Good Evening - May 16 2007

Key indices were mixed early today amid volatile trade due to uncertain market direction. Weak cues from Asian and U.S. markets also played spoilsport. At 10:35AM, Sensex was 13976.91, up 12.12 points or 0.1% after touching a low of 13965.86. Nifty was at 4131.80, down 2.10 points or 0.1% after touching a high of 4150.45. The CNX Midcap Index was up 0.1% and S&P CNX 500 Index was down 0.1%. On BSE, advances led declines 1.2:1 in the morning session. HPCL, up 2% at Rs 295, was the top Nifty gainer on hopes the government may hike automobile fuel prices following conclusion of elections in Uttar Pradesh. BPCL was up 1.6% at Rs 372. MTNL, up 2% at Rs 157, was the other major Nifty gainer. Shares of metal companies were down as copper and nickel prices fell Monday on the LME. Sterlite Industries was down 1.5% at Rs 554. Suzlon Energy plunged 6% to Rs 1,173 after the company reported 3.4% on year decline in consolidated net profit for Jan- Mar quarter at Rs 3.6 bn. Voltas was up 2% at Rs 99 after the company reported Jan-Mar net profit of Rs 1.2 bn, up over 4 times from the year ago period. In the mid trading session, indices were down 0.6% on profit booking following weakness in Asian markets. Investors were cautious as a 3.5% fall in the Chinese share market today revived memories of a global sell-off in February, At around 12.50PM, Sensex was at 13910.92, down 54.94 points, or 0.4%. Nifty was at 4107.60, down 26.70, or 0.7%. Suzlon Energy, down 7% at Rs 1,168, was the worst hit on Nifty after consolidated net profit for Jan-Mar fell 3.4% from a year ago. BHEL was up 2% at Rs 546 as the company plans to enhance its manufacturing capacity to 15,000 MW a year with total investment of around Rs 32 bn. Thermax was down 3% at Rs 401 on reports Philadelphia-based water-treatment company Purolite has sued it for allegedly stealing intellectual property. Varun Shipping was 0.4% at Rs 54.60. The company acquired second 16000 BHP AHTSV. Lupin was up 2.1% at Rs 722. The company received USFDA approval for Simvastatin tablets. HOEC slipped 6% at Rs 91 on bad Q4 results. The company reported Net loss of Rs 9.82 crore vs loss of Rs 13.8 crore last year. Net sales stood at Rs 24.9 crore versus Rs 30 crore. Satyam was down 1.6% at Rs 454 on stronger rupee. Its BPO arm Nipuna has entered into an alliance with Phoenix Marketing International, one of the fastest growing marketing services firms in the United States, to launch a cost-effective, highly predictive modeling methodology - Customer Intelligence Program (CIP). Pyramid Saimira was up 0.8% at Rs 336. The company entered into a commercial arrangement with Vision Media Group (VMG) to acquire and distribute about 10 to 12 films from VMG. No. of Scrips Value (Crs.) Advances 694 7007 Declines 367 2142 Unchanged 26 16 Total 1087 9165 Key share indices ended down 0.3% as shares of technology companies extended losses for the second straight session due to a rising rupee. The session was volatile due to uncertain market direction. Key shares were also weighed down by weakness in overseas markets. Chinese market ended down 3.5% today on fears regulators would move in to cool the heated market. On Feb 27, the Chinese stock market fell 9% on fears its government may take measures to cool off equity markets. The fall in China triggered a sell-off in other markets across the world, including India. Sensex ended at 13929.33, down 36.53 points or 0.3% from Monday. Intraday it moved between 13885.46 and 14023.86. Nifty ended at 4120.30, down 14.00 points or 0.3%. Intraday it moved between 4102.45 and 4150.45. Turnover on both the exchanges was roughly Rs 132.3 bn, compared to Rs 126 bn Monday. The CNX Midcap Index was up 0.6% and S&P CNX 500 Index ended down 0.1%. HPCL, up 5% at Rs 302, was the top Nifty gainer on hopes the government may hike automobile fuel prices following conclusion of elections in Uttar Pradesh. BPCL rose 3% to Rs 376. BHEL was up 3% at Rs 2,523 as the company plans to enhance its manufacturing capacity to 15,000 MW a year with total investment of around Rs 32 bn. Sterlite Industries, which was down 1.5% earlier in the session, recouped losses and ended up 2% at Rs 575. SBI was up 1.8% at Rs 1,227. The Lok Sabha today passed a bill that will allow its seven associate banks to raise their authorized capital to Rs 5 bn, and make a provision for the parent bank to cut its minimum holding in these banks to 51% from the current 55%. Lupin gained 1% at Rs 716 on approval in the US for its abbreviated new drug application for Simvastatin tablets used for treatment of high cholesterol. Shringar Cement surged 20% to Rs 65 ahead of it Jan- Mar earnings and on talk of private placement at 8-10% premium to current market price. Suzlon Energy shares tumbled 9% to Rs 1,141 after its net profit for Jan-Mar quarter fell 3.4% on year to Rs 3.6 bn due to appreciation in the rupee. The rupee has risen more than 8% against the U.S. dollar so far in 2007.Technology shares fell on the strong rupee. Satyam Computer Services ended down 2% at Rs 453 and Wipro was down 1.7% at Rs 535. ONGC ended down 2% at Rs 889. The government today said the panel to select chairman and managing director of ONGC would meet shortly. GACL ended down 0.2% at Rs 123.5. Ambuja Cements changed hands in two block deals on BSE. of 1.74 mn shares. Reliance Industries ended down 1.3% at Rs 1,599 despite news the company has discovered gas in D6 Block in offshore Krishna Godavari basin. Tech stocks ended down. Infosys was down at Rs 1973.45 with volumes of Rs 215.28 crs, TCS was down at Rs 1238.05 with volumes of Rs 129.53 crs, Rolta was up at Rs 440.60 with volumes of Rs 90.10 crs, and Wipro closed down at Rs 535.05 with volumes of Rs 83.47 crs. Pharma stocks witnessed positive trend with exception. Dr Reddy was down at Rs 658.25 with volumes of Rs 104.86 crs, Cipla closed up at Rs 211 with volumes of Rs 40.37 crs, Ranbaxy was up at Rs 395.40 with volumes of Rs 37.54 crs, and Orchid Chemical closed up at Rs 274 with volumes of Rs 24.08 crs. Banking stocks showed buying opportunity. In the Public Sector banks SBI closed up at Rs 1227.45 with volumes Rs 269.21 crs & Bank Of India closed up at Rs 204.40 with volumes Rs 80.03 crs. In the private sector ICICI Bank closed up at Rs 886.85 with volume of Rs 151.77 crs & HDFC Bank closed up at Rs 1011.05 with volumes of Rs 55.24 crs. Auto Stocks ended negative. M&M closed down at Rs 716.25 with volumes of Rs.59.61 crs & Tata Motors closed down at Rs 714.35 with volumes of Rs 46.74 crs. While in the 2 wheeler segment stocks, Bajaj Auto closed down at Rs 2635.70 with volumes of Rs 78.02 crs & Hero Honda closed down at Rs 697.60 with volumes of Rs 14.04 crs. Cement Stocks witnessed mixed trend. GACL closed up at Rs 123.40 with volumes of Rs 61.49 crs, ACC closed up at Rs 875.80 with volumes of Rs 41.34 crs, India Cement closed down at Rs 183 with volumes of Rs 39.23 crs and Birla Jute closed down at Rs 233.75 with volumes of Rs 1.11 crs. Nifty ended at 4120 down by 14 points.