Update 1
Firmness prevails; auto, banking shares in demand
The market held firm but it cooled off after an initial surge that was triggered by firm Asian markets. At 11:23 IST, Sensex was up 75 points to 13,677. Sensex had gained as much as 109.81 points to a high of 13,711.76 within minutes of commencement of trading. Sensex’s low was 13,649.20 and high 13,711.76 by morning trade.
The market breadth was strong. 1,708 shares rose on BSE as compared to 487 shares that declined. 76 shares were unchanged. Gainers outpaced losers by a ratio of 3.5:1.
BSE clocked a turnover of Rs 1447 crore.
Bank shares held firm as bond prices rose to fresh seven-month highs on Wednesday, boosted by expectations the government may cut retail fuel prices and help ease inflation pressures. A block deal took in State Bank of India in the FII segment that took place in early trade at about 20% premium over Tuesday’s closing price also provided firmness to bank scrips. SBI was up 1.8% to RS 1317. Bank of Baroda rose 1.2% to Rs 265, Canara Bank gained 1.2% to Rs 300, Corporation Bank rose 1.1% to Rs 398, and Bank of India rose 0.8% to Rs 199.30.
Among private sector banks, ICICI Bank rose 1% to Rs 871 and HDFC Bank added 0.8% to Rs 1097.
Auto shares rose following reports that the government is likely to announce a cut of Rs 2 per litre in price of petrol and a cut of rupee one per litre in diesel. Bajaj Auto gained 1.9% to Rs 2688, TVS Motors gained 1% to Rs 99.90, M&M rose 0.8% to Rs 826.90, car major Maruti Udyog added 1.8% to Rs 931 and Tata Motors rose 1% to Rs 818.90. The announcement of fuel price cut is likely to be made in parliament today.
Strong Q4 results lift Jindal Saw
Jindal Saw rose 1.3% to Rs 386 after it reported a 97% surge in net profit for Q4 September 2006.5,308 shares changed hands in the counter on BSE.
The stock witnessed volatility this month due to alternate bouts of buying and selling. The stock moved between Rs 351 to Rs 394 since early this month. Over the past few months, the stock firmed up. From a low of Rs 241 on 21 July, the scrip surged to Rs 381.10 by 28 November.
Jindal Saw reported a 97% growth in net profit for Q4 September 2006 to Rs 47.56 crore from Rs 24.13 crore in Q4 September 2005. Net sales rose 98.9% to Rs 1123.39 crore from Rs 564.71 crore. The results hit the market after trading hours on Tuesday 28 November.
The company said it has a strong order book of $1.2 billion (about Rs 5400 crore). The company also said it expects to demonstrate a better show in the next financial year.
Gujarat NRE Coke spurts
Gujarat NRE Coke jumped 13.94% to Rs 30.65 after the company said Zelos Resources NL (ZCO), a company listed in the Australian Stock Exchange is now "Gujarat NRE Resources NL” (GUJ) after it took a controlling stake in it.As many as 5.24 lakh shares were traded on the counter on BSE
The stock has been on a continued downtrend in the past one month. From Rs 35.10 on 19 October 2006, the stock slipped steadily to Rs 26.60 on 24 November 2006 on sustained selling. From here, the stock rose slightly to Rs 26.90 on 28 November as buying resumed.
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The market held firm but it cooled off after an initial surge that was triggered by firm Asian markets. At 11:23 IST, Sensex was up 75 points to 13,677. Sensex had gained as much as 109.81 points to a high of 13,711.76 within minutes of commencement of trading. Sensex’s low was 13,649.20 and high 13,711.76 by morning trade.
The market breadth was strong. 1,708 shares rose on BSE as compared to 487 shares that declined. 76 shares were unchanged. Gainers outpaced losers by a ratio of 3.5:1.
BSE clocked a turnover of Rs 1447 crore.
Bank shares held firm as bond prices rose to fresh seven-month highs on Wednesday, boosted by expectations the government may cut retail fuel prices and help ease inflation pressures. A block deal took in State Bank of India in the FII segment that took place in early trade at about 20% premium over Tuesday’s closing price also provided firmness to bank scrips. SBI was up 1.8% to RS 1317. Bank of Baroda rose 1.2% to Rs 265, Canara Bank gained 1.2% to Rs 300, Corporation Bank rose 1.1% to Rs 398, and Bank of India rose 0.8% to Rs 199.30.
Among private sector banks, ICICI Bank rose 1% to Rs 871 and HDFC Bank added 0.8% to Rs 1097.
Auto shares rose following reports that the government is likely to announce a cut of Rs 2 per litre in price of petrol and a cut of rupee one per litre in diesel. Bajaj Auto gained 1.9% to Rs 2688, TVS Motors gained 1% to Rs 99.90, M&M rose 0.8% to Rs 826.90, car major Maruti Udyog added 1.8% to Rs 931 and Tata Motors rose 1% to Rs 818.90. The announcement of fuel price cut is likely to be made in parliament today.
Strong Q4 results lift Jindal Saw
Jindal Saw rose 1.3% to Rs 386 after it reported a 97% surge in net profit for Q4 September 2006.5,308 shares changed hands in the counter on BSE.
The stock witnessed volatility this month due to alternate bouts of buying and selling. The stock moved between Rs 351 to Rs 394 since early this month. Over the past few months, the stock firmed up. From a low of Rs 241 on 21 July, the scrip surged to Rs 381.10 by 28 November.
Jindal Saw reported a 97% growth in net profit for Q4 September 2006 to Rs 47.56 crore from Rs 24.13 crore in Q4 September 2005. Net sales rose 98.9% to Rs 1123.39 crore from Rs 564.71 crore. The results hit the market after trading hours on Tuesday 28 November.
The company said it has a strong order book of $1.2 billion (about Rs 5400 crore). The company also said it expects to demonstrate a better show in the next financial year.
Gujarat NRE Coke spurts
Gujarat NRE Coke jumped 13.94% to Rs 30.65 after the company said Zelos Resources NL (ZCO), a company listed in the Australian Stock Exchange is now "Gujarat NRE Resources NL” (GUJ) after it took a controlling stake in it.As many as 5.24 lakh shares were traded on the counter on BSE
The stock has been on a continued downtrend in the past one month. From Rs 35.10 on 19 October 2006, the stock slipped steadily to Rs 26.60 on 24 November 2006 on sustained selling. From here, the stock rose slightly to Rs 26.90 on 28 November as buying resumed.
To Read MoreClick Here
posted by SY at 12:22 PM
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