Close: Bulls Out with all horns up

It was good day for the market as Sensex changed its movement to positive streak zone. Steady buying in the market saw the index display positive trend throughout the day. Cements, engineering many other sectors are trading in green. Software majors Wipro, TCS, and Satyam all traded up as the Dollar is trading strong against Indian Rupee. All sectors along with the mid-cap and small-cap stocks posted smart gains. Global cues had nothing much to support as Asian Market traded in green and European market traded mixed range.

Sensex closed up by 186 points at 13616.77. It is helped up by gains in Rel Energy (532.75,+3 percent), Bharti Tele (623.55,+3 percent), ITC (183.85,+3 percent), TCS (1147.7,+3 percent) and Satyam (453.25,+3 percent). Restricting the gains are HDFC (1642.5,-1 percent), Infosys (2252,0 percent), Ranbaxy (381.5,0 percent).

Info Edge zooms; ITC flares while Britannia slips; BEL plays strong

Dotcom major Info Edge made its debut on the bourses today with a bang. Info Edge is a leading provider of online recruitment and matrimonial classifieds and related services in India and owns brands like 'Naukri.com' and 'Jeevansathi.com' which are very much popular in India. The stock opened at Rs 480 with 50% gains over its offer price of Rs 320 and went on to make a day's high of Rs 624. It finally closed at Rs 607 with a rise of nearly 90% over the offer price.

There is a tiff between Kelloggs and Britannia on the rights of using the Tiger Logo. Tiger is a Rs 300 crore brand for Britannia in the country. Kelloggs has an objection for Britannia wanting to use it for health foods. Interestingly, the Wadias and Danone the two partners in Britannia are also in a tiff on the same issue. Wadias expect Danone to dish out royalty for the Tiger brand. Britannia pays royalty for Little hearts (its a small brand). We are positive on Britannia simply on the back of the fact that we like its strategy to penetrate across the country setting up vendors with its backing to supply bakery products. The strategy to not pass on price hikes has also seen strong off take of its products and growth has been in the region of 25% at the cost of margins. The threat is from ITC which has deep pockets but we believe that the fight is not between ITC and Britannia. Both will tend to take share from the unorganised market. ITC moved smartly to close up by 3% while Britannia closed marginally down.

Bharat Electronics Ltd has bagged a `breakthrough' order from a Zee group-owned company for the supply of two lakh set top boxes. The order was placed by Wire and Wireless India Ltd, Mumbai. The boxes would be supplied with embedded conditional access software that enables the subscriber to choose the pay channels from the bouquet offered by WWIL. Zee is getting ready for the CAS implementaion in 3 Majors cities Delhi, Mumbai and Kolkatta as CAS has to be implemented in these 3 majors cities before Jan 07. BEL surged today and closed up by over 2.50% while Zee ended up by over 1 % .

Technically Speaking: Index was traded ranged but after mid session sensex moved up to touch intraday high of 13630 and low of 13434 before closing at 13617. Market Churned Rs 4041 cr which is good. The breadth favored Advances as the Advance Decline ratio stood at 2.41:1. The Resistance lies at 13759 ? 13691 levels while Support at 13496 -13367 levels.

Nothing much say about the today?s Performance. Adonis call on Bharti in DTP was excellent with provided good profits and M&M call by Wow_VJ was booked with decent gains. Quickies call on Premier Tyres was booked with good returns. Hitachi home appliance zoomed which was booked partially earlier. Wow Adonis call in Delivery Delight on Crompton was booked with 7% gains and expect more in coming days.