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Friday, December 29, 2006

How Market Fared


New year begins for bulls

The bulls lost some ground. After surging nearly 400 points in the week the key indices slipped for the first time in the week on account of the F&O expiry. The key indices ended with moderate loss as selling pressure was witnessed in the frontline stocks like Reliance industries, SBI, ABB, Tisco, BHEL and L&T dragging the markets to close in red. The BSE Pharma index lost 0.89% and BSE Oil & Gas index was down 0.49%. Finally, the BSE benchmark Sensex slipped 13 points to close at 13846. NSE Nifty was down 4points to close at 3970.

PNB edged lower 0.4% to Rs513. The company revised benchmark Prime lending rate to 11.75% p.a. effective from January 1, 2007. The scrip touched an intra-day high of Rs520 and a low of Rs505 and recorded volumes of over 5,00,000 shares on NSE.

Reliance Industries lost 1.5% to Rs1274. According to reports the company has planned to invest as much as 50 billion rupees in a lignite gasification project in the western Indian state of Gujarat. The scrip touched an intra-day high of Rs1303 and a low of Rs1268 and recorded volumes of over 40,00,000 shares on NSE.

Lupin gained 2% to Rs615 as the company announced it ended an agreement with Cornerstone BioPharma Inc. to develop an anti-infective treatment for selling in the U.S. The scrip touched an intra-day high of Rs625 and a low of Rs604 and recorded volumes of over 83,000 shares on NSE.

Sugar stocks rose after being on the side lines for long, as Government allowed sugar producers to sell 4.1mn metric tons of sweetener domestically in first Quarter of 2007 as production is expected to reach a record. Balrampur Chini advanced 2.1% to Rs84, Sakhti Sugar was up 1.1% to Rs101 and Dhampur Sugar has added 0.5% to Rs94. Bajaj Hind gained 1.6% to Rs218 after the company declared its Q4 result with net profit at Rs382mn and gross sales at Rs3.88bn (up 31%) and the board of Directors also recommended Dividend of 60%.

Metal stocks ended lower on back of selling pressure. Tisco lost 1% to Rs476, Sterlite Industries was down 0.5% to Rs533, Hindustan Zinc shed 0.5% to Rs828 and National Aluminum slipped 0.7% to Rs214 and Hindalco edged lower by 0.2% to Rs174.

Technology stocks pared their intra-day gains. Mid-Cap stocks like Tata Elxsi, NIIT Ltd and i-Flex were among the major losers. Among the heavy weights Satyam Computer slipped 0.7% to Rs489 and Infosys lost 0.2% to Rs2248.

Telecom stocks today were a mixed bag. Reliance Communication advanced 0.5% to Rs477, and MTNL gained 0.5% to Rs145. However, VSNL lost 2.25 to Rs405 and Bharti Airtel was down 0.2% to Rs630.

Pharma stocks witnessed profit booking. Cipla slipped 2.7% to Rs254; Sun Pharma declined 1.2% to Rs974, Glaxo was down 1% to Rs1158 and Dr Reddy's Lab slipped 1% to Rs800.


The bulls lost some ground. After surging nearly 400 points in the week the key indices slipped for the first time in the week on account of the F&O expiry. The key indices ended with moderate loss as selling pressure was witnessed in the frontline stocks like Reliance industries, SBI, ABB, Tisco, BHEL and L&T dragging the markets to close in red. The BSE Pharma index lost 0.89% and BSE Oil & Gas index was down 0.49%. Finally, the BSE benchmark Sensex slipped 13 points to close at 13846. NSE Nifty was down 4points to close at 3970.

PNB edged lower 0.4% to Rs513. The company revised benchmark Prime lending rate to 11.75% p.a. effective from January 1, 2007. The scrip touched an intra-day high of Rs520 and a low of Rs505 and recorded volumes of over 5,00,000 shares on NSE.

Reliance Industries lost 1.5% to Rs1274. According to reports the company has planned to invest as much as 50 billion rupees in a lignite gasification project in the western Indian state of Gujarat. The scrip touched an intra-day high of Rs1303 and a low of Rs1268 and recorded volumes of over 40,00,000 shares on NSE.

Lupin gained 2% to Rs615 as the company announced it ended an agreement with Cornerstone BioPharma Inc. to develop an anti-infective treatment for selling in the U.S. The scrip touched an intra-day high of Rs625 and a low of Rs604 and recorded volumes of over 83,000 shares on NSE.

Sugar stocks rose after being on the side lines for long, as Government allowed sugar producers to sell 4.1mn metric tons of sweetener domestically in first Quarter of 2007 as production is expected to reach a record. Balrampur Chini advanced 2.1% to Rs84, Sakhti Sugar was up 1.1% to Rs101 and Dhampur Sugar has added 0.5% to Rs94. Bajaj Hind gained 1.6% to Rs218 after the company declared its Q4 result with net profit at Rs382mn and gross sales at Rs3.88bn (up 31%) and the board of Directors also recommended Dividend of 60%.

Metal stocks ended lower on back of selling pressure. Tisco lost 1% to Rs476, Sterlite Industries was down 0.5% to Rs533, Hindustan Zinc shed 0.5% to Rs828 and National Aluminum slipped 0.7% to Rs214 and Hindalco edged lower by 0.2% to Rs174.

Technology stocks pared their intra-day gains. Mid-Cap stocks like Tata Elxsi, NIIT Ltd and i-Flex were among the major losers. Among the heavy weights Satyam Computer slipped 0.7% to Rs489 and Infosys lost 0.2% to Rs2248.

Telecom stocks today were a mixed bag. Reliance Communication advanced 0.5% to Rs477, and MTNL gained 0.5% to Rs145. However, VSNL lost 2.25 to Rs405 and Bharti Airtel was down 0.2% to Rs630.

Pharma stocks witnessed profit booking. Cipla slipped 2.7% to Rs254; Sun Pharma declined 1.2% to Rs974, Glaxo was down 1% to Rs1158 and Dr Reddy's Lab slipped 1% to Rs800.