|
With heavyweights leading from the front, the indices did not need many positive
global indicators to post the strongest intra-day rally in almost three months.
What started off as a modest uptrend gathered strength by early afternoon
as most frontline stocks surged.
Reliance
group stocks were the strongest gainers after the latest round of reports
that a settlement between the brothers was very near. Even though the markets
have heard the same story any number of times in the recent past, it never
fails to excite traders. Flagship Reliance Industries closed with gains of
over 4 per cent.
Frontline
IT stocks also surged and the IT index closed with over 3 per cent gains.
Wipro led the pack with a 3 per cent gain followed by Infosys with over 2
per cent. TCS and Satyam also managed to close with strong gains of around
2 per cent each.
Sensex
closed at 6749, up 93 points and the Nifty at 2094, up 30 points. Nifty June
futures discount to the spot narrowed to 17 points from yesterday's 28 points.
Among
Nifty stocks, VSNL, Zee Tele and Reliance Industries were the major percentage
gainers while Grasim, Tata Tea and Gujarat Ambuja Cements were the major losers.
US
markets were flat yesterday as traders await the May employment data due for
release today. Traders did not give much importance to weekly unemployment
claims, which rose during the previous week. Labour cost in the first quarter
rose over 3 per cent raising fears of inflation. The cooling off in oil prices
after the previous day's dramatic surge also helped the markets to remain
steady. The NASDAQ closed with gains of close to half a per cent while Dow
closed almost flat.
Crude
futures for July delivery slipped almost 2 per cent yesterday and closed below
the $54-mark. The decline came after release of weekly data showing both crude
and product inventories at higher than expected levels. Crude has opened more
than a per cent higher, above $54 to a barrel, in early trades today.
There
was not much action in Indian ADR's, most of which ended without much change.
After the previous day's 5 per cent gain, Tata Motors gave up close to 3 per
cent. VSNL lost over a per cent.
Inflation for the week ended 21 May declined to 5.38 per cent from 5.55 per
cent reported for the previous week. The decline was attributed to lower food
and energy prices. Even
as the markets wait for a firm decision from the government of BHEL disinvestment,
there are unconfirmed reports that there will be a disinvestment of 20 per
cent in Nalco. As can be expected, there were dissenting voices from the left
parties and even the minister for mines himself, on the proposal. The
company management denied any knowledge about the disinvestment plans. The
company is planning to set up a joint venture aluminium plant in the Middle
East at a cost of Rs15,000 crore. The company may also set up an alumina refinery
in the state of Andhra Pradesh. The
stock surged close to 5 per cent immediately after the reports came out. It
cooled off after the minister for mines expressed his disapproval for a 20
per cent stake sale. The stock regained its strength after the minister said
he is open to a 10 per cent stake sale and closed with gains of close to 4
per cent. HCL
Technologies announced a joint venture with Japanese electronics major NEC.
Set up with an investment of $5 million, the JV will develop embedded and
mobile software solutions. NEC will hold 51 per cent stake and the rest will
be held by HCL. The
NEC-HCL venture expects revenues of around $25 million within 3 years which
could increase to $75 to $100 million after 5 years. After gaining almost
3 per cent after the announcement, HCL Tech closed with gains of under a per
cent. Larsen
& Toubro received an order worth Rs278 crore from the National Highway
Authority. The order is for construction of highways in the northern states
and is expected to be completed within 3 years. The stock closed with gains
of over 2 per cent. VSNL
shot up in late afternoon trades after reports that the company is discussing
with Microsoft for providing total telecom solutions at its locations globally.
After the acquisition of Tyco undersea telecom cable network, VSNL has been
discussing with global corporations to provide total telecom solutions. The
company is yet to win any contracts for such services. Mid-Cap
Action The
action was in the frontline stocks and mid-cap stocks underperformed the larger
stocks for a change. CNX Mid-Cap 200 index closed at 3007, up 16 points or
half a per cent. Many
mid-cap IT stocks closed with significant gains, following the frontline technology
stocks. This group was led by Nucleus Software with gains of over 15 per cent.
California Software and Soffia Software were two of the smaller software companies
which closed with gains of 20 per cent each. Garware
Wall Ropes, manufacturers of plastic ropes and nets, closed with gains of
5 per cent after the company announced good results. For the fourth quarter,
profits have increased by over 85 per cent on a revenue growth of over 20
per cent. For the full year, profits have grown by over 30 per cent. Diesel
engine manufacturer Cummins India has reported a more than 50 per cent growth
in fourth quarter profits. Revenues for the period were higher by over 15
per cent. The company is a major supplier to Tata Motors for its commercial
vehicles range. The stock closed over a per cent higher.  JBM
Tools, JBF Industries and GTN Textiles were among the best performing stocks
among mid-caps.
Monnet
Ispat, Strides Arcolab and EID Parry 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
|
6,748.85
|
+
93.29 |
| NIFTY
|
2,094.25
|
+
29.60 |
Last
Update : 3 June, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ZEE
TELEF LT |
141.00
|
149.00
|
140.95
|
147.95 |
| RELIANCE*
|
530.25
|
555.00
|
530.25
|
552.90 |
| RELIANCE
ENR* |
518.90
|
532.00
|
515.10
|
530.05 |
| WIPRO
LTD. |
705.05
|
725.00
|
702.20
|
722.50 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,201.25
|
2,280.00
|
2,189.00
|
2,258.80 |
| SATYAM
COMP |
451.40
|
468.00
|
450.00
|
462.50 |
| LARSEN
& TOUBRO LTD. |
1,085.00
|
1,115.00
|
1,070.05
|
1,110.90 |
| RANBAXY
LABORATORIES LTD. |
1,090.25
|
1,103.30
|
1,080.00
|
1,100.15 |
| HDFC
BANK LT |
544.90
|
547.40
|
538.00
|
547.00 |
| ONG
CORP LTD |
923.00
|
939.50
|
923.00
|
937.30 |
| I
T C LTD |
1,565.00
|
1,588.90
|
1,553.00
|
1,581.95 |
| HINDALCO
IN |
1,075.00
|
1,099.90
|
1,070.00
|
1,093.65 |
| STATE
BANK OF INDIA |
657.00 |
666.50
|
656.00
|
662.25 |
| BAJAJ
AUTO |
1,260.00
|
1,278.00
|
1,253.00
|
1,275.50 |
| MARUTI
UDYOG |
450.00
|
456.50
|
446.10
|
454.50 |
| TATA
POWER |
373.20
|
375.00
|
369.00
|
374.15 |
| ASSOCIATED
CEMENT COMPANIES LT |
372.00
|
374.65
|
370.05
|
373.25 |
| ICICI
BANK L |
395.00
|
395.90
|
391.05
|
393.75 |
| TATA
IRON AND STEEL CO. LTD. |
348.60
|
351.90
|
344.25
|
349.80 |
| BHARTI
TELE |
223.00
|
223.00
|
219.10
|
220.55 |
| GUJARAT
AMBUJA CEMENTS LTD. |
448.00
|
450.00
|
440.00
|
443.80 |
| GRASIM
INDUSTRIES LTD. |
1,112.00
|
1,115.85
|
1,100.00
|
1,102.05 |
| DR.REDDY'S
LABORATORIES LTD. |
736.00
|
736.00
|
725.15
|
730.55 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
333.30
|
337.50
|
329.10
|
331.15 |
| HOUSING
DEVELOPMENT FINANCE CO |
763.00
|
765.90
|
758.00
|
760.10 |
| HINDUSTAN
LEVER LTD. |
147.10
|
147.90
|
145.55
|
146.75 |
| HEROHONDA
M |
558.00
|
561.00
|
554.00
|
557.70 |
Last
Update : 3 June, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
528.00
|
555.80
|
528.00
|
553.15 |
| INFOSYSTCH
|
2209.00
|
2274.90
|
2190.00
|
2255.85 |
| TISCO
|
350.00
|
352.00
|
344.10
|
349.70 |
| SATYAMCOMP
|
451.05
|
462.50
|
450.00
|
460.90 |
| SBIN |
655.50 |
666.50
|
655.50
|
662.45 |
| TCS
|
1268.55
|
1296.70
|
1261.05
|
1293.15 |
| ONGC |
923.00 |
939.50
|
923.00
|
937.45 |
| ITC |
1568.00 |
1590.00
|
1550.10
|
1582.55 |
| SAIL
|
51.00
|
51.65
|
50.45
|
51.20 |
| WIPRO
|
708.85
|
725.00
|
701.10
|
721.65 |
| LT
|
1080.00
|
1119.00
|
1075.00
|
1112.65 |
| MARUTI
|
450.10
|
455.95
|
445.10
|
454.15 |
| HINDLEVER
|
147.35
|
147.85
|
145.70
|
146.80 |
| NATIONALUM
|
140.10
|
148.90
|
140.00
|
146.50 |
| TATAMOTORS
|
434.00
|
439.80
|
432.00
|
438.40 |
| HCLTECH
|
364.10
|
376.00
|
358.55
|
366.15 |
| RANBAXY
|
1094.00
|
1104.80
|
1071.00
|
1100.55 |
| PNB
|
371.50
|
389.65
|
371.15
|
388.25 |
| M&M
|
508.00
|
515.00
|
500.00
|
513.55 |
| IPCL
|
165.90
|
171.25
|
164.75
|
170.35 |
| BAJAJAUTO
|
1262.50
|
1280.00
|
1251.00
|
1275.90 |
| ZEETELE
|
142.00
|
148.25
|
140.85
|
147.50 |
| GAIL |
214.00 |
214.40
|
211.20
|
212.65 |
| HINDPETRO
|
335.10
|
338.00
|
329.50
|
331.15 |
| DRREDDY
|
751.00
|
751.00
|
725.10
|
731.15 |
| GUJAMBCEM
|
449.00
|
449.00
|
440.10
|
443.95 |
| REL
|
519.80
|
532.50
|
516.80
|
530.65 |
| ORIENTBANK
|
260.00
|
266.50
|
260.00
|
265.75 |
| BPCL
|
392.00
|
397.00
|
385.70
|
389.30 |
| TATACHEM
|
182.50
|
183.70
|
179.25
|
182.40 |
| ACC
|
372.90
|
374.40
|
370.00
|
373.55 |
| TATATEA
|
590.10
|
593.00
|
581.70
|
585.65 |
| CIPLA |
293.80 |
293.80
|
286.00
|
290.75 |
| BHEL
|
871.50
|
874.00
|
862.00
|
869.45 |
| HDFC
|
769.70
|
769.70
|
762.00
|
763.90 |
| VSNL
|
207.00
|
218.85
|
207.00
|
217.35 |
| TATAPOWER
|
368.00
|
375.00
|
368.00
|
374.60 |
| MTNL
|
121.00
|
125.30
|
120.65
|
124.75 |
| HDFCBANK
|
540.00
|
547.00
|
535.50
|
545.80 |
| COLGATE
|
231.00
|
235.00
|
229.55
|
232.85 |
| HINDALC0
|
1098.00
|
1120.00
|
1072.45
|
1093.65 |
| HEROHONDA
|
560.00
|
562.00
|
553.40
|
557.85 |
| ICICIBANK
|
392.50
|
396.00
|
391.00
|
393.00 |
| BHARTI
|
222.40
|
222.40
|
218.75
|
220.90 |
| SCI
|
149.80
|
151.80
|
147.70
|
150.20 |
| GRASIM
|
1120.00
|
1124.00
|
1100.05
|
1102.35 |
| SUNPHARMA
|
528.50
|
547.00
|
528.50
|
543.75 |
| ABB
|
1295.40
|
1319.00
|
1271.50
|
1294.85 |
| GLAXO
|
780.00
|
783.85
|
773.10
|
775.60 |
| DABUR
|
130.00
|
130.45
|
128.15
|
129.30 |
Last
Update : 3 June, 2005, 16:04PM
| 
