The Hindu Business Line : Weekly Market round-up

On Tuesday, the Sensex opened on a weak note taking cues from weak asian indices. Market participants were on jitters as oil prices scaled new peaks. The Sensex surrendered nearly 200 points to finish the day at 17,230.

To sum up the week, the zooming oil price played spoilsport on the Sensex, and it never really recovered. The blow on the final day in the form of flat inflation data at 7.82 per cent. The Sensex compeltely lost its footing and finished the week with a huge loss of nearly 785 points at 16,649.

Cairn India made a strong show on Tuesday gaining nearly 7 per cent to finish the day at Rs 328 on a high note amid turbulence in the market.

Dr Reddy's came out with weak numbers, both in sales and profitability. The scrip lost 1.75 per cent or Rs 11.35 to close at Rs 638 on Tuesday.

On Tuesday in F&O segment, Cairn India and HDIL witnessed sharp jump in open interest positions of 16.2 per cent and 20 per cent respectively. While Cairn India futures ended in a discount at 322.70 against the spot close of Rs 327.55, HDIL futures closed with a premium at Rs 846.35 (Rs 842.25).

Headwinds in the form of defective blades supplied and issues of enhancing stake in REpower did not deter the wind turbine maker Suzlon Energy from posting consolidated revenue growth of 71 per cent for the year ended March 2008. The stock was up and closed at Rs 318.35 on Tuesday.

The stock of Cairn India has been gaining, accompanied by a strong surge in trading volumes. The stock hit its all-time high of Rs 342.50 on the BSE on Wednesday, but closed marginally weaker at Rs 327.25. Open offer hopes made the stock to go on a roll.

The open offer by the HSBC group on Wednesday for IL&FS Investsmart at Rs 200 may not provide any material upside, as the stock is already trading at around Rs 190 levels, say brokers.

Buoyed by the rise in prices at the auction centres, tea and plantation stocks hogged the limelight on Wednesday in the Bombay Stock Exchange. Harrisons Malayalam jumped 20 per cent to Rs 122, Jay Shree Tea 16 per cent at Rs 162, CCL products 16 per cent at Rs 197, McLeod Russel India 12 per cent at Rs 115, Warren Tea 8 per cent at Rs 92 and Tata Tea gained 3 per cent at Rs 949.

The Titagarh Wagons scrip hit an intra-day high of Rs 823 on Wednesday , but closed the day at Rs 791.30, with a gain of about 3.30 per cent over Tuesday's closing price of Rs 766. The stock moved up on the news that the company has received the Foreign Investment Promotion Board's approval to set up a joint venture for test marketing and manufacturing aluminium rail cars.

ITC Ltd on Friday reported a net profit of Rs 735.64 crore during the quarter ended March 2008, up by 13 per cent over the corresponding period last year. The lacklustre results made the stock to wilt and lost Rs 9.45 or 4.24 per cent to finish the day at Rs. 213.60.

Compiled by B.L. Sudarshan

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