|
The markets opened with a negative gap or lower than yesterday's close.
Weakness in US markets yesterday and steady oil prices kept market sentiments
negative. After the steady rise of last week which extended till Monday, the
markets were expecting further profit booking.
The
indices gradually recovered till noon only to go back to the lows of the morning
by early afternoon. Some amount of buying in the last half hour in frontline
stocks helped the indices to recover most of the losses and close marginally
lower. Sensex
closed at 6445, down 10 points and the Nifty at 1986, down 8 points. Nifty
May futures discount to the spot index narrowed marginally to 17 points from
yesterday's 19 points. Among
Nifty stocks, HPCL, Zee and Hero Honda were the major percentage gainers while
HCL Technologies, SAIL and VSNL were the major losers. US
markets had a bad day yesterday as Wall Street Journal reported about trouble
brewing in the hedge funds industry. The indices declined on rumours that
some large hedge funds may be in trouble because of their large exposure to
GM and Ford bonds, which have been downgraded recently. Both Dow and NASDAQ
lost close to a per cent each. Crude
oil futures on NYMEX closed marginally higher yesterday at $52.07 to a barrel.
The commodity had rallied earlier in the day to over $53 before coming down.
Indian
ADR's also closed with losses in line with the general weakness in the market.
Satyam was the big loser after the company fixed its ADR issue price lower
than current market price. Satyam closed with losses of close to 4 per cent.
HDFC Bank and Wipro were the other big losers with losses of around 2 per
cent each. Tata Motors, ICICI Bank, Dr. Reddy's and VSNL all closed with losses.
Satyam
Computers completed its sponsored ADR issue yesterday. A host of domestic
financial institutions and foreign investors have sold part of their holdings
through the sponsored ADR offering. The ADR was priced at $21.5 which is at
a 10 per cent premium to the domestic closing price yesterday. One ADR is
equal to 2 equity shares of the company. Infosys
is also in the process of completing its sponsored ADR. The company's conversion
offer is open and will close on 19 May. Domestic shareholders intending to
exit through the sponsored ADR issue should submit their acceptance before
the closing date. Satyam
lost over a per cent in early trades before closing flat while Infosys closed
marginally in the positive. Wipro lost over a per cent while TCS closed marginally
lower. Jet
Airways lost close to 2 per cent in mid-afternoon trades. A fresh controversy
about appointment of a director on the company's board without security clearance
from the government was widely reported in the media. Jet
today announced induction of the first A340 long haul aircraft into its fleet.
The aircraft will be deployed on the Mumbai — London sector by the month
end. The airline is also trying to take more long haul aircraft on lease apart
from the three A340 aircrafts it is taking from South African Airlines. Bajaj
Auto announced its fourth quarter and full year results for the period ended
March 2005. While sales volumes and revenues have shown steady growth, higher
input costs have cut into the profit margins. Fourth quarter profits increased
only by 4 per cent even on a more than 30 per cent increase in revenues. The
results were slightly ahead of market expectations. Asian
paints announced a close to 35 per cent increase in profits for the quarter
ended March 2005. Revenues grew marginally below 10 per cent as compared to
the same quarter of last year. The company's overseas sales crossed the $100-million
mark for the full year ended March 2005. A final dividend of 55 per cent has
been announced taking the total pay out for the year to 95 per cent. Maruti
has started accepting bookings for its new hatchback model Swift. The new
car is expected to be priced around Rs4.75 lakhs and deliveries are expected
to start this month itself. The car will be launched with close to an 85-per
cent indigenisation level. Mid-cap
action Godrej
Consumer gained close to 20 per cent in early trades after the company announced
a buy back at Rs400 per share. The offer price is at a substantial premium
to yesterday's closing price. Sugar
major Bajaj Hindustan has raised $60 million through a GDR issue and $40 million
through issue of convertible bonds. The GDR's and foreign currency bonds will
be listed on the Luxembourg Stock Exchange. The company will use the additional
funds to raise its sugar production capacity. The company became the largest
private sugar producer during the last financial year. Two-wheeler
manufacturer LML gained on reports that the company is planning to launch
new motorcycles shortly. The company has restructured its debt to reduce the
interest burden. The company is looking at increasing its exports, especially
to Latin American markets. Shasun
Chemicals, the South-based contract manufacturer of pharmaceuticals, announced
a tie up with a US based company for marketing generic drugs. The stock gained
over 5 per cent in early trades. After
the dizzying rally over the last 2 days, Saksoft came down in a hurry today.
After opening marginally in the positive, the stock declined throughout the
day and closed with losses of over 17 per cent.
 Among
mid-cap stocks Venky's India, Pudumjee Pulp and Asian Electronics were the
significant percentage gainers. Allsec
Technologies, BOC Ltd and Bank of Baroda 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
|
6,445.13 |
-9.58 |
| NIFTY
|
1,985.95
|
-8.35 |
Last
Update : 11 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| ZEE
TELEF LT |
149.05
|
154.50
|
148.10
|
152.55 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
324.00
|
329.20
|
320.60
|
327.40 |
| CIPLA
LTD. |
272.75
|
277.40
|
271.10
|
276.45 |
| HEROHONDA
M |
540.00
|
553.90
|
540.00
|
551.20 |
| I
T C LTD |
1,392.00
|
1,490.00
|
1,392.00
|
1,478.80 |
| HINDALCO
IN |
1,181.00
|
1,217.70
|
1,181.00
|
1,208.30 |
| BHEL
|
832.45
|
838.00
|
822.00
|
834.10 |
| BAJAJ
AUTO |
1,122.00
|
1,132.70
|
1,109.50
|
1,126.60 |
| TATA
MOTORS |
427.15
|
433.85
|
424.50
|
429.35 |
| HOUSING
DEVELOPMENT FINANCE CO |
730.00
|
740.00
|
729.00
|
736.10 |
| ICICI
BANK L |
392.55
|
394.95
|
382.00
|
393.50 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,059.05
|
2,079.90
|
2,025.00
|
2,062.95 |
| WIPRO
LTD. |
640.00
|
649.00
|
635.00
|
637.90 |
| DR.REDDY'S
LABORATORIES LTD. |
661.40 |
663.50
|
650.00
|
654.90 |
| LARSEN
& TOUBRO LTD. |
1,015.00
|
1,019.00
|
1,000.00
|
1,003.20 |
| TATA
POWER |
368.00
|
370.50
|
361.25
|
364.00 |
| HDFC
BANK LT |
532.10
|
536.40
|
526.15
|
534.00 |
| MARUTI
UDYOG |
437.00
|
439.50
|
430.20
|
433.10 |
| HINDUSTAN
LEVER LTD. |
132.00
|
132.95
|
131.10
|
131.75 |
| BHARTI
TELE |
220.00
|
220.15
|
214.50
|
219.85 |
| GRASIM
INDUSTRIES LTD. |
1,145.05
|
1,149.00
|
1,141.55
|
1,143.40 |
| TATA
IRON AND STEEL CO. LTD. |
357.00
|
360.00
|
352.50
|
357.40 |
| RANBAXY
LABORATORIES LTD. |
960.10 |
978.00
|
958.00
|
965.35 |
| ONG
CORP LTD |
875.00
|
885.05
|
867.25
|
876.50 |
| STATE
BANK OF INDIA |
616.00
|
617.90
|
609.25
|
615.15 |
| RELIANCE*
|
543.00
|
547.25
|
540.15
|
542.40 |
| RELIANCE
ENR* |
500.00
|
502.00
|
493.00
|
497.50 |
| SATYAM
COMP |
425.00
|
433.20
|
418.00
|
429.40 |
| ASSOCIATED
CEMENT COMPANIES LT |
384.10
|
387.90
|
381.65
|
384.70 |
| GUJARAT
AMBUJA CEMENTS LTD. |
441.50
|
443.50
|
435.00
|
441.70 |
Last
Update : 11 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| SATYAMCOMP
|
420.00
|
434.20
|
416.00
|
429.80 |
| INFOSYSTCH
|
1995.00
|
2080.00
|
1995.00
|
2065.95 |
| RELIANCE
|
542.00
|
547.45
|
539.65
|
542.50 |
| TISCO
|
360.00
|
360.00
|
351.10
|
357.35 |
| SBIN
|
615.40
|
618.80
|
608.60
|
615.20 |
| TATAMOTORS
|
427.30
|
433.95
|
424.20
|
429.30 |
| MARUTI
|
430.25
|
438.30
|
430.25
|
433.15 |
| ONGC
|
878.00
|
881.00
|
868.05
|
875.25 |
| TCS
|
1148.00
|
1152.60
|
1137.95
|
1149.10 |
| SAIL
|
54.60
|
54.60
|
52.90
|
53.20 |
| ITC
|
1440.00
|
1483.00
|
1440.00
|
1476.25 |
| LT
|
1010.00
|
1016.00
|
999.50
|
1001.90 |
| BAJAJAUTO
|
1125.00
|
1134.50
|
1101.00
|
1125.10 |
| PNB
|
370.00
|
373.00
|
368.00
|
371.95 |
| M&M
|
472.40
|
472.40
|
459.10
|
462.95 |
| BHARTI
|
219.00
|
220.40
|
215.00
|
219.95 |
| WIPRO
|
616.35
|
647.00
|
616.35
|
637.80 |
| RANBAXY
|
965.00
|
979.70
|
958.00
|
965.95 |
| ZEETELE
|
150.10
|
154.50
|
145.00
|
153.00 |
| HDFC
|
736.00
|
745.00
|
728.00
|
735.10 |
| TATAPOWER
|
370.00
|
370.00
|
360.55
|
364.00 |
| ICICIBANK
|
391.25
|
394.95
|
384.00
|
393.20 |
| HDFCBANK
|
533.75
|
537.00
|
528.00
|
535.00 |
| GAIL
|
216.00
|
218.90
|
213.00
|
217.45 |
| ACC
|
385.95
|
387.90
|
381.50
|
385.10 |
| ORIENTBANK
|
268.50
|
268.50
|
260.00
|
262.50 |
| HINDLEVER
|
132.75
|
132.80
|
131.00
|
131.65 |
| BPCL
|
361.00
|
366.50
|
357.95
|
363.10 |
| DRREDDY
|
655.00
|
663.00
|
651.00
|
655.05 |
| IPCL
|
169.00
|
169.40
|
166.90
|
169.05 |
| CIPLA
|
272.00
|
277.00
|
272.00
|
276.35 |
| HINDPETRO
|
326.50
|
329.40
|
321.55
|
327.80 |
| HEROHONDA
|
544.00
|
553.00
|
542.00
|
551.20 |
| HCLTECH
|
355.00
|
355.95
|
345.00
|
346.85 |
| BHEL |
832.00 |
839.50
|
826.10
|
831.45 |
| HINDALC0
|
1201.00
|
1217.30
|
1185.00
|
1209.10 |
| GUJAMBCEM
|
444.00
|
444.00
|
431.00
|
441.25 |
| NATIONALUM
|
150.40
|
150.45
|
148.10
|
149.45 |
| MTNL
|
117.90
|
118.75
|
116.50
|
116.95 |
| GRASIM
|
1133.05
|
1149.00
|
1133.05
|
1142.30 |
| REL
|
500.00
|
504.80
|
496.10
|
498.00 |
| TATATEA
|
550.00
|
551.00
|
543.00
|
547.75 |
| COLGATE
|
213.00
|
216.00
|
210.00
|
213.65 |
| VSNL |
209.80 |
210.75
|
205.50
|
207.15 |
| GLAXO
|
743.00
|
748.00
|
740.15
|
746.25 |
| SUNPHARMA
|
501.00
|
502.70
|
490.25
|
495.15 |
| DABUR
|
122.00
|
125.45
|
122.00
|
125.00 |
| TATACHEM
|
157.45
|
159.30
|
156.40
|
158.75 |
| SCI
|
147.90
|
148.90
|
145.75
|
148.35 |
| ABB
|
1239.00
|
1256.00
|
1225.00
|
1240.60 |
Last
Update : 11 May, 2005, 16:04PM
| 
