Market Close: Uproar all across...

Strong bounced back with firm session's across the globe. Indices opened on a strong note and continued its upward journey bit of profit booking was witnessed but manage to trade over 700 points. To everyone's surprise Sensex witnessed the second largest intraday gain's of 928 points. Earlier, stability in housing data and J.P Morgan Chase's increasing its bid for Bear Sterns witnessed good rally in US Market. Sensex gained by 6% accompanied by Midcaps as well did Small caps managed to gain 4.8%. Buying was seen across the board in all sectors. Value buying supplemented with some short covering led the rally. Realty sector gained the most with 9.5% , followed by Banking, IT, Power and Metals. Rally started with buying from Banking stocks and later spread over other sectors.

Sensex ended up by 928 points at 16217.49. It was helped up by gains in Rel Energy (1300.15,+13 percent), Infosys (1492.55,+10 percent), ICICI Bk (879.95,+9 percent), Wipro (434.7,+9 percent) and HDFC (2589.75,+9 percent).

Unitech is one of India's largest and diversified real estate developers with an emerging pan-India presence. It enjoys leadership in markets of NCR National Capital Region and Kolkata. Unitech gained 11% to close at Rs281. Among the Realty sector, Unitech remains our pick. Unitech?s core strengths of land acquisition, reputation in building townships and relationships with governments and customers have enabled it to build a diversified portfolio. Unitech has a diversified land bank of 13,758 acres with a total saleable area of ~689m sq ft . Apart from aggressively launching and selling residential and commercial projects, Unitech has extensively widened its business scope by initiating forays into retail, hospitality, entertainment and SEZs. In addition, it also has a small presence in power transmission, prefabricated construction and ready mix concrete. Unitech land acquisition cost is approximately around Rs 200 per sq.ft . This gives Unitech a major advantage as it has a robust land bank and that too at a very attractive rate. The value of land has appreciated manifolds in recent times.Unitech participates only in tenders and not in auction?s . In last 12 months it has participated in 5-6 tenders and has won all of them. This shows Unitech?s strength , aggressive and planning. Valuations carry no meaning given that earnings in real estate can be lumpy. Best valuation parameters are based on the value of Unitech's land bank and to add to that the profitability of the future. We are positive on Unitech among the Real estate players. Do read our note to know more.

Apparels maker Gokaldas Exports advanced on reports the company has secured an order to supply 2.50 lakh units of sportswear like jumpers, track-suits & vests for the thousands of athletes participating in Beijing Olympics. The Nike association accounts for about 10-15% of the Bangalore-based company?s topline, with the supply for the Olympics alone bringing in anywhere between 3% and 5% of the topline. Besides selling directly to the national teams, Nike would also be looking to sell some portion of the merchandise sourced from the company through its chain of retail stores worldwide. Earlier in 2006, Gokaldas Exports landed as a supplier for the soccer World Cup which was jointly hosted by Japan and South Korea the World Cup order was for about 100,000 units.

Technically Speaking : As we mentioned of 15500 as resistance and above which we could see 16100 and market did cross 16100 levels . Sensex made an intra day high of 16262 and low of 15613. The breadth was in favor of Advances, as there were 2073 Advances against 652 Declines. Market turnover was a good at Rs 6836crs. Sensex support stands at 16020 and 15800.Resistance lies at 16380 and 16650.