|
Markets opened on a weak note as traders and investors worried about the fall
out of yesterday's SEBI order on UBS Securities. Some statements by the SEBI
chairman were interpreted as indicating to action against more foreign firms.
The
indices declined over a per cent each in early trades itself. After some clarifications
from SEBI and some statements from other foreign investors downplaying the
SEBI action, markets regained most of the losses by early afternoon. However,
the up trend did not sustain as the indices gave in to renewed selling pressure.
Markets bounced back again in the last half hour to close near the highs of
the day. Sensex
closed at 6447, down 19 points and the Nifty at 1983, down 8 points. Nifty
May futures discount to the spot index narrowed to 13 points from yesterday's
24 points. Among
Nifty stocks, GAIL, SBI and Tata Power were the major percentage gainers while
BHEL, Hindalco and Bharti Tele were the major losers. Yesterday,
US markets recovered from early weakness to close with decent gains. The increasingly
tough stance of the US government on trade disputes with China energised the
markets. In recent days, the US government has imposed quotas on garment imports
from China and has issued a warning to the Chinese government that any revaluation
of the Yuan should be meaningful. Dow gained over three quarters of a per
cent and SADAQ gained close to half a per cent. Crude
oil futures for June delivery on NYMEX gained marginally to close near the
$49 per barrel mark. The commodity is trading above $49 in today's early trades. After
Monday's strong showing, Indian ADR's corrected once again though tech stocks
were relatively less affected. Tata Motors which had over 3 per cent on Monday
declined close to 4 per cent. VSNL and ICICI Bank lost over a per cent each.
Infosys was the lone gainer with gains of close to a per cent. Wipro and Satyam
closed with losses. ONGC
declined after reports that SEBI has asked the company to increase the number
of independent directors to meet listing norms. The current composition of
ONGC board of directors violates the condition that at least 50 per cent of
the board should be independent directors. The stock closed over a per cent
lower. Infosys
was the other major loser among heavyweights after reports that investor participating
in the company's sponsored ADR issue will not get lower capital gains benefits
as the process is not carried out through a domestic stock exchange. SEBI
also said that, in future, venture capital funds should fund small companies
instead of allowing them to raise funds from IPO's. The market regulator will
facilitate easy de-listing of small companies from the stock exchanges. Tata
Motors, which announced its results yesterday, met with selling pressure and
declined over 2 per cent. Jet Airways, which also announced its results yesterday,
did not enthuse the markets either. After opening on a positive note, Jet
declined by early afternoon. Jet
Airways reported a growth of 60 per cent in profits on revenue growth of over
25 percent for the quarter ended March 2005. For the full year, the company
has more than doubled its profit. The company feels it can maintain its margins
despite the rise in fuel costs and increased competition. It also expects
the international operations to turn in a profit during the current year itself. There
are reports that ICICI Ventures is buying the peripheral businesses of drug
major Ranbaxy. The diagnostic, chemicals and veterinary medicine businesses
of Ranbaxy has an annual turnover of Rs125 crore and the company has been
on the look out for buyers for some time now. ICICI Ventures is reportedly
trying to entrust the management of the acquired business to another drug
firm. Mid-cap
action NDTV
is reportedly launching a fourth channel and has filed for permission. Though
not much detail is available, the channel is expected to be bilingual. NDTV
had met with some selling pressure after some of its top executives left the
company to float a new channel. Panacea
Biotech is negotiating with a US based drug research institute for licensing
a hormone and vaccine for sale in the domestic market. The drugs are in the
research stage and Panacea will pay royalties on domestic sales. Simplex
Concrete Piles gained over 5 per cent in early trades after reports that the
company has won an order worth over Rs200 crore from Jindal Power. Pidilite
Industries, which markets the adhesive brand Fevicol among other products,
lost close to 5 per cent in early trades even though the company reported
good results for the quarter ended March 2005. Profits have grown over 50
per cent on a revenue growth of over 10 per cent. Pantaloon
Retail was among the top gainers with gains of over 17 per cent. Even though
the stock is one of the most expensive in terms of current valuations, many
foreign brokerages are maintaining their buy calls on the stock. They expect
the domestic retail industry to be opened up and the company to maintain its
spectacular growth.
 Among
mid-cap stocks, Garden Silk, Sheshasayee Paper and Mukand Engineering were
the significant percentage gainers.
Saksoft, Avaya Global and Crisil 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
|
6447.00
|
-
19.00 |
| NIFTY
|
1982.75
|
-
8.05 |
Last
Update : 18 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| STATE
BANK OF INDIA |
626.50
|
646.95
|
622.10
|
642.25 |
| HEROHONDA
M |
550.00
|
559.00
|
537.15
|
557.00 |
| LARSEN
& TOUBRO LTD. |
1,025.00
|
1,040.00
|
1,017.50
|
1,036.60 |
| TATA
POWER |
359.05
|
367.90
|
354.00
|
363.55 |
| RANBAXY
LABORATORIES LTD. |
960.00
|
973.70
|
955.25
|
969.55 |
| SATYAM
COMP |
428.00
|
434.80
|
425.60
|
433.80 |
| TATA
IRON AND STEEL CO. LTD. |
354.20
|
360.90
|
351.55
|
357.00 |
| ZEE
TELEF LT |
151.50
|
153.95
|
148.25
|
152.30 |
| RELIANCE*
|
545.00
|
545.00
|
524.95
|
529.90 |
| BAJAJ
AUTO |
1,160.00
|
1,194.00
|
1,145.00
|
1,184.95 |
| I
T C LTD |
1,470.00
|
1,495.00
|
1,462.15
|
1,485.10 |
| MARUTI
UDYOG |
444.00
|
449.80
|
438.15
|
446.35 |
| BHEL
|
854.00
|
857.90
|
831.00
|
837.55 |
| HINDALCO
IN |
1,206.80
|
1,206.80
|
1,171.05
|
1,175.20 |
| BHARTI
TELE |
219.00
|
219.00
|
212.25
|
214.25 |
| TATA
MOTORS |
440.00
|
441.90
|
433.05
|
436.90 |
| GUJARAT
AMBUJA CEMENTS LTD. |
444.00
|
445.50
|
436.50
|
438.95 |
| ONG
CORP LTD |
867.90
|
867.90
|
855.00
|
859.80 |
| ICICI
BANK L |
391.15
|
394.00
|
389.10
|
391.35 |
| GRASIM
INDUSTRIES LTD. |
1,129.90
|
1,131.00
|
1,117.50
|
1,122.75 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,102.00
|
2,102.00
|
1,991.00
|
2,043.30 |
| HINDUSTAN
LEVER LTD. |
132.00
|
132.35
|
130.00
|
130.50 |
| CIPLA
LTD. |
278.15
|
279.50
|
275.00
|
277.65 |
| HDFC
BANK LT |
539.50
|
539.50
|
524.00
|
534.95 |
| WIPRO
LTD. |
652.00
|
654.90
|
642.00
|
650.85 |
| DR.REDDY'S
LABORATORIES LTD. |
675.00
|
685.00
|
665.00
|
681.75 |
| HOUSING
DEVELOPMENT FINANCE CO |
760.00
|
766.00
|
752.00
|
764.30 |
| ASSOCIATED
CEMENT COMPANIES LT |
383.00
|
385.10
|
379.00
|
381.65 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
321.00
|
330.05
|
320.35
|
326.30 |
| RELIANCE
ENR* |
489.00
|
494.00
|
484.00
|
487.35 |
Last
Update : 18 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| INFOSYSTCH
|
2060.00
|
2061.90
|
1993.10
|
2042.25 |
| SBIN |
624.00 |
646.85
|
622.00
|
641.25 |
| RELIANCE
|
528.00
|
531.60
|
523.10
|
529.60 |
| TISCO
|
354.00
|
361.00
|
351.10
|
356.85 |
| SATYAMCOMP
|
428.00
|
436.00
|
426.00
|
434.70 |
| TATAMOTORS
|
445.00
|
445.00
|
433.00
|
436.80 |
| ONGC
|
865.00
|
868.00
|
852.00
|
862.15 |
| MARUTI
|
438.50
|
451.90
|
438.30
|
447.80 |
| ITC
|
1474.00
|
1494.80
|
1462.20
|
1485.50 |
| TCS
|
1154.00
|
1154.00
|
1123.00
|
1142.70 |
| SAIL
|
51.35
|
51.65
|
50.50
|
51.35 |
| ORIENTBANK
|
259.40
|
264.90
|
257.35
|
261.80 |
| PNB
|
379.20
|
384.00
|
374.25
|
380.20 |
| RANBAXY
|
955.00
|
974.00
|
955.00
|
969.10 |
| BHARTI
|
219.00
|
219.00
|
213.10
|
214.35 |
| GAIL
|
215.10
|
225.00
|
213.60
|
222.45 |
| WIPRO |
656.80 |
656.80
|
643.00
|
652.35 |
| HDFC
|
765.10
|
766.10
|
752.10
|
761.85 |
| M&M
|
467.00
|
474.80
|
464.00
|
472.85 |
| BAJAJAUTO
|
1152.00
|
1199.00
|
1142.05
|
1183.20 |
| HINDLEVER
|
132.50
|
132.90
|
129.75
|
130.50 |
| ACC
|
383.00
|
385.50
|
378.20
|
382.00 |
| BHEL
|
811.55
|
857.90
|
811.55
|
832.90 |
| HINDPETRO
|
327.70
|
330.90
|
320.40
|
326.15 |
| ZEETELE
|
152.00
|
153.90
|
148.10
|
152.15 |
| TATAPOWER
|
358.00
|
368.00
|
354.00
|
365.65 |
| GUJAMBCEM
|
444.00
|
446.40
|
435.00
|
437.85 |
| LT
|
1017.00
|
1039.00
|
1013.05
|
1030.60 |
| BPCL
|
375.00
|
377.90
|
368.00
|
374.40 |
| HDFCBANK
|
536.90
|
537.00
|
528.50
|
534.95 |
| CIPLA
|
279.00
|
280.00
|
273.00
|
278.10 |
| ICICIBANK
|
394.95
|
394.95
|
389.00
|
390.65 |
| HEROHONDA
|
547.50
|
559.00
|
545.00
|
556.75 |
| HCLTECH
|
347.00
|
347.00
|
334.60
|
338.10 |
| HINDALC0
|
1206.50
|
1206.50
|
1171.00
|
1175.10 |
| IPCL
|
163.15
|
164.30
|
161.65
|
163.20 |
| TATATEA
|
530.05
|
534.50
|
525.00
|
529.95 |
| TATACHEM
|
163.00
|
163.70
|
159.00
|
161.55 |
| GRASIM
|
1137.00
|
1137.00
|
1112.25
|
1124.05 |
| REL |
488.50 |
491.00
|
485.05
|
488.15 |
| DRREDDY
|
674.30
|
685.00
|
671.00
|
681.05 |
| NATIONALUM
|
147.40
|
147.40
|
144.25
|
145.95 |
| SCI
|
151.40
|
152.00
|
148.50
|
149.15 |
| MTNL
|
117.00
|
117.50
|
115.15
|
116.25 |
| COLGATE
|
209.00
|
212.50
|
205.20
|
209.15 |
| VSNL
|
205.05
|
209.00
|
203.00
|
207.20 |
| ABB
|
1282.75
|
1301.00
|
1256.50
|
1299.15 |
| GLAXO
|
740.00
|
740.00
|
715.10
|
725.35 |
| SUNPHARMA
|
504.00
|
514.80
|
500.00
|
513.05 |
| DABUR
|
122.30
|
122.30
|
119.00
|
121.65 |
Last
Update : 18 May, 2005, 16:04PM
| 
