Post Market report on 14.07.2008

[B. Karthick]

India Stocks Review: End down as tech cos fall; Ranbaxy drops 11%
Monday, Jul 14
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Bombay Stock Exchange : National Stock Exchange
Sensex: 13330.51, dn 139.34 pts (1.0%) : Nifty: 4039.70, down 9.30 pts
(0.2%)
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Share indices ended lower after a choppy session today, as
negative news in the technology and pharmaceutical sector weighed.
Investors sold IT shares after being disappointed by an unchanged
dollar-based guidance by Infosys Technologies, and on HCL
Technologies' announcement Friday that it will incur forex hedge
losses in Apr-Jun.
Infosys ended down over 7%, while HCL Technologies ended off lows
at 225 rupees, down around 6% from the previous session. Satyam
Computer Services slid nearly 8%.
Ranbaxy Laboratories ended down 11% at 475 rupees on a report the
US government is investigating the company's facilities in Himachal
Pradesh. The stock was the worst hit on Nifty.
The company, on its part, said that it will file a response to US
Food and Drug Administration probe in a US court today.
Sensex closed at 13330.51, down 139.34 points or 1% from Friday.
Intraday, it moved between 13270.40 and 13557.21.
Nifty ended at 4039.70, down 9.30 points or 0.2%. Intraday, it
moved between 4004.25 and 4118.10.
Turnover on BSE and NSE combined was 148 bln rupees, compared with
176 bln rupees on Friday.
CNX Mid-cap and S&P CNX 500 indices ended down 0.4% and 0.3%,
respectively.
Share indices opened lower, but recouped losses periodically, with
Nifty rising nearly 2% helped by a combination of value buying, short
covering, and positive cues from European markets mid-session.
However, every rise was taken as an opportunity to book profits.
Among companies reporting Apr-Jun earnings today, Axis Bank shares
slid 5% to end at 634 rupees after having touched an intraday high of
691 rupees on reporting higher-than-estimated 89% year-on-year rise in
net profit at 3.30 bln rupees.
Mark-to-market losses on banks' investment portfolio following
rise in government bond yields since March-end remain a concern for
the sector.
Value buying lifted shares of capital goods companies like Larsen
& Toubro, Tata Steel, NTPC, and State Bank of India.
Oil and Natural Gas Corp also rose 3% on a newspaper report the
company's overseas arm ONGC Videsh is in talks with UK-based Imperial
Energy to buy equity interest in the UK company.
Sterlite Industries and National Aluminium Co rose helped by the
rise in overseas metal prices. Sterlite, up nearly 4% at 686 rupees,
was the top Nifty gainer.

LISTING
KSK Energy Ventures, which debuted on NSE today at 210.05 rupees
against an issue price of 240 rupees, ended at 192 rupees.

KEY MARKET MOVES
* In the Nifty, 26 rose and 24 fell.
* In the Sensex, 15 rose and 15 fell.
* On BSE, there were 1,009 advances and 1,576 declines.
* CNX IT: Down 4.7%; BSE Oil & Gas: Up 1.1%; BSE Metal: Up 1.5%.
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Bombay Stock Exchange : National Stock Exchange
Sensex: 13330.51, dn 139.34 pts (1.0%) : Nifty: 4039.70, down 9.30 pts
(0.2%)
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B.Karthick,
Research Analyst.