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Thursday, March 13, 2008
NSE Bulk Deal Watch - March 13 2008
Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
13/3/2008 526921 21CEN MAN SE FE SECURITIES PVT LTD B 89500 45.75
13/3/2008 526921 21CEN MAN SE ANMOL FINPRO PVT LTD S 90000 45.75
13/3/2008 505506 AXON INFOTEC JITENDRABHAI DEVJIBHAI BODAR S 3500 34.05
13/3/2008 532946 BANG KUNDAN LEASING AND FINVEST PVT. LTD B 156000 99.78
13/3/2008 532946 BANG KUNDAN LEASING AND FINVEST PVT. LTD S 129014 97.49
13/3/2008 505426 DAGGER FORST OM EDUCATION IT PVTLTD B 105000 26.96
13/3/2008 505426 DAGGER FORST SURESH VALANI B 99884 21.72
13/3/2008 505426 DAGGER FORST OM EDUCATION IT PVT LTD S 105000 21.76
13/3/2008 505426 DAGGER FORST SURESH VALANI S 99884 27.07
13/3/2008 532491 ECE INDUSTRI GANDIV INVESTMENT PVT LTD B 40000 502.94
13/3/2008 532491 ECE INDUSTRI BJD SECURITIES PVT LTD B 40000 503.45
13/3/2008 530389 GEEFCEE FINA SWARN GANGA TRADING PVT. LTD. B 56000 160.10
13/3/2008 532951 GSS AMERICA AYODHYAPATI INVESTMENT PVT LTD B 68279 554.20
13/3/2008 532951 GSS AMERICA AYODHYAPATI INVESTMENT PVT LTD S 68279 552.50
13/3/2008 532873 HOUSING DEV GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 3885231 631.50
13/3/2008 532771 JHS SVEN ANMOL FINPRO PVT LTD B 100000 41.70
13/3/2008 532771 JHS SVEN FE SECURITIES PVT LTD S 100000 41.70
13/3/2008 530955 KAILASH FICO JAYSHREE SHANKAR BHOSLE B 55910 53.03
13/3/2008 530955 KAILASH FICO SHIVANI SURYAKANT SHAH B 56121 52.38
13/3/2008 530955 KAILASH FICO SHANTI KUMAR SURAN S 60000 55.39
13/3/2008 512413 KHAITAN WVG SUNIL BAJAJ B 75000 67.07
13/3/2008 530771 KLG CAPI SER JIGNESH JASWANTRAI MEHTA B 50000 55.65
13/3/2008 511760 KOSIAN INDUS KISHOR KUMAR ARYA B 200000 29.32
13/3/2008 511760 KOSIAN INDUS INDERJEET JAGDISHCHANDRA ARYA B 200000 29.32
13/3/2008 511760 KOSIAN INDUS HEMANI OMPRAKASH AGARWAL S 135000 29.21
13/3/2008 511760 KOSIAN INDUS DEEPAK AGRAWAL S 25000 29.21
13/3/2008 511760 KOSIAN INDUS O.P.AGRAWAL S 240000 29.25
13/3/2008 523248 MACHINO PLA RAJIV ARORA B 33853 71.54
13/3/2008 523248 MACHINO PLA RAJIV ARORA S 41823 72.93
13/3/2008 526263 MOLDTEK TECH JAJOO VIMLA B 140000 80.00
13/3/2008 526263 MOLDTEK TECH JAJOO SURESH B 130000 80.00
13/3/2008 526263 MOLDTEK TECH KABRA SEEPRA B 130000 80.00
13/3/2008 526263 MOLDTEK TECH SUNIDHI SECURITIES AND FINANCE LTD. B 410000 80.00
13/3/2008 526263 MOLDTEK TECH PIVOTAL SECURITES PVT. LTD. S 680000 80.00
13/3/2008 526263 MOLDTEK TECH JAYESH D PAREKH S 130000 80.00
13/3/2008 500313 OIL COUNTR T NAVMEE SECURITIES PVT LTD S 250000 64.00
13/3/2008 531726 PANCH ORGAN KISHORE ABHAYCHAND B 65000 14.90
13/3/2008 531726 PANCH ORGAN MAHENDRA ABHAYCHAND B 50000 14.90
13/3/2008 532675 PRITHVI INFO CHANDRA FIN. SERV. PVT. LTD B 103921 191.00
13/3/2008 500389 SILVERLINE T BSMA LIMITED AC DR S 250000 28.50
13/3/2008 502465 SPECIALITY KIRAN TARUNBHAI DESAI B 26000 57.50
13/3/2008 513414 SUJANA METAL VIVEK MUNDRA S 517714 26.28
13/3/2008 531703 TRIBHVAN HSG GOPALA PILLAI VIJAYAKUMAR B 40000 24.70
13/3/2008 531703 TRIBHVAN HSG SWARN GANGA TRADING PVT. LTD. B 92000 25.23
13/3/2008 531703 TRIBHVAN HSG SHIVANI SURYAKANT SHAH B 30000 24.70
13/3/2008 532765 USHER AGRO PRAKASH BALIRAM BHANDARKARA S 128868 162.83
13/3/2008 532953 V GUARD IND R M SHARES TRADING PVT LTD B 495587 83.05
13/3/2008 532953 V GUARD IND H.J.SECURITIES PVT.LTD. B 163111 84.18
13/3/2008 532953 V GUARD IND BHANDARI RAKHI KALPESH B 318436 80.52
13/3/2008 532953 V GUARD IND R M SHARES TRADING PVT LTD S 495587 83.22
13/3/2008 532953 V GUARD IND H.J.SECURITIES PVT.LTD. S 163111 84.99
13/3/2008 532953 V GUARD IND BHANDARI RAKHI KALPESH S 318436 81.10
13/3/2008 532953 V GUARD IND SUNDARAM BNP PARIBAS SELECT MIDCAP FUND S 648250 86.66
BSE Bulk Deals to Watch - March 13 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
13-MAR-2008,INGERRAND,Ingersoll Rand Ltd.,HDFC ASSET MANAGEMANT CO.LTD.,BUY,258000,275.01,-
13-MAR-2008,JHS,JHS Svendgaard Laboratori,ANMOL FINPRO PVT LTD,BUY,99361,41.10,-
13-MAR-2008,KNL,Karuturi Networks Limited,CLSA MAURITIUS LTD,BUY,400000,199.99,-
13-MAR-2008,MADRASFERT,Madras Fertilizers Ltd,NEO SECURITIES LTD.,BUY,1272120,12.25,-
13-MAR-2008,NITCO,Nitco Tiles Limited,PRASAM TRADING & FINANCE P. LTD.,BUY,250000,249.96,-
13-MAR-2008,RENUKA,Shree Renuka Sugars Limit,P R B SECURITIES PRIVATE LTD,BUY,259408,1078.63,-
13-MAR-2008,RICOAUTO,Rico Auto Industries Ltd,NEO SECURITIES LTD.,BUY,1307475,30.19,-
13-MAR-2008,SB&TINTL,SB&T International Ltd,KHANDELWAL BROS. [PROP. DILIP KUMAR KHANDELWAL],BUY,192363,19.75,-
13-MAR-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,BUY,74927,75.49,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,AMBIT SECURITIES BROKING PVT. LTD.,BUY,226210,83.76,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,CPR CAPITAL SERVICES LTD.,BUY,244469,83.13,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,DEEPAK JAGMOHAN VORA,BUY,232037,83.58,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,DINESH MUNJAL,BUY,438656,81.34,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,HARBUX SINGH SIDHU,BUY,302383,83.34,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,KAKANI OMPRAKASH,BUY,339847,81.05,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,MALLINATH SHARES & STOCK PVT LTD,BUY,242925,83.49,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,MANISH VRAJLAL SARVAIYA,BUY,295642,83.88,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,NISSAR BROTHERS,BUY,276380,81.74,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,PRASHANT JAYANTILAL PATEL,BUY,244106,84.94,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,R.M. SHARE TRADING PVT LTD,BUY,622490,83.60,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,RUPESH KIRIT DALAL,BUY,173585,82.73,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,SANJAY BHANWARLAL JAIN,BUY,375874,82.87,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,SHIV KUMAR,BUY,274653,81.71,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,TRANSGLOBAL SECURITIES LTD.,BUY,556051,83.66,-
13-MAR-2008,CRISIL,CRISIL Limited,BEAR STEARNS & CO.A/C AQUAMARINE FUND INC.,SELL,40000,3250.00,-
13-MAR-2008,JHS,JHS Svendgaard Laboratori,FE SECURITIES PVT LTD,SELL,100000,41.10,-
13-MAR-2008,MADRASFERT,Madras Fertilizers Ltd,NEO SECURITIES LTD.,SELL,1270720,12.25,-
13-MAR-2008,OILCOUNTUB,Oil Country Tubular Ltd,NAVMEE SECURITIES Pvt. Ltd.,SELL,249884,64.00,-
13-MAR-2008,RENUKA,Shree Renuka Sugars Limit,P R B SECURITIES PRIVATE LTD,SELL,258408,1078.73,-
13-MAR-2008,RICOAUTO,Rico Auto Industries Ltd,NEO SECURITIES LTD.,SELL,1298244,30.19,-
13-MAR-2008,RSSOFTWARE,R. S. Software (I) Ltd.,BEEJAY INVESTMENT AND FINANCIAL CONSULTANTS PVT.LTD.,SELL,80186,21.34,-
13-MAR-2008,SB&TINTL,SB&T International Ltd,KB CAPITAL MARKETS PVT LTD,SELL,192363,19.75,-
13-MAR-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,SELL,74742,75.58,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,AMBIT SECURITIES BROKING PVT. LTD.,SELL,226210,84.02,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,CPR CAPITAL SERVICES LTD.,SELL,244469,83.22,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,DEEPAK JAGMOHAN VORA,SELL,232037,83.65,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,DINESH MUNJAL,SELL,438656,81.63,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,ESVEE CAPITAL,SELL,327586,85.64,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,HARBUX SINGH SIDHU,SELL,302383,83.19,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,KAKANI OMPRAKASH,SELL,339847,81.87,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,MALLINATH SHARES & STOCK PVT LTD,SELL,242924,83.91,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,MANISH VRAJLAL SARVAIYA,SELL,295642,83.88,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,NISSAR BROTHERS,SELL,276380,81.86,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,PRASHANT JAYANTILAL PATEL,SELL,244106,85.11,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,R.M. SHARE TRADING PVT LTD,SELL,622490,83.62,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,RUPESH KIRIT DALAL,SELL,173585,82.94,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,SANJAY BHANWARLAL JAIN,SELL,375874,82.99,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,SHIV KUMAR,SELL,274653,81.88,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,STATE BANK OF INDIA,SELL,270292,85.17,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,SUNDARAM BNP PARIBAS MUTUAL FUND A/C TAX SAVER OPEN ENDED FU,SELL,357734,86.04,-
13-MAR-2008,VGUARD,V-Guard Industries Limite,TRANSGLOBAL SECURITIES LTD.,SELL,556051,84.34,-
Post Market Commentary - March 13 2008
The Indian market closed in deep red territory backed by the global concerns that whether the US Federal Reserve initiative to infuse $200bn into the global finance system will bring a shy of relief to the credit markets. This led to the heavy selling pressures across the sectoral indices. Tracking the weak global cues, the domestic market opened with a huge gap down and kept on drifting down further throughout the trading session. Due to the lack of investors interests in buying, the market kept on hovering in the trading session. From the sectoral front, metal, realty and capital goods indices were the most hit as heavy selling was witnessed from these baskets. The BSE Sensex closed lower 770.63 points at 15,357.35 and NSE Nifty fell by 248.4 points to close at 4,623.60. From the Sensex pack, 29 stocks closed in red and the Sensex touched an intraday low of 15,228.99. The BSE Mid Cap and Small Cap also closed lower by 382.18 points and 456.74 points at 6,527.67 and 8,075.18 respectively.
The Metal index declined by 1314.95 points to close at 14,373.96. Major losers are SAIL (11%), Jindal Steel (9.97%), Sesa Goa (9.71%), Tata Steel (9.04%), Jindal Stainless (8.44%).
The Capital Goods index closed lower by 792.22 points at 13,309.34. Major losers are Kirloskar BR (10.67%) in line with Suzlon Energy (10.61%), Alstom Projects (9.49%), Praj inds (8.29%), BHEL (6.63%) and L&T (4.60%).
The Oil and Gas index fell by 620.12 points to close at 10,021.97 as Cairn India (12.17%), RNRL (11.41%), Essar oil (10.72%), RPL (6.70%), Reliance Inds (5.66%) closed lower.
The Bankex index dropped by 478.05 points to close at 8,076.80 as Kotak bank (9.65%), Cent BOP (7.07%), Yes bank (6.48%), SBI (6.21%), Union bank (5.89%), ICICI bank (4.77%) closed in red.
The IT index closed lower by 160.50 points at 3,311.91 as Educomp solutions (11.48%), Karut Net (9.99%), Finance Tech (8.68%), Niit Techno (8.20%), Wipro (6.37%) and Infosys (3.65%) closed lower.
Market sinks on bear hammering
The market went into a complete tailspin as the much awaited correction shaved nearly 900 points off the Sensex during the intra-day trades. Positive global cues like oil prices cooling off further failed to lift the sentiment, as investors instead tracked the falling Asian indices since early trades. After resuming on a weak note at 15,873, the market continued to remain negative and remained under the bear hug for the rest of the session. The Sensex nearly slipped below 15,200 towards the close as a wave of selling in heavyweights, realty, metal, consumer durables and power stocks saw it slump to an intra-day low of 15,229. The Sensex finally ended 4.78% lower or down 771 points at 15,357, while the Nifty crashed 248 points to close at 4,624. Among the Asian indices, Nikkei tanked 3.33% (down 428 points) at 15,794, Hang Seng dropped 4.79% (down 1,121 points) at 22,302 and Kospi was down 2.60% (down 43 points) at 1,616.
The market breadth was extremely negative, Of the 2,708 stocks traded on the BSE, 2,332 stocks declined, 345 stocks advanced and 31 stocks ended unchanged. All the sectoral indices took sharp beatings. The BSE Reality index bore the major brunt and crashed 11.59% at 7,362 while the BSE Metal index, the BSE CD index, the BSE Power index, the BSE PSU index and the BSE Bankex index dropped over 4-8% each.
Except Hind Utilites, all the 29 stocks in the Sensex pack ended in the red. Among the major losers DLF tumbled 14.87% at Rs607, Reliance Energy slumped 9.87% at Rs1,197, Hindalco crumbled 9.44% at Rs173.70, Tata Steel plunged 9.04% at Rs697.20, Reliance Communications dropped 7.07% at Rs501.45, BHEL declined 6.63% at Rs1,882.80 and Wipro fell 6.37% at Rs365. Other frontline stocks also dropped over 3-6% each.
Over 2.59 crore RNRL shares changed hands on the BSE followed by V Guard (1.90 crore shares), RECLTD (1.70 crore shares), Ispat Industries (1.42 crore shares) and RPL (1.29 crore shares).
Valuewise, Reliance Industries clocked a turnover of Rs282 crore followed by RNRL (Rs277 crore), HDFC (Rs275 crore), RPL (Rs204 crore) and Essar Oil (Rs186 crore).
Market Close: Deepening weakness
It was an extremely worst day for Indian markets with Sensex breaching the January lows of 15332 and closed at low August 31 2007, Nifty closed at low September 18 2007. Fears of recession in the US kept Asian markets pinned down throughout the day. Hang Seng closed down 4.79%, Nikkei down 3.33% and Shanghai down 2.43%. Nifty ended down 248 points and Sensex down 771 points. Indian market was no different and continued to roll down breaching all the supports and followed by lack of participation which pulled out markets to end lower. Europeans markets also opened in cautions negative zone. Realty and metal stocks saw tremendous amount of selling, along with consumer durables and power stocks. Crude touched $110; trading at all time high is certainly not good for industries like Aviations, Tyres and Cement. Asian market ended the sell off journey in deep red while Europe mirrors the Asian markets.
Sensex closed down 782 points at 15346. The major losers were DLF (-14%), REL (-11%), Tata Steel (-9.45%) and Hindalco (-9.15%). The gainers were Bajaj Auto (+1.31%) and HUL (+0.43%).
Textile firm Alok Industries has picked up a 50% stake in Ashford Infotech Ltd through its wholly owned subsidiary Alok Infrastructure. Ashford Infotech is part of the UK-based Ashford group. Ashford Infotech has recently acquired Ceat Ltd?s 6.92-acre land at Bhandup Mumbai for around Rs 130 crore. Ashford will be developing the land jointly with Alok Industries. Alok also plans to raise Rs 600 cr by diluting a 20% stake in Alok Looking at the infra segment value is still unidentified and will give good valuations. Alok is also setting up a 183 acre textile special economic zone (SEZ) in Silvassa and a 100 acre residential project in Vapi through an equal joint venture with textile and steel pipe group Welspun. The move to set up SEZ is in line with the company's objectives. Infrastructure to a private equity player use money to expand its realty business in the country.
Gujarat Gas Company Ltd (GGCL) is expecting a 10% drop in availability of natural gas from Panna-Mukta-Tapti beginning April. According to industry sources, with no immediate possibility of replenishing the shortfall by LNG, the company?s retail sales may come down accordingly in the April-June quarter. Industry sources said that beginning April, availability of contracted volumes from PMT sources to GGCL may come down from 3.1 million standard cubic metre a day (mmscmd) to 2.8 mmscmd. The shortfall in availability may impact GGCL?s retail supplies on pro-rata basis. The bulk industrial supplies, however, will not be impacted. GGCL has already witnessed 0.8 mmscmd drop in spot supplies from PMT soon after the handover of the marketing rights of PMT gas to GAIL.
Technically Speaking: Sensex traded extremely weak for entire day. It made an intraday high of 15,873 and low of 15,229. The overall breadth was in favor of Declines while Advances stood at 359 and Declines at 2331. Sensex have opened the targets of 13800. Big resistance for any rise is expected at 16000-16050, support lies at 15200 and 15000.
Sensex tumbles to six month low; real estate, metal shares hammered
A major setback was witnessed on the bourses as share prices fell almost across the board. Markets across the globe dropped amid concerns about the effectiveness of the Federal Reserve's efforts to aid strained credit markets.
28 shares among the 30-member Sensex pack finished with losses. The market breadth was extremely weak. Turnover was dull. Stocks from real estate, metal and capital goods sector were worst hit.
The 30-share BSE Sensex slumped 770.63 points or 4.78% at 15,357.35. Sensex hit a low of 15,228.99 in late trade, its lowest level since early September 2007. At the day’s low, the Sensex lost 898.99 points.
As per provisional data foreign institutional investors sold stocks worth Rs 108.5 crore while domestic funds bought shares worth Rs 56.44 crore today, 13 March 2008.
At current 15,357.35, Sensex trades at a PE multiple of 14.62 to 15.35, based on projected FY 2009 EPS of Rs 1000-to-Rs 1050 for 30 Sensex companies.
The broader based S&P CNX Nifty was down 242.40 points or 5.10% at 4,623.60. Nifty March 2008 futures were at 4,609 a discount of 14.60 points as compared to spot closing.
European markets were weak. Key benchmark indices in United Kingdom (down 2.12% to 5,654), Germany (down 2.55% to 6,431.88), and France (down 2.31% to 4,588.44), slipped
Asian markets settled on a weak note today, 13 March 2008. Japan's Nikkei (down 3.33% at 12,433.34), Hong Kong's Hang Seng (down 4.79% at 22,301.46), Taiwan's Taiwan Weighted (down 2.66% at 8,210.99), China’s Shanghai Composite (down 2.43% to 3,971.27), Straits Times (down 3.85% at 2,805.55) and South Korea's Seoul Composite (down 2.60% at 1,615.92), edged lower.
Back home, the market breadth was weak on BSE with 2,331 shares declining as compared to 359 that advanced. 43 shares remained unchanged.
The BSE Mid-Cap index was down 5.53% to 6,527.67 while the BSE Small-Cap index slipped 5.35% to 8,075.18. Both these indices underperformed the Sensex
The total turnover amounted to Rs 5952 crore lower than yesterday’s turnover of Rs 7,215.42 crore on BSE.
Turnover on NSE’s futures & options segment amounted to Rs 44869.49 crore which was slightly higher as compared to yesterday’s turnover of Rs 44632.78 crore
All sectoral indices on BSE suffered losses. The BSE Consumer Durables index (down 7.83% to 3,872.64), the BSE Power (down 6.28% to 3,063.99), the BSE TecK index (down 4.92% to 2,875.51), the BSE PSU index (down 5.90% to 7,392.12), the BSE Metal index (down 8.38% to 14,373.96), the BSE Capital Goods index (down 5.62% at 13,309.34), he BSE Realty index (down 11.59% at 7,362.42), the BSE Oil & Gas index (down 5.83% to 10,021.97), and the BSE Bankex (down 5.59% at 8,076.80), underperformed the Sensex.
The BSE FMCG index (down 1.95% at 2,138.63), the BSE IT index (down 4.62% to 3,311.91), the BSE Auto (down 2.45% at 4,535.65), the BSE Health Care index (down 2.69% at 3,772.23), outperformed the Sensex.
Real estate shares were hammered brutally. India’s largest real estate developer by market capitalisation DLF slipped 13.29% to Rs 618. It was the top loser from Sensex pack. As per reports, the firm may delay a planned initial public offering to raise $1.5 billion from a real estate investment trust in Singapore.
Unitech (down 9.62% to Rs 266.20), Parsvnath Developers (down 8.45% to Rs 207), Indiabulls Real Estate (down 10.23% to Rs 510), were the other losers from real estate sector
India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries slumped 5.23% to Rs 2252 on 12.49 lakh shares. The stock moved in a range of Rs 2201 and Rs 2355 during the day
Metal shares slumped on profit booking. Hindalco Industries (down 9.72% to Rs 173.15), Tata Steel (down 9.06% to Rs 697), Steel Authority of India (down 11.64% to Rs 192.80), and JSW Steel (down 5.44% to Rs 888.25), slipped
IT pivotals slumped on concerns of a US recession. TCS (down 7.25% to Rs 765), Satyam Computers (down 5.10% to Rs 359.90), Wipro (down 6.75% to Rs 363.55), and Infosys (down 4.63% to Rs 1320), edged lower. Indian IT firms derive more than half of their revenue from exports to US.
Banking shares slipped on selling pressure. India’s largest private sector bank in terms of net profit ICICI Bank slipped 5.67% to Rs 830 tracking weak ADR which declined 5% on the NYSE yesterday, 12 March 2008. State Bank of India (down 6.80% to Rs 1685), and HDFC Bank (down 4.37% to Rs 1308), also slipped.
Reliance Energy (down 10.95% to Rs 1183), Reliance Communications (down 7.82% to Rs 497.50), and Bharat Heavy Electricals (down 6.52% to Rs 1885), slipped from Sensex pack.
Bajaj Auto, the country’s second largest two wheeler maker in terms of sales, gained 1.49% to Rs 2124 in volatile trade. The stock moved in a wild range of Rs 1976.05 and Rs 2175. All existing futures & options contracts on the counter expired today and new contracts will be introduced on, 14 March 2008, as a demerger scheme takes effect from tomorrow, 14 March 2008.
As per the demerger scheme, the company's various businesses including auto manufacturing and other strategic businesses such as wind energy, insurance and financial services, would be demerged into two newly incorporated subsidiaries: Bajaj Holdings and Investment (BHIL) and Bajaj Finserv (BFL).
Hindustan Unilever, the country’s largest FMCG company in terms of sales, rose 0.20% to Rs 222.20
Shares of oil marketing companies declined despite reports that the government has issued a formal notification to raise the foreign direct investment (FDI) limit in public sector refineries to 49%. Hindustan Petroleum Corporation (down 2.17% to Rs 270), Bharat Petroleum Corporation (down 4.81% to Rs 408) and Indian Oil Corporation (down 4.49% to Rs 480.90). The Indian crude basket had crossed $100 a barrel mark for the first time on Monday, 10 March 2008.
Among liquid mid-cap stocks, Indiabulls Financial Services (down 15.10% to Rs 467.10), Nagarjuna Fertilizers & Chemicals (down 13.18% to Rs 36.90), Educomp Solutions (down 10.45% to Rs 3,275.30), Reliance Natural Resources (down 11.80% to Rs 103.25), Cairn India (down 11.55% to Rs 218.90), Power Grid Corporation of India (down 12.89% to Rs 90.25) and Reliance Capital (down 13.26% to Rs 1250) slumped.
Hero Honda Motors (up 1.3% to Rs 737.50), Jet Airways (up 0.59% to Rs 630.60), Exide Industries (up 0.52% to Rs 66), and CESC (up 0.16% to Rs 467.25) were the gainers
Among the side counters, Nahar Capital (down 20% to Rs 96.85), Hester Pharma (down 16.91% to Rs 125.50), Indo Borax (down 16.76% to Rs 64.05), Satra Properties (down 15.65% to Rs 72), and RS Software (down 15.23% to Rs 21.70), slumped.
However English Indian Clays (up 20% to Rs 1449.40), Compuage Infocomm (up 10% to Rs 39.05), Foods & Inns (up 7.14% to Rs 300), surged.
V-Guard Industries settled at Rs 73.45 on BSE, a discount of 10.42% over the IPO price of Rs 82. It debuted at Rs 82.15, a premium of 0.18% over the IPO price. The stock hit a high of Rs 98.90 and a low of Rs 70.70. On BSE, 1.90 crore shares were traded in the scrip.
Reliance Industries was the top traded counter on BSE with turnover of Rs 282.97 crore followed by Reliance Natural Resources (Rs 277.39 crore), Housing Development & Infrastructure (Rs 275.55 crore), Reliance Petroleum (Rs 204.45 crore) and Rural Electrification Corporation (Rs 196.30 crore) in that order.
Reliance Natural Resources led the volumes charts clocking volume of 2.59 crore shares followed by V Guard Industries (1.90 crore shares), Rural Electrification Corporation (1.70 crore shares), Ispat Industries (1.42 crore shares) and Reliance Petroleum (1.29 crore shares) in that order.
Sesa Goa declined 9.87% to Rs 3240 even after the Reserve Bank of India raised foreign institutional investment ceiling in the stock to 45% of its equity.
Alok Industries declined 7.75% to Rs 58 after the company said on Wednesday, 12 March 2008, its unit Alok Infrastructure has taken a 50% stake in Ashford Infotech for joint development of realty projects.
Hindustan Zinc slipped 2.23% to Rs 575 after the company said it has cut zinc prices by 6.5% and lead prices by 7.7%, with immediate effect.
Everonn Systems India declined 10% to Rs 621.65 on reports the company plans to raise $50 million to fund expansion
Emco rose 1.30% to Rs 1085 after the company bagged an order worth Rs 92 crore from Corporate Power, Ranchi, Jharkhand for 400 kilovolt double circuit/double strung transmission line on turnkey basis.
The next trigger for the market would come from the figures of advance tax payment by corporates for the fourth installment, which falls due on 15 March 2008.
Another major trigger for the market is outcome of the US Federal Reserve meeting on 18 March 2008 to review interest rates. A cut in interest rate, as expected by the street may provide some support to the markets. Fed Chairman Ben Bernanke had signaled a readiness to cut interest rates again to prevent further damage to the weak US economy, even as he took note of rising inflation risks.
US markets slipped on Wednesday, 12 March 2008, on concerns that the US Federal Reserve will fail to prevent a recession and global crude oil prices surged above $110 a barrel raising fears of further strain on corporate profits.
The Dow Jones industrial average was down 46.57 points, or 0.38%, to 12,110.24. The Standard & Poor's 500 index plunged 11.88 points, or 0.90%, to 1,308.77, and the Nasdaq Composite index declined 11.89 points, or 0.53%, to 2,243.87.
As per data released by the government yesterday, 12 March 2008, growth in index of industrial production (IIP) slipped to 5.3% in January 2008 as compared with 11.6% in January 2007, the lowest since October 2006, when it stood at 4.51%. Growth in the manufacturing sector declined to 5.9% in January 2008 as against 12.3% in January 2007.
Crude oil hovered near Wednesday (12 March 2008)'s record high of $110.20 per barrel.
Morning call - March 13 2008
Market Grape Wine :
In House :
Nifty at a support of 4820 and 4775 with resistance at 4925 and 4987 levels.
Cash : sell LT below 2940 TGT 2850 with S/L 2975.
Cash : sell ICICI bank below 880 TGT 855 with S/L 892
Future : sell BPCL below 423 TGT 410 with S/L 429 .
Future : Sell IVR prime below 276 TGT 263 with S/L 281
Out House :
Markets at a support of 15786 & 15851 and resistance at 16363 & 16456 levels .
Buy : Tisco and Sail at dips
Buy : RPL at dips
Buy : Educomp & SesaGoa
Buy : RIL at dips
Buy : HLL & ITC
Buy : LT at dips
Buy : IBullReal , IBulls & JPAsso
Dark Horse : Orchid , Kohinoor , IOlBroad , LT , Aban , Sail ,
Sterlite , Noida & HLL
Pre Market Watch - March 13 2008
The Indian Market is likely to have a negative opening today due to unfavoring cues from the global markets. On Wednesday, the market closed with marginal gains after a strong start to the trading session. The market opened with handsome gains backed by the US Federal Reserve announcement to infuse $200bn into the global financial system to ease the credit crunch and to pump more liquidity into the economy. But the market was unable to sustained at higher levels gave up all its initial gains due to poor industrial production data that slipped to 5.3% in January 2008 as compared with 11.6% in January 2007. Growth in the manufacturing sector declined to 5.9% in January 2008 as against 12.3% in January 2007.This fall led to the negative sentiments into the market, which in turn results in heavy profit booking across the counters. The BSE Sensex closed up by 4.83 points at 16,127.98 and NSE Nifty closed higher by 6.1 points at 4,872. We expect that the market may trade lower during the trading session.
On Wednesday, the US market closed in negative. The Dow Jones Industrial Average (DJIA) closed lower by 46.57 points at 12,110.24 along with S&P closed down by 11.88 points at 1,308.77 and NASDAQ fell by 11.89 points at 2,243.87.
Today the major stock markets in Asia are trading weak. Hang Seng is trading lower by 549.89 points at 22,872.87 followed by Japan''s Nikkei trading down by 261.08 points at 12,600.05 and Taiwan Weighted trading at 8,379.94 down by 55.36 points.
Indian ADRS closed in red. Satyam, Infosys and Wipro fell by (9.37%), (3.60%) and (2.21%) respectively. ICICI bank and HDFC bank dropped by (5.35%) and (3.05%) respectively.
The FIIs on Wednesday stood as net seller in equity. The gross equity purchased was Rs4,610 Crore while the gross equity sold stood at Rs5,782.40 Crore.
Therefore, the net investment of equity reported was (Rs172.40 Crore).Today, Nifty has support at 4,712 and resistance at 4,914 and BSE Sensex has support at 15,534 and resistance at 16,286.
Grey Market Premiums - Sita Shree, Gammon Infra
V. Guard Ind. 82 10 to 15
Gammon Infra 167 to 200 12 to 15
Sita Shree Food Pro. 27 to 30 6 to 8
Trading Calls - March 13 2008
Nifty (4872) Sup 4650 Res 5073
Buy Tata Com (513) SL 507 Target 522, 526
Buy Tata Chem (331) SL 326 Target 340, 343
Sell Amtek Auto (281) SL 286 Target 271, 269
Sell Dr Reddy’s (553) SL 559 Target 543, 540
Sell NDTV (391) SL 396
Target 382, 379
Just not durable!
Man must be prepared for every event of life, for there is nothing that is durable.
Hoping for One Fine Day has also become difficult these days. Just when global cues seemed better, grim industrial output report spooked the bulls yesterday. We expect the market to open soft in the wake of the weakness in US and Asian markets. The trend thereafter will partly hinge on global cues. Tomorrow, we will get the weekly inflation data. A fresh spike there could deal another blow to the sentiment.
Shares of V-Guard Industries will get listed today on the bourses. The company has fixed the issue price at Rss82 per share. The issue was subscribed 2.45 times. The stock may list around Rs90 to Rs100. It can see the intraday level of Rs105 to Rs110.
India's industrial production halved in January (5.3%) from 11.6% in the year-ago period. The steep drop was led by continuing weakness in the consumer durables segment, which shrunk yet again. But, surprisingly, growth dipped sharply even in capital goods (2.1% vs 16.3%), which had so far held up quite well in the face of a slowdown on the consumption side. The figures are certainly worrisome and point to a clear slowdown in the domestic economic activity from the peak of last year.
The bad news on the industrial slowdown comes in the backdrop of an imminent recession in the US and persistent turmoil in the global financial markets. Another factor that could pose serious challenge for policymakers worldwide is the spurt across various commodities over the past few weeks. So, what we have is a weird situation where economic growth is slipping across the globe while at the same time inflation has started shooting up again.
It will be really tough for the Finance Minister and the RBI Governor to revive momentum in the Indian economy. The budget is partly an exercise in this direction. Another remedy to boost both consumption and investment demand could be an immediate easing of interest rates. But, it remains to be seen if the RBI obliges when it meets for its annual policy meeting next month. Before that we will have the Fed meet on March 18 and of course the all-important fourth quarter and annual results.
Asian stocks fell for the first time in three days, on concerns that demand for the region's exports will slow as record crude oil prices threaten to dent consumer spending worldwide.
Toyota dropped as the dollar slumped to the lowest against the yen since 1995. Mitsubishi UFJ Financial Group led declines among banks. But, Japanese oil producer Inpex Holdings rose.
The MSCI Asia Pacific Index fell 0.7% to 139.53 as of 10:24 a.m. in Tokyo, snapping a two-day, 2.3% gain. Nine of the benchmark's 10 industry groups declined, with more than three stocks dropping for each one that climbed.
The Nikkei in Tokyo was down 2% at 12,600 while the Hang Seng in Hong Kong slid 2.1% to 22,915. The Kospi in Seoul fell 1.2% to 1639 while the Straits Times in Singapore dropped 1.3% to 2880.
The Shanghai Composite in China shed 1.2% to 4019 after briefly slipping below 4,000 for the first time since July. The Taiex in Taiwan fell 0.6% to 8382. Australia's S&P/ASX 200 Index declined 1.4%. All markets open for trading fell except New Zealand.
US stocks ended lower on Wednesday, erasing early gains, as record oil and gas prices overshadowed the Fed announcement that it will inject $200bn into the banking system to soften the liquidity crunch. Some Wall Street observers also attributed the decline to investors taking profits from the previous session's rally.
Stocks rose through the early afternoon as investors continued to cheer the Fed's plan to restore sanity in the credit markets. But the rally fizzled out late in the session and stocks turned lower as investors paid attention to record oil and gas prices.
The S &P 500 Index dropped 12 points, or 0.9%, to 1,308.77. The Dow Jones Industrial Average slipped 47 points, or 0.4%, to 12,110.24. The Nasdaq Composite fell 12 points, or 0.5%, to 2,243.87.
The Dow fell 211 points from its midday high as oil rose. On Tuesday, the bluechip benchmark had rallied 416 points, or 3.6%, its largest percentage climb since March 2003 and its fourth biggest point jump.
Market breadth was negative. Two stocks dropped for every one that rose on the New York Stock Exchange.
Nine of 10 industries in the S&P 500 fell after Merrill Lynch, Goldman Sachs and others said that the Fed's plan may not be able to ease the strain in the credit markets.
Crude oil prices resumed their advance, topping $110 for the first time, as the dollar remained under pressure. Oil had fallen in the morning after the government's weekly inventory report showed a surprise jump in crude supplies.
US light crude oil for April delivery rose $1.19 to settle at $109.72 a barrel in New York, a record close. COMEX gold for April delivery added $4.50 to $980.50 an ounce.
In currency trading, the dollar fell versus the euro but was off its worst levels of the day after touching a fresh record low against the European currency earlier. The greenback fell versus the yen.
Treasury prices rallied after plunging a day before. The advance lowered the yield on the benchmark 10-year note to 3.45% from 3.59% late on Tuesday.
European shares rose for a second straight session. The pan-European Dow Jones Stoxx 600 index climbed 1.2% to end at 311.48. The UK's FTSE 100 closed up 1.5% at 5,776.40, while the French CAC-40 climbed 1.5% to 4,697.10 and the German DAX 30 advanced 1.2% to 6,599.37.
In the emerging markets, the Bovespa in Brazil was down 0.3% at 62,176 while the IPC index in Mexico shed 0.6% to 29,283. The RTS index in Russia rose 1% to 2079 and the ISE National 30 index in Turkey gained 2.4% to 55,190.
Bulls may continue to struggle
The start was quite promising for bulls with the benchmark Sensex hitting an intra-day high of 16,683. Key indices were firm and were in momentum ahead of break. However, post sun-outage disappointing IIP figures dampened the sentiments on Dalal Street.
Government data indicated that India’s industrial growth dropped. India's industrial output growth shrank sharply in January as high interest rates sapped consumer spending in Asia's fourth-biggest economy even as a US-led global economic slowdown loomed.
Production at factories, mines and utilities rose by 5.3% in January as against 11.6% in the same month last year, data released by the Government showed today. The reading was lower than average expectations of 7-8% expansion.
Finally, the 30-share Sensex closed flat at 16,127 hitting an intra-day low of 16,064. The NSE Nifty also closed flat at 4,872 touching an intra-day high of 5,019 and a low of 4,854.
Overall about 1,264 stocks advanced, 1,442 stocks declined while 57 stocks remained unchanged. Among the Nifty-50 stocks 28 stocks advanced while 22 stocks declined.
Among the BSE Sectoral indices; BSE Metal index (down 2.3%), BSE IT index (down 2.1%), FMCG index (down 1.05%) and BSE Auto index (down 0.4%).
REC Electrification Corporation a public sector enterprise engaged in financing and promoting transmission, distribution and generation projects started trading at Rs124.65 against the issue price of Rs105. During the day the scrip took a beating hitting a low of Rs118, however, it managed to make a come back finally closing at Rs121 translating into a premium of 15%.
REC raised close to Rs1,640crore through its IPO. The company entered the capital market with its issue offering of 15.6crore shares. The issue got subscribed over 27 times. The price band for the IPO was Rs90 to Rs105.
The initial public offering of Rural Electrification Corporation was subscribed 27.30. The retail portion was subscribed 0.78 times of the 30% of the total offer on offer. The non-institutional investor portion was subscribed 0.76 times. The qualified institutional buyers segment, was subscribed 6.5 times.
Strides Arcolab slipped by 2% to Rs148. The company said that it secured an approval from Canada for its Tazo PIP Sterile. The company also secured approval for Penicillin Sterile facility. The scrip touched an intra-day high of Rs157 and a low of Rs148 and recorded volumes of over 71,000 shares on NSE.
Bajaj Auto gained by a percent to Rs2093. The company said that it would change name to Bajaj Holdings and Investments Ltd and would exit from benchmark Sensex and Nifty from March 14, 2008. The scrip touched an intra-day high of Rs2150 and a low of Rs2055 and recorded volumes of over 4,0,000 shares on NSE.
Orbit Corp lost ground and slipped 2% to Rs521. Rodere Holdings, the Cyprus-based private equity investor, would invest Rs2bn in Orbit Corp. The scrip touched an intra-day high of Rs583 and a low of Rs515 and recorded volumes of over 60,000 shares on NSE.
Suven Life Science surged by over 8% to Rs38.30 after the company announced that it entered in a drug discovery pact with Eli Lilly. The scrip touched an intra-day high of Rs38.30 and a low of Rs31.35 and recorded volumes of over 7,00,000 shares on NSE.
Corporate Front Page
Vedanta Resources to set up a large aluminum complex at Bihanbag, Asansol, at an investment of Rs200bn. (ET)
DLF REIT to raise Rs20bn from a clutch of PE investors. (ET)
TCS forms JV with Thai Re-Insurance Public Corporation to offer IT outsourcing services on an ASP model to insurance providers in Thailand. (BL)
Bharti Airtel signs a US$100mn investment agreement with the Board of Investment of Sri Lanka to begin operations there. (ET)
Ashok Leyland plans to invest Rs60bn to shore up CV business in the next few years. (ET)
NTPC Board approves an investment of Rs73.4bn in 1,920 MW Barh super thermal power project stage-II in Bihar. (FE)
Tata Steel to source chrome ore from Iran for its upcoming ferro chrome plant in South Africa. (BS)
IOC to invest Rs5bn in R&D during the 11th five-Year plan ending 2012. (BL)
M&M’s arm, Mahindra Intertrade opens an electrical steel plant in Vadodara, Gujarat. (BL)
Alok Industries has taken 50% stake in Ashford Infotech through a 100% subsidiary for joint development of realty projects. (BS)
Hikal to invest Rs2bn to set up four new manufacturing facilities in Bangalore and Mumbai and a R&D centre in Pune. (BS)
Gujarat Gas Company expects 10% drop in the availability of natural gas from Panna-Mukta-Tapti source from April. (BL)
Voltas eyes 20% share in AC market by adding 1,000 new channel partners to the distribution network. (DNA)
Gayatri Projects to enter the urban infrastructure and water treatment business segments. (DNA)
Everonn Systems plans to raise US$50mn to carry forward the expansion in the virtual classroom segment. (ET)
Tanla Solutions is in acquisition talks with 3-4 US-based firms with annual revenues in the range of US$30-70mn. (DNA)
Godfrey Phillips launches ‘Fundamint’ brand of mouth freshner. (DNA)
Goldstone Tech plans to roll-out IPTV services in 11 countries by the end of FY09. (BS)
Mumbai-based property developer, Oberoi Constructions, is planning Rs40bn IPO by the year end. (BS)
Piaggio eyes 5-fold increase in its Ape Truk (sub-one-tonne light CV) sales. (BS)
Shriram Properties to invest Rs5bn to develop mid-income housing projects across India over next 2-3 years. (ET)
Blackstone has picked up minority interest in Titagarh Wagons at Rs672/share. (ET)
Economic Front Page
The Government has notified new FDI norms for sectors including PSU oil refineries, industrial parks, credit information companies, titanium mining, commodity exchanges and civil aviation. (BL)
Royalty on iron ore mining may be changed to an ad Valorem rate of 10% from the current fixed rate of Rs13-27/ton. (ET)
Cement sales for the month of February were up 13% yoy. (BL)
Indian battery industry is set to double by 2011, says Exide Industries. (BL)
India's Travel & Tourism revenues are estimated at US$100bn in 2008 and may increase to US$276bn by 2018. (ET)
Global PC shipments to grow 12.8% this year, as per IDC. (BL)
FIIs continue selling
Outflow of Rs 172.40 crore on 11 March 2008
Foreign institutional investors (FIIs) sold shares worth net Rs 172.40 crore on Tuesday, 11 March 2008, compared to their selling of Rs 1137.60 crore on Monday, 10 March 2008.
FII outflow of Rs 172.40 crore on 11 March 2008 was a result of gross purchases of Rs 4610 crore and gross sales Rs 4782.40 crore. The 30-share BSE Sensex gained 199.43 points or 1.25% at 16,123.15 on that day.
FII outflow in March 2008 totaled Rs 1733.20 (till 11 March 2008). FII outflow in calendar year 2008 totaled Rs 13,035.70 crore (till 11 March 2008).
There are a total of 1,310 FIIs registered with the Securities & Exchange Board of India (Sebi).
Gold and silver gain
Gold and silver prices gain as dollar drops and oil tops $110
Precious metals rose once again today, Wednesday, 12 March, 2008 after the dollar fell to new lows against its counterparts, mainly the euro and oil prices rallied crossing the $110 for the first time ever. Higher oil prices boosts the appeal of the precious metal as a hedge against inflation.
Comex Gold for April delivery rose $4.5(0.4%) to close at $970.5 ounce on the New York Mercantile Exchange. This year, gold prices have gained 17% till date. In January, prices gained 11%, the highest monthly gain since April 2006. For February, it gained 6%. Last week, gold prices declined by 80 cents.
Comex Silver futures for May delivery rose 24 cents (0.9%) to $20 an ounce. Silver has gained 30% in 2008. The metal had climbed 16% in FY 2007. The metal also has gained for seven straight years. In January this year itself, prices climbed 14%. In February, it gained another 15%.
Gold has traditionally been used as a safe-haven asset against rising inflation. Investor sentiments are boosted by the fact that gold and silver are alternate sources of good investment in the face of declining dollar and rising energy prices. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.
In the energy market today, crude oil rose to a record for a sixth day, climbing above $110 a barrel in New York, after the weak dollar prompted traders to invest in commodities.
In the currency market today pressure on the dollar resumed and sent it to a new low against the euro, after stronger-than-expected economic data in both the eurozone overshadowed any lingering influence of the Federal Reserve's liquidity-boosting steps. The dollar index, which measures the U.S. currency against a basket of major currencies, fell 1% to 72.41.
The dollar has been dampened since last year, more since start of FY 2008 after interest rates were cut twice in January, 2008. Gold, as a dollar-denominated commodity, suffers from dollar strength. On the contrary, gold prices rise with falling dollar as inflationary concerns boosts the metal's appeal as an inflation hedge.
The Fed has cut the federal funds rate to 3% this year from 5.25% in mid-September, 2007. January 2008 itself saw two rate cuts in a gap of ten days.
Gold witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record. The Fed reduced federal funds rate three times in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
At the MCX, gold prices for April delivery closed higher by Rs 68 (0.5%) at Rs 12,704 per 10 grams. Prices rose to a high of Rs 12,740 per 10 grams and fell to a low of Rs 12,588 per 10 grams during the day’s trading.
At the MCX, silver prices for May delivery closed Rs 424 (1.7%) higher at Rs 25,796/Kg. Prices opened at Rs 25,450/kg and went to a high of Rs 26,047/Kg during the day’s trading
Crude crosses 110 dollars
Price crosses $110 despite increase in weekly inventories
Crude prices shot up once again today, Wednesday, 12 March, 2008. Prices rose after the dollar remained under pressure today. Prices rose despite the EIA reporting a surprising increase in weekly crude inventory for week ending on Friday, 7 March, 2008.
Crude-oil futures for light sweet crude for April delivery today closed at $109.92/barrel (higher by $1.17/barrel or 1.1%) on the New York Mercantile Exchange. They earlier surged to $110.2 a barrel, the highest since trading began in 1983. Last week, crude prices ended higher by $3.31 (3.3%).
Crude prices, denominated in dollars, tend to rise when the greenback falls, as a weaker U.S. currency makes crude less expensive to buyers holding other currencies. It also lowers oil producers' dollar revenue and forces them to raise prices.
In the currency market today, pressure on the dollar resumed and sent it to a new low against the euro, after stronger-than-expected economic data overshadowed any lingering influence of the Federal Reserve's liquidity-boosting steps. The dollar index, which measures the U.S. currency against a basket of major currencies, fell 1% to 72.41.
EIA reported today that U.S. crude inventories rose 6.2 million barrels to 311.6 million barrels in the week ended 7 March. U.S. gasoline supplies rose by 1.7 million barrels in the latest week, while distillate stocks fell by 1.2 million barrels.
EIA also reported that U.S. refineries operated at 85% of their operable capacity last week, down from the previous week's 85.9%. U.S. crude oil imports averaged 10.5 million barrels a day last week, up 1.1 million barrels a day from the previous week.
Brent crude oil for April settlement today rose $1.02 (1%) to $106.27 on the London-based ICE Futures Europe exchange. The London benchmark rose 54% in FY 2007, the most since 1999 when prices more than doubled.
Heating oil surges above $3 for first time
Natural gas in New York closed above $10 per million British thermal units for a third day as investors in commodities sought a hedge against a declining dollar and crude oil surged to a record. Natural gas for April delivery rose 1.1 cents to settle at $10.011 per million Btu.
Against this backdrop, April reformulated gasoline rose slightly to $2.7286 a gallon, and April heating oil surged to close at $3.0244 a gallon, up 2.87 cents.
Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude’s biggest yearly gain in five years.
The International Energy Agency, cut its forecast for 2008 global oil demand for a second month as record prices curbed consumption in some parts of the world. The agency reduced its forecast by 80,000 barrels a day to 87.54 million barrels a day, leaving annual demand growth at 2%.
OPEC left production targets unchanged on its 5 March meeting at Vienna, giving 12 of its 13 members a combined quota of 29.67 million barrels a day.
At the MCX, crude oil for March delivery closed at Rs 4,399/barrel, higher by Rs 49(1.1%) against previous day’s close. Natural gas for March delivery closed at Rs 403.1/mmtbu, higher by Rs 1.6/mmtbu (1.4%).
NSE Bulk Deal Watch - March 13 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
12-MAR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH AND CO,BUY,76772,566.33,-
12-MAR-2008,GSSAMERICA,GSS America Infotech Limi,GOPAL TRADERS,BUY,72292,556.49,-
12-MAR-2008,JMTAUTOLTD,JMT Auto Limited,FE SECURITIES PVT LTD,BUY,500000,68.00,-
12-MAR-2008,NILKAMAL,Nilkamal Limited,ARISAIG INDIA FUND LIMITED,BUY,400000,214.00,-
12-MAR-2008,NUCHEM,Nuchem Ltd,MONEY MATTERS ADVISORY SERVICES LTD ,BUY,156600,25.65,-
12-MAR-2008,RECLTD,Rural Electrification Cor,GENESIS INDIAN INVESTMENT COMPANY LIMITED - GENERA,BUY,8558535,121.65,-
12-MAR-2008,RENUKA,Shree Renuka Sugars Limit,P R B SECURITIES PRIVATE LTD,BUY,290947,1145.66,-
12-MAR-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,BUY,94657,82.69,-
12-MAR-2008,BAJAJHIND,Bajaj Hindusthan Ltd,NORGES BANK A/C GOVERNMENT PETROLEUM FUND,SELL,728830,242.94,-
12-MAR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH AND CO,SELL,77076,566.27,-
12-MAR-2008,GSSAMERICA,GSS America Infotech Limi,GOPAL TRADERS,SELL,65871,572.85,-
12-MAR-2008,JMTAUTOLTD,JMT Auto Limited,INDSEAM SERVICES LTD,SELL,500000,68.00,-
12-MAR-2008,NILKAMAL,Nilkamal Limited,SUNDARAM BNP PARIBAS MUTUAL FUND,SELL,400000,214.00,-
12-MAR-2008,RENUKA,Shree Renuka Sugars Limit,P R B SECURITIES PRIVATE LTD,SELL,286447,1146.20,-
12-MAR-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,SELL,94657,82.99,-
BSE Bulk Deals to Watch - March 13 2008
ate Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
12/3/2008 526921 21CEN MAN SE ANMOL FINPRO PVT LTD B 120000 49.75
12/3/2008 526921 21CEN MAN SE FE SECURITIES PVT LTD S 118161 49.75
12/3/2008 531519 ANKUSH FINST PRASUN KUMAR MEDHATIA S 31000 3.93
12/3/2008 507828 ANSAL HSG CN BK KHULLAR AND CO B 110000 170.52
12/3/2008 507828 ANSAL HSG CN VIJAY AGGARWAL S 109848 107.50
12/3/2008 532114 AREALTY SPMERSET EMERGING OPPORTUNITIES FUND B 80000 476.56
12/3/2008 532946 BANG CHANDRA FIN. SERV. PVT. LTD S 140172 106.67
12/3/2008 532271 CYBERMAT INF VIDYA SAGAR SAH S 493388 6.04
12/3/2008 526821 DAI ICH KARK SWETAL CHINTAN PARIKH B 40000 28.60
12/3/2008 526821 DAI ICH KARK VIJAY CHANDULAL SHAH S 40000 28.60
12/3/2008 517973 DMC INTER HITECH COMPUTECH PRIVATE LTD S 25000 16.82
12/3/2008 526705 ELEG MAR GRA AASHKA CONSTRUCTION PVT LTD B 26574 66.00
12/3/2008 526705 ELEG MAR GRA TAPAN SURESHSINHJI DESAI S 26574 66.00
12/3/2008 504000 ELPRO INTERN SWISS FINANCE CORPORATION LTD S 50000 621.00
12/3/2008 530389 GEEFCEE FINA SWARN GANGA TRADING PVT. LTD. B 90740 162.20
12/3/2008 530389 GEEFCEE FINA ACCORD CAPITAL MAEKETS LTD B 160000 162.20
12/3/2008 530389 GEEFCEE FINA BHAVANI PORTFOLIO PRIVATE LIMITED B 59228 162.20
12/3/2008 530389 GEEFCEE FINA PILOT CONSULTANTS LTD S 168481 162.20
12/3/2008 531928 GOLDEN CARPE MADHAVA RAO NADELLA S 40500 3.97
12/3/2008 532951 GSS AMERICA GOPAL TRADERS B 93230 560.47
12/3/2008 532951 GSS AMERICA B.K. SHAH AND CO B 73644 566.22
12/3/2008 532951 GSS AMERICA B K SHAH AND CO S 72846 568.43
12/3/2008 509152 GUJARAT RECL HARMONIC CAPITAL PVT LTD B 12250 443.56
12/3/2008 522183 ITL INDUSTRI RUCHIT B PATEL B 75000 40.25
12/3/2008 522183 ITL INDUSTRI HARDIK B PATEL S 75000 40.25
12/3/2008 530955 KAILASH FICO SHIVANI SURYAKANT SHAH B 61960 53.63
12/3/2008 512413 KHAITAN WVG BHAROSEMAND COMMODITIES PVT. LTD. B 72488 67.64
12/3/2008 508306 LEDO TEA COM NIKHIL LOHIA B 10000 39.00
12/3/2008 513685 MULTI ARC IN SUNIDHI SECURITIES AND FINANCE LTD. S 200000 24.00
12/3/2008 526381 PAT INT LOG SAMIR JAVERI B 74000 61.10
12/3/2008 526381 PAT INT LOG PARESH P JHAVERI S 75000 61.07
12/3/2008 526588 PHOTOQUIP IN ASHOK RUPLAL KAVDIA B 177579 11.08
12/3/2008 526588 PHOTOQUIP IN JAVED SAIYED S 177579 11.08
12/3/2008 526861 RISHI LASER PIVOTAL SECURITES PVT. LTD. B 70000 102.60
12/3/2008 526861 RISHI LASER JASVANTLAL CHHOTALAL AND CO P LT S 70000 102.60
12/3/2008 532735 RSYSTEMS INT ANMOL FINPRO PVT LTD B 170000 93.95
12/3/2008 532735 RSYSTEMS INT FE SECURITIES PVT LTD S 169587 93.95
12/3/2008 532310 SHRAMA MULTI PARESH P JHAVERI S 300000 6.54
12/3/2008 523236 SHRENUJ &COM HSBC PRIVATE BANK SUISSE SA S 500000 46.00
12/3/2008 500389 SILVERLINE T BSMA LIMITED AC DR S 592307 36.18
12/3/2008 530585 SWASTIK INV PRUTHVI BRK AND SHARE HOLDINGS PVT. LTD. S 30161 35.00
12/3/2008 531703 TRIBHVAN HSG SHIVANI SURYAKANT SHAH S 35000 24.35
12/3/2008 523301 TWEN F CEN P KANTA KUMARI B 99754 41.04
Today's Pick - Hindalco
We recommend a sell in Hindalco Industries from a short-term perspective. From the charts of Hindalco Industries, we note that after encountering resistance at Rs 220 in early January ’08, the stock declined and found support at Rs 150 levels in early February.
The stock rallied from this level and recently halted at the resistance at Rs 210. From this level, the stock declined and formed a bearish engulfing candlestick pattern more recently, indicating reversal in the trend. Besides, the stock tumbled 5 per cent on March 12. The daily momentum indicator, which was testing 60 levels, has begun to decline.
The weekly momentum indicator is featuring in the neural region. We also see that there is a decrease in volume for the past four trading sessions, which supports the downtrend. We are bearish on the stock in the short-term. We expect the stock to decline further and reach our target price level of Rs 170. Investors with a short-term perspective can sell the stock while keeping the stop loss at Rs 208.
Via Businessline
RIL, SBI March 2008 futures at discount
Turnover in F&O segment rises
Nifty March 2008 futures were at 4866, at a discount of 6 points as compared to spot closing of 4872.
The NSE's futures & options (F&O) segment turnover was Rs 44,632.78 crore, which was higher than Rs 38,176.25 crore on Tuesday, 11 March 2008.
Reliance Industries (RIL) March 2008 futures were at discount, at 2370.50, compared to the spot closing of 2374.50.
Shree Renuka Sugars (SRS) March 2008 futures were at discount, at 1093, compared to the spot closing of 1108.
State Bank of India (SBI) March 2008 futures were at discount, at 1788.30, compared to the spot closing of 1807.65.
In the cash market, the S&P CNX Nifty gained 6.10 points or 0.13% at 4872.
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