Low crude oil prices boost the market
1-Jan-1970

The strong Global markets and sharp decline in crude oil prices boost the market in the opening trade. The benchmark Sensex was trading above the 11850 mark on the back of heavy buying in index heavy weights like Reliance Industries, Bajaj Auto, ONGC, Hindalco, Ranbaxy, ICICI Bank and SBI. In the morning trade session, the BSE 30-share Sensex was up by 99 at 11877 and NSE 50-share Nifty has gained by 26 points at 3462. However, Britannia, Hindustan Petroleum, Tata Motors, BPCL, IPCL and ICICI Bank are the major losers among the 50-scrips of Nifty.

Majority of the Asian markets were trading firmly in the morning today.

Maruti Udyog Ltd has surged by 1.1% to Rs. 885 after the company?s monthly sales rose by 11% and the company sold 51855 units in August 2006 as against 46509 units in the equivalent period last year. The scrip has touched an intra-day high of Rs. 888 and a low of Rs. 879 and has recorded volumes of over 86 thousand shares on NSE.

A joint venture helped Petronet LNG Ltd to surge higher. The company has spurred by 1.8% to Rs. 50 after the company signed a 50:50 JV deal with Adani Group for building solid cargo port at Dahej in Gujarat. The scrip has touched an intra-day high of Rs. 50 and a low of Rs. 49 and has recorded volumes of over 1 lakh shares on NSE.

Similarly, Hinduja TMT Ltd has advanced by 1.9% to Rs. 581 after the Board of Directors of the company approved the demerger of its IT/ITeS undertaking. The new IT/ITES entity would be called HTMT Technologies Ltd & is expected to list in the 4th quarter of 2006-07. The scrip has touched an intra-day high of Rs. 584 and a low of Rs. 574 and has recorded volumes of over 17 thousand shares on BSE.

After signing a MoU with Central Pulp and Paper Research, Hindustan Dorr Oliver Ltd has gained by 1.1% to Rs. 123. The scrip has touched an intra-day high of Rs. 125 and a low of Rs. 122.



Source: The Money Times, Mumbai, September 4, 2006
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