Wednesday, September 21, 2005

Sensex closes below 8500-mark; FCS Software closes at 258% premium

The Sensex ended its 4-day sharp run today. It had gained 311 points in the
last 4 trading sessions. It also hit a new lifetime high of 8521.75 in
morning trades today.

The BSE Sensex ended at 8487.14, down 13.14 points or 0.15% from its
yesterday’s close. The NSE Nifty also declined 10.70 points to close at

The Sensex witnessed very high volatility today, swinging sharply, and
recovering 210 points from the lows of the day. The low for the Sensex was
8261.58. The Sensex swung 260 in the entire course of the day.

The BSE Sensex witnessed intense selling pressure in opening trades for the
first time after it hit a new all time high of 8515.50 yesterday.

US markets declined on Tuesday after the hike in interest rates by the Fed.
The Dow Jones industrial average dropped 76.11 points to close at 10,481.52
while the Nasdaq composite index lost 13.93 points at 2,131.33.

Data also showed inflows from FIIs has slowed down.

The Sensex opened a bit lower at 8499 over its previous close and went on to
touch a high of 8513.19 before a strong bout of selling pressure in most
blue chip stocks dragged it to a low of 8261.58 points.

Total turnover amounted to Rs 4,751, higher than yesterday’s Rs 4,389 crore.

The advance-decline ratio, which was negative yesterday, when the Sensex
closed at a new all time high, worsened in early trades but kept improving
as the Sensex kept recovering. Finally, the advance-declines ratio was 1:8.5
with 268 shares closing higher and 2,361 shares ending negative.

The BSE Midcap index recovered from the lower level, but still closed down
sharply by 2.68%, while the BSE Small Cap index was down by 3.72%.

Sector-wise, the BSE Metal was down by 2.58%, the BSE Consumer Durables was
down 3.61%, and the BSE Health Care index was down 1.78%.

The BSE FMCG index gained 3.73%, while the BSE Oil and Gas and the BSE PSU
index just managed to close in positive territory.

Among Sensex stocks, 22 ended lower while 8 improved from yesterday’s close.
In the morning session there were no gainers in the Sensex.

NTPC was the biggest gainer in the Sensex, with a gain of 4.1% to Rs 107.80.

BHEL added 1% and Reliance put on 0.6%.

HDFC was the biggest loser, down 3.9% to Rs 989 .

Hindalco followed with a loss of 3.6% to Rs 155.

Reliance Industries, at Rs 386.50 crore, topped turnover, followed by ICICI
Bank, at Rs 251.70 crore, and SBI, at Rs 165.93 crore.

FCS Software made a dream debut to close at a premium of 258% at Rs 179. The
stock was issued at Rs 50 per share in the IPO. A huge 1.24 crore shares
changed hands.

Shriram Group of companies was in focus on media reports that global private
equity major Newbridge Capital has offered to invest $ 100 million in the
fast growing truck finance business of the group. Newbridge’s investment
will come through Shriram Holdings (Madras), the exclusive holding arm for
the three truck finance companies – of which Shriram Transport Finance was
up 5% to Rs 126.80, Shriram Investments ended 1% lower to Rs 117 and Shriram
Overseas Finance flared up 5% to Rs 73.70.

Recently listed HT Media slipped to hit a new low of Rs 428.10. The stock
finally settled at Rs 440.50 on volumes of 45,455 shares.

A huge block deal of 10.10 lakh shares was executed on the TVS Motors
counter by 10:20 hours. The stock was quoting at Rs 93 at that time.

A major block deal of 11.7 lakh shares was executed on the Mphasis BFL
counter at Rs 260 on BSE by 09:57 hours at a premium to Tuesday’s closing
price of Rs 257.10.

A block deal of 2.86 lakh shares was undertaken on the Jain Irrigation
counter at Rs 164 per share.

Larsen & Toubro (L&T) bagged multiple export orders valued at over Rs 430
crore from several countries to supply plant and equipments to these
countries. The company has bagged projects from EPC contractors like Kellog
Brown and Root, Bechtel, Foster Wheeler and Mitsubishi Heavy Industries
based in the USA, the UK and Japan. The stock ended flat at Rs 1,400.

Abbott India today reported a 63% drop in its net profit to Rs 16.09 crore
for the third quarter ended 31 August 2005 as against Rs 43.29 crore in the
same quarter last year. Total income decreased by 7% to Rs 126.19 crore from
Rs 135.96 crore in Q3 2004. The stock lost 2.8% to Rs 655.

Voltas, after opening higher at Rs 460, dipped 1.8% to Rs 416.2 following
the company's announcement, post trading hours on Tuesday, that it secured
two orders worth Rs 499 crore from Dubai and from the Hyderabad
International Airport.

Dalmia Cements Bharat opened strong, but lost 4.5% to Rs 680 after the
company’s board approved a 5-for-1 stock split. The company intends to focus
on two core businesses – sugar and cement.

ONGC nudged up 0.35% to Rs 1034 after the company said it acquired a 30%
stake in seven exploration blocks in Cuba.

Sacheta Metals, Titagarh Industries, Rico Auto were all up 10% each.

ITC closed at Rs 140 after it went ex-bonus in the ratio 1:2 and stock split
of 1:10 from today.

Infotech Enterprises lost 1.5% to Rs 345 after it entered into a technical
and engineering designing agreement with Alstom Transport.

Jindal Poly Films added 0.5% to Rs 335, after it lined up Rs 300 crore capex
to increase its BOPP capacity from 45,000 tonne per annum to 1,35,000 tpa by
the last quarter of 2006-07.

Mahindra Gesco was locked at the 20% upper circuit filter at Rs 243.70, and
Tata Tea edged up 1.6% to Rs 862 after RBI allowed FIIs to buy up to 30% in
Mahindra Gesco and up to 35% in Tata Tea.

Tata Steel flopped 2.3% to Rs 418 on reports that the company is looking to
acquire two coal mines in Australia.

BAG Films dropped 7% to Rs 14.85 after the company said it intends to raise
Rs 60 crore to fund its expansion programme.

Bilcare was down 1.8% to Rs 458 following print media reports that it plans
to buy a pharma packaging facility in Europe.

Videocon Communications plummeted 9.6% to Rs 89.25 after it decided to issue
shares on a rights basis at its board meeting held yesterday. The company
will issue shares in the ratio of 1:3, ie one equity share for every three
equity shares held.

HPCL plunged 3.2% to Rs 311 after reports that it is likely to pick up a
controlling stake of 67% in Kenya Petroleum Refinery for a consideration of
Rs 2,200 crore, and is also looking for a 50% marketing rights of BP in the
African company.

Ceat fell 1.4% to Rs 99.25 on the announcement that it plans to merge its
three subsidiaries - Ceat Ventures, Ceat Holdings and Meteoric Industrial
Finance Company - with itself.

Tata Motors shed 1.12% to Rs 516 after it signed an agreement with
Thailand-based Thai Rung Union Car for pick-ups in Thailand.

PSL was flat at Rs 211, after it received a contract worth $ 55.5 million
from the Qatar government for the Dolphin pipeline project.

IDBI nudged down by 0.85% to Rs 123.05 after reports that it is looking to
acquiring an unlisted PSU Bank.

NOCIL fell by 3.85% to Rs 35 after SBI acquired 6.12% stake in the
petrochemical company yesterday.

Apollo Hospital flopped 9.6% to Rs 477 after it bought two scan machines for
Rs 5 crore apiece for its hospitals in Chennai and New Delhi.

Sensex notches up recovery following freefall

The Sensex turned out an impressive recovery from the lower levels
after an earlier plunge, as market players resorted to bottom fishing
in some heavyweight counters. The Sensex is currently witnessing its
highest degree of volatility in recent times.

At 12:31 hours, the BSE Sensex was down 135 points at 8366 points. The
Sensex hit a low of 8261.58 points a little while ago.

The high for the day remains at 8513.19 points.

The Sensex witnessed a swing of close to 250 points, the highest so
far in a long time.

The Sensex has recovered 110 points from the low of the day.

The BSE Midcap index was down sharply by 4.2% while the BSE Small cao
index was down by 5.5%.

Sector-wise, the BSE Metal was down by 3.8%, the BSE Consumer Durables
index was down 4.47% while the BSE Health Care index was down 2.45%.

Hero Honda (up 0.25% to Rs 704) was the lone gainer among Sensex
stocks. The Sensex's other 29 constituents were trading lower.

HDFC (down 4.35% to Rs 985) was the biggest loser .

Maruti Udyog followed, with a fall of 4% to Rs 547.50.

Hindalco was down 3.9% to Rs 154.60.

ICICI Bank was the turnover topper, at Rs 227.90 crore, followed by
Reliance Industries (Rs 190.70 crore) and SBI (Rs 97.23 crore).

Mahindra Gesco was locked at the 20% upper circuit filter at Rs 243.70
and Tata Tea was up 1% to Rs 857 after RBI allowed FIIs to buy up to
30% in Mahindra Gesco and up to 35% in Tata Tea.

Tata Steel was trading lower by 3.6% to Rs 412.50 after reports that
the company is looking to acquire two coal mines in Australia.

BAG Films declined by 10.5% to Rs 14.35 after it said it intended to
raise Rs 60 crore to fund its expansion programme.

Bilcare was down 2.5% to Rs 465.50 after printmedia reports that it
plans to buy a pharma packaging facility in Europe.

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