|
Markets opened with a huge positive gap of close to two-thirds of a per cent
from yesterday's closing levels. The momentum from yesterday's strong closing
was carried forward as derivatives of the June series expired today.
The
surge in indices was helped by strong gains in frontline technology stocks,
ONGC and private banks like HDFC. Strong buying was seen in telecom stock
VSNL, which was the largest percentage gainer among index stocks.
Indices
held firm and traded in a range till the very end of the trading session when
a fresh bout of short covering pushed them to all-time highs. It was too late
to give up any of those gains and the indices managed to close near the highs
of the day.
Combined
market volumes for the cash and derivatives segments on both exchanges touched
an all-time high of over Rs32,500 crore.
The
Sensex touched the 7200-mark again today but could not close above it, ending
the day at 7194. The Nifty with a gain of 29 points from yesterday closed
at 2220, above the 2200-mark for the second time this week.
Nifty
July futures discount to the spot index widened to 29 points from yesterday's
19 points.
Among
Nifty stocks, VSNL, HDFC Bank and HDFC were the major percentage gainers while
SAIL, Tata Chemicals and Oriental Bank were the major losers. US
markets closed with marginal losses yesterday, as traders remained non-committal
ahead of the US Fed meeting today. The Fed is expected to raise short term
interest rates by 25 basis points. Markets chose to ignore the better-than-expected
US GDP growth rate for the first quarter ended March. Dow closed 30 points
lower while NASDAQ lost 1 point. After
the fall of almost 4 per cent from the previous day, crude futures for August
delivery declined close to 2 per cent yesterday as well. Traders continued
to book profits after weekly US inventory data showed a build up in stocks
of both crude and refined products after 3 weeks of decline. The commodity
closed at $57.26 to a barrel yesterday. Most
Indian ADR's closed with excellent gains yesterday. Tech stocks had a field
day as Infosys, Wipro and Satyam all closed with gains of over 2 per cent
each. VSNL was the star performer with gains of close to 3 per cent and HDFC
Bank gained 2 per cent. Tata Motors and Dr. Reddy's also closed with gains.
MTNL and ICICI Bank both closed around 1 per cent lower. TCS
will form a joint venture with the Chinese government to support the software
and ITES businesses in China. The JV may also offer services in the rest of
Asia Pacific later. Microsoft may pick up a minority stake in the venture
in which TCS would hold a majority stake. The
deal is considered to be significant as it would provide substantial leverage
to TCS in the Chinese domestic market. Other Indian companies like Infosys,
Wipro and Satyam were also in the running for this deal. TCS
is also in discussions to start a joint venture in Pakistan. A top management
team visited Pakistan recently and an announcement is expected soon. The stock
closed with gains of close to 2 per cent. Confirming
market rumours, Wipro announced the exit of its vice-chairman Vivek Paul.
The company has not announced any replacement so far and has appointed a chief
operating officer. The stock, which was trading with losses of over 1 per
cent till late afternoon, shot up in late trades to close with gains of well
over 1 per cent. Shareholders
of Ranbaxy have approved the proposed stock split. Each Rs10 share will be
split into five shares of Rs2 each. The stock, which was trading with losses,
recovered after the announcement only to give up again and closed with losses
of 1 per cent. There
are reports that the petroleum ministry will re-consider a reimbursement claim
from Reliance Industries pertaining to the year 2003-04. The claim is for
certain duties and taxes on products from Reliance's refinery, for a total
of over Rs400 crore. The finance ministry had earlier refused the claim. After
the announcement of the Videocon-Thomson deal yesterday, there are reports
that Videocon may acquire the operations of Electrolux in India along with
brand licence. The Indian company may also market products in other parts
of Asia under the Electrolux brand. It has also shown interest in the Kelvinator
and Allwyn brands which were acquired by Electrolux some years ago. The
board of Indian Oil has proposed a merger with Bongaigaon Refineries, a standalone
petroleum refinery in the state of Assam. Metal
stocks continued to decline on worries about product prices in the short term.
SAIL lost 3 per cent while Tata Steel and Hindalco also closed with losses. Mid-cap
action Mid-cap
stocks had a lacklustre day even though strong buying was seen in select sectors.
Mid-caps under-performed the frontline stocks by a large margin and the CNX
Mid-Cap 200 index closed at 2992, a marginal gain of one point. Centurion
Bank and Bank of Punjab announced the final merger details yesterday after
market close. The merger will be in the ratio of 4 shares of Bank of Punjab
for every 9 shares of Centurion Bank. The
merged entity will be called Centurion Bank of Punjab and will become one
of the top 10 private sector banks in the country. The combined entity will
have an asset base of over Rs9,000 crore. Bank
of Punjab closed over 8 per cent lower and Centurion Bank lost close to 5
per cent. Federal
Bank attracted a lot of buying interest after the bank announced plans to
raise Rs450 crore from a domestic or a GDR issue. The stock gained over 3
per cent in early trades but gave up and closed the day with losses of 2 per
cent. Media
stocks saw all-round buying after the government announced a revenue share
scheme for private FM radio stations instead of the fixed licence fee regime
that prevailed till now. Private stations were struggling to survive as the
licence fee was very high as compared to the revenue potential and some had
folded operations. Mid-Day
Multimedia and TV Today, two of the listed companies with FM radio operations,
gained over 15 per cent each after the announcement. Both stocks closed with
gains of around 10 per cent each. Other
media and entertainment stocks like Adlabs, NDTV, Television Eighteen, Deccan
Chronicle and UTV Software also saw very good gains. The media stocks were
supported by the government's decision to allow up-linking of more than one
channel. Some
paper and related stocks like Orient Paper and Pudumjee Pulp saw good gains
during the day. United
Phosphorus has acquired SWA Limited, formerly Shaw Wallace Agrochemicals,
from Jumbo group for Rs23 crore. SWAL manufactures agrochemicals and fertiliser
compounds. Some
of the oil and exploration service companies also saw very good gains even
though crude has cooled off over the last two days. Hindustan Oil Exploration
and Aban Lloyd Chiles closed with gains of 4 to 5 per cent each. Hinduja
TMT lost ground after the company announced poor fourth quarter results. Profits
declined by half as revenues dropped by over 20 per cent. The company, promoted
by the Hinduja group, is mostly into BPO services. The stock closed over 4
per cent lower. IndusInd
Bank has reported a profit growth of close to 30 per cent for the fourth quarter
ended March 2005. Total revenues are up by close to 20 per cent. The bank
may raise close to $80 million through a capital issue to fund its growth
plans. Pharma
company Lupin would raise up to $100 million through an overseas issue of
equity or debt to fund its expansion and acquisition plans.  Crest
Animation, Titanor Components and Chemplast Sanmar were among the best performing
stocks among mid-caps.
Samtel,
Zenith Exports and Morarjee Realties 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
|
7,193.85
|
+
73.97 |
| NIFTY
|
2,220.60
|
+
28.95 |
Last
Update : 30 June, 2005, 16:13 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| HDFC
BANK LT |
605.50
|
643.00
|
605.50
|
634.10 |
| HOUSING
DEVELOPMENT FINANCE CO |
858.00
|
901.00
|
855.20
|
883.95 |
| SATYAM
COMP |
491.90
|
515.90
|
491.50
|
507.50 |
| ONG
CORP LTD |
996.00
|
1,025.00
|
996.00
|
1,020.75 |
| I
T C LTD |
1,599.00
|
1,659.90
|
1,599.00
|
1,649.40 |
| DR.REDDY'S
LABORATORIES LTD. |
745.00 |
762.00
|
730.00
|
753.20 |
| BHEL
|
855.00
|
868.00
|
850.00
|
865.00 |
| WIPRO
LTD. |
724.00
|
776.00
|
724.00
|
765.55 |
| BAJAJ
AUTO |
1,358.00
|
1,388.45
|
1,352.00
|
1,373.50 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,335.25
|
2,387.00
|
2,335.25
|
2,357.65 |
| TCS
LTD |
1,340.00
|
1,359.00
|
1,340.00
|
1,351.90 |
| STATE
BANK OF INDIA |
675.00
|
686.00
|
675.00
|
681.55 |
| CIPLA
LTD. |
311.00
|
316.85
|
311.00
|
313.60 |
| ICICI
BANK L |
417.00
|
427.00
|
415.60
|
421.55 |
| TATA
POWER |
372.25
|
380.00
|
372.25
|
376.40 |
| MARUTI
UDYOG |
464.60
|
471.50
|
461.00
|
465.10 |
| HINDUSTAN
LEVER LTD. |
164.10
|
165.50
|
160.60
|
163.60 |
| ASSOCIATED
CEMENT COMPANIES LT |
379.00
|
383.50
|
375.65
|
377.90 |
| TATA
IRON AND STEEL CO. LTD. |
346.00
|
347.80
|
337.60
|
340.10 |
| GUJARAT
AMBUJA CEMENTS LTD. |
60.50
|
60.95
|
58.50
|
59.00 |
| HINDALCO
IN |
1,234.00
|
1,265.00
|
1,191.00
|
1,200.80 |
| RANBAXY
LABORATORIES LTD. |
1,075.00 |
1,082.10
|
1,047.05
|
1,057.65 |
| NTPC
LTD |
84.00 |
84.70
|
82.50
|
83.05 |
| RELIANCE
ENR |
638.90
|
646.50
|
628.00
|
631.90 |
| TATA
MOTORS |
428.40
|
434.90
|
422.00
|
425.05 |
| GRASIM
INDUSTRIES LTD. |
1,068.80
|
1,083.00
|
1,048.00
|
1,058.95 |
| HEROHONDA
M |
582.00
|
600.00
|
568.15
|
575.00 |
| BHARTI
TELE |
243.90
|
247.00
|
241.95
|
242.85 |
| LARSEN
& TOUBRO LTD |
1,135.00
|
1,145.50
|
1,126.00
|
1,133.95 |
| RELIANCE* |
642.05
|
653.10
|
636.20
|
641.90 |
Last
Update : 30 June, 2005, 16:02PM
S&P
CNX Nifty
| Symbol | Open | High | Low | Last
Price | | SATYAMCOMP
| 493.00
| 515.70
| 493.00
| 509.95 |
| RELIANCE
| 648.00
| 653.15
| 636.65
| 642.55 |
| INFOSYSTCH
| 2342.00
| 2389.85
| 2340.00
| 2358.25 |
| ONGC
| 991.00
| 1033.80
| 991.00
| 1027.45 |
| WIPRO |
737.00 | 776.00
| 730.00
| 766.30 |
| TISCO
| 347.00
| 348.00
| 337.55
| 339.75 |
| SBIN
| 676.00
| 686.00
| 675.00
| 681.90 |
| RANBAXY
| 1075.00
| 1085.90
| 1046.00
| 1057.35 |
| TCS
| 1338.80
| 1365.00
| 1338.80
| 1358.10 |
| REL
| 642.00
| 647.95
| 627.85
| 632.30 |
| ITC
| 1615.00
| 1679.50
| 1615.00
| 1662.10 |
| BAJAJAUTO
| 1350.00
| 1394.90
| 1350.00
| 1383.60 |
| HDFCBANK
| 601.60
| 642.95
| 601.60
| 636.05 |
| HINDLEVER
| 163.00
| 165.50
| 160.60
| 164.05 |
| IPCL
| 172.10
| 176.45
| 171.05
| 171.55 |
| HEROHONDA
| 578.00
| 600.00
| 566.25
| 582.50 |
| ORIENTBANK
| 257.90
| 257.90
| 246.50
| 250.10 |
| MARUTI
| 463.10
| 471.70
| 459.25
| 464.65 |
| VSNL
| 233.90
| 251.95
| 233.65
| 246.65 |
| TATAMOTORS
| 429.75
| 434.00
| 422.10
| 425.45 |
| GAIL
| 220.25
| 229.80
| 220.25
| 227.60 |
| ZEETELE
| 153.25
| 158.75
| 152.50
| 155.45 |
| HDFC
| 868.85
| 912.00
| 848.50
| 890.85 |
| M&M
| 555.50
| 569.50
| 552.00
| 557.75 |
| GRASIM
| 1068.80
| 1083.95
| 1040.00
| 1055.95 |
| ICICIBANK
| 419.95
| 427.95
| 414.00
| 425.75 |
| BHARTI
| 243.50
| 246.90
| 242.00
| 243.10 |
| HINDALC0
| 1225.00
| 1235.00
| 1190.05
| 1198.55 |
| CIPLA
| 311.90
| 316.80
| 311.10
| 313.65 |
| DRREDDY
| 744.00
| 770.40
| 733.05
| 753.35 |
| PNB
| 380.00
| 385.50
| 377.00
| 379.50 |
| BHEL
| 869.00
| 880.00
| 845.00
| 867.95 |
| SAIL
| 49.75
| 49.75
| 48.00
| 48.10 |
| ACC
| 378.10
| 384.50
| 375.10
| 379.60 |
| HINDPETRO
| 312.00
| 314.90
| 302.50
| 306.90 |
| TATAPOWER
| 372.00
| 380.95
| 371.95
| 376.65 |
| MTNL
| 117.90
| 118.30
| 115.00
| 115.40 |
| HCLTECH
| 382.10
| 395.90
| 382.10
| 389.50 |
| COLGATE
| 238.00
| 246.15
| 237.00
| 244.25 |
| TATATEA
| 624.00
| 630.00
| 612.25
| 620.10 |
| LT
| 1144.00
| 1150.00
| 1128.00
| 1132.25 |
| SUNPHARMA
| 581.70
| 600.00
| 562.00
| 583.00 |
| DABUR
| 128.05
| 135.00
| 128.05
| 131.35 |
| TATACHEM
| 170.60
| 170.90
| 164.15
| 165.20 |
| GUJAMBCEM
| 61.40
| 61.40
| 58.40
| 59.05 |
| NATIONALUM
| 141.90
| 143.00
| 138.60
| 139.75 |
| GLAXO |
791.00 | 810.00
| 791.00
| 804.65 |
| SCI
| 144.00
| 144.50
| 141.05
| 141.75 |
| BPCL
3 | 65.80
| 370.00
| 365.00
| 367.30 |
| ABB
| 1304.00
| 1340.15
| 1297.50
| 1328.60 |
Last Update
: 30 June, 2005, 16:00PM
| 
