Post Market report on 28.07.2008

[B. Karthick]

India Stocks Review: End up 0.5% amid volatility; L&T, ONGC rise
Monday, Jul 28
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Bombay Stock Exchange : National Stock Exchange
Sensex: 14349.11, up 74.17 pts (0.5%) : Nifty: 4332.10, up 20.25 pts
(0.5%)
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Today, key share indices ended in positive territory after a choppy
session, led by gains in index heavyweights Larsen & Toubro and Oil
and Natural Gas Corp.
Trade remained choppy on caution ahead of Reserve Bank of India's
quarterly review of its monetary policy for 2008-09 (Apr-Mar) on
Tuesday.
Rollovers to the August contract in the derivatives segment as the
current month series expires Thursday also added to the volatility.
Sensex ended at 14349.11, up 74.17 points, or 0.5%, from close
Friday. Intraday, it moved between 14219.38 and 14420.60.
Nifty ended at 4332.10, up 20.25 points or 0.5%, after moving
between 4282.25 and 4352.65.
Turnover on BSE and NSE combined was 157 bln rupees, compared with
154 bln rupees Friday.
CNX Mid-cap and S&P CNX 500 indices ended up 0.7% and 0.5%,
respectively.

GAINERS
L&T led shares of capital goods companies higher, ending up nearly
4% as the company reported a 33% on year rise in Apr-Jun net profit at
5.02 bln rupees, much higher than street estimates of 3.83 bln rupees.
ONGC ended up 3% ahead of its first quarter results due later
today.
Bharat Petroleum Corp, due to announce its quarterly earnings
today, also ended up 2% amid news the petroleum ministry is likely to
communicate the quantum of oil bonds to be issued to oil retailers for
Apr-Jun today.
Tata Power extended gains from Friday on better-than-expected Apr-
Jun earnings, ending up over 4% at 1,053 rupees. The stock was the top
Nifty gainer.
Bank of India Bank rose 3% as its Apr-Jun net profit jumped 78%
from a year ago to 5.62 bln rupees.
Mphasis shares ended up 8% on better-than-expected net profit of
790 mln rupees for Apr-Jun, on the back of the 62-basis-point margin
expansion.
Shares of HDFC Bank ended nearly flat despite the above-expected
45% year-on-year rise in Apr-Jun net profit, as the market had largely
factored in the result.

LOSERS
Tata Communications ended 2% lower ahead of its Apr-Jun earnings.
The company postponed its board meeting for the first quarter result
to Wednesday from today.
ABB shares slid 5% to 792 rupees as its 21% on year rise in Apr-
Jun net profit to 1.32 bln rupees, reported Friday, was lower than the
1.45 bln rupees estimated.
State Bank of India ended down 2% on profit sales after the
company reported better-than-expected Apr-Jun net profit Saturday.
Shares of Sterlite Industries ended down 3.5% at 581.55 rupees as
the company reported nearly flat net profit on year at 11.51 bln
rupees.
Better-than-expected results from Hindalco Industries also did not
help the stock end in positive territory as concerns over equity
dilution on the company's plans to fund its Novelis acquisition
remain.
The stock ended down 2% at 146 rupees.

KEY MARKET MOVES
* In the Nifty, 26 rose and 24 fell.
* In the Sensex, 13 rose and 17 fell.
* On BSE, there were 1,767 advances and 847 declines.
* BSE Oil & Gas: Up 1.6%; BSE Capital Goods: Up 1.4%; BSE Metal:
Down 1%
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Bombay Stock Exchange : National Stock Exchange
Sensex: 14349.11, up 74.17 pts (0.5%) : Nifty: 4332.10, up 20.25 pts
(0.5%)
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B.Karthick,
Research Analyst.