Markets end with modest gain
The markets spiked in the late trade after witnessing sluggish trade for most of the day on triple witching day.Sensex closed at 15,776 up 76 points and the Nifty closed at 4620 up 31 points.
India’s largest drug manufacturer by sales Ranbaxy Laboratories jumped 9.95% to Rs 375. The stock rose after Ranbaxy today, 26 July 2007, reached an agreement with GlaxoSmithKline (GSK) to end their litigation in the US on Valtrex (valacyclovir hydrochloride tablets) used in the treatment of herpes.Other pharma stocks Cipla (up 4.16% to Rs 193.90) and Dr Reddy’s Laboratories (up 0.29% to Rs 667.40) also edged higher.
Auto stocks advanced on fresh buying interest in anticipation that sales will pick up after monsoon, generally a slack season. Bajaj Auto (up 1% to Rs 2378) and Mahindra & Mahindra (up 2.55% to Rs 802) advanced.Maruti Udyog vaulted 3.38% to Rs 837 on back on its first quarter results.
Infosys Technologies gained 1.81% to Rs 2,026 after it bagged a $250-million (around Rs 1,010 crore) contract from Royal Philips Electronics.TCS (up 3.13% to Rs 1185), Wipro (up 4.22% to Rs 520) and Satyam Computers (up 1.64% to Rs 494.90) gained in anticipation of further mergers and acquisitions activity in the IT sector.
Cement shares declined for the second straight day on fresh selling following reports that the goverment is easing cement import norms in an attempt to rein in prices. India’s second largest cement manufacturer ACC plunged 4.55% to Rs 1,021.80.Ambuja Cements (down 3% to Rs 124.50) and Shree Cement (down 2.86% to Rs 1,280) also slipped.
The country’s biggest private sector company Reliance Industries (RIL) advanced 1.92% to Rs 1,940, after striking an all-time high of Rs 1,948. RIL's results are due on Saturday, 28 July 2007. The market expects surprise on the positive side.
Capital goods heavyweights Bhel (down 2.05% to Rs 1,753) and L&T (down 1.13% to Rs 2,544.50) declined on profit booking after a recent rally.Top cellular services provider Bharti Airtel dropped 2.30% to Rs 925 on profit taking even as it reported robust Q1 June 2007 results.
Bank shares drifted lower on selling pressure. HDFC Bank (down 2.12% to Rs 1,215), State Bank of India (down 1.2% to Rs 1,549) and ICICI Bank (down 1.51% to Rs 945) slipped.ITC lost 0.21% to Rs 165.50. The stock had surged almost 9% on Wednesday, 25 July 2007, on market talks it may announce demerger of its agri business. ITC announces Q1 June 2007 results tomorrow, 27 July 2007.
Sugar stocks spurted at the fag end of the trading session. Shree Renuka Sugars (up 5.51% to Rs 635), Bajaj Hindustan (up 4.30% to Rs 160.20) and Balrampur Chini Mills (up 5.45% to Rs 70.65), galloped.
India’s largest drug manufacturer by sales Ranbaxy Laboratories jumped 9.95% to Rs 375. The stock rose after Ranbaxy today, 26 July 2007, reached an agreement with GlaxoSmithKline (GSK) to end their litigation in the US on Valtrex (valacyclovir hydrochloride tablets) used in the treatment of herpes.Other pharma stocks Cipla (up 4.16% to Rs 193.90) and Dr Reddy’s Laboratories (up 0.29% to Rs 667.40) also edged higher.
Auto stocks advanced on fresh buying interest in anticipation that sales will pick up after monsoon, generally a slack season. Bajaj Auto (up 1% to Rs 2378) and Mahindra & Mahindra (up 2.55% to Rs 802) advanced.Maruti Udyog vaulted 3.38% to Rs 837 on back on its first quarter results.
Infosys Technologies gained 1.81% to Rs 2,026 after it bagged a $250-million (around Rs 1,010 crore) contract from Royal Philips Electronics.TCS (up 3.13% to Rs 1185), Wipro (up 4.22% to Rs 520) and Satyam Computers (up 1.64% to Rs 494.90) gained in anticipation of further mergers and acquisitions activity in the IT sector.
Cement shares declined for the second straight day on fresh selling following reports that the goverment is easing cement import norms in an attempt to rein in prices. India’s second largest cement manufacturer ACC plunged 4.55% to Rs 1,021.80.Ambuja Cements (down 3% to Rs 124.50) and Shree Cement (down 2.86% to Rs 1,280) also slipped.
The country’s biggest private sector company Reliance Industries (RIL) advanced 1.92% to Rs 1,940, after striking an all-time high of Rs 1,948. RIL's results are due on Saturday, 28 July 2007. The market expects surprise on the positive side.
Capital goods heavyweights Bhel (down 2.05% to Rs 1,753) and L&T (down 1.13% to Rs 2,544.50) declined on profit booking after a recent rally.Top cellular services provider Bharti Airtel dropped 2.30% to Rs 925 on profit taking even as it reported robust Q1 June 2007 results.
Bank shares drifted lower on selling pressure. HDFC Bank (down 2.12% to Rs 1,215), State Bank of India (down 1.2% to Rs 1,549) and ICICI Bank (down 1.51% to Rs 945) slipped.ITC lost 0.21% to Rs 165.50. The stock had surged almost 9% on Wednesday, 25 July 2007, on market talks it may announce demerger of its agri business. ITC announces Q1 June 2007 results tomorrow, 27 July 2007.
Sugar stocks spurted at the fag end of the trading session. Shree Renuka Sugars (up 5.51% to Rs 635), Bajaj Hindustan (up 4.30% to Rs 160.20) and Balrampur Chini Mills (up 5.45% to Rs 70.65), galloped.
Labels: Nifty.Sensex
posted by SY at 6:13 PM
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