|
Markets started the day on a weak note by dipping sharply
on opening before recovering and trending higher. The
indices gave up again within half an hour and were trading
with losses till about noon.
Buying in banking, auto and select technology and oil
marketing stocks helped the frontline indices to gain
strength in afternoon trades, which took them to new lifetime
highs.
Sensex touched the 8200 mark briefly in the last half
hour of trade before retreating and closing marginally
below the mark. Nifty held on to its gains and managed
to close exactly at 2500 for the first time ever.
Among the frontline stocks supporting the indices were
Infosys and SBI, both adding well over a per cent each.
ITC, Bharti, Bajaj Auto, HDFC, HDFC Bank and Maruti were
the other gainers among index stocks.
While Bharti closed at a lifetime high with gains of close
to 3 per cent, Maruti and Bajaj Auto closed at 52-week
highs.
Sensex closed at 8194, a gain of 56 points, and the Nifty
at 2500, a gain of 16 points. Nifty September futures
closed at a discount of 14 points to the spot index.
IPCL, Reliance Energy and Dabur were the biggest gainers
on the Nifty while M&M, ACC and Hero Honda were the
major losers.
The US indices had a flat day yesterday as the markets
consolidated after two weeks of decent gains. A bunch
of multi-billion dollar merger deals and declining oil
prices kept the sentiment marginally in the positive.
The decline in crude prices exerted some pressure on large
cap oil stocks.
While the Dow closed with marginal gains, the S&P
500 closed marginally lower. NASDAQ gained one third of
a per cent on acquisitions by Oracle and ebay.
Indian ADR's had a good day on the US exchanges yesterday
with technology stocks Wipro and Satyam leading the pack.
While Wipro added over 3 per cent, Satyam closed more
than a per cent higher. Infosys, however, closed with
marginal losses. Among the telecom stocks, MTNL gained
close to 2 per cent VSNL closed with losses.
ADR's of Tata Motors and Dr. Reddy's closed with gains
of half a per cent each. ICICI Bank and HDFC Bank ended
the day with marginal gains.
Crude futures for October delivery declined below $63
to a barrel yesterday before recovering and closing at
$63.34. The commodity is trading marginally higher in
early European trades today.
The consortium led by Indian Oil has lost the bid to acquire
a 51 per cent stake in Turkish refining company Tupras.
Global oil major Shell has acquired the company along
with a Turkish partner for $4.14 billion. Indian Oil's
bid was lower by $20 million and the company did not raise
its bid. The stock added well over a per cent.
The state owned oil company of Bangladesh has offered
a coal gasification project to GAIL. The proposed project
is at a major coalmine in Bangladesh with estimated deposits
of over 1 billion tonnes. Gail is currently setting up
a coal gasification project in Rajasthan and is also in
discussions with some Chinese companies for similar projects
in that country.
GAIL has also offered to assist the Bangladesh oil company
in commercial extraction of natural gas. Some of the reserves
in southeast Bangladesh are not big enough to make gas
pipelines viable. GAIL would help Bangladesh to set up
CNG facilities or a gas based power station at the wellhead.
The stock added a per cent.
Ranbaxy has entered the Italian pharma market through
a wholly owned subsidiary based in Milan. With this move,
Ranbaxy has established its presence in all the major
European markets. The Italian pharma market is worth over
$16 billion per annum. The stock closed marginally lower.
Jet Airways has signed the formal agreement to buy 10
Boeing 777-300 extended range aircrafts, with an option
to buy 10 more. The long-range wide-bodied aircrafts would
help the airline to expand its international operations.
Deliveries are expected to begin by March 2007. The stock
gained close to 2 per cent.
Refining major MRPL, a subsidiary of ONGC, gained over
3 per cent on reports of a massive expansion plan. According
to media reports, the company has indicated to the oil
ministry that it would add 40 million tonnes per annum
of new refining capacity in the near future.
Reliance Energy has been selected by the government of
Maharashtra to set up two power plants in the state. The
plants with a combined capacity of 210 MW would provide
captive power to two industrial clusters. The stock closed
well over 3 per cent higher.
The board of Hindalco would meet next week to consider
various options to raise additional resources, including
a rights issue. The stock closed with marginal losses.
Mid-Cap Action
Mid-caps also continued their rally, as most of the active
counters remained firm. Performance of the mid-cap index
was in line with the frontline indices. The CNX Mid-Cap
index closed the day at 3833, a gain of 25 points.
The day belonged to smaller bank stocks belonging to
the SBI group. Participating in a function organised by
State Bank of Travancore, the SBI chairman had indicated
that a stock split would be considered for SBT this year.
That mild remark was enough to take the SBT stock up by
a massive 48 per cent today.
State Bank of Bikaner & Jaipur gained 44 per cent
while State Bank of Mysore went up by 20 per cent. Volumes
are usually very low on these three stocks as they are
not very liquid. They are listed only on the BSE.
Deccan Chronicle launched its FCCB issue yesterday to
raise $54 million. The bonds are convertible after a period
of five years and would be listed on the Singapore Stock
Exchange. The conversion price has been set at Rs523,
which is at a 60 per cent premium to yesterday's closing
price on the domestic bourses. The stock closed with gains
of over 3 per cent.
Mid-cap software company Four Soft has allotted close
to 4 million shares to an offshore fund managed by Kotak
Bank and two overseas companies. The shares have been
allotted at Rs63.3 per share, a significant discount to
the current market price.
Pharma company Lupin has announced that it has received
US FDA approval for a tablet which helps lower blood pressure.
The stock gained after the announcement, but gave up later
in the day and closed with losses.
Suryajyoti Spinning would spend Rs45 crore to expand
its spinning capacity to 90,000 spindles. The capacity
addition is expected to be completed by the second half
of next year. The company is also doing a feasibility
study on an integrated textile unit to be set up at an
investment of Rs150 crore.
Mid-cap software company Hexaware has opened a new office
in Japan to facilitate better service delivery. The company
expects revenues of $1 million during the current year
from Japan, which is expected to double every year for
the next few years.
Farallon Capital of US has picked up a 60 per cent stake
in Indiabulls Estates Pvt Ltd, an associate company of
Indiabulls Financial Services. Indiabulls Estates is engaged
in property development and had acquired two plots of
mill land in Mumbai recently.
Panacea Biotech would spend a major part of the Rs500
crore it is planning to raise on development and marketing
of drugs in the developed markets. The company would be
focussing on pain management, diabetes and gastro-enteritis
segments.
Andhra Cements gained 10 per cent in early reports on
media reports that JP Morgan is in discussion with the
promoters to pick up a 15 per cent stake in the company.
Promoters of the company, Duncan Goenka group, have been
trying to offload the stake to pay off debts.
Bharat Forge, one of the largest suppliers of automobile
forgings globally, gained on speculation of another overseas
acquisition. The company had acquired a couple of forging
companies in the US in the recent past and had stated
its intention to go in for more acquisitions.
Gujarat NRE Coke surged over 5 per cent in intra-day
trades. The company had announced yesterday that it is
acquiring a 5 per cent stake in an Australian coal mining
company.
Pharma stock Wockhardt continued its rally today as well
on speculation about a possible overseas acquisition.
According to these rumours, the company is in negotiations
to acquire the generics business of US based Alpharma.
Ranbaxy is also rumoured to be interested in the US company
which had revenues of $500 million last year.
 Gujarat
Ambuja Exports, Excel Industries and Star Paper were among
the significant mid-cap gainers on the NSE.
Quintegra Solutions, Zenith Computers and Cyber Media
were among the significant mid-cap losers on the NSE.
*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
|
8,193.96
|
+
55.54 |
| NIFTY
|
2,500.35
|
+
16.20 |
Last
Update : 13 September, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| BAJAJ
AUTO |
1,550.00
|
1,654.00
|
1,550.00
|
1,650.00 |
| RELIANCE
ENR |
588.00
|
609.00
|
583.05
|
605.70 |
| HOUSING
DEVELOPMENT FINANCE CO |
940.00
|
965.00
|
927.00
|
960.15 |
| BHARTI
TELE |
336.00
|
344.90
|
330.00
|
343.25 |
| HDFC
BANK LT |
656.00
|
690.00
|
656.00
|
688.05 |
| MARUTI
UDYOG |
514.00
|
526.50
|
510.00
|
520.35 |
| STATE
BANK OF INDIA |
869.00
|
884.90
|
863.30
|
881.65 |
| I
T C LTD |
1,880.00
|
1,899.00
|
1,875.00
|
1,892.10 |
| ICICI
BANK L |
512.05
|
520.45
|
506.00
|
518.65 |
| DR.REDDY'S
LABORATORIES LTD. |
795.00
|
802.90
|
791.00
|
797.85 |
| TATA
MOTORS |
511.90
|
519.60
|
511.90
|
515.00 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,435.00
|
2,452.90
|
2,418.00
|
2,447.10 |
| SATYAM
COMP |
541.00
|
545.90
|
535.30
|
543.00 |
| BHEL
|
1,078.00
|
1,104.90
|
1,078.00
|
1,102.10 |
| WIPRO
LTD. |
374.00
|
378.00
|
371.50
|
373.30 |
| HINDUSTAN
LEVER LTD. |
170.90
|
171.00
|
169.00
|
169.45 |
| HEROHONDA
M |
691.00
|
698.00
|
687.00
|
688.80 |
| ASSOCIATED
CEMENT COMPANIES LT |
477.25
|
479.00
|
471.35
|
472.35 |
| TATA
IRON AND STEEL CO. LTD. |
413.80
|
413.80
|
407.05
|
408.25 |
| NTPC
LTD |
102.50
|
103.90
|
101.85
|
102.60 |
| TCS
LTD |
1,430.00 |
1,430.00
|
1,411.10
|
1,418.10 |
| CIPLA
LTD. |
365.00
|
366.10
|
361.10
|
362.60 |
| LARSEN
& TOUBRO LTD. |
1,335.00 |
1,336.80
|
1,318.00
|
1,322.50 |
| GUJARAT
AMBUJA CEMENTS LTD. |
70.90
|
71.25
|
70.00
|
70.25 |
| ONG
CORP LTD |
1,008.00
|
1,010.00
|
995.05
|
1,004.00 |
| TATA
POWER |
468.00
|
470.25
|
462.05
|
462.90 |
| RELIANCE
|
753.50
|
759.00
|
749.65
|
752.00 |
| RANBAXY
LABORATORIES LTD. |
527.00
|
532.10
|
520.00
|
525.10 |
Last
Update : 13 September, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
753.00
|
759.45
|
749.95
|
752.30 |
| SBIN
|
868.00
|
885.70
|
864.00
|
882.45 |
| INFOSYSTCH
|
2434.00
|
2450.00
|
2416.60
|
2446.30 |
| SATYAMCOMP
|
541.00
|
546.60
|
535.15
|
544.65 |
| IPCL
|
198.00
|
207.75
|
189.00
|
206.85 |
| ZEETELE
|
187.90
|
193.20
|
186.90
|
190.70 |
| ITC
|
1881.00
|
1900.00
|
1875.00
|
1895.40 |
| RANBAXY
|
523.90
|
532.80
|
519.00
|
525.15 |
| TATAMOTORS
|
510.65
|
519.50
|
510.65
|
515.30 |
| VSNL
|
382.00
|
388.35
|
378.50
|
386.05 |
| ONGC |
1009.70 |
1010.00
|
995.15
|
1006.85 |
| PNB
|
435.00
|
438.40
|
431.50
|
436.25 |
| TISCO |
411.90 |
412.80
|
407.60
|
408.35 |
| WIPRO
|
375.00
|
378.00
|
370.25
|
372.95 |
| HINDLEVER
|
170.00
|
171.00
|
168.65
|
169.25 |
| ICICIBANK
|
514.00
|
521.40
|
506.60
|
518.50 |
| MARUTI
|
510.95
|
525.90
|
510.30
|
520.80 |
| HDFC
|
945.00
|
965.50
|
933.20
|
961.45 |
| BHARTI
|
335.40
|
345.20
|
330.25
|
343.20 |
| SAIL |
63.60 |
64.00
|
62.90
|
63.90 |
| TCS
|
1431.00
|
1431.00
|
1410.60
|
1422.40 |
| REL
|
587.00
|
609.45
|
582.65
|
606.15 |
| GAIL
|
253.70
|
253.95
|
248.60
|
253.15 |
| BAJAJAUTO
|
1588.55
|
1654.00
|
1545.00
|
1634.80 |
| TATACHEM
|
201.10
|
203.35
|
198.65
|
199.60 |
| HDFCBANK
|
675.00
|
690.00
|
666.05
|
687.25 |
| LT
|
1340.00
|
1340.00
|
1316.55
|
1323.90 |
| GRASIM
|
1370.00
|
1370.00
|
1348.95
|
1353.45 |
| ACC
|
477.00
|
479.50
|
471.50
|
472.60 |
| SCI
|
164.45
|
166.60
|
162.20
|
165.90 |
| HINDPETRO
|
303.00
|
309.00
|
303.00
|
305.85 |
| COLGATE
|
250.00
|
255.95
|
249.00
|
252.35 |
| TATAPOWER
|
466.60
|
470.95
|
462.15
|
463.55 |
| ORIENTBANK
|
260.10
|
272.50
|
260.10
|
269.85 |
| HCLTECH
|
446.80
|
455.00
|
445.10
|
453.90 |
| HEROHONDA
|
699.40
|
699.40
|
688.50
|
691.60 |
| MTNL
|
138.80
|
139.10
|
135.40
|
137.00 |
| M&M
|
377.00
|
379.40
|
368.15
|
371.40 |
| HINDALC0
|
147.00
|
147.80
|
145.40
|
145.85 |
| TATATEA
|
842.00
|
845.00
|
835.05
|
839.00 |
| BPCL
|
375.00
|
381.95
|
375.00
|
381.05 |
| ABB
|
1825.00
|
1849.65
|
1815.05
|
1829.65 |
| DABUR
|
158.95
|
164.25
|
157.55
|
163.15 |
| DRREDDY
|
791.00
|
803.45
|
791.00
|
798.15 |
| CIPLA
|
365.00
|
365.00
|
361.15
|
363.70 |
| BHEL
|
1096.00
|
1103.00
|
1088.10
|
1101.65 |
| GUJAMBCEM
|
70.75
|
71.30
|
70.00
|
70.20 |
| SUNPHARMA
|
659.00
|
688.00
|
636.05
|
669.45 |
| NATIONALUM
|
184.75
|
185.90
|
182.00
|
183.15 |
| GLAXO
|
899.85
|
910.00
|
883.00
|
899.30 |
Last
Update : 13 September, 2005, 16:00PM
|
