Indian Sensex Up 13.02 Points As Economic Survey Fails To Enthuse

Sensex rose 13.02 points or 0.1 to 14658.59.
Nifty rose 7.95 points or 0.2% to 4348.85.
Mid Cap index rose 0.3%. Small Cap rose 0.7%.
BSE 500 was up 0.2%. Sensex gainers: 15

Of 13 BSE Sectoral indices, 8 posted gains.
Advancers: 1459, Decliners: 1141, Unchanged: 92
Advance/Decline ratio: 7:6

Sensex Day’s Range: 14764.35 - 14469.69
Nifty Day’s Range: 4383.65 - 4288.75
52-Week Range: 15600.30 - 7697.39
52-week change: -8%

Sensex gainers included ONGC +7%, Tata Steel +6.4%, Grasim +4.2%, Sterlite Industries +3.8% and DLF +3.1%.

Sensex losers included BHEL -3%, Reliance Ind -2.3%, Bharti Airtel -2.3%, Reliance Comm -1.8% and Tata Motors -1.7%.

Metal index moved up 3.3% led byTata Steel +6.4. Among others, SAIL, Sterlite, Jindal Steel, Hindustan Zinc, Sesa Goa and Hindalco went up 1.4-3.8%.

PSU index advanced 2% helped by GAIL +7.9%, Power Finance +7%, Hind Copper +5%, Rural Electrification +5% amd MTNL +5%.

Realty index surged 1.6% aided by Sobha Developers +5%, Anant Raj +5%, Ansal Properties +4%, DLF +3.1% and Parsvnath +2.3%.

Healthcare index climbed 0.8% supported by Glenmark +4.4%, GlaxoSmithkline +2.9%, Sun Pharma +2.5%, Apollo Hospital +2.3% and Ipca Lab +1.5%.

Other sectoral movers were: Consumer Durables +0.4%, Power +0.3%, Oil & Gas +0.1% and IT +o.1%.

Sectoral losers were: Auto -0.9%, Teck -0.6%, Bankex -0.5% and FMCG -0.08%.

Volume shockers on the BSE:
Mahindra Satyam 14.72 million shares, Suzlon Energy 12.45 mln shares, NIIT 12.38 mln shares and Unitech 11.76 mln shares

Turnover:
The total traded turnover stood at Rs 76,627.54 crore. This included Rs 17,734.81 crore from NSE cash segment, Rs 52,918.55 crore from the NSE F&O segment and the rest Rs 5,974.18 crore from the BSE cash segment.

Buzzers:
Bhagyashree Leasing +20% at Rs 34.20, Sturdy Ind +20% at Rs 23.10, Farmax Retail +20% at Rs 124.35, Livingroom Life +19.7% at Rs 23.10 and Welcast +18.6% at Rs 555.

Heavy Losers:
CHL -19.6% at Rs 63.05, Popular Estate -10% at Rs 45, MM Forgings -9.5% at Rs 54.65, Ajmera Realty -8% at Rs 193.95 and Aries Agro -6.5% at Rs 52.45.

ONGC, GAIL move up:
ONGC and GAIL were the star performers in today’s trade, post the comments from Oil Secretary, RS Pandey, who said that only government would bear under-recovery on kerosene/LPG; upstream companies would not bear subsidy on cooking fuels while they would bear only auto fuel subsidy. Both stocks were up 7% and 7.9%, respectively.

Mahindra Satyam Update:
Mahindra Satyam went up 5% and Tech Mahindra gained 3%. Tech Mahindra said they would bring their stake upto only 42.7% in Satyam and spend Rs 1,155 crore for it; no additonal expenditure would be required and stake would not be propped upto 51%.

Refinery shares:
The government hiked Petrol prices by Rs 4 per litre while diesel prices were up by Rs 2 a litre on Wednesday evening. Kerosene and LPG prices were left untouched. HPCL and IOC gained 1.5-2.7% while BPCL was flat.

Auto shares impacted:
Fuel price hike impacted the auto stocks; Bajaj Auto, Apollo Tyres, Ashok Leyland, Tata Motors, Maruti Suzuki and Hero Honda lost 1-3%.

ITI advances:
ITI jumped 5%, as the company said they were looking at selling over 50% stake in 3 units and the government would write off losses of more than Rs 2,800 crore for the company.

Economic Survey-Key takeaways:
The Finance Minister Shri Pranab Mukherjee presented the Economic Survey 2008-09 today, which was largely focussed on divestment and suggestions like scrapping the commodities transaction tax (CTT), fringe benefit tax (FBT) and the securities transaction tax (STT).

The survey also highlighted the need for a lot of fiscal reforms and also targets a zero fiscal deficit on a cyclically adjusted basis. It set a target of Rs 25,000 crore per year for disinvestment. The key points were: offloading at least 10% equity by listing unlisted PSUs and auctioning off loss-making ones.

Inflation:
Inflation for the week-ended June 20 stood at -1.30% versus -1.14% on week-on-week basis. WPI for all commodities was up 0.2% at 234.6 (WoW).

Asian Markets:
Asian markets ended mixed. Shanghai Composite was up 1.73% and Taiwan Weighted gained 1.35%. However, Straits Times fell 1.35% and Hang Seng lost 1.09%. Nikkei declined 0.64%. Jakarta and Kospi ended flat.

European Markets:
European markets were quoting: FTSE 100 was down -2.4%. The CAC 40: -3.2% and the DAX was -2.8%.

Crude:
Crude was quoting at $66.77 per barrel.

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