The market lost ground today giving up yesterday's gains tracking weakness in Asian and European stocks. Larsen & Toubro and Wipro were major losers from the Sensex pack. Bharat Heavy Electricals and Bharti Airtel were major gainers from Sensex pack. Reliance Energy recovered from lower level.
The key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were down by between 0.65% to 1.79%. European markets were weak. Frances CAC, Germanys DAX and UKs FTSE 100 were down by between 0.95% to 1.3%.
The 30-share BSE Sensex provisionally ended down 194.04 points or 1.23% at 15,563.04. At the days low of 15,479.42, Sensex lost 277.66 points in mid-morning trade. Sensex rose 13.08 points at the day's high of 15,770.40 , at the onset of the trading session.
BSE clocked a turnover of Rs 5,127 crore compared to a turnover of Rs 4,969.92 crore on Monday, 7 April 2008.
The broader based S&P CNX Nifty was down 58.75 points or 1.23% at 4,702.45 as per the provisional figures.
Capital goods, IT, metal and oil & gas stocks declined. However BSE Mid-Cap and Small-Cap indices rose. The market breadth was positive
The market breadth was positive: on BSE 1384 shares advanced as compared to 1,217 that declined. 69 shares remained unchanged.
The BSE Mid-Cap index was up 0.51% to Rs 6,377.07 and BSE Small-Cap index rose 0.48% to 7,815.43.
Capital goods stocks declined. Larsen & Toubro lost 5.29% to Rs 2,576.10 even as company said it had bagged four orders worth Rs 1687 crore. The orders are for water supply projects, sinter plant and cold roll mill and a coal handling plant.
Suzlon Energy declined 1.31% to Rs 290.40. However, Indias largest power equipment maker by sales Bharat Heavy Electricals rose 4.67% to Rs 1,712.75.
Metal stocks declined. Steel Authority of India (down 6.14% to Rs 157.55), National Aluminium Company (down 3.55% to Rs 432.45), Tata Steel (down 3.39% to Rs 656.30), Hindalco Industries (down 1.53% to Rs 170.30) edged lower.
IT stocks declined. Wipro (down 4.6% to Rs 414), Tata Consultancy Services (down 1.64% to Rs 885.30), Infosys (down 2.07% to Rs 1,461.30) and Satyam Computer Sevices (down 0.71% to Rs 429.10) edged lower.
Oil & Gas stocks declined. ONGC (down 0.65% to Rs 1,011.25), Reliance Petroleum (down 1.57% to Rs 168.75), Cairn India (down 0.35% to Rs 227.25) edged lower.
Indias largest private sector company in terms of market capitalisation and oil refiner Reliance Industries declined 1.02% to Rs 2,381.25. It recovered from its lows of Rs 2,358.60. A consortium of Reliance Industries (RIL) has reportedly discovered oil in Yemen. The discovery in Block 9 in Qarn Qaymah 2 well is considered to be significant, and RIL is in process of evaluating the viability.
Jaiprakash Associates (down 4.48% to Rs 221.55), Ranbaxy Laboratories (down 2.71% to Rs 470.75), Grasim Industries (down 2.56% to Rs 2,560.40), Hindustan Unilever (down 2.02% to Rs 247.90), Maruti Suzuki India (down 1.91% to Rs 744.20), and NTPC (down 2.12% to Rs 186.55) edged lower from the Sensex pack.
ICICI Bank (up 0.49% to Rs 813.25), DLF (up 0.68% to Rs 621.25), Bharti Airtel (up 1.25% to Rs 828.60), HDFC (up 0.13% to Rs 2,309.50), State Bank of India (up 0.09% to Rs 1,674.80), HDFC Bank (up 0.09% to s 1,304.30) edged higher from Sensex pack.
The next major trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.
As regards Q4 March 2008 results, Morgan Stanley expects 23% growth in net earnings of 104 out of 108 firms in its Indian coverage universe in Q4 March 2008 over Q4 March 2007.
Good results are expected from the telecom sector on the back of strong growth in new subscribers additions. Infrastructure and engineering firms, too, are seen reporting decent numbers in Q4 March 2008 on the back of healthy order book positions. The performance of auto firms is likely to be sluggish due to muted volume growth and rise in input costs.
A depreciation of the rupee against the dollar is likely to drive good results from the IT sector on a sequential basis in Q4 March 2008 over Q3 December 2007, though the focus here is on guidance for the year ending March 2009 from IT bellwether Infosys Technologies. Infosys guidance will give investors a sense of the effect of the weakening US economy on technology spending by companies there.
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Tuesday, April 8, 2008
Markets Today
Stock Idea: Uflex Ltd.
Uflex Ltd, formerly known as Flex Industries, the UFLEX Group has Asia's largest state-of-the-art packaging plant and allied infrastructure at NOIDA (U.P.) spread over 70 acres.
The consolidated performance for the third quarter ended 31st December 2007 has been consistent. On a QoQ basis, net sales was up 17% at Rs.442.77 crore. Total expenditure was up 17% of which 65% of the cost was on account of raw material consumption. PBT was up 14% at Rs.37.03 crore and PAT rose also by 17% at Rs.29.06 crore. On an equity of Rs.55.73 crore, EPS was at Rs.5.25 on a face value of Rs.10 per share. So overall, it kept in line with its usual growth graph, nothing out of the ordinary.
The company is setting up a greenfield project at Mexico for manufacturing of Polyester Film to meet the growing demand of its product. The total cost has been estimated at US$40 million in the first phase to produce 26,000 tpa of flexible plastic film.
Its expansions at Dubai and also at the existing plants in India are in an advanced stage of completion and are expected to add on to the bottomlines in Q4 performance. Its plant at Dubai has a capacity of 26,400 tonnes per annum (TPA) of PF.
It has also undertaken another expansion in India to produce newly developed woven polypropylene bags, at an estimated cost of Rs.50 crore in its first phase.
Currently quoted at Rs.136, the stock remains steady though like all, it has slipped drastically from its January levels of Rs.253. Hold on.
The consolidated performance for the third quarter ended 31st December 2007 has been consistent. On a QoQ basis, net sales was up 17% at Rs.442.77 crore. Total expenditure was up 17% of which 65% of the cost was on account of raw material consumption. PBT was up 14% at Rs.37.03 crore and PAT rose also by 17% at Rs.29.06 crore. On an equity of Rs.55.73 crore, EPS was at Rs.5.25 on a face value of Rs.10 per share. So overall, it kept in line with its usual growth graph, nothing out of the ordinary.
The company is setting up a greenfield project at Mexico for manufacturing of Polyester Film to meet the growing demand of its product. The total cost has been estimated at US$40 million in the first phase to produce 26,000 tpa of flexible plastic film.
Its expansions at Dubai and also at the existing plants in India are in an advanced stage of completion and are expected to add on to the bottomlines in Q4 performance. Its plant at Dubai has a capacity of 26,400 tonnes per annum (TPA) of PF.
It has also undertaken another expansion in India to produce newly developed woven polypropylene bags, at an estimated cost of Rs.50 crore in its first phase.
Currently quoted at Rs.136, the stock remains steady though like all, it has slipped drastically from its January levels of Rs.253. Hold on.
Source: sptulsian.com
Intraday Calls for 8th April
Indian Stock Markets may open flat to positive and remains same for the day today with 1% +/-. A positive closing with small gain possible. Small & Midcaps may perform well today.
BHEL
IVRCL Infra
APTECH
SATYAM Computer
GAIL
For levels and targets download the file by CLICK HERE.
Others: Selan Exploration, Videocon Industries, IOC.
Good Luck
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