|
Markets opened the day with a positive gap as if yesterday's
correction was only a pause in the upward movement of
the indices. After another attempt at lifetime highs,
the indices declined sharply before noon.
By
early afternoon the indices slipped into the red, but
recovered immediately and traded within a range till the
last half-hour of trade. Absence of fresh buying in the
closing minutes forced traders to exit their positions,
which pulled down the indices further and they closed
at the day's lows.
Sensex
closed at 7781, a loss of 30 points, and the Nifty at
2383, a loss of 5 points. Nifty August futures closed
the day at the same level as the spot index.
Ranbaxy,
Colgate and M&M were among the major gainers among
Nifty stocks while Dabur, Bharti and ICICI Bank were the
major losers.
US
markets had a lacklustre day yesterday as worries about
a slow down in consumer spending held the indices back.
The cautious outlook given by most large retailers has
added to the pessimism. The Dow closed with very marginal
gains and the S&P 500 closed marginally lower. The
NASDAQ closed the day with losses of close to half a per
cent.
Crude
oil futures for September delivery closed flat yesterday
after the pervious day's large fall. The commodity closed
at $63.27 on the NYMEX yesterday, a gain of 2 cents from
the previous close. Crude is trading firm at around $64
to a barrel in early European trades today.
Indian
ADR's gave up most of the gains from the previous day
and closed mostly in the negative. ICICI Bank and Tata
Motors lost a per cent each. While MTNL closed flat, Dr.
Reddy's closed half-a-per cent lower.
All
the technology ADR's closed with losses. While Satyam
and Infosys lost close to a per cent, Wipro closed marginally
lower. VSNL was the only gainer, closing with gains of
well over a per cent.
Media
reports claim that Swiss generic pharma major, Sandoz,
is in negotiations to buy Cipla. Sandoz had lost its position
as the world's largest generic firm to Israel's Teva after
the latter acquired the US-based Ivax.
Cipla
denied that it is in talks with Sandoz regarding a merger.
The stock opened firm, but declined and closed with marginal
losses after the company denied the reports.
The
World Health Organisation has reinstated the approval
for the anti-HIV generic drugs manufactured by Ranbaxy.
The company had stopped supplying anti-HIV medicines to
WHO after the latter rejected three of its drugs, as they
were not equivalent to their patented, and more expensive,
versions.
After
the reinstatement, as many as 10 anti-HIV combinations
manufactured by Ranbaxy would be provided by WHO through
its various programmes. WHO has been focussing on cheaper
generic products for anti-HIV initiatives in developing
countries and Indian drug companies are its major suppliers.
The
Ranbaxy stock was trading 3 per cent higher in intra-day
trades before closing with gains of over 2 per cent. The
WHO has also approved three drugs manufactured by Aurobindo
Pharma.
The
government has sought more details about the proposed
merger between BPCL and Kochi Refineries before giving
a formal approval. The finance ministry has objected to
the oil ministry's proposal to transfer BPCL's current
holdings in Kochi Refineries to a trust and has suggested
that the shares be extinguished. BPCL currently owns close
to 55 per cent of Kochi Refineries.
The
merger would improve the operating margins of BPCL by
adding the refining margins of Kochi Refineries. This
would help the company to partly offset the losses from
under-recoveries on retail sales of petroleum products.
BPCL closed marginally higher.
ONGC
is reportedly resisting the moves by oil ministry to merge
MRPL with an oil marketing PSU. Currently, ONGC owns over
70 per cent of MRPL while HPCL holds a 15-per cent stake.
ONGC had announced massive investment plans for MRPL involving
an outlay of Rs25,000 crore over the next few years. ONGC
closed with gains of over a per cent.
The
government is preparing responses to the queries sent
by US aviation authorities regarding the allegations made
against Jet Airways by a US company. It was also stated
that all Indian carriers adhere to norms, which are in
line with the guidelines of the International Civil Aviation
Organisation. The stock closed marginally higher.
Larsen
& Toubro has received yet another order from the Middle
East. The new order is for the construction of a residential
complex in Dubai and is reportedly worth Rs340 crore.
The stock closed over a per cent higher.
TCS
has tied-up with Galleria, a global provider of retail
space optimisation solutions. The tie-up is expected to
strengthen the retail consultancy business of TCS. The
stock closed with gains of over half-a-per cent.
Tata
Motors has launched two premium versions of its best-selling
sedan model Indigo. Indigo is also nthe best-selling sedan
in the country. The stock closed lower.
Mid-Cap
Action
Mid-caps
also had a volatile session today, once again tracing
the movement in the frontline indices. By the end of the
day, losses on the mid-cap index were higher than those
on the frontline indices. The CNX Mid-Cap index closed
the day at 3630, a loss of 11 points.
Smaller
cement stocks were all the rage in the markets today.
Many of these stocks notched up gains of between 5 and
15 per cent during the day. India Cements, Mysore Cements,
Gujarat Sidhee, OCL India and Mangalam Cement were among
the major gainers.
Shareholders
of Patni Computers have approved the proposed sponsored
ADR issue. The company is also planning a primary issue
of ADR's, the proceeds of which will be used for expanding
the existing facilities. The stock closed over 3 per cent
higher.
The
US subsidiary of I-Flex has acquired a majority stake
in Canada-based insurance system provider, Castek.
Radico
Khaitan, the second-largest player in the alcoholic beverages
business, will consider setting up an overseas subsidiary.
The stock closed with gains of close to 10 per cent.
Taj
GVK Hotels surged after the company said its board will
meet to consider a stock split.
Hindustan
Construction Company surged 8 per cent after the company
announced that it has received multiple orders from the
National Highway Authority. The new orders for construction
of highways in the state of UP are reportedly worth over
Rs500 crore. The stock closed with gains of close to 5
per cent.
Among
the other construction stocks, Subhash Projects and Nagarjuna
Constructions were the major gainers.
Spanco
Telesystems, a leading provider of domestic call centre
services, announced that it would make a preferential
allotment of shares to the Anil Dhirubhai Ambani Group.
The ADAE Group's stake after the allotment would be marginally
lower than 15 per cent and hence would not involve an
open offer.
Equity
shares of Spanco would be issued to ADAE at Rs100 per
share. The company has also won an order worth Rs5 crore
from Air India for providing call centre services. The
stock had surged 20 per cent yesterday to over Rs120.
Hinduja
TMT, a leading operator in the BPO space, has acquired
Bangalore-based call centre Immaculate Interactions. The
acquired company is privately held and the cost of acquisition
was not disclosed.
Punjab
Alkalies gained on reports that the government of Punjab
is planning to sell a strategic stake in the company.
The disinvestment process is expected to be completed
before 30 September.
According
to media reports, Geojit Financial Services is in talks
to buy the institutional brokerage business of UTI Securities.
Geojit is one of the leading retail brokerages and the
buy out would enable it to expand to the high volume institutional
brokerage business.
Geojit
declined to comment on the reports. The stock closed with
gains of over 10 per cent. The stock was locked in the
20 per cent upper circuit yesterday.
Auto
ancillary company Amtek India has decided to raise $75
million through an overseas issue.
RBI
has asked a Mauritius registered FII, Kephinance, to bring
down its stake in Centurion Bank to the permitted level
of 10 per cent within 3 months. The FII currently owns
14.5 per cent of Centurion Bank.
According
to media reports quoting the union heavy industries secretary,
PSU company HMT Limited is in negotiations with Mitsubishi
Motors of Japan to launch a utility vehicle in the country.
Textile
company Sangam India is planning to invest Rs400 crore
to expand its manufacturing capacities.
 United
Western Bank, Sterlite Opticals and Flex Engineering were
among the best performing stocks among mid-caps.
HCL
Infosys, Bharat Rasayan and Deccan Chronicle 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
|
7,780.76
|
-30.57
|
| NIFTY
|
2,383.45
|
-5.00
|
Last
Update : 19 August, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| RANBAXY
LABORATORIES LTD. |
526.90
|
539.95
|
511.00
|
534.00 |
| ONG
CORP LTD |
988.00
|
1,016.50
|
988.00
|
1,001.10 |
| MARUTI
UDYOG |
474.80
|
484.10
|
473.50
|
479.70 |
| LARSEN
& TOUBRO LTD. |
1,322.00
|
1,335.00
|
1,319.00
|
1,329.25 |
| TCS
LTD |
1,313.50
|
1,333.00
|
1,312.00
|
1,326.50 |
| ASSOCIATED
CEMENT COMPANIES LT |
470.00
|
474.00
|
467.00
|
471.60 |
| HOUSING
DEVELOPMENT FINANCE CO |
925.00
|
940.00
|
925.00
|
930.00 |
| GUJARAT
AMBUJA CEMENTS LTD. |
65.30
|
66.50
|
64.90
|
65.30 |
| CIPLA
LTD. |
350.05
|
355.00
|
347.00
|
349.75 |
| BHARTI
TELE |
322.50
|
324.50
|
309.80
|
311.95 |
| ICICI
BANK L |
508.50
|
510.00
|
496.05
|
497.65 |
| BHEL
|
1,099.85
|
1,099.85
|
1,070.00
|
1,074.60 |
| TATA
IRON AND STEEL CO. LTD. |
415.00
|
415.00
|
400.15
|
402.55 |
| HINDALCO
IN |
1,420.00
|
1,425.00
|
1,393.00
|
1,400.85 |
| RELIANCE
ENR |
605.00
|
607.00
|
590.10
|
594.80 |
| HDFC
BANK LT |
665.00
|
665.00
|
630.15
|
657.45 |
| DR.REDDY'S
LABORATORIES LTD. |
831.50
|
833.50
|
818.05
|
820.30 |
| WIPRO
LTD. |
725.00
|
734.00
|
721.10
|
723.75 |
| STATE
BANK OF INDIA |
813.00 |
815.95
|
803.20
|
805.20 |
| I
T C LTD |
1,700.00
|
1,705.00
|
1,680.00
|
1,684.25 |
| HINDUSTAN
LEVER LTD. |
169.40
|
170.80
|
167.25
|
167.55 |
| HEROHONDA
M |
682.00
|
687.00
|
672.10
|
675.00 |
| NTPC
LTD |
97.35
|
98.00
|
96.00
|
96.80 |
| GRASIM
INDUSTRIES LTD. |
1,329.90
|
1,329.90
|
1,290.00
|
1,300.00 |
| RELIANCE
|
709.00
|
719.20
|
702.10
|
705.55 |
| SATYAM
COMP |
516.00
|
519.50
|
507.50
|
511.30 |
| TATA
MOTORS |
495.00
|
497.90
|
488.00
|
490.95 |
| TATA
POWER |
433.50
|
434.00
|
426.50
|
429.95 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,297.15
|
2,319.00
|
2,286.00
|
2,292.05 |
Last
Update : 19 August, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
750.00
|
750.00
|
703.15
|
705.75 |
| TISCO
|
409.00
|
411.50
|
400.00
|
402.00 |
| VSNL
|
414.10
|
417.90
|
401.00
|
404.20 |
| INFOSYSTCH
|
2320.00
|
2320.00
|
2273.20
|
2301.40 |
| SBIN
|
813.00
|
816.00
|
804.00
|
805.40 |
| SATYAMCOMP
|
513.00
|
519.50
|
508.55
|
511.30 |
| ONGC |
995.30 |
1017.45
|
991.10
|
1000.20 |
| RANBAXY
|
525.00
|
539.90
|
522.00
|
534.75 |
| TCS
|
1315.00
|
1332.00
|
1311.10
|
1325.35 |
| TATAMOTORS
|
495.00
|
497.95
|
488.00
|
490.65 |
| ACC
|
472.00
|
474.70
|
465.10
|
471.05 |
| SAIL
|
64.65
|
65.00
|
63.85
|
64.00 |
| BHARTI
|
320.00
|
324.50
|
310.00
|
312.65 |
| WIPRO
|
730.00
|
733.90
|
717.10
|
720.05 |
| ITC
|
1691.00
|
1700.00
|
1680.00
|
1684.45 |
| M&M
|
700.00
|
713.00
|
700.00
|
709.65 |
| MARUTI |
475.00 |
484.00
|
472.00
|
480.10 |
| GUJAMBCEM
|
66.00
|
66.45
|
64.85
|
65.35 |
| HINDLEVER
|
169.00
|
170.80
|
167.10
|
167.70 |
| CIPLA
|
351.50
|
355.00
|
345.15
|
348.50 |
| GAIL
|
238.00
|
242.95
|
233.00
|
239.70 |
| ICICIBANK
|
508.00
|
509.00
|
495.00
|
498.20 |
| GRASIM
|
1307.05
|
1313.90
|
1292.00
|
1301.75 |
| ZEETELE
|
172.40
|
173.60
|
170.25
|
170.60 |
| TATAPOWER
|
432.00
|
434.80
|
426.15
|
429.85 |
| LT
|
1320.00
|
1339.00
|
1320.00
|
1332.80 |
| REL |
601.00 |
605.85
|
593.00
|
595.35 |
| HDFC
|
922.00
|
940.00
|
921.00
|
927.60 |
| PNB
|
416.90
|
416.90
|
408.05
|
409.25 |
| IPCL
|
188.90
|
189.50
|
186.00
|
186.80 |
| BHEL
|
1090.00
|
1104.00
|
1071.05
|
1075.05 |
| HDFCBANK
|
658.00
|
664.00
|
655.15
|
658.85 |
| SCI
|
153.10
|
156.60
|
152.70
|
153.80 |
| TATATEA
|
832.00
|
839.10
|
818.05
|
823.75 |
| HINDALC0
|
1420.00
|
1424.00
|
1395.05
|
1400.25 |
| DRREDDY
|
833.90
|
834.00
|
816.00
|
820.45 |
| HEROHONDA
|
685.90
|
688.70
|
675.00
|
679.05 |
| ORIENTBANK
|
267.65
|
269.75
|
262.30
|
263.70 |
| HCLTECH
|
441.00
|
445.50
|
437.00
|
438.65 |
| MTNL |
130.10 |
130.50
|
128.00
|
128.65 |
| HINDPETRO
|
300.00
|
303.00
|
296.55
|
297.85 |
| DABUR
|
152.00
|
153.15
|
150.00
|
150.35 |
| COLGATE
|
253.00
|
262.50
|
252.50
|
256.65 |
| TATACHEM
|
189.00
|
190.45
|
186.55
|
187.10 |
| NATIONALUM
|
168.75
|
170.50
|
165.50
|
169.65 |
| BAJAJAUTO
|
1425.00
|
1444.00
|
1417.00
|
1421.85 |
| BPCL
|
358.90
|
361.10
|
355.00
|
358.80 |
| SUNPHARMA
|
612.00
|
629.95
|
612.00
|
622.75 |
| ABB
|
1588.00
|
1594.80
|
1538.00
|
1547.75 |
| GLAXO
|
876.00
|
894.80
|
870.00
|
878.40 |
Last
Update : 19 August, 2005, 16:00PM
| 
