Sensex ends lower

The Sensex proved flat after a choppy session of trading following the expiry of derivative contracts (on Thursday) for the month of September 2005. Taking cues from the Dow Jones industrial average (which jumped 80 points higher to 10,553) and the Nasdaq composite index ( which rose 26 points to 2,142) overnight, the BSE Sensex started off on a positive note.

Inflows from FIIs and mutual funds are coming in at a sustained pace. This has kept the liquidity strong in the markets.

The Sensex commenced 23 points higher at 8672.66 points, and moved up to touch an early high of 8683.57 points.

Sensex has a resistance of  8672 and 8717 and support at 8589 and 8609.

Fiis 133.40cr .

However, in the afternoon, the Sensex struck a low of 8527.38 points on heavy selling pressure in heavyweight counters.

The BSE Sensex then ended at 8634.48 points, down 15.69 points or 0.20% from its previous close.

The NSE Nifty ended lower by 9.8 points to 2601.40 points.

The Sensex swung in a wide range of 155 points today, indicating much volatility throughout.

Total turnover amounted to Rs 3,653 crore.

The advance-decline ratio recovered during late afternoon, but still finished at a weak 1:5. 424 stocks made headway, while 2101 stocks slipped. 26 stocks were unchanged.

The BSE Midcap and the BSE Small cap indices staged some sort of recovery in the day, in line with broader indices. At end, the BSE Midcap index moved a tad lower, by 0.3% and the BSE Small cap index declined 1.6%. Both this indices were sharply lower late afternoon following intense selling momentum.

The BSE Oil and Gas Index was down by 1.4% and the BSE FMCG index was down by 1.11%. The BSE IT Index was up by 0.2% and the BSE Tech index was up by 0.06% probably because the Nasdaq ended strong overnight.

Among Sensex stocks, 16 stocks ended higher while 14 lower.

Reliance Energy was the biggest gainer in the Sensex, up 3.5% to Rs 580.80 on volumes of 1.85 lakh shares.

Tata Power followed with a gain of 2.6% to Rs 479.20 on volumes of 2.37 lakh shares.

Dr Reddy’s ended firm by 1.72% to Rs 852.55. It announced tie-up with Denmark-based Rheoscience A/S for joint development and commercialisation of Balaglitazone. 1.84 lakh shares changed hands.

Tata Steel added 1.1% to Rs 423.20 after it announced plans to set up 2.4-million-tonne steel plant in Bangladesh. 22.76 lakh shares changed hands in the day's trading session.

Saytam Computer gained 1.18% to Rs 558.058 after the company said its subsidiary Nipuna Services which specialises in back-office work expects an 80% surge in revenue for the year 2005-2006.

Reliance Industries was the biggest loser in the Sensex, down by 1.9% to Rs 792.95. 29.45 lakh shares changed hands.

MTNL followed with a loss of 1.8% to Rs 127.15 with volumes of 2.99 lakh shares.

HPCL declined by 1.68% to Rs 314 on volumes of 39146 shares

ONGC shed 1.2% to Rs 1060. The counter saw volumes of 2.60 lakh shares.

Reliance Capital topped the turnover charts, with a turnover of Rs 281.69 crore, followed by Reliance Industries with Rs 233.75 crore and ICICI Bank with Rs 197.75 crore.

Counters like Bharat Electronics, Lakshmi Cotspyn, Veejay Lakshmi Engineering, Rasoi, Geojit Financial, Indraprashtha Gas, Kanchan International, Sterlite Industries, Thermax, Gmm Pfaudler, Gogia Capital, TIL and Videocon International, all flared up in a range of 20% to 5% each.

Raj Tube, KIC Metallics, Ansal Buildwell, FCS Software, Priya ltd, IT Microsyestems, Modern Dairies, Waterbase and Morgan Ventures all declined in a range of 20% to 10% each.

Stocks like SBI Home Finance, Minal Engineering, Diamond Cables all slumped 5% each while IFSL plunged 10% after the market regulator banned the promoters of such companies from entering the capital markets.

Color Chips announced yesterday that it has bagged a $2.5 million animation deal from the US-based BKN International. However the stock was down 5% to Rs 19.05.

Essar Oil declined 1.4% to Rs 38.70 after reports that its 100% power subsidiary company, Vadinar Power Company (VPCL), is setting up a 77 MW power plant in Jamnagar district.

Havells India flared 3.75% to Rs 356.90 after the company’s plans to merge its 100% subsidary Crabtree with itself. After the merger, the company expects 10% addition to its topline.

Mount Everest jumped 5% to Rs 73.75 ahead of its board meet to consider raising funds, including preferential issue.

Bharat Forge jumped 5% to Rs 352 on renewed buying interest after the company last week announced a major Swedish acquisition.

Mphasis BFL rose 2.73% to Rs 250 after the company’s shareholders gave nod for the 1:1 bonus issue.

Radico Khaitan gained 1.5% to Rs 715 after it acquired Brihans brands for Rs 35 crore. It hit a high of Rs 728 earlier.

Amtek India was firm by 0.9% to Rs 92.50 ahead of its board meet today to consider ADR/GDR/ FCCB issue.

KEC International ended higher by 0.5% to Rs 247.20 after the company announced bagging a Rs 82 crore order from Power Grid Corporation of India.

Reliance Capital (RCL) received the Insurance Regulatory and Development Authority's (IRDA) final approval for the takeover of AMP Sanmar Life Insurance Company. However, the stock lost 5.25% to Rs 387.10.

Bharati Shipyard secured a contract worth $66 million from the Netherlands-based MK Shipping BV for supply of 6 multipurpose carrier vessels. The stock, however slipped 3% at Rs 348.

Britannia Industries slipped 3.73% to Rs 1275 after the company denied reports that it is considering acquisition of a company. Yesterday, the stock surged 8.5% on such rumours.

Surya Pharmaceutical lost 3.34% to Rs 138.95. The company announced completion of its FCCB issue today.

McDowell and Company ended down by 1.9% to Rs 488.45. The company is considering to offer various instruments like debentures/bonds/securities linked to equity shares including but not limited to global depository receipts (GDRs) and/or foreign currency convertible bonds and/or bonds with share warrants to raise $250 million.

NTPC ended down by 1.3% to Rs 105.85 after a consortium led by the company bagged an oil and gas exploration block in Arunachal Pradesh for extracting oil from the block and selling it in the spot markets.

Gati ended lower by 3.4% to Rs 228. The company, providing logistics solutions, is planning to invest Rs 50 crore next year in building intelligent warehouses and setting up an overseas subsidiary.

HDFC Bank completed acquisition of HDFC Securities for Rs 20 crore. The counter ended lower by 0.16% to Rs 690.90.

SPIC lost 3.2$% to Rs 32. It said that ONGC will begin due diligence for the company soon.

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