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Firm global markets take Sensex past 10,800

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Vijith Pujari
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Smile Firm global markets take Sensex past 10,800 - March 13th, 2006

Monday, March 13, 2006
Firm global markets take Sensex past 10,800

The market firmed up further tracking firm global markets and the Sensex settled above the 10,800 level for the first time in its history. However, Sensex ended well off the higher level.
Sensex gained 38.55 points or 0.36% to settle at a lifetime closing high of 10,803.71. The S&P CNX Nifty rose 18.75 points or 0.59% to 3,202.65.
Nifty March 2006 futures settled at 3,179, a discount of 23.65 points over the spot closing of 3,202.65.
Sensex came sharply off an intra-day high of 10,884.48 which is a new all time peak for the barometer index. Sensex moved 101.95 points for the day between a low of 10,782.53 and high 10,884.48. It opened with an upward gap of 53.78 points at 10,818.94 compared to Friday’s closing of 10,765.16.
Turnover on BSE was lower at Rs 4,422 crore from Friday’s Rs 5,146 crore.
Stocks in Asia and Europe advanced today taking cue from overnight rally in US stocks on Friday (10 March 2006). London’s FTSE struck a fresh 5-year high and Japan’s Nikkei 225 average rose to its highest level in more than one month. Broad-based gains in employment sent New York stocks higher on Friday.
The Indian bourses have seen a prolonged bull run over the past few months. It has been a liquidity driven rally. Strong inflow from FIIs and huge liquidity with local mutual funds ensured that a correction remained illusive. FII inflow by a little over 2 months of calendar 2006 has reached $ 3.27 billion which amounts to 30% of inflow of $ 10.7 billion recorded in the entire calendar year 2005.
Meanwhile, local mutual funds which are flush with funds thanks to hefty collection from new equity schemes in the past three months have stepped up buying. The inflow of local mutual funds by the first few days of March 2006 has reached Rs 1,594 crore (till 10 March 2006).
IT stocks, telecom service providers, and FMCG stocks edged higher today. On the other hand, cement, auto stocks and select power solutions providers slipped on profit taking after a recent sharp surge.
Select side counters surged, as investors’ appetite for individual companies remained strong. Stocks like FCI OEN Connectors, Pantaloon Retail, Genus Overseas Electronics, Rayban Sun Optics, Essar Oil, Vijay Textiles, Ennore Foundries, GTL, Triveni Engineering, Mphasis BFL, Infotech Enterprises, Escorts, GHCL, Sona Koya Steering, Adlabs Films, Tamil Nadu Newsprint, Bongaigaon Refinery, HCL Infosystems, Taj GVK Resorts, Nagarjuna Construction, Colgate and NIIT rose between 5.7% to 20% for the day.
Software shares rose on renewed buying as traders started building positions ahead of announcement Q4 results next month. TCS rose 2.7% to Rs 1,813, Wipro gained 2.6% to Rs 533, Satyam Computer rose 1.4% to Rs 827 and Infosys gained 0.3% to Rs 2,924. Infosys is likely to unveil its Q4 March 2006 results on 14 April 2006, as per media reports.
Oil exploration major ONGC rose nearly 3% to Rs 1,185. Oil prices rose in Asian trading on Monday amid lingering concerns about unrest in Nigeria and the possibility of UN sanctions against Iran. Light, sweet crude for April delivery rose 24 cents to $60.20 a barrel in electronic trading on the New York Mercantile Exchange.
Broadcaster Zee Telefilms edged higher for the second day in a row. The stock gained nearly 5% to Rs 194. 20.6 lakh shares changed hands in the counter on BSE. On Friday (10 March 2006), the Delhi High Court directed the government to implement the Conditional Access System for cable operators within four weeks. The Delhi High Court's direction to implement Conditional Access System (CAS) could have major ramifications for the Indian television industry.
Bajaj Auto gained 1.7% to Rs 2,802. 96,227 shares changed hands in the counter on BSE. Bajaj Auto today said it has approved plan to build capacity of 2 & 3/4 wheelers to 5.1 million vehicles per annum by 2009. In the first phase, the company intends to expand motorcycle capacity to 3.6 million per annum by 2007. The total expenditure for expansion over the next three years is pegged at Rs 1,500 crore.
Select FMCG stocks were in demand. Oral care major Colgate jumped 6% to Rs 430.75, Glaxosmithkline Consumer Healthcare gained 4.5% to Rs 718, Dabur rose 3.9% to Rs 117.50, Britannia gained 2% to Rs 1,739, and FMCG giant Hindustan Lever rose nearly 1% to Rs 254.20.
Union Bank of India (UBI) bounced back after it had eased late last week after its huge 4.5 crore shares allotted in the public issue were admitted to trading. The stock rose nearly 3% to Rs 124. 6.6 lakh shares changed hands in the counter on BSE. UBI had priced its IPO at Rs 110 per share.
NTPC gained nearly 2% to Rs 139.60. NTPC today said it has singed a Memorandum of Understanding (MOU) with The Energy and Resources Institute (TERI) for implementation of distributed generation projects in villages in India. TERI would provide assistance in identifying potential villages, preparation of pre-feasibility reports, achieving financial closure for such projects with maximum grant component from local and international sources, NTPC said.
Gujarat State Petronet rose 3.6% to Rs 37.35. The scrip rose on huge volume of 2.2 crore shares on BSE.
Reliance Communications Ventures (RCVL) jumped 6% to Rs 318.50 after it announced a restructuring plan on Sunday aimed at fully owning its operating arms. The stock rose on high volume of 70.9 lakh shares on BSE.
Sugar major Bajaj Hindustan spurted 8% to Rs 482, extending last week’s solid surge. 12.9 lakh shares changed hands in the counter on BSE.
Retailer Pantaloon Retail jumped nearly 16% to Rs 1,994. 69,803 shares changed hands in the counter on BSE.
Rayban Sun Optics jumped 12% to Rs 102.70. The stock rose on high volume of 36.9 lakh shares on BSE. For Q4 December 2005, Rayban reported 259.4% growth in net profit to Rs 3.63 crore (Rs 1.01 crore). Net sales rose 23.6% to Rs 14.55 crore (Rs 11.77 crore).
FCI OEN Connectors jumped 20% to Rs 531.60. One of the domestic brokerages is rumoured to have turned bullish on the scrip.
Infotech Enterprises spurted 8% to Rs 579.50 after it signed a GIS contract with GE Energy.
Cadila Healthcare gained 1.4% to Rs 600 after the company said it had received tentative approval from the US Food and Drug Administration to market carvedilol tablets.
JK Cement plunged 11% to Rs 149 ahead of the listing of 2 crore shares allotted in its recently concluded public issue.
Mphasis BFL jumped 8% to Rs 194.50. 4.3 lakh shares changed hands in the counter on BSE.

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