Post Market report on 24.07.2008

[B. Karthick]

India Stocks Review: End down 1% but off lows; IT, metal cos fall
Thursday, Jul 24

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Bombay Stock Exchange : National Stock Exchange
Sensex: 14777.01, dn 165.27 pts (1.1%) : Nifty: 4433.55, down 43.25
pts (1%)
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Snapping a five-session winning streak, local share indices ended
down 1% on profit taking after the over 17% rise in the last five
sessions. Fall in key European markets also soured sentiment.
But market managed to close off the 2% low made earlier in the
session on buying in shares of oil and gas companies.
Some amount of profit taking happened, as concerns of inflation
and crude oil will continue. Nothing has changed on the fundamental
side, the trust vote event just adds more certainty on the political
front.
Sensex ended at 14777.01, down 165.27 points, or 1.1%, from
Wednesday. Intraday, it moved between 14608.05 and 15129.99.
Nifty closed at 4433.55, down 43.25 points, or 1%. Intraday, it
moved between 4385.85 and 4539.45.
Turnover on BSE and NSE combined was 251 bln rupees, compared with
279 bln rupees in the previous session.
CNX Mid-cap index ended down 0.3%, and S&P CNX 500 fell 0.7%.

LOSERS
Shares of front line technology companies were worst hit on Nifty
on a firm rupee.
Tata Consultancy Services ended down nearly 7% at 803 rupees,
while Infosys Technologies fell 2% to 1,567 rupees.
Shares of metal, capital goods, power, and banking shares
succumbed to profit taking after the sharp rise in the last two
sessions.
State Bank of India was down 4% at 1,479 rupees despite the
Cabinet approving merger of State Bank of Saurashtra with SBI, as the
merger is not likely to have any significant impact on SBI's
profitability.
Tata Power, down 7% at 1,048 rupees, was the worst hit on Nifty.
Tata Steel was down 5.5% at 631 rupees, and Bharat Heavy Electricals
fell 3% to 1,728 rupees.
ACC fell 5% to 560 rupees after the company reported 22% year-on-
year fall in net profit for Apr-Jun to 2.71 bln rupees.
Reliance Communications ended down 5% at 502 rupees. It's
revenues, as reported to telecommunication regulator Telecom
Regulatory Authority of India, are significantly lower than those
filed with stock exchanges.
Idea Cellular fell 4% to 88 rupees and Bharti Airtel ended down 2%
at 800 rupees, weighed by reports of a fresh levy of spectrum fees.
Bharti Airtel's Apr-Jun net profit at 21.47 bln rupees.

GAINERS
Reliance Industries ended up 2% at 2,308 rupees ahead of the
company's Apr-Jun earnings.
Oil & Natural Gas Corp rose 3% to 1,027 rupees after reported the
company's Apr-Jun subsidy burden will be 98.1 bln rupees in line with
the subsidy package announced by the oil ministry.
Zee Entertainment surged 5% to 221 rupees after its Apr-Jun net
profit doubled to 1.61 bln rupees.
National Aluminium Co, up nearly 7% at 422 rupees, was the top
Nifty gainer, helped by short covering. The share was the top Nifty
gainer.
NEW LISTING
Conveyor belts maker Somi Conveyor Beltings listed at 37.65 rupees
on BSE, against an issue price of 35 rupees. The share ended at 25.90
rupees.

KEY MARKET MOVES
* In the Nifty, 16 rose and 34 fell.
* In the Sensex, eight rose and 22 fell.
* On BSE, there were 1,186 advances and 1,351 declines
* BSE Metal: Down 2.9%; CNX IT: Down 3.1%
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Bombay Stock Exchange : National Stock Exchange
Sensex: 14777.01, dn 165.27 pts (1.1%) : Nifty: 4433.55, down 43.25
pts (1%)
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B.Karthick,
Research Analyst.