The benchmark index closed below the day's high, which was recorded at 10,853.91, as selling pressure emerged at the fag end of trading. Nevertheless, it ended with moderate gains.
At the closing bell, the BSE 30-shares Sensex ended with a gain of 63.65 points, or 0.60%, to 10,743.88.It had opened with a sharp spurt at 10,759.19, tracking firm global markets. It slipped to a low of 10,710.29 in the last minute of trade. The benchmark index moved in a band of 144 points for the day.The S&P CNX Nifty rose 12.40 points, or 0.40%, to 3,143.20.
The market-breadth on BSE was positive, thanks to the broad-based nature of today's rally. Vigorous buying was witnessed in small-caps and mid-caps. Against 1,490 shares that advanced on BSE, 945 declined. Only 64 scrips remained unchanged.The total turnover amounted to Rs 2,264 crore.
Among the Sensex pack, 17 advanced while 13 declined.FMCG major Hindustan Lever (HLL) slumped 5% to Rs 230.25 on 9.66 lakh shares after reporting 35% growth in Q2 June 2006 net profit to Rs 381 crore (Rs 282 crore). Net sales rose 9%, to Rs 3,083 crore. HLL's revenues from home and personal care -- which make up nearly two-thirds of sales -- rose 14% from a year earlier, and revenue from foods rose 4%. Its advertising and promotion costs, pushed higher by competition, rose by a fifth. HLL has also announced payment of interim dividend of Rs 3 per share for FY 2006 (year ending 31 December 2006).
Grasim Industries lost 2% to Rs 2,075 despite reporting 24% growth in Q1 June 2006 net profit to Rs 311.90 crore (Rs 250.95 crore), surpassing market expectations. Five brokerages forecast a net profit of between Rs 250.30 crore and Rs 278.30 crore. Sales rose 20.8% to Rs 1,876.99 crore (Rs 1,553.28 crore), as per expectations. Operating profit rose 37% to Rs 513.27 crore (Rs 374.37 crore). The core operating profit margin rose to 27.3% from 24.10.
ACC (down 1.13% to Rs 839), ONGC (down 0.92% to Rs 1170) and HDFC (down 0.83% to Rs 1173) were the other losers.
BHEL was the biggest gainer, up 4% to Rs 2,046 on 3.71 lakh shares. The company reported 85% surge in net profit to Rs 236.7 crore for Q1 June 2006 compared with Rs 127.9 crore in Q1 June 2005. Net sales rose 37% to Rs 2,656.3 crore (Rs 1,936.5 crore). BHEL has deferred its board meeting scheduled for 8 August 2006, to consider the bonus issue and stock-split proposals.
ICICI Bank rose 1.35% to Rs 550 on 4.30 lakh shares. The counter recovered from an early low of Rs 544.90 on bottom fishing.
Index heavyweight RIL sliped marginally by 0.07% to Rs 979.50 on 13.11 lakh shares. It moved in a range of Rs 997.50 and Rs 977.15.
RIL was the top-traded counter on BSE with a turnover of Rs 129.19 crore followed by SBI (Rs 93.29 crore) and Satyam Computers (Rs 87.55 crore).
There was a strong demand for IT shares. The BSE IT index rose 1.40%. Major gainers from the pack were Satyam (up 2.14% to Rs 753), Wipro (up 2% to Rs 492), TCS (up 0.45% to Rs 932) and Infosys Technologies (up 1.35% to Rs 1,651).
Auto stocks, Tata Motors (up 1.01% to Rs 735), Maruti Udyog (up 2.63% to Rs 788.60) and M&M (up 2.54% to Rs 590) advanced as global crude oil prices declined. The BSE Auto index rose 1.29%.
Among side-counters, Newspaper publisher Jagran Prakashan surged 20% to Rs 279 after its board recommended a bonus issue of one share for every five held. It reported a net profit surge to Rs 22.9 crore for the Q1 June 2006 as compared to Rs 4.29 crore Q1 June 2005. Net sales jumped to Rs 136.7 crore (Rs 114.1 crore).
Corporation Bank jumped 6.55% to Rs 249.10 after posting 16.7% growth in net profit for Q1 June 2006 to Rs 144.24 crore (Rs 123.52 crore), beating market expectations. Net interest income rose 15.6% to Rs 324.79 crore. Other income rose 10.5% to Rs 187.51 crore (Rs 169.58 crore).
Hinduja TMT rose 3.52%, to Rs 508 on registering 1,484% surge in net profit to Rs 167.05 crore for Q1 June 2006 as compared to Rs 10.54 crore in Q1 June 2005. Total income during the period increased to Rs 285.01 crore (Rs 41.14 crore). The company made an exceptional profit of Rs 204.83 crore from the sale of its stake in Hutchison Essar during the current quarter.
Welspun Gujarat jumped 11.59% to Rs 66.45 on registering 66.45% growth in net profit for Q1 June 2006 to Rs 26.30 crore for Q1 June 2006 compared to Rs 15.80 crore in Q1 June 2005. Total income during the period has increased from Rs 328.60 crore to Rs 536.30 crore.
SREI Infrastructure jumped 6.33%, to Rs 40.30 on a high volume of 16.76 lakh shares. It registered 37% growth in net profit for Q1 June 2006 to Rs 15.02 crore in Q1 June 2006 compared to Rs 10.94 crore in Q1 June 2005. Net sales during the period increased to Rs 85.63 crore from Rs 38.59 crore.
Sun TV spurted 4.88%, to Rs 1,160 on registering 52% growth in net profit for Q1 June 2006. Sun TV has registered a net profit growth of 52% to Rs 42.23 crore for Q1 June 2006 compared to Rs 27.79 crore in Q1 June 2005. Net sales during the period under consideration increased to Rs 99.04 crore from Rs 74.68 crore.
Madhucon Projects jumped 13.60%, to Rs 200 after reporting 163% growth in net profit for Q1 June 2006 to Rs 9.1 crore on a turnover of Rs 113.05 crore for the first quarter ended 30 June 2006, a growth of 163% over the net profit of Rs 3.46 crore and 85% in turnover of Rs 61.03 crore, respectively for the corresponding quarter of the previous fiscal.
VisualSoft Technologies plunged 10.20% to Rs 68.70 after it reported a sharp fall in net profit for Q1 June 2006. VisualSoft Technologies reported a sharp fall in Q1 June 2006 net profit to Rs 25 lakh (Rs 5.98 crore). Sales declined 69% to Rs 15.94 crore (Rs 51.75 crore).
Garden Silk jumped 6% to Rs 45.80 after it reported a net profit surge to Rs 7.70 crore in Q4 June 2006 compared to Rs 2.11 crore in Q4 June 2005. Net sales vaulted to Rs 288.2 crore (Rs 146.8 crore).
Century Textiles & Industries slipped 3.22%, to Rs 382.60 on registering 51% growth in Q1 June 2006 net profit to Rs 69.73 crore (Rs 46.10 crore). Total income during the period has increased from Rs 671.37 crore to Rs 734.32 crore.
Shopper’s Stop slipped 3.25% to Rs 456.10 after it reported a 68% growth in Q1 June 2006 consolidated net profit to Rs 5.39 crore (Rs 3.20 crore). Revenue has risen 34.9% to Rs 171.95 crore (Rs 127.38 crore).
Orchid Chemicals rose 0.65%, to Rs 177.10 on reports of acquiring 26% stake in the US-based Bexel Pharmaceuticals. As per reports, the company bought the remaining 26% stake in US-based Bexel Pharmaceuticals for $ 3 million. Orchid has previously acquired 74% of Bexel.
Punjab National Bank surged 2.51%, to Rs 378 on 2.61 lakh shares. It registered flat Q1 June 2006 results. Punjab National Bank (PNB) posted a net profit growth of 2.16% to Rs 367.52 crore for Q1 June 2006 compared to Rs 358.16 crore for Q1 June 2005. Total income has increased from Rs 2,542.79 crore to Rs 2,921.80 crore.
Suzlon Energy jumped 3% to Rs 1,067 after reporting a 222% surge in Q1 June 2006 net profit to Rs 193.6 crore (Rs 60.2 crore). Net sales jumped 204% to Rs 933.8 crore (Rs 307.6 crore).
Plastiblends India jumped 5.10%, to Rs 133 on undertaking major expansion plans. The company will expand capacity of its facility in Daman from 24,000 tonnes to 35,000 tonnes by March 2007. It is also setting up a new unit at Uttaranchal with an initial capacity of 5,000 tonnes, which will be operational by March 2007. Total cost of both the projects will be about Rs 20 crore.
The Nikkei average booked its highest close in three weeks on Monday, advancing 0.74% as Canon Inc., continued to gain after posting strong quarterly results. The Nikkei ended the day 113.94 points higher at 15,456.81, its highest finish since 11 July.
The Hong Kong’s Hang Seng index was up 31.19 points, or 0.18%, at 16,986.23 while the TOPIX index was up 0.81%, at 1,572.01.
Major US indices registered significant gains on Friday after reports of an economic slowdown raised hopes that the Fed may not hike interest rates during its August meeting. While the Dow Jones jumped 119 points, to 11,220, the Nasdaq Composite advanced 40 points to 2,094.
Crude oil prices eased with the Nymex light crude oil for September delivery falling $ 1.30 to $ 73.24 a barrel, while the London Brent crude slipped 86 cents to $ 74.15 per barrel.
As per provisional data, FIIs bought shares worth a net Rs 24 crore on Friday (28 July), the day when the Sensex lost 61 points. Their net inflow in four trading sessions between Monday (24 July) and Thursday (27 July) aggregated Rs 961 crore.
Mutual funds bought shares worth a net Rs 262.80 crore on Thursday (27 July), the day when the benchmark index rose 124 points.