Sensex settles just above 15,300

The market settled with marginal gains, characterised by volatility right from the opening bell, which turned intense in last hour of the session.

The Sensex struck intra-day high and intra-day low in the last one hour of trade. A sharp fall triggered by profit booking after the recent rally was reversed by short covering and value buying. Asian and European markets were subdued.

Real-estate stocks were in action, led by developer DLF. Shares from metal, cement and auto also logged decent gains. However, capital goods, FMCG and sugar stocks saw profit booking.

The BSE 30-share Sensex gained 11.35 points to 15,301.17. It was extremely choppy, hitting intra-day high and intra-day low in the last one hour of trade. It opened slightly up at 15,296.06, but was not able to sustain at higher levels and, hence, soon succumbed to selling pressure. It touched a low of 15,160.27 at 14:33 IST. From a low, it staged a solid recovery to hit an intra-day high of 15,325.78 at 15:23 IST

The S&P CNX Nifty settled with a gain of 2.80 points to 4,499.55. Nifty July 2007 futures settled at 4491.10, a discount of 8.45 points as compared to spot closing

The total turnover on BSE amounted to Rs 5,720 crore as against Rs 6,099.87 crore on Tuesday, 17 July 2007. The turnover in NSE’s F&O segment amounted to Rs 45052.64 crore as against Rs 45837.68 crore on Tuesday, 17 July 2007.

The market breadth, which indicates the overall health of the market, was negative on BSE, with 1,496 shares declining as compared to 1,158 that advanced, while 89 remained unchanged. The breadth was positive in the morning session.

The BSE Mid-Cap index was down 0.20% to 6,776.19 while the BSE Small-Cap index lost 0.29% to 8,184.11

From the Sensex pack, 16 gained, while the rest slipped.

Aluminium and copper major Hindalco Industries surged 4.62% to Rs 186.80 on 14.59 lakh shares. It was the top gainer from the Sensex pack. It saw intense volatility, swinging in the range of Rs 173 – Rs 187.90.

Tata Steel (up 0.52% to Rs 684) and Sail (up 1.60% to Rs 155.90), were the other gainers from metal sector

Telecom pivotals Reliance Communications (up 1.62% to Rs 569.90) and Bharti Airtel (up 3.45% to Rs 893.10) saw strong buying interest. Both the firms had reported robust subscriber additions in the month of June 2007.

Bharti Airtel today awarded a $2 billion contract to Sweden's Ericsson for network expansion in the world's fastest-growing cellular market.

Two-wheeler major Bajaj Auto advanced 3.24% to Rs 2,291. Recently, there were reports that the company is looking for a big-ticket acquisition in the European motorcycle market, and that bike companies Ducati Motor Holding of Italy and Triumph Motorcycles of the UK are among the possible targets. The BSE Auto index rose 0.68% to 5,051.90.

Cement stocks, quiet for most part of the day, suddenly firmed up in the last one hour of trade. ACC (up 2.74% to Rs 1141), Grasim (up 2.10% to Rs 2915), and Birla Corporation (up 3.06% to Rs 303.10), gained from the cement pack.

Shares from capital goods sector took a breather after the recent rally, with the BSE Capital Goods index declining the most among the sectoral indices on BSE. The index shed 1% to 12,675.13. Engineering and construction major L&T slumped 2.20% to Rs 2340, on 2.44 lakh shares. It was the top loser from the Sensex pack.

Bharat Bijlee (down 2.96% to Rs 2330), Alstom Power (down 2.85% to Rs 814) and Punj Lloyd (down 1.56% to Rs 268.50), were the other losers from the capital goods space.

Reliance Energy (REL) slipped 1.35% to Rs 689.15 despite reporting a net-profit rise of 25.45% to Rs 221.56 crore in Q1 June 2007 as against Rs 176.61 crore in Q1 June 2006. Total income rose 49.62% to 1983.93 crore (Rs 1325.97 crore). The results were announced during market hours today.

ONGC (down 1.72% to Rs 892), ITC (down 1.57% to Rs 153.25) and Satyam Computers (down 1.38% to Rs 481.55) slipped on profit booking.

Reliance Industries (RIL) declined 0.89% to Rs 1,811.10 on 6.89 lakh shares on profit booking after hitting an all-time high of Rs 1,849 earlier during the day. The company had announced after market hours yesterday, 17 July 2007, that it had hit gas in the first well in the Cauvery deep-water basin off the east coast of India.

The deep-water block, located in the Cauvery Basin in an area of 14,325 square kilometers, was awarded to RIL under the bidding round of NELP III. RIL holds a 100% participating interest in this block. Rumours about the company’s oil & gas find were floating in the markets since pre-market hours on 17 July 2007, with the stock surging 2.86% on that day itself.

Real-estate major DLF vaulted 6.34% to Rs 648.85 on bagging a Rs 6,000-crore project from the Delhi Development Authority for design, development and operation of an international convention centre, proposed to be developed in Sector 24, Dwarka, New Delhi.

Shares from the real-estate sector surged on momentum buying after KV Kamath, Managing Director and CEO of ICICI Bank, said on Tuesday, 17 July 2007, that interest rates seem to have peaked and should come down soon. The Reserve Bank of India (RBI’s) quarterly monetary policy review is due on 31 July 2007.

Parsvnath Developers (up 1.10% to Rs 369), Sobha Developers (up 2.71% to Rs 929.80), Akruti Nirman (up 4.11% to Rs 538) and Orbit Corporation (up 2.26% to Rs 345.75), advanced from the real-estate pack. The BSE Realty index advanced 1.67% to 8,077.67, and was the top performing sectoral index on BSE.

Sun Pharma Advanced Research Company (SPARC) was locked at 20% upper circuit at Rs 87.15 over the base price of Rs 72.65 on BSE on the day of its debut today, 18 July 2007. About 3.84 lakh shares changed hands in the counter on BSE. Stock exchanges had set Rs 72.65 as base price for the purpose of calculating the daily circuit filter of 20% for the first day of trading.

The listing of the company follows a scheme of arrangement at Sun Pharmaceutical Industries (SPIL). The research division of SPIL was demerged and vested with SPARC on a going-concern basis.

Zee News (up 20% to Rs 59.20), Basant Agro (up 10.48% to Rs 58), BF Utilities (up 10% to Rs 2142.85), Kewal Kiran Clothing (up 15.71% to Rs 226.50), and Agro Tech Foods (up 10% to Rs 162.80), surged from the small-cap and mid-cap packs.

K S Oils clocked high volumes of 1.04 crore on BSE after it went 10:1 stock split from today. The stock settled at Rs 59.70

CESC spurted 4.80% to Rs 500. It has fixed a meeting of shareholders on 27 July 2007, for considering the scheme of amalgamation of Pathik Foods with itself

Pidilite Industries gained 4.72% to Rs 155.35. On 10 July 2007, The company said it entered into an agreement for acquisition of plant, machinery, technology, patent and trademark of an international specialty chemical company.

Kotak Mahindra Bank galloped 3.54% to Rs 707.45 ahead of its June 2007 quarterly results on 24 July 2007.

ICRA jumped 6.06% to Rs 1078 after it signed an agreement with state-run Indian Bank to assign ratings to small-scale industries and enterprises that are borrowers of the bank. The company made the announcement during market hours today, 18 July 2007.

Plethico Pharmaceuticals rose 1.67% to Rs 397 after reporting a 40.65% rise in net profit in Q3 June 2007 to Rs 32.66 crore as against Rs 23.22 crore in Q3 June 2006. Sales moved up 51.17% to Rs 122.50 crore (Rs 81.03 crore). The company declared the results during market hours today, 18 July 2007.

Himatsingka Seide rose 1.30% to Rs 132 on media reports that the textile firm is close to buying a US-based bed-linen brand. The US bed-linen brand that the company is targeting to acquire has annual sales of about $50-60 million. The report hit the market during trading hours today, 18 July 2007.

IDBI declined 3.35% to Rs 115.35 on reporting a marginal 1.69% rise in net profit in Q1 June 2007 to Rs 153.12 crore as against Rs 150.57 crore in Q1 June 2006. Operating income rose 31.4% to Rs 2193 crore (Rs 1668.34 crore). IDBI announced the results during trading hours today, 18 July 2007

Hexaware Technologies tumbled 11.89% to Rs 143.45 after the company’s net profit declined 28.06% in Q2 June 2007 on a sequential basis to Rs 18.92 crore as against Rs 26.30 in Q1 March 2007. Sales dropped 4.69% to Rs 112.61 crore in Q2 June 2007 compared with Rs 118.16 crore in Q1 March 2007. The company declared results during market hours today, 18 July 2007.

Rajesh Exports rose 1.36% to Rs 559.50 after the jewellery maker said it got an order worth Rs 272 crore to supply gold jewellery to Lazorde Jewellery of Kuwait. The order would be completed by 15 November 2007.

Gitanjali Gems jumped 10.81% to Rs 265.50 after 4.03 lakh shares changed hands in a block deal at Rs 243.50 per share on BSE. The block deal constituted 0.7% of the company's equity.

Sun Pharma was down 0.24% to Rs 999.95 on 6.33 lakh shares, after 3 block deal of 1.50 lakh shares each were struck on the counter on BSE in opening trade at average price of Rs 1015.50 per share

GMR Infrastructure slumped 3.48% to Rs 866 following NSE's ban on fresh contracts in the derivatives market as its derivative contracts crossed 95% of the market-wide position limit.

Biocon advanced 0.54% to Rs 463.10 following a 63% surge in net profit in Q1 June 2007 to Rs 44.86 crore as against Rs 27.57 crore in Q1 June 2006. Sales moved up 23.78% to Rs 227.4 crore (Rs 183.7 crore). The company announced the result during market hours today, 18 July 2007.

KPIT Cummins Infosystems lost 1.96% to Rs 135 after its wholly owned BPO subsidiary KPIT Cummins Global Business announced partnering with Cummins Inc to deliver finance and accounting (F&A) services to Cummins entities worldwide. GBS revenues from this partnership are expected to be $1 million in the first year with a potential to grow into a $15-million BPO business annually in 48-60 months.

KPIT Cummins Infosystems' net profit rose a massive 160.5% to Rs 15.81 crore in Q1 June 2007 as against Rs 6.07 crore in Q1 June 2006. Sales rose 53.4% to Rs 102.61 crore in Q1 June 2007 compared to Rs 66.89 crore in Q1 June 2006. The results were announced on 17 July 2007 after trading hours.

All the Asian markets moved lower today, 18 July 2007, with Japanese shares declining sharply following the powerful earthquake in northern Japan on Monday, 16 July 2007. Japan's Nikkei tumbled 1.11% to 18,015.89.

Hong Kong's Hang Seng (down 0.93% at 22,841.92) and Singapore's Straits Times (down 1.84% at 3,583.97) also edged lower.

However, Shanghai Composite was an exception, advancing 0.87% to 3,930.06.

All the European indices were trading weak, except Spain’s Madrid General which rose 0.26%.

Shares surged on Wall Street on Tuesday, 17 July 2007, with the Dow hitting 14,000 for the first time as several blue-chip companies reported better-than-expected quarterly earnings. The Dow Jones rose 20.57 points, or 0.15%, to close at 13,971.55. Broader stock indicators ended mixed. The Standard & Poor's 500 index slipped 0.15 points, or 0.01%, to 1,549.37 having set its own record highs in recent sessions. The Nasdaq Composite index rose 14.96 points, or 0.55%, to 2,712.29.

Oil prices edged up on Wednesday, 18 July 2007, after two days of losses, as traders awaited the release of US weekly inventory data for further proof that recovering refinery operations had lifted gasoline supplies. London Brent crude for September 2007 rose 12 cents to $75.65 a barrel. US light crude for August delivery rose 23 cents to $74.25 a barrel