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Saturday, August 21, 2010

Bull run leads market to a new high

Major news for the week:

Tata Motors July global sales grow 36%

Vedanta to buy 51-60% of Cairn

Inflation eases to 9.97% in July

Food inflation softens to 10.35%

Bharat Petroleum Corporation gains on buying Australian shale gas asset

BSE Mid-Cap, Small-Cap indices outshine Sensex

The key benchmark indiices surged to 2-1/2-year highs in the week ended Friday, 20 August 2010, on sustained buying by foreign funds. But, a recent string of weak economic data in the US, which reignited worries over global economic recovery, capped gains at the fag end of the week. The BSE Sensex fell in 3 out of the 5 trading sessions of the week.

Derivatives: Intermediate support at 5500 levels

Fresh positions in the F&O September series evidence some more upward steam for market; also strong support at both the 5500 and the 5400 level may limit the down move as fresh money is still waiting to enter in every dip

Gujarat Pipavav Port IPO Analysis

Good growth prospects burdened by huge equity

IPO shareholders will be buying the shares around or below the price at which promoters/selling shareholders bought the shares