Technical Analysis of Stock Market Close

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.

Satyam inaugurates Global Solutions Center (GSC) in Egypt

Satyam Computer Services Ltd, on March 05, 2008 announced the inauguration of its Global Solutions Center (GSC) in Egypt. The GSC is located in Smart Village, Giza, and will employ about 300 professionals to serve as a major technological development and software support for Satyams customers in the Middle East, North Africa and European region. As a part of the companys globalization spree, the GSC is Satyams 28th globally and the 14th in the Asia-Pacific, Middle East, India and Africa region.

The rising IT spend in Egypt, which according to IDC has been projected to grow by 12.4 per cent over the next five years and reach USD 120 million by 2010, has amplified its repute as the next important IT hub in the Middle East and African region. Recognizing the tremendous opportunity amidst the countrys growing IT services market, Satyam has identified Egypt as the perfect location for its first GSC in the Middle East and African sub-continent which will serve as a near-shore to the Middle East and North Africa markets and also cater to the BPO, KPO and ITeS needs of European markets due to the availability of European language skills in Egypt.

The GSC is a state-of-the art center spanning 2,100 sq. meters and facilities include 2 training labs, video conferencing, high-speed networks and 24/7 connectivity to all other global locations. As the cornerstone of Satyams strategy in the region, the 300-seater GSC will mainly house locals and is going to be headed by Mohamed Embaby, an Egyptian national. The GSC aims to train locals and create more jobs for them.

Our investments in the Middle East and North African markets are in line with our larger globalization strategy, said B. Rama Raju, Co-founder and CEO of Satyam. We are confident that our investments in the region will also benefit the local economy by way of increased job opportunities for the local population, as we are keen on hiring and training a significant number of locals.

Stock Market Commentary : Post Session Stock

Heavy selling pressures towards the end of the session led the Indian market to pare most of its initial gains. The domestic market opened with a bang tracking the favoring cues from the global markets and kept on marching forward at the initial stage. But the market was unable to sustain at the higher level and fell on the back of weak cues European markets that led to the profit booking across the sectoral indices. Also, the Union budget 2008-09, two days down the line led the investors to take calculated steps to book their positions. The Mid Cap and Small Cap also followed the benchmark indices to close with marginal gains. From the sectoral front, the capital goods scrips remained the centre of attraction as most buying was seen from these baskets. The BSE Sensex closed with marginal gains of 19.80 points at 17,825.99 while NSE Nifty closed lower by 1.65 points at 5,268.40. The BSE Mid Cap and Small Cap closed higher by 32.70 points and 25.37 points at 7,723.56 and 9,673.86 respectively.

BSE Capital Goods index closed higher by 382.31 points at 16,506.67. Major Gainers are Elecon Eng (7.23%), Crompton Greaves (4.73%), Siemens (4.01%), BHEL (3.78%) and L&T (3.20%).

BSE Metal index fell by 159 points to close at 16,642.01. Major losers are Gujarat NRE (8.50%), NALCO (3.71%), Sterlite Industries (2.91%), JSW Steel (2.74%).

BSE Oil & Gas index closed higher by 45.16 points at 11,259.92. Gainers are Aban offshore (5.05%), GAIL India (1.62%), ONGC (1.03%), Reliance (0.46%), Cairn India (0.40%)BR>
BSE Bankex index closed lower by 32.96 points at 10,156.52. Losers are SBI (1.76%), Bank of Baroda (1.53%), Allahabad Bank (0.89%), Canara Bank (0.98%), Bank of India (0.88%).

BSE IT index fell by 70.13 points to close at 4,062.67 as Satyam (2.81%), Infosys (2.69%), Patni Comp (2.62%), TCS (2.24%), HCL Tech (1.62%) closed lower.

BSE Realty index closed lower by 36.77 points at 9,979.72. Losers are Unitech (2.06%), Phoenix mill (1.59%), DLF (0.92%), Omaxe (0.87%) and Purvankara (0.40%).
Market

The market may slide following weak global cues.

The market may slide following weak global cues. Volatility is also expected to remain high, as it had been in the recent past.

Meanwhile, annual inflation data, based on the wholesale price index, for the week ended 2 February 2008 is due today, 15 February 2008. Inflation gained 4.11% in the week ended 26 January 2008 from 3.93% in the week ended 19 January 2008.

Asian markets were trading weak today, 15 February 2008. Hang Seng (down 1.98% at 23,546.53), Japan's Nikkei (down 1.49% at 13,423.93), Taiwan's Taiwan Weighted (down 0.25% at 7,845.32), South Korea's Seoul Composite (down 0.95% at 1,681.38), Singapore's Straits Times (down 0.22% at 3,038.80) and China's Shanghai Composite (down 1.81% to 4,470.05), all edged lower

US markets slumped on Thursday, 14 February 2008, as stocks fell after Federal Reserve Chairman Ben Bernanke alluded to the possibility of US nearing a recession, indicating the Fed may continue to ease interest rates. Bernanke and Treasury Secretary Paulson continued to forecast slow growth. Financial stocks were under pressure after Swiss banking giant UBS reported a quarterly loss of $11.12 billion in Q4 December 2007.

The Dow Jones industrial average plunged 175.26 points, or 1.40%, to 12,376.98. The Standard & Poor's 500 index slipped 18.35 points, or 1.34%, to 1,348.86, and the Nasdaq composite index dropped 41.39 points, or 1.74%, to 2,332.54.

Back home, the market rallied on the back of strong global cues. The 30-share BSE Sensex surged 817.49 points or 4.82% at 17,766.63, recording its fourth biggest rise in percentage terms on Thursday, 14 February 2008. The broader CNX S&P Nifty rose 272.55 points or 5.53% at 5202 for the day.

As per provisional data, foreign institutional investors (FIIs) purchased shares worth Rs 60.99 crore on Thursday, 14 February 2008. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 205.03 crore on that day.

Crude oil prices fell in Asian trade today, 15 February 2008 amid continuing concerns about the ailing US economy. In morning trade, New York's main contract, light sweet crude for delivery in March fell 34 cents to $95.12 per barrel. London's Brent North Sea crude for March delivery was down 25 cents to $94.91.

Stock Market off the day’s high.

The market is trading choppy. The large cap stocks managed to trade higher from the opening trade while the significant selling witnessed in the Mid Cap and Small Cap stocks. The Realty, Metal Capital Goods and Oil & gas stocks are the top performers today.The overall market breadth remains negative, as 662 stocks are advancing whereas 1,991 stocks that are declining.

Tata Steel reported the top gainer from the BSE Sensex pack. It is trading higher by (5.41%) at Rs.748.85 while Reliance Communication the top loser trading down by (3.51%) at Rs.555.50.

At 2.31PM BSE Sensex is at 16,850.54 up by 242.53 points and Nifty is at 4,894.80 up by 56.55 points. The BSE Mid Cap is lower by 15.96 points to 7,042.42 and the Small Cap slipped by 152.53 points to 9,021.15.

The BSE Realty index is the top performer today. It is trading with a gain of 475.60 points at 9,518.44. The main gainers are Unitech Ltd up by (17.61%) at Rs.364, Purvankara increased by (2.63%) at Rs.304 followed by DLF and Parsavnath advanced by (2.16%) and (2.06%) to Rs.810 and Rs.262 respectively.

The most active shares on NSE are Reliance trading at Rs.2,385 with a total traded quantity of 3849170 shares followed by Jay Prakash Associates trading at Rs.262.75 with a total traded quantity of 30747027 shares.

Rajesh Exports - Allotment of Bonus shares

Rajesh Exports Ltd has informed that the Board of Directors of the Company at its meeting held on February 13, 2008, has approved the allotment of 147814000 equity shares of Re 1/- each of the Company as Bonus Shares by Capitalization of the profits to all the shareholders of the Company whose names appeared on the Register of Members of the Company on the record date of February 05, 2008.

Stock Market Commentary: Post Session

The Indian market tumbled in the final trading hours of the session to close in the negative territory. Taking the favoring cues from the global markets, the Indian market opened on a firm note but unable to sustain at higher levels and pare all its gains. The volatility gripped the market throughout the trading session. The favoring cues from the domestic scenario like India''s industrial output rose 7.6% in December 2007 from a year earlier, accelerating from the previous month''s downwardly revised 5.1% also failed to hold the gains of the market. From the sectoral front, the bankex stocks remained in the limelight as most buying is seen from these baskets. The Small Caps and Mid Caps were the most hit as they face heavy selling pressures across the counters. The BSE Sensex closed lower by 22.90 points at 16,608.01 and NSE Nifty fell by 18.75 points to close at 4,838.25. The BSE Mid Cap and Small Cap indices closed lower by 161.45 points and 266.42 points at 7,058.38 and 9,173.68 respectively.

BSE Bankex index closed higher by 122.48 points at 9,867.36. Gainers are Axis bank (6.65%), ICICI bank (2.71%), Kotak bank (2.46%), Andhra bank (2.32%), IOB (1.52%).

BSE Metal index closed marginally lower by 1.20 points at 14,273.05 as Welspun Guj (6.38%), Sesa Goa (5.82%) and JSW Steel (3.01%) closed higher while Jindal Saw (4.09%) and Jindal Stainless (3.46%) closed lower.

BSE Realty index dropped by 125.49 points to close at 9,042.84. Losers are Penland (7.93%), Ansal Infra (7.41%), Sobha Dev (3.54%), Indbul Real (3.40%), HDIL (1.75%).

BSE CG plunged by 160.86 points to close at 14,873.21. Scrips that fell are BEML (4.91%), Kalpataru Power (4.36%), Lakshmi Machines (4.12%), Punj Lloyd (3.96%).

BSE Oil & Gas index inched up by 40.52 points to close at 9,926.32. Scrips that gained are Cairn India (5.26%), HPCL (2.20%), Reliance Inds (2.17%) and Gail India (1.09%).

BSE IT index closed lower by 58.18 points at 3,789.98 as NIIT (7.51%), Patni Comp (5.84%), Karut Net (5%) closed lower.

Idea Cellular - Limited Review for the quarter ended Dec 31, 2007

Idea Cellular Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:

Attention is invited to note 4 of the statement. As detailed in the said note, pending the transfer of Telecom licenses of erstwhile Idea Mobile Communications Ltd, BTA Cellcom Ltd and Idea Telecommunications Ltd in the name of the Company, the Company has given effect to the scheme of Amalgamation w.e.f. April 01, 2006 the appointed date. Implications if any, in the event of non-transfer of the licenses are not ascertainable at this stage.

Universal Cables - Change in Directorate

Universal Cables Ltd has informed that Shri. Sushil Kumar Daga and Shri. Shankar Prasad Tamrakar have ceased to be Alternate Directors to Shri. S N Prasad and Shri. Dinesh Chanda respectively w.e.f. January 29, 2008 and they have been re-appointed as Alternate Directors with effect from January 30, 2008 to act for Shri. S N Prasad and Shri. Dinesh Chanda respectively during their absence.

Kirloskar Ferrous Board to consider interim dividend

Kirloskar Ferrous Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on February 20, 2008, inter alia, to consider the payment of Interim Dividend on Equity Shares of the Company for the financial year 2007 2008.

Post Session Market

The Indian Market closed with heavy losses for the third straight trading session. Though the market opened higher backed by favoring cues from the global market but was unable to sustain all its gains at higher levels and fell soon after the start of the session. The investors took calculated steps in booking their further positions, as the Federal Open Market Committee will be announcing its interest rates today as well as due to expiry of January derivatives contracts tomorrow. The Mid Caps and Small Caps also joined the rally of the benchmark indices as they also faced heavy profit booking. The BSE Sensex closed lower by 333.20 points at 17,758.64 while NSE Nifty fell by 113.2 points to close at 5,167.60. The BSE Mid Cap and Small Cap indices also closed lower by 192.18 points and 230.81 points at 7,829.06 and 10,146.86 respectively.

BSE Metal index dropped by 134.42 points to close at 15,406.33. Scrips that fell are Ispat Industries (6.57%), Jindal Steel (4.78%), Jindal Stainless (4.08%), NALCO (2.23%).

BSE Oil & Gas index slipped by 497.21 points to close at 10,684.56. Losers are RNRL (6.66%), BPCL (5.96%), Essar Oil (5.64%), ONGC (4.94%), IOCL (4.11%).

BSE Auto index closed down by 111.28 points at 4,812.46 as TVS Motors (5.03%), Bajaj Auto (4.62%), Tata Motors (2.74%), Maruti Suzuki (1.70%) closed in red.

BSE Capital Goods index closed lower by 336.15 points at 16,625.91. Losers are Elecon Eng (11.36%), Lakshmi Machine (6.96%), Jyoti Structures (5.28%) and ABB (4.31%).

BSE Bankex index fell by 220.56 points to close at 10,899.86. Scrips that fell are CentBOP (4.44%), Kotak bank (4.38%), IOB (4.20%), BOB (4.03%), BOI (3.56%).

BSE Realty index slipped by 252.88 points to close at 10,148.19. Scrips that lost are Mahindra Life (6.77%), Penland (6.19%), Ansal Infra (5.51%), Omaxe (4.72%).

BSE Power index dropped by 113.49 points to close at 3,822.67 as Suzlon Energy (6.40%), Reliance Energy (5.44%), Power Grid (4.97%), NTPC (4.70%) closed lower.

GMR Industries Board approves Rights Issue

GMR Industries Ltd has informed that that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, has approved the following:

1. Approved the proposal for a rights issue for Rs 250.00 Crores and appointed a committee for the same.

2. Approved Proposal for setting up a Medium Density Fiber Board Project and setting up of another Sugar Complex in Karnataka.

NTPC Board declares interim dividend

National Thermal Power Corporation Ltd (NTPC) has informed that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, had decided, to pay interim dividend for the financial year 2007-08. The interim dividend shall be paid at the rate of 27% on the face value of paid-up equity shares of Rs 10/- each.

Balmer Lawrie Board declares interim dividend

Balmer Lawrie Investments Ltd has informed that the Board of Directors of the Company at its meeting held on January 30, 2008, inter alia, has approved the payment of an interim dividend of 30% i.e. Rs 3.00 per Equity Share of Rs 10/- each fully paid-up, out of the Available Profit for the nine months period ended on December 31, 2007.

Raymond announces Q3 results

Raymond Ltd has announced the following Unaudited Results for the quarter ended December 31, 2007: The Company has posted a net profit of Rs 93.60 million for the quarter ended December 31, 2007 where as the same was at Rs 383.70 million for the quarter ended December 31, 2006. Total Income is Rs 3528.40 million for the quarter ended December 31, 2007 where as the same was at Rs 3240.60 million for the quarter ended December 31, 2006. In view of the divestment of Denim business effective August 01, 2006, figures of the current period are not comparable with corresponding figures of previous period.

Power Grid Corporation announces Q3 results

Power Grid Corporation of India Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:

The Company has posted a profit after tax of Rs 3842.80 million for the quarter ended December 31, 2007 as compared to Rs 3372.70 million for the quarter ended December 31, 2006. Total Income has increased from Rs 10048.00 million for the quarter ended December 31, 2006 to Rs 11937.70 million for the quarter ended December 31, 2007.

The figures for the quarter ended December 31, 2006 are Audited.

Record gain in Sensex

It proved as the most eventful week on the stock markets. What started as a bloodbath on the street ended with a solid recovery. Taking their cue from firm global markets, share prices surged today with the Sensex registering its biggest ever single day rise in absolute terms on a closing basis.

The 30-share BSE Sensex provisionally ended up 1158.85 points or 6.73% to 18380.59, its biggest percentage gain on a closing basis since 23 January 2008. It is also the first-ever, four-digit single day gain for the index.

Stocks across the globe were buoyed by several factors including strong corporate sentiment in Germany and a return of some confidence in the US economy after solid employment data and a congressional fiscal package. The Bush administration's fiscal package includes $150 billion of tax rebates and business incentives meant to prevent a slowdown in the country's economy.

Hindalco, Reliance Energy and ICICI Bank spurted. All the sectoral indices in BSE were in green. Realty stocks surged. Market breadth was strong. However, volumes were low. Asian markets, which opened before Indian markets, soared. European markets, which opened after Indian markets, were trading firm.

India's wholesale price index rose 3.83% in the 12 months to 12 January 2008 marginally higher than the previous week's rise of 3.79%, government data showed on Friday, 25 January 2008. The annual inflation rate was 6.15% during the corresponding week of the previous year.

Meanwhile, all-India bank strike has prompted stock exchanges, BSE and NSE, to cancel clearing and settlement of trades, scheduled to be held today. Settlement of trades done on Wednesday, 23 January 2008, will be now done on Monday, 28 January 2008.

The Sensex had opened with a positive gap of 262.26 points. Continual buying in index pivotals led the index gain 1184.51 points at the day's high of 18,406.25 touched at the fag end of the trading session.

The broader CNX S&P Nifty provisionally ended up 351 points or 6.97% to 5384.45.

BSE clocked a turnover of Rs 5199 crore compared to Rs 6,379.33 crore on Thursday, 24 January 2008.

The market breadth was strong. On BSE, 1573 shares advanced as compared to 1153 that declined. 32 remained unchanged.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 4.60% to Rs 2605.

India’s largest private sector bank by assets ICICI Bank surged 11.57% to Rs 1263.

India’s leading engineering and construction firm by revenue Larsen & Toubro jumped 9.95% to Rs 3890.40.

Among the Sensex gainers, Hindalco Industries surged 15.09% to Rs 175, Reliance Energy soared 11.74% to Rs 2029, NTPC spurted 9.67% to Rs 223.40, Bajaj Auto sprout 9.02% to Rs 2300 and Mahindra & Mahindra jumped 8.69% to Rs 680.

In Europe, key indices in UK, France and Germany were up by 0.52% to 1.52%.

In Asia, key indices in Hong Kong, South Korea, Taiwan, Singapore, and Japan were up by 0.93% to 6.73%.

The US stocks finished higher overnight after the Bush administration and lawmakers announced details of an economic stimulus plan aimed at stemming mortgage market losses. Dow closed up 108.44 points or 0.88% at 12,378.61, the Nasdaq climbed 44.51 points or 1.92% to 2,360.92 and the S&P 500 added 13.47 points or 1.01% to 1,352.07.

Crude oil prices rose in Asian trade Friday as stock markets around the world firmed, China revealed strong growth and on expectations that OPEC will not increase crude output next week. In Asian deals Thursday, crude was trading at $89.77 a barrel. Light, sweet crude for March delivery jumped $2.42 to settle at $89.41 a barrel on the New York Mercantile Exchange on Thursday.

Tech Mahindra equity shareholders to approve Scheme of Arrangement

Tech Mahindra Ltd has informed that pursuant to the Order made by the Honble High Court of Judicature at Bombay, a meeting of the Equity Shareholders of the Company will be held on January 29, 2008 for the purpose of considering and, if thought fit, approving with or without modification(s), the Scheme of Arrangement embodied in the Scheme of Amalgamation between iPolicy Networks Ltd and Tech Mahindra (R&D Services) Ltd, the Transferor Companies with the Tech Mahindra Ltd, the Applicant Company and their respective shareholders.

Post Session Market: Jan-04-2008 16:27

The Indian market closed on a strong note led by heavy buying across all the index heavyweights. The market opened firmly and keeps on marching forward throughout the trading session but pares some of its gains towards the end of the session. Most buying is seen from the CG, Metal, Bankex and Oil & Gas baskets. The Inflation based on the wholesale price index (WPI) rose to 3.50% for the week ended 22 December 2007 as compared to 3.45% in the week ended 15 December 2007. The BSE Sensex closed higher by 341.69 points at 20,686.39 and NSE Nifty closed up by 95.75 points at 6,274.30. The BSE Mid Cap index closed higher by 56.19 points at 10,113.06 while BSE Small Cap fell by 12.60 points to close at 13,884.11. BSE Bankex index surged 234.58 points to close at 11,905.06. Scrips that gained are CentBOP (6.83%), ICICI bank (4.67%), Kotak bank (2.07%), Axis bank (2.03%) and Andhra bank (0.73%). BSE Metal index increased by 299.34 points to close at 20,297.51. Scrips that advanced are Sterlite industries (5.12%), Hindalco (3.41%), Maharash Sea (2.41%), Hind Zinc (1.86%) and SAIL (1.26%). BSE Capital Goods index rose by 499.04 points to close at 20,029.24 as Praj industries (6.22%), SKF India (4.35%), Jyothi Structures (5.27%), Areva (5.13%), L&T (4.50%) and BHEL (1.35%) closed higher. BSE Realty index grew by 39.47 points to close at 13,285.29. Scrips that pushed up are Parsvnath (9.15%), Penland (3.52%), DLF (2.32%), Purvankara (1.92%), Ansal Infra (1.89%) and Omaxe (0.81%). BSE Oil & Gas index advanced by 314.78 points to close at 13,917.04 as Aban Offshore (5.61%), RPL (5.32%), RNRL (3.21%), ONGC (2.90%), Reliance industries (2.86%) and Cairn India (2.51%). BSE IT index dropped by 44.49 points to close at 4,319.14. Scrips that fell are Aptech (4.47%), NIIT Ltd (4.07%), TCS (1.27%), Infosys (1.06%) and Satyam (0.98%).