Markets opened the day with a positive gap and the indices touched new highs in early trades. Sensex touched the 7300-mark for the first time today.
News of the terrorist attack in Ayodhya led to some nervousness and the indices gave up most of the early gains. Later reports that the attack had been foiled helped the markets recover and the indices were trading in positive territory by early afternoon.
Reports of nation-wide protests being planned tomorrow by the opposition political parties led to operators covering their positions which led to weakness in the markets.
Weakness in technology, oil and some FMCG stocks saw the indices declining sharply and losing ground fast. The last half hour saw some consolidation at the lows of the day.
Sensex closed the day at 7220, down 57 points and the Nifty at 2211, down 20 points. Nifty July futures discount to the spot index widened to 14 points from yesterday's 4 points.
Among Nifty stocks, ABB, Tata Motors and Zee Tele were the major percentage gainers while Glaxo, VSNL and HCL Technologies were the major losers.
US stock and commodity markets remained closed yesterday for Independence Day.
Foreign brokerage CLSA considers India to be the best equity story in Asia for the next few years. The brokerage expects Chinese growth to decline considerably during the current year, which will affect most other Asian economies. India will remain mostly unaffected.
Some of the stocks recommended by CLSA as their top picks saw considerable appreciation today. Tata Motors which gained close to 4 per cent and Jet Airways which gained close to 2 per cent were among them.
There are reports that Reliance Industries may agree to share part of the subsidy burden of PSU oil marketing companies. Till last financial year, Reliance had voluntarily offered lower prices on refined products bought by marketing companies. The stock closed a per cent lower.
Oil marketing companies are believed to have made losses during the first quarter of current year as crude prices hit record highs. At present, only PSU companies like ONGC and GAIL share the subsidy costs on petroleum products with the marketing companies.
The board of Videocon Industries and Videocon International will meet on July 7 to discuss a merger. Videocon International is mostly into consumer electronics and appliances while Videocon Industries is focussing on oil and gas exploration.
The group had acquired the television picture tube business of French multinational Thomson in Italy, Mexico, Poland and China recently. Total turnover of the group is expected to cross Rs10,000 crore during the current year. Both Videocon International and Videocon Industries closed with marginal losses.
The scramble among domestic steel companies to announce massive capacity expansions continue unabated. Jindal Steel and Power, which had earlier proposed to set up a 2-million tonne steel plant in Orissa, is now planning to increase the capacity to 6-million tonnes.
The total project cost has also been increased to Rs15,000. The first phase of 3-million tonne will be completed by 2007 and the second phase by 2011. The stock closed with marginal gains.
After the spectacular run that saw the stock gaining over 10 per cent in the last two sessions, VSNL corrected today on profit booking. The stock lost over 3 per cent.
M&M's auto component division is reportedly close to acquiring a German auto component company. It may also look at possible acquisitions in the US as well and is believed to have set aside Rs250 crore to fund these buy outs. The stock closed marginally lower.
There are reports that the US government, through its embassy in Delhi, has sought information about the alleged underworld links of Jet Airways from the Indian government. A US company had objected to permission being granted to the airline to fly to US cities alleging illegal funding and terrorist links.
Siemens Limited saw a sharp up surge by early afternoon after the company's German parent announced that it has won a contract from the Torrent group to set up a power plant in the country. The contract is reportedly worth over $475 million.
Siemens will also form a JV with Torrent to provide operations and management services for the power plant. Siemens closed the day with gains of over 6 per cent. ABB Limited, multinational equipment major, also closed with gains of over 6 per cent.
IT stocks saw a lot of profit booking throughout the day. TCS, Infosys and Satyam closed with losses of close to 3 per cent each while Wipro closed more than a per cent lower. HCL Technologies lost over 3 per cent.
Mid-caps surged in the morning and by noon the index was trading with close to a per cent gain. The mid-cap index touched a new all-time high before crashing late in the afternoon. The index lost all of its gains and slipped into the red as the breadth turned negative in a big way. CNX Mid-Cap 200 index closed at 3082, a loss of 2 points.
Aurobindo Pharma has received yet another US FDA approval. The new approval is for a tablet for AIDS treatment and is the fourth approval the company has received from the US government. The stock closed almost 5 per cent lower.
Shipping company Mercator Lines has registered a subsidiary in Panama, where many shipping companies are located. The company had recently signed a deal to acquire 9 bulk carriers, which needs to be approved by the government. The stock lost over 2 per cent
JB Chemicals has out-licensed its brand of cold and cough syrups and rubs to Ranbaxy to be marketed in Romania. JB Chemicals is already selling the brand in Russia and other East European markets.
Amtek Auto will acquire a 70 per cent stake in a German auto ancillary company. The target company reportedly has a turnover of over €100 million. The acquisition will cost Amtek over 20 million Euros.
Amtek Auto has an option to acquire 100-per cent stake within the next three years. The stock gained over 7 per cent in early trades after the deal was announced. It could not hold on to those levels and closed the day with gains of over a per cent.
Madhucon Projects announced a new order from National Highway Authority for construction of a highway in Assam. The order is worth close to Rs275 crore. The stock gave up most of its early gains towards close.
Tea exporting company Beeyu Overseas listed on the bourses today after its recent public issue. The stock, issued at Rs14 per share, listed on the BSE at Rs18.9 and touched a high of Rs20 in early trades. The stock could not hold on to the gains and closed the day at around Rs16.
Some of the media stocks which saw substantial appreciation over the last week saw some correction on profit booking. Deccan Chronicle Holdings, UTV, Mid-Day Multimedia and Adlabs were among the losers.
However, the uptrend in TV Today continued as the stock gained over 10 per cent in early trades and closed more than 5 per cent higher.
Media Video, which had seen a 20 per cent appreciation yesterday after the announcement of stake sale to Bennett and Coleman, gained over 13 per cent today.
Elder Pharma, Essar Oil and Bombay Burmah were among the best performing stocks among mid-caps.
Rain Calcining, Narmada Chematur and S Kumar's Nationwide 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.
Gain (+) / Loss (-)
Last Update : 5 July, 2005, 16:13 PM
|7,220.25 ||-57.06 |
|NIFTY ||2,210.75 ||-19.90 |
Figures in Rupees
Last Update : 5 July, 2005, 16:02PM
|Scrip Name ||Open ||High ||Low ||Last Price|
|ABB LTD ||1,335.00 ||1,458.00 ||1,335.00 ||1,414.70|
|SIEMENS LTD ||2,000.00 ||2,150.00 ||2,000.00 ||2,108.95|
|IPCA LAB LTD. ||386.00 ||402.00 ||353.50 ||390.90|
|TATA MOTORS ||430.10 ||446.50 ||425.60 ||443.80|
|CASTROL INDIA ||234.90 ||238.85 ||228.00 ||236.25|
|FDC LIMITED ||45.65 ||47.80 ||45.25 ||46.50|
|ZEE TELEF LT ||162.90 ||171.25 ||161.15 ||166.00|
|FINOLEX CABL ||229.00 ||242.80 ||229.00 ||234.95|
|HOUSING DEVELOPMENT FINANCE CO ||882.00 ||915.00 ||882.00 ||901.65|
|INDO RMA SYN ||72.00 ||73.00 ||67.10 ||68.60|
|CIPLA LTD. ||329.00 ||331.90 ||315.10 ||318.95|
|TCS LTD ||1,354.00 ||1,358.00 ||1,313.25 ||1,320.75|
|INFOSYS TECHNOLOGIES LTD.-ORDI ||2,390.00 ||2,409.00 ||2,321.05 ||2,329.60|
|SATYAM COMP ||512.95 ||514.50 ||496.00 ||498.10|
|BHARTI TELE ||248.00 ||248.00 ||241.10 ||241.55|
|RELIANCE ENR ||658.80 ||659.80 ||637.00 ||639.00|
|TATA POWER ||398.00 ||400.00 ||386.00 ||388.95|
|GRASIM INDUSTRIES LTD. ||1,077.50 ||1,080.00 ||1,050.00 ||1,051.50|
|NTPC LTD ||87.75 ||87.95 ||85.50 ||85.90|
|GUJARAT AMBUJA CEMENTS LTD. ||60.90 ||61.25 ||59.55 ||59.75|
|RANBAXY LABORATORIES LTD. ||1,084.90 ||1,096.50 ||1,060.00 ||1,064.35|
|BAJAJ AUTO ||1,379.00 ||1,388.00 ||1,361.50 ||1,366.25|
|HEROHONDA M ||582.00 ||585.00 ||571.00 ||577.65|
|STATE BANK OF INDIA ||713.00 ||717.90 ||701.00 ||703.60|
|ASSOCIATED CEMENT COMPANIES LT ||390.00 ||393.00 ||383.25 ||385.75|
|WIPRO LTD. ||745.00 ||750.80 ||735.00 ||736.70|
|RELIANCE* ||642.95 ||650.00 ||636.50 ||638.25|
|HINDUSTAN LEVER LTD. ||165.70 ||166.00 ||160.70 ||162.90|
|ONG CORP LTD ||993.00 ||996.50 ||972.00 ||979.75|
|I T C LTD ||1,683.00 ||1,709.00 ||1,668.10 ||1,674.00|
S&P CNX Nifty
Last Update : 5 July, 2005, 16:00PM
|Symbol ||Open ||High ||Low ||Last Price|
|RELIANCE ||644.00 ||648.00 ||636.45 ||638.05|
|SBIN ||712.00 ||717.75 ||702.00 ||704.30|
|TISCO ||351.00 ||359.90 ||342.35 ||346.95|
|TATAMOTORS ||427.00 ||446.45 ||425.15 ||443.40|
|INFOSYSTCH ||2390.00 ||2399.00 ||2320.15 ||2330.30|
|SATYAMCOMP ||512.00 ||514.15 ||496.05 ||497.95|
|ONGC ||991.00 ||996.50 ||972.00 ||979.70|
|TCS ||1369.75 ||1369.75 ||1312.60 ||1320.20|
|ZEETELE ||161.00 ||171.15 ||161.00 ||166.00|
|IPCL ||179.00 ||180.30 ||174.80 ||175.80|
|ITC ||1684.80 ||1709.70 ||1670.00 ||1673.30|
|MARUTI ||464.00 ||468.90 ||457.80 ||462.75|
|REL ||655.10 ||659.00 ||636.00 ||639.25|
|HDFC ||880.60 ||916.90 ||880.60 ||901.80|
|HINDLEVER ||164.50 ||165.90 ||160.55 ||162.80|
|RANBAXY ||1081.00 ||1096.90 ||1061.25 ||1066.70|
|ORIENTBANK ||260.90 ||266.00 ||256.35 ||257.65|
|WIPRO ||755.00 ||758.00 ||734.00 ||736.10|
|HINDALC0 ||1230.05 ||1259.90 ||1217.00 ||1226.25|
|LT ||1169.00 ||1190.00 ||1167.10 ||1183.50|
|ICICIBANK ||430.00 ||436.50 ||425.05 ||432.05|
|MTNL ||122.45 ||125.00 ||120.55 ||124.00|
|SAIL ||48.85 ||49.40 ||48.50 ||49.00|
|VSNL ||269.00 ||271.80 ||251.25 ||260.90|
|CIPLA ||330.30 ||331.00 ||315.15 ||319.35|
|ABB ||1335.00 ||1459.85 ||1317.20 ||1417.80|
|M&M ||588.00 ||589.00 ||576.00 ||581.20|
|PNB ||392.00 ||393.50 ||384.55 ||387.30|
|BHARTI ||246.95 ||248.25 ||241.10 ||241.65|
|DRREDDY ||781.00 ||798.00 ||775.00 ||783.00|
|ACC ||395.95 ||395.95 ||383.50 ||385.25|
|GAIL ||225.90 ||228.00 ||222.00 ||225.85|
|TATAPOWER ||399.95 ||402.00 ||385.65 ||389.10|
|GRASIM ||1061.55 ||1087.95 ||1052.00 ||1054.55|
|BAJAJAUTO ||1370.05 ||1389.90 ||1370.00 ||1374.25|
|BHEL ||858.20 ||868.00 ||857.00 ||864.90|
|HDFCBANK ||612.25 ||639.90 ||537.90 ||633.10|
|HCLTECH ||392.20 ||395.00 ||377.60 ||380.50|
|TATACHEM ||173.70 ||173.70 ||170.00 ||170.40|
|HEROHONDA ||581.15 ||586.00 ||571.00 ||578.85|
|NATIONALUM ||143.00 ||143.20 ||140.60 ||141.05|
|GLAXO ||850.00 ||860.00 ||824.05 ||828.65|
|HINDPETRO ||311.50 ||313.35 ||309.75 ||310.20|
|SUNPHARMA ||619.70 ||619.70 ||592.55 ||602.65|
|DABUR ||135.40 ||138.50 ||131.00 ||133.95|
|TATATEA ||637.00 ||639.00 ||623.00 ||631.75|
|COLGATE ||256.00 ||256.90 ||245.10 ||246.75|
|BPCL ||368.00 ||369.00 ||365.00 ||365.10|
|SCI ||145.35 ||145.50 ||142.00 ||143.15|
|GUJAMBCEM ||61.90 ||61.90 ||59.65 ||59.90|