|
The markets bounced back recovering from the aftershock
of the London bomb blasts. The day opened with a huge
positive gap as the damage from the blasts turned out
to be much lower than expected. Most analysts in Europe
and US do not expect the terrorist attack to have much
of an impact on the financial markets as they start focussing
on the earnings season ahead.
The rebound in the US markets towards close yesterday
also helped to reinforce this sentiment.
The up trend was short-lived though as the indices lost
most of their gains and went back very close to yesterday's
closing levels within an hour or so. ONGC, which was trading
with gains in the morning, declined and added to weakness
in the indices.
The indices started a steady recovery by early afternoon
as some buying emerged. The fact that the overall market
breadth remained very positive encouraged the traders
to take a more positive view.
Strength in metals, banks, telecom and media stocks helped
the indices to recover part of yesterday's losses.
Sensex closed at 7212, a gain of 67 points, and the Nifty
at 2196, a gain of 17 points. Nifty July futures discount
to the spot index narrowed to 12 points from yesterday's
21 point.
Zee Tele, Bharti and Tata Steel were among the major gainers
among Nifty stocks while ONGC, BPCL and HPCL were the
major losers.
After a weak opening following the London blasts, US markets
recovered and closed with gains yesterday. Though there
was some initial panic after the large decline in most
European markets, traders were of the view that the incident
does not pose much threat to US economic performance.
The Dow and NASDAQ closed with gains of close to one third
of a per cent.
Crude
futures for August delivery crashed more than 4 per cent
after news of the terrorist attack in London. The commodity
recovered later and closed the day with a loss of less
than a per cent at $60.73 to a barrel yesterday. Crude
is seeing a fresh rally in Asian and early European trades
today and NYMEX grade crude is very close to its all time
high of over $62.
Most
Indian ADR's had a weak day despite the late bounce back
in the broad indices. Technology stocks Infosys, Wipro
and Satyam all ended with losses. HDFC Bank, Tata Motors,
MTNL and Dr. Reddy's also closed with losses. ICICI Bank
and VSNL closed with gains of over a per cent each.
Inflation
for the week ended 25 June rose marginally to 4.14 per
cent from 4.1 per cent reported for the previous week.
Bharti
Televentures surged over 7 per cent in late afternoon
trades after reports that the company has added almost
4.5 lakh subscribers during June. The stock closed with
gains of 5 per cent.
Zee
Tele has been one of the best performers for the last
few days on expectations of higher popularity for some
of its new programmes. The stock which opened firm surged
more than 7 per cent in late afternoon trades. The stock
closed over 6 per cent higher.
Reliance
Capital has reportedly set up a separate division, to
be called R Trade, for retail distribution of financial
products. This division will sell insurance products,
mutual fund schemes and other financial products.
Metal
stocks continued to seek higher ground on expectations
of a rebound in product prices. Tata Steel has been one
of the prominent gainers in this rally and the stock managed
to close with gains for the third successive day. SAIL
also closed with gains.
Smaller
steel companies like Essar Steel, Ispat Industries and
JSW Steel also closed with good gains.
Mid-Cap
Action
Mid-caps
continued their strong run today as well and the CNX Mid-Cap
200 index closed at 3145, very close to its life-time
high.
Small
private bank stocks were the flavour of the day with many
of them soaring to post new 52-week and life-time highs
today. The huge buying interest was on intense speculations
about mergers, stake sales to foreign banks and acquisitions
by domestic corporate groups.
Karnataka
Bank, which had seen a 20 per cent jump a few days back,
surged over 10 per cent today on rumours of stake sales
to one or more foreign banks. The stock was very active
in the futures segment as well.
Among
the other private banks which surged today include Federal
Bank, which posted a new life-time high, and South Indian
Bank. If rumours are to be believed, some of the south
based banks are discussing mergers.
Titan
Industries saw a sharp jump today and closed with gains
of over 8 per cent. The stock has been steadily going
up for the last couple of weeks. The current market fancy
for retail stocks is helping the up surge in Titan.
Most
of the media stocks continued their frenzied run today
as well. The strength in frontline media stock Zee Tele
rubbed off on smaller broadcasting stocks as well.
Television
Eighteen led the pack with gains of well over 6 per cent,
followed by NDTV which closed over 2 per cent higher.
TV Today had a volatile day moving in and out of red and
finally closing with gains of under a per cent.
Print
media company Deccan Chronicle surged after the company
announced that its board will meet shortly to consider
an overseas issue or private placement. The company is
planning to issue up to 9 per cent of its present capital
base.
Entertainment
stocks also had a good run. Multiplex cinema operator
Shringar Cinema remained firm through out the day and
closed with gains of over 13 per cent. Adlabs jumped in
the closing minutes and gained over 6 per cent in no time.
Kinetic
Engineering gained 20 per cent in early trades before
giving up part of the gains on reports of a rights issue
proposal.
Patni
Computer announced that its board will meet shortly to
discuss a sponsored ADR issue. The stock closed with gains
of over 2 per cent.
Mid-cap
software company Scandent Solutions surged over 5 per
cent in late afternoon trades after reports of the company
making an acquisition in France.
Apollo
Hospitals completed its GDR issue to raise $65 million.
The GDR was issued at a marginal discount to yesterday's
closing price in the domestic market.
The
second largest IT education company Aptech gained over
10 per cent on renewed buying interest. The stock had
attracted the attention of overseas investors after its
Chinese operations reported good growth.
Nicholas
Piramal announced the acquisition of a 17-per cent stake
in a Canadian biotechnology research and manufacturing
company. Nicholas Piramal will get the exclusive marketing
rights for the Canadian company's products in India and
some parts of Asia.
 Jyoti
Structures, Cheslind Textiles and Genus Overseas were
among the best performing stocks among mid-caps.
Thiru
Arooran Sugars, Provogue and GM Breweries 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
|
7,212.08
|
+
66.95 |
| NIFTY
|
2,196.20
|
+
16.80 |
Last
Update : 8 July, 2005, 16:13 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| BHARTI
TELE |
242.00
|
259.90
|
241.25
|
253.70 |
| TATA
IRON AND STEEL CO. LTD. |
357.50
|
365.05
|
356.25
|
361.10 |
| LARSEN
& TOUBRO LTD. |
1,195.00
|
1,231.00
|
1,195.00
|
1,223.20 |
| NTPC
LTD |
87.40
|
89.10
|
87.35
|
88.75 |
| WIPRO
LTD. |
720.00
|
732.80
|
717.00
|
722.45 |
| HDFC
BANK LT |
643.00
|
654.00
|
642.50
|
650.10 |
| I
T C LTD |
1,689.70
|
1,707.00
|
1,682.00
|
1,704.05 |
| ASSOCIATED
CEMENT COMPANIES LT |
391.00
|
395.00
|
389.50
|
394.10 |
| GUJARAT
AMBUJA CEMENTS LTD. |
60.90
|
61.00
|
60.25
|
60.65 |
| HEROHONDA
M |
583.00
|
589.00
|
576.10
|
587.80 |
| SATYAM
COMP |
493.00
|
502.00
|
491.55
|
496.35 |
| RELIANCE*
|
625.00
|
629.70
|
615.10
|
620.60 |
| CIPLA
LTD. |
316.50
|
319.90
|
314.10
|
317.25 |
| HOUSING
DEVELOPMENT FINANCE CO |
905.00
|
923.35
|
904.00
|
913.40 |
| STATE
BANK OF INDIA |
704.00
|
722.45
|
704.00
|
717.75 |
| RANBAXY
LABORATORIES LTD. |
1,068.00
|
1,069.00
|
1,051.25
|
1,057.15 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,280.00
|
2,355.00
|
2,280.00
|
2,333.20 |
| BHEL
|
875.00
|
880.50
|
870.05
|
879.00 |
| ICICI
BANK L |
423.00
|
428.00
|
420.00
|
424.45 |
| HINDALCO
IN |
1,226.00
|
1,240.00
|
1,210.00
|
1,216.05 |
| BAJAJ
AUTO |
1,357.00
|
1,357.00
|
1,322.25
|
1,335.00 |
| ONG
CORP LTD |
935.00
|
948.00
|
915.00
|
919.55 |
| TATA
MOTORS |
440.00
|
444.00
|
431.00
|
434.45 |
| DR.REDDY'S
LABORATORIES LTD. |
777.00
|
783.00
|
764.00
|
768.50 |
| RELIANCE
ENR |
632.00
|
642.00
|
621.00
|
625.20 |
| MARUTI
UDYOG |
449.55
|
455.00
|
443.65
|
447.90 |
| GRASIM
INDUSTRIES LIMITED |
|
|
|
1,059.90 |
| HINDUSTAN
LEVER LIMITED |
|
|
|
158.65 |
| TATA
CONSULTANCY SERVICES |
|
|
|
1,312.10 |
| TATA
POWER COMPANY LIMITED |
|
|
|
397.20 |
Last
Update : 8 July, 2005, 16:02PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
628.00
|
628.00
|
615.00
|
620.30 |
| ONGC
|
943.60
|
949.80
|
911.00
|
920.20 |
| TISCO
|
357.90
|
364.80
|
357.90
|
362.30 |
| INFOSYSTCH
|
2348.00
|
2356.00
|
2310.25
|
2334.95 |
| SBIN
|
715.00
|
724.00
|
710.20
|
717.70 |
| TCS
|
1310.60
|
1329.40
|
1293.55
|
1311.10 |
| SATYAMCOMP
|
494.00
|
504.45
|
491.40
|
496.75 |
| BHARTI
|
242.00
|
259.95
|
240.50
|
253.20 |
| ITC
|
1685.65
|
1702.95
|
1655.05
|
1697.75 |
| TATAMOTORS
|
440.00
|
444.90
|
430.50
|
435.10 |
| MARUTI
|
449.90
|
457.90
|
443.25
|
448.20 |
| SAIL
|
50.60
|
51.50
|
50.60
|
51.10 |
| WIPRO
|
725.00
|
737.70
|
718.00
|
722.90 |
| REL
|
640.00
|
641.45
|
620.30
|
625.65 |
| ZEETELE
|
163.50
|
171.70
|
163.00
|
169.60 |
| PNB
|
390.00
|
396.25
|
386.65
|
392.60 |
| HDFC
|
910.00
|
923.95
|
903.05
|
910.35 |
| HINDALC0
|
1222.00
|
1249.00
|
1209.00
|
1216.80 |
| VSNL
|
262.25
|
272.50
|
262.25
|
266.55 |
| M&M
|
608.90
|
611.10
|
597.60
|
604.40 |
| IPCL
|
173.50
|
175.90
|
172.55
|
173.30 |
| RANBAXY
|
1049.00
|
1067.90
|
1049.00
|
1058.95 |
| LT
|
1200.05
|
1234.00
|
1197.00
|
1224.50 |
| HINDLEVER
|
160.55
|
162.00
|
157.55
|
158.65 |
| ACC
|
389.90
|
396.00
|
388.10
|
394.70 |
| ORIENTBANK
|
259.00
|
262.40
|
256.10
|
258.60 |
| BAJAJAUTO
|
1365.00
|
1370.00
|
1320.00
|
1341.60 |
| HEROHONDA
|
586.80
|
589.35
|
581.00
|
586.60 |
| ICICIBANK
|
424.05
|
428.00
|
419.05
|
424.25 |
| DRREDDY
|
775.00
|
790.00
|
764.00
|
768.85 |
| HINDPETRO
|
308.60
|
311.40
|
303.20
|
304.70 |
| GAIL
|
222.50
|
222.90
|
219.00
|
220.05 |
| ABB
|
1470.00
|
1513.00
|
1470.00
|
1489.95 |
| HDFCBANK
|
644.00
|
654.00
|
642.25
|
651.80 |
| CIPLA
|
316.95
|
319.00
|
314.20
|
317.90 |
| NATIONALUM
|
144.10
|
146.90
|
143.40
|
146.00 |
| BHEL |
889.90 |
889.90
|
850.00
|
874.75 |
| GRASIM
|
1060.00
|
1074.90
|
1053.00
|
1060.20 |
| HCLTECH
|
381.50
|
388.95
|
374.10
|
384.70 |
| MTNL
|
127.50
|
129.35
|
125.75
|
127.20 |
| TATAPOWER
|
392.15
|
399.95
|
392.15
|
396.65 |
| DABUR
|
133.05
|
136.50
|
133.00
|
135.75 |
| GUJAMBCEM
|
60.55
|
61.30
|
60.30
|
60.70 |
| BPCL
|
363.00
|
369.00
|
358.05
|
360.05 |
| TATACHEM
|
173.00
|
174.00
|
170.55
|
172.10 |
| COLGATE
|
242.00
|
246.10
|
240.10
|
242.65 |
| SUNPHARMA
|
598.50
|
630.00
|
598.50
|
617.25 |
| SCI
|
142.50
|
144.80
|
142.50
|
144.00 |
| TATATEA
|
629.65
|
638.00
|
625.05
|
628.70 |
| GLAXO
|
847.00
|
847.00
|
822.00
|
834.05 |
Last
Update : 8 July, 2005, 16:00PM
| 
