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Monday, May 03, 2010

Beginning of the end!


The world is round and the place which may seem like the end may also be only the beginning. – Ivy Baker.

Get set for a weak beginning on the bourses as the key indices are set to fall due to weak global cues. Overall, the trend will remain sideways and rangebound. China has yet again raised the CRR to soften record lending and prevent asset bubbles. But the market in China, along with a few others like Japan are shut today.

As expected, Greece has managed to secure a larger bailout, though it is yet to be ratified. Make no mistake, this is not the end of the Europe debt crisis. The UK will hold general election later this week. The Goldman Sachs issue along with the Congressional debate on financial reforms will continue to cast a shadow over Wall Street.

Back home, it promises to be another action-packed week even as the market continues to struggle to break out of the current trading pattern. Reliance will be in focus as the Supreme Court is likely to deliver a verdict in the RIL-RNRL gas dispute. Auto and cement companies will be in action as they report monthly numbers. Oil marketing companies may also be in spotlight amid growing talk of price decontrol.

Results Today: Century Textiles, Edserve Software, HDFC, Idea Cellular, JSW Steel, Kansai Nerolac and Maharashtra Seamless.

FIIs were net buyers of Rs3.55bn in the cash segment on Friday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs2.17bn.

The Indian markets ended with marginal losses in a highly eventful and results heavy week. Second rung stocks continued to outperform their larger index peers with the BSE Mid-Cap index adding nearly 1% during the week. However, the BSE Small-cap index ended almost flat. The market did witness some volatility owing to the global factors and F&O expiry. Overall, the mood remained slightly cautious due to mixed earnings from India Inc.

Finally, the BSE Sensex slipped 0.8% and the NSE Nifty lost 0.5% to shut shop at 17,558 and 5,278 respectively. The BSE Realty index was the top loser the index lost 3.1% followed by the Oil & Gas index which lost 1.6%. Big gainers were the BSE Banking index rose 0.7% followed by the BSE Auto and the BSE Power index.

The FII continued to be net buyers in the Indian markets; they bought stocks to the tune of Rs33.22bn last five and the DIIs were net sellers to the tune of Rs2.15bn.

The BSE Sensex hit an intra-week high of 17,826 and low of 17,344 while, the NSE

Nifty hit an intra-week high of 5,342 and low of 5,202.

The top gainers: The top gainers in the Sensex were ONGC (up 3.6%), Cipla (up 3.5%), Tata Motors (up 3.3%), HDFC (up 3.2%) and HDFC Bank (up 2.5%).

The Top Losers: The top losers in the Sensex were DLF (down 6.5%), Maruti Suzuki (down 6%), Reliance Industries (down 5%), Tata Steel (down 4.6%) and Grasim Industries (down 3.9%).

The BSE IT Index (down 0.4%): The top losers in the IT sector were Patni Computer (down 4.8%), Wipro (down 2.9%), Oracle Financial (down 2%), TCS (down 1.9%) and Financial Tech (down 1%).

The top gainers were Sasken Communication (up 8%), Mphasis (up 3.2%), Mahindra Satyam (up 2.1%), HCL Tech (up 1.7%) and Infosys Tech (up 0.4%).

The BSE Consumer Index: The top losers in the Consumer Durables were Mirc Electronics (down 6.6%), Samtel Color (down 2.8%) and Videocon Industries (down 1.6%).

The top gainers were Whirlpool (up 7.2%), Titan (up 3.1%) and Blue Star (up 0.1%).

The BSE Healthcare Index (up 0.2%): The top gainers in the Pharma space were Fresenius Kabi (up 7.2%), Torrent Pharma (up 5.7%), Piramal Healthcare (up 4.4%), Dr Reddy's Labs (up 3.9%) and Cipla (up 3.5%).

The top losers were Sun Pharma (down 6.7%), Natco Pharma (down 4.9%), Emami (down 4.8%), Morepen Labs (down 4.1%) and Strides Arcolab (down 4%).

The BSE Banking Index (up 0.7%): The top gainers in the banking space were Andhra Bank (up 9.8%), Bank of Baroda (up 6.6%), Yes Bank (up 5.4%), Canara Bank (up 5.2%) and Oriental Bank of Commerce (up 4.3%).

The top losers were Indian overseas Bank (down 3.6%), ICICI Bank (down 2.6%), Kotak Mahindra Bank (down 1%), Allahabad Bank (down 0.7%) and Karnataka Bank (down 0.6%).

The BSE Auto Index (up 0.5%):The top gainers in the auto space were Eicher Motors (up 16.2%), Ashok Leyland (up 5.8%), Tata Motors (up 3.3%), Hindustan Motors (up 2.8%) and Swaraj Mazda (up 1.9%).

The top losers were Maruti Suzuki (down 6%) and Bajaj Auto (down 0.7%).

The BSE Oil & Gas Index (down 1.6%): The top losers in the oil & gas space were Reliance Industries (down 5%), Shiv-Vani Oil (down 4.9%), Chennai Petroleum (down 1.9%), Hindustan Oil (down 1.7%) and Essar Oil (down 1.6%).

The top gainers were Great Offshore (up 10.9%), Gujarat NRE Coke (up 8%), Cairn India (up 6%), Jindal Drilling (up 5.1%) and IOC (up 4.9%).

The BSE Capital Goods Index (down 0.6%): The top losers in the Capital Goods were Alfa Laval (down 3.9%), ABB (down 3.8%), Bharat Electronics (down 3.8%), Areva T&D (down 3.6%) and Ingersoll Rand (down 3.2%).

The top gainers were Praj Industries (up 9.9%), Greaves Cotton (up 8.4%), SKF India (up 5.7%), Carborundum Universal (up 3.3%) and HEG (up 2.2%).

The Cement Sector: The top losers in the cement sector were Ultratech Cement (down 11.1%), Mangalam Cement (down 10.9%), India Cements (down 7%), Madras Cements (down 5.2%) and Shree Cement (down 4.8%).

The top gainers were Binani Indus (up 11.8%), Dalmia Cement (up 5.6%), Kakatiya Cement (up 0.6%) and ACC (up 0.1%).

The Telecom Sector: The top losers in the telecom were Idea Cellular (down 6.7%), Shyam Telecom (down 5.3%), Tata Communication (down 2.6%), Himachal Futuristic (down 2.4%) and Tata Teleservice (down 2.3%).

The Realty Sector (down 3.1%): The top losers in the Realty space were DLF (down 6.5%), Mahindra Lifespace (down 6.3%), Anant Raj Indus (down 4.4%), HDIL (down 3.4%) and Parsvnath (down 3%).

The top gainers were Akruti City (up 1.8%), Omaxe (up 1.4%) and Peninsula Land (up 0.4%).

The Metals sector (up 0.1%): The top losers in the metals sector were Lloyds Metals (down 4.7%), Tata Steel (down 4.6%), Tata Metaliks (down 3.4%), SAIL (down 3.2%) and Tata Sponge Iron (down 3%).

The top gainers were Jindal Stainless (up 4.4%), Jindal Steel & Power (up 3.4%), Bhuwalka Steel (up 2.8%) and JSW Steel (up 2.4%).