Wednesday, March 26, 2008
Turnover in F&O segment declines
Nifty March 2008 futures were at 4840.15, at a premium of 11.30 points as compared to spot closing of 4828.85. The March 2008 derivative contracts will expire tomorrow, 27 March 2008.
The NSE's futures & options (F&O) segment turnover was Rs 57,628.83 crore, which was lower than Rs 66,627.57 crore on Tuesday, 25 March 2008.
Tata Steel March 2008 futures were at premium at 661.10 compared to the spot closing of 657.70.
State Bank of India (SBI) March 2008 futures were at premium at 1718 compared to the spot closing of 1713.70.
Steel Authority of India March 2008 futures were near spot price at 200.80 compared to the spot closing of 201.05.
In the cash market, the S&P CNX Nifty lost 48.65 points or 1% at 4828.85.
Asian markets ended the day on a mix note, with Japanese shares ending lower as exporters such as Canon Inc. reversed gains from the previous session, while Hong Kong and Australia were propped up by resource issues on stronger commodity prices.
The day was marked by sharp volatility, with indices like Seoul composites, KLSE Composite, Shanghai Composite, and Sensex swinging between gains and losses as Wall Street benchmarks ended mixed overnight.
In Tokyo, the Nikkei 225 Average fell 0.3% to 12,706.63 and the broader Topix index fell 0.4% to 1,237.55. The data released by the Ministry of Finance showed Japanese exports surged 8.7% in February from a year earlier, as shipments to Europe and Asia offset weaker demand from the U.S. Japan's trade surplus expanded a slower-than-expected 0.9% to 969.9 billion yen ($9.7 billion) on higher energy prices, which fueled a rise in energy imports.
In Hong Kong, the Hang Seng Index advanced 0.7% to 22,617.01, while the Hang Seng China Enterprises Index gained 1.1% to 11,860.22. India's Sensitive Index, or Sensex, slipped 0.5% to 16,142.38 in afternoon trading. Both the Hang Seng and Sensex jumped more than 6% in the previous session.
China's Shanghai Composite lost 0.6% to 3,606.86, while Australia's S&P/ASX 200 rose 1.2% to 5,421.30, on top of the 3.7% advance yesterday.
South Korea's Kospi inched up 0.3% to 1,679.67, while New Zealand's NZX 50 index slipped 0.1% to 3,425.45.
Singapore's Straits Times Index slipped 0.2% to 2,995.22, after straddling the psychologically important 3,000-point level through afternoon trading, while Taiwan's weighted index gave up 0.3% to 8,768.02.
The U.S. dollar rose to 100.06 yen late in Asian currency trading, after dropping below 100 yen earlier in the day. The greenback bought 100.05 yen in New York late Tuesday.
Resource stocks paced gains across the region on a recovery in crude oil and gold prices overnight. Crude oil for May delivery added as much as 53 cents to $101.75 a barrel in electronic trading, after closing 36 cents higher Tuesday at $101.22 a barrel on the New York Mercantile Exchange.
Meanwhile the European indices also showed a muted opening after a big jump on yesterday. The German DAX 30 slipped 0.1% to 6,516.26, the French CAC 40 dipped 0.3% to 4,678.77 and the U.K. FTSE 100 dipped 0.3% to 5,671.30.
The IFO Institute's closely watched gauge of German business confidence posted an unexpected rise in March to 104.8 after a reading of 104.1 in February, news reports said. The data follows a weaker-than-expected reading in an Italian business confidence gauge, while a measure of French business sentiment posted an unexpected rise. The euro strengthened on the data, erasing a small loss against the U.S. dollar to change hands near $1.5627
Looking at the economic data releases today for the European session we have Current account details for the Euro zone followed by New Industrial orders. In the evening we will have durable data goods orders for the U.S followed by EIA crude oil stocks. However the most important release for the eve will be the new home sales data that will through some light on the status of beleaguered housing sector.
Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
26/3/2008 526921 21CEN MAN SE ANMOL FINPRO PVT LTD B 174351 33.50
26/3/2008 526921 21CEN MAN SE FE SECURITIES PVT LTD S 175000 33.50
26/3/2008 531400 ALMONDZ GLO LAVINA ASHISH GOENKA S 100000 47.93
26/3/2008 513117 AMFORGE INDU YOGIRAJ JAICHAND MAKAR B 125000 8.63
26/3/2008 513117 AMFORGE INDU VINIYOG INVEST AND TRADING CO P S 125000 8.63
26/3/2008 531297 ARTEFACT PR ANOOP JAIN HUF S 20663 70.10
26/3/2008 532215 AXIS BANK ORIENT GLOBAL TAMARIND MAURITIUS LTD B 3293437 792.50
26/3/2008 532215 AXIS BANK CITIGROUP GLOBAL MARKETS INDIA PRIVATE LIMITED S 3293437 792.50
26/3/2008 505506 AXON INFOTEC BDS SHARE BROKERS PVT LTD B 3657 29.48
26/3/2008 505688 BHARAT GEAR RAUNAQ INTERNATIONAL LIMITED B 283000 50.37
26/3/2008 505688 BHARAT GEAR SURINDER PAL KANWAR S 276500 50.39
26/3/2008 532834 CAMLIN FINE NIRMAL VINOD MOMAYA B 26000 56.17
26/3/2008 519475 CHORD FOOD P SHYAM BANSILAL RAJORE B 15000 53.10
26/3/2008 519475 CHORD FOOD P SHYAM BANSILAL RAJORE S 15000 53.10
26/3/2008 524388 CRAZY INFOTE BAKLIWAL INVESTMENT B 50000 21.90
26/3/2008 524388 CRAZY INFOTE BAKLIWAL FINANCIAL SERVICES INDIA PVT LTD S 50000 21.90
26/3/2008 509695 DGP SECURITI VIBHUTI INVESTMENTS CO. LTD B 211000 316.00
26/3/2008 509695 DGP SECURITI DILIP G PIRAMAL S 211000 316.00
26/3/2008 526703 ECOPLAST LTD PRISM IMPEX PVT LTD S 52387 20.00
26/3/2008 532818 EVINIX SHAISHAV RAKESHBHAI SHAH S 100000 145.00
26/3/2008 506803 FULFORD IND RELIANCE CAPITAL TRUSTEE CO LTD AC MEDIA ENTERTAINMENT FUND B 100000 440.00
26/3/2008 506803 FULFORD IND RELIANCE CAPITAL ASSET MANAGEMENT LTD PMS B 170000 441.37
26/3/2008 506803 FULFORD IND GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 274972 440.06
26/3/2008 530389 GEEFCEE FINA BHAVANI PORTFOLIO PVT LTD B 75000 140.30
26/3/2008 530389 GEEFCEE FINA YASHWI SECURITIES PVT LTD B 57000 140.30
26/3/2008 530389 GEEFCEE FINA ELECON SECURITIES PRIVATE LIMITED B 215000 140.30
26/3/2008 530389 GEEFCEE FINA COUNTRYWIDE CREDIT AND SECURITIES PVT LTD B 90000 140.30
26/3/2008 530389 GEEFCEE FINA SKM TRAVELS PRIVATE LIMITED B 92000 140.30
26/3/2008 530389 GEEFCEE FINA SHAILESH A JHAVERI HUF S 200000 140.30
26/3/2008 530389 GEEFCEE FINA ROSEWOOD VANIJYA PVT LTD S 100000 140.30
26/3/2008 530389 GEEFCEE FINA ACCORD CAPITAL MARKETS LTD S 137659 140.30
26/3/2008 500168 GOODYEA INDI HARDIK B PATEL B 196000 105.17
26/3/2008 500168 GOODYEA INDI MINAL B PATEL S 196000 105.05
26/3/2008 508918 GREYCELLS EN PRIME SECURITIES LTD B 68500 168.00
26/3/2008 508918 GREYCELLS EN HASUMATI PRAVINCHANDRA KAMDAR S 25500 197.31
26/3/2008 508918 GREYCELLS EN KETAN PRAVINCHANDRA KAMDAR S 29450 197.31
26/3/2008 532951 GSS AMERICA B K SHAH AND CO B 88051 642.17
26/3/2008 532951 GSS AMERICA MANOJ NANDKISHOR TEKRIWAL B 103230 616.66
26/3/2008 532951 GSS AMERICA GOPAL TRADERS S 73300 628.97
26/3/2008 532951 GSS AMERICA B K SHAH AND CO S 87939 642.77
26/3/2008 532951 GSS AMERICA MANOJ NANDKISHOR TEKRIWAL S 103230 625.74
26/3/2008 532457 GULSHAN POLY BUDHAMALL DUGAR S 91377 205.25
26/3/2008 531025 INCA FINLEAS GLOBAL FILM AND BORD CASTING L B 24000 59.25
26/3/2008 531025 INCA FINLEAS RASHEL AGROTECH LTD. B 34900 59.25
26/3/2008 531025 INCA FINLEAS NIPRA STOCK BROKING PVT.LTD S 31000 59.73
26/3/2008 531025 INCA FINLEAS MAHARASHTRA OVERSEAS LIMITED S 25000 59.25
26/3/2008 501700 INDIA NIVEH DESTINY SECURITIES LTD S 20000 803.07
26/3/2008 532544 INDIABULLS QUANTUM M LIMITED B 2400000 470.50
26/3/2008 532544 INDIABULLS MORGAN STANLEY MAURITIUS COMPANY LTD S 2400000 470.50
26/3/2008 531314 INTEGRA CAPI SUSHIL KUMAR S 24000 4.69
26/3/2008 509709 INTERN CONVE MULTI MANAGER INDIA FUND LIMITED B 15000 211.25
26/3/2008 530049 JJ EXPORTER ANSU COMMERCIAL PVT LTD B 142000 27.42
26/3/2008 530049 JJ EXPORTER SPLENDOR VANIJYA PVT LTD S 142000 27.41
26/3/2008 531784 KADAMB CONST SANJEEV KUMAR JAIN S 15000 27.90
26/3/2008 523810 KALE FILMS NITIN R PUNMIYA B 340000 1.60
26/3/2008 523810 KALE FILMS MICRO MANAGEMENT LTD S 872499 1.60
26/3/2008 531904 KARUNA CABLE FOUNTAIN VANIJYA PVT LTD B 800000 3.46
26/3/2008 512267 MEDIA MATRIX COMMITTED TRADING PVT LTD S 190259 5.70
26/3/2008 530127 NPR FINANCE SUNIANA MARKETING PVT LTD B 55000 12.58
26/3/2008 530127 NPR FINANCE B.S. AGENCY PVT. LTD. S 55000 12.58
26/3/2008 524764 NUTRAPLUS PR DHANVANTI GALA B 25000 6.69
26/3/2008 524764 NUTRAPLUS PR H. L. GALA S 25000 6.69
26/3/2008 524372 ORCHID CHEM ASSET ALLIANCE SEC PVT LTD B 406799 124.33
26/3/2008 524372 ORCHID CHEM ASSET ALLIANCE SEC PVT LTD S 416249 123.71
26/3/2008 512449 PACE TEXTILES ANUJ AGARWAL S 150000 18.05
26/3/2008 531219 POONAM PHARM SWARN GANGA TRADING PVT. LTD. B 35500 3.10
26/3/2008 531219 POONAM PHARM GCD CREDIT PVT LTD S 35000 3.10
26/3/2008 514234 SANGAM INDIA ANSU COMMERCIAL PVT LTD B 195000 26.13
26/3/2008 511076 SAT IND LTD MICRO MANAGEMENT LTD S 537659 30.74
26/3/2008 524727 SPAN DIAGNOS DARSHANJIT SINGH B 18856 67.74
26/3/2008 523363 STER HOL RES KOTAK PMS S 352906 27.61
26/3/2008 531866 SUBHKAM CAP ANSU COMMERCIAL PVT LTD B 30000 438.00
26/3/2008 531866 SUBHKAM CAP MICRO MANAGEMENT LTD S 29975 438.00
26/3/2008 514140 SURYAVANSH KEKI D MEHTA B 70000 17.40
26/3/2008 526506 SYSTEM COR S ALLIANCE INTERDEMEDIATERIES AND NETWORK PVT LTD B 48000 68.86
26/3/2008 531703 TRIBHVAN HSG G R PANDYA SHARE BROKING LTD B 60000 20.90
26/3/2008 531703 TRIBHVAN HSG GCD CREDIT PVT LTD S 30000 20.90
26/3/2008 531703 TRIBHVAN HSG BHAGYASHREE MEDIA LIMITED S 160000 20.78
26/3/2008 531091 UNITE CREDIT NAVEEN BOTHRA B 42195 22.94
26/3/2008 531091 UNITE CREDIT NAVEEN BOTHRA AND SONS HUF S 42148 22.88
26/3/2008 519152 VADILAL ENTE JINALI KUNAL SHAH B 10000 64.70
26/3/2008 519152 VADILAL ENTE GROWTH CAPITAL B 10000 71.20
26/3/2008 519152 VADILAL ENTE ANURADHA DADHICH B 8000 71.50
26/3/2008 519152 VADILAL ENTE JINALI KUNAL SHAH S 10000 71.20
26/3/2008 519152 VADILAL ENTE GROWTH CAPITAL S 10000 64.70
26/3/2008 519152 VADILAL ENTE ANURADHA DADHICH S 8000 65.05
26/3/2008 532156 VAIBHAV GEM ANSU COMMERCIAL PVT LTD B 150000 52.38
26/3/2008 532156 VAIBHAV GEM RACHNA VINIMAY PVT LTD S 150000 52.38
26/3/2008 531962 VALLEY INDIA MUKESHKUMAR JAGDISHCHANDR BANGUR HUF B 27790 11.42
26/3/2008 531962 VALLEY INDIA RAJKUMAR KALURAM JAI N S 28100 11.42
26/3/2008 531950 VERTEX SECUR MAYANK N GANDHI S 30594 27.00
26/3/2008 523724 VIJ.SHANTI B LAXMI INVESTMENTS B 175000 56.83
26/3/2008 523724 VIJ.SHANTI B DARA K MEHTA B 149413 54.85
26/3/2008 523724 VIJ.SHANTI B BAMAN K MEHTA B 100000 54.40
26/3/2008 523724 VIJ.SHANTI B KEKI D MEHTA B 100000 54.85
26/3/2008 523724 VIJ.SHANTI B DARASHAW AND COMPANY PVT LTD S 349413 54.72
26/3/2008 523724 VIJ.SHANTI B TIHUNAZ K MEHTA S 75000 56.80
26/3/2008 523724 VIJ.SHANTI B DAISY K MEHTA S 100000 56.85
26/3/2008 507880 VIP INDUSTRIES LTD. (BSE INDON EMERGING INDIA TIGER FUND S 548733 83.01
26/3/2008 532721 VISA STEEL MAVI INVESTMENT FUND LTD B 850000 45.00
26/3/2008 531668 VISION CORPO MORRIES TRADING PRIVATE LTD B 620000 9.10
26/3/2008 531668 VISION CORPO PRADIP N SHAH S 622680 9.10
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
26-MAR-2008,ARCHIES,Archies Limited,ANMOL FINPRO PVT LTD,BUY,64975,78.55,-
26-MAR-2008,BANG,Bang Overseas Limited,BEEJAY INV & FIN CONS PVT LTD,BUY,173000,121.84,-
26-MAR-2008,BANG,Bang Overseas Limited,POOJA MUKUND JALAN,BUY,120000,119.92,-
26-MAR-2008,BEPL,BHANSALI ENG. POLYMERS LT,SANTOSH INDUSTRIES LTD,BUY,1000000,18.00,-
26-MAR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH AND CO,BUY,105799,640.53,-
26-MAR-2008,GSSAMERICA,GSS America Infotech Limi,MANOJ NANDKISHOR TEKRIWAL,BUY,118432,618.28,-
26-MAR-2008,GSSAMERICA,GSS America Infotech Limi,R.M. SHARE TRADING PVT LTD,BUY,70464,647.39,-
26-MAR-2008,GSSAMERICA,GSS America Infotech Limi,V AND U CAPLEASE PVT LTD,BUY,86000,620.34,-
26-MAR-2008,INDOCO,Indoco Remedies Limited,UTI MUTUAL FUND A/C UT106 (UTI-VALUE FUND),BUY,92349,252.00,-
26-MAR-2008,INDOTECH,Indo Tech Transformers Li,SHARE TRADING INVESTMENTS,BUY,58000,478.00,-
26-MAR-2008,IOLN,IOL Netcom Limited,DOMEBELL ELECTRONICS INDIA(P) LTD,BUY,200000,127.10,-
26-MAR-2008,IOLN,IOL Netcom Limited,SHREE DHOOT TRADING & AGENCIES LTD,BUY,200000,128.83,-
26-MAR-2008,KNRCON,KNR Constructions Limited,CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD,BUY,150120,75.90,-
26-MAR-2008,LOGIXMICRO,Logix Microsystems Limite,PASS PORT INDIA INVESTMENT,BUY,98562,150.00,-
26-MAR-2008,MANGALAM,Mangalam Drugs And Organi,STEKEN PROPERTIES P.LTD.,BUY,100000,11.50,-
26-MAR-2008,MANGLMCEM,Mangalam Cement Ltd,DEUTSCHE SECURITIES MAURITIUS LIMITED,BUY,275000,148.93,-
26-MAR-2008,PARAL,Parekh Aluminex Limited,MEENAKSHI JATIA,BUY,49000,186.00,-
26-MAR-2008,REVATHI,Revathi Equipment Limited,WALLFORT SHARES & STOCK BROKERS LTD,BUY,21000,781.81,-
26-MAR-2008,SARLAPOLY,Sarla Performance Fibers,PILOT CONSULTANTS LTD,BUY,67296,125.00,-
26-MAR-2008,SARLAPOLY,Sarla Performance Fibers,PRISM IMPEX PVT LTD,BUY,56652,125.00,-
26-MAR-2008,UTVSOF,UTV Software Communicatio,ASIAN TECHNOLOGY FUND MAURITIUS LTD,BUY,135000,770.00,-
26-MAR-2008,VENUSREM,Venus Remedies Limited,RAKHI TRADING PVT. LTD.,BUY,50000,394.00,-
26-MAR-2008,VISASTEEL,Visa Steel Limited,MAVI INVESTMENT FUND LIMITED (MM WARBURG BANK(SCHWEIZ)AG),BUY,850000,45.00,-
26-MAR-2008,ZENITHCOMP,Zenith Computers Limited,VU TECHNOLOGIES PVT LTD,BUY,82982,26.92,-
26-MAR-2008,ARCHIES,Archies Limited,FE SECURITIES PVT LTD,SELL,65000,78.55,-
26-MAR-2008,BANG,Bang Overseas Limited,JINDAL SUMIT,SELL,70046,123.95,-
26-MAR-2008,BANG,Bang Overseas Limited,SARAOGI SHYAM,SELL,200000,119.95,-
26-MAR-2008,BEPL,BHANSALI ENG. POLYMERS LT,PUSHKAR BANIJYA LTD,SELL,942868,18.00,-
26-MAR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH AND CO,SELL,105677,640.36,-
26-MAR-2008,GSSAMERICA,GSS America Infotech Limi,MAHESHBHAI M0HANLAL PATEL,SELL,89656,619.13,-
26-MAR-2008,GSSAMERICA,GSS America Infotech Limi,MANOJ NANDKISHOR TEKRIWAL,SELL,122232,624.28,-
26-MAR-2008,GSSAMERICA,GSS America Infotech Limi,R.M. SHARE TRADING PVT LTD,SELL,70464,647.38,-
26-MAR-2008,GSSAMERICA,GSS America Infotech Limi,V AND U CAPLEASE PVT LTD,SELL,86000,655.40,-
26-MAR-2008,INDOTECH,Indo Tech Transformers Li,21ST CENTURY MNG SER LTD,SELL,58000,478.00,-
26-MAR-2008,IOLN,IOL Netcom Limited,BSK IMPEX COMPANY PVT LTD,SELL,190751,127.10,-
26-MAR-2008,MANGALAM,Mangalam Drugs And Organi,MUDRA FINANCIAL SERVICES LTD.,SELL,100000,11.50,-
26-MAR-2008,PARAL,Parekh Aluminex Limited,NAKAMICHI SECURITIES LTD,SELL,49052,186.00,-
26-MAR-2008,REVATHI,Revathi Equipment Limited,WALLFORT FINANCIAL SERVICES LTD,SELL,21000,781.81,-
26-MAR-2008,REVATHI,Revathi Equipment Limited,WALLFORT SHARES & STOCK BROKERS LTD,SELL,1000,855.00,-
26-MAR-2008,SARLAPOLY,Sarla Performance Fibers,PILOT CONSULTANTS LTD,SELL,56652,125.00,-
26-MAR-2008,SARLAPOLY,Sarla Performance Fibers,PRISM IMPEX PVT LTD,SELL,67296,125.00,-
26-MAR-2008,UTVSOF,UTV Software Communicatio,ROHINTON SOLI SCREWVALA,SELL,136000,770.02,-
26-MAR-2008,VENUSREM,Venus Remedies Limited,YASH SHARES AND STOCK PRIVATE,SELL,50000,394.00,-
26-MAR-2008,VISASTEEL,Visa Steel Limited,HERMIT FINANCE PRIVATE LTD,SELL,850000,45.00,-
Panic selling in noon trades triggered a major correction after the market had witnessed gains of more than 150 points in the first half. Continuing with the buoyancy, the Sensex resumed with a positive gap of 53 points at 16,270. Consumer durable stocks buying fuelled a major rally in early trades and the index zoomed above the 16,300 mark to touch a new intra-day high of 16,309. While the market stood firm thereafter, a sudden spurt in selling activities, particularly in banking, oil & gas, technology and health care sectors dragged the index just above 16,000 level to the day's low of 16,010. The Sensex finally wrapped the session with losses of 0.81% or 131 points at 16,087, while the Nifty dropped 1% or 49 points to close at 4,828.
Although the market fell sharply, the breadth of the market was positive. Of the 2,760 stocks traded on the Bombay Stock Exchange (BSE), 1,722 stocks advanced, 989 stocks declined and 49 stocks ended unchanged. Of the 13 sectoral indices trading on the BSE, seven indices ended in the red and six moved in green. The BSE CD index was the major performer on the upside and gained 1.55% at 3,830, while the BSE Metal index was up around 1% at 13,745.
Dragging the Sensex, HUL lost 4.31% at Rs234.40, ICICI Bank dropped 4.17% at Rs843, Bharti Airtel fell 3.75% at Rs803.10, DLF declined 3.07% at Rs657.80 and Jaiprakash Associates tumbled 3.02% at Rs226.05. BHEL, Reliance Coomunications, Cipla, Ambuja Cement, SBI, NTPC, Wipro and ONGC were down by nearly 1-2% each. However, Tisco advanced 3.79% at Rs657.85, HDFC scaled up 2.73% at Rs2,660, ITC added 2.09% at Rs195.10, HDFC Bank gained 1.64% at Rs1,441, Satyam jumped 0.47% at Rs413 and TCS was up nearly 0.38% at Rs879.30.
Bankex stocks declined sharply. ICICI Bank crashed by 4.17% at Rs843, UBI dropped 2.80% at Rs149.45, Bank of Baroda lost 2.19% at Rs292.75 and Canara Bank shed 1.64% at Rs225.20. SBI, Federal Bank and Oriental Bank of India slipped marginally.
Over 1.87crore Ispat Industries shares changed hands on the BSE followed by RNRL (1.58 crore shares), RPL (80 lakh shares), IFCI (75 lakh shares) and Essar Oil (72 lakh shares).
The Indian market closed in the negative territory on the back of profit booking across the counters. A lot of volatility was witnessed during the trading session on the back of expiry of the March 2008 derivatives contract on Thursday. This led the investors to take calculated steps in booking their positions. The market opened on a firm note tracking the mixed cues from the global markets but all of a sudden lost the momentum to pare all its initial gains as the profit booking prevailed. From the sectoral front, the metal index remained in the limelight as most buying was seen from these baskets.
The BSE Sensex closed lower by 130.66 points at 16,086.83 and NSE Nifty fell by 48.65 points to close 4,828.85. However, the investors showed their most buying interest from the Mid Caps and Small Caps space and they closed higher by 96.54 points and 154.32 points at 6,271.03 and 7,438.96 respectively
The market breadth remained strong as 1,733 stocks closed in green as against 978 stocks that closed in red.
The Metal index closed higher by 137.54 points at 13,745.18. Major gainers are Gujarat NRE (11.01%), Welspun Guj (5.54%), Jindal Stainless (4.05%), SH. Precoated (4.96%), Ispat Inds (2.86%), Maharash Sea (1.80%), Bhushan Steel (0.97%).
The BSE Realty index closed up by 29.13 points at 7,480.37. Gainers are Purvankara (22.77%), Indbul Real (11.68%), Omaxe (5.80%), Penland (4.14%), Parsvnath (2.94%), Ansal Infra (2.12%).
The Capital Goods index fell by 73.56 points to close at 13,794.04 as Kirloskar BR (3.48%), Kalpataru Power (3.22%), BHEL (2.86%) and Alstom Projects (1.9%) closed lower while Havell India (7.88%), Elecon Eng (6.97%), Lakshmi Machines (5.45%) and SKF India (2.93%) closed higher.
The Bankex index dropped by 69.54 points to close at 8,301.80 as ICICI bank (4.17%), Union bank (2.80%), BOB (2.19%), SBI (1.53%) closed in red while Yes bank (11.07%), Kotak bank (7.54%), Axis bank (4.34%), PNB (2.59%), Andhra bank (1.88%) closed in green.
The Oil and Gas index slipped by 84.24 points to close at 10,224.56. Major losers are Cairn India (2.52%), RNRL (2.49%), Gail India (1.67%), ONGC (1.11%), Essar Oil (1.09%), RPL (0.89%) and Reliance Inds (0.68%).
The IT index closed marginally up by 6.20 points at 3,692.55 as Mphasis (6.74%), Educomp Soln (6%), Aptech (5.09%), Patni Comp (4.17%), Finance Tech (4.12%) closed higher while HCL Tech (3.55%), Moser Baer (2.15%), Rolta India (1.56%) and Wipro (1.31%) closed lower.
The key benchmark indices ended the volatile session with a loss of nearly one percent. Mixed global cues and imminent expiry of March 2008 derivative contracts kept the market volatile throughout the day. Concerns about the US economy which is said to be already in recession resurfaced following data that showed that US consumer confidence fell to a five-year low in March 2008.
Uncertainty about the US outlook kept a lid on Europen and Asian markets. In Europe, key indices in UK, France and Germany were down by 0.19% to 0.53%. Asian markets, which opened before Indian markets, ended mostly in red. Key indices in Japan, China, Singapore and Taiwan were down by 0.31% to 0.63% whereas indices in Hong Kong and South Korea were up by 0.28% to 0.68%.
Back home, investors turned cautious after the previous day's 6.1% jump. Majority of the sectoral indices on BSE slipped into red. ICICI Bank was the top loser from the Sensex pack. The market breadth was positive.
The 30-share BSE Sensex was down 130.66 points or 0.81% at 16,086.83. The index lost 207.62 points at session's low of 16,009.87 hit in afternoon trade. The index gained 92.39 points at the session's high of 16,309.88, hit at the onset of the trading session.
The broader CNX S&P Nifty was down 48.65 points or 1% at 4828.85. Nifty March 2008 futures were at 4840.15, at a premium of 11.30 points as compared to spot closing of 4828.85.
As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 393.91 crore today. Domestic funds sold shares worth a net Rs 108.65 crore.
The NSE's futures & options (F&O) segment turnover was Rs 57,628.83 crore, which was lower than Rs 66,627.57 crore on Tuesday, 25 March 2008.
The March 2008 derivative contracts will expire on Thursday, 27 March 2008. As per reports, the marketwide rollover of derivative positions from March 2008 series to April 2008 series stood at 38%, while that of Nifty was 41% by Tuesday, 25 March 2008.
The BSE Mid-cap index outperformed the Sensex, rising 1.56% at 6,271.03. The BSE small-cap index outperformed the Sensex, rising 2.12% at 7,438.96.
The market breadth was positive. On BSE, 1733 stocks advanced, 978 declined and 50 stocks were unchanged.
The BSE clocked a turnover of Rs 6100 crore as against Rs 6,880.05 crore on Tuesday, 25 March 2008.
India's largest private sector bank by assets ICICI Bank fell 4.17% at Rs 843.25.
India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) fell 0.68% to Rs 2298.70.
India's top commercial vehicle maker by sales Tata Motors ended almost unchanged at Rs 679.40. As per reports, US automaker Ford has agreed to sell its luxury brands Jaguar and Land Rover to India's Tata Motors for more than $2 billion. Ford, which signed the deal on Tuesday, 25 March 2008, plans to publicly announce the transaction in New York today, reports suggest.
Top Sensex gainers were, Tata Steel (up 3.79% to Rs 657.85), Housing Development Finance Corporation (up 2.73% to Rs 2660.35), ITC (up 2.09% to Rs 195.10), HDFC Bank (up 1.64% to Rs 1441.15) and Satyam Computer (up 0.47% to Rs 413).
Top Sensex losers were, Hindustan Unilever (down 4.31% to Rs 234.40), Bharti Airtel (down 3.75% to Rs 803.10), Jaiprakash Associates (down 3.02% to Rs 226.05), Bharat heavy Electricals (down 2.86% to Rs 1954.95), and Reliance Communication (down 2.25% to Rs 526.10).
The BSE Bankex underperformed the Sensex, falling 0.83% to 8,301.80. Union Bank (down 2.80% to Rs 149.45), Bank of Baroda (down 2.19% to Rs 292.75), Canara Bank (down 1.64% to Rs 225.20), State Bank of India (down 1.53% to Rs 1713.60) and Federal Bank (down 0.49% to Rs 214.25), declined.
The BSE Oil & Gas index underperformed the Sensex, falling 0.82% to 10,224.56. Cairn India (down 2.52% to Rs 211), Reliance Natural Resources (down 2.49% to Rs 99.75), Gail India (down 1.67% to Rs 425.90), ONGC (down 1.11% to Rs 1063) and Essar Oil (down 1.09% to Rs 209.35), slipped.
The BSE Metal index outperformed the Sensex, rising 1.01% to 13,745.18. Gujarat NRE Coke (up 11.01% to Rs 137.10), Welspun Gujarat Stahl Rohren (up 5.54% to Rs 350.75), Shree Precoated (up 4.96% to Rs 155.55), and Sterlite Industries (up 0.82% at Rs 709.90).
The BSE IT index outperformed the Sensex, rising 0.17% to 3,692.55. Mphasis (up 6.74% at Rs 194.85), Financial Technologies (up 4.12% at Rs 1,434.50), TCS (up 0.38% at Rs 879.30) and Infosys Technologies (up 0.20% at Rs 1,495.60). However, Wipro fell 1.31% at Rs 429.
Shipping firm Mercator Lines rose 6.59% to Rs 76 after the company said its subsidiary Mercator Lines, Singapore has entered into negotiation with Refined Success for the time charter-out of Geastiniono TBN, a gearless panamax vessel.
Avantel Softech surged 9.41% to Rs 59 after the company said it has bagged an order worth Rs 8.25 crore from the Government of India for supply of satellite communication receiver terminals for Indian Navy
Engineering firm GEI Industrial Systems soared 10.85% to Rs 71.50 after the company said it has bagged an order worth Rs 30 crore from Essar Construction for supply of air cooled heat exchangers for a project in Gujarat.
Private sector lender Axis Bank vaulted 4.34% to Rs 826.50 after a two block deals totaling 45.46 lakh shares were struck on the counter at average price of Rs 799.89 per share on BSE. Garment manufacturer SEL Manufacturing Company rose 5% to Rs 276.05 after the company said its board has approved raising upto $250 million through issue of foreign currency convertible bonds and global depository receipts.
Diesel engines maker Kirloskar Oil Engines jumped 5.55% to Rs 105.60 after three block deals aggregating 30.99 lakh shares were executed on the counter at an average price of Rs 100.03 per share in opening trade on BSE.
Edible oils maker K S Oils gained 0.78% to Rs 64.85 after the company said it has acquired a single palm plantation over a vast area spread across 50,000 acres of green land in Indonesia.
Ispat Industries clocked highest volume of 1.87 crore shares on BSE. Reliance Natural Resources (1.58 crore shares), Reliance Petroleum (80.76 lakh shares), IFCI (75.89 lakh shares) and Essar Oil (72.50 lakh shares), these were other volume toppers on BSE in that order.
Reliance Capital reported highest turnover of Rs 385.64 crore on BSE. Axis Bank (Rs 378.50 crore), Indiabulls Financial Services (Rs 261.05 crore shares), GSS America (Rs 252.54 crore) and Reliance Industries (Rs 186.86 crore), these were other turnover toppers on BSE in that order.
US markets ended on mixed note yesterday, 25 March 2008 after the consumer confidence fell sharply in March 2008 with the Consumer Confidence Index (CCI) slumping to a five-year low of 64.5. The Dow Jones industrial average declined 16.04 points, or 0.13%, to 12,532.60. The S&P added 3.11 points, or 0.23%, to 1,352.99 and the Nasdaq gained 14.30 points, or 0.61%, to 2,341.05.
The market is expected to open firm today, as buying may continue after yesterday’s (25 March 2008), sharp rally. Also year-end net asset value (NAV) boosting exercise from local mutual funds may lift the sentiment. US markets were mixed yesterday, 25 March 2008. Asian markets opened mixed today, 26 March 2008.
Volatility may increase on the bourses this week ahead of the expiry of March 2008 derivative contracts on Thursday, 27 March 2008. As per reports, the marketwide rollover of derivative positions from March 2008 series to April 2008 series stood at 38%, while that of Nifty was 41%.
The sharp rise in inflation may be a cause of concern, which has now risen above the Reserve Bank of India’s caution limit of 5%. As per data released on Thursday, 20 March 2008, inflation had surged to over 11-month high of 5.92% for the week ended 8 March 2008
Marketmen are keenly awaiting Q4 and full year March 2008 results from Indian corporates. Robust corporate advance tax payments in Q4 March 2008 indicate that corporate profit growth will be strong in the quarter. Advance tax figures showed banks, hospitality and software firms are doing better than sectors like automobiles and cement.
Asian markets were trading mixed today, 26 March 2008. Hong Kong's Hang Seng (up 0.76% at 22,636.29), Straits Times (up 0.03% to 3,002.33), and South Korea's Seoul Composite (up 0.13% at 1,677.09) edged higher. However, Japan's Nikkei (down 0.88% at 12,632.80) and Taiwan's Taiwan Weighted (down 0.22% at 8,777.95), slipped.
US markets took finished mixed yesterday, 25 March 2008, despite weak economic news. The Dow Jones industrial average declined 16.04 points, or 0.13%, to 12,532.60. The S&P added 3.11 points, or 0.23%, to 1,352.99; the Nasdaq gained 14.30 points, or 0.61%, to 2,341.05. Consumer confidence fell sharply in March 2008 with the Consumer confidence index (CCI) slumping to a five-year low of 64.5.
Back home, the 30-share BSE Sensex rose 928.09 points or 6.07% to 16,217.49, its second biggest single-day rally in points as well as percentage terms. The broader CNX S&P Nifty jumped 267.65 points or 5.81% at 4877.50.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth Rs 1246.12 crore on Tuesday, 25 March 2008. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 399.97 crore on that day.
FIIs were net buyers of Rs 2,004.99 crore in the futures & options segment on Tuesday, 25 March 2008. They were net buyers of index futures to the tune of Rs 1,529.57 crore and bought index options worth Rs 80.17 crore. They were net buyers of stock futures to the tune of Rs 382.38 crore and bought stock options worth Rs 12.87 crore
Market Grape Wine :
In House :
Nifty at a supp of 4500 with resi at 5000
Cash: Buy Renukasugar above 940 with a TGT of 967 and a SL of 925
F&o: Buy Adlabs above 573 with a TGT of 590 and a SL of 565
Buy Punjlyod above 334 with a TGT of 348 and a SL of 328
Out House :
Markets at a support of 15678 & 15786 and resistance at 16363 & 16646 levels .
Buy : Ongc & Gail
Buy : RIL & RPL
Buy : Bhel & LT at dips
Buy : Bharti & Rcomm
Buy : HDFC
Buy : Aban & IOLN
Buy : SBIN & IciciBank
Dark Horse : IOLN , Bharti , ONGC , Titan , RIL , LT , RPL & NTPC
The market may witness cautious trend as US indices ended on a flat note yesterday and Asian indices are exhibiting mix trends in morning trades. Although the bias remains positive, investors should maintain caution as profit-taking at higher levels may pull down the market. Among the local indices the Nifty could test 4740 on the downside while on the upper side it may move up to 5050. The Sensex has a likely support at 16000 and may face resistance at 16400.
US indices finished on a flate note on Tuesday. While the Dow Jones ended in negative at 12533 declined by 16 points, the Nasdaq up by 14 points at 2341.
Indian floats trading on the US bourses were largely on the positve side except Patni Computers. Out of 11 stocks, ICICI Bank was the lead performer and soared 5.75% while MTNL & Infosys rose over 3% each. HDFC Bank, Dr Reddy, Satyam, Wipro, Tata Motors and Rediff gained nearly over 1% each. However, Patni Computers ended with marginal losses.
Crude oil prices inched higher in the US market, with the Nymex light crude oil for May delivery adding 36 cents to close at $101.22 a barrel. In the commodity space, the Comex gold for April series gained $16.30 to settle at $935.
The Indian Market is likely to have a positive opening today due to mixed cues from the global markets. On Tuesday, The Indian market posted second highest point gain to cross the 16,000 mark and closed on a strong note. Tracking the favoring cues from the global markets, the domestic market opened on a firm note and kept on marching forward throughout the trading session on the back of heavy buying across the sectoral indices. The domestic market rallied by taking the positive cues from the US as J.P. Morgan Chase & Co. agreed to increase its bid to acquire Bear Stearns Cos. JP Morgan lifted its offer for Bear Stearns to 10 U.S. dollars per share from 2 dollars. The revised plan is aimed at soothing Bear Stearns shareholders upset over JP Morgan''s earlier offer. Also the economic data pointed to signs of stability that showed US new homes sales had risen by 3% in February 2008. From the sectoral front, all the sectoral indices posted smart gains. The BSE Sensex closed higher by 928.09 points at 16,217.49 and NSE Nifty closed up by 267.65 points 4,877.50. We expect that the market may give up some of its yesterday’s gains during the trading session.
On Tuesday, the US market closed mixed. The Dow Jones Industrial Average (DJIA) closed lower by 16.04 points at 12,532.60 while S&P 500 (SPX) index closed higher by 3.11 points at 1,352.99 and NASDAQ Composite (RIXF) grew by 14.30 points to close at 2,341.05.
The Indian ADRS closed in positive. In technology sector, Infosys grew by (3.03%) along with Wipro by (1.94%) and Satyam by (1.47%). In banking sector, ICICI bank and HDFC bank advanced by (5.75%) and (2.59%) respectively. In telecommunication sector, Tata Communication increased by (0.26%). Sterlite industries inched up by (7.06%).
Today the major stock markets in Asia are trading mixed. Hang Seng is trading higher by 171.77 points at 22,636.29 along with Taiwan Weighted trading up by 19.19 points at 8,814.28 while Japan’s Nikkei trading lower by 112.42 points at 12,632.80.
The FIIs on Monday stood as net buyer in equity. The gross equity purchased was Rs4,183.30 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,646.10 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs537.20 Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,731 and resistance at 4,952 and BSE Sensex has support at 15,814 and resistance at 16,468.
Consumer Confidence hits five year low sending dollar down against rivals
Alternately up and down since the opening bell, the major stock indices closed mixed after the Conference Board reported U.S. consumers' confidence fell in March. Other than that, a couple of other weak batch of economic reports took its toll on the market. Strong forecast from Monsanto was also overlooked. Six of the ten major economic sectors finished in positive territory. Materials posted the largest gain.
In the mornings session, the Dow was down by more than 100 points. At the end, The Dow Jones industrial Average ended the day with a loss of 16 points at 12,532. The Nasdaq Composite Index, finished higher by 14.3 points at 2,341. S&P 500 finished higher by 3.1 points at 1,353.
Seventeen out of thirty Dow stocks ended in the red today. Home Depot and Bank of America led the group of Dow losers.
The day started with some weak batch of economic data. The Conference Board's Consumer Confidence Index for March hit a 5-year low at 64.5 and checked in well below the market's expectation for a reading of 73.5. Confidence had dropped seven of the last eight months, and is down 42% since last July.
Also, the S&P/Case-Shiller Home Price Index, which measures prices in 20 U.S. metropolitan areas, declined 10.7% on a y-o-y basis, the largest drop on record since the measurement began in 2001.
On the positive side, shares of Monsanto gained almost 10% after the St. Louis company lifted its projected earnings for 2008.
The tech sector got a lift today after Yahoo! was upgraded to Buy from Hold at Citigroup.
All Indian ADRs ended in green today. HDFC Bank and ICICI Bank were the two topmost gainers. The two ADRs gained 2.6% and 5.7% respectively today.
Crude prices ended modestly higher today as the dollar slumped. Traders also speculated that tomorrow’s inventory report by Energy Department will show rise in gasoline and crude inventories. Crude-oil futures for light sweet crude for May delivery closed at $101.22/barrel (higher by $0.36/barrel or 0.4%) on the New York Mercantile Exchange. Prices earlier dropped to $99.3. Crude prices are 65% higher on a yearly basis.
In the currency market today, the euro traded as high as $1.5619 after a report showed consumer confidence in the U.S. fell more than forecast this month, fueling speculation that the Federal Reserve will have to cut its target bank-lending rate by as much as 50 basis points next month to revive economic growth. The dollar index, which tracks the value of the greenback against a basket of other currencies, fell 0.8% to 72.27.
Volume on the New York Stock Exchange topped 4 billion, and advancing stocks outran those declining nearly 2 to 1. On the Nasdaq, nearly 2.1 billion shares were exchanged, and advancing stocks topped those declining 9 to 5.
Tomorrow, February's Durable Goods Orders are due prior to the opening bell. February's New Home Sales data and the weekly oil inventory report are due after the market opens.
Nifty 4878 Supp 4700 Res 4970
Buy NTPC (200) SL 196
Target 210, 214
Buy Rcom (538) SL 533
Target 552, 558
Buy BOI (264) SL 260
Target 270, 274
Sell Nagar Const (221) SL 226 Target 211, 208
Sell Bharat Forge (263) SL 267 Target 252, 249
Living well is the best revenge.
The bulls roared on Tuesday as if the world’s woes have suddenly come to an end. So, are the bulls firmly back in control or will the resurgence in sentiment prove to be short-lived? Tuesday’s rally - whatever the reason(s) - may give some confidence to the bulls. While we continue to advocate caution, the F&O segment is throwing up some positive signals. But if investors have to live well, forget leverage for some time at least. Don’t attempt to cover up your losses (if any) in a hurry, lest you lose even more.
The Nifty futures for April series have added a good chunk of shares in open interest and are trading at a premium to the spot Nifty. The put-call ratio seems to have improved in favour of the bulls with strong build up in 4800 puts and 5000 calls.
Another big positive is that FIIs were big-time buyers yesterday. Also, global markets have staged a smart comeback, led by US stocks. No major bad news has hit the Wall Street this week so far. Commodity prices have cooled down a bit as well, though inflation is still a big worry across the globe. Currency fluctuations have ebbed. All these factors have contributed to the recent pullback in world equity markets.
Still, it remains to be seen how long and strong is this rally given the uncertainty surrounding the US and its impact on the global economy. For the time being though, we see the market rangebound with a positive bias. But, the key indices have to cross some crucial technical levels and stay there for a while to signal a revival of the forgotten bull phase.
Stock specific action is expected in counters like Gitanjali Gems which will announce yet another acquisition today. Maruti may attract some attention as it will launch a new sedan, called Swift DZire. STC, MMTC, SCI and Concor could gain amid news that the Government may sell 5% stake through follow-on public issues. Steel companies may come under some pressure after agreeing to halt exports to boost local supply. Dish TV may rise amid news that the Government is in favour of 74% FDI in DTH.
FIIs were net buyers of Rs12.46bn (provisional) in the cash segment yesterday while the local institutions pumped in nearly Rs4bn. In the F&O segment, foreign funds were net buyers of Rs20bn yesterday. The final tally for Monday's session is not available.
Asian markets are trading mixed this morning. The Nikkei in Tokyo was down 112 points or 0.9% to 12,632.80, following a 2.1% rally yesterday. The Hang Seng in Hong Kong rose 262 points or 1.2% to 22,727.
The Kospi in Seoul was flat at 1676 and the Straits Times in Singapore too was almost unchanged at 3002. The Shanghai Composite index in China gained 55 points or 1.5% at 3685 and the Taiex in Taiwan added 19 points at 8814.
About five stocks fell for every three that gained on the MSCI Asia Pacific Index, which lost 0.3% to 140.19 as of 11:07 a.m. in Tokyo. The benchmark is up 4.7% in the last three days on speculation that the US will contain credit- market losses. The index is still down 11% this year.
US stocks closed mixed on Tuesday after a tough day as Monsanto's improved forecast was offset by downbeat data on housing and consumer sentiment. Also, investors turned cautious as the Dow is up almost 7% in just over a week.
Stocks struggled for direction through the morning as investors held back after Monday's rally. However, stocks were mostly higher by the afternoon. Weakness in select financial and oil services stocks dragged the Dow into the negative zone.
A rally in commodity producers helped the US market overcome a grim report on consumer confidence and a record drop in home prices.
Freeport-McMoRan Copper & Gold, Newmont Mining and Alcoa carried the S &P 500 Index to its first three-day advance in a month after metal prices increased.
The Dow Jones Industrial Average ended lower as Bank of America and Home Depot retreated. Monsanto, the largest seed producer, rallied the most in seven years after boosting its earnings forecast.
The S&P 500 added 3.11 points, or 0.2%, to 1,352.99. It is now up 4.2% over the past three days. The Dow dropped 16 points, or 0.1%, to 12,532.6. The Nasdaq Composite Index rose 14 points, or 0.6%, to 2,341.05.
Market breadth was positive. Two stocks gained for every one that fell on the New York Stock Exchange.
The S&P/Case-Shiller index showed that home prices in 20 key markets in the US dropped 10.7% in January, the biggest drop on record.
Another report showed that consumer confidence slumped to 64.5 in March, from 75 in the previous month, a five-year low. Economists had forecast a smaller fall to 73.4. Consumer confidence slipped amid a struggling stock market, surging commodity prices, a weak dollar and the ongoing logjam in credit markets.
Yahoo was among the session's big technology gainers, after Citigroup upgraded it to "buy" from "hold" on bets that Microsoft will raise its bid for the search engine to $34 a share from $31 a share.
Shares of Thornburg Mortgage rallied 36% in active trading after the company said it will raise $1.35bn through a private placement of bonds in a bid to avoid bankruptcy. But a number of other financial stocks declined on heavy trading volume.
US light, crude oil for May delivery rose 36 cents to settle at $101.22 a barrel in New York. Oil prices hit a record $111.80 in electronic trading last week. COMEX gold for April delivery rose $16.30 to settle at $935 an ounce. Gold hit an all-time trading high of $1,033.90 a week ago.
The dollar gained versus the euro and fell versus the yen. The greenback hit an all-time low versus the euro and a 13-year low versus the yen last week, but has since recovered a bit. Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.5% from 3.55%.
Across the Atlantic, markets in Europe finished sharply higher. The FTSE 100 in London surged 3.5% to 5,689 while the DAX in Frankfurt climbed 3.2% to 6,524 and the CAC 40 in Paris advanced 3.4% to 4,692.
Cia. Vale do Rio Doce, the world's biggest iron-ore producer, has dropped a plan to acquire rival Xstrata, blaming opposition from the Swiss company's largest shareholder.
"We can resume negotiations at any moment," Roger Agnelli, CEO of Rio de Janeiro-based Vale, told reporters in Sao Paulo yesterday. Vale had boosted its offer for the world's biggest exporter of power-station coal to $90bn from $78bn.
In the emerging markets, the Bovespa in Brazil was up 2.4% at 61,234 while the IPC index in Mexico gained 1.2% at 29,981. The RTS index in Russia shed 0.35% to 1993 and the ISE National 30 index in Turkey dipped 0.2% to 51,098.
Will the momentum continue?
Markets extended their gains to fourth straight trading session as firm cues from the international equity markets coupled with buying momentum in the index heavyweights like Reliance Industries, ONGC, DLF and ICICI Bank lifted the markets to surge higher. The benchmark Sensex posted its second biggest single day points gain simultaneously its biggest single day points rally since January 25, 2008. The rally could be attributed to buying momentum in scrip across the sectors. All the Sectoral indices on BSE ended in green.
Finally, the BSE benchmark Sensex added 928 points to 16,217 and the Nifty index added 267 points to close at 4,877. Overall about 2,076 stocks advanced; 639 stocks declined while 47 stocks remained unchanged. Among the 50 Nifty 48 stocks ended in positive territory. On the other hand, only 1 stock ended in red.
BSE Realty index (up 9.5%), BSE Bankex index (up 8.1%), BSE IT index (up 7.7%), BSE Power index (up 6.5%) and BSE Metal index (up 6.4%). BSE Mid-Cap index (up 6.3%) and Small-Cap index (up 4.8%).
Jet Airways surged by over 7% to Rs548. Reports stated that the company would sell 10% stake to FIIs before rights offer. The scrip touched an intra-day high of Rs558 and a low of Rs512 and recorded volumes of over 32,000 shares on BSE.
Aurobindo Pharma further gained by over 4% to Rs258 after the company on Monday announced that they acquired TAD Italy, a generic company with 70 ready-to-market products, for an undisclosed amount. The scrip touched an intra-day high of Rs261 and a low of Rs250 and recorded volumes of over 37,000 shares on BSE.
Sun Pharma slipped by 2.1% to Rs1252. According to reports, the USFDA has asked the US subsidiary of Sun Pharmaceuticals to withdraw many batches of its generic Metformin Hydrochloride tablets used for treating diabetes, citing efficacy and quality issues. The scrip touched an intra-day high of Rs1300 and a low of Rs1240 and recorded volumes of over 4,00,000 shares on BSE.
JP Associates rallied by over 16% to Rs233 after the company announced that they would sell 1% stake in unit to ICICI Bank. The scrip touched an intra-day high of Rs236 and a low of Rs207 and recorded volumes of over shares 78,00,000 on BSE.
Jyoti Structures surged by over 4% to Rs162 after the company said that they secured order worth US$39.64mn from Uganda Electricity. The scrip touched an intra-day high of Rs170 and a low of Rs157 and recorded volumes of over 25,000 shares on BSE.
Reliance Industries, manufacturers of petrochemicals, synthetic fibers and textile, plans to close down all the petroleum retail outlets owned by it directly, according to reports. The rising crude prices and the absence of government subsidies have made operations unviable, the report stated. The scrip ended at Rs2314 gaining by 5.1% after hitting an intra-day high of Rs2325 and a low of Rs2220 and recorded volumes of over 8,00,000 shares on BSE.
Four Soft was up by 1% to Rs23 after the company declared that they secured software contract from IAL Group. The scrip touched an intra-day high of Rs24 and a low of Rs22 and recorded volumes of over 2,00,000 shares on BSE.One ought to keep one's antennas on high alert to gauge any incidents. The immediate event to watch is the upcoming F&O expiry on Thursday. The market may witness some extra volatility. So traders are advised to protect their profits
Corporate Front Page
SBI secures full bank license from the Monetary Authority of Singapore to establish up to 25 outlets. (ET)
L&T wins US$240mn deal for building four ships. (Mint)
Phoenix Mills buys 25 acres land in Bangalore from GKW for Rs3.2bn. (Mint)
IOC expects to save Rs10mn a day on transportation once its proposed 15mtpa refinery and petrochem complex starts operations in 2011. (Mint)
The Government has stayed plan to reduce assured return on equity on negotiated power projects on opposition by NTPC. (Mint)
Strides Arcolab gets first US approval for HIV drug. (Mint)
HSBC Financial's stake in Yes Bank up at 4.88%. (Mint)
Kotak Mahindra Bank plans to lend 30% more in the next 12 months. (Mint)
Nortel wins US$100mn GSM deal from BSNL. (BL)
Jet Airways plans to dilute stake by 10%. (BS)
Reliance Power to spend Rs30bn for mines to fuel Sasan project. (BS)
Voltas not to hike prices of air-conditioners despite rising input costs. (BL)
ONGC targets 29.04MT crude production in 2008-09. (BL)
Gail sets gas transmission target of around 81.5mmscmd in 2008-09. (BL)
Nilkamal to invest Rs1.5bn by 2011 to expand its furniture retail chain. (BL)
Union Bank likely to post lower credit growth this fiscal at around 20% against projected 23-25%. (BL)
Federal Bank to open 26 branches across 11 states today. (BL)
SBI to raise Rs62.7bn through foreign currency bond issue. (ET)
The Government plans to divest 5% stake through follow-on public offers in companies including MMTC, STC, Concor and SCI. (ET)
GTL promoters increase stake from 34.36% to 37.05%. (ET)
Aurobindo Pharma looking for strategic overseas buy-outs to double revenues. (ET)
PFC ties-up with Indian Renewable Energy Development Agency to fund renewable projects. (ET)
Bombay Dyeing, L&T JV to jointly bid for development projects in Mumbai and other cities. (ET)
Eicher Motors to mull major capacity expansion plan ahead of JV for trucks with Volvo. (ET)
Corporation Bank to raise Rs5bn through bonds to meet capital requirements. (ET)
Religare to acquire UK broking firm Hichens, Harrison & Co for US$100mn. (ET)
REL buys back 250,000 shares through open market purchases on first day of share buyback programme. (FE)
Tata Chemicals to raise US$850mn to part fund its US$1bn acquisition of US-based General Chemicals Industries Products. (FE)
Ministry of Commerce to consider waiving off 26.33% duty levied on coal exported by Coal India. (FE)
Economic Front Page
Car manufacturers consider price hikes on input cost pressures. (BS)
FDI cap in DTH to go up to 74%. (BS)
ECB policy likely to be relaxed; cap for current financial year may go up to US$28-30bn. (BS)
Cement, power companies to buy ships to cut costs. (BL)
RBI grants license to Singapore banks, DBS and United Overseas Bank. (ET)
Steel makers agree to stop exports, forego DEPB benefits and supported reducing import duty on the alloy. (ET)
CPI wants to prevent the Government from acquiring lands and enforce trade union laws in SEZs. (FE)
Indian companies witnessed a slowdown in ECB and FCCB mop-up in November-January, says RBI. (FE)
I&B Ministry gives approval to hike FDI to 24% from 20% in FM radio operations. (FE)
Nifty March 2008 futures were at 4901.50, at a premium of 24 points as compared to spot closing of 4877.50.
The NSE's futures & options (F&O) segment turnover was Rs 66,627.57 crore, which was higher than Rs 42,610.26 crore on Monday, 24 March 2008.
Reliance Industries (RIL) March 2008 futures were at premium at 2318.50 compared to the spot closing of 2313.80.
Reliance Communications (RCom) March 2008 futures were at premium at 539.25 compared to the spot closing of 538.50.
Reliance Energy March 2008 futures were at discount at 1292 compared to the spot closing of 1298.50.
In the cash market, the S&P CNX Nifty gained 267.65 points or 5.81% at 4877.50.
Sun Pharmaceutical Industries
Cluster: Ugly Duckling
Price target: Rs1,475
Current market price: Rs1,252
- Sun Pharmaceuticals (Sun) has received the final approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) to manufacture and market Amifostine injection 500mg, the therapeutic equivalent of MedImmune's Ethyol. Being the first to file an ANDA for generic Ethyol with a Para IV certification, Sun has been awarded a 180-day marketing exclusivity for the product. We do not exclude the possibility of an at-risk launch by Sun, in which case Sun could generate $14 million in revenues, leading to incremental earnings of Rs1. 4 per share.
- The company has received tentative approval for generic Gemzar, for which it had filed an ANDA containing a Para IV certification. Gemzar, or generic gemcitabine injection, is Eli Lilly's anti-cancer drug with annual sales of $680 million in the USA. According to our calculations, the launch of generic Gemzar under exclusivity for 180 days could yield revenues and profits of $51 million and $25 million respectively, translating into incremental earnings of Rs4.8 per share for Sun.
- In the last one month, Sun has received three final approvals from the USFDA--for benzonatate capsules, fosphenytoin sodium injection and torsemide tablets. Additionally, Sun has also received tentative approval for divalproex sodium delayed release tablet, which is the generic version of Abbott's anti-epileptic drug, Depakote, with annual sales of $755 million. We expect the final approval for generic Depakote to come through in July 2008, upon the expiry of the patent. However, the market for this product is crowded with numerous players already having tentative approvals and hence we expect the gains from this product to be limited.
- There are two positive developments related to Sun's bid to acquire Taro Pharmaceuticals (Taro). On the one hand, Sun has acquired the 9.4% stake of Brandes, which is one of the major institutional investors in Taro and was opposing Sun's bid for Taro. Following the acquisition, Sun's stake in Taro has increased from 25% earlier to 34.4%. On the other hand, Taro, in its declaration of its preliminary unaudited financials for CY2007, has reported a very strong operating performance, which is positively surprising. The Taro acquisition is not part of our current estimate and will provide upside to our FY2010 earnings estimate, if Sun is successful in its bid.
- With the base business performing well, clarity on the launch of generic Effexor XR under exclusivity, the receipt of USFDA approval for and the subsequent launch of generic Gemzar, the potential launch of generic Ethyol under exclusivity and the progress on the Taro acquisition will act as near-term triggers for the stock. At the current market price of Rs1,252, Sun is valued at 25.1x FY2008E and 19.4x FY2009E fully diluted earnings. We reiterate our Buy recommendation on the stock with a price target of Rs1,475.
Cluster: Emerging Star
Price target: Rs451
Current market price: Rs307
Price target revised to Rs451
- KSB Pumps' Q4CY2007 results were slightly ahead of our expectations, both on the top line and the profitability front. The net sales for the quarter rose by 21.7% to Rs131.8 crore.
- After a couple of disappointing quarters, the profitability improved substantially during this quarter as the overall margin improved by 60 basis points year on year (yoy) and by 770 basis points sequentially to 19.1%. On a segmental basis, the profit before interest and tax (PBIT) margin of the pump division rose to 15.6% (up 220 basis points yoy and 860 basis points sequentially) while that of the valve division stood at 25.1% (down 30 basis points yoy but up 610 basis points sequentially).
- We believe that the profitability of the company improved on the back of higher contribution of the project business, which carries higher margins. We understand that the order book of the company in the project business is growing at about 40% yoy. Considering this, we continue to expect strong revenue booking in the subsequent quarters also.
- A higher other income, stable interest and depreciation costs, and lower taxes led to a 62.1% growth in the net profit to Rs19.6 crore.
- In view of the slower growth this year, particularly in the first nine months, we are downgrading our earnings estimate for CY2008 by 18.8% to Rs32.2. We shall introduce our CY2009 estimate in our subsequent update.
- Considering the buoyancy in its user segments, particularly refineries and the power sector, we maintain our positive outlook on the company. At the current market price of Rs307, the stock is trading at 9.5x its CY2008E earnings and is available at an enterprise value (EV)/earnings before interest, depreciation, tax and amortisation (EBIDTA) of 5.2x. We maintain our Buy recommendation on the stock with a revised price target of Rs451.
Cluster: Ugly Duckling
Price target: Rs390
Current market price: Rs233
Stake sale in Jaypee Infratech
- ICICI Bank buys 1% stake in Jaypee Infratech Ltd (JIL) for Rs250 crore, thereby valuing the company at Rs25,000 crore. This is largely in line with our estimates of Rs24,400 crore. JIL also obtains long term financing of Rs900 crore from ICICI Bank.
- The stake sale and closure of long-term financing from ICICI Bank is a positive development both in terms of raising required resources and boosting investor confidence.
- At the current market price, the stock is trading at 41x its estimated FY2009 earnings. We have revised the sum-of-the-parts (SOTP) based price target to Rs390 to reflect the de-rating of some of its businesses in line with the prevailing market conditions. We maintain our Buy call on the stock.