|
The market opened firm on the back of positive global cues as US markets remained
firm yesterday and oil declined further. The indices were held firm by oil
marketing companies, Infosys and SBI.
Weakness in SBI before announcement of its results pulled the indices down.
Tata Motors, Tata Steel and SAIL trended lower and added to the weakness.
Markets were trading at their lows of the day before noon.
Better than expected results from SBI helped the markets to recover. Renewed
buying in oil marketing companies, Infosys and ICICI Bank helped the indices
to close marginally in the positive.
Sensex
closed at 6499, up 20 points and the Nifty at 1993, up 2 points. Nifty May
futures discount to the spot index narrowed to 6 points from yesterday's 14
points.
Among
Nifty stocks, L&T, Infosys and HPCL were the major percentage gainers
while Zee Tele, SAIL and Cipla were the major losers.
US
markets continued its rally yesterday and closed with gains for the fourth
consecutive day. NASDAQ gained over half a per cent while gains at Dow were
lower.
Yesterday,
Indian ADR's gave up part of their gains from the previous day. Tata Motors,
Wipro and ICICI Bank were the major losers. Infosys, HDFC Bank and VSNL also
closed with losses. Satyam and MTNL gained well over a per cent each. Inflation
for the week ended 07 May declined to 5.61 per cent from 5.67 per cent reported
for the previous week. Reliance
Industries has decided to withdraw the discount given to state owned oil marketing
companies on diesel purchased from its refinery. In response, Indian Oil said
it may not lift any diesel from Reliance during the current year. Reliance
closed lower. Singapore
Telecom has increased its stake in Bharti Tele to over 30 per cent by acquiring
part of the stake held by the promoters in the holding company. SingTel considers
its investment in Bharti as a strategic investment and has said it would consider
increasing its holding in Bharti if the conditions are right. Bharti closed
lower by over a per cent. Bharti
has dropped its plans for a sponsored ADR issue. The company said it did not
receive satisfactory responses from its shareholders. Oil
marketing stocks had a good day in the markets after the petroleum ministry
recommended a furl price hike yesterday. The government indicated that the
recommendations would be accepted though the extent of increase may be lower
than expected. Indian Oil gained over 2 per cent while BPCL and HPCL gained
around a per cent each. BPCL
reported its results yesterday. Profits for the fourth quarter declined over
15 per cent even as revenues increased over 15 per cent. SBI
announced its results for both the quarter and year ended March 2005. Fourth
quarter profits have increased by over 20 per cent on a revenue growth of
6 per cent. The bank has been able to post steady growth in its net interest
income even as treasury income has come down. SBI
stock was volatile during the day. After opening on a positive note, it declined
before the results were announced. As the results turned out to be better
than expectations, the stock bounced back to close with gains of close to
2 per cent. SBI
has indicated that it is interested in acquiring more than one bank in Asia
and Africa. It had recently acquired a bank based in Mauritius. SBI is also
interested in acquiring UTI Asset Management, which manages UTI mutual fund,
if offered at the right price. Another
PSU banking major Bank of Baroda, however, disappointed with its results.
Fourth quarter profits declined over 35 per cent from those reported during
the sale quarter of last year. Even revenues showed a marginal decline as
treasury income dropped. The stock declined after the announcement of results. Mid-Cap
Action Many
textile counters had the second straight day of gains on reports of China
imposing an export duty on textiles. This came on the back of news about the
US forcing quotas on more categories of textiles. However, Indian exporters
may still struggle to match Chinese prices on most textile products. Godrej
Industries continued its rally from yesterday by posting gains of over 10
per cent. The company had indicated yesterday that it is willing to look at
foreign investment to develop its real estate holdings. Group company Godrej
Consumer also gained over 3 per cent. Mid-cap
pharma company, FDC, gained over 5 per cent in early trades after the company
received US FDA approval for two of its manufacturing plants. Aptech
Limited declined after 2 days of phenomenal gains. The stock saw a large block
deal early in the morning with over 10 per cent of the company's capital changing
hands. It is believed that SSI limited, which sold its IT education business
to Aptech in return for a stake in the latter, sold its holdings to institutional
investors. Dena
Bank reported a massive decline in its profit for the year ended March 2005.
Profits have declined from over Rs230 core to Rs61 crore for the full year.
For the fourth quarter the bank reported a loss as revenues declined close
to 20 per cent. The stock lost over 5 per cent immediately after the announcement.
Centurion
Bank reported a turnaround in its fortunes. The bank reported a profit of
over Rs9 crore as against a loss of close to Rs98 crore during the previous
year. Revenues have also grown at a healthy rate of over 35 per cent. The
stock opened firm with gains of over 4 per cent.  Archies,
Heritage Foods and Harissons Malayalam were among the best performing stocks
among mid-caps.
Tips
Industries, Max India and Karnataka Bank were among the significant 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
|
6,499.50
|
+20.56
|
| NIFTY
|
1,992.40
|
+1.55
|
Last
Update : 20 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| LARSEN
& TOUBRO LTD. |
1,054.50
|
1,089.00
|
1,045.00
|
1,078.80 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,125.00
|
2,150.00
|
2,075.00
|
2,142.45 |
| STATE
BANK OF INDIA |
639.00
|
651.00
|
631.30
|
649.15 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
325.00
|
329.60
|
325.00
|
329.00 |
| BHEL
|
849.80
|
859.00
|
836.55
|
854.55 |
| DR.REDDY'S
LABORATORIES LTD. |
680.00 |
694.90
|
675.00
|
689.95 |
| HEROHONDA
M |
561.00
|
569.85
|
559.00
|
567.35 |
| WIPRO
LTD. |
657.00
|
668.70
|
651.00
|
664.65 |
| RANBAXY
LABORATORIES LTD. |
966.00 |
981.45
|
966.00
|
977.75 |
| TATA
POWER |
365.00
|
369.50
|
361.30
|
367.00 |
| ICICI
BANK L |
394.20
|
399.00
|
388.00
|
396.80 |
| SATYAM
COMP |
441.00
|
444.60
|
435.15
|
442.90 |
| HOUSING
DEVELOPMENT FINANCE CO |
760.10
|
768.00
|
760.00
|
764.00 |
| ZEE
TELEF LT |
153.70
|
153.90
|
148.00
|
148.70 |
| RELIANCE
ENR* |
492.90
|
495.00
|
474.00
|
475.80 |
| CIPLA
LTD. |
277.90
|
277.90
|
272.05
|
273.30 |
| ONG
CORP LTD |
857.00
|
859.25
|
845.00
|
847.75 |
| TATA
MOTORS |
437.00
|
437.00
|
429.65
|
431.95 |
| HINDALCO
IN |
1,171.00
|
1,177.00
|
1,153.05
|
1,158.35 |
| BAJAJ
AUTO |
1,235.00
|
1,235.00
|
1,210.55
|
1,216.80 |
| GUJARAT
AMBUJA CEMENTS LTD. |
443.00
|
445.00
|
438.00
|
440.25 |
| RELIANCE*
|
521.80
|
526.50
|
515.45
|
520.40 |
| GRASIM
INDUSTRIES LTD. |
1,131.00
|
1,135.80
|
1,122.50
|
1,123.40 |
| ASSOCIATED
CEMENT COMPANIES LT |
318.00
|
381.50
|
318.00
|
378.75 |
| HDFC
BANK LT |
540.40
|
543.00
|
535.00
|
538.55 |
| BHARTI
TELE |
218.50
|
218.50
|
213.00
|
215.70 |
| TATA
IRON AND STEEL CO. LTD. |
358.25
|
360.00
|
353.30
|
355.55 |
| I
T C LTD |
1,499.00
|
1,504.95
|
1,490.00
|
1,494.25 |
| MARUTI
UDYOG |
446.00
|
449.00
|
438.10
|
445.00 |
| HINDUSTAN
LEVER LTD. |
131.00
|
131.00
|
129.30
|
130.00 |
Last
Update : 20 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| SBIN
|
644.80
|
651.00
|
631.20
|
649.00 |
| RELIANCE
|
525.00
|
526.90
|
515.60
|
520.45 |
| INFOSYSTCH
|
2114.00
|
2150.00
|
2074.00
|
2140.50 |
| TISCO
|
356.00
|
359.90
|
353.25
|
355.20 |
| SATYAMCOMP
|
441.00
|
444.60
|
435.10
|
442.70 |
| ORIENTBANK
|
268.90
|
273.30
|
265.00
|
266.70 |
| ITC
|
1480.00
|
1508.00
|
1480.00
|
1497.65 |
| MARUTI
|
445.00
|
449.55
|
438.05
|
445.20 |
| TCS
|
1165.00
|
1174.70
|
1147.20
|
1169.65 |
| SAIL
|
51.50
|
51.65
|
50.15
|
50.30 |
| ONGC
|
855.00
|
857.70
|
845.00
|
848.30 |
| RANBAXY
|
968.00
|
983.90
|
960.00
|
979.80 |
| LT
|
1052.00
|
1086.95
|
1047.00
|
1077.00 |
| TATAMOTORS
|
435.00
|
436.00
|
429.60
|
432.10 |
| WIPRO
|
655.10
|
668.90
|
653.00
|
663.30 |
| BPCL
|
377.00
|
383.75
|
374.55
|
379.85 |
| ACC
|
380.00
|
382.95
|
376.10
|
378.00 |
| HINDPETRO
|
323.10
|
330.00
|
323.00
|
329.10 |
| M&M
|
477.00
|
481.50
|
468.00
|
477.55 |
| PNB |
383.05 |
386.00
|
379.35
|
384.60 |
| CIPLA
|
276.70
|
277.75
|
272.00
|
273.40 |
| BAJAJAUTO
|
1230.00
|
1237.00
|
1210.35
|
1216.15 |
| ICICIBANK
|
389.95
|
399.00
|
385.00
|
397.45 |
| GAIL
|
222.25
|
223.50
|
220.10
|
221.35 |
| HEROHONDA
|
560.65
|
569.95
|
558.00
|
567.95 |
| HINDLEVER
|
131.40
|
131.40
|
129.50
|
130.05 |
| BHEL
|
849.70
|
857.00
|
838.00
|
854.70 |
| BHARTI
|
215.00
|
219.00
|
213.40
|
214.70 |
| GUJAMBCEM
|
444.30
|
447.65
|
438.10
|
440.85 |
| REL
|
483.00
|
485.00
|
473.00
|
477.10 |
| ZEETELE
|
153.00
|
153.00
|
148.00
|
149.10 |
| DRREDDY
|
685.00
|
694.00
|
673.55
|
689.30 |
| HCLTECH
|
343.00
|
345.00
|
339.40
|
343.35 |
| IPCL
|
163.95
|
163.95
|
161.55
|
162.45 |
| HINDALC0
|
1198.00
|
1198.00
|
1154.00
|
1161.00 |
| GRASIM
|
1131.00
|
1134.90
|
1122.10
|
1123.80 |
| TATACHEM
|
164.90
|
164.90
|
160.10
|
162.95 |
| TATATEA
|
527.00
|
545.00
|
523.25
|
537.70 |
| TATAPOWER
|
364.85
|
369.00
|
361.00
|
366.70 |
| HDFCBANK
|
536.10
|
543.95
|
536.00
|
537.65 |
| HDFC
|
764.90
|
765.90
|
756.15
|
761.45 |
| NATIONALUM
|
146.25
|
147.00
|
145.00
|
146.10 |
| GLAXO
|
730.05
|
740.60
|
730.05
|
739.80 |
| COLGATE
|
208.15
|
210.85
|
205.80
|
208.55 |
| MTNL
|
117.50
|
117.50
|
116.50
|
116.90 |
| SCI
|
152.00
|
152.00
|
149.20
|
149.70 |
| VSNL
|
211.00
|
211.00
|
207.30
|
208.90 |
| DABUR
|
122.85
|
124.80
|
122.85
|
123.75 |
| ABB
|
1316.00
|
1324.00
|
1286.00
|
1293.30 |
| SUNPHARMA
|
509.45
|
513.90
|
505.00
|
511.15 |
Last
Update : 20 May, 2005, 16:04PM
| 
