|
Indices had an uncertain opening, dropping twice and recovering
to yesterday's closing levels early in the morning. Modest
gains in the US markets yesterday and gains in most Asian
indices today were countered by surging crude prices and
continuing worries about monsoons.
Unable
to find fresh triggers, markets drifted down till early
in the afternoon. Weakness was visible in most front line
stocks including heavyweights like ONGC and SBI.
Strong
buying in Reliance Industries, which closed with gains
of close to 2 per cent, helped the indices on their way
to recovery later in the afternoon. HDFC was the other
prominent winner. HLL made a strong up move later in the
day to recover all of its earlier losses.
Sensex
closed at 6906, up 6 points and the Nifty at 2124, almost
unchanged from yesterday's close. Nifty June futures discount
to the spot narrowed to 14 points from yesterday's 23
points.
Among
Nifty stocks, HDFC, Reliance Industries and M&M were
the major percentage gainers while Tata Power, SBI and
Grasim were the major losers.
Yesterday,
US markets managed to close with gains as oil and metal
stocks led a mild surge after a tentative start. Oil stocks
were helped by the surge in crude prices while metal stocks
recovered from their decline over the past few weeks.
Technology posted the best gains which helped NASDAQ to
close with gains of over half a per cent. Among the broader
indices, gains on S&P 500 were far better than the
Dow.
Crude
oil futures for July delivery surged close to 2 per cent
yesterday on fresh worries about supplies of refined products.
Some ministers from OPEC countries said they cannot bring
down crude prices as long as refining capacity for heavier
crude remains inadequate. Crude futures closed at $56.68
to a barrel.
Crude
surged to over $57 to a barrel in early European trades
today. The commodity is currently trading at $57.36, a
gain of over a per cent from yesterday's close.
Among
Indian ADR's, Satyam and Infosys declined after the previous
day's surge while Wipro closed with gains. Infosys lost
over a per cent while Satyam lost close to a per cent.
Tata Motors was the other gainer closing almost a per
cent higher. Dr. Reddy's, MTNL and VSNL all closed with
losses. Among banks, HDFC Bank closed with marginal gains
while ICICI Bank was almost unchanged.
Inflation
for the week ended 04 June fell to 4.22 per cent from
5.2 per cent reported for the previous week. The fall
in inflation was on account of lower prices of food articles
and the higher base effect.
Both HDFC and ICICI Bank have hiked interest rates on home loans by half a
per cent. ICICI Bank said the move is to protect their margins. HDFC closed
with gains of 2 per cent while ICICI closed marginally lower. ITC
Limited has proposed a bonus issue for one share for every two shares held.
The company would also split every share of face value Rs10 to 10 shares of
Rs1 each. The stock, which was trading with gains till the announcement, closed
flat. Ranbaxy,
which was trading with significant losses, recovered sharply in the last half
hour of trade. There have been reports in the media that the company would
hive off its chemicals and animal products division to ICICI Ventures. Mid-Cap
Action Mid-cap
stocks continued their sharp correction and have lost close to 3 per cent
in the last 2 days. CNX Mid-Cap 200 index closed at 3005, a loss of 45 points
or close to one and a half per cent. DBS
Bank of Singapore will acquire a 37.5 per cent stake in south-based Cholamandalam
Investments and Finance, belonging to the Murugappa group. DBS Bank is one
of the largest banks in South East Asia and is owned by the government of
Singapore. (See: DBS
Bank to buy 37.5 per cent in Cholamandalam Investment Finance) DBS
will acquire 15 per cent stake in Cholamandalam from Tube Investments which
is also a part of Murugappa group. The Singapore bank will make an open offer
for 20 per cent stake and would take its total stake to 37.5 per cent through
a preferential offer. The
company would be renamed as Cholamandalam DBS Finance and both Murugappa group
and DBS will hold 37.5 per cent each. DBS expects to expand its exposure to
retail finance business in India through this alliance. PSU
Engineering company, engineers India has reported excellent growth in profits
for the quarter and year ended March 2005. Profits for the quarter grew by
over 60 per cent on a revenue growth of over 80 per cent. Full year profits
are up over 40 per cent. The stock closed lower. Praj
Industries has announced a bonus issue of one share for every one share held.
The company has also proposed to split every Rs10 share into 5 shares of Rs2
each. HEG
Limited, one of the largest manufacturers of graphite electrodes, decided
to raise up to $25 million through an issue of FCCB's. Motherson
Sumi would acquire a German injection moulding company for 2 million Euros.
The German company is a supplier of plastic moulded products to major auto
ancillary companies in Europe and has a turnover of 9 million Euros. The stock
closed marginally lower. TV
Today has reported a close to 50 per cent fall in profits for the full year
ended March 2005. Revenues for the full year declined marginally. Profits
for the last quarter declined over 30 per cent. The stock closed with losses
of around 10 per cent.  Indian
Hume Pipe, GTC Industries and Crew BOS were among the best performing stocks
among mid-caps.
Cyber
Media, Bhartiya International and Saregama India 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
|
6,906.52
|
+
6.11 |
| NIFTY
|
2,123.40
|
-
0.30 |
Last
Update : 17 June, 2005, 16:13 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| HOUSING
DEVELOPMENT FINANCE CO |
844.00
|
866.00
|
835.00
|
861.30 |
| RELIANCE*
|
594.00
|
608.40
|
584.05
|
600.85 |
| WIPRO
LTD. |
735.45
|
745.90
|
733.05
|
743.60 |
| HINDALCO
IN |
1,131.25
|
1,144.90
|
1,122.75
|
1,136.45 |
| MARUTI
UDYOG |
441.00
|
447.00
|
435.10
|
444.55 |
| SATYAM
COMP |
483.00
|
490.00
|
477.90
|
486.50 |
| HINDUSTAN
LEVER LTD. |
148.25
|
150.00
|
145.70
|
149.10 |
| TATA
IRON AND STEEL CO. LTD. |
340.00
|
342.80
|
335.55
|
340.60 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,252.40
|
2,299.95
|
2,252.40
|
2,288.80 |
| ASSOCIATED
CEMENT COMPANIES LT |
379.00
|
381.70
|
377.00
|
380.25 |
| RELIANCE
ENR |
591.00
|
596.50
|
578.00
|
591.25 |
| BHEL
|
869.40
|
883.00
|
866.00
|
880.00 |
| NTPC
LTD |
83.00
|
83.40
|
82.50
|
82.90 |
| GRASIM
INDUSTRIES LTD. |
1,133.90
|
1,133.90
|
1,090.00
|
1,094.40 |
| TATA
POWER |
384.00
|
384.00
|
372.10
|
373.80 |
| STATE
BANK OF INDIA |
674.00
|
674.45
|
665.40
|
667.35 |
| TATA
MOTORS |
427.20
|
427.20
|
418.20
|
420.50 |
| LARSEN
& TOUBRO LTD. |
1,127.00
|
1,145.00
|
1,103.40
|
1,114.55 |
| ONG
CORP LTD |
926.00
|
932.00
|
907.15
|
918.15 |
| TCS
LTD |
1,284.70
|
1,286.90
|
1,263.10
|
1,266.90 |
| GUJARAT
AMBUJA CEMENTS LTD. |
456.75
|
456.75
|
447.30
|
451.35 |
| DR.REDDY'S
LABORATORIES LTD. |
729.00
|
730.00
|
718.00
|
719.20 |
| CIPLA
LTD. |
286.80
|
290.00
|
283.55
|
284.65 |
| BHARTI
TELE |
232.80
|
236.25
|
231.90
|
233.60 |
| HEROHONDA
M |
551.00
|
551.00
|
543.95
|
548.50 |
| RANBAXY
LABORATORIES LTD. |
1,049.95
|
1,057.00
|
1,034.00
|
1,046.55 |
| BAJAJ
AUTO |
1,245.00
|
1,256.05
|
1,230.15
|
1,249.90 |
| I
T C LTD |
1,570.00
|
1,575.00
|
1,521.00
|
1,546.00 |
| HDFC
BANK LT |
595.00
|
599.00
|
591.00
|
594.70 |
Last
Update : 17 June, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
590.00
|
605.55
|
584.00
|
600.25 |
| INFOSYSTCH
|
2280.00
|
2297.90
|
2264.00
|
2288.10 |
| ITC
|
1560.00
|
1573.70
|
1525.10
|
1546.15 |
| SBIN
|
574.00
|
676.00
|
574.00
|
667.40 |
| SATYAMCOMP
|
484.90
|
489.80
|
478.05
|
486.65 |
| TISCO
|
340.40
|
341.95
|
335.85
|
340.80 |
| ONGC
|
938.70
|
938.70
|
908.05
|
919.00 |
| TATAMOTORS
|
427.90
|
427.90
|
417.85
|
419.45 |
| TCS
|
1282.70
|
1286.45
|
1263.10
|
1267.65 |
| SAIL
|
53.00
|
53.20
|
52.20
|
52.95 |
| M&M
|
548.00
|
560.00
|
547.15
|
556.75 |
| HDFC |
847.85 |
864.00
|
835.05
|
859.85 |
| WIPRO
|
682.55
|
746.00
|
682.55
|
743.80 |
| MARUTI
|
440.00
|
444.50
|
435.00
|
443.30 |
| PNB
|
394.00
|
397.00
|
388.10
|
394.50 |
| LT
|
1134.85
|
1147.00
|
1103.00
|
1115.35 |
| REL
|
595.00
|
596.00
|
578.10
|
592.30 |
| IPCL
|
161.85
|
163.35
|
160.25
|
161.15 |
| GUJAMBCEM
|
454.00
|
455.00
|
447.50
|
451.55 |
| HINDLEVER
|
149.00
|
150.05
|
145.60
|
149.35 |
| ICICIBANK
|
423.90
|
428.00
|
414.55
|
416.00 |
| GAIL
|
219.50
|
222.20
|
219.00
|
220.05 |
| BHARTI
|
233.10
|
236.35
|
231.50
|
233.70 |
| HINDPETRO
|
320.00
|
324.85
|
318.00
|
321.40 |
| BPCL |
366.45 |
370.50
|
363.15
|
368.20 |
| ORIENTBANK
|
264.00
|
269.70
|
260.95
|
268.00 |
| HINDALC0
|
1126.90
|
1143.00
|
1123.60
|
1135.65 |
| TATACHEM
|
173.25
|
173.25
|
169.20
|
171.25 |
| RANBAXY
|
1055.00
|
1056.00
|
1035.00
|
1047.10 |
| HDFCBANK
|
600.00
|
601.00
|
588.00
|
597.15 |
| ZEETELE
|
140.50
|
143.90
|
140.50
|
142.40 |
| HEROHONDA
|
550.00
|
554.75
|
543.75
|
551.05 |
| TATAPOWER
|
384.00
|
384.00
|
372.00
|
374.10 |
| BHEL
|
885.00
|
885.00
|
865.00
|
874.75 |
| ACC
|
381.00
|
381.90
|
377.00
|
380.65 |
| CIPLA
|
289.90
|
294.00
|
283.50
|
284.95 |
| HCLTECH
|
377.25
|
380.00
|
373.30
|
377.65 |
| VSNL
|
226.80
|
234.40
|
226.00
|
227.65 |
| GRASIM
|
1118.95
|
1118.95
|
1091.00
|
1094.75 |
| SCI
|
146.00
|
146.80
|
143.10
|
144.15 |
| BAJAJAUTO
|
1241.15
|
1261.00
|
1230.10
|
1254.05 |
| MTNL
|
123.00
|
123.00
|
119.05
|
120.70 |
| GLAXO
|
762.00
|
785.00
|
761.25
|
783.00 |
| TATATEA
|
591.00
|
591.00
|
576.00
|
582.45 |
| DRREDDY
|
725.00
|
731.95
|
718.10
|
719.20 |
| SUNPHARMA
|
569.00
|
569.00
|
553.10
|
560.40 |
| NATIONALUM
|
143.75
|
145.00
|
142.35
|
144.35 |
| COLGATE
|
233.15
|
234.85
|
228.50
|
231.70 |
| DABUR
|
130.85
|
131.00
|
127.25
|
129.95 |
| ABB
|
1301.05
|
1301.05
|
1283.50
|
1292.50 |
Last
Update : 17 June, 2005, 16:00PM
| 
