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Bulls on cloud 9 for the week NSE BSE

This article was posted on May 9, 2009 and is filed under Market News

For the week, the benchmark Sensex advanced 4.4% to close at 11,876 and Nifty added 4.5% to shut shop at 3,620.

The stress seemed to have drained out for some time as the benchmark Sensex breached the 12k levels for the first time since October ‘08 registering its ninth consecutive weekly rise. While the US banks’ stress test results was greeted well by the global market, the political stress seems to add some pressure at the local bourses. The national election results will be out next weekend. Finally, the benchmark Sensex advanced 4.4% to close at 11,876 and NSE Nifty added 4.5% to shut shop at 3,620.

The BSE Sensex hit an intra-week high of 12,272 and low of 11,765 while, the NSE Nifty hit an intra-week high of 3,717 and low of 3,478.7.

The Foreign Institutional Investors bought stocks worth Rs30.44bn during the week on the other hand, the Domestic Institutional Investors sold stocks worth Rs100mn during the week.

The top gainers: The top gainers in the Sensex were Hindalco (up 27.1%), Tata Steel (up 18.6%), L&T (up 12.7%), Reliance Infrastructure (up 10.6%) and Tata Motors (up 10.2%).

The Top Losers: The top losers in the Sensex were ACC (down 8.1%), Ambuja Cements (down 7%), Cipla (down 6.2%), Hindustan Unilever (down 0.7%) and BHEL (down 0.6%).

The BSE IT Index (up 2.2%): The top gainers in the IT sector were HCL Tech (up 14.5%), Sasken Communication (up 6.2%), Mphasis (up 5.5%) and Financial Tech (up 4.5%).

Wipro surged 7% during the week after it won a 9-year contract from Unitech Wireless.

The top losers were Oracle Financial (down 3.7%) and Satyam Computer (down 3%).

The BSE Consumer Index: The top gainers in the consumer durables space were Titan (up 11.4%), Blue Star (up 9.6%), Whirlpool (up 8.9%) and Su-Raj Diamonds (up 2.1%).

Samtel Color slipped 2% during the week.

The BSE Healthcare Index (up 1.6%): The top gainers in the Pharma sector were Aurobindo Pharma (up 28.9%), Dishman Pharma (up 19.2%) and Orchid Chemical (up 14.2%).

Suven Life Science rose 17.4% during the week after the company announced that USFDA classified Suven facility at Suryapet as acceptable for manufacture and supply of intermediates for active pharmaceutical ingredients (API’s).

The top losers were Cipla (down 6.2%), Astrazeneca Pharma (down 4.3%), Marksans Pharma (down 2.5%), Morepen Labs (down 2.4%) and Wockhardt (down 1.3%).

The BSE Banking Index (up 5.7%): The top gainers in the banking space were Canara Bank (up 13.5%), Kotak Mahindra Bank (up 12.5%), Andhra Bank (up 12.2%), Karnataka Bank (up 12.1%) and PNB (up 10.6%).

Andhra Bank surged over 12%. The bank posted a net profit of Rs2012.1mn for the quarter ended March 31, 2009 as compared to Rs1242.5mn for the quarter ended March 31, 2008. Total Income increased from Rs13429.58mn for the quarter ended March 31, 2008 to Rs18271.00mn for the quarter ended March 31, 2009.

The top losers were Federal Bank (down 8.2%), IOB (down 5.2%), Bank of Baroda (down 1.6%) and OBC (down 1.4%).

Union Bank of India was down 2.35% as the bank’s Q4 net profit dipped 11% yoy. The bank posted a net profit of Rs4.65bn for the quarter ended March 31, ‘09 as compared to Rs5.21bn for the quarter ended March 31, 2008.

The annual rate of inflation, calculated on point to point basis, stood at 0.70% for the week ended April 25 as compared to 0.57% for the previous week. Inflation was at 8.27% during the corresponding week of the previous year.

The BSE Auto Index (up 4.5%): The top gainers in the auto space were Swaraj Mazda (up 33.2%), Hindustan Motors (up 8.6%), Bajaj Auto (up 6%) and Eicher Motors (up 4.5%).

Tata Motors surged 10% during the week as the company is reportedly planning to raise Rs50bn through a bond issue to refinance the remaining US$2bn bridge loan it took to acquire Jaguar Land Rover.

The BSE Oil & Gas Index (up 4%): The top gainers in the oil & gas space were GSPL (up 20.6%), Gujarat NRE Coke (up 18.1%), Cairn India (up 17%), Hindustan Oil (up 14.7%), Shiv-Vani Oil (up 11.4%) and Reliance Industries (up 5%)

Cairn India advanced 17% during the week as the company is expected to start commercial production of crude oil from its Rajasthan field by month-end, Director General of Hydrocarbons (DGH) V.K. Sibal said on Friday. It has already started test runs of its wells in Rajasthan’s Barmer district.

The top losers in were HPCL (down 10.8%), BPCL (down 7.6%) and IOC (down 6.5%).

The BSE Capital Goods Index (up 7.5%): The top gainers in the capital goods were Gammon India (up 22.5%), Praj Industries (up 18.9%), Usha Martin (up 18.1%), Kirloskar Brothers (up 14.7%) and Heg Ltd (up 14.7%).

L&T rallied over 12% after the company announced that it will join forces with EADS Defence & Security in the fields of defence technology. During a signing ceremony in Mumbai, EADS and L&T announced the planned formation of a joint venture company for manufacturing defence electronics in India at Talegaon near Pune.

The top losers were SKF India (down 5.2%), ABB (down 3.1%), Dredging Corp (down 2.2%), Ingersoll Rand (down 1%) and Esab India (down 0.3%).

The Cement Sector: The top gainers in the cement space were Dalmia Cement (up 9.3%), Madras Cements (up 8.8%), India Cements (up 5.6%), Binani Indus (up 5.3%) and Shree Cement (up 5.2%).

The top losers were ACC (down 8.1%), Ultratech Cement (down 2%) and Birla Corp (down 1%).

The Telecom Sector: The top gainers in the telecom space were Gemini Comm (up 20.5%), WWIL (up 15.2%), RCom (up 7.1%), Himachal Futuristic (up 5.1%) and Shyam Telecom (up 2.4%).

The Realty Sector (up 10.6%): The top gainers in real estate space were Unitech (up 19.9%), Peninsula Land (up 18.9%), HDIL (up 18.3%), Sobha Developers (up 14.7%) and Ansal Properties (up 13.5%).

The top losers were Anant Raj Indus (down 4.7%) and Akruti City (down 2.6%).

The Metals sector (up 15.6%): The metal index was the top gainer among the sectoral indices. The top gainer in the Metal space was Bhushan Steel. The stock shot up over 64%. Bhushan Energy Ltd. acquired 1,03,996 equity shares of Rs10 each of Orissa Sponge Iron & Steel Ltd. (OSIL), constituting 0.39% of the current issued and paid-up share capital of Rs270mn, at Rs332.73 per share by way of open market purchases.

Ispat Industries (up 23.5%), Sunflag Iron (up 18.6%) and Tata Steel (up 18.6%) were among the major gainers.

JSW Steel rallied by over 20%. The company’s FY09 profit was at Rs2.75bn versus Rs16.4bn yoy. Net sales were at Rs159.35bn versus Rs124.56bn. The company posted Q4 loss of Rs399.3mn versus Rs3.57bn and net sales were at Rs35.7bn versus Rs42.6bn.

Jindal Steel lost 2% during the week.

source: Indiainfoline

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