Daily Update of Indian Equity markets

25 Aug 2005

2005-08-25T22:00:00.000+05:30

The equity markets were volatile today due to the expiry of the August futures contracts. The NIFTY ended higher and closed at 2354 and the September futures still traded at a discount and closed the day at 2327. September will signal the future direction of the market....The odds are that it might...just might...end lower than what it is trading now at the end of September...and this is considering the fact that markets have had a huge rally in the month of August....but the markets can...and always throw up a suprise or two...

24 Aug 2005

2005-08-24T23:23:00.000+05:30

The Indian equity markets remained weak throughout the day. In fact, some late buying came in to reduce the weakness to just 3 points and the benchmark NIFTY closed the day at 2323. The NIFTY August futures closed at the same level and the Septemebr futures continued to trade at a discount to the spot...Are we seeing a major reversal...Have we seen the top a couple of days back ?...it seems so...going by the weakness prevailing in the market..

23-Aug-2004

2005-08-23T22:23:00.000+05:30

The equity markets plunged today by 41 points and the benchmark NIFTY closed the day at 2326. The prolonged bull-run seems to be coming to a halt. The banking shares were very weak today and the Bank Futures closed the day at 4040. The NIFTY August Futures closed at the same level as the spot. However, the September NIFTY futures was trading at a steep discount....Has the markets slowed down...or will it go up again ???...

07-July-2005

2005-07-08T00:11:00.000+05:30

The London serial blasts took it's toll in the Indian equity markets as well as the NIFTY slipped more than 50 points and closed the day at 2179. The July futures fell sharply to 2164. The Indian markets was searching for a trigger to fall after the sharp run up over the last couple of months. Is this the beginning of a major downturn ?

06- July - 2005

2005-07-06T22:12:00.000+05:30

The Indian equity markets are simply on a roll and touched new highs today. The benchmark NIFTY index closed the day at 2228 and the July futures ended the day at 2223. The discount seems to be reducing from the earlier levels between the spot and the futures. Does this mean a reversal is in the offing ? ? ?

04 - July - 2005

2005-07-04T21:55:00.000+05:30

The NIFTY continued its upward march and closed at 2230. The July futures closed the

day at 2223.

27 - June - 2005

2005-06-27T20:01:00.000+05:30

The Indian stockmarkets was strong today at the outset. However,profit booking took its toll on the indices as selling pressure intensified in the final hour of trade today, forcing the indices to give up almost all of their gains which they had notched up through out the day.

The BSE Sensex closed at 7,151 (up 2 points) and the NSE Nifty closed at 2,295 (up 1 point) and the June futures still traded at a heavy discount to the spot. The rupee was trading at 43.52 to the dollar.

In the day, both the benchmark indices, Sensex and Nifty, achieved new lifetime intra-day highs. The CNX mid-cap 200 index largely mirrored the move of the benchmark indices, albeit closing in the negative. As far as the market breadth was concerned, considering both the BSE and the NSE combined, there were 3 declining stocks for every 2 stocks in the positive.

Bharat Forge, Sundaram Clayton and FAG Bearings closed 2% higher. As per a leading business daily, Bharat Forge, which is a global player in the auto ancillary sector, has acquired the US-based Federal Forge Inc for US$ 9.1 m in an all cash deal.This move will enable the company to enhance its continuous thrust on expanding its geographical reach as it will enable Bharat Forge to establish a footprint in the US, which is one of its largest markets.

According to sources, FMCG major HLL is planning a new strategy to regain its lost ground. It should be noted that recently, due to price war in the industry, the company was not only losing market share but its bottomline was also significantly affected, which was clearly reflected in the lackadaisical interest towards the stock.However, the stock has gained substantial ground in the past few trading sessions.However, the markets did not seem to be enthused by this as the stock closed with 1% losses while other FMCG stocks were in the positive with Marico (up by 4%) and Dabur (3%) among the major gainers.

Top Gainers

IPCL 175.50 5.00%
DABUR 134.75 3.34%
ITC 1,650.00 2.94%
HDFC BANK 599.00 2.84%
BHEL 872.30 2.73%

Top Losers

VSNL 224.75 -3.10%
HERO HONDA 583.50 -3.07%
SAIL 50.55 -2.98%
ZEE TELE 148.55 -2.53%
NALCO 140.90 -2.22%

END OF DAILY UPDATE : 27-JUNE-2005

27 - June - 2005

2005-06-27T17:09:00.000+05:30

The Indian stockmarkets was strong today at the outset. However,profit booking took its toll on the indices as selling pressure intensified in the final hour of trade today, forcing the indices to give up almost all of their gains which they had notched up through out the day.

The BSE Sensex closed at 7,151 (up 2 points) and the NSE Nifty closed at 2,295 (up 1 point) and the June futures still traded at a heavy discount to the spot. The rupee was trading at 43.52 to the dollar.

In the day, both the benchmark indices, Sensex and Nifty, achieved new lifetime intra-day highs. The CNX mid-cap 200 index largely mirrored the move of the benchmark indices, albeit closing in the negative. As far as the market breadth was concerned, considering both the BSE and the NSE combined, there were 3 declining stocks for every 2 stocks in the positive.

Bharat Forge, Sundaram Clayton and FAG Bearings closed 2% higher. As per a leading business daily, Bharat Forge, which is a global player in the auto ancillary sector, has acquired the US-based Federal Forge Inc for US$ 9.1 m in an all cash deal.This move will enable the company to enhance its continuous thrust on expanding its geographical reach as it will enable Bharat Forge to establish a footprint
in the US, which is one of its largest markets.

According to sources, FMCG major HLL is planning a new strategy to regain its lost ground. It should be noted that recently, due to price war in the industry, the company was not only losing market share but its bottomline was also significantly affected, which was clearly reflected in the lackadaisical interest towards the stock.However, the stock has gained substantial ground in the past few trading sessions.However, the markets did not seem to be enthused by this as the stock closed with 1% losses while other FMCG stocks were in the positive with Marico (up by 4%) and Dabur (3%) among the major gainers.

Top Gainers

IPCL 175.50 5.00%
DABUR 134.75 3.34%
ITC 1,650.00 2.94%
HDFC BANK 599.00 2.84%
BHEL 872.30 2.73%

Top Losers

VSNL 224.75 -3.10%
HERO HONDA 583.50 -3.07%
SAIL 50.55 -2.98%
ZEE TELE 148.55 -2.53%
NALCO 140.90 -2.22%

END OF DAILY UPDATE : 27-JUNE-2005

24 - June - 2005

2005-06-24T17:16:00.000+05:30

The markets opened weak in the first hour of the day...but gained strength immediately after the initial weakness and the indices moved into the black post-noon. . The NSE NIFTY closed the day at 2194 (up by 11 points) and the June Futures closed at 2177. The BSE Sensex closed at 7,148 (up 28 points).The rupee was trading at 43.52 to the dollar.

The markets remained strong through out the day but lost ground during the final hour of trade today, The Sensex has gained as much as 241 points (3.5%) during the week while the Nifty has surged 60 points or 2.8%.

The Reliance groups stocks have been the major reason for the strong gains. Gas transmission major, GAIL, is envisaging an ambitious capex plan to the tune of Rs 200 bn over the next 5 years. The stock ended marginally up. Other energy majors like ONGC (up 1%) and Gujarat Gas (3%) also ended higher. Cipla (1%) and Wockhardt (3%) ended higher, while Biocon and Dr Reddy's (down 1% each) ended weak.

MTNL ended higher by 1% while Tata Teleservices Maharashtra also finished up 1%.

Top Gainers

TATA TEA 624.55 5.20%
HLL 163.20 5.05%
HERO HONDA 601.95 3.64%
COLGATE 234.65 2.29%
HCL TECH. 395.20 2.00%

Top Losers

GUJ.AMBUJA 62.70 -2.87%
SATYAM 498.05 -2.26%
SHIP. CORP. 142.55 -1.96%
INFOSYS 2,313.05 -1.33%
HDFC 849.85 -1.19%

END OF DAILY UPDATE : 24-JUNE-2005

23 - June - 2005

2005-06-23T17:02:00.000+05:30

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

22 - June - 2005

2005-06-22T16:44:00.000+05:30

There is no stopping the Indian equity markets and the shorts are trapped...and as history has shown us, the markets will correct just when all shorts have closed out all their positions.

The NSE NIFTY closed at 2187(up by 17 points) and the June futures closed the day at 2166. The BSE Sensex closed at 7,145 (up 69 points).The rupee was trading at 43.53 to the dollar.
Markets remained strong during the final hour of trade as the Sensex flirted with the 7,150 levels.

The BSE Sensex breached its all-time high and was trading in an uncharted territory.Investors need to be very cautious at these levels and should book profits at all levels. They might lose out on the last few points of this rally...but it is always better tobe safe than sorry. However, it does not mean that the markets will correct all all hell will break lose.

L&T (3%), HDFC (3%) and Cipla (2%) led the gains on the Sensex today. Interestingly, despite the strong gains in the markets, the advance-decline ratio of BSE stocks was skewed towards the latter, at the rate of 1:1.8. The ratio for Sensex stocks was, however, 3:1 in favour of the advances. Major gainers in the pharma pack included Glenmark (7%), Cipla (3%) and Nicholas Piramal (2%). TCS' led the gains in the software arena and closed over 2% up. Gains were also seen in MphasiS (2%), Satyam and Wipro (both 15 up).

Where will the markets stop to breath...It will happen....sooner...rather than later....!!!

Top Gainers

ZEE TELE 151.70 5.35%
M&M 584.40 3.74%
HDFC 875.00 3.48%
CIPLA 313.95 2.99%
L&T 1,136.75 2.98%

Top Losers

HDFC BANK 587.15 -2.56%
MTNL 117.30 -2.13%
SAIL 52.80 -1.68%
BHEL 853.00 -1.59%
TATA CHEM 170.00 -1.25%

END OF DAILY UPDATE : 22-June-2005

21 - June - 2005

2005-06-21T16:52:00.000+05:30

The markets continued its unabated march and the SENSEX inched towards 7100 during the final hour of trade. The BSE Sensex closed at 7,077 (up 92 points) and the NSE Nifty closed at 2,170 (up 26 points). The June futures closed at 2148. The rupee was trading at 43.60 to the dollar.

Cipla (7%), Gujarat Ambuja (6%) and HLL (3%) led the gains on the Sensex today. Software stocks were in limelight today and major gainers included Hexaware (5%), i-flex (2%), HCL Tech (2%) and Infosys (1%). Tata Power gained 2% and Neyveli Lignite gained 1%. Reliance Energy also closed marginally in the positive despite yesterday's sharp run-up.Mixed interest was seen in banking stocks. While gainers included the likes of Centurion Bank (4%), ICICI Bank (3%) and SBI (1%), the losers' list was led by ING Vysya Bank and OBC (both 1% down).

The phase of consolidation amongst smaller private banks gained momentum as the boards of Centurion Bank and Bank of Punjab (BoP) have approved the merger between the two entities.
The BANK NIFTY futures closed on strong grounds above 3030 led by gains in the large private sector banks.
The markets show no signs of tiredness ...but the relentless upward march has to stop sometime soon ...and the markets have to cool downbefore gaining fresh strength to chugg along.

Top Gainers

CIPLA 304.50 6.94%
GUJ.AMBUJA 62.50 5.31%
ICICI BANK 418.65 3.33%
HLL 153.30 3.30%
MARUTI 454.25 2.71%

Top Losers

BPCL 364.85 -1.86%
SUN PHARMA 558.00 -1.19%
ORIENTAL BK. 259.50 -0.94%
GLAXO 780.00 -0.87%
BHEL 866.25 -0.77%

END OF DAILY UPDATE : 21-JUNE-2005

20 - June - 2005

2005-06-20T16:27:00.000+05:30

The Sensex created a record by breaching the 7,000 mark today.The BSE Sensex closed at 6,985 (up 78 points) and the NSE Nifty closed at 2,144 (up 20 points) and the June futures closed the day at 2117.. The rupee was trading at 43.55 to the dollar.

The Sensex opened on a positive note and moved up to touch a high of around 6995 during the opening trades. After that the index displayed a range bound trend and was trading between 6960 and 6980 level. It was party time for the bulls on Dalal Street today as the SENSEX breached the coveted 7000 mark level today led primarily by the strength in Ambani Group stocks, which have a high weightage in the Sensex (RIL and REL have a combined weightage of more than 10%) .

However, this was almost immediately met with selling pressure as the markets slipped a little. However, buying support at lower levels helped the markets to recover to higher ground at the close of trading today.
The performance of mid-cap stocks today was nothing to write home about. As the benchmark indices continued to rise, the CNX Mid-cap 200 index fell for the third consecutive session today, now down about 4% from its all-time highs made last week.

The Reliance family feud finally terminated with the Ambani brothers coming to a final settlement by agreeing to split the conglomerate. Mr. Mukesh Ambani will have the responsibility for Reliance Industries (RIL) (FY05 turnover Rs 732 bn) and IPCL (FY05 turnover Rs 94 bn) while Mr. Anil Ambani will head Reliance Infocomm (FY05 turnover Rs 54 bn), Reliance Energy (FY05 turnover Rs 46 bn) and Reliance Capital (FY05 turnover Rs 3 bn). The settlement seems to have further boosted shareholder confidence in the company as the respective businesses are now set to have focused on governance. Each of the Reliance group stocks was up handsomely today on the bourses. In fact, these were the main contributors to the indices' strength today. The gainers were Reliance Capital (26%), Reliance Energy (11%), Reliance Infrastructure (5%), Reliance (5%) and IPCL (4%).

Matrix Laboratories has acquired a majority stake in a Belgian-based pharmaceutical firm, Docpharma NV. The acquisition will cost Matrix an estimated US$ 263 m, making it the largest acquisition to date by an Indian pharma company. This acquisition will give Matrix access to the high-growth potential pharmaceutical markets of Belgium and Southern Europe. This is the second significant transaction announced in recent times by Matrix Labs. The company had recently announced a merger with Strides Arcolab for which due diligence is currently being carried out. Post-merger with Strides Arcolab, the merged entity will become one of the top ten pharma companiesin India with revenues in excess of Rs 10 bn. The stock, however, closed marginally weak today.

The markets look toppish to most players but the market rarely, if ever, goes with the majority. Will the market take another leap to close above 7000or...will it correct ???

Top Gainers

REL. ENERGY 660.25 11.47%
RELIANCE 630.75 5.08%
HINDALCO 1,184.45 4.30%
IPCL 167.75 4.10%
INFOSYS 2,380.00 4.02%

Top Losers

GUJ.AMBUJA 59.35 -86.86%
SHIP. CORP. 137.40 -4.68%
PNB 380.60 -3.52%
DABUR 126.50 -2.65%
ICICI BANK 405.55 -2.51%

END OF DAILY UPDATE : 20-JUNE-2005

17 - June - 2005

2005-06-17T17:11:00.000+05:30

The BSE Sensex closed above 6900 and the NSE Nifty closed at 2,123 . The June Futures closed at 2108 thereby narrowing thebasis by about 15 points from the highs of 20. The rupee was trading at 43.56 to the dollar.

Markets moved up during the final hour of trade as some buying was witnessed in index heavyweights. The Indian markets opened with caution and remained rangebound in the fore-noon . However, profit booking soon set in, which took the indices deep in the red. Bottom fishing during the closing hours, however, managed to take the Sensex back to the positive territory, with the Nifty still reeling in the red. The monsoons are still a concern as they are yet to arrive in most parts of India.

HDFC (2%), Reliance (2%) and VSNL (1%) led the Sensex stocks today. Banking stocks closed deep in the red and major losers here included ING Vysya Bank (4%), Centurion Bank (2%) and Kotak bank (1%). ICICI Bank and HDFC,the housing finance major, however managed to buck the trend and close with 1% and 2% gains respectively. Gains in these stocks were seemingly a result of reports that the two major lenders with respective shares of 31% and 27% of the home loan market have increased their lending ratesby 50 basis points.

The Reliance Industries counter was at a 52 week high.

The markets are still above 2110 on the NIFTY which is the crucial level for the markets to maintain it's momementum according to analysts. However,a section of the marketmen feel that the markets are now in fatigue and will search for fresh triggers to break out in either diretion.

Top Gainers

HDFC 858.75 1.72%
RELIANCE 600.20 1.69%
M&M 556.05 1.47%
VSNL 227.95 1.27%
WIPRO 743.80 1.26%

Top Losers

TATA POWER 374.05 -2.31%
GRASIM 1,092.05 -2.08%
TATA MOTORS 419.20 -1.87%
SBI 667.70 -1.80%
COLGATE 231.15 -1.22%

END OF DAILY UPDATE : 17-JUNE-2005

15 - June - 2005

2005-06-15T17:36:00.000+05:30

The BSE Sensex closed at 6,907 (up 47 points) and the NSE Nifty closed at 2,127 (up 15 points). The June futures continued to trade a a discount and closed the day at 2109.The rupee was trading at 43.64 to the dollar.

Markets managed to hold on to their gains during the final hour of trade as the Sensex crossed the 6,900 mark and closed above the mark. The rain Gods continued to disappoint the markets. However, the mood in the Indian equity markets remains bullish, as can be seen in today's trades. Carrying on from the final hour surge that was witnessed yesterday, the markets opened today on a positive note.

Stocks from the software sector were the major gainers and contributed significantly to the positive modd today. Major gainers included HCL Infosystems and i-flex (both 4% up) and Wipro (1%). Gains in the banking products major, i-flex, was seemingly fallout of reports that the company has signed up with GE Capital, whereby the latter will use the former's core banking solution, Flexcube, for its worldwide retail banking operations.

Bharti Tele's stock was the lead gainer on the Sensex as it closed over 5% up. Gains in the stock were a likely response to reports that the telecom ministry is in the final stages of lifting the foreign direct investment cap on the sector from 49% to 74%. Gains in the stock were also on account of news that the company has signed a US$ 250 m deal with Ericsson, whereby the latter will set up and maintain Airtel's GSM cellular network across 2,000 towns in India. The first phase of this expansion is scheduled to commence in July 2005.

The markets continue to rally ahead despite calls of correction from several quarters. It seems that the market is now searching forreasons for the rally...and after crossing 2120...a major resistance...Will the markets steam ahead...?? or will the markets extend a major correctionjust when shorts have covered...??? That's the million dollar question.

Top Gainers

BHARTI TELE 239.75 5.41%
GAIL 221.45 3.02%
GRASIM 1,118.25 2.59%
TATA POWER 388.75 2.24%
DR.REDDY 737.10 1.96%

Top Losers

ABB 1,310.15 -1.04%
SHIP. CORP. 147.70 -0.97%
DABUR 130.25 -0.91%
CIPLA 288.20 -0.76%
NALCO 144.80 -0.72%

END OF DAILY UPDATE : 15-JUNE-2005

14 - June - 2005

2005-06-14T21:54:00.000+05:30

The BSE Sensex surged in the last one hour of trade to touch an
intraday high of 6865.18 and finally finishing the day on a positive
note at 6860.18, up 27.50 points and the NSE Nifty closed at 2,112 (up
9 points). The June Futures closed the day at 2094.The rupee was
trading at 43.62 to the dollar.
Markets gained some strength during the final hour of trade, as
investors resorted to buying after caution had largely prevailed since
the start of trade today. The markets, like yesterday, opened on a
subdued note.

The markets were highly volatile today on account of delay in monsoon
and rising crude oil prices. The market breadth was positive with
gainers at 1340 and losers at 1200. Out of 2603 stocks, 63 remained
unchanged. As per a leading business daily, Maruti has announced a
price cut for its flagship 'Maruti 800 model' by Rs 16,000. It must be
noted that the sales of the 800 model have been pretty dismal so far
in FY06 and the price cut is expected to boost revenues.
The stock ended 2% lower, while others in the sector like Bajaj Auto
(up 1%) ended in the positive. Mahindra & Mahindra Ltd`s board has
recommended issue of bonus shares to the equity shareholders in the
ratio of one bonus share for every ordinary share held by the
shareholders of the company, subject to the approval of the
shareholders. Mah &Mah closed at Rs 548.60, up 0.42 per cent.

Telecom gainers included Bharti Tele (2%) and MTNL (1%) .VSNL, on the
other hand, ended lower by 3%.
The BANKEX traded firm today, gaining 54 points to close at 4063.45.

Among the major losers on the BSE Sensex, NTPC lost 2.41 per cent,
Maruti was down 2.23 per cent and HLL fell by 1.10 per cent.

Top Gainers

DABUR 131.45 3.38%
ICICI BANK 433.95 2.41%
BHARTI TELE 227.45 2.39%
HDFC BANK 593.50 1.92%
REL. ENERGY 583.15 1.85%

Top Losers

VSNL 227.90 -3.00%
ZEE TELE 145.75 -2.35%
SHIP. CORP. 149.15 -2.20%
MARUTI 435.50 -2.18%
BPCL 367.95 -1.59%

END OF DAILY UPDATE : 14-JUNE-2005

13 - June - 2005

2005-06-13T17:44:00.000+05:30

The stockmarkets finished strong today despite the sluggish trend
witnessed in the morning. The BSE Sensex closed at 6,833 (up 51
points) and the NSE Nifty closed at 2,103 (up 12 points). The June
futures closed at 2084. The rupee was trading at 43.66 to the dollar.
Markets surged ahead during the final hour of trade.Major stocks in
the in the banking, energy, FMCG and software sectors powered the
markets up today.

Markets opened on a rather subdued note this morning, as caution
appeared to be the buzzword, continuing from the weak close on Friday.
They fell further into the red as trading progressed, led by continued
selling, as investors appeared
apprehensive of buying at the higher levels. However, sentiment soon
turned positive at around noon, as investors shrugged off the cautious
start to the day and went on a buying spree. From then on, it was all
a one-way rally upwards. As far as the market breadth is concerned, on
the Sensex, there were 19 gainers and 11 losers. On the Nifty,
however, it was almost even, as 26 stocks out of the fifty gained. In
the overall markets, the breadth was positive, as there were 1,396
gainers and 948 losers. 52 stocks remained unchanged.

A leading business daily reported that Tisco has entered into a joint
venture agreement with an Iranian company, IMIDRO, for setting up 3
steel plants in Iran. This JV with the Iranian company is a positive
move to increase its international presence going forward. The
stock...however closed 1% lower.

Geometric Software's stock witnessed a hammering today and ended down
by as much as 9%. This is on the back of the company reporting a
downward revision to its FY06 revenue and net profit guidance. Most of
the other software stocks ended mixed, with major gains seen in
MphasiS (5%), Satyam (2%) and HCL Tech (1%).

FMCG stocks traded firm today. Gillette (1%), Colgate (3%) and HLL
(3%), all ended in the black. As per a leading business daily,

Top Gainers

L&T 1,152.00 4.63%
ICICI BANK 424.45 3.88%
VSNL 235.80 3.19%
M&M 546.80 2.94%
COLGATE 237.50 2.77%

Top Losers

SHIP. CORP. 152.35 -5.31%
NALCO 145.30 -2.94%
TATA CHEM 178.85 -1.84%
DABUR 126.75 -1.67%
BAJAJ AUTO 1,222.00 -1.42%

END OF DAILY MARKET UPDATE : 13-JUNE-2005

I have received feedback that this daily update should include market
facts and opinions and other market notes. While I will refrain from
giving off hand tips on this blog, I will enhance its scope beyond the
"daily market update" with ramblings from Dalal Street and
"Wealth Management" topics.

10 - June - 2005

2005-06-10T17:22:00.000+05:30

The BSE Sensex lost 50.54 points to close at 6781.99. The NSE nifty closed at 2090.6, down by 12.60 points and the June futures closed the day at 2071.55 ( - 10.55). The rupee was trading at 43.54 to the dollar.

The BSE Sensex had opened flat and posted an intraday high of 6883.67 in the opening trades. The market lost ground post lunch as selling pressure intensified. The markets breadth was negative with losers at 1498 and gainers at 1023. Out of 2586 stocks, 65 remained unchanged.

Among the major losers on the BSE Sensex, L&T lost 2.97 per cent to close at Rs 1100.30, Tata Motors was down 2.87 per cent and Bajaj Auto fell by 2.71 per cent to close at Rs 1240.05. Heavyweights, HLL lost 1.62 per cent, ICICI Bank was down 1.62 per cent and ONGC 0.98 per cent. He other losers were, SBI and ITC.

Infosys was down by 1 per cent and wipro lost 0.41 per cent. The BANKEX lost 53 points to close at 3940.66. Among the major losers in the banking sector, IOB lost 4.57 per cent, Bank of India was down 3.49 per cent and Allahabad Bank fell by 2.82 per cent. Among the major gainers on the BSE Sensex, RIL gained 1.39 per cent to close at Rs 566.75, Dr Reddy`s was up 0.99 per cent to close at Rs 713.15 and HDFC was up 0.89 per cent to close at Rs 843.75.

Cybermedia made its debut on the BSE at Rs 75 on a premium of 25 per cent. The stock touched a high of Rs 109.35 and closed at Rs 105.

Investors seemed inclined to book profits at higher levels, taking advantage of the smart rally witnessed over the last several weeks. The Reliance group stocks traded relatively firm as the news of an amicable settlement between the heirs of the Reliance empire seems to have gathered wind.

Indian pharma major, Ranbaxy, has continued its inorganic growth by acquiring the generic products portfolio (containing 18 products) of a Spanish pharma company, Efarmes SA. Among the other stocks in the sector, while most of them ended weak, Lupin (up 5%), Sun Pharma and Dr. Reddy (up 1% each) managed to buck the trend.

The market ended the week on a subdued note...Maybe, the markets are taking a breather before resuming it's upward journey..Maybe not !!!

Top Gainers

VSNL 228.50 3.56%
RELIANCE 566.55 1.34%
TATA CHEM 182.20 1.03%
DR.REDDY 713.85 1.01%
SUN PHARMA 550.10 0.87%

Top Losers

L&T 1,101.05 -2.91%
TATA MOTORS 422.75 -2.88%
BAJAJ AUTO 1,239.65 -2.41%
HINDALCO 1,110.05 -2.33%
MARUTI 449.35 -2.17%

09 - June - 2005

2005-06-09T17:48:00.000+05:30

The BSE Sensex closed at 6,833 (down 26 points) and the NSE Nifty closed at 2,103 (down by 9 points). The June futuresclosed the day at 2082. The rupee was trading at 43.54 to the dollar. The market did not show any major signs of weakness until the last hour of trade.

A strong wave of profit booking emerged in the final hour and pushed the markets down.
It was time for some breather for the markets today as they traded in a rather narrow range. Markets are keeping a close eye on the progress of monsoons, which could play a crucial role in determining investor sentiments in the near term.

Software stocks which had a dream run yesterday also had a bad day today with the key losers being Infosys (3%), Satyam (3%), TCS (1%), HCL tech (1%) and Wipro (1%).
Reliance Energy (REL) has chalked out major investment plans in the power sector. The first signs of an amicable settlement between the two warring Ambani brothers came into the fore as Reliance Industries (RIL) has agreed to supply gas to the proposed 3,740 MW power project of REL at Dadri.

Top Gainers

HLL 147.20 3.33%
M&M 534.15 2.66%
L&T 1,132.95 2.55%
HINDALCO 1,140.00 2.02%
HDFC 836.10 1.15%

Top Losers

INFOSYS 2,234.00 -2.71%
SATYAM 459.75 -2.69%
COLGATE 233.50 -2.01%
SUN PHARMA 545.00 -1.84%
ONGC 906.05 -1.71%

--->END OF DAILY UPDATE : 09-JUNE-2005

08 - June - 2005

2005-06-08T17:53:00.000+05:30

The Sensex continued it's upward momentum today and shot up by another 77 points on the Bombay Stock Exchange (BSE) on the back of heavy purchases by local and foreign players. After opening weak at 6768.20, the BSE Benchmark 30-share Index bounced back breaching the 6800-mark during morning trading and later fluctuated in a range of 6862.83 and 6768.20 before ending the day at 6858.24 against yesterdays close of 6781.25, a net rise of 76.99 points or 1.14 per cent.

The NSE Nifty closed at 2,112.4 (up by around 15 points). The rupee was trading at 43.44 to the dollar.

Major banking, software and telecom heavyweights added fuel to the up-move. The surge in bank shares was partly due to expectations of speedy reforms in the sector following the green signal by the Reserve Bank of India (RBI) to banks for funding corporates for overseas acquisitions.

Gains in Reliance stocks continued on hopes of an impending settlement.

SCI was one of the lead gainers today and the stock closed 7% up. In fact, the stock has been in limelight since the past few days, after reports
that the company has won a bid for transportation of 9 million tonnes (around 66 m barrels) of crude oil for IOC. Stocks from the software sector were the major gainers. Leading gainers included Patni Computers, Infosys and Satyam (all up 3%).

Top Movers NSE

NIIT Technologi 167.35 20.40
South East Asia 92.10 20.31
Arham Fiscals L 16.30 20.30
Premier Auto El 26.95 20.04
Tamil Nadu Petr 27.35 16.14

Laggards NSE

Matsushita Tele 20.60 7.42
Credit Rating I 1057.60 6.20
Venky`s (India) 137.60 6.04
S Kumars Synfab 27.25 5.55
Parrys Confecti 235.90 4.99
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Other Top Gainers

SHIP. CORP. 161.30 7.28%
REL. ENERGY 572.00 4.09%
ABB 1,350.00 3.71%
ICICI BANK 420.00 3.61%
SATYAM 473.00 2.83%

Other Top Losers

DR.REDDY 710.55 -2.24%
BAJAJ AUTO 1,265.00 -1.87%
BPCL 370.05 -1.29%
ORIENTAL BK. 275.50 -1.18%
ONGC 923.00 -1.10%

Top Volume NSE

S R F Ltd. 167.90 16889555
Ashok Leyland L 26.20 13001083
Essar Steel Ltd 42.35 11176310
Tata Teleservic 27.40 9338172
Industrial Fina 14.90 8106218

07 - June - 2005

2005-06-07T16:00:00.000+05:30

The NIFTY benchmark closed the day at 2098.15 up by 5.35 points or 0.26% and the SENSEX ended at 6781.25 up by 23.06 points or 0.34%.
Markets were volatile in early trades and slipped into a narrow range as trading progressed for the day.The BSE Sensex opened in the negative and sunk deeper into red to touch a low of 6737 in the opening trades. After that the index moved above the flat line and was trading in the 6770 levels till 10.30 a.m. Blue chips such as Reliance, HLL, ONGC and Tata Steel slipped due to profit taking by investors. The Sensex clawed back and traded in the positive terrain till the time of close.
The index touched an intraday high of 6795 in the afternoon. After touching the highs the index was trading in the region of 6784-6770 levels. In the last fifteen minutes of trade the BSE Sensex surged to close at 6781.25, up 23.06 points. Bank stocks chiefly led by HDFC Bank led the rally in the markets. The market breadth was positive with gainers at 1393and losers at 1123. Out of 2574 stocks, 58 remained unchanged.

Among the major gainers on the BSE Sensex, HDFC Bank shot up 6.47 per cent to close at Rs 589, HDFC gained 3.38 per cent to close at Rs 806.65 on the news that the company has bought 90 lakh equity shares of Indraprastha Medical Corporation, in a block deal amounting to 9.8 per cent stake of the company. The shares were bought at a price of Rs 42.90 a share. ICICI Bank was up 2.90 per cent to close at Rs 405.70.
Software stocks closed largely in the positive. While major gainers include i-flex (1.6%) and Wipro (2.1%), selling was seen in HCL Tech (-0.6%) and TCS (-0.2%). Auto ancilliaries were mixed but Amara Raja Batteries (6.7%) continued to surge following reports that the company would be the sole supplier of batteries to Maruti for their newly launched model 'Swift'.

Bajaj Auto was up 0.70 per cent, Maruti gained 0.52 per cent and Hero Honda was up 0.34 per cent. Tata Power gained 0.68 per cent, NTPC inched up 0.29 per cent and REL was up 0.48 per cent. The BANKEX shot up 114.2 points or 2.96 per cent today to close at 3970.95.
Telecom stocks traded firm today. VSNL was up 3.60 per cent, Tata Tele gained 2.95 per cent and MTNL was up 1.45 per cent. Among the major losers on the BSE Sensex, TISCO lost 2.99 per cent to close at Rs 338.80, HLL was down 2.74 per cent to close at Rs 2.74 and ITC was down 1.98 per cent to close at Rs 1549.60. Select pharma and cement stocks lost on the bourses today.

Kotak Mahindra Bank 12.04 per cent increase in profit after tax at Rs 23.07 crore for the quarter ended March 31, 2005 as compared to Rs 20.59 crore for the quarter ended March 31, 2004. Shares of Kotak Mahindra Bank closed at Rs 397.70, up 1.86 per cent. Maruti gained 0.52 per cent on the news that the auto major would be increasing the prices by Rs 8,000 to Rs 10,000 of its latest launch `Swift.

The CNX MIDCAP also closed above 3000 at 3046.40, up 0.32 per cent.

Nifty Top 5 Gainers

HDFC Bank 588.35 6.34
PNB 404.50 3.51
VSNL 223.40 3.31
HDFC 807.45 3.29
ICICI Bank 405.35 2.96

Nifty Top 5 Losers

Tata Steel 339.25 (2.93)
HLL 143.50 (2.78)
ITC 1550.25 (1.97)
Ranbaxy 1089.00 (1.91)
BPCL 374.90 (1.06)

NSE Volume Toppers (Rs. crs.)

SRF 302.49
Reliance 231.60
Infosys 136.27
SBI 124.80
SakSoft 95.93

END OF DAILY MARKET UPDATE : 07-JUNE-2005

06 - June - 2005

2005-06-06T17:00:00.000+05:30

Markets failed to retain gains and bowed to pressure towards the end of trading session to end almost flat. The Sensex sailed past the 6800 mark in early trades this morning as investors, continuing from where they had left off on Friday last, went on a buying spree almost across the board. Besides expectations of strong inflow of funds from institutional investors, hopes that the government would speed up reforms process in the banking sector and the possibility of an amicable settlement between the warring Ambani brothers Mukesh and Anil were the factors that propped up the sentiment right at the commencement of trade today.

The market gained further ground around mid morning and though it turned a bit rangebound past noon, buying emerged once again by mid afternoon, lifting values up sharply. But a heavy bout of selling pressure engulfed the market during the fag end of the sessionas investors chose to book profits after a sustained upmove, resulting in the indices declining towards their previous closing marks as the day ended.

Up nearly 61 points at 6813.91 at one point today, the BSE barometer suffered a sharp setback during the final few minutes of the session to end way down from that level, at 6758.19, netting just a minor gain of 5.19 points for the day. On the National Stock Exchange, the 50 stock Nifty posted a high of 2109.10 before slipping down to close at 2092.80, up by a slender margin of 0.45 points over its previous closing. Markets turned volatile in the final hour of trade. The benchmark indices almost closed in the negative territory on account of profitbooking after the past few days of consistent gains.

HDFC Bank led the Sensex today as the stock closed with nearly 3% gains. Another leading gainer was SBI (up 3%), and this seemed a result of reports that the Finance Minister has expressed his willingness for banking reforms. Steel stocks closed today on a mixed note.Some business dailies had reported that Tisco has signed a memorandum of understanding with the Chhattisgarh government to set up a Rs 100 bn plant in the state.Stocks from the engineering sector closed on a strong note and major gainers here included Cummins India (4%), L&T and BHEL (both 1% up). Gains in L&T seemed to be on reports that the company has won a US$ 19 m (Rs 827 m) order from Oman Cement Company towards setting up a cement plant at Rusayl, Oman, with a annual capacity of 1 MT. The plant is likely to be commissioned in a year's time. At the end of FY05, the company's engineeringdivision had an outstanding order book of Rs 177 bn. Technology stocks were the first to show signs of easing down in afternoon trades even as blue chips from other sectors started losing momentum after a sharp run up the charts. BPCL, HPCL, Kochi Refineries, Mangalore Refineries, Indian Oil Corporation, Bongaigaon Refinery and Chennai Petro ended on a weak note due to sustained selling on these counters. Software majors Infosys Technologies, Wipro, Satyam Computers, Tata Consultancy Services, Patni Computers and i-Flex Solutions closed in the red despite enjoying a few bright spells in the positive territory today. HCL Technologies and Polaris managed to close on a positive note, stronger by 1.25% and 0.35% respectively over their previous closing prices.

Among PSU banks, State Bank of India closed stronger by around 2.45% today. ACC, Gujarat Ambuja Cement, HDFC, ITC, BHEL, Larsen & Toubro, Maruti Udyog, NTPC (the stock made a strong debut as a Sensex component today), ONGC, Ranbaxy Laboratories and Tata Power ended with sharp to moderate gains. Bajaj Auto, Bharti Tele-Ventures and Dr. Reddy's Laboratories finished with modest gains. Reliance Energy failed to retain gains and ended little changed from its previous closing price. Tata Motors and Cipla suffered marginal losses and ITC closed flat. Tisco, Reliance Industries, Hindalco, Hindustan Lever, Hero Honda and Grasim Industries drifted down sharply. Colgate Palmolive, GAIL, IPCL, MTNL, SAIL and Tata Chemicals closed sharply down from last Friday's closing levels while Zee Telefilms, Mahindra & Mahindra, ABB and Tata Tea scored notable gains.

Midcap stocks attracted once again and reflecting the sharp rise in values of several scrips in the segment, the CNX Midcap 200 index touched a new all-time high of 3053 this afternoon. Though the index declined sharply from that level to close at 3036.65, it still recorded a smart gain of 0.58% or 17.45 points today.

SRF, Tata Investments, Hindustan Oil Exploration, Godrej Industries, Datamatics Technologies, Amtek Auto, Avaya Global Trent, Vesuvius, Videocon International, Voltas, West Coast Paper, South East Asian Marine, McDowell, Morepen Laboratories, LML, ICI India, CESC, Clariant, Aban Loyd, IndusInd Bank, Jain Irrigation and Munjal Showa were among the impressive gainers in the midcap space today.

BASF, Berger Paints, Aftek Inofys, Aarti Industries, Apollo Tyres, FAG Bearings, Blue Dart, Deepak Fertilizers, Essel Propackaging, Exide Industries, Gujarat Gas, Geometric Software, Glenmark Pharmaceuticals, McMillan Industries, Max India, Kirloskar Oil, IPCA Laboratories, Jindal Polyfilms, Thermax, Motherson Sumi, Navbharat Ferro Alloys, PNB Gilts, Rama Newsprint, Ramco Systems, Titan, Wheels India and Zensar Technologies also ended sharply higher.

Top Movers NSE -
Archies Greetin 134.20 16.80
Shree Rama Mult 18.45 15.31
Precision Wires 122.05 14.98
Crest Communica 83.00 12.16
H B Stockholdin 13.50 10.20

Laggards NSE -
J B M Tools Ltd 99.10 7.81
Shriram City Un 46.15 7.42
Schenectady Her 80.00 5.94
Goldstone Techn 28.30 5.51
Patspin India L 23.20 5.11

Top Volume NSE -
Industrial Fina 14.95 12940907
National Therma 85.65 12371068
Essar Steel Ltd 42.35 11176310
Tata Teleservic 27.10 9433477
National Organi 26.85 7694041

END OF DAILY UPDATE - 06-JUNE-2005

04 - June - 2005

2005-06-05T02:30:00.000+05:30

The BSE Sensex has ended with a gain of 4 points at 6,753 and the NSE Nifty lost 2 points and ended at 2,092. The forex markets remained closed today.
Stock prices moved in a tight band for almost the entire duration of the short three-hour trading session convened by the major Stock Exchanges, NSE and BSE today. Activity during the session that was scheduled to test the back-up facilities at the National Stock Exchange's site at Chennai, remained a low key affair. Buying interest remained mostly stock specific and the mood remained highly lackluster for a major part of the session.
While the beginning was in the positive territory, profit booking soon set in and took the indices to near their yesterdays closing levels. Among Sensex stocks, major gainers included Reliance Energy (4%), HLL (3%) and Hindalco (1%).Stocks from the software sector closed today on a mixed note and major gainers included MphasiS (6%), I-Gate Solutions (4%) and Satyam (1%).
In the banking sector, ICICI Bank notched up to Rs 393 and SBI moved a tad higher to Rs 666. Both the stocks were trading in the red during the day. Bank of India fell a rupee to Rs 99.
Carrying on from where they had left yesterday, stocks from the Reliance group closed today in a position of strength. Major gainers included Reliance Energy (4%), Reliance Capital (1%) and IPCL (1%).
Pharma stocks have taken a severe hit today. Ranbaxy dropped sharply to Rs 1,092 (down Rs 7).Bajaj Auto notched up to Rs 1,280 and M&M has declined 0.45%. Maruti however has shed Rs 3 to Rs 452. Carrying on from where they had left yesterday, stocks from the Reliance group closed today in a position of strength. Major gainers included Reliance Energy (4%), Reliance Capital (1%) and IPCL (1%). Some business dailies have reports that the warring Ambani brothers are in the final stages of arriving at an agreement to solve the ownership issue plaguing the Group companies. Official confirmation is however awaited and investors, to that extent, should exercise caution. Gains in Reliance Energy also seem to be propelled by recent news that the company will be setting up a 12,000 MW thermal power plant in Orissa at an investment of Rs 480 bn.
While the Nifty, which opened flat and moved in a range of around 11 points today, ended at 2032.35, netting a loss of 1.90 points, the 30 stock BSE benchmark index Sensex closed with a 4.15 points gain at 6753. The BSE barometer, which hit a high of 6772.09, swung in an intra-day range of a little over 35 points today.
Tracking the overnight fall in value of the tech laden Nasdaq composite index on Wall Street, IT stocks back home remained a bit sluggish today. Still, Satyam Computers (up 0.65%) managed to record notable gains even as Tata Consultancy Services (the stock will be making its debut as a Sensex constituent on Monday next week) and Infosys Technologies closed on a weak note due to lack of support. Wipro ended little changed from its previous closing price. Select FMCG stocks, led by Hindustan Lever (up 2.7%), had a profitable outing today. Colgate Palmolive notched up a gain of over 3%. However, ITC suffered a marginal loss. State Bank of India (up 0.6%) got off to a bright start but got its gains trimmed substantially due to selling at higher levels. Metal stocks Hindalco and Tisco moved up smartly, netting gains of around 1.4% and 1% respectively. Housing finance major HDFC surged nearly 1.3% on firm buying support following the government's decision to relax rules for external commercial borrowings, allowing NBFCs to raise overseas loans. ONGC suffered a sharp loss of around 1.65%. Construction major Larsen & Toubro slipped 1.4% due to weak support.

Top Gainers Jun 4, 2005

REL. ENERGY 549.90 3.63%
COLGATE 240.00 3.07%
HLL 150.80 2.72%
DABUR 132.30 2.32%
SUN PHARMA 554.35 1.95%

Top Losers

L&T 1,094.50 -1.63%
ONGC 926.25 -1.19%
HDFC BANK 540.00 -1.06%
GLAXO 768.00 -0.98%
TCS LTD. 1,282.10 -0.85%

03 - June - 2005

2005-06-04T04:30:00.000+05:30

The Indian equity markets surged ahead and the NIFTY closed at 2094.25 (up by 29.6 points / 1.43%). The BSE Sensex closed at 6,749 (up 94 points). The rupee was trading at 43.56 to the dollar.
The Nifty closed up over 1.40% helped by strong gains in the Reliance group stocks. The Reliance group stocks including Reliance, Reliance Energy, IPCL, and Reliance Capital gained on reports that the Ambani brothers were likely to reach a settlement within a week. A rally was witnessed in technology, banking, metal, and auto stocks as well. The Sensex went above 100 points and it was the first 100-point rally for Sensex since April 20th and is it is the highest closing for Sensex since March 14.
The Nifty touched an intraday high of 2097.25 and an intraday low of 2061.35.
The Midcap 200 Index closed at 3006.75. It touched an intraday high of 3008.40 and an intraday low of 2990.50.
The market breadth was positive, about 1797 shares advanced, 667 shares declined, and 56 shares remained unchanged.
The F&O turnover was at around Rs 10,000 crore (Rs 100 billion) led by Reliance Industries. The Nifty Futures trimmed discount; it was at a discount of 17 points and closed at 2077. RIL, Satyam, Arvind Mills, IndusInd, IDBI, and Infosys were the top trades.

The BSE IT Index outperformed the other indices. It closed up 2.38% at 2752.67 amidst gains in Infosys, Wipro, Satyam, TCS, Moser Baer, i-flex Solutions, MphasiS BFL, Polaris and HCL Technologies.
Rally was also seen in oil stocks including Reliance, ONGC, Castrol, MRPL, and Chennai Petro. The BSE Oil & Gas Index closed up 2.28% at 3153.91. Several banking stocks including PNB, Oriental Bank, Bank of India, Canara Bank, HDFC Bank, SBI, ICICI Bank, IOB, Union Bank and UCO Bank also witnessed good buying. The Bankex closed up 0.92% at 3804.51.

The BSE Healthcare Index closed up 0.90% at 2763.19 due to buying in Aurobindo Pharma, Wockhardt, Matrix Lab, Ipca Labs, Cipla, Ranbaxy, FDC, Sun Pharma, and Novartis India.
FMCG stocks including ITC, HLL, Nirma, Colgate, Britannia, Dabur India, and Gillette India also firmed up. Buying was also seen in capital goods stocks including Alstom Projects, Larsen, HMT, ABB and BHEL. Metal stocks also ended on a firm note due to buying in Nalco, Hindalco, Sail, Tisco, JVSL, and Jindal Steel. Telecom stocks including Bharti Tele Ventures, VSNL and MTNL also gained. Media stocks including Zee, Balaji Telefilms, Mukta Arts, and TV18 also put on a good show. Select buying was seen in cement stocks.

Markets rallied sharply during the final hour of trade as buying intensified amongst the index heavyweights, especially helped by the Reliance push. Investors' interest in stocks from the auto, banking, commodity, FMCG and pharma sectors also buoyed sentiment. Engineering stocks, however, closed the day on a mixed note.

Top Gainers Jun 3, 2005

ZEE TELE 147.95 4.93%
VSNL 217.55 4.72%
RELIANCE 554.50 4.65%
PNB 388.20 3.67%
NALCO 146.30 3.65%
Top Losers
GRASIM 1,100.25 -1.17%
TATA TEA 585.00 -1.07%
GUJ.AMBUJA 444.00 -0.91%
GLAXO 773.10 -0.86%
DR.REDDY 730.00 -0.61%

Let's watch what the market tells us tomorrow. Tomorrow is a trading day (from 10:30 to 1:30) although it is a Saturday.