|
Markets opened on a firm note after yesterday's moderate correction on profit
booking. The firm closing by US markets and strength in some of the Asian
markets helped the Sensex to move closer to the 6,900 mark in morning trades.
The
levels could not be maintained however, as the markets set on a declining
path for the rest of the day. What started of as a gradual weakening gathered
pace by afternoon and the indices dropped fast thereafter.
Continued
profit booking in frontline stocks like Bajaj Auto, Infosys and Tata Motors
saw the indices falling deeper into negative territory later in the afternoon.
Gains in Reliance prevented further decline.
Sensex
closed at 6782, down 50 points and the Nifty at 2091, down 12 points from
yesterday's close. Nifty June futures discount to the spot narrowed to 17
points from yesterday's 21 points.
Among
Nifty stocks, VSNL, Reliance Industries and Tata Chemicals were the major
percentage gainers while L&T, Tata Motors and Hindalco were the major
losers.
After
a nervous opening, US markets recovered yesterday after the Fed chairman testified
that the economy was in good shape and inflation under control. Dow gained
one quarter of a per cent. Gains on NASDAQ were higher aided by Intel which
revised its earnings estimates upwards.
Crude
oil futures for July delivery surged over 3 per cent to close above $54 to
a barrel yesterday. The commodity rallied after reports that storms in the
Atlantic were forcing oil companies to remove personnel from offshore oil
rigs.
ADR's
of Indian banks on the US exchanges continued to gain for the third straight
day. Both HDFC Bank and ICICI Bank closed with gains. Wipro was the most significant
gainer closing over 2 per cent higher. Infosys also managed a positive closing.
Among the losers, Tata Motors stood out closing 2 per cent lower. Among the
telecom stocks, MTNL gained over a per cent while VSNL closed with marginal
losses.
Inflation
for the week ended 28 May declined to 5.2 per cent from 5.38 per cent reported
for the previous week. VSNL,
the long distance telecom company of the Tata group, announced its results
after market hours yesterday. Profits for the full year more than doubled
while revenue growth was subdued. Profits
were helped by a one time gain from stake sale in two overseas satellite communication
companies. The company expects further pressure to revenue growth from decreasing
bandwidth charges. The stock opened with gains of over 2 per cent and closed
over 3 per cent higher. Tata
Steel said its average realisations for the current financial year will remain
largely unchanged from the previous year. The company says changes in spot
market prices will not affect it much as most of its output is sold under
long term contracts. Meanwhile,
Tata Steel has finally signed the loan agreement with International Finance
Corporation for availing $300 million. The funds will be used to finance the
company's long term growth. The stock closed lower. Rating
agency Standard & Poor's indicated that any possible settlement between
the Ambani brothers will not impact the rating outlook for Reliance Industries.
The agency expects petrochemical margins to remain firm in the medium term. Bajaj
Auto launched a new upper end cruiser motorcycle at a price of Rs60,000. The
new launch is a re-engineered version of an earlier model which was not very
successful because of its higher price tag. The stock closed almost 3 per
cent lower. Mid-Cap
Action Mid-caps
could not sustain the early gains either, though losses were much lower than
the frontline stocks. CNX Mid-Cap 200 index closed at 3064, down 13 points.
After four days of gains and new highs, the mid-cap index finally saw some
correction. Cyber
Media, publishers of technology periodicals, made its debut on the exchanges
after its recent IPO. The entry was spectacular and the stock closed with
gains of over 75 per cent. Issued at Rs60 the stock closed the day at Rs105.
Tata
Tea reported a close to 40 per cent growth in fourth quarter profits. Total
revenues were higher by around 9 per cent. The company said its branded products
achieved a volume growth of close to 15 per cent during the year. Tata
Tea had undertaken a restructuring exercise to hive off its plantations in
South India to a separate company which will be managed by employees and workers.
The company is planning to focus on branded tea, including Tetley Plc which
it acquired. NIIT
Limited, which is predominantly in the IT education space, reported a profit
growth of over 85 per cent for the full year ended March 2005. Revenues increased
by over 10 per cent. Overseas
revenues of NIIT have exceeded 50 per cent of total revenues. The company
said its Chinese operations are growing at over 20 per cent. Mid-cap
pharma company Ind-Swift announced a 3 year product supply deal with Ranbaxy.
The deal is worth around Rs150 crore. A leading financial newspaper had reported
that Ranbaxy may take a stake in Ind-Swift. Both companies denied that talks
are taking place for a stake sale. Ind-Swift
surged close to 10 per cent in early trades before easing. Group company Ind-Swift
Laboratories also gained close to 10 per cent in early trades before giving
up part of the gains later in the day. Gujarat
NRE Coke gained after the company announced that it has started exports to
Europe. The company has another export order worth over Rs100 crore from Europe
in hand. IndiaBulls
continue to defy all notions of stock valuation and seek new all time highs.
After trading flat till late in the afternoon, the stock shot up suddenly
and surged over 10 per cent in no time. The stock closed over 14 per cent
higher. Another
stock to surge dramatically was Opto Circuits with gains of over 10 per cent.
Mount Everest Mineral Water was yet another stock to find favour today closing
with gains of close to 10 per cent. Many
mid-caps continue to surge on talk of bonus shares. Today it was the turn
of Pioneer Embroideries to surge over 10 per cent after the company said its
board will consider a bonus issue.  OCL
India Limited, Adlabs Films and TCI Finance were among the best performing
stocks among mid-caps.
Carol
Info, Pearl Global and Premier Auto Electric 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
|
6,781.99
|
-50.54
|
| NIFTY
|
2,090.60
|
-12.60
|
Last
Update : 10 June, 2005, 16:47 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| RELIANCE*
|
560.00
|
569.35
|
560.00
|
566.75 |
| DR.REDDY'S
LABORATORIES LTD. |
710.00
|
719.95
|
703.10
|
713.15 |
| HOUSING
DEVELOPMENT FINANCE CO |
828.80
|
849.50
|
825.00
|
843.75 |
| GUJARAT
AMBUJA CEMENTS LTD. |
456.00
|
456.45
|
450.00
|
454.40 |
| SATYAM
COMP |
462.90
|
468.90
|
459.00
|
463.80 |
| ASSOCIATED
CEMENT COMPANIES LT |
385.00
|
388.75
|
381.00
|
383.70 |
| RANBAXY
LABORATORIES LTD. |
1,072.00 |
1,095.05
|
1,062.10
|
1,070.45 |
| LARSEN
& TOUBRO LTD. |
1,133.00
|
1,136.95
|
1,100.00
|
1,100.30 |
| TATA
MOTORS |
435.50
|
436.80
|
422.15
|
423.20 |
| BAJAJ
AUTO |
1,185.50
|
1,280.00
|
1,185.50
|
1,240.05 |
| HINDALCO
IN |
1,145.00
|
1,149.00
|
1,105.00
|
1,109.95 |
| MARUTI
UDYOG |
462.00
|
463.00
|
446.20
|
448.90 |
| HINDUSTAN
LEVER LTD. |
148.50
|
148.50
|
144.50
|
145.40 |
| ICICI
BANK L |
415.00
|
418.00
|
405.30
|
407.10 |
| TATA
POWER |
387.90
|
387.90
|
377.45
|
379.15 |
| BHEL
|
897.50
|
897.50
|
871.20
|
874.95 |
| GRASIM
INDUSTRIES LTD. |
1,120.00 |
1,128.90
|
1,095.20
|
1,096.80 |
| STATE
BANK OF INDIA |
692.00 |
695.20
|
678.65
|
680.40 |
| TATA
IRON AND STEEL CO. LTD. |
338.60
|
341.60
|
333.50
|
334.40 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,249.00
|
2,264.00
|
2,205.00
|
2,213.30 |
| ONG
CORP LTD |
911.70
|
914.90
|
900.00
|
901.60 |
| CIPLA
LTD. |
295.95
|
295.95
|
290.00
|
290.90 |
| I
T C LTD |
1,587.95
|
1,590.00
|
1,557.00
|
1,561.40 |
| TCS
LTD |
1,277.00
|
1,300.80
|
1,260.00
|
1,265.90 |
| HEROHONDA
M |
556.00
|
560.90
|
550.00
|
551.30 |
| HDFC
BANK LT |
589.00
|
589.00
|
573.05
|
575.15 |
| WIPRO
LTD. |
735.00
|
739.80
|
721.50
|
723.55 |
| NTPC |
|
|
|
85.55 |
| RELIANCE
ENERGY LTD |
|
|
|
572.20 |
| BHARTI
TELEVENTURES |
|
|
|
220.10 |
Last
Update : 10 June, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
561.00
|
569.40
|
561.00
|
566.55 |
| TISCO
|
339.95
|
341.65
|
333.35
|
334.40 |
| INFOSYSTCH
|
2250.00
|
2270.00
|
2200.00
|
2212.25 |
| SATYAMCOMP
|
463.80
|
468.85
|
460.10
|
463.85 |
| SBIN
|
692.00
|
695.70
|
678.60
|
680.65 |
| TCS
|
1280.00
|
1300.00
|
1261.10
|
1266.15 |
| ONGC
|
1000.00
|
1000.00
|
900.70
|
903.55 |
| TATAMOTORS
|
436.90
|
436.90
|
421.65
|
422.75 |
| RANBAXY
|
1076.10
|
1099.70
|
1063.10
|
1070.70 |
| SAIL
|
51.90
|
52.45
|
51.10
|
51.35 |
| PNB |
404.00 |
408.80
|
395.10
|
396.30 |
| MARUTI
|
463.00
|
463.00
|
447.00
|
449.35 |
| ZEETELE
|
150.00
|
153.00
|
142.00
|
148.90 |
| WIPRO
|
731.15
|
739.55
|
721.10
|
723.80 |
| ITC
|
1575.00
|
1586.80
|
1557.50
|
1562.35 |
| LT
|
1123.00
|
1140.00
|
1100.00
|
1101.05 |
| ORIENTBANK
|
272.50
|
278.00
|
267.30
|
269.60 |
| REL
|
577.00
|
581.55
|
566.50
|
572.20 |
| M&M
|
543.00
|
544.75
|
527.90
|
531.20 |
| IPCL
|
167.50
|
168.00
|
163.00
|
163.85 |
| TATACHEM
|
181.80
|
185.90
|
181.15
|
182.20 |
| VSNL
|
224.00
|
230.00
|
224.00
|
228.50 |
| GUJAMBCEM
|
455.40
|
456.95
|
450.00
|
454.65 |
| SCI
|
160.00
|
161.85
|
159.00
|
160.90 |
| HDFCBANK
|
580.00
|
589.00
|
570.00
|
576.30 |
| HINDLEVER
|
149.00
|
149.00
|
145.25
|
145.90 |
| HDFC
|
838.80
|
849.90
|
835.00
|
842.25 |
| BHEL
|
885.50
|
895.00
|
870.00
|
876.30 |
| ACC
|
384.90
|
388.50
|
381.00
|
384.05 |
| ICICIBANK
|
417.00
|
418.00
|
406.50
|
408.60 |
| TATATEA
|
592.00
|
597.00
|
578.30
|
582.55 |
| BAJAJAUTO
|
1280.00
|
1280.00
|
1234.50
|
1239.65 |
| HINDALC0
|
1140.00
|
1150.00
|
1107.10
|
1110.05 |
| HINDPETRO
|
325.00
|
326.00
|
320.00
|
322.35 |
| TATAPOWER
|
386.00
|
387.40
|
378.00
|
380.70 |
| BHARTI
|
221.75
|
222.45
|
218.00
|
220.10 |
| NATIONALUM
|
149.70
|
151.75
|
148.50
|
149.70 |
| GAIL
|
213.00
|
214.00
|
210.05
|
210.75 |
| HCLTECH
|
372.00
|
379.00
|
366.15
|
369.65 |
| HEROHONDA
|
555.00
|
560.25
|
550.50
|
551.80 |
| BPCL
|
375.75
|
381.00
|
370.10
|
376.95 |
| CIPLA
|
297.00
|
297.00
|
290.15
|
291.45 |
| DRREDDY
|
710.00
|
719.50
|
701.50
|
713.85 |
| GRASIM
|
1119.85
|
1121.00
|
1096.50
|
1099.05 |
| MTNL
|
124.20
|
126.70
|
123.70
|
124.40 |
| ABB
|
1316.00
|
1334.00
|
1295.25
|
1304.05 |
| COLGATE
|
235.40
|
236.80
|
229.55
|
231.10 |
| SUNPHARMA
|
546.00
|
554.45
|
537.80
|
550.10 |
| DABUR
|
131.80
|
131.90
|
128.25
|
128.90 |
| GLAXO
|
789.00
|
789.00
|
751.00
|
767.10 |
Last
Update : 10 June, 2005, 16:00PM
| 
