|
After 2 days of weak openings and strong closings, markets
opened cautiously today. Surging crude oil prices and
uncertainty over monsoons have made the short term economic
outlook somewhat cloudy.
All
these negatives could not prevent the indices from trending
higher right from morning. Apart from a minor reversal
early in the afternoon, the indices were set on an up
trend for the rest of the day.
Volumes
continue to remain very low even as the indices near all
time highs posted early this year. After a gap of few
months, Sensex managed to close above 6900 levels and
the Nifty above 2120.
Sensex
closed at 6907, up 47 points and the Nifty at 2129, up
16 points from yesterday's close. Nifty June futures discount
to the spot widened to 20 points from yesterday's 17 points.
Among
Nifty stocks, Bharti, GAIL and Grasim were the major percentage
gainers while SCI, Dabur and Cipla were the major losers.
US
economic data released yesterday showed a decline in wholesale
prices as well as retail sales for the month of May. Expectations
of an end to interest rate hikes because of falling price
levels helped the broad indices to close higher. While
Dow and S&P 500 closed with gains NASDAQ closed on
a flat note.
Crude
oil futures for July delivery declined over a per cent
yesterday ahead of a crucial OPEC meeting. Traders are
looking forward to weekly US crude oil inventory data,
due to be released today.
Indian
ADR's had a lacklustre session yesterday with most of
the stocks closing without much change. HDFC Bank continued
its surge with gains of over a per cent while ICICI Bank
closed with marginal losses. Among IT stocks, Infosys
and Satyam closed with losses while Wipro closed with
marginal gains.
Bharti
Televentures was the most significant gainer among index
stocks with gains of close to 5 per cent. The stock had
seen little action for many weeks now.
There
are indications that the government will shortly issue
the notification to hike telecom FDI limits to 74 per
cent. However, this will not have much of an impact on
Bharti unless the existing promoters wish to dilute their
holdings.
Metal
stocks bounced back after going through a correction period
which lasted a couple of weeks. There are rumours about
huge advance tax payments made by the frontline metal
companies.
Also,
many analysts believe that Indian companies would not
be much affected even if international metal prices were
to come down further as domestic demand is expected to
remain robust.
Both
SAIL and Tata Steel gained over a per cent each. Essar
Steel, which had lost substantially after its re-listing,
bounced back strongly. Essar Steel closed with gains of
over 10 per cent. Aluminium stock Hindalco also gained
a per cent while Nalco closed with losses.
Mid-Cap
Action
Mid-cap
stocks under performed the large caps as many of them
which had seen substantial gains over the last few days
corrected. CNX Mid-Cap 200 index closed at 3096, a gain
of 13 points.
Most
sugar stocks were on fire today after reports of an increase
in ex-factory prices of sugar. Some traders are also betting
on a weak monsoon which could see lower sugarcane crop.
Lower crop would push up sugar prices as happened in the
previous season.
There
are also reports that Chinese sugar production is down
substantially. This may see international prices trending
higher which would make imported sugar costlier.
Dhampur
Sugar, Oudh Sugar, Upper Ganges, Sakthi Sugar and Dwarikesh
Sugar all closed with gains of 10 per cent or above. The
largest two sugar companies, Bajaj Hindustan and Balrampur
Chini, also closed with gains of over 5 per cent each.
Patni
Computer is planning an ADR issue to raise up to $150
million including the green shoe option. The stock gained
over a per cent in early trades.
Suryalakshmi
Cotton Mills re-listed after its capital restructuring
programme. The company had de-merged its yarn manufacturing
unit into a separate company. The capital of the company
was reduced by a third. After opening at Rs200 on the
BSE, the stock gained smartly and was trading above Rs260
in morning trades. The stock closed above Rs290.
After
remaining subdued for many weeks, Hindustan Motors saw
some action today. The company is reportedly negotiating
a deal with Volkswagen for supply of components. The company
has launched a CNG version of its Ambassador model for
under Rs5 lakh. The stock closed with gains of over 4
per cent.
Mid-cap
software company I-Flex gained over 4 per cent after the
company announced an order from Brazil for its banking
software. General Electric of US will pick up a half per
cent stake in I-Flex.
Harrisons
Malayalam saw early gains and touched a new high. The
company has sold a rubber plantation in Kerala for over
Rs60 crore. The management said they are considering further
such sales though there are no plans for selling its tea
plantations.
Harrisons
will use the funds to retire debt and aims to be debt
free in the near future. The stock closed with gains of
around 4 per cent.
Swaraj
Engines was locked in 10 per cent upper circuit after
the company announced that its board will consider a bonus
issue.
Orchid
Chemicals has announced plans to raise up to $100 million
through a GDR issue. The company will also issue convertible
warrants to promoters. The GDR's will be listed on the
Luxembourg Stock Exchange. The stock closed with gains
of over 2 per cent.
Tata
Investment Corporation declined substantially after the
company's bonus announcement disappointed many traders.
The company announced a bonus issue of one share for every
two shares held. Market was expecting one share for every
share held. The stock had appreciated over 20 per cent
after the company indicated its bonus issue plans.
 Kopran,
Elgi Equipment and KDL Biotech were among the best performing
stocks among mid-caps.
Shreyas
Shipping, Torrent Power and Saksoft 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
|
6,906.98
|
+
46.80 |
| NIFTY
|
2,128.65
|
+
16.30 |
Last
Update : 15 June, 2005, 16:13 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| BHARTI
TELE |
227.50
|
241.70
|
227.00
|
239.75 |
| GRASIM
INDUSTRIES LTD. |
1,100.00
|
1,132.00
|
1,095.00
|
1,121.00 |
| TATA
POWER |
381.00
|
390.00
|
380.00
|
388.90 |
| DR.REDDY'S
LABORATORIES LTD. |
723.55
|
741.00
|
723.55
|
737.40 |
| WIPRO
LTD. |
723.00
|
737.95
|
716.00
|
734.70 |
| SATYAM
COMP |
474.40
|
482.45
|
472.00
|
481.50 |
| TATA
IRON AND STEEL CO. LTD. |
335.00
|
340.40
|
334.25
|
339.60 |
| HINDALCO
IN |
1,126.50
|
1,148.00
|
1,123.15
|
1,134.00 |
| HEROHONDA
M |
543.00
|
548.75
|
540.00
|
546.05 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,235.00
|
2,264.80
|
2,230.15
|
2,258.05 |
| NTPC
LTD |
83.25
|
84.50
|
83.25
|
83.80 |
| HINDUSTAN
LEVER LTD. |
148.00
|
149.95
|
148.00
|
149.20 |
| ONG
CORP LTD |
930.00
|
939.00
|
924.00
|
936.30 |
| TCS
LTD |
1,267.40
|
1,276.90
|
1,266.25
|
1,271.90 |
| RELIANCE
ENR |
585.00
|
590.00
|
582.00
|
586.75 |
| STATE
BANK OF INDIA |
686.00
|
692.60
|
684.10
|
689.00 |
| MARUTI
UDYOG |
437.00
|
441.50
|
432.00
|
437.35 |
| TATA
MOTORS |
420.25
|
424.90
|
420.00
|
421.80 |
| RANBAXY
LABORATORIES LTD. |
1,079.00
|
1,080.00
|
1,067.00
|
1,069.60 |
| BHEL
|
885.00
|
896.00
|
876.00
|
884.70 |
| BAJAJ
AUTO |
1,238.00
|
1,247.00
|
1,220.00
|
1,222.00 |
| CIPLA
LTD. |
290.00
|
291.00
|
287.00
|
287.85 |
| HOUSING
DEVELOPMENT FINANCE CO |
822.00
|
824.20
|
814.00
|
818.00 |
| I
T C LTD |
1,577.00
|
1,585.00
|
1,561.00
|
1,564.25 |
| GUJARAT
AMBUJA CEMENTS LTD. |
463.80
|
464.80
|
458.75
|
460.25 |
| HDFC
BANK LT |
592.05
|
598.00
|
587.20
|
592.00 |
| ASSOCIATED
CEMENT COMPANIES LT |
383.00
|
383.40
|
379.15
|
380.10 |
| ICICI
BANK LTD |
|
|
|
432.55 |
| LARSEN
& TOUBRO LIMITED |
|
|
|
1,142.10 |
| RELIANCE
INDUSTRIES LIMITED |
|
|
|
574.95 |
Last
Update : 15 June, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
567.75
|
577.00
|
567.75
|
574.95 |
| INFOSYSTCH
|
2240.00
|
2264.00
|
2230.20
|
2256.65 |
| SATYAMCOMP
|
476.00
|
482.35
|
471.10
|
480.75 |
| TISCO |
335.00 |
340.70
|
335.00
|
339.45 |
| SBIN |
687.00 |
692.90
|
684.30
|
689.00 |
| BHARTI
|
228.00
|
242.00
|
227.50
|
239.75 |
| MARUTI
|
438.00
|
441.75
|
431.60
|
437.35 |
| ONGC
|
935.00
|
939.00
|
923.80
|
936.30 |
| ITC
|
1575.00
|
1585.00
|
1560.15
|
1564.35 |
| TCS
|
1269.75
|
1277.90
|
1266.30
|
1272.15 |
| SAIL |
51.25 |
52.50
|
51.25
|
52.10 |
| M&M
|
550.00
|
555.90
|
548.30
|
550.90 |
| GAIL
|
215.20
|
222.40
|
215.00
|
221.45 |
| ICICIBANK
|
434.00
|
437.50
|
425.40
|
433.45 |
| WIPRO
|
723.00
|
737.00
|
720.00
|
733.55 |
| HINDLEVER
|
147.20
|
150.25
|
147.20
|
149.10 |
| IPCL
|
161.40
|
165.00
|
161.40
|
164.05 |
| PNB
|
404.00
|
407.00
|
400.20
|
402.25 |
| TATAMOTORS
|
419.90
|
425.45
|
419.25
|
422.50 |
| DRREDDY
|
726.00
|
741.00
|
722.00
|
737.10 |
| LT
|
1141.10
|
1150.00
|
1132.00
|
1141.65 |
| RANBAXY
|
1080.00
|
1085.00
|
1066.00
|
1069.40 |
| REL
|
588.00
|
589.90
|
580.00
|
587.15 |
| TATAPOWER
|
380.50
|
390.20
|
379.25
|
388.75 |
| BPCL
|
368.00
|
375.00
|
365.00
|
371.40 |
| HDFCBANK
|
607.10
|
607.10
|
580.00
|
591.15 |
| HINDPETRO
|
318.00
|
324.90
|
315.80
|
321.40 |
| HCLTECH
|
379.40
|
383.00
|
375.30
|
378.40 |
| BHEL
|
889.70
|
899.00
|
880.05
|
881.10 |
| MTNL
|
124.00
|
126.40
|
124.00
|
124.70 |
| ZEETELE
|
146.00
|
148.00
|
145.65
|
147.00 |
| HINDALC0
|
1128.00
|
1148.90
|
1121.70
|
1132.55 |
| ORIENTBANK
|
269.85
|
271.75
|
269.00
|
269.40 |
| GUJAMBCEM
|
465.00
|
465.00
|
459.30
|
460.20 |
| SCI
|
149.95
|
150.40
|
147.25
|
147.70 |
| GRASIM
|
1098.90
|
1132.00
|
1087.00
|
1118.25 |
| HDFC |
824.00 |
825.00
|
815.00
|
817.70 |
| VSNL
|
227.90
|
233.90
|
227.00
|
230.85 |
| NATIONALUM
|
148.00
|
148.00
|
144.55
|
144.80 |
| TATACHEM
|
177.30
|
180.35
|
176.55
|
177.35 |
| SUNPHARMA
|
550.10
|
564.85
|
550.10
|
562.35 |
| BAJAJAUTO
|
1210.10
|
1243.00
|
1191.10
|
1227.90 |
| ACC
|
384.00
|
384.00
|
380.10
|
381.25 |
| TATATEA
|
587.00
|
594.00
|
586.10
|
587.75 |
| HEROHONDA
|
541.00
|
550.00
|
536.15
|
549.40 |
| CIPLA
|
290.50
|
291.50
|
287.40
|
288.20 |
| GLAXO
|
769.00
|
776.00
|
766.00
|
775.00 |
| COLGATE
|
235.50
|
236.90
|
233.05
|
234.55 |
| DABUR
|
133.25
|
133.75
|
129.05
|
130.25 |
| ABB
|
1326.00
|
1328.00
|
1305.25
|
1315.00 |
Last
Update : 15 June, 2005, 16:00PM
| 
