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Market Updates : 

US debt deal helps Indian shares snap four-day losing streak

Metal stocks declined after weak Chinese manufacturing data. China is the world's largest consumer of copper and aluminum. Jindal Steel & Power hit 52-week low as the stock declined for the second day in a row after weak Q1 result. Steel giant Sail, too, hit 52 week low after poor Q1 result. JSW Steel hit 52-week low even as the company said its iron-ore purchasing and other transactions in Karnataka were done legally, refuting allegations made by an anti-corruption ombudsman

Adani Enterprises leads gainers in 'A' group

Manappuram Finance, Mahindra & Mahindra Financial Services, Jubilant FoodWorks and Ranbaxy Laboratories are among the other gainers.

Commodity trading company Adani Enterprises spurted 8.82% to Rs 637.80 after the company denied any links to alleged illegal mining in Karnataka and said the company had never had any interest in mining iron ore. The company made the clarification on Saturday, 30 July 2011. The stock topped the gainers in the BSE's 'A' group.

Shares of Adani Enterprises had plunged 20.97% to settle at Rs 586.10 on Friday, 29 July 2011, hit by Karnataka Lokayukta's report on alleged illegal mining in Karnataka. According to media reports, Santosh Hegde, the anti-corruption investigator of Karnataka, sent a report to the government on 27 July 2011, naming political leaders, companies and officials involved in a mining scam that may have cost the southern state Rs 16000 crore in lost revenue. The Supreme Court, last week, banned mining in the Bellary area inKarnataka after the report.

Non-banking finance company Manappuram Finance rose 6.99% to Rs 58.90 on bargain hunting after the stock fell 8.25% in the preceding two sessions to Rs 55.05 on 29 July 2011 from a recent high of Rs 60 on 27 July 2011. The stock was second biggest gainer in 'A' group.

August (2011) : 
Open : 5544.45
High : 5557.10
Low : 5488.00
Close: 5532.95
Avg. : 5530.63

Yearly (2011) : 
Open : 6202.10        
High : 6209.90      
Low : 5175.10      
Close: 5532.95
Avg. : 5780.01

NIFTY FUTURE 

R5 : 5618
R4 : 5596
R3 : 5580
R2 : 5560
R1 : 5548

CMP: 5532.95

S1 : 5516
S2 : 5500
S3 : 5488
S4 : 5470
S5 : 5448



MARKET NEWS :

Manappuram Finance announced its Q1 June 2011 results during trading hours last Wednesday, 27 July 2011. Net profit soared 133.65% to Rs 107.83 crore on 164.2% spurt in operating income to Rs 493.49 crore in Q1 June 2011 over Q1 June 2010.

Non-banking finance company Mahindra & Mahindra Financial Services jumped 5.56% to Rs 673.20 after consolidated net profit rose 32.3% to Rs 105.46 crore on 41.7% increase in total income to Rs 584.57 crore in Q1 June 2011 over Q1 June 2010. The result was announced after trading hours on Friday, 29 July 2011. The stock was third biggest gainer in 'A' group.

Fast food chain operator Jubilant FoodWorks galloped 4.60% to Rs 891.75. The stock was fourth biggest gainer in 'A' group.

Ranbaxy Laboratories rose 4.17% to Rs 561.50. The stock was fifth biggest gainer in 'A' group.

Auto shares advance after mixed July sales data

A rally in world stocks triggered by US President Barack Obama's announcement over the weekend that he and Senate leaders had agreed on a "framework" debt deal to cut spending and raise the debt ceiling, helped Indian shares recover from a recent steep slide triggered by worries that higher interest rates will crimp corporate profit growth. US is the world's biggest economy. The BSE Sensex jumped 117.13 points or 0.64%, up close to 95 points from the day's low off close to 125 points from the day's high. The market snapped a four-day losing streak. Index heavyweight Reliance Industries (RIL) recovered in choppy trade after hitting 52-week low.

Metal stocks declined after weak Chinese manufacturing data. China is the world's largest consumer of copper and aluminum. Jindal Steel & Power hit 52-week low as the stock declined for the second day in a row after weak Q1 result. Steel giant Sail, too, hit 52 week low after poor Q1 result. JSW Steel hit 52-week low even as the company said its iron-ore purchasing and other transactions in Karnataka were done legally, refuting allegations made by an anti-corruption ombudsman.

Most IT stocks rose after Obama on Sunday, 31 July 2011, announced a deal between Republicans and Democrats to cut spending and raise US debt limit, easing worries about the likely damage that a failure to reach an agreement would have inflicted. US is the key market for the Indian IT firms. Telecom majors Bharti Airtel and Idea Cellular hit 52-week highs. Auto stocks rose on bargain hunting after mixed July vehicle sales data. The market breadth, indicating the overall health of the market, was negative.

From the 30 share Sensex pack, 23 stocks rose and the rest declined.

Index heavyweight Reliance Industries (RIL) rose 0.39% to Rs 830.90. The stock was volatile. The stock hit 52-week low of Rs 822.80 today. The stock hit a high of Rs 837.95. The stock snapped recent losses triggered by weak Q1 operational performance. RIL's operating profit margin (OPM) declined sharply to 12.25% in Q1 June 2011 from 16.04% in Q1 June 2010 as weak performance from the oil & gas and petrochemicals businesses offset strong performance from the refining segment.

India's largest bike maker by sales Hero MotoCorp rose 0.6%. India's second largest motorcycle maker by sales Bajaj Auto gained 1.72%

India's largest car maker by sales Maruti Suzuki India rose 0.07%, reversing initial losses triggered by weak sales in July 2011. The company announced during market hours today that total sales fell 25.3% to 73,500 units in July 2011 over July 2010. The company said sales was negatively impacted to the extent of about 17,000 units due to discontinuation of old Swift and due shifting of Swift Dzire from Manesar plant to Gurgaon plant. The company said new Swift being manufactured at the Manesar plant will be launched nationally in mid-August 2011.

TVS Motor Company surged 8.31% after net profit surged 45.7% to Rs 58.80 crore on 24.7% rise in net sales to Rs 1707.27 crore in Q1 June 2011 over Q1 June 2010. The company today, 1 August 2011, reported a 14% growth in total sales to 1.89 lakh units in July 2011 over July 2010. Scooter sales grew 22% to 49,333 units, while motorcycle sales increased 15% to 70,170 units, said India's third-biggest two-wheeler maker by sales.

Idea Cellular hit 52-week high, extending Friday's rally triggered by strong Q1 operational performance. The stock was up 4.13% to Rs 98.25. The stock hit 52 week high of Rs 98.60 today. Idea's earnings before interest, taxation, depreciation and amortization (EBITDA) rose 11.97% to Rs 1204 crore on 6.7% increase in total revenue to Rs 4520.70 crore in Q1 June 2011 over Q4 March 2011. The EBITDA margin improved to 26.6% from 25.4% in Q4 March 2011.

India's largest private sector bank by market capitalisation ICICI Bank rose 0.57%, extending Friday's near 2% gains triggered by strong Q1 results. Consolidated net profit jumped 53% to Rs 1667 crore on 8.9% growth in total income to Rs 14749.79 crore in Q1 June 2011 over Q1 June 2010. Standalone net profit increased 30% to Rs 1332 crore in Q1 June 2011 over Q1 June 2010. Net interest income increased 21% to Rs 2411 crore and fee income increased 12% to Rs 1578 crore in Q1 June 2011 over Q1 June 2010. The result hit the market during trading hours on Friday, 29 July 2011.

Note : Data From Capital Market.com.

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