Post Session Indian stock Market Commentary, 19/08/2009

Stock market lost its opening strength and extended its losses towards the closing to end the session with losses backed by significant selling pressure. Weak Asian markets along with negative European stocks took huge strike on the bourses. Lower US index futures also weighed on sentiments. Investors were worried regarding the weak monsoon rain that is putting pressure on food prices and energy supplies. However, market pared some losses during last trading hours on a little buying in key stocks. Meanwhile, foreign direct investment in India stood at $2.58 billion in June, with rise of 8% as compared with the same month last year. The BSE Sensex ended below 14,850 level and NSE Nifty closed below 4,400 mark.

Market opened slightly higher tracking positive cues from the US markets. On Tuesday, the US stocks markets rebounded from previous session’s sharp fall to close higher as buyers picked up stocks at low prices to give a good start for the markets. The rally was directed by financial, retail and technology as stocks posted gains over the ground. However, Indian stocks suddenly turned choppy backed by lower Asian markets. Further, benchmark indices continued to trade with losses on profit booking pressure at higher level. The selling pressure was mainly led by more than 4% fall in the Chinese markets. During final trading hours, market managed to reduce losses a bit but was still in negative territory. From the sectoral front, all indices ended in red. Besides, Oil & Gas, Metal, Auto, Power, PSU, Realty, Power and Teck stocks contributed to most of the selling pressure. Broader markets also remained out of favour as BSE Midcap and Smallcap stocks closed with losses.

Among the Sensex pack 27 stocks ended in red territory and 3 stocks ended in green territory. The market breadth indicating the overall health of the market remained negative as 1490 stocks closed in green while 1134 stocks closed in red and 89 stocks remained unchanged in BSE.

The BSE Sensex closed lower by 225.62 points or (1.50%) at 14,809.64 and NSE Nifty ended down by 64.80 points or (1.45%) at 4,394.10. BSE Mid Caps and Small Caps closed with losses of 62.49 and 33.06 points at 5,434.06 and 6,308.69 respectively. The BSE Sensex touched intraday high of 15,096.94 and intraday low of 14,684.45.

Losers from the BSE Sensex pack are ACC Ltd (5.08%), Reliance Infra (4.86%), RCom (4.38%), Grasim Industries (4.20%), Tata Steel (3.93%), M&M Ltd (3.58%), Reliance (3.23%), Hindalco (3.20%), JP Associates (2.80%), SBI (2.46%), Herohonda Motors (2.27%), Tata Motors (2.27%), TCS Ltd (2.11%), ONGC Ltd (1.99%), NTPC Ltd (1.90%), Bharti Airtel (1.44%) and Wipro Ltd (1.43%).

Gainers from the BSE Sensex pack are HDFC (1.56%), HDFC Bank (0.44%) and L&T Ltd (0.22%).

Foreign direct investment (FDI ) in India stood at $2.58 billion in June, with rise of 8 per cent as compared with the same month last year, a senior official said. In June 2008, the FDI inflow was $2.39 billion.

On the global markets front the Asian markets that opened before the Indian market, ended with losses with financial and airline stocks weighed on the markets. Shanghai Composite, Hang Seng, Nikkei 225, Singapore''s Straits Times Index and Seoul Composite closed lower by 125.30, 352.04, 80.96, 44.94 and 4.28 points at 2,785.58, 19,954.23, 10,204, 2,522.78 and 1,545.96 respectively.

European markets, which opened after the Indian market, are trading in red, as equities had slid across Asia. In Frankfurt the DAX index is trading lower 68.69 points at 5,182.05 and in London FTSE 100 is trading down by 39.96 points at 4,645.82.

The BSE Oil & Gas index dropped by (2.68%) or 254.71 points at 9,259.60 despite crude oil gained for the first time in three days overnight. Losers are Essar Oil Ltd (4.60%), Reliance (3.23%), RNRL (3.19%), Reliance Petroleum (2.66%) and Gail India (2.31%).

The BSE Metal index closed tumbled (2.33%) or 284.33 points at 11,929.02. Losers are Gujarat NRE C (3.98%), Tata Steel (3.93%), Sesa Goa Ltd (3.30%), Hindalco (3.20%) and JSW Steel (2.98%).

The BSE Auto index lost (2.14%) or 115.48 points at 5,277.76 on worries arising from scanty rains as auto firms derive larger revenue from rural India. Main losers are Bharat Forge (5.59%), Ashok Leyland (3.63%), M&M Ltd (3.58%), Bajaj Auto (3.52%) and Cummins Indi (3.25%).

The BSE Power index tumbled (1.93%) or 55.49 points at 2,812.57 as Reliance Infra (4.86%), Suzlon Energy (3.90%), GMR Infra (3.10%), Siemens Ltd (2.81%) and Crompton Greaves (2.75%) ended in red.

The BSE PSU index closed lower by (1.88%) or 153.87 points at 8,048.22. Losers are Rashtriya Chem & Fert (4.07%), Canara Bank (3.50%), Corporation (3.41%), MRPL (3.30%) and Power Financ (3.08%).

The BSE Realty index ended down by (1.86%) or 69.63 points at 3,680.77 on profit taking. Losers are Unitech Ltd (3.28%), Orbit Co (3.03%), Housing Dev (2.76%), Penland Ltd (2.68%) and Anant Raj (2.42%).

DLF Ltd lost 1.08%. The company is set to bag India''s largest land deal in Gurgaon, Haryana as DLF has emerged as the sole bidder for the 350.71-acre land parcel in Gurgaon put up for auction by a Haryana state corporation. The state corporation has fixed the minimum reserve price as Rs 1,700 crore for the land.

Cairn India dropped by 1.88%. The company and state-owned ONGC will jointly invest $4 billion (Rs 20,000 crore) in an attempt to scale up the production capacity of their oil fields at Barmer in Rajasthan by 25,000 barrels of oil per day (bopd) to two lakh bopd.

Glenmark Pharma tumbled 14.68%. Glenmark Pharmaceuticals S.A. (Switzerland), a subsidiary of the company and Forest Laboratories, Inc announced top-line results from a Phase lib dose range finding study of Oglemilast in patients with Chronic Obstructive Pulmonary Disease (COPD).

Gujarat Industries Power Company Ltd fell 0.46% despite a block deal of five lakh shares was executed on NSE at Rs. 100 per share.

Bharat Forge Ltd plunged 5.59% on profit booking after the stock rose 8.50% in the preceding trading session.

Dish TV surged 1.84% on back of plans to raise funds up to $200 million. As per reports, the company plans to raise $200 million (around Rs 1,000 crore) by way of equity issue in either domestic or international markets.

PSL Ltd ended up by 2.58%. The company has secured an order valued approximately Rs 500 crore from Gail (India) Limited for supplying quality API 5L X-80 grade PSL-2 Pipes for their Dahej-Vijaipur Pipe Line Upgradation Project (DVPL-II).

Market gusted northward on bargain hunting

The indian stock market after opening lower, regained strength on bargain hunting with traders buying out in Realty, Capital Goods and Metals stocks despite heavy losses in Chinese equities, which turned lower amid fears that the summer rally could have over heaped the index too far, too fast. Meanwhile, the monsoon situation remains fragile with the country heading into the worst drought year over the last two decades.

On the sectoral front, all indices inclined. Oil exploration stocks gained as crude oil rose, as the dollar''s decline spurred investors to purchase commodities as an alternative investment. Realty and Bank stocks advanced on bargain hunting after being hammered in recent past.

The Market breadth, indicating the overall strength of the market, was strong On BSE, out of 2,532 stocks traded so far, 1,714 shares advanced while 737 shares declined. Nearly 81 shares are unchanged.

At 1.22PM, the BSE Sensex is trading higher by 289.35 points at 15,074.27 whereas NSE Nifty is up by 82.95 points at 4,470.85.

The BSE Mid Cap is trading higher by 110.51 points at 5,496.03 and Small cap is trading up by 127.80 points at 6,339.51.

Major gainers from the BSE Sensex pack are Hindalco Industries Ltd by 5.59% to Rs. 105.85 along with, Jaiprakash Associates Ltd surged 4.00% to Rs. 210.85, DLF Ltd by 3.92% to Rs. 378.70, Larsen & Toubro Ltd by 3.80% to Rs. 1,465.55, Tata Steel Ltd by 3.78% to Rs. 454.25, HDFC Bank Ltd by 2.97% to Rs. 1,449.00, Hindustan Uniliver Ltd by 2.93% to Rs. 256.75, Maruti Suzuki India Ltd by 2.86% to Rs. 1,313.00, Housing Development Finance Co by 2.78% to Rs. 2,314.80, Reliance Communication Ltd by 2.65% to Rs. 251.95, Mahindra & Mahindra Ltd by 2.52% to Rs. 765.60, Wipro Ltd by 2.44% to Rs. 508.50 and Bharti Airtel Ltd by 2.44% to Rs. 408.90.

Major losers from the BSE Sensex Pack are TCS Ltd plunged 0.61% to Rs. 507.6 and Infosys Technologies Ltd by 0.25% to Rs. 1,978.10.

The BSE Realty is higher by 133.21 points or 3.64% at 3,795.91. Stocks inclined include Phoenix Mills Ltd 5.33% to Rs. 131.50, Indiabulls Realty 4.96% to Rs. 229.50, Ansal Infrastructure Ltd by 4.39% to Rs. 61.85, Housing Development by 4.33% to Rs. 279.80, Penland Ltd 4.22% to Rs. 79.00, DLF Ltd 3.92% to Rs. 378.70, Anant Raj by 3.22% to Rs. 134.50 and Sobha Developers Ltd 3.08% to Rs. 209.45 among others.

Nava Bharat Ventures Ltd spurted 7.17% to Rs. 372.40 after the Reserve Bank of India raised the foreign portfolio investment limit in the company to 40%.

Numeric Power Systems Ltd gusted by 19.99% to Rs. 446.20 after it said its board will meet on 22 August 2009 to consider issue of bonus shares.

MVL Ltd improved 2.40% to Rs. 160.10 after its board approved splitting one share of face value Rs. 10 into five shares of face value Rs. 2 each.

Everonn Systems India Ltd gained 1.42% to Rs. 354.25 after a block deal of 2.94 lakh shares was executed on NSE at Rs. 353 per share.

Kiri Dyes & Chemicals Ltd spurted 5.98% to Rs. 410.25 after the company said it is looking for an overseas acquisition.

Board Meeting Headline : Board Meeting on 07-08-2009

Rathi Steel & Power
Manjushree Techno
Munoth Capital M
MMTC Ltd.
Gati Ltd.
C G Impex L
Neha Internation
Ackruti City
MTZ Polyfilms Ltd.
Maharaja Shree U
Core Emballage L
Info-Drive Softw
KIC Metaliks
Greaves Cotton

Technical Analysis of Stock Market Close

The market comes off from the day’s low on selective buying across the counters.

The market comes off from the day’s low on selective buying across the counters. Tracking the negative cues from the global markets and the rising inflation figure that stood at 11.98%, the domestic market opened with a huge gap down. The metal stocks are attracting the investors confidence as most buying is seen from this basket. The market breadth is flat as 1114 stocks are trading lower while 1016 stocks are trading in green.

The BSE Sensex is trading lower by 88.42 points at 14,267.33 and the NSE Nifty is trading down by 35.5 points at 4,297.45. The BSE Mid Cap and Small Cap are trading with marginal gains of 10.01 points and 19.38 points at 5,577.38 and 6,932.17 respectively.

Leading the rally form the losers pack of BSE are Rel Com trading down by 12.26% at Rs438.75 followed by Glenmark pharma by 5.56% at Rs610.75, Tata Tea by 4.60% at Rs725, Gammon India by 3.33% at Rs204.95, Tata Power by 3.28% at Rs1122.10, Maruti Suzuki by 3.11% at Rs557.

The Metal index is trading higher by 126.25 points at 13,038.86. Pushing it are JSW Steel trading up by 5.12% at Rs772 along with NMDC by 4.07% at Rs343, Jindal Saw by 3.53% at Rs529.45, Welspun Guj by 3.50% at Rs341.30, Ispat inds by 3.07% at Rs26.85, Tata Steel by 1.99% at Rs668 and Nalco by 1.40% at Rs430.50.

From the Banking Space, Union bank is trading lower by 2.80% at Rs128.25 in line with SBI by 2.04% at Rs1385.85, Bank of Baroda by 1.53% at Rs251.60, Allahabad bank by 1.09% at Rs59.10 and Axis bank by 1.05% at Rs647.

Tata Steel is trading higher by 2.08% at Rs668.7 as the company reported a growth of 21.78% in standalone net profit to Rs1488.40 crore for the first quarter ended June 2008 as against Rs1222.11 crore reported during the same period a year ago. The total income grew to Rs6177.25 crore as against Rs4305.33 crore previous year.

HCL Technologies is trading up by 1.85% at Rs204.05 as the company announced a acquisition of UK based BPO firm Liberata Financial Services (LFS) for $2 million. As per the agreement, HCL will acquire four LFS delivery centres in UK and will invest $24 million in the business over the next three years. This is second acquisition for HCL tech this yaer. Earlier in February its had acquired US based Capital Stream Inc. for about $40 mn in cash.

Suzlon Energy is trading firmly at Rs227.3 up by 1.88% due to strong quarterly numbers. The company has posted a consolidated net profit of Rs39.4 crore as against Rs20 crore. During te same period, the total income rose to Rs2760.46 crore from Rs1944.63 crore previous year.

The markets have gained some grounds from the day’s low and are trading flat.

The markets have gained some grounds from the day’s low and are trading flat. The selling pressure continued in the selective scrips mainly led by the FMCG, Auto, Realty and Pharma stocks. However, the Metal, Capital Goods, Consumer Durables and Power stocks are trading higher. The BSE Mid Cap and BSE Small cap are trading marginally higher.

The overall market breadth is positive as 1218 stocks are advancing while 1135 stocks are declining and the 83 stocks remained unchanged on BSE.

The BSE Mid cap is higher by 24.59 points at 5,591.96 and the BSE small Cap is up by 22.17 points to trade at 6,934.96.

At 12.30 pm, BSE Sensex was at 14,366.17 up by 10.42 points and the NSE Nifty was at 4,329.20 down by 3.75 points.

BSE Metal index surged by 195.71 points at 13,108.32 as Tata Steel (1.93%), SAIL (0.75%), Nalco (0.44%) and Hindalco Industries (0.11%) are trading in green.

BSE Oil & Gas index was trading 53.82 points higher at 9,783.30 as Essar Oil (2.32%), BPCL (0.92%), Gail India (0.90%) and ABN Offshore (0.51%) are trading in positive.

BSE Capital goods index advanced by 143.14 points to 11,826.94. The main gainers are BHEL (1.39%), ABB (1.32%), Siemens (1.21%) and L&T (1.02%).

BSE Power index increased by 15.66 points to 2,589.93. Gainers are NTPC (0.67%), Suzlon Energy (0.38%) while the losers are Tata Power (2.60%), Reliance Infra (2.09%) and Reliance Power (1.85%).

BSE Bankex index is trading higher by 2.80 points at 6,519.21. Gainers are Orienetal Bank (2.08%), Kotak Bank (1.39%), Indus Ind Bank (1.24%) and PNB (0.83%).

BSE Realty index slipped by 69.11 points to 5,009.96. The major losers are DLF (2.42%), Mahindra Life (0.93%), India Bull Real (0.65%) and Sobha Developers (0.48%).

BSE Auto index decreased by 47.54 points to 3,631.97. The top losers are Maruti Suzuki (3.48%), Hero Honda (2.19%), Bajaj Auto (2.96%) and Tata Motors (1.18%).

BSE IT index inclined by 15.63 points to trade at 3,705.20 as Financial Technologies (1.86%), I-Flex (1.34%), and HCL Technologies (1.07%) trading in positive.

Market pares gains

Profit booking at higher levels in early afternoon trade capped gains in key benchmark indices after a solid early spurt. Metal, banking and capital goods stocks witessed buying demand. The market breadth was strong with small and mid-cap shares staging a comeback after a sharp recent plunge. Cues from the Asian markets, which opened before the Indian market, were positive. Spice Communications was up marginally on massive volumes.

At 12:24 IST, the 30-share BSE Sensex was up 178.37 points or 1.33% at 13,632.45. At the day’s high of 13,793.39 hit in mid-morning trade, the Sensex had gained 339.29 points.

The broader based S&P CNX Nifty was up 69.35 points or 1.38% at 4002.

The BSE Mid-Cap index was up 2.31% at 5,400.36, while the BSE Small-Cap index was up 2.94% at 6,639.34. Both these indices outperformed the Sensex.

The market breadth was strong on BSE, with 1896 gainers outpacing 480 losers. 57 stocks remained unchanged.

Among the 30-member Sensex pack, 26 advanced while the rest declined.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries fell 1.29% at Rs 2072. It was the top loser from Sensex pack.

Tata Motors (down 1.14% to Rs 396.25), HDFC (down 1.09% to Rs 2,032), Cipla (down 0.36% to Rs 207.20) and Reliance Communications (down 0.3% to Rs 436.90) edged lower from Sensex pack.

India's second largest software exporter by sales Infosys Technologies rose 1.57% at Rs 1780.

Banking stocks rose on fresh buying. State Bank of India (up 4.3% to Rs 1,175.50), ICICI Bank (up 2.97% to Rs 617.90) and HDFC Bank (up 2.02% to Rs 1,019) edged higher.

Battered capital goods stocks staged a comeback today on bargain hunting. Siemens (up 7.59% to Rs 459.50), Suzlon Energy (up 3.51% to Rs 198.90), Bharat Heavy Electricals (up 0.13% to Rs 1,502.20) rose.

India’s largest engineering and construction firm by sales Larsen & Toubro (L&T) rose 2.65% to Rs 2,444.80 after it won a transmission line order worth Rs 446 crore.

Metal stocks rose. National Aluminium Company (up 3.31% to Rs 357.50), Steel Authority of India (up 3.21% to Rs 131.90), Hindalco Industries (up 2.68% to Rs 141.75), Tata Steel (up 1.78% to Rs 651.50) and Sterlite Industries (up 1.18% to Rs 650) edged higher.

Reliance Infrastructure (up 4.98% to Rs 812.10), Jaiprakash Associates (up 4.86% to Rs 161), Maruti Suzuki India (up 4.01% to Rs 571), Bharti Airtel (up 3.69% to Rs 743) edged higher from Sensex pack.

Spice Communication rose 0.48% to Rs 73.30 after a massive block deal of 28.45 crore shares was struck on the counter at Rs 74 per share in early trade on BSE, amounting to a sizeable 40.8% stake of the company changing hands. It was the top traded counter on BSE with turnover of Rs 2137.16 crore.

Among the small-cap counters, Silverline Technologies (up 18.39% to Rs 18.35), ITI (up 14.52% to Rs 28), Astra Microwave (up 13.15% to Rs 52.05) and Garware Offshore (up 12.39% to Rs 160.50) surged.

Deccan Aviation (up 19.35% to Rs 69.70), Panacea Biotec (up 17.22% to Rs 355), State Trading Corporation of India (up 15.52% to Rs 262.90), Spicejet (up 15.6% to Rs 28.90) and HMT (up 14.18% to Rs 54.35) edged higher from midcap pack.

ICSA India declined 0.13% to Rs 277.90 even on securing order of Rs 79.88 crore from Ajmer Vidyut Vitran Nigam for providing rural electricity infrastructure under Rajiv Gandhi Gramin Vidyutikaran Yojna of Banswara District, Rajasthan, on turnkey basis.

Tricom India rose 8.64% to Rs 115 after it fixed 22 July 2008 as the record date for 5 for 1 stock split.

Ramco Systems rose 9.66% to Rs 102.70 after it deferred board meet on 10 July 2008 to consider right issue. The revised date of the Board meeting will be communicated later.

Asian markets which opened before Indian market, edged higher. The key benchmark indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were up by 0.11% to 4.19%. US stock markets were closed for the Independence Day holiday on Friday, 4 July 2008.

US light crude for August delivery traded at $143.92 a barrel and London Brent crude rose 23 cents to $144.65 a barrel. Crude oil hit a record $145.85 on 3 July 2008.

As per provisional data, foreign funds bought shares worth a net Rs 372.35 crore while domestic mutual funds sold shares worth a net Rs 97.02 crore on Friday 4 July 2008.

Foreign institutional investors (FIIs) were net buyers of Rs 120.10 crore in the futures & options segment on Friday, 4 July 2008. They were net sellers of index futures to the tune of Rs 215.54 crore and bought index options worth Rs 99.23 crore. They were net buyers of stock futures to the tune of Rs 221.21 crore and purchased stock options worth Rs 15.20 crore.

M&M takes over two-wheeler design house

Mahindra & Mahindra Ltd. (M&M) said on June 5 that the company inked a pact with Italian two-wheeler design house, Engines Engineering, to buy its business. Engines Engineering''s with an annual revenue of about Rs 50 crore is primarily into two-wheeler design and developing of motorcycle prototype. Engines Engineering carries out a full range of activities comprising conception, design, styling, on line assembly, industrialisation and marketing, said a release from Mahindra. Its clients comprise international two-wheeler manufacturers Benelli, Ducati, Honda, LEM and Yahama. Mahindra has bought almost a dozen auto component/engineering companies in India and overseas during the last two and a half years.

Reliance Infrastructure receive MERC approval to raise power tariff

Reliance Infrastructure, controlled by billionaire Anil Ambani, on June 5, won regulatory clearance to increase power tariff by as much as 10.22 per cent. The move will assist the utility to charge more from its 2.6 million users in Mumbai. Reliance Infrastructure (Rel Infra) had urged the Maharashtra Electricity Regulatory Commission (MERC) for a 4.19 per cent increase in its annual revenue requirement (ARR). It was instead approved an increase of 10 per cent. The Ambani company will required to purchase power from the spot market. MERC was distributing power equitably between BEST and Rel Infra and the financial burden was also equitably shared by the organisations till last financial year, in the absence of a formal power purchase agreement between TPC and the distribution utilities.

Usha International fixes Record Date for Scheme of Amalgamation

Usha International Ltd has informed that the Scheme of Arrangement between Usha International Ltd (UIL) and Shriram Fuel Injection Industries Ltd (SFIL) with The Jay Engineering Works Ltd (JEW) and their respective Shareholders and Creditors under section 391 to 394 of the Companies Act, 1956 has been approved by the Honble High Court of Delhi vide its order dated May 26, 2008 and the said order has been filed with the Registrar of Companies on June 02, 2008.

Further, with reference to Point No. 6 of the said Scheme, wherein it was decided that:

a) 44 Exchange equity shares of Rs 10 each fully paid up in The Jay Engineering Works Ltd (Transferee Company) for every one equity share of Rs 10 each fully paid up held in Usha International Ltd (Transferor Company No 1 i.e. UIL); and

b) 31 Exchange equity shares of Rs 10 each fully paid up in The Jay Engineering Works Ltd (Transferee Company) for every ten equity share of Rs 10 each fully paid up held in Shriram Fuel Injection Industries Ltd (Transferor Company No. 2 i.e. SFIIL).

Further as per Point No. 6.3 of the said scheme where it is mentioned that upon coming into effect of this Scheme and after the reduction of the capital the transferee Company shall issue and allot to the Equity Shareholders of the Transferor Companies and the Transferee Company whose name would appear in the Register of Members as on the record date i.e. June 23, 2008 New Equity Shares in the following ratio:

1. 44 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 10 equity shares of Rs 10 each fully paid up held in Transferor Company No. 1 i.e. UIL.

2. 31 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 100 equity shares of Rs 10 each fully paid up held in Transferor Company No. 2 i.e. SFIIL.

3. 1 New Equity Shares of Rs 10 each fully paid up of Transferee Company for every 10 equity shares of Rs 10 each fully paid up held in Transferee Company.

Mid Session indian stock market commentary May-29-2008

The market is trading with marginal gain. The significant buying witnessed in the Metal, Realty and Pharma stocks. However, the Auto, Bank and FMCG stocks are still trading in pressure. The BSE Sensex is hovering around the 16500 mark and the NSE Nifty is trading around the 4900 mark. The broader market has outperformed the benchmark index today as sustained buying is seen in the Mid Cap and Small Cap stocks.

The overall market breadth is positive, as 1455 stocks are advancing while 958 stocks are declining and the 76 stocks remained unchanged on BSE.

The BSE Mid cap is higher by 49.01 points at 6,802.54 and the BSE small Cap advanced by 47.13 points to trade at 8,284.22.

At 12.30 pm, BSE Sensex was at 16,518.32 down by 6.95 points and Nifty was at 4,927.15 up by 8.80 points.

BSE Metal index surged by 347.58 points to trade at 16,997.23. The major gainers are Sterlite Industries (2.92%), NALCO (1.98%), Tata Steel (1.18%) and SAIL (0.69%).
Tata Steel has received mineral concession approvals from the ministry of Mines for two large mines-one for an iron ore mine in Jharkhand and other for a chrome ore mine in Manipur.

BSE Oil & Gas index was trading 49.58 points higher at 10,827.49 as BPCL (2.80%), Cairn India (2.28%), ONGC (0.82%) and RPL (0.55%) are trading in green.

BSE Capital goods index improved by 30.16 points to 12,602.07. The main gainers are BEML (2.93%), Crompton Greaves (1.89%), L&T (0.63%) and Punj Lloyd (0.28%).

BSE IT index inclined by 1.93 points to trade at 4,568.35 as I-flex (2.32%), Satyam Computer (2.58%), Wipro (1.74%) and Tech Mahindra (1.50%) are trading in green.
Satyam Computers and Siemens PLM Software has entered into an alliance to provide software and services to help customers enhance efficiency and enable them to benefit from the duos expertise. Also, it has entered into a comprehensive agreement GE Healthcare to support customers deploying healthcare IT solutions based on GE centricity enterprise software. The companies will join the forces to plan, design and implement infrastructures for global healthcare providers.

BSE Bankex index is trading lower by 65.39 points at 7,868.11. Losers are Allahabad Bank (3.30%), Bank of India (2.37%), ICICI Bank (1.55%) and SBI (1.60%).

BSE Realty increased by 50.83 points to 7,281.25. Leading to its gain are Indiabull Real (2.82%), Unitech (0.53%), Sobha Developers (0.36%) and HDIL (0.28%).

BSE Power index decreased by 6.96 points to trade at 3,097.33 as Suzln Energy (4.23%), Tata Power (0.83%) and NTPC (0.37%) are trading in negative.
Tata Power is investing Rs.500 crore for the expansion of wind power. The company would be adding 115 MW of wind power capacity in the current fiscal.

BSE Auto slipped by 78.46 points to 4,483.57. Leading to its fall are Tata Motors (6.66%), Mahindra & Mahindra (2.18%) and Maruti Suzuki (1.65%).

Indian stock Market Commentary: Market is still weak.

The market is not showing a mood for recovery. All the key benchmark indices are trading in red. The Bank, Realty, Capital Goods and Auto are out of favor today. The BSE Mid Cap and Small Cap stocks are also trading lower. The BSE Sensex is still below the 17, 000 mark and the NSE Nifty is hovering around the 5000 mark.

The overall market breadth is negative, as 1097 stocks are advancing whereas 1549 stocks that are declining.

TCS reported the top gainer from the BSE Sensex pack. It is trading higher by (0.68%) at Rs.970.50 while Tata Motors the top loser down by (4.01%) at Rs.661.25.

At 2.31PM BSE Sensex is at 16,914.44 down by 328.72 points and Nifty is at 5,028.90 down by 88.75 points.

The BSE Mid Cap is lower by 76.13 points to 7,071.92 and the Small Cap dropped by 78.70 points to 8,710.28.

The BSE Bank is the top loser trading with a loss of 226.24 points at 8,413.66. The main losers are PNB down by (3.44%) at Rs.539, ICICI Bank decreased by (3.27%) at Rs.881.70 followed by SBI and HDFC Bank declined by (2.05%) and (1.89%) to Rs.1627.95 and Rs.1383.40.

The most active shares on NSE are Reliance trading at Rs.2634.95 with a total traded quantity of 1739730 shares followed by Reliance Capital trading at Rs.1417.10 with a total traded quantity of 3001204 shares.

Indian stock market: Market is trading with heavy losses

The market is trading lower following the unfavourable global cues and heavy selling across all indices mainly capital goods, metal, banking and oil & gas counters led the Sensex to fall below 17,000 mark while Nifty is still holding 5000. The market is hovering in the negative territory since the initial bell as oil surged to a new high of $135 a barrel and weak Asian Markets. Among the Sensex pack, 1 stock is trading in green while 29 stocks are trading in red.

At 1.37PM, the BSE Sensex is trading lower by 329.82 points at 16,993.34 and NSE Nifty is also down by 85.1 points at 5,032.55.

The BSE Mid Cap and Small Cap are trading down by 85.03 points and 85.98 points at 7,063.02 and 8,703.00 respectively.

Losers from the BSE are Tata Motors trading lower by (4.15%) at Rs660.25 followed by Reliance Infraby (4.12%) at Rs1,321.0, Reliance Communication by (3.60%) at Rs582.00, ICICI Bank by (3.54%) at Rs879.0, Jaiprakash Associates by (2.85%) at Rs245.60 and Reliance by (2.62%) at Rs2,598.0.

The Metal index is trading lower by 345.33 points at 17,044.95. Pushing it are JSW SL trading lower (5.93%) at Rs1,067.50 along with Hindustan Zinc by (3.98%) at Rs722.10, Steel Authority by (3.48%) at Rs176.20, Jindal Stain by (2.60%) at Rs146.0, Jindal Saw by (1.80%) at Rs603.8, Bhushan Steel by (1.70%) at Rs806.25, and Sterlite Industries by (1.68%) at Rs929.20.

The Capital Goods index is trading down by 322.16 points at 13,347.92 as Suzlon Energy is trading down by (4.58%) at Rs294.8 followed by Kirloskar Br by (4.30%) at Rs271.50, Punj Lloyd by (3.10%) at Rs340.80, ABB Ltd by (2.85%) at Rs1000.50 and Kalpat Pow T by (2.49%) at Rs1020.0.

From the telecommunication sector, Reliance Communications is trading down by (3.1%) at Rs584.95 along with Tata Communications by (1.82%) at Rs507.65, Idea Cellular up by (2.59%) at Rs108.9 and Bharti Airtel by (0.81%) at Rs815.75.

From the Cement sector L&T Ltd is trading lower by (2.23%) at Rs2926, followed by Ambuja Cements Ltd by (1.54%) at Rs105.6 and ACC Ltd by (1.23%) at Rs681.85.

Tata Motors is trading lower by (4.15%) at Rs660.25. It has entered into an agreement to buy British brands Jaguar Land Rover from Ford Motor Co for $2.3 billion and indicated there will be some changes to the numerous models and makes available when they acquire Ferrari and Skoda. The company is planning to raise long term funds to partly finance requirements of some plans. As a key concern for the company, increase in the steel prices is affecting cost of the cars and it may be difficult to meet the deadline of Tata Nano project and keep the prices under control as steel constitutes 60% of the manufacturing cost of a car.

Indian stock Market Commentary: Mid Session Market May-22-2008

The market has recovered a bit from the morning lows but is still reeling under heavy pressure as strong selling in scrips continued across the board. The Bank, Capital Goods. Realty and Power stocks are feeling the most selling pressure. The BSE Sensex is hovering around the 17,000 mark and the NSE Nifty is trading above the 5,000 mark. The broader market is also recovered but is till in red.

The overall market breadth is negative, as 1033 stocks are advancing while 1457 stocks are declining and the 77 stocks remained unchanged on BSE.

The BSE Mid cap is lower by 65.46 points at 7,082.59 while the BSE small Cap slipped by 54.52 points to trade at 8,734.46.

At 12.30 pm, BSE Sensex was at 16,492.69 up by 17.46 points and Nifty was at 5,027.80 down by 89.85 points.

BSE IT index inclined marginally by 2.97 points to trade at 4,456.32 as I-Flex (2.76%), Patni Computer (1.90%), TCS (0.71%) and Satyam (0.10%) are trading in green.
Satyam Computers and GE Healthcare has entered into a comprehensive agreement to support customers deploying healthcare IT solutions based on GE Centricity Enterprise software. Under this agreement, both the companies will plan, design and implement infrastructures for global healthcare providers.

BSE Oil & Gas index was trading 137.94 points lower at 11,294.86 as BPCL (4.09%), RPL (1.92%), ONGC (1.92%) and Gail India (1.02%) are trading in red.

BSE Metal index dropped by 165.12 points to trade at 17,225.16. The major losers are SAIL (2.55%), NALCO (2.38%), Hindalco Industries (1.55%) and Tata Steel (0.67%).
SAIL has signed a memorandum of understanding with Rajasthan State Mines and Minerals Limited (RSMML) for a long-term supply of low silica limestone, a critical input for steel making.

BSE Capital goods index declined by 208.96 points to 13,461.12. The main losers are L&T (1.99%), ABB (1.90%), Siemens (1.51%) and BHEL (1.50%).

BSE Bankex index is trading lower by 167.63 points at 8,472.27. Losers are ICICI Bank (2.89%), PNB (2.88%), HDFC Bank (1.96%) and SBI (1.56%).

BSE Realty slipped by 115.04 points to 7,789.84. Leading to its fall are Indiabull Real (3.34%), Purvankara (2.22%), Ansal Infrastructure (2.18%) and DLF (1.66%).

BSE Power index decreased by 48.61 points to trade at 3,254.31 as Suzlon Energy (3.61%), Reliance Energy (3.07%), NTPC (1.54%) and Power Grid (1.40%) are trading in negative.

BSE Auto index down by 80.57 points to trade at 4,702.33 as Tata Motors (3.91%), Mahindra & Mahindra (2.08%), Maruti Suzuki (1.60%) and TVS Motor (1.50%) are trading in negative.

Wadias file suit against GL Raheja Group in Bombay HC over breach of land agreement; to claim damages upto Rs 1370 Cr

Wadias file suit against GL Raheja Group over breach of land agreement in Bombay HC. Wadia alleges that GL Raheja Group sold properties developed on Dinshaw Estate land owned by Wadia to sister companies. Wadias will claim damages to the tune of Rs 1370 crore.

Earlier, Wadias had signed agreement with GL Raheja to develop 470 acres in Malad, Mumbai in 1995 and GL Raheja was to give Wadias 12% of revenue form sale/ lease of developed properties.

Panasonic Home Board recommends dividend

Panasonic Home Appliances India Company Ltd has informed that the Board of Directors of the Company at its meeting held on May 09, 2008, inter alia, has recommended a dividend of 10% per equity share for the financial year 2007-2008 to the members for their approval at the ensuing Annual General Meeting.

Indian stocks in news: IEC Softwares

IEC Softwares Ltd has informed that a meeting of the Board of Directors of the Company will be held on May 12, 2008, inter alia, to consider and approve the following:
1. Tie up with Vocational Education Trust to run and manage a School and College at Alwar.
2. Change in Registered office of the Company from M-92, Connaught Place to 5, Sant Nagar, East of Kailash, New Delhi.

Satra Properties acquires Property at Bhopal

Satra Properties India Ltd has informed that the Company has acquired property situated at Bhopal, Madhya Pradesh, through its Special Purpose Company (SPC), in which Gammon (India) Ltd is having 51% Stake and Satra Property Developers Pvt Ltd [the Wholly Owned Subsidiary Company of Satra Properties (India) Ltd] is having 49% Stake. The Special Purpose Company (SPC) has made Development Agreement with the Government of Madhya Pradesh & Collector of Madhya Pradesh.
The proposed Project shall be one of the state of art project in Madhya Pradesh and the property is to be developed for providing Shopping Malls, Street Shops, Commercial Offices, Food Courts, Five Star Restaurants, Amusement parks, First Snow Parks in Madhya Pradesh with Modern and Hi end amenities. The property is approx. 15 acres of land situated at CBD Bhopal, Opp New Market and South T.T. Nagar, i.e. in the heart of the Bhopal city and it is the prime shopping destination of the Bhopal city. It is having Basic F.S.I. of approx 16,22,673 Sq. ft. and having saleable area of approx. 22,50,000 Sq. ft. The Land & Construction cost of the proposed project is estimated at Rs 800 Crores and has the capacity to generate the Total revenue of approx. Rs 1400 - 1500 Crores. The proposed Project is expected to be completed within 3 to 4 years.

Post Session Indian Stock Market Commentary

The Indian market closed lower after facing the volatility throughout the trading session. Though the market opened with marginal gains but was unable to sustained at higher levels as the profit booking prevailed. The cues from the US market are not in favor that led to the investors in the domestic market to take calculated steps to book their positions. Also the expiry of the April 2008 derivatives contract on this Thursday also add to the sentiments. From the sectoral point, most buying was witnessed from the Realty index.

The BSE Sensex closed lower by 85.83 points at 16,698.04 and NSE Nifty fell by 26.5 points to close at 5,022.80. The BSE Mid Caps and Small Caps closed with marginal gains of 28.79 points and 1.78 points at 7,066.41 and 8,799.86 respectively.

Major losers from the BSE are Indian Bank (7.08%), Idea Cellular (5.33%), SAIL (5.26%), MMTC (4.95%), United SPR (4.67%), Chambal fertilizers (4.45%), Suzlon Energy (3.74%), Biocon (3.70%), Oriental Bank (3.55%), Educomp Solutions (3.49%).

Gainers from the BSE are Spice Tele (15.85%), Ashok Leyland (9.71%), Mangalore Refineries (8.55%), Hind Zinc (7.23%), Welspun Guj (7.23%).

The Metal index closed marginally higher by 18.72 points at 15,548.10 as Hind Zinc (7.23%), Gujarat NRE (5.22%), Jindal Saw (4.33%) and Tata Steel (2.14%) closed in green while Sail (5.26%), JSW Steel (2.83%) and Bhushan Steel (2.07%) closed in red.

The Realty index grew by 150.03 points to close at 8,056.17. Major gainers are Purvankara (8.22%), Akruti City (3.83%), Omaxe (3.64%), Indbul Real (2.38%), Mahindra Life (2.24%), Phoenix mill (1.92%) and HDIL (2.02%).

The Capital Goods index fell by 157.74 points to close at 13,770.97. Losers are Suzlon Energy (3.74%), Bhel (2.40%), Siemens (1.85%), BEML (1.74%), Crompton Greaves (1.46%), SKF India (1.13%), Alstom Projects (0.70%) and ABB (0.66%).

The Bankex index dropped by 164.37 points to close at 8,552.46. Major losers are Oriental bank (3.55%), HDFC bank (3.01%), Canara bank (2.59%), BOB (2.14%), SBI (2.10%), Axis bank (1.47%) and Andhra bank (1.33%).

The IT index closed up by 52.38 points to close at 3,982.85. Scrips that gained are Infosys (2.94%), Wipro (2.88%), Rolta India (0.51%), TCS (0.32%).

India Inc heading eastern Germany

India''s booming companies are scouring the world to invest and the latest destination is eastern Germany. A recent KPMG report suggests that eastern Germany is emerging as a potential investment destination for India Inc.

Seeing the potential in these sectors, some Indian companies that could be making their foray into eastern Germany are SAIL, NTPC, Unitech, IL & FS and Cairn India.Some of the companies that already have a strong foothold in eastern Germany and are looking to expand are RIL, Suzlon, Voltas, Wockhardt and Bharat Forge.

The driving force for these companies to Eastern Germany are 30-40 per cent lower labour costs compared to western Germany and a relatively enterprise friendly political system. In addition, Germany is the largest consumer market in Europe with 80 million consumers. Indian companies are finding eastern Germany a lucrative investment destination. Indo -German trade has grown by 23 per cent in last two years and analysts say post Tata-JLR deal, they anticipate more big Indian acquisitions in the European market.