|
The indices opened strong, continuing from yesterday's firm closing. Gains
in two-wheeler stocks like Hero Honda and Bajaj Auto held the markets up.
Talks of a hike in fuel prices, helped the oil marketing companies to trade
marginally in the positive.
Indices
gained close to half-a-per cent in the morning itself and maintained a steady
trend till early afternoon. News of a further postponement of the oil price
hike after left opposition, saw the oil stocks losing ground. After slipping
marginally into the negative by late afternoon, the indices managed to close
flat.
The
Sensex closed at 6730, up 15 points and the Nifty at 2088, no change from
yesterday's close. Nifty June futures discount to the spot remained at 24
points.
Among
Nifty stocks, HLL, Colgate and Reliance Energy were the major percentage gainers
while SAIL, TCS and NALCO were the major losers.
Yesterday,
US markets closed lower after insurance major AIG issued its revised accounts
for the last 5 years. The company has re-stated its value by close to 3 per
cent lower. The Dow closed two thirds of a per cent lower. Losses on the NASDAQ
were lower at less than half a per cent.
Crude
futures for July delivery closed marginally higher at $51.97 to a barrel.
Traders are waiting for a key OPEC meeting which will decide on the oil cartel's
output limits. Crude opened higher today morning above $52.
Indian
ADR's had a mixed day yesterday. IT stocks remained in favour as some brokerages
are recommending them in anticipation of major order wins. Infosys closed
over 2 per cent higher while Satyam gained over a per cent. Wipro closed with
marginal losses. MTNL was the other significant gainer with gains of close
to 3 per cent. ICICI Bank, Tata Motors and HDFC Bank all closed with losses.
Two-wheeler
stocks were the flavour of the day as they announced excellent growth in volume
sales for the month of May. Bajaj Auto, with an increase of over 50 per cent
growth in sales as compared to the same month in the previous year, was once
again the star performer. The third largest player, TVS Motors, also surprised
with over 30 per cent growth. The numbers reported by market leader Hero Honda
were rather subdued at less than 10 per cent. Bajaj
Auto gained over 2 per cent to touch a new 52 week high. TVS Motors also gained
over 2 per cent. Hero Honda closed with gains of over a per cent. Passenger
cars market leader Maruti reported a 4 per cent decline in May volume sales
as compared to the same month of last year. Sales of the Maruti 800 model
continue to decline. On the other hand, mid-size sedan models like Esteem
and Baleno reported around 50 per cent growth. Total
domestic passenger car sales grew marginally by 6 per cent while exports declined
over 60 per cent. The stock closed with losses of more than a per cent. Construction
and defence equipment manufacturer BEML gained over 4 per cent in early trades
after the company indicated that its board will consider a further public
offering of shares. The company is expecting an order from Sri Lanka, reportedly
worth around Rs1,000 crore. The stock closed with gains of close to 6 per
cent. Metal
stocks declined after steel and aluminium companies announced price cuts as
international metal prices continue to soften. Aluminium prices on the London
Metal Exchange have been on a steady decline for the last couple of months
now. International steel prices have also come down on reports that China
would become a net exporter of steel this year. SAIL
has reportedly reduced steel prices by Rs500 to Rs2,000 per tonne and other
steel companies are contemplating price cuts of up to Rs.2,500. Hindalco and
Nalco have announced a cut in aluminium prices. SAIL
was the biggest loser with losses of over 4 per cent. Nalco lost over 2 per
cent. Hindalco and Tata Steel also closed with losses of over a per cent each.
A
consortium of Egyptian and Kuwaiti companies has bid higher than Tata Chemicals
for Egyptian Fertiliser Company, SAE. Tata Chemicals said it is considering
a revised bid at a higher price. Tata
Chemicals' profit for the quarter ended March 2005 more than tripled to over
Rs110 crore as revenues grew a robust 28 per cent. For the full year, the
company has reported a profit growth of over 50 per cent. The company says
it expects margin pressure during the current year from increasing fuel prices.
The stock gained over 3 per cent in early trades and closed with gains of
around 2 per cent. Kotak
Mahindra Bank closed with gains of over 6 per cent. The stock has been on
an uptrend ever since the company said its board will consider a bonus issue.
Ford Credit, the financing arm of Ford Motors, will buy out the Indian partners,
Kotak Mahindra and M&M, in the domestic joint venture company. Mid-Cap
Action Mid-cap
stocks resumed their rally after yesterday's recovery. CNX Mid-Cap 200 index
closed at 3010, up 29 points. Mid-cap
pharma companies Matrix Laboratories and Strides Arcolab has decided to merge.
The board of both the companies will meet shortly to decide on the terms of
the merger. The merged company would be called Matrix-Strides Limited and
would have combined revenues of over Rs1,000 crore. Strides
gained over 10 per cent in early trades after the news came out while gains
for Matrix were more subdued. Strides closed with gains of over 13 per cent.
Other
mid-cap pharma stocks like Orchid Chemicals and Shasun Chemicals also closed
with handsome gains. Timex
Watches gained over 7 per cent in early trades after the company reported
net profits for the full year ended March 2005 after years of losses. The
company reported profits of over Rs2 crore as against a loss of Rs4 crore
for the fourth quarter. Timex will introduce more international brands during
the current year. Auto
ancillary company Rane Engine Valves gained 5 per cent after the company said
it is making an open offer to acquire over 25 per cent of another auto ancillary
player, KAR Mobiles.  Vindhya
Telelinks, Helios & Matheson and Hindustan Organic Chemicals were among
the best performing stocks among mid-caps.
JBM
Auto Components, Ahmednagar Forgings and Navbharat Ferro Alloys 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
|
6,729.90
|
+14.79
|
| NIFTY
|
2087.55
0.00 |
0.00
|
Last
Update : 1 June, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| HINDUSTAN
LEVER LTD. |
145.95
|
150.50
|
143.00
|
149.35 |
| BAJAJ
AUTO |
1,236.00
|
1,262.00
|
1,235.00
|
1,256.20 |
| RELIANCE
ENR* |
518.90
|
529.50
|
517.50
|
527.10 |
| ICICI
BANK L |
396.80
|
400.00
|
393.60
|
398.60 |
| TATA
MOTORS |
434.50
|
442.00
|
433.15
|
438.50 |
| RANBAXY
LABORATORIES LTD. |
1,105.00
|
1,129.00
|
1,105.00
|
1,114.40 |
| HEROHONDA
M |
560.00
|
563.90
|
555.55
|
559.75 |
| CIPLA
LTD. |
291.00
|
293.30
|
290.25
|
292.35 |
| RELIANCE*
|
537.00
|
544.00
|
536.05
|
540.40 |
| ONG
CORP LTD |
920.00
|
934.90
|
917.00
|
929.85 |
| DR.REDDY'S
LABORATORIES LTD. |
730.05
|
736.00
|
720.20
|
731.45 |
| HOUSING
DEVELOPMENT FINANCE CO |
763.00
|
774.40
|
763.00
|
768.80 |
| ASSOCIATED
CEMENT COMPANIES LT |
378.05
|
380.80
|
376.25
|
379.00 |
| ZEE
TELEF LT |
140.00
|
140.90
|
138.25
|
139.85 |
| SATYAM
COMP |
455.00
|
457.95
|
448.00
|
455.05 |
| LARSEN
& TOUBRO LTD. |
1,048.00
|
1,059.80
|
1,045.90
|
1,050.10 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
338.00
|
341.90
|
335.30
|
336.25 |
| TATA
POWER |
387.00
|
390.00
|
375.00
|
377.15 |
| TATA
IRON AND STEEL CO. LTD. |
363.50
|
365.60
|
355.55
|
356.25 |
| STATE
BANK OF INDIA |
670.00
|
674.90
|
658.00
|
659.90 |
| HINDALCO
IN |
1,127.00
|
1,139.70
|
1,111.00
|
1,113.25 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,250.00
|
2,260.00
|
2,209.00
|
2,221.50 |
| GRASIM
INDUSTRIES LTD. |
1,125.70
|
1,135.00
|
1,110.15
|
1,115.00 |
| MARUTI
UDYOG |
465.00
|
470.80
|
459.40
|
460.65 |
| WIPRO
LTD. |
715.00
|
719.80
|
709.10
|
710.85 |
| HDFC
BANK LT |
536.00
|
541.90
|
534.05
|
536.25 |
| GUJARAT
AMBUJA CEMENTS LTD. |
453.00
|
456.90
|
445.55
|
451.20 |
| I
T C LTD |
1,599.00
|
1,607.90
|
1,585.30
|
1,591.35 |
| BHARTI
TELE |
221.50
|
225.00
|
221.50
|
222.95 |
| BHEL
|
883.00
|
888.90
|
876.15
|
879.00 |
Last
Update : 1 June, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
538.00
|
544.20
|
536.00
|
541.00 |
| INFOSYSTCH
|
2255.00
|
2261.00
|
2208.00
|
2222.00 |
| SATYAMCOMP
|
453.30
|
459.00
|
448.70
|
455.00 |
| SBIN
|
669.50
|
674.90
|
658.10
|
660.20 |
| TCS
|
1330.00
|
1330.00
|
1297.55
|
1304.50 |
| TISCO
|
364.00
|
365.70
|
355.30
|
356.35 |
| ONGC
|
921.35
|
935.00
|
903.10
|
929.85 |
| HINDLEVER
|
143.20
|
150.15
|
142.90
|
149.00 |
| SAIL
|
54.60
|
54.80
|
51.95
|
52.45 |
| MARUTI
|
466.00
|
470.40
|
458.25
|
460.45 |
| TATAMOTORS
|
438.00
|
442.00
|
432.20
|
438.35 |
| ITC |
1600.00 |
1608.00
|
1580.10
|
1591.55 |
| RANBAXY
|
1100.00
|
1130.00
|
1100.00
|
1116.15 |
| TATACHEM
|
189.00
|
189.00
|
179.50
|
182.10 |
| M&M
|
509.60
|
520.00
|
509.60
|
517.05 |
| WIPRO
|
717.00
|
721.00
|
704.00
|
711.25 |
| BAJAJAUTO
|
1230.00
|
1264.80
|
1230.00
|
1254.70 |
| REL
|
519.80
|
529.85
|
516.95
|
527.30 |
| HEROHONDA
|
555.00
|
563.70
|
555.00
|
560.00 |
| GAIL
|
215.20
|
217.15
|
214.55
|
216.40 |
| HINDPETRO
|
336.00
|
342.50
|
335.10
|
336.20 |
| DRREDDY
|
721.00
|
737.00
|
721.00
|
731.75 |
| GUJAMBCEM
|
456.00
|
457.00
|
445.50
|
450.95 |
| HDFC
|
766.90
|
772.00
|
761.50
|
769.10 |
| HINDALC0
|
1130.00
|
1139.70
|
1111.50
|
1114.45 |
| BHARTI
|
224.90
|
225.00
|
221.25
|
222.50 |
| ZEETELE
|
140.50
|
140.90
|
138.20
|
139.65 |
| TATAPOWER
|
382.25
|
390.00
|
376.05
|
377.80 |
| LT
|
1049.85
|
1058.95
|
1029.00
|
1051.20 |
| TATATEA
|
577.00
|
584.40
|
575.00
|
579.90 |
| NATIONALUM
|
144.00
|
145.80
|
142.60
|
143.05 |
| IPCL
|
164.65
|
166.60
|
163.60
|
165.05 |
| ICICIBANK
|
393.95
|
401.00
|
393.00
|
399.40 |
| MTNL
|
121.00
|
123.80
|
121.00
|
122.25 |
| HCLTECH
|
370.00
|
372.00
|
357.50
|
360.15 |
| BHEL
|
882.00
|
885.00
|
874.05
|
880.15 |
| COLGATE
|
219.00
|
227.95
|
217.00
|
225.75 |
| BPCL |
390.90 |
397.95
|
389.05
|
391.45 |
| CIPLA |
289.10 |
293.50
|
289.10
|
292.20 |
| PNB
|
382.00
|
385.00
|
378.15
|
379.60 |
| ACC
|
377.90
|
381.00
|
376.10
|
378.85 |
| GRASIM
|
1127.00
|
1136.80
|
1111.00
|
1122.65 |
| HDFCBANK
|
541.50
|
542.50
|
534.00
|
535.95 |
| GLAXO
|
743.55
|
772.40
|
743.55
|
770.85 |
| ORIENTBANK
|
262.00
|
263.90
|
259.00
|
259.75 |
| SCI
|
151.70
|
151.90
|
150.10
|
150.55 |
| DABUR
|
130.50
|
131.40
|
129.15
|
129.70 |
| SUNPHARMA
|
542.00
|
542.00
|
525.00
|
528.55 |
| VSNL |
207.50 |
209.35
|
206.50
|
207.10 |
| ABB
|
1309.00
|
1315.00
|
1291.00
|
1301.40 |
Last
Update : 1 June, 2005, 16:04PM
| 
