Market Diary 4 May, 2006
MOTILAL OSWAL KURIACHIRA
MOST DAILY – WEDNESDAY, 3 MAY 2006 : The benchmark Sensex yet again created history for third day in a row led by in Index heavyweight. In a highly volatile day, the Sensex witnessed alternate bouts of buying and selling but marched higher in the afternoon trades. The Sensex closed at 12310 up 92 points and Nifty closed at 3634 up 29 points. The markets also tracked the firm US & Asian markets.
Cement scrips corrected after Govt official said that it plans to discuss the recent surge in cement prices with manufactures of building materials. ACC down 1% to Rs985, Grasim down 2% to Rs2433 and Prism Cement down 5% to Rs43.
Strong buying was seen across the banking sector for second day in a row led by gains in SBI. SBI was up 3% to Rs962, Bank of Baroda was up by 4% to Rs257, Syndicate Bank was up by 9% to Rs92 and Canara Bank was up by 2% to Rs268.
Auto stocks climbed higher on back of strong monthly sales figures. Maruti up 2% to Rs963, the company sold 41,574 vehicles in the domestic market in April, up 12.4% from 36,972 units sold in the same month last year. Bajaj Auto up 1% to Rs3132 after the company announced its monthly sales numbers with sales at 212,123 units (up 28.5%). Tata Motors was up by 0.29% to Rs960, the company posted an increase of 515 in its April sales at 36082 units.
Buying was also seen in oil and gas stocks after Finance Minister's hinted that the Government couldn't afford to defer a price hike in petrol and diesel. HPCL up 2% to Rs332, BPCL up 3% to Rs454.
OUTLOOK
: The markets today closed in positive, thus exhibiting good momentum at such high levels. Momentum remains unabated and support on the basis of fundamentals will make the market move ahead.Corporate News
3 May, 2006-
India Cements raised $75mn by selling bonds overseas. The bonds are convertible into local equity shares at Rs305.57 per share.
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JSW hikes steel prices by Rs1750-2000 per tonne
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ACC cement sales raises 5.7% at 1.66mn tonnes
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Jain Irrigation announces acquisition of Chapin Watermatics Inc, USA worth $6mn
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Mphasis BFL ties up with US based Integrain
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Rajshree Sugar acquires Trident Sugar worth Rs62cr
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Panacea Biotec will collaborate with Nederlands Vaccin Instituut to make polio vaccines.
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Garden Silk Q4 net profit at Rs26.07mn (profit Rs0.68mn) and income at Rs2.47bn (up 68%)
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Pricol Ltd has has acquired land at Pantnagar, Uttaranchal for setting up of a new plant to manufacture Dash Board Instruments and other components and accessories for automobiles.
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Pantaloon Industries - Company's subsidiary Company Indus-League Clothing Ltd has entered into an MOU on May 03, 2006, with ETAM Group of France, for setting up a 50:50 JV Company in India for manufacturing, distribution and retailing of lingerie and women's western wear.
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Bangladesh may agree to sell natural gas at $3 a British Thermal Unit to Tata Group.
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Siemens buys Elpro International unit worth Rs25cr
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Tata Motors April Sales up by 51% at 36082
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Mahrashtra Seamless gets Rs1.78bn order from ONGC
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Gujarat Ambuja board approves absorbing unit Ambuja Cement of 4:5.
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SSI to raise $100mn GDR/ADR issue
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Results –
Derivatives Summary
The top ten contracts contributed to around 42% of the total traded volume in Futures on individual securities. Tata Steel was the most active future contracts on individual securities traded today with 25290 contracts and RELCAPITAL was the next most active futures contracts with 22118 contracts being traded.
Economy and Political
Government will take a decision on whether to revise retail fuel prices by the third week of May, M.S. Srinivasan, secretary at India's oil ministry, said.
Institutional activities (Rs in Cr.)
FIIs (Cash) : N.A. FIIs(F&O) : 462.00 MFs : N.A.
Vijo Joy Kuriakose P
Branch In Charge
MOTILAL OSWAL SECURITIES LTD
1st Floor, Flamon Complex
Kuriachira, Thrissur-680006
Ph: 0487-5523675,
Mob: 9895977410
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