|
Indices opened on a positive note after last three days' gains in search of
new all time highs. The attempt at record breaking was given up early in the
morning itself as markets struggled on the face of large scale profit booking
in frontline stocks.
Profit
booking was seen in many of the significant gainers of the last three days
like ICICI Bank and Bharti. Super heavy weight ONGC traded in the negative
throughout the day.
The
indices recovered after the initial dip and tested the highs of the day by
early in the afternoon. The markets gave up again in the last hour, but managed
to close above 6900 and 2120 on the Sensex and Nifty respectively.
Oil
marketing stocks cooled off after the government disappointed traders yet
again by postponing the decision on oil price hike. Fresh selling emerged
in steel stocks as well.
Reliance
group stocks lent some support to the markets, without which the indices would
have seen a far deeper correction.
Sensex
closed at 6900, down 7 points and the Nifty at 2124, down 5 points from yesterday's
close. Nifty June futures discount to the spot widened to 23 points from yesterday's
20 points.
Among
Nifty stocks, HDFC, Reliance Industries and Bajaj Auto were the major percentage
gainers while ICICI Bank, Zee Tele and MTNL were the major losers.
Surging
crude prices held the US markets weak for most part of yesterday's trading
session even after release of some positive economic data. The consumer price
index declined indicating lower inflation. US industrial production for the
month of May surged 0.4 per cent, which was double the estimated 0.2 per cent.
As
crude prices cooled of later in the day, stocks recovered to close with gains.
All three major indices Dow, S&P 500 and NASDAQ closed with gains of quarter
of a per cent or lower.
Crude
oil futures for July delivery rallied over 3 per cent yesterday after an unexpected
drop in US crude inventories. The decision of OPEC to hike production quotas
by 500,000 barrels a day is not expected to have much impact as member countries
are already producing more than their quota allocations. Crude futures declined
from its intra-day highs and closed with gains of over a per cent at $55.57
to a barrel.
Among
Indian ADR's, Satyam and Infosys were the major gainers yesterday. While Satyam
gained close to 3 per cent Infosys closed with gains of around 2 per cent.
Dr. Reddy's also gained around 2 per cent.
Reliance
group stocks closed the day with strong gains after renewed media speculation
about a settlement between the brothers. Reliance Industries closed with gains
of close to 3 per cent. Reliance Energy gained over half a per cent.
The
decision to hike retail fuel prices was postponed once again as some ministers
were absent at the cabinet meeting today. It was widely reported in media
that petrol and diesel prices would be hiked today by Rs1.5 per litre.
Stocks
of oil marketing companies like HPCL and BPCL gained close to 2 per cent each
in early trades on expectations of a price hike. Stocks of stand alone oil
refiners also gained in the morning.
Most
oil sector stocks lost ground after the news of postponement of cabinet decision
came in.
With
crude prices trending towards its all time highs, oil-marketing companies
have been losing money for the last few months. Crude prices are expected
to remain at around these levels as the busy summer season has started in
the US and other western countries.
Cabinet
approved the merger between SAIL and IISCO. SAIL was one of the major gainers
among frontline stocks and rose close to 3 per cent after the announcement.
The
frontline steel stocks, Tata Steel and SAIL, came down late in the afternoon
after reports of major European producers cutting down production. Tata Steel
closed flat while SAIL closed with gains of over a per cent.
Tata
Motors will focus more on the bus segment which the company says offers huge
potential in future. The proportion of buses in the total commercial vehicles
is very low in India as compared to countries like China.
The
company would join hands with independent body builders and would supply the
chassis and designs. Tata Motors would follow the same model in overseas markets
as well. The company expects revenues from this division to touch $1 billion
over the medium term. The stock closed with gains of over 2 per cent.
TCS
has won a contract from Central Bank of India for implementing core banking
software solutions. The deal is reportedly worth Rs150 crore and TCS would
be responsible for integration of various software packages and implementation
over 1,000 branches of the PSU bank.
Cabinet
has approved Nalco's investment plans of over Rs7,000 crore over the next
couple of years. The investment will be in expansion of existing capacity
as well as new ventures.
Shipping
Corporation is planning to form a joint venture with Iranian shipping and
transportation companies for transport of LNG and petrochemicals from Iran.
Mid-Cap
Action Mid-cap
stocks saw much deeper correction as many high flying stocks lost between
5 and 10 per cent each. CNX Mid-Cap 200 index closed at 3051, a loss of 41
points or close to one-and-a-half per cent. Media
stocks were on fire after the cabinet approved the proposal to include FII
investments also in the 26 per cent foreign investment limit fixed for the
sector. FII's and NRI's will be able to buy media stocks from the open market. The
decision would help media companies planning to raise additional capital as
well as those coming out with IPO's. Television broadcasting companies would
also benefit as raising capital for launching new channels would become easier. Within
hours of the cabinet decision, Deccan Chronicle made the first move and announced
that its board will meet later in the month to decide on an overseas issue. Mid-Day
Multimedia, TV Today, Deccan Chronicle and Sandesh closed with gains of over
10 per cent each. NDTV, Television Eighteen, Macmillan, Navneet Publications
and Cyber Media were the other significant gainers. NSE
and NABARD have taken a combined 10 per cent stake in commodity exchange MCX.
The exchange is promoted by Financial Technologies. Most
of the sugar stocks which saw a substantial surge came crashing down today.
Dhampur Sugar, Dwarikesh Sugar and Sakthi Sugar were among the losers.  Magma
Leasing, Shreyas Shipping and Crew BOS were among the best performing stocks
among mid-caps.
Padmalaya
Telefilms, Kopran and NIIT Limited 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
|
6,900.41
|
-
6.57 |
| NIFTY
|
2,123.70
|
-
4.95 |
Last
Update : 16 June, 2005, 16:13 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| HOUSING
DEVELOPMENT FINANCE CO |
820.00
|
850.00
|
812.00
|
844.00 |
| RELIANCE*
|
576.90
|
594.70
|
575.30
|
590.80 |
| BAJAJ
AUTO |
1,230.00
|
1,267.95
|
1,230.00
|
1,252.95 |
| TATA
MOTORS |
421.15
|
429.00
|
419.20
|
427.25 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,200.00
|
2,296.00
|
2,200.00
|
2,280.15 |
| HDFC
BANK LT |
592.10
|
597.00
|
588.15
|
595.30 |
| MARUTI
UDYOG |
438.50
|
441.70
|
434.65
|
439.95 |
| RELIANCE
ENR |
592.00
|
598.80
|
570.00
|
589.85 |
| HEROHONDA
M |
550.00
|
552.10
|
544.50
|
550.35 |
| SATYAM
COMP |
481.00
|
489.00
|
479.00
|
483.65 |
| TCS
LTD |
1,277.80
|
1,286.90
|
1,264.00
|
1,277.15 |
| WIPRO
LTD. |
735.00
|
737.50
|
728.10
|
734.90 |
| ICICI
BANK L |
432.00
|
432.00
|
414.30
|
416.20 |
| BHARTI
TELE |
240.00
|
241.00
|
232.20
|
234.65 |
| TATA
POWER |
390.70
|
393.85
|
378.25
|
380.75 |
| DR.REDDY'S
LABORATORIES LTD. |
735.05
|
735.05
|
721.20
|
723.15 |
| RANBAXY
LABORATORIES LTD. |
1,060.00
|
1,068.30
|
1,047.00
|
1,049.95 |
| LARSEN
& TOUBRO LTD. |
1,142.25
|
1,143.95
|
1,120.00
|
1,126.75 |
| STATE
BANK OF INDIA |
689.10
|
692.00
|
677.15
|
679.75 |
| GUJARAT
AMBUJA CEMENTS LTD. |
462.00
|
463.50
|
453.00
|
454.20 |
| NTPC
LTD |
83.85
|
84.20
|
82.70
|
82.80 |
| HINDALCO
IN |
1,134.00
|
1,144.00
|
1,118.05
|
1,121.00 |
| ONG
CORP LTD |
935.00
|
938.00
|
920.25
|
926.90 |
| I
T C LTD |
1,570.00
|
1,576.00
|
1,545.50
|
1,549.25 |
| CIPLA
LTD. |
289.00
|
290.00
|
285.00
|
286.00 |
| HINDUSTAN
LEVER LTD. |
149.50
|
151.65
|
147.90
|
148.45 |
| BHEL |
883.00 |
889.95
|
871.10
|
876.05 |
| GRASIM
INDUSTRIES LTD. |
1,127.00
|
1,132.90
|
1,110.05
|
1,115.50 |
| ASSOCIATED
CEMENT COMPANIES LT |
381.00
|
385.45
|
378.10
|
379.30 |
| TATA
IRON AND STEEL CO. LTD. |
341.00
|
344.80
|
338.30
|
339.20 |
Last
Update : 16 June, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
577.00
|
595.00
|
576.00
|
590.25 |
| INFOSYSTCH
|
2250.00
|
2294.90
|
2235.25
|
2280.45 |
| SATYAMCOMP
|
482.40
|
487.20
|
479.85
|
483.45 |
| TISCO
|
340.05
|
344.85
|
338.80
|
339.45 |
| SBIN
|
690.00
|
691.80
|
677.65
|
679.95 |
| SAIL
|
52.40
|
54.10
|
52.25
|
52.70 |
| HDFCBANK
|
592.00
|
599.00
|
590.00
|
595.45 |
| ONGC
|
931.25
|
939.00
|
921.00
|
926.90 |
| TCS
|
1277.80
|
1287.90
|
1264.85
|
1277.70 |
| MARUTI
|
439.10
|
442.00
|
434.65
|
439.55 |
| ITC
|
1570.00
|
1577.00
|
1545.10
|
1549.25 |
| TATAMOTORS
|
424.00
|
429.00
|
419.15
|
427.20 |
| IPCL
|
166.45
|
166.90
|
158.80
|
159.65 |
| HDFC
|
821.40
|
850.50
|
810.25
|
844.20 |
| HINDLEVER
|
149.45
|
151.75
|
148.10
|
149.20 |
| WIPRO
|
725.00
|
738.00
|
725.00
|
734.55 |
| BHARTI
|
242.00
|
244.00
|
232.30
|
234.75 |
| HINDPETRO
|
370.00
|
370.00
|
318.60
|
319.70 |
| REL
|
587.15
|
599.70
|
583.10
|
590.55 |
| GAIL
|
221.60
|
223.00
|
217.50
|
220.00 |
| M&M
|
551.40
|
553.85
|
545.00
|
548.00 |
| PNB
|
402.95
|
403.90
|
391.10
|
392.80 |
| RANBAXY
|
1011.10
|
1067.40
|
1011.10
|
1050.20 |
| ICICIBANK
|
429.50
|
430.95
|
415.00
|
417.05 |
| BHEL
|
882.00
|
885.00
|
872.15
|
879.70 |
| ZEETELE
|
147.45
|
148.50
|
141.30
|
142.90 |
| GUJAMBCEM
|
462.75
|
462.90
|
452.35
|
453.80 |
| SCI
|
148.10
|
151.50
|
145.05
|
145.35 |
| BPCL
|
377.00
|
379.85
|
364.50
|
366.60 |
| LT
|
1136.55
|
1143.00
|
1119.75
|
1126.75 |
| BAJAJAUTO
|
1225.00
|
1267.70
|
1220.00
|
1251.50 |
| TATAPOWER
|
390.00
|
392.70
|
380.00
|
382.90 |
| HCLTECH
|
380.40
|
380.40
|
370.00
|
378.05 |
| HEROHONDA
|
550.00
|
553.50
|
544.10
|
550.80 |
| HINDALC0
|
1150.00
|
1150.00
|
1120.20
|
1122.75 |
| SUNPHARMA
|
562.00
|
571.00
|
559.00
|
566.40 |
| ACC
|
382.80
|
384.00
|
378.50
|
379.85 |
| TATACHEM
|
179.00
|
179.45
|
172.00
|
173.00 |
| GRASIM
|
1119.10
|
1138.00
|
1111.00
|
1115.30 |
| VSNL
|
234.70
|
234.70
|
223.70
|
225.10 |
| ORIENTBANK
|
269.50
|
270.35
|
261.60
|
268.45 |
| MTNL
|
125.00
|
125.45
|
119.10
|
120.25 |
| CIPLA
|
290.90
|
290.90
|
284.10
|
285.95 |
| COLGATE
|
234.00
|
236.90
|
230.50
|
234.00 |
| DRREDDY
|
740.00
|
740.00
|
721.20
|
722.70 |
| TATATEA
|
581.25
|
592.80
|
581.10
|
585.55 |
| NATIONALUM
|
146.00
|
146.95
|
143.00
|
143.40 |
| DABUR
|
131.40
|
131.40
|
129.05
|
129.50 |
| GLAXO
7 |
79.80
|
779.80
|
764.15
|
775.40 |
| ABB
|
1309.25
|
1316.90
|
1289.00
|
1296.25 |
Last
Update : 16 June, 2005, 16:00PM
| 
