Sensex sheds 45.29 points, to settle at 13,799.49

Mumbai, Dec 9: The Sensex drifted lower by 45.29 points for theweek ended on December 8, to settle at 13,799.49 on the Bombay StockExchange(BSE). The Nifty index of NSE lost by 35.60 points, to settleat 3,962 during the week.

The market ended a loser during the week, the first time after six straight victorious weeks.

On December 4, the BSE Sensex rose 29.55 points, to close at13,874.33, as shares from auto, metal and sugar sectors were bought.

The 30-share BSE Sensex gained 63.32 points, to touch at 13,937.65on December 5, as buying continued, shares from the metal and IT sectorwere at forefront.

On December 6, the BSE Sensex settled marginally higher by 11.35points, to close at 13,937.65, after witnessing high volatilitythroughout the day's trading session. It also surged to an all-timehigh of 14,035.30 on the same day.

The Sensex rose 23.03 points to 13,972.03 on 7 December, a newclosing high amid a mixed trend in the Sensex's constituents. The BSESensex plunged by 172.54 points, to touch at 13,799.49 on December 8,tracking weak global markets.

Bharti Airtel lost by 0.29 per cent to close at Rs 631.10.

Reports stated that Vodafone Group is looking to hike stake in thetelecom firm. Vodafone holds 10 per cent stake in Bharti Airtel.

Tata Consultancy Services (TCS) dropped by 1.02 per cent to touchat Rs 1,175. As per the reports, the company won a five-yearoutsourcing contract from Britain's United Biscuits. Reports add thatthe multi-million-pound deal involves IT support services such asapplication support, business analysis services and strategic ITprogrammes for Europe's second-largest biscuit maker.

Tata Steel rose 2.31 per cent to touch at Rs 479. It had signed anagreement with Nippon Yasen Kabushiki Kaisha for an equal shippingjoint venture. The JV will cater to both dry and bulk cargo, brokerssaid.

Reliance Industries hiked by 0.38 per cent to close at Rs 1,265.90. It had struck a 52-week high of Rs 1,350, on December 5. The company's hydrotreater plant at Jamnagar refinery, which was partially damaged in a fire on October 25, had been refurbished and started functioning from December 1.

NTPC gained 2.02 per cent to Rs 151. In a recent report dated December 5, 2006, Merrill Lynch has raised the price target on the scrip, to Rs 180. Its revised price target is based on a discounted cash flow (DCF) analysis. The brokerages have raised their earnings estimates for NTPC.

Reliance Communications advanced 0.87 per cent to Rs 445.85, amid reports that the company has invited bids for 90-100 million cellular lines, valued at USD 7-8 billion. It added 1.35 million new subscribers in November (CDMA plus GSM based).Tata Motors rose 2.19 per cent to Rs 861.50.

Tata Motors' vehicle sales rose 43 per cent in November to 49,061 units compared with the same month a year ago. Sales of commercial vehicles rose 46 per cent to 25,793, while sales of cars rose 48 per cent to 19,475, helped by a surge in sales of its Indica model. Exports rose 9.6 per cent to 3,793 units.

Shares from the sugar sector were in demand on speculation that the exports ban may be lifted shortly. Also, reports that Indonesia will buy as much as 2,00,000 tonnes of sugar by March 2007, to ensure supplies to keep a check on prices and control inflation.

Indonesian sugar production is expected to reach 2.3 million tonnes this year, which is 7 per cent lower than an initial target.

Bajaj Hindustan (up 7.62 per cent to Rs 253.75), Balrampur Chini Mills (up 9.64 per cent to Rs 89.25), Dhampur Sugar Mills (up 10.46 per cent to Rs 94), Shree Renuka Sugar (up 5.23 per cent to Rs 523) and Sakthi Sugar (up 8.38 per cent to Rs 111.40) surged.

Helicopter operator Global Vectra Helicorp advanced 9.57 per cent to Rs 206.35, boosted by reports that the government proposes to raise FDI limit in helicopter firms and in non-scheduled airline operations from 49 per cent to 74 per cent.

Export house Adani Enterprises surged 9.76 per cent to Rs 236.20, after data showed that Reliance Mutual Fund has purchased 43.3 lakh shares of the company on December 6, in a block deal, on BSE. Foreign fund Lotus Global Investment sold 52 lakh shares in the block deal, which was executed at a little over Rs 200 a piece.

Shreyas Shipping&Logistics jumped 37.25 per cent to Rs 133.90, after the company disclosed plans to raise up to Rs 150 crore for buyouts in India or abroad, or for investments in logistics companies. The company's board will meet on December 9, to consider these proposals.

i-flex solutions surged 21.98 per cent to Rs 2,047, after Oracle Corp raised the open offer price for i-flex to Rs 2,100 per share.

Oracle now intends to raise its stake in i-flex to 90 per cent from the earlier plan of raising its holding to 75 per cent, from existing 55 per cent. In September 2006, Oracle had announced an open offer for 20 per cent stake at Rs 1,475 per share.

India's wholesale price index rose 5.30 per cent in the 12 months to 25 November, lower than previous week's annual rise of 5.45 per cent due to a fall in food and energy prices, data showed on Friday.

The annual inflation rate was 4.48 per cent during the corresponding week of the previous year.

The European Central Bank raised its key interest rate a quarter of a point to 3.5 per cent on December 7, despite strength in the euro which some analysts expect could stunt economic growth and hurt the crucial export sector, brokers said.

UNI