|
Record oil prices or cautious global markets are having
little impact on our markets as they continued to surge
ahead today. Markets have more than recovered from the
fall on Monday and have gone past last week's closing
levels.
The indices opened firm in the morning as buying continued
in many frontline stocks. Some amount of profit booking
emerged before noon and pulled the indices marginally
into the red.
The recovery from then onwards and the upsurge was spectacular
helped by gains in frontline stocks like HLL, Tata Motors
and ICICI Bank. The Sensex crossed the 7800 mark comfortably
and was trading with gains of well above 100 points by
late afternoon.
Though selling emerged and pulled the Sensex down from
its day's highs in the last half hour, the index managed
to close well above 7800.
Among the pharma stocks, Dr. Reddy's, Cipla and Ranbaxy
closed the day with gains of over 4 per cent each. Glaxo
closed higher by well over 3 per cent.
Auto stocks were led by Tata Motors, which closed over
3 per cent higher. Maruti closed almost a per cent higher.
Hero Honda gained over 4 per cent while Bajaj Auto was
higher by a per cent.
Sensex closed at 7816, a gain of 86 points, and the Nifty
at 2381, a gain of 21 points. Nifty August futures closed
the day at a discount of 3 points to the spot index.
Tata Tea, HLL and HDFC were among the major gainers among
Nifty stocks while GAIL, Infosys and VSNL were the major
losers.
US markets gave up their early strengths and closed weak
yesterday. The positive statements by the US Fed about
economic growth and inflation led to a rally in the morning,
which took the indices almost a per cent higher. Market
sentiment turned negative after crude oil surged to yet
another record high later in the day.
The Dow and S&P 500 indices closed around one quarter
of a per cent lower yesterday. Losses on the NASDAQ were
higher at three quarters of a per cent.
Crude oil futures for September delivery surged over 3
per cent to hit an all time high of $65 to a barrel yesterday.
The uptrend came after the weekly inventory data of US
crude and gasoline stocks showed an unexpected decline.
Crude closed the day at $64.9 yesterday, a lifetime closing
high for the near month futures.
Crude was trading lower at $64.45 in today's early European
trades after recording a new lifetime high of $65.3 in
opening trades.
Most Indian ADR's closed firm yesterday on the US exchanges.
ICICI Bank and HDFC Bank continued their up trend from
the previous day closing higher by 2 per cent each. Tata
Motors and VSNL also gained well over 2 per cent each.
Among the technology ADR's, Wipro and Satyam managed to
close with gains of over a per cent each while Infosys
closed marginally lower. Dr. Reddy's closed higher by
half a per cent. MTNL was the only significant loser,
closing almost 3 per cent lower.
ICICI Bank surged in later afternoon trades on speculation
that it would sell its large holdings in Federal Bank
and South Indian Bank shortly. ICICI Bank holds a 20 per
cent stake in Federal Bank and around 16 per cent in South
Indian Bank.
The bank management later confirmed that though they are
planning to exit the two smaller banks, no deals are expected
to happen in the short term. ICICI is planning to sell
the stakes over the next two years. The stock closed over
2 per cent higher.
There are reports that Infosys is planning to develop
a new facility at Hyderabad. The company has reportedly
booked a 100-acre plot in a new software export zone being
developed in the city. The stock closed a per cent lower.
Among other technology stocks, Satyam closed with gains
of well over a per cent and Wipro gained over half a per
cent. TCS closed almost flat.
The project consultancy division of commercial vehicles
manufacturer Ashok Leyland and natural gas major Gail
has teamed up to explore opportunities in the CNG and
related segments both within the country and abroad.
The joint venture between ONGC and Mittal Steel for oil
exploration has reportedly identified 22 countries for
pursuing deals. In some of these countries, the partners
would operate on an exclusive basis and on a case-to-case
basis in others. ONGC closed marginally weak.
Mid-Cap Action
Mid-caps
continued their frenzied rally with many stocks gaining
between 10 and 20 per cent today. The mid-cap index opened
firm and touched 3600 before declining in intra-day trades
before noon. The CNX Mid-Cap 100 index surged ahead again
and went well past 3600 in later afternoon trades before
closing the day at 3598, a gain of 39 points or well over
a per cent.
After
remaining quiet for a couple of weeks, PSU stock HMT was
back in action today gaining over 25 per cent in early
trades. There are reports that the central government
is considering a fresh revival package for the company.
The stock closed with gains of 31 per cent.
According
to unconfirmed reports, the government would infuse Rs750
crore to revive HMT. The company may also go in for a
tie up with Mitsubishi of Japan for manufacturing tractors.
The company's tractor division had turned around last
year, which helped the company to report profits after
many years of losses.
Strong
buying was also seen in ITI Limited, another ailing PSU
company which the government is supporting with a revival
package. The stock closed with gains of over 5 per cent.
Varun
Shipping would buy 3 LPG carriers with capacity of 35,500
cubic metres each. After the acquisition the total number
of vessels owned by the company would rise to 19. The
stock closed with good gains.
ICICI
Ventures has announced an open offer for 20 per cent of
yarn and textile manufacturer Sandesh at Rs47.1 per share.
The private equity arm of ICICI Bank had acquired an over
15 per cent stake in the company for over Rs42 crore.
The stock gained over 10 per cent in early trades and
closed the day much above the open offer price.
The
director board of sugar major Balarampur Chini has approved
an overseas issue of either GDR's or FCCB's to raise $50
million.
Sah
Petroleum surged over 15 per cent after the company announced
that its board would consider a bonus issue. The company
is a manufacturer of industrial lubricants and the first
quarter results were not up to expectations. The stock
closed with gains of 18 per cent.
Aurobindo
Pharma has issued FCCB's worth $60 million, which will
be listed on the Singapore Stock Exchange. The FCCB's
are convertible after a period of five years at the rate
of Rs522 per equity share.
Kale
Consultants, which had announced a new 5-year order from
a Philippines-based airline yesterday, gained over 7 per
cent in early trades. Strong buying was seen in other
mid-cap software counters like Aftek Infosys and Visual
Soft. Aftek closed almost 20 per cent higher. Stocks of
IT education companies NIIT Limited and Aptech also gained
on renewed buying interest.
Strong
buying was seen in many media and entertainment stocks
as well. Adlabs Films surged over 16 per cent following
the completion of stake acquisition by Reliance Capital.
Crest Animation, Deccan Chronicle, UTV Software, Shringar
Cinema and TV Today were among the other gainers.
July
sales of Pantaloon Retail more than doubled as compared
to the same month of previous year to Rs130 crore. This
is the highest monthly sales in the company's history.
There are reports that Pantaloon is in discussions to
acquire the Chennai-based book store, Crossword.
The
shareholders of real estate developer Mahindra Gesco have
approved the hike in FII investment limit to 30 per cent.
The stock gained over 4 per cent in early trades.
Construction
company IVRCL Infrastructure has won an order to build
and operate a desalination plant at Chennai. The company
will float an SPV along with its technical partner to
execute the project.
The
plant will supply drinking water to Chennai, where there
is a severe water shortage. The project is expected to
cost Rs500 crore and IVRCL would operate the plant for
25 years before handing it over to the local government.
The stock closed with gains of over 3 per cent.
Hindustan
Construction has won a contract to build tunnels for a
new railway line to the state of Jammu & Kashmir.
The order is worth Rs218 crore.
Swaraj
Mazda gained over 5 per cent on reports that Sumitomo
Corporation of Japan would acquire the 15 per cent stake
held by Mazda Motor. The deal is reportedly at Rs303 per
share, a 20 per cent discount to the current market price.
Sumitomo had acquired another 15 per cent stake held by
Punjab Tractors recently.
 Orient
Paper, Gujarat Ambuja Exports and HOCL were among the
best performing stocks among mid-caps.
Chennai
Petro, Geodesic Info and Subex 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
|
7,807.02
|
+
77.20 |
| NIFTY
|
2,377.00
|
+
16.85 |
Last
Update : 11 August, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| DR.REDDY'S
LABORATORIES LTD. |
810.00
|
855.00
|
810.00
|
849.10 |
| HINDUSTAN
LEVER LTD. |
162.40
|
171.25
|
161.00
|
169.30 |
| HOUSING
DEVELOPMENT FINANCE CO |
915.00
|
953.00
|
906.10
|
949.85 |
| CIPLA
LTD. |
325.90
|
338.00
|
323.00
|
336.00 |
| RANBAXY
LABORATORIES LTD. |
505.00 |
532.00
|
497.50
|
520.95 |
| GRASIM
INDUSTRIES LTD. |
1,282.20
|
1,357.00
|
1,261.00
|
1,339.55 |
| HEROHONDA
M |
620.00
|
649.90
|
620.00
|
646.60 |
| TATA
MOTORS |
482.30
|
504.00
|
482.30
|
497.25 |
| BHARTI
TELE |
304.90
|
314.00
|
302.00
|
310.65 |
| ICICI
BANK L |
495.00
|
513.65
|
493.35
|
504.95 |
| LARSEN
& TOUBRO LTD. |
1,333.00
|
1,349.00
|
1,322.00
|
1,341.30 |
| SATYAM
COMP |
527.40
|
536.50
|
520.55
|
531.70 |
| TATA
IRON AND STEEL CO. LTD. |
400.55
|
408.80
|
400.55
|
403.40 |
| STATE
BANK OF INDIA |
813.55
|
822.95
|
804.00
|
817.30 |
| ASSOCIATED
CEMENT COMPANIES LT |
439.00
|
442.90
|
432.00
|
439.80 |
| BAJAJ
AUTO |
1,418.00
|
1,455.00
|
1,410.00
|
1,425.00 |
| WIPRO
LTD. |
738.00
|
738.00
|
726.00
|
732.85 |
| HINDALCO
IN |
1,370.00
|
1,390.00
|
1,365.00
|
1,375.75 |
| MARUTI
UDYOG |
480.00
|
491.25
|
480.00
|
482.60 |
| TATA
POWER |
429.00
|
431.00
|
418.10
|
426.30 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,325.00
|
2,325.00
|
2,284.80
|
2,290.85 |
| I
T C LTD |
1,748.65
|
1,749.00
|
1,720.00
|
1,724.35 |
| HDFC
BANK LT |
678.40
|
678.40
|
655.00
|
656.00 |
| RELIANCE
ENR |
627.90
|
632.00
|
615.00
|
617.95 |
| RELIANCE
|
720.00
|
729.90
|
713.10
|
717.05 |
| ONG
CORP LTD |
959.75
|
969.00
|
950.00
|
953.35 |
| TCS
LTD |
1,301.85
|
1,329.40
|
1,301.85
|
1,311.80 |
Last
Update : 11 August, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
722.65
|
729.50
|
713.00
|
717.60 |
| TISCO
|
400.00
|
408.75
|
400.00
|
404.25 |
| SATYAMCOMP
|
526.30
|
536.40
|
520.65
|
531.70 |
| SBIN |
812.00 |
823.90
|
804.25
|
817.40 |
| HINDLEVER
|
161.50
|
171.40
|
160.55
|
169.75 |
| TATAMOTORS
|
482.55
|
504.50
|
482.55
|
497.30 |
| VSNL
|
419.90
|
423.75
|
410.15
|
413.55 |
| SAIL
|
63.50
|
65.10
|
60.90
|
64.60 |
| RANBAXY
|
504.85
|
530.00
|
497.50
|
520.65 |
| INFOSYSTCH
|
2321.00
|
2324.95
|
2285.00
|
2293.40 |
| ONGC
|
959.80
|
967.75
|
949.10
|
953.90 |
| BHARTI
|
305.00
|
313.95
|
300.60
|
311.40 |
| ICICIBANK
|
495.00
|
516.80
|
495.00
|
506.95 |
| TCS
|
1316.65
|
1329.00
|
1306.60
|
1312.85 |
| TATATEA
|
757.00
|
821.70
|
755.00
|
803.65 |
| ITC
|
1711.25
|
1745.50
|
1711.25
|
1726.35 |
| GRASIM
|
1305.00
|
1358.75
|
1288.80
|
1335.10 |
| MARUTI
|
482.00
|
490.45
|
480.00
|
483.40 |
| PNB |
411.20 |
427.00
|
405.00
|
424.40 |
| HDFCBANK
|
667.50
|
672.00
|
655.00
|
661.15 |
| M&M |
693.80 |
698.90
|
685.00
|
689.00 |
| HDFC
|
918.80
|
953.25
|
902.00
|
950.95 |
| ACC
|
435.00
|
444.00
|
431.50
|
440.05 |
| WIPRO
|
728.00
|
735.90
|
725.00
|
732.95 |
| IPCL
|
185.00
|
189.25
|
185.00
|
186.40 |
| REL
|
624.00
|
630.00
|
615.00
|
618.60 |
| BAJAJAUTO
|
1434.20
|
1460.00
|
1411.10
|
1427.35 |
| LT
|
1329.00
|
1353.00
|
1321.00
|
1346.35 |
| TATAPOWER
|
420.00
|
431.00
|
417.00
|
426.80 |
| HINDALC0
|
1370.00
|
1389.00
|
1361.20
|
1375.45 |
| ZEETELE
|
173.40
|
174.85
|
172.60
|
173.30 |
| GUJAMBCEM
|
65.55
|
65.85
|
64.50
|
65.30 |
| ORIENTBANK
|
272.50
|
276.80
|
270.50
|
274.60 |
| CIPLA
|
325.50
|
338.00
|
324.10
|
335.95 |
| HEROHONDA
|
627.00
|
670.00
|
620.25
|
654.00 |
| COLGATE
|
247.50
|
255.00
|
242.50
|
249.50 |
| MTNL
|
129.75
|
132.85
|
129.00
|
131.90 |
| BHEL
|
1074.80
|
1085.00
|
1064.40
|
1071.90 |
| BPCL
|
355.25
|
365.50
|
354.95
|
362.50 |
| HCLTECH
|
436.80
|
440.00
|
426.70
|
430.80 |
| GAIL
|
237.90
|
238.00
|
233.35
|
234.65 |
| NATIONALUM
|
165.90
|
166.95
|
163.60
|
165.15 |
| HINDPETRO
|
300.00
|
304.00
|
297.10
|
302.20 |
| TATACHEM
|
188.40
|
190.00
|
186.10
|
187.15 |
| DRREDDY
|
812.00
|
855.85
|
809.00
|
849.30 |
| SCI
|
151.00
|
151.80
|
148.10
|
149.90 |
| DABUR
|
152.00
|
153.40
|
149.70
|
152.75 |
| GLAXO
|
897.80
|
914.00
|
875.00
|
903.85 |
| SUNPHARMA
|
629.00
|
629.00
|
605.80
|
614.85 |
| ABB
|
1530.10
|
1564.90
|
1530.10
|
1555.55 |
Last
Update : 11 August, 2005, 16:00PM
|
