Market Close: Global Cheers and smiles across !

Good day for the market as Indices witnessed phenomenal rally. Strong Asian cues and the Dow ending up close last week had great smiles for the Investors. Sustained buying was seen in almost all scripts across sectors barring select Auto and Cement stocks. Investor went for valuable buying assuming no negative triggers in near term. Banking stocks were among the top gainers followed by Realty, Metals and Capital goods. The market which opened with a spurt kept on heading north as buying momentum continued at higher levels. Even European Markets traded positive which gave a greater support for the Indian bourses. Midcap and Smallcap Index ended up nearly 2.5% each. Rupee was hovering at Rs 40.97 against the Dollar.

Sensex ended up by 418 points at 14842.38. It was helped up by gains in SBI (1556.65,+6 percent), ICICI Bk (883.75,+6 percent), Maruti (830.7,+5 percent), Hindalco (148.4,+5 percent) and RCVL (521.15,+4 percent). Restricting the gains were Guj Ambuja (133.2,-2 percent), Cipla (170.3,0 percent).

McNally Bharat Engineering, one of the leading Indian company engaged in providing Turnkey solutions in the areas of Power, Steel, Alumina and Material Handling. Today company has reported that it has bagged an order worth Rs 90 Cr from Mazgoan docks. McNally has 20% market share in Material Handling & Ash handling Segment, 25% Mineral Beneficiation Segment and 30% in Port Handling Segment. McNally reported healthy results for the Q1 FY2007-08. The Top line grew by 3% to Rs 111 cr from Rs 108 cr on yoy basis and the Bottom line grew by 26% to Rs 4 cr from Rs 3.5 cr on yoy basis. Future is certainly bright; the major investments in steel and power sector will boost the company's revenues. Based on its strong order book position and more importantly the expansion plans and bidding expected... Robust growth is round the corner. Mcnally rallied with good volume on the back of good order book and new order for Mazgoan docks. Stock ended up by 9%. We had a research note on the stock and there is a call here as well.

State Bank of India country's largest PSU commercial bank reported that its board has approved the merger of State Bank of Saurashtra with itself. This is the beginning of whole group's restructuring. SBS is the smallest of the seven associates. After SBS, SBI is likely to merge the other three unlisted arms and then follow it up with the listed ones. The other associates are State Bank of Travancore, State Bank of Mysore, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Indore and State Bank of Patiala. SBS has 460 branches and the merger would help eliminate duplication of branches in the same area. Its net profit rose 45 % to Rs 87.4 Cr in 2006-07. The bank has paid-up equity capital of Rs 314 Cr. The total deposits stood at Rs 15,804 Cr while total advances are at Rs 11,081 Cr. We believe that this merger would help out SBI to consolidate its position the country's biggest bank and widen the gap with nearest rival ICICI Bank. SBI rallied 6.3% taking the Index along with it.

There was lot of research on Solar Explosives which is certainly not to be missed. There was a rerun of a note on Himadri Chemicals. There was a research report on Educomp and the stock obliged by running up over 10%. Thats our research .. Relevant and exactly when its happening.

Technically Speaking: Markets traded firm at the higher levels tracking the uptrend in global equity markets overall market breadth was positive. Sensex traded in a north bound session today and made a high of 14859 and low of 14581 with the Advances outnumbering Declines. Advances were 2050 Vs Declines of 629. Volumes were good as the market churned Rs 3489 Cr. As expected we have done our target of 14860 (Mentioned in our mid market). Some correction might be seen here before the Sensex starts its journey back to 14950. On the lower side support exists at 14690 and 14540 levels. Keep reading our reports for more updates on Sensex levels.