Stock Market Reports Market off the day’s high.

The market has slipped from the day''s high but is till trading in green. The capital Goods, Oil & Gas, and Bank stocks are in heavy demand from the opening trade. However, the IT stocks are out of favor today.The overall market breadth is positive, as 1664 stocks are advancing whereas 1020 stocks that are declining.

Mahindra & Mahindra reported the top gainer from the BSE Sensex pack. It is trading higher by (4.90%) at Rs.661 while Grasim Industries the top loser trading down by (2.81%) at Rs.2,957.05.

At 2.31PM BSE Sensex is at 17,951.43 up by 145.24 points and Nifty is at 5,302.25 up by 32.20 points. The BSE Mid Cap is higher by 60.01 points to 7,750.87 and the Small Cap advanced by 77.64 points to 9,726.13.

The BSE Capital Goods index is the top performer today. It is trading with a gain of 447.52 points at 16,571.88. The main gainers are Siemens up by (5.09%) at Rs.1,694, L&T increased by (3.72%) at Rs.3,657 followed by BHEL and ABB advanced by (3.30%) and (2%) to Rs.2,254 and Rs.1,223.

The most active shares on NSE are Reliance trading at Rs.2599.10 with a total traded quantity of 1810766 shares followed by Reliance Capital trading at Rs.1993.90 with a total traded quantity of 1771954 shares.

Cairn India is trading higher by (1.33%) to Rs.228. The company has entered into the race for acquiring two oil exploration blocks in Sri Lanka.

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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

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The UNCTAD was established in 1964 in order to provide a forum where the developing countries could discuss the problems relating to their international trade and economic development. This was set up especially relating to their international trade and economic development. This was set up especially because it was felt that the then existing institutions like GATT and IMF were not properly organist to handle the particular problems of the developing countries. With more than 70 members, UNCTAD is the only body where developed as well as the erstwhile centrally planned countries are members.
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ICRA in MOU with State Bank of Travancore

ICRA Ltd has informed that ICRA Ltd (ICRA) and State Bank of Travancore have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Banks loans and its other exposures under the standardized approach of RBIs New Capital Adequacy Framework for Basel-II.

In this regard the Company has issued the following press release:

Credit rating agency ICRA Ltd (ICRA) and State Bank of Travancore have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Banks loans and its other exposures under the standardized approach of RBIs New Capital Adequacy Framework for Basel-II.

ICRAs ratings for the standardized approach would be carried out under its Line of Credit rating service and would enable State Bank of Travancore to assign the new risk weights applicable to its borrowers under Basel-II. The risk weights would be linked to the various rating categories and would be as per RBIs Basel II guidelines.

To assist potential and existing of borrowers of State Bank of Travancore in obtaining ratings, ICRA is offering special terms to the clients of State Bank of Travancore.

The MoU between ICRA and State Bank of Travancore would assist the Bank in implementing RBIs New Capital Adequacy Framework under Basel-II.

Jindal Saw Ltd has announced the following Outlook

Industry

Rising Demand for steel pipes is expected to be higher in the medium term on account of increased exploration activities and thrust on setting up infrastructure to transport oil and gas. In India, rapid economic growth faces an urgent need to develop and improve water supply, which would also increase demand for SAW pipes. Depleting oil reserves have led to increased exploration efforts, resulting in more wells in the exploratory rig. Demand for seamless pipes is directly proportional to the increase in digging of wells which is also expected to remain high.

India is expected to see a spurt in construction of pipeline infrastructure as the countrys spending on exploration and production (E&P) and gas related pipeline capex increases. It is expected that water and irrigation offer a very strong business opportunity in India, which will benefit Indian HSAW, ERW and DI pipe manufacturers, in addition to the opportunity from the energy sector.

Company

The Company follows a multi-product approach to pipes - offering a full product portfolio of LSAW (longitudinal submerged are welded), HSAW (helical submerged are welded), seamless, DI pipes, anti-corrosion coatings, connector casings and Hot reduction Bends. Its product portfolio allows it to comfortably straddle between value-driven products (DI and seamless pipes, which are high-margin segments) and volume-driven ones (SAW pipe business).

Besides LSAW and HSAW, It is increasing its focus on the water infrastructure sector in India. Your Company is currently one of the very few pipe manufacturers capable of offering a complete pipe solution to the water sector (ie, spiral pipes, ductile pipes and accessories). The DI pipe business gives your Company an opportunity to take advantage of the strong domestic capital expenditure cycle seen in the water transportation segment in India.