Mixed trend in rubber

On Saturday, physical rubber prices witnessed mixed trend. Sheet rubber dropped to Rs 100 from Rs 100.50 a kg on buyer resistance. Most of the traders preferred to remain on the sidelines in the absence of global guidance as the trend setting international exchanges were on weekend holidays.

RSS 4 improved at its August futures to Rs 102.19 (101.77), September to Rs 99.35 (99.07), October to Rs 97.18 (96.72) and November to Rs 96.91 (96.58) a kg on National Multi Commodity Exchange (NMCE).

Spot rates were (Rs/kg): RSS-4: 100.00 (100.50); RSS-5: 98 (98); ungraded: 96 (96.50); ISNR 20: 92.50 (92.50) and latex 60 per cent: 77 (78).

Post Session Stock Market Headline

Indian stock market concluded its journey for the week on weak note on account of sustained selling over the ground. Cues from the market all over the world were unfavorable, which contributed to the downward journey of the domestic bourses. Consequently, lower US index futures and weak European markets took beating on the bourses. Poor monsoon also played a key role to add to the gloom. However, market tried to recover during initial trading after the report that IPO of state-run NHPC was fully bid. NHPC is planning to raise Rs 6,040 crore at the upper end of the issue price band of Rs 36. The government has kick started the divestment process by selling shares in NHPC. Meanwhile, the recovery was momentary and stocks slipped again. The BSE Sensex ended below 15,200 level and NSE Nifty closed below 4,500 mark.

Market extended yesterday’s losses and opened sharply lower backed by negative cues from the global markets. The US stocks markets ended on downbeat note on Thursday for the second straight session after a solid start. The major indices opened higher following smaller-than-expected weekly initial jobless claims, even though continuing claims were more-than-expected. Further, benchmark indices were trading with volatility and managed to lessen some of the losses. However, market was unable to hold the same momentum and slipped again as profit booking continued across the sectorial indices. Further, the weak cues across the Asian markets also fueled the sentiments today. Market continued to extend losses and slipped sharply during final trading to end the day with huge losses. From the sectoral front, all indices closed in red. Among those, Consumer Durables, Auto, Realty, Bank, Power, Capital Goods, FMCG and Metal stocks were major draggers, which pulled down the market. Continuous selling also pulled down the border market indices as BSE Midcap and Smallcap indices ended lower.

Among the Sensex pack 27 stocks ended in red territory and 3 in green. The market breadth indicating the overall health of the market remained negative as 1922 stocks closed in red while 748 stocks closed in green and 78 stocks remained unchanged in BSE.

The BSE Sensex closed lower by 353.79 points or (2.28%) at 15,160.24 and NSE Nifty ended down by 104.10 points or (2.27%) at 4,481.40. BSE Mid Caps and Small Caps closed with losses of 126.01 and 121.03 points at 5,433.25 and 6,193.76 respectively. The BSE Sensex touched intraday high of 15,501.94 and intraday low of 15,104.

Losers from the BSE Sensex pack are RCom (5.79%), JP Associates (5.46%), M&M Ltd (5.41%), Maruit Suzuki (5.33%), Tata Power (4.78%), BHEL (4.11%), Bharti Airtel (3.88%), ICICI Bank (3.62%), HUL (3.35%), SBI (3.08%), DLF Ltd (3.05%), Sterlite Industries (2.96%), Herohonda Motors (2.51%), Reliance Infra (2.48%), Reliance (2.47%), Hindalco (2.27%), TCS Ltd (1.82%), ITC Ltd (1.56%), HDFC Bank (1.50%) and ACC Ltd (1.45%).

Gainers from the BSE Sensex pack are NTPC Ltd (0.71%), Tata Steel (0.31%) and Wipro Ltd (0.13%).

On the global markets front the Asian markets that opened before the Indian market, ended mostly lower. Shanghai Composite, Hang Seng and Straits Times ended down by 95.64, 523.87 and 52.15 points at 3,260.69, 20,375.37 and 2,549.35 respectively. However, Nikkei 225 and Seoul Composite gained 24 and 10.96 points at 10,412.09 and 1,576 respectively.

European markets, which opened after the Indian market, are trading in red. In Frankfurt the DAX index is trading down by 34.70 points at 5,354.28 and in London FTSE 100 is trading lower by 50.55 points at 4,639.98.

The BSE Consumer Durables index closed lower by (3.92%) or 122.85 points at 3,013.23. Losers are Videocon Ind (5.44%), Rajesh Export (4.80%), Titan Ind (4.11%), Gitanjali GE (3.93%) and Blue Star L (2.14%).

The BSE Auto index dropped by (3.87%) or 219.86 points at 5,457.09 on profit booking. Scrips that lost are Bajaj Auto (7.10%), M&M Ltd (5.41%), Maruti Suzuki (5.33%), Apollo Tyre (4.18%) and MRF Ltd (3.78%).

The BSE Realty index plunged (3.29%) or 125.25 points at 3,676.95. Losers are Anant Raj (8.08%), Ansal Infra (6.68%), Unitech Ltd (5.70%), Parsvnath (4.36%) and Mahindra Life (4.17%).

The BSE Bank index ended down by (2.96%) or 247.3 points at 8,110.98. As IDBI Bank (6.38%), Canara Bank (5.38%), Indian Overseas Bank (4.69%), Yes Bank (4.20%) and Punjab National Bank (3.68%) ended in red.

The BSE Power index lost (2.65%) or 77.52 points at 2,848.15. Main losers are Suzlon Energy (5.95%), Tata Power (4.78%), BHEL (4.11%), Torrent Power (4.09%) and Siemens Ltd (3.43%).

The BSE Capital Goods index dropped by (2.39%) or 297.35 points at 12,157.02. Losers are Suzlon Energy (5.95%), Walchand In (5.21%), Praj Industries (5.06%), Jyoti Sturct (4.95%) and SKF India (4.64%).

Indiabulls Financial Services Ltd sunk 5.27% after a block deal of 62.50 lakh shares was executed on NSE at Rs. 187.95 per share.

Ashok Leyland Ltd plunged 3.41% on poor sales in July 2009.

Dewan Housing Finance Corporation Ltd slipped 1.65% on reports a unit of the company will float a private equity fund in joint venture with a US firm.

Jagran Prakashan fell 2.38% after a block deal of 9.50 lakh shares was executed on NSE at Rs. 89.05 per share.

Aurobindo Pharma Limited dropped by 0.19%. The company announced that it has received the final approval for Carisoprodol Tablets USP 350mg (ANDA 40-792) from the US Food & Drug Administration (USFDA). Aurobindo now has a total of 100 ANDA approvals (71 Final approvals and 29 Tentative approvals) from USFDA.

Tata Power plunged 4.78%. The company is eyeing big as it has lined up capital expenditure plan of Rs 29,300 crore for the next three years. Out of this, Rs 9,800 crore would come from internal accruals and the company would raise about Rs 18,000 crore debt, said the Chairman, Mr Ratan Tata, addressing shareholders at the company''s annual general meeting on Thursday.

Tata Steel increased by 0.31%. The company witnessed an 18% increase in its net sales during July to 4.78 lakh tones while last year its sales stood at 4.05 lakh tones due to the strong demand from the auto and construction sectors. Additionally, steel production increased by 24% to 5.39 lakh tonnes last month as against 4.35 tonnes in July 2008 whereas Tata''s hot metal production too went up to 5.97 lakh tones as compared to 4.82 lakh tonnes produced in 2008, rising by 24%.

Indian Stock Market lost further grounds.

The markets have lost further grounds as selling pressure continued across the board. Further the negative opening of the European markets also turned down the sentiments. All the sectorial indices are trading in red in the afternoon trade. The Auto, Consumer Durables, Realty, Banking and Power stocks remained in pressure today. The broader market indices also extended their losses as both the BSE Mid Cap and the small Cap indices are trading with a cur of more than 1.5% each.

The overall market breadth is negative as 771 stocks are advancing while 1860 stocks are declining in BSE.

Tata Steel reported the top gainer from the BSE Sensex pack, as it is trading up by (1.20%) at Rs. 460.25 while Jai Prakash Associate reported the top loser trading down by (5.18%) at Rs. 218.80.

At 2.31PM the BSE Sensex is trading lower by 259.35 points at 15,254.68 and the NSE Nifty is trading lower by 77.65 points at 4,507.85.

The BSE Mid Cap decreased by 98 points to 5,461.26 and the BSE Small Cap fell by 98.288 points to 6,221.91.

The Auto index is trading higher by 185.33 points or 3.26% at 5,491.62. Losers from this pack are Bajaj Auto trading lower by 6.34% at Rs. 1185 along with Maruti Suzuki by 4.62% at Rs. 1301, M&M by 4.10% at Rs. 845.70, Exide Inds by 3.28% at Rs. 81.05 and Apollo Tyres by 2.75% at Rs. 40.70.

The Consumer Durables index is trading down by 92.16 points or 2.94% at 3,043.92. Scrips trading with deep cut are Rajesh Exports trading down by 4.13% at Rs. 42.90 followed by Gitanjali GE by 3.97% at Rs. 110, Videocon Inds by 3.39% at Rs. 196.35 and Blue Star by 1.61% at Rs. 358.55.

The most active shares on NSE are Unitech trading at Rs. 86.90 with a total traded quantity of 48073764 shares followed by Ispat Inds trading at Rs. 22.5 with a total traded quantity of 39201143 shares.

Aurobindo Pharma Limited is trading lower by 3.21% at Rs. 584.95. The company announced that it has received the final approval for Carisoprodol Tablets USP 350mg (ANDA 40-792) from the US Food & Drug Administration (USFDA). Carisoprodol Tablets USP 350 mg is the generic equivalent to Soma® Tablets USP 350 mg of Meda Pharmaceuticals. Carisoprodol Tablets are muscle relaxants and indicated as an adjunct to rest, physical therapy, and other measures for the relief of discomfort associated with acute, painful musculoskeletal conditions.

On the global markets front, the European markets are now trading lower as the FTSE 100, DAX and CAC 40 index are trading down by (0.97%), (0.46%) and (0.89%) respectively.

Cisco earnings fall 46% but beat expectations

Cisco Systems said that their profit will beat Wall Street expectations even though their earnings fell by 46% last quarter and it may have been at the bottom of the recession-related downturn. The company expects a slight increase in revenue in the current quarter compared with the just-ended one. Cisco is the world''s largest maker of computer networking gear and it has witnessed sales hit hard as clients delayed investments and capital improvements. However, good profit margins and a large pile of cash have helped it to get out of the downturn.

However, not including the cost of stock-based compensation and other items, Cisco''s earnings were 31 cents per share and are expecting earnings of 29 cents per share on $8.5 billion in revenue. Additionally, for the present quarter they are expecting revenue drop of 15% to 17% from a year ago, or an increase of 1% to 3% from the last quarter which implies revenue of $8.55 billion to $8.76 billion however, they have been forecasting $8.59 billion in revenue.

Indian Stock Market Commentary Headline : Mid Session Indian Stock Market

The Stock markets are witnessing a lot of volatility today and remained under pressure as profit booking continued across the sectorial indices. Further the weak cues across the Asian markets also turned down the sentiments today. The selling pressure witnessed among the Auto, Realty, Banking, FMCG and Power stocks. The broader market indices are also witnessing the selling heat as both the BSE Mid Cap and the Small Index are now trading with a loss of more than 1% each. The BSE Sensex is now trading below the 15350 mark and the NSE Nifty below the 4550 mark.

Wipro reported the top gainer from the BSE Sensex pack, as it is trading higher by (0.95%) at Rs.503. While Mahindra & Mahindra reported the top loser from the BSE Sensex pack, as it is trading down by (6.42%) at Rs.825.25.

The overall market breadth is negative as 818 stocks are advancing while 1628 stocks are declining and the 67 stocks remain unchanged on BSE.

At 12.31 pm, BSE Sensex was at 15,305.40 down by 208.63 points and the NSE Nifty was at 4,521 down by 64.50 points.

The BSE Mid cap is trading lower by 75.97 points at 5,483.29 and the BSE small Cap fell by 70.37 points to trade at 6,244.42.

BSE Realty index fell by 36.66 points to 3,765.54 as Anant Raj Industries (5.95%), Parsavnath (3.87%), Ansal Infra (3.05%), Phoenix Mill (2.23%), Mahindra Life (2.07%) and Akruti City (1.75%) are trading lower.

BSE Capital Goods index dropped by 151.10 points to 12,303.27. The main losers are Jyoti Structure (3.08%), Gammon India (2.34%), Praj Industries (2.87%), SKF India (2.61%), Bharat Bijli (1.53%) and Siemens (1.52%).

BSE Bankex index is trading lower by 130.73 points at 8,226.65. The main losers are IDBI Bank (3.56%), SBI (2.46%), Kotak Bank (2.25%), AXIS Bank (2.15%), Bank of Baroda (1.93%), Yes Bank (1.71%) and ICICI Bank (1.55%).

BSE Oil & Gas index down by 21.13 points to 9,708.62 as Essar Oil (3.14%), Aban Offshore (2.87%), RNRL (1.36%), HPCL (1.02%), Indian Oil (0.61%), Cairn India (0.60%) and BPCL (0.62%) are trading in negative.

BSE Auto index is trading lower by 204.68 points at 5,472.27. The major losers are Mahindra & Mahindra (6.34%), Bajaj Auto (5.55%), Maruti Suzuki (4.03%), Ashok Leyland (3.56%), Tata Motors (3.32%) and Hero Honda (2.79%).

BSE Metal index fell by 82.19 points to 12,322.87 as Jai Corp (3.22%), Gujarat NRE (2.78%), Welspun Gujarat Stahl (2.38%), NALCO (2.45%), Hindalco Industries (2.12%), Jindal Steel (2.03%) and Sterlite Industries (1.92%) are trading lower.

BSE IT index decreased marginally by 4.74 points to trade at 3,945.34 as Tech Mahindra (4.81%), NIIT Ltd. (3.50%), Rolta Ind (2.59%), TCS Ltd. (0.74%) and Infosys Technologies (0.42%) are trading in red.

BSE Power index declined by 36.24 points to 2,889.34 as Suzlon Energy (2.38%), Torent Power (1.52%), Reliance Power (1.42%) and Tata Power (1.15%) are trading lower.

On the global markets front, the Asian markets are trading mixed as the Hang Seng, Shanghai Composite and Straits Times index are trading down by (1.45%), (2.51%) and (1.35%) respectively. While, Nikkei 225 and Seoul Composite index are trading up by (0.23%) and (0.70%) respectively.

Market Reports Headline : Market trading on jittery note

Continuing its southward journey, the bench mark indices are trading on jittery note on the back of weakness in the US and the Asian markets. Lack of any prominent news in the domestic market forced traders to offload the front line stocks at higher level. Besides, according to market men, the IPO of NHPC has received overwhelming response. Local banks, insurance companies and foreign institutional investors have subscribed to the issue. During the last hours'' trading session, selling interest has emerged across all the sctors. Among the BSE sectoral indices Auto, Capital Goods (CG) and Bankex stocks declined by 3.45%, 1.54% and 1.51% respectively, while the IT index dipped by 0.35%. Overall market breadth is negative, out of the total 2,293 stocks traded at BSE, 735 Advanced, 1,486 declined while 72 remained unchanged.

At 11.32 AM, the BSE Sensex down by 164.56 points at 15,349.47 while NSE Nifty dipped by 51.34 points at 4,534.15. Besides, the BSE Mid Cap and Small Cap are trading lower by 62.8 points and 54.39 points at 5,496.46 and 6,260.4 respectively.

Losers from the BSE Sensex Pack are Mahindra & Mahindra Ltd down by (5.90%) to Rs. 829.85, along with Maruti Suzuki by (3.67%) to Rs. 1,314, Tata Motors by (3.38%) to Rs. 404.15, Jai prakash associates by (2.75%) at Rs. 224.40, SBI by (2.48%) at Rs. 1,752, and BHEL by (2.40%) at Rs.2,218.5.

Losers from the NSE Nifty Pack are Mahindra & Mahindra Ltd decreased by (6.64%) at Rs. 822, along with Maruti Suzuki Ltd by (3.95%) at Rs. 1,310.85, Tata Motors by (3.41%) at Rs. 404.15, Ranbaxy Lab by (2.87%) at Rs. 265.35, HeroHonda Motors by (2.57%) at Rs. 1,481.45 and SBI by (2.51%) at Rs. 1,751.5.

BSE Auto is trading lower by (3.45%) or 195.60 points at 5,481.35. The top losers in the index are Mahindra & Mahindra Ltd down by (5.90%) to Rs. 829.85 along with Maruti Suzuki by (3.67%) to 1,314, Tata Motors Ltd by (3.38%) to Rs. 404.15, Bajaj Auto by (3.04%) to Rs. 1,226.75 followed by Bharat Forge by (2.98%) to Rs. 226.65.

BSE CG is trading lower by (1.54%) or 191.59 points at 12,454.37. The top losers are Jyoti structure decreased by (3.43%) at Rs. 136.5 along with Praj industries by (3.14%) at Rs. 91, Usha Martin by (2.65%) to Rs. 49.60, Gammon India by (2.46%) at Rs. 162.55 followed by BHEL by (2.33%) at Rs. 2,220.

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