23 - June - 2005

The Indian equity markets finally took the long expected breather today.
The BSE Sensex closed at 7,120 (down 26 points) and the NSE Nifty closed at 2,184 (down 3 points). The June futures closed at 2168. However, the July futures closed at a discount of 34 points.The rupee was trading at 43.53 to the dollar.

The four day winning streak came to a halt today as the markets languished for most part of the day.

The CNX Mid-cap index gained 0.5% in today's trading session.The cement stocks ended the day in the positive with the leaders being India Cements (6%), Ultratech Cemco (2%), ACC and Gujarat Ambuja (up 1% each). Auto stocks closed mixed today. While Ashok Leyland (1%), Punjab Tractors and M&M (both down marginally) ended in the red, Bajaj Auto (3%) and Hero Honda (5%) led the gainers pack. TVS Motor was the biggest gainer today (up over 5%). As per a leading business daily, TVS Motor,
a leading two-wheeler company, is scouting for local companies in Indonesia for a distribution alliance for sale of its two-wheelers in that country.

As per a leading business daily, Tata Steel, a dominant player in the Indian steel industry, is contemplating its second overseas acquisition.The stock ended the day 1% higher.

The BANK NIFTY gained ground towards the end of trading even as the IT index showed signs of weakness.

The Indian stockmarkets appears to be consolidating the huge gains it has made in the past few sessions and this consolidation...will perhaps be the sign that the markets will resume it's upward journey again. ...However, the markets has the penchant for surprising even seasoned professionals...


Top Gainers

HERO HONDA 581.40 4.78%
SHIP. CORP. 145.15 4.73%
SBI 684.00 3.44%
BAJAJ AUTO 1,310.90 3.19%
ORIENTAL BK. 263.50 2.43%


Top Losers

INFOSYS 2,340.50 -2.03%
TCS LTD. 1,307.00 -1.98%
HCL TECH. 386.00 -1.74%
HDFC BANK 580.70 -1.58%
L&T 1,118.00 -1.47%

END OF DAILY UPDATE : 23-JUNE-2005