The red signals...

Markets continued to plunge in the past trading hour with most heavyweights succumbing to profit booking. While aluminium, auto, petrochemicals and software stocks are in the red, mixed activity is being witnessed in cement, banking, engineering and pharma stocks.

The BSE Sensex is trading at 6,459 (down 5 points) and the Nifty is trading at 2,022 (down 3 points). The rupee is trading at Rs 43.72 per US Dollar.

HDFC Bank (HDBK.BO, news) has posted a robust 31% YoY growth in its bottomline for 4QFY05, in line with market expectations. This has been fuelled by a 40% YoY growth in retail and 17% YoY growth in wholesale assets. There has been a 33% annual growth (FY05 over FY04) in net interest income, while other income has grown 36%. Also noticeable is the fact that a major portion of the other income has been garnered from fee-based income, which has grown by 88% YoY. The bank also continues to maintain one of the best quality of assets in its books, with a net NPA to advances ratio of 0.2%. The stock is up 1%, while others in the sector such as ICICI Bank (ICBK.BO, news) (1%), IDBI Bank (IDBK.BO, news) (1%) and IndusInd (INBK.BO, news) Bank (1%) are also trading strong.

As per a leading business daily, state owned ONGC is in talks to buy out US oil and gas producer Pogo Producing Company's stake in an offshore Thailand field. ONGC's foreign arm OVL will buyout Pogo's 46% stake in the said oilfield valued at US$ 600 m to 700 m. The move is in sync with the government's attempt to acquire oil resources abroad, as the domestic production, which satisfies merely 30% of the demand, remains stagnant at 32 m tonnes. The stock is, however, marginally down, while others in the sector such as HPCL (1%), BPCL (marginally up) and Gujarat Gas (marginally up) continue to interest investors.

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