|
The markets opened on a weak note, but recovered quickly. The indices
traded on a flat note till early noon when some selling pressure emerged.
Markets
lost ground as frontline stocks declined from their morning levels. Indices
slipped into the red on renewed selling pressure on pharma stocks like Ranbaxy. The
last half hour saw some frenzied buying as the Sensex gained over 40 points
in a short time. Some traders were reportedly covering their short positions
ahead of the weekend. Sensex
closed at 6388, up 29 points and the Nifty at 1978, up 14 points. Nifty May
futures discount to the spot index narrowed to 3 points from yesterday's 14
points. Among
Nifty stocks, Zee Tele, Maruti and BPCL were the major percentage gainers
while Oriental Bank of Commerce, Ranbaxy and L&T were the major losers.
Yesterday,
US markets were surprised by Standard and Poor's downgrade of both General
Motors and Ford. The rating agency downgraded the bonds of the auto majors
to junk grade much earlier than expected, citing competitive pressures. The
bounce back in oil for the second day also affected the market sentiment.
After trading firm till mid-session, Dow lost close to half a per cent while
NASDAQ closed flat. NYMEX
crude futures for June delivery maintained its firm trend from the previous
day and gained over a per cent yesterday. Oil has surged a further per cent
to above $51 to a barrel in early trades today. Yesterday,
Indian tech ADR's maintained their up trend from the previous day. Infosys
and Wipro made strong gains while Satyam closed flat. Satyam had gained over
4 per cent on Wednesday. ICICI Bank and VSNL were the other gainers while
Tata Motors, Dr. Reddy's, HDFC Bank and MTNL closed lower. Inflation
for the week ended 23 April rose to 5.91 per cent as compared to 5.64 per
cent the week before. The rise in inflation was mainly on account of higher
food prices. The
country's largest passenger car manufacturer Maruti declared its fourth quarter
as well as yearly numbers today. Profits for the quarter ended March 2005
surged over 65 per cent even as sales grew at a subdued 10 per cent. The strong
earnings for the quarter pushed the stock up over 4 per cent. Maruti
admits that it is facing competitive pressures from an increasing demand for
diesel powered cars. The company attributes the drop on Maruti 800 volumes
to its strategy of pushing the more expensive Alto model. Cement
major ACC reported better than expected results for the quarter ended March
2005. Profits surged more than 55 per cent on a revenue increase of around
10 per cent. The stock closed around 2 per cent higher. Zee
Tele attracted a lot of buying interest after foreign brokerage CLSA came
out with a buy recommendation. The stock closed with gains of over 5 per cent.
CLSA has also recommended a buy on ICICI Bank, which traded firm in the morning
but could not hold on to its gains. Reversing
its weak trend for the last few days, Jet Airways shot up over 4 per cent
on renewed buying interest. Some industry observers believe that the current
controversy over the Air India order to Boeing for new aircraft would delay
the whole process and would be beneficial to Jet as it expands its international
operations. Tech
stocks had a good day led by TCS with gains of over 2 per cent. Infosys gained
a per cent. Mid-cap
action After
the dream run yesterday, many mid-cap banks gave up part of their gains. Laksmivilas
was the worst performer losing 7 per cent while Dhanalakshmi lost close to
6 per cent. Shoppers
Stop has fixed the issue price of its IPO at Rs238 per share, lower than the
top end of the price band indicated. The price band for the issue was Rs210
to Rs250 and the issue was subscribed over 15 times. Investors
in the Gokaldas IPO would be a happy lot as the stock continues to seek higher
levels. The stock touched a new high of Rs680 today as against it issue price
of Rs425 per share, an appreciation of over 55 per cent. Flextronics
Software continues to seek new ground far above the indicative offer price
of Rs575 per share from its parent. Traders who are probably expecting a revision
in the offer price pushed up the price to Rs628 in early trades. After
remaining dormant for a long period, Balaji Telefilms attracted a lot of traders'
attention as the company is all set to release a new Hindi movie today. The
stock gained over 6 per cent in early trade and volumes were also much higher. Nicholas
Piramal attracted some buying interest after the company announced a rights
issue yesterday to fund its expansion plans. The shares will be offered in
the ratio of one share for every 10 shares held and the price will be decided
later. Hotel
Leelaventure made strong gains as the company announced an FCCB issue to fund
expansion plans. The company is setting up new luxury hotels in the country
and expects excellent revenue growth in the current year. Venky's
India, the country's largest organized player in the poultry industry, announced
a more than 100 percent jump in fourth quarter profits after excluding exceptional
items. The company is focusing on branded and ready to eat poultry products.
The stock gained over 4 per cent.  Among
mid-cap stocks Asian Electronics, Williamson Magor and Wheels India were the
significant percentage gainers.
Coromandel
Fertilizers, Bajaj Hindustan and ETC Networks were among the major 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
|
6,388.48
|
+28.83
|
| NIFTY
|
1,977.50
|
+14.20
|
Last
Update : 6 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ZEE
TELEF LT |
140.00
|
151.80
|
140.00
|
150.30
|
| MARUTI
UDYOG |
416.00
|
439.40
|
413.00
|
433.15
|
| HINDUSTAN
PETROLEUM CORP. LTD. |
326.10
|
335.00
|
323.50
|
333.60
|
| CIPLA
LTD. |
266.70
|
273.00
|
265.10
|
271.65
|
| I
T C LTD |
1,420.00
|
1,445.00
|
1,415.00
|
1,441.30
|
| ASSOCIATED
CEMENT COMPANIES LT |
372.00
|
378.00
|
371.30
|
376.90
|
| RELIANCE*
|
540.00
|
550.40
|
540.00
|
548.80
|
| HINDALCO
IN |
1,207.80
|
1,226.00
|
1,203.00
|
1,217.40
|
| TATA
MOTORS |
423.90
|
428.45
|
416.00
|
425.50
|
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,001.00
|
2,030.00
|
1,998.50
|
2,021.35
|
| GUJARAT
AMBUJA CEMENTS LTD. |
428.50
|
433.80
|
425.20
|
430.00
|
| RELIANCE
ENR* |
499.00
|
510.00
|
488.05
|
495.25
|
| GRASIM
INDUSTRIES LTD. |
1,148.00
|
1,157.90
|
1,140.00
|
1,149.55
|
| ONG
CORP LTD |
861.90
|
868.40
|
853.75
|
862.15
|
| BAJAJ
AUTO |
1,110.00
|
1,120.05
|
1,100.00
|
1,113.70
|
| BHARTI
TELE |
214.10
|
219.90
|
213.10
|
218.25
|
| SATYAM
COMP |
411.85
|
416.20
|
408.40
|
413.55
|
| HEROHONDA
M |
539.00
|
542.00
|
530.50
|
540.20
|
| STATE
BANK OF INDIA |
615.00
|
623.95
|
608.00
|
617.15
|
| RANBAXY
LABORATORIES LTD. |
981.50
|
985.00
|
943.20
|
956.75
|
| LARSEN
& TOUBRO LTD. |
1,032.00
|
1,037.85
|
1,005.00
|
1,009.45
|
| HDFC
BANK LT |
545.50
|
545.50
|
536.70
|
541.20
|
| DR.REDDY'S
LABORATORIES LTD. |
671.00
|
680.00
|
653.05
|
666.25
|
| HOUSING
DEVELOPMENT FINANCE CO |
750.80
|
754.00
|
733.60
|
742.90
|
| TATA
POWER |
358.75
|
362.80
|
351.05
|
357.30
|
| HINDUSTAN
LEVER LTD. |
135.00
|
135.00
|
132.50
|
134.20
|
| TATA
IRON AND STEEL CO. LTD. |
355.00
|
356.60
|
348.10
|
353.85
|
| ICICI
BANK L |
380.00
|
386.90
|
375.00
|
376.90
|
| WIPRO
LTD. |
638.40
|
640.00
|
630.00
|
637.00
|
| BHEL
|
824.00
|
829.50
|
816.25
|
821.30
|
Last
Update : 6 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| MARUTI
|
418.40
|
436.90
|
412.00
|
432.65
|
| RELIANCE
|
540.00
|
550.50
|
540.00
|
549.10
|
| INFOSYSTCH
|
2003.00
|
2030.00
|
1997.00
|
2021.55
|
| TISCO
|
355.80
|
356.90
|
348.10
|
354.35
|
| SBIN |
616.00
|
623.80
|
608.05
|
617.10
|
| TCS
|
1140.00
|
1171.70
|
1132.15
|
1167.50
|
| SATYAMCOMP
|
413.00
|
416.50
|
408.40
|
413.70
|
| RANBAXY
|
980.00
|
984.00
|
944.00
|
957.30
|
| TATAMOTORS
|
422.00
|
427.50
|
415.55
|
425.35
|
| ONGC
|
858.30
|
868.00
|
853.35
|
862.05
|
| SAIL
|
54.00
|
54.20
|
53.15
|
53.90
|
| ICICIBANK
|
377.00
|
386.00
|
375.00
|
377.70
|
| ITC
|
1477.15
|
1477.15
|
1406.10
|
1441.00
|
| ACC
|
373.90
|
379.00
|
371.95
|
377.55
|
| ZEETELE
|
142.00
|
151.80
|
141.00
|
150.35
|
| PNB
|
369.00
|
371.90
|
362.05
|
366.35
|
| HDFC
|
749.90
|
753.00
|
734.00
|
743.00
|
| HINDPETRO
|
325.00
|
335.00
|
323.85
|
334.05
|
| BPCL
|
365.00
|
380.00
|
363.15
|
378.35
|
| ORIENTBANK
|
278.45
|
283.10
|
267.30
|
269.20
|
| HINDLEVER
|
134.90
|
134.95
|
132.50
|
134.10
|
| LT
|
1019.90
|
1036.90
|
1004.00
|
1011.65
|
| WIPRO
|
544.00
|
640.00
|
544.00
|
636.15
|
| HINDALC0
|
1229.00
|
1229.00
|
1203.75
|
1217.60
|
| DRREDDY
|
672.00
|
699.00
|
654.00
|
667.80
|
| GRASIM
|
1149.00
|
1159.95
|
1140.05
|
1149.50
|
| GAIL
|
213.75
|
218.35
|
211.60
|
217.25
|
| NATIONALUM
|
146.00
|
151.95
|
144.15
|
150.15
|
| M&M
|
472.60
|
474.05
|
464.20
|
470.65
|
| GUJAMBCEM
|
432.00
|
434.00
|
425.00
|
430.70
|
| CIPLA
|
266.00
|
273.00
|
265.05
|
271.30
|
| BHARTI
|
218.00
|
220.00
|
213.00
|
218.55
|
| TATAPOWER
|
361.00
|
361.90
|
350.50
|
357.65
|
| IPCL
|
166.40
|
167.90
|
164.50
|
166.90
|
| HEROHONDA
|
540.50
|
543.00
|
530.00
|
540.55
|
| REL
|
499.00
|
499.90
|
486.00
|
495.45
|
| BAJAJAUTO
|
1065.10
|
1121.00
|
1020.00
|
1114.00
|
| BHEL
|
821.00
|
829.80
|
816.40
|
821.15
|
| HDFCBANK
|
546.75
|
546.75
|
536.50
|
540.95
|
| DABUR
|
121.50
|
124.50
|
120.25
|
123.20
|
| MTNL
|
118.00
|
118.30
|
116.10
|
116.55
|
| TATATEA
|
541.10
|
549.00
|
538.00
|
546.75
|
| HCLTECH
|
342.05
|
350.00
|
338.00
|
347.20
|
| VSNL
|
209.70
|
210.90
|
205.35
|
206.75
|
| TATACHEM
|
158.00
|
159.80
|
156.05
|
158.20
|
| GLAXO
|
734.00
|
742.00
|
734.00
|
739.05
|
| SCI
|
146.50
|
147.80
|
144.25
|
147.10
|
| COLGATE
|
206.10
|
207.30
|
202.00
|
204.25
|
| SUNPHARMA
|
490.80
|
497.60
|
490.00
|
493.65
|
| ABB
|
1244.00
|
1260.00
|
1235.00
|
1252.35
|
Last
Update : 6 May, 2005, 16:04PM
| 
