rs76 per share, listed on
both NSE and BSE above Rs.80. The stock closed at Rs78 on the NSE after touching
an intra-day high of Rs89. India
Infoline is planning to raise Rs150 crore through a debt issue. The company
raised over Rs90 crore through the IPO. Mid-cap
IT company Mastek is planning a new development centre in Pune. The new centre
will have capacity for over 500 professionals. Royal
Airways announced that its low cost airline, Spicejet, will start operations
on 23 May. The airline is targeting the upper end railway travellers and would
price some of its tickets as low as Rs99. The stock gained over 2 per cent
in early trades. Bongaigaon
Refineries gained over 5 per cent in early trades after the company announced
close to 200 per cent growth in profits for the last quarter ended March 2005.
The quarter was an excellent one for oil refineries as high crude prices pushed
up refining margins. Housing
finance company Dewan Housing was another stock to attract buying interest
after announcement of results. The stock gained over 15 per cent in early
trades after the company reported a profit growth of more than 15 per cent
for the fourth quarter ended March 2005. The company is planning to raise
additional resources of up to Rs500 crore by way of a debenture issue. Kale
Consultants was one stock which lost ground after announcement of weak results.
The company reported a loss for the quarter ended March 2005 as against a
profit for the same quarter the year before. The company is into development
of software and BPO solutions for the airline and travel industries. Among
mid-cap stocks, Godrej Industries, Nilkamal Plastics and Allsec were the significant
percentage gainers.
 Apcotex
Lattices, Jindal Photo and SB&T International 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
|
6,466.00
|
-62.03
|
| NIFTY
|
1,990.80
|
-21.80
|
Last
Update : 17 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| DR.REDDY'S
LABORATORIES LTD. |
675.10
|
695.00
|
671.00
|
683.85 |
| GUJARAT
AMBUJA CEMENTS LTD. |
447.00
|
449.40
|
440.60
|
445.30 |
| BHEL
|
861.00
|
868.50
|
852.00
|
863.30 |
| HOUSING
DEVELOPMENT FINANCE CO |
765.00
|
770.50
|
763.00
|
766.60 |
| ICICI
BANK L |
395.05
|
403.25
|
393.30
|
396.50 |
| SATYAM
COMP |
431.00
|
437.60
|
426.25
|
429.70 |
| RELIANCE*
|
540.55
|
544.00
|
525.00
|
526.00 |
| TATA
POWER |
372.00
|
372.00
|
358.00
|
359.40 |
| TATA
IRON AND STEEL CO. LTD. |
364.90
|
367.40
|
352.10
|
353.80 |
| RELIANCE
ENR* |
507.00
|
507.75
|
484.00
|
487.45 |
| ASSOCIATED
CEMENT COMPANIES LT |
393.00
|
393.85
|
380.00
|
382.35 |
| ONG
CORP LTD |
893.00
|
894.00
|
864.00
|
872.00 |
| ZEE
TELEF LT |
154.00
|
155.90
|
148.65
|
151.05 |
| MARUTI
UDYOG |
454.90
|
456.00
|
440.25
|
445.85 |
| RANBAXY
LABORATORIES LTD. |
976.80
|
976.80
|
955.25
|
960.35 |
| BAJAJ
AUTO |
1,165.25
|
1,190.00
|
1,150.00
|
1,177.60 |
| HINDUSTAN
LEVER LTD. |
133.70
|
134.00
|
130.90
|
131.55 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
334.00
|
334.00
|
324.50
|
326.60 |
| WIPRO
LTD. |
661.00
|
669.00
|
650.00
|
653.15 |
| STATE
BANK OF INDIA |
635.50
|
637.90
|
623.25
|
627.15 |
| BHARTI
TELE |
223.45
|
224.00
|
216.00
|
219.95 |
| HINDALCO
IN |
1,220.00
|
1,221.95
|
1,203.00
|
1,209.00 |
| LARSEN
& TOUBRO LTD. |
1,038.80 |
1,038.90
|
1,020.05
|
1,024.20 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,039.00 |
2,110.00
|
2,039.00
|
2,064.40 |
| I
T C LTD |
1,493.90
|
1,493.90
|
1,468.25
|
1,479.15 |
| CIPLA
LTD. |
280.50
|
281.50
|
276.55
|
279.05 |
Last
Update : 17 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| INFOSYSTCH
|
2084.00
|
2116.00
|
2055.60
|
2063.95 |
| RELIANCE
|
542.00
|
543.70
|
524.95
|
525.95 |
| SATYAMCOMP
|
432.00
|
437.70
|
427.30
|
430.20 |
| SBIN
|
635.00
|
640.00
|
623.15
|
627.40 |
| TATAMOTORS
|
452.00
|
454.40
|
440.05
|
446.65 |
| TISCO
|
365.00
|
367.45
|
352.50
|
354.05 |
| MARUTI
|
455.00
|
456.75
|
440.15
|
446.00 |
| ONGC
|
890.00
|
895.00
|
868.00
|
874.45 |
| TCS
|
1161.10
|
1164.70
|
1144.40
|
1150.55 |
| ORIENTBANK
|
258.35
|
264.40
|
255.25
|
259.55 |
| SAIL
|
52.90
|
53.20
|
50.85
|
51.05 |
| ITC
|
1460.10
|
1493.00
|
1460.10
|
1478.80 |
| PNB
|
390.00
|
390.00
|
377.40
|
379.45 |
| WIPRO
|
659.00
|
669.85
|
654.00
|
657.45 |
| HINDLEVER
|
133.00
|
133.70
|
131.00
|
131.70 |
| HDFC
|
764.00
|
771.70
|
762.05
|
766.35 |
| M&M |
476.00 |
476.75
|
467.50
|
472.60 |
| BAJAJAUTO
|
1172.00
|
1189.00
|
1165.00
|
1176.45 |
| SCI
|
158.45
|
158.45
|
148.60
|
149.50 |
| BHEL
|
861.00
|
869.90
|
851.25
|
860.80 |
| RANBAXY
|
975.00
|
975.00
|
954.00
|
960.90 |
| BHARTI
|
222.00
|
224.00
|
217.00
|
219.50 |
| BPCL
|
375.90
|
378.90
|
370.00
|
376.15 |
| ACC
|
392.30
|
394.00
|
380.00
|
381.75 |
| GUJAMBCEM
|
444.40
|
449.35
|
440.00
|
445.35 |
| HINDPETRO
|
329.00
|
332.00
|
323.40
|
325.75 |
| TATACHEM
|
165.00
|
167.30
|
162.40
|
163.05 |
| LT
|
1037.50
|
1040.00
|
1021.00
|
1026.20 |
| ZEETELE
|
154.45
|
155.85
|
149.30
|
151.30 |
| ICICIBANK
|
400.00
|
403.00
|
394.10
|
396.50 |
| GRASIM
|
1136.00
|
1149.90
|
1134.20
|
1134.85 |
| ICICIBANK
|
400.00
|
403.00
|
394.10
|
396.50 |
| DRREDDY
|
678.00
|
685.00
|
670.55
|
680.90 |
| GAIL
|
220.50
|
221.40
|
215.00
|
215.70 |
| CIPLA
|
281.00
|
281.90
|
276.60
|
279.85 |
| TATAPOWER
|
374.90
|
374.90
|
358.00
|
360.10 |
| HEROHONDA
|
555.00
|
559.90
|
546.25
|
550.10 |
| HCLTECH
|
367.00
|
367.00
|
341.55
|
343.50 |
| NATIONALUM
|
150.50
|
150.95
|
146.50
|
147.00 |
| IPCL
|
165.50
|
167.50
|
162.65
|
163.15 |
| HINDALC0
|
1218.90
|
1222.70
|
1200.25
|
1208.05 |
| REL
|
502.45
|
503.00
|
482.00
|
488.35 |
| COLGATE
|
213.95
|
216.00
|
209.00
|
210.50 |
| MTNL
|
118.90
|
118.90
|
116.50
|
117.00 |
| TATATEA
|
547.90
|
549.85
|
530.15
|
533.40 |
| SUNPHARMA
|
507.00
|
511.00
|
501.00
|
509.85 |
| HDFCBANK
|
554.80
|
554.80
|
535.00
|
536.80 |
| GLAXO
|
744.00
|
749.80
|
721.35
|
727.60 |
| ABB
|
1289.00
|
1300.00
|
1273.10
|
1282.75 |
| VSNL |
210.60 |
211.00
|
205.40
|
206.90 |
Last
Update : 17 May, 2005, 16:04PM
| 
