|
Markets opened almost flat in the morning in the absence of any global cues.
The indices slipped marginally into the red in early trades as traders remained
sceptical after yesterday's correction.
Buying
emerged much before noon and the markets set on an up-trend which lasted for
the rest of the day. The indices were supported by strength in all IT frontline
stocks and select others like Mahindra and ITC.
Sensex
closed at 6715, up 51 points and the Nifty at 2088, up 15 points. Nifty June
futures discount to the spot index narrowed to 24 points from yesterday's
29 points.
Among
Nifty stocks, M&M, Reliance Energy and ITC were the major percentage gainers
while Hero Honda, Tata Chemicals and BPCL were the major losers.
US
Markets were closed yesterday and will open for trade today after the long
weekend. Reliance
Energy was one of the best performers among frontline stocks. There are reports
that the company is planning to set up a massive 12,000 MW thermal power plant
in Orissa. The stock closed with gains of over 3 per cent. The
company had made a similar proposal in the nineties along with an overseas
partner. The company is planning to set up the project in units of about 660
MW each and the government of Orissa has reportedly confirmed the plans. Kotak
Mahindra Bank gained over 10 per cent in early trades. The bank's board is
meeting in a week's time to consider the quarterly and yearly results. The
board will also consider a proposal to issue bonus shares. Tata
Power announced excellent results for the fourth quarter ended March 2005.
The profits for the period have tripled on a revenue growth of 6 per cent.
For the full year, profit growth was subdued at only 8 per cent while revenues
declined marginally. Tata
Power is selling its subsidiary Tata Power Broadband, which has an optical
fibre network, to group company VSNL. The company has also decided to hike
the FII investment limit to 35 per cent. After opening with losses, the stock
recovered and closed with gains.
Ranbaxy received the preliminary approval from the USFDA for marketing an
anti-retroviral tablet used in the treatment of AIDS. Infosys
will set up a research centre for French engineering major Alstom. The French
company would invest close to $40 million in the centre, which is expected
to have around 300 researchers within 3 years. Further details are not available.
The stock closed a per cent higher. Other
IT stocks like TCS, Wipro and Satyam also closed with gains. Satyam was the
best performer with over 2 per cent gains. Mid-Cap
Action Mid-cap
stocks recovered from their down trend for the last few days. CNX Mid-Cap
200 index closed at 2986, up 20 points. The
parent company of industrial bearings manufacturer SKF India has cancelled
its open offer for the latter's shares. The parent company was planning to
acquire full control and de-list SKF India from the exchanges. The open offer
was made at a floor price of Rs153 per share and SKF received only around
20 per cent of the share capital. More than 45 per cent of the share capital
of SKF India is held by non-promoters. After opening very weak, SKF recovered
part of the losses by afternoon. Mid-cap
software stock KPIT Cummins surged 5 per cent after reports that International
Finance Corporation, the private investment arm of World Bank, is planning
to invest in the company. IFC may also provide debt financing to KPIT Cummins.
Godrej
Industries disappointed with its results for the quarter ended March 2005.
Profits for the period declined over 15 per cent even as revenues rose over
20 per cent. The stock has had a spectacular run in the recent past on speculation
that it will tie up with overseas companies to develop some of the prime real
estate it owns in Mumbai. The stock declined 5 per cent in early trades. Auto
ancillary company Harig Crankshaft gained smartly in early trades after the
company announced an order from Tata Motors. The order for forgings and crankshafts
is reportedly worth Rs150 crore. The stock gained 10 per cent in early trades. Gabriel
India was another auto ancillary stock to sizzle today. The stock gained close
to 10 per cent in early trades as the company reported solid results for the
quarter and year ended March 2005. For the last quarter, profits more than
doubled on a revenue growth of over 15 per cent.  JBF
Industries, Indraprastha Medical and BSEL Infrastructure were among the best
performing stocks among mid-caps.
JBM
Auto Components, Deccan Chronicle and Mangalam Drugs 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
|
6,715.11
|
+
51.56 |
| NIFTY
|
2,087.55
|
+
15.15 |
Last
Update : 31 May, 2005, 16:15 PM
Market
Counters
Figures in Rupees
BSE
30
| Scrip
Name |
Open |
High |
Low |
Last
Price |
| RELIANCE
ENR* |
504.00
|
522.00
|
503.10
|
516.35 |
| I
T C LTD |
1,559.00
|
1,600.00
|
1,559.00
|
1,599.60 |
| SATYAM
COMP |
444.00
|
454.90
|
443.00
|
453.50 |
| RELIANCE*
|
526.65
|
537.65
|
524.10
|
535.25 |
| BHARTI
TELE |
221.00
|
224.90
|
220.20
|
224.05 |
| WIPRO
LTD. |
710.00
|
720.80
|
707.50
|
715.90 |
| STATE
BANK OF INDIA |
663.00
|
672.90
|
659.10
|
670.70 |
| GUJARAT
AMBUJA CEMENTS LTD. |
449.00
|
455.25
|
447.05
|
453.55 |
| ONG
CORP LTD |
910.00
|
925.00
|
908.50
|
921.35 |
| TATA
POWER |
384.95
|
389.95
|
371.00
|
386.55 |
| INFOSYS
TECHNOLOGIES LTD.-ORDI |
2,228.65
|
2,258.00
|
2,210.00
|
2,250.70 |
| DR.REDDY'S
LABORATORIES LTD. |
720.00 |
729.00
|
718.10
|
724.90 |
| ICICI
BANK L |
385.10
|
393.40
|
385.10
|
392.05 |
| TATA
IRON AND STEEL CO. LTD. |
360.00
|
365.50
|
360.00
|
362.85 |
| ASSOCIATED
CEMENT COMPANIES LT |
377.00
|
379.90
|
373.20
|
376.70 |
| HOUSING
DEVELOPMENT FINANCE CO |
758.90
|
765.00
|
753.25
|
762.15 |
| TATA
MOTORS |
433.00
|
437.80
|
430.55
|
432.95 |
| MARUTI
UDYOG |
466.00
|
469.10
|
463.10
|
466.25 |
| RANBAXY
LABORATORIES LTD. |
1,096.00
|
1,105.00
|
1,079.00
|
1,101.00 |
| ZEE
TELEF LT |
139.95
|
140.20
|
137.80
|
139.05 |
| HEROHONDA
M |
567.00
|
568.80
|
550.15
|
553.00 |
| HINDUSTAN
PETROLEUM CORP. LTD. |
340.00
|
345.60
|
334.00
|
335.15 |
| LARSEN
& TOUBRO LTD. |
1,065.95
|
1,073.90
|
1,033.50
|
1,046.65 |
| HINDUSTAN
LEVER LTD. |
145.00
|
145.00
|
141.30
|
143.15 |
| HINDALCO
IN |
1,154.00
|
1,154.00
|
1,127.00
|
1,130.40 |
| BAJAJ
AUTO |
1,222.00
|
1,235.10
|
1,207.25
|
1,227.40 |
| GRASIM
INDUSTRIES LTD. |
1,128.90
|
1,137.00
|
1,126.20
|
1,128.85 |
| CIPLA
LTD. |
290.00
|
290.85
|
288.00
|
289.45 |
| HDFC
BANK LT |
541.60
|
542.00
|
534.30
|
540.05 |
| BHEL
|
887.00
|
899.00
|
873.10 |
881.00 |
Last
Update : 31 May, 2005, 16:05PM
S&P
CNX Nifty
| Symbol |
Open |
High |
Low |
Last
Price |
| RELIANCE
|
527.00
|
537.90
|
524.40
|
535.00 |
| INFOSYSTCH
|
2215.00
|
2258.00
|
2212.00
|
2250.45 |
| TCS
|
1320.00
|
1342.90
|
1305.55
|
1334.25 |
| SATYAMCOMP
|
445.00
|
455.00
|
444.20
|
453.80 |
| SBIN
|
663.50
|
673.45
|
659.10
|
670.45 |
| ITC
|
1560.00
|
1600.00
|
1560.00
|
1599.25 |
| TISCO
|
360.95
|
366.00
|
360.50
|
363.30 |
| ONGC
|
910.00
|
928.95
|
908.30
|
922.75 |
| REL
|
502.00
|
522.50
|
501.00
|
516.55 |
| M&M
|
506.00
|
519.00
|
495.60
|
511.15 |
| RANBAXY
|
1095.00
|
1103.00
|
1078.50
|
1099.45 |
| TATAMOTORS
|
432.00
|
437.40
|
431.60
|
433.05 |
| MARUTI
|
462.20
|
467.50
|
462.20
|
465.45 |
| LT
|
1050.15
|
1072.45
|
1033.50
|
1048.00 |
| TATACHEM
|
181.90
|
182.50
|
177.50
|
178.50 |
| SAIL
|
54.35
|
54.70
|
54.25
|
54.60 |
| TATAPOWER
|
380.00
|
386.95
|
370.15
|
385.80 |
| GAIL
|
218.00
|
218.00
|
212.70
|
213.65 |
| WIPRO
|
710.05
|
721.00
|
707.00
|
715.75 |
| BHARTI
|
220.10
|
224.80
|
220.00
|
223.95 |
| HINDLEVER
|
144.00
|
144.00
|
141.20
|
143.25 |
| GUJAMBCEM
|
448.00
|
456.00
|
447.10
|
454.15 |
| HINDPETRO
|
343.00
|
345.50
|
333.50
|
335.05 |
| IPCL
|
162.80
|
164.20
|
161.70
|
163.35 |
| ACC
|
370.00
|
380.40
|
370.00
|
376.70 |
| BHEL
|
831.10
|
891.75
|
822.10
|
882.00 |
| HINDALC0
|
1133.15
|
1150.00
|
1125.00
|
1129.15 |
| ICICIBANK
|
389.80
|
395.10
|
387.50
|
392.05 |
| TATATEA
|
552.05
|
576.90
|
552.05
|
572.60 |
| HDFC
|
754.00
|
765.00
|
754.00
|
763.60 |
| PNB
|
381.50
|
383.50
|
379.35
|
382.05 |
| BAJAJAUTO
|
1230.00
|
1238.00
|
1210.25
|
1230.55 |
| DRREDDY
|
723.00
|
728.00
|
714.50
|
724.80 |
| HDFCBANK
|
544.00
|
544.00
|
534.00
|
539.55 |
| HCLTECH
|
359.00
|
375.00
|
355.00
|
368.30 |
| BPCL
|
397.60
|
400.85
|
385.00
|
390.80 |
| ORIENTBANK
|
262.40
|
263.85
|
260.50
|
261.55 |
| SCI
|
151.50
|
153.25
|
149.15
|
149.90 |
| GRASIM
|
1145.90
|
1145.90
|
1115.00
|
1128.30 |
| HEROHONDA
|
569.00
|
569.00
|
550.10
|
552.90 |
| MTNL
|
118.70
|
121.60
|
118.60
|
120.90 |
| NATIONALUM
|
147.00
|
148.00
|
145.75
|
146.30 |
| CIPLA
|
291.00
|
291.00
|
288.05
|
289.65 |
| ZEETELE
|
140.00
|
140.20
|
137.50
|
139.20 |
| GLAXO
|
742.55
|
761.95
|
742.55
|
758.30 |
| COLGATE
|
218.00
|
220.00
|
210.00
|
217.90 |
| ABB
|
1310.00
|
1310.00
|
1282.00
|
1301.65 |
| VSNL
|
209.00
|
209.00
|
206.00
|
206.65 |
| SUNPHARMA
|
535.00
|
539.90
|
525.00
|
525.10 |
| DABUR
|
128.70
|
129.45
|
128.15
|
128.65 |
Last
Update : 31 May, 2005, 16:04PM
| 
