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Thursday, March 27, 2008
BSE Bulk Deals to Watch - March 27 2008
Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
27/3/2008 517494 ACCEL TRANS ACCEL LIMITED B 207514 24.41
27/3/2008 517494 ACCEL TRANS ZENER CONTROLS PRIVATE LTD S 207514 24.41
27/3/2008 531381 ARIH FOUND H CALEDONIA INVESTMENTS PLC B 233300 290.50
27/3/2008 531381 ARIH FOUND H MARWADI SHARES AND FINANCE LIMITED S 233300 290.50
27/3/2008 526556 AVERY INDIA MINAL B PATEL B 61515 47.05
27/3/2008 526556 AVERY INDIA BHARAT J PATEL S 61600 47.05
27/3/2008 505506 AXON INFOTEC UNIFLEX CARRYING CO. PVT LTD B 70000 29.00
27/3/2008 505506 AXON INFOTEC ANMOL FINANCE COMPANY B 18000 28.99
27/3/2008 505506 AXON INFOTEC V R P FINANCIAL SERVICES PVT LTD B 84000 29.00
27/3/2008 530803 BHAGERI DYEC NIPUR CHEMICALS LIMITED B 20479 23.60
27/3/2008 530803 BHAGERI DYEC YOGESH VINAYCHANDRA SHAH S 20479 23.60
27/3/2008 512332 BIRLA CAP AYODHYAPATI INVESTMENT PVT LTD B 64000 5.73
27/3/2008 512332 BIRLA CAP SHAH MADHUBEN AMRUTLAL B 150000 5.71
27/3/2008 526225 BLOOM DEKOR VIKRAM KUMAR BAGMAR B 37065 11.00
27/3/2008 526225 BLOOM DEKOR NAVRATAN MAL BAGMAR B S 37065 11.00
27/3/2008 509475 BOMBAY PAINT DEORA ANJU R B 10500 55.75
27/3/2008 509475 BOMBAY PAINT DEORA GAYATRI DEVI B 10500 52.25
27/3/2008 509475 BOMBAY PAINT DEORA ANJU R S 10500 52.25
27/3/2008 509475 BOMBAY PAINT DEORA GAYATRI DEVI S 10500 55.75
27/3/2008 505185 BOSCH CHA SY TEEN LOK ADVISORY SERVICES PVT LTD B 104500 674.97
27/3/2008 590061 BRUSHMAN IND DEVKANT SYNTHETICS INDIA PVT. B 100649 89.70
27/3/2008 532324 CINEVISTS LT MINAL B PATEL B 600000 7.15
27/3/2008 532324 CINEVISTS LT LAXMI INVESTMENTS B 491358 7.70
27/3/2008 532324 CINEVISTS LT HARDIK B PATEL S 600000 7.15
27/3/2008 532324 CINEVISTS LT DARA K MEHTA S 510000 7.70
27/3/2008 520022 DEN SO INDIA DHIREN S. SHAH HUF S 100000 89.99
27/3/2008 532180 DHANLAK BANK PRAMOD P SHAH B 501329 61.52
27/3/2008 532180 DHANLAK BANK TRADING AC SPS SHARES BRK P LTD S 501329 61.48
27/3/2008 531367 DOLLEX INDUT NADEEM KHAN B 39425 30.56
27/3/2008 524818 DYNAMIC INDU DEEP INFRA.PVT LTD S 17500 12.79
27/3/2008 532491 ECE INDUSTRI MINAL B PATEL B 42786 285.00
27/3/2008 532491 ECE INDUSTRI BJD SECURITIES PVT LTD S 43886 285.36
27/3/2008 521099 EMTEX INDUST LAXMI INVESTMENTS B 58700 3.20
27/3/2008 521099 EMTEX INDUST KEKI D MEHTA S 58700 3.20
27/3/2008 507552 FOODS & INNS PILOT CONSULTANTS LTD S 9725 280.00
27/3/2008 530389 GEEFCEE FINA ALCHEMIST LIMITED B 50000 137.50
27/3/2008 532715 GITANJALI GE INDIA MAX INVESTMENT FUND LTD. B 792290 244.89
27/3/2008 532909 GRABAL ALOK INDEX EQUITIES PVT.LTD B 507280 97.29
27/3/2008 532909 GRABAL ALOK DIVYA SHAKTI TRADING SERVICES LIMITED S 500000 97.30
27/3/2008 500010 HOUSING DEVELOPMENT FINANCE CO ORIENT GLOBAL TAMARIND MAURITIUS LIMITED B 3400000 2625.00
27/3/2008 531025 INCA FINLEAS PRITI MERCANTILE COMPANY LTD B 35200 57.67
27/3/2008 531025 INCA FINLEAS NIPRA STOCK BROKING PVT.LTD S 19700 58.50
27/3/2008 509709 INTERN CONVE MULTI MANAGER INDIA FUND LIMITED B 25000 231.10
27/3/2008 509709 INTERN CONVE KEDCO PROCESSORS PRIVATE LIMITED S 29313 232.01
27/3/2008 532771 JHS SVEN ADVENT ADVISORY SERVICES PRIVAT LIMITED B 300000 35.70
27/3/2008 532771 JHS SVEN KADAYAM RAMANATHAN BHARAT S 300000 35.70
27/3/2008 516078 JUMBO BAG LT VINAY JAIN B 100000 43.95
27/3/2008 516078 JUMBO BAG LT DINESH RATHOD HUF B 50000 43.17
27/3/2008 516078 JUMBO BAG LT CHETAN VALCHAND MEHTA S 44000 43.90
27/3/2008 523810 KALE FILMS NITIN R PUNMIYA B 400000 1.61
27/3/2008 526015 KEMROC IND E PRUTHVI BROKERS AND SHAREHOLDINGS PVT. LTD. B 40000 580.00
27/3/2008 512559 KOHINORFOODS SAMTA JAIN S 115000 108.07
27/3/2008 526604 LIPPI SYSTEM GOPI RAM PHOOLCHAND HUF B 39666 7.60
27/3/2008 526604 LIPPI SYSTEM AJAY GOYAL HUF S 39666 7.60
27/3/2008 512267 MEDIA MATRIX ANIL BABULAL VEDMEHTA S 1195125 5.65
27/3/2008 532127 MOBILE TELEC PRISM IMPEX PVT LTD S 210000 11.00
27/3/2008 500294 NAG CONS COM RELIANCE CAPITAL TRUSTEE CO LTD A C RELIANCE GROWTH FUND B 2000000 210.00
27/3/2008 500294 NAG CONS COM PRUDENTIAL ICICI TRUST LTD A C INFRASTRUCTURE FUND B 2200000 210.00
27/3/2008 500294 NAG CONS COM JF ASSET MANAGEMENT A C JPMORGAN ASSET MNGT EUROPE S A R L S 4150000 210.00
27/3/2008 500294 NAG CONS COM JF ASSET MANAGEMENT A C JF INDIA FUND 614198 S 1200000 210.00
27/3/2008 524816 NATCO PHARMA PASHA FINANCE PVT LTD S 350000 78.25
27/3/2008 524570 PODDAR PIGME BINDU MANGLIK B 129000 21.75
27/3/2008 531219 POONAM PHARM SWARN GANGA TRADING PVT. LTD. B 35900 3.25
27/3/2008 531219 POONAM PHARM SKM VYAPAAR PVT LTD S 31000 3.25
27/3/2008 507649 RASOI LTD PRISM IMPEX PRIVATE LIMITED S 65000 374.99
27/3/2008 507300 RAVALG SUG F YOGENDRA POPATLAL SHAH HUF B 499 4657.39
27/3/2008 507300 RAVALG SUG F YOGENDRA POPATLAL SHAH HUF S 499 4524.21
27/3/2008 531203 SAHIL FINANC ANMOL FINPRO PVT LTD S 55000 22.73
27/3/2008 526981 SHRI BAJRANG DIAMANT INVESTMENT AND FINANCE S 45000 25.86
27/3/2008 532344 SOFTSOL INDI ADVENT ADVISORY SERVICES PRIVAT LIMITED B 100000 50.10
27/3/2008 532344 SOFTSOL INDI KADAYAM RAMANATHAN BHARAT S 100000 50.10
27/3/2008 531373 SUAVE HOTEL KHANDE RAO BIRADAR B 40000 22.50
27/3/2008 531373 SUAVE HOTEL KIRAN DARAK S 40000 22.50
27/3/2008 590047 SUNDARAMMUL ACCORD CAPITAL MARKETS LTD B 400000 10.25
27/3/2008 590047 SUNDARAMMUL PRISM IMPEX PVT LTD S 396829 10.25
27/3/2008 590047 SUNDARAMMUL J V COMMODITY PVT LTD S 238000 10.39
27/3/2008 523425 SUNRAJ DIA E GUNVANTI CHANDRAKANT GANDHI B 250000 7.71
27/3/2008 523425 SUNRAJ DIA E RAJ SHROFF B 41400 7.70
27/3/2008 523425 SUNRAJ DIA E MAHESH CHIMANLAL PATEL S 250000 7.71
27/3/2008 523425 SUNRAJ DIA E KAWALJITSINGH J. DANG S 44200 7.75
27/3/2008 532738 TANTIA CONS PRISM IMPEX PVT LTD S 100000 86.50
27/3/2008 531675 TRICOM INDIA SHAISHAV RAKESHBHAI SHAH S 94892 143.59
27/3/2008 504605 UNIABEX AL P MONEYBEE COMMODITIES PVT.LTD. B 29500 73.40
27/3/2008 504605 UNIABEX AL P SUNITA DALMIA B 10000 72.00
27/3/2008 504605 UNIABEX AL P SUNITA DALMIA S 10000 79.24
27/3/2008 519152 VADILAL ENTE MANISHA S SANGHANI B 5000 67.00
27/3/2008 519152 VADILAL ENTE HIRAL INVESTMENT B 5001 71.40
27/3/2008 519152 VADILAL ENTE MEERA BHAVESH BHUPTANI B 10000 65.50
27/3/2008 519152 VADILAL ENTE GROWTH CAPITAL B 10000 71.40
27/3/2008 519152 VADILAL ENTE MANISHA S SANGHANI S 5000 71.40
27/3/2008 519152 VADILAL ENTE HIRAL INVESTMENT S 5000 67.00
27/3/2008 519152 VADILAL ENTE MEERA BHAVESH BHUPTANI S 10000 71.40
27/3/2008 519152 VADILAL ENTE GROWTH CAPITAL S 10000 65.50
27/3/2008 531962 VALLEY INDIA MUKESHKUMAR JAGDISHCHANDRA BANGUR HUF B 28350 11.47
27/3/2008 531962 VALLEY INDIA RAJKUMAR KAURAM JAIN S 28525 11.47
27/3/2008 531574 VAS INFRA LAXMI INVESTMENS B 221760 43.43
27/3/2008 531574 VAS INFRA DARASHAW AND COMPANY PVT LTD S 100000 43.25
27/3/2008 531574 VAS INFRA KEKI D MEHTA S 89217 43.25
27/3/2008 523724 VIJ.SHANTI B KADAYAM RAMANATHAN BHARAT B 248453 58.75
27/3/2008 523724 VIJ.SHANTI B LAXMI INVESTMENTS B 176905 57.50
27/3/2008 523724 VIJ.SHANTI B DARASHAW BLOOD STOCK PVT LTD B 289254 57.50
27/3/2008 523724 VIJ.SHANTI B ADVENT ADVISORY SERVICES PRIVAT LIMITED S 248453 58.75
27/3/2008 523724 VIJ.SHANTI B TSR DARASHAW LTD S 155279 57.50
27/3/2008 523724 VIJ.SHANTI B DARA K MEHTA S 133975 57.50
27/3/2008 523724 VIJ.SHANTI B BAMAN K MEHTA S 89906 57.50
27/3/2008 523724 VIJ.SHANTI B KEKI D MEHTA S 86999 57.50
27/3/2008 516072 VISHNU CHEM BERVIN INVESTMENT AND LEASING LTD B 92500 53.00
27/3/2008 516072 VISHNU CHEM BERVIN INVESTMENT AND LEASING LTD S 92500 53.00
27/3/2008 523628 WEAROLOGY LT LAXMI INVESTMENTS B 190967 93.36
27/3/2008 523628 WEAROLOGY LT TIHUNAZ K MEHTA S 53532 93.50
27/3/2008 523628 WEAROLOGY LT DARA K MEHTA S 53381 93.00
27/3/2008 523628 WEAROLOGY LT BAMAN K MEHTA S 32054 93.50
NSE Bulk Deal Watch - March 27 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
27-MAR-2008,BANG,Bang Overseas Limited,STUPENDORS TRADERS PVT LTD,BUY,230000,123.07,-
27-MAR-2008,GSSAMERICA,GSS America Infotech Limi,BALASO VITTHAL SHINDE,BUY,85303,637.19,-
27-MAR-2008,GTL,GTL Limited,GLOBAL ASSET HLDG CORIN P.LTD,BUY,563283,246.40,-
27-MAR-2008,INFOMEDIA,Infomedia India Limited,RUANE,CUNNIFF&GOLDFARB INC SUB A/C.ACACIA BANYAN PARTNERS,BUY,100000,228.00,-
27-MAR-2008,KOHINOOR,Kohinoor Foods Limited,STUPENDORS TRADERS PVT LTD,BUY,100000,107.80,-
27-MAR-2008,KSCL,Kaveri Seed Company Limit,SRIVASTAVA RAHUL,BUY,71000,274.75,-
27-MAR-2008,LAKSHVILAS,Lakshmi Vilas Bank Ltd,Ariston Equity Stock Holdings P Ltd,BUY,250000,109.39,-
27-MAR-2008,MAHSEAMLES,Maha Seamless Ltd,PUSHPANJALI INVESTRADE PVT LT,BUY,392160,292.99,-
27-MAR-2008,POLARIS,Polaris Software Lab Ltd,WEXFORD CAPITAL LLC A/C WEXFORD SPECTRUM INVESTORS LLC,BUY,638500,83.48,-
27-MAR-2008,RKFORGE,Ramkrishna Forgings Ltd,AKG FINVEST LTD,BUY,100000,180.60,-
27-MAR-2008,SB&TINTL,SB&T International Ltd,MADHU JAYAKUMAR,BUY,300000,16.75,-
27-MAR-2008,SIMPLEXINF,Simplex Infrastructures L,TREE LINE ASIA MASTER FUND (SINGAPORE) PTE LIMITED,BUY,735000,540.00,-
27-MAR-2008,SUBROS,Subros Ltd,ASANSOL BOTTLING PACKAGING CO. LTD.,BUY,400000,36.50,-
27-MAR-2008,TANTIACONS,Tantia Constructions Limi,PILOT CONSULTANTS LTD,BUY,119730,87.40,-
27-MAR-2008,TNPL,Tamil Nadu Newsprint ,ASANSOL BOTTLING PACKAGING CO. LTD.,BUY,630000,94.76,-
27-MAR-2008,TVSSRICHAK,TVS Srichakra Limited,Hardik Bharat Patel,BUY,48781,82.54,-
27-MAR-2008,BANG,Bang Overseas Limited,JINDAL SUMIT,SELL,151744,123.93,-
27-MAR-2008,GSSAMERICA,GSS America Infotech Limi,BALASO VITTHAL SHINDE,SELL,85303,641.36,-
27-MAR-2008,IFCI,IFCI Ltd.,CITIGROUP GLOBAL MKTS MAURITIUS PVT LTD- SELL CODE,SELL,3579490,43.75,-
27-MAR-2008,INFOMEDIA,Infomedia India Limited,DEUTSCHE ASSET MANAGEMENT,SELL,100000,228.00,-
27-MAR-2008,KOHINOOR,Kohinoor Foods Limited,SAMTA JAIN,SELL,175780,108.04,-
27-MAR-2008,KOHINOOR,Kohinoor Foods Limited,STUPENDORS TRADERS PVT LTD,SELL,100000,110.00,-
27-MAR-2008,KSCL,Kaveri Seed Company Limit,SESHADRI BHARATHAN,SELL,70292,275.63,-
27-MAR-2008,RKFORGE,Ramkrishna Forgings Ltd,UNO METALS LTD,SELL,100000,180.60,-
27-MAR-2008,SB&TINTL,SB&T International Ltd,JUDITH INVESTMENT PRIVATE LIMITED,SELL,300000,16.75,-
27-MAR-2008,SIMPLEXINF,Simplex Infrastructures L,FID FUNDS MAURITIUS LIMITED ,SELL,735000,540.00,-
27-MAR-2008,SKUMARSYNF,S. Kumars Nationwide Ltd,COPTHALL MAURITIUS INVESTMENT LTD.,SELL,1015300,85.07,-
27-MAR-2008,SUBROS,Subros Ltd,IFB AUTOMOTIVE PRIVATE LIMITED ,SELL,402020,36.49,-
27-MAR-2008,TANTIACONS,Tantia Constructions Limi,PRISM IMPEX PVT LTD,SELL,118289,87.39,-
27-MAR-2008,TNPL,Tamil Nadu Newsprint ,IFB AUTOMOTIVE PRIVATE LIMITED ,SELL,633283,94.76,-
27-MAR-2008,TVSSRICHAK,TVS Srichakra Limited,Bharat Patel,SELL,49600,82.62,-
Post Market Commentary - March 27 2008
The Indian market closed on a mixed note with NSE Nifty closed with marginal gains while Sensex closed in negative. The market face the volatility since the initial start of the session due to the global concerns like February durables goods report by the US government raised fresh doubts about the economy of US. As per the commerce department, the durables goods fell 1.7%, which was the second monthly fall in a row. Also, the sales of new homes fell b1.8% in February for the fourth consecutive month as the steep slump in housing continued. Also, the expiry of the derivatives contract today adds to the sentiment. From the sectoral front, the Realty and Metal index remained in the limelight as most buying was witnessed from these baskets. While the Mid Cap and Small Cap, which faced the selling pressures at the initial session managed to recover from the fall to post good gains.
The BSE Sensex closed lower by 71.27 points at 16,015.56 while NSE Nifty closed up by 1.4 points at 4,830.25. The BSE Mid Caps and Small Caps closed higher by 5.23 points and 87.82 points at 6,276.26 and 7,526.78 respectively
The market breadth was strong as 1,493 stocks closed in green as against 1223 stocks that closed in red.
The BSE Realty index surged 170.92 points to close at 7,651.29. Major gainers are Parsvnath (5.48%), Omaxe (5.16%), HDIL (4.78%), Unitech (3.99%), Penland (3.17%), DLF (2.47%) and Phoenix mill (0.35%).
The Metal index closed higher by 108.80 points at 13,853.98. Gainers are Gujarat NRE (6.93%), Hindalco Inds (6.61%), Maharash Sea (6.56%), SH. Precoated (4.98%), Welspun Guj (3.71%) and Sterlite Inds (1.27%).
The Bankex index closed lower by 125.14 points at 8,176.66. Major losers are Union bank (4.05%), Axis bank (4.03%), SBI (3.69%), Yes bank (2.77%), Andhra bank (2.37%) and Allahabad bank (2%).
The Capital Goods index fell by 79.30 points to close at 13,714.74 as Kirloskar BR (5.95%), Bharat Elec (5.05%), L&T (2.71%) and BEML (1.48%) closed lower while SKF India (7.73%), Suzlon energy (5.04%), Areva (4.03%) and Thermax (3.78%) closed higher.
The Oil and Gas index dropped by 63.58 points to close at 10,160.98 as IOCL (3.48%), Aban Offshore (2.68%), HPCL (2.56%), GAIL India (1.33%), Reliance inds (1.03%) and RPL (0.71%) while Cairn India (1.97%), Essar Oil (0.45%) and RNRL (0.3%) closed higher.
The IT index decreased by 112.80 points to close at 3,579.75. Losers are Mphasis (6.54%), HCL Tech (4.83%), NIIT Ltd (4.83%), Patni Comp (4.55%), Satyam (4.35%), Educomp Soln (3.53%) and TCS (2.97%).
From the FMCG space, Glaxosmithkline Cons (5.09%), HUL (4.10%), ITC (2.54%), Nestle (2.16%), REI Agro (0.56%), Britannia (0.32%) and Tata Tea (0.16%) closed in green.
Market Close: Buying continues on the broader base but indices remain flat!
Indian markets ended the day on a flat note after a choppy and range bound trade, on F&O expiry day. On back of weak global cues, markets started the day in a negative region and slipped further, just to recover fully in the later half of the trading session. Value buying took the indices above previous close but profit booking on expiry related moves, ended the day with marginal loss. IT, Banking, Auto stock ended in red. Buying interest was seen in Realty, FMCG, Health Care and Power stocks. Small caps outperformed the front line indices while mid caps ended in flat. Asian markets ended mixed, European markets trading in green.
Sensex closed down by 71 points at 16015.56. Weighing on the Sensex are losses in Bajaj Auto (621,-4 percent), Satyam (395.05,-4 percent), SBI (1650.45,-4 percent), Infosys (1440.8,-4 percent) and Tata Motors (655.2,-4 percent). Losses are restricted by gains in Hindalco (172.5,+7 percent), HLL (244,+4 percent), Cipla (211.6,+3 percent), Bharti Tele (824.65,+3 percent) and ITC (200.05,+3 percent).
Getting a loan for two wheelers is not easy any more. Higher down payments and increase in interest rates will reduce the demand for the bikes. SBI have increased the interest rates by 50 bps to 15.50% while Canara Bank increased to 11.50% from 9.5%. ICICI Bank has the highest interest rates of 23%. Banks said that the increase in the interest rates was due to increase in the cost of borrowing money and also the cost of recovering money has gone up. Down payments in some cases have really gone up as high as 30% of the bikes cost. Citi Financials have stopped giving two wheelers loans. Defaults in this segment have shot up to 5% of the total two wheeler loans from 2% last year. Demand of bikes would decrease and impact the companies as they have to even juggle with the higher input cost which eats up the margins. The impact would be more in the rural areas where most of bikes sold are 100cc and Hero Honda is a big player here.
Allahabad Bank has cut the benchmark prime lending rate (BPLR) by 25 basis points. The bank informed that it has brought down its BPLR from the 13.25% to 13% with effect from April 1, 2008. It further said that the reduction is in regard to the present market scenario and the need to provide credit to productive sectors at affordable rate. The bank has already announced a cut in the interest rate of fresh housing loans by 25 basis points in both floating and fixed term loans with effect from April 01, 2008 for loans up to Rs 20 lakhs on all maturities. This accounts for major share in banks portfolio. The cut in rate helps to attract more customers to bank but the increasing prices of real estate could not influence the sales too much.
Technically Speaking: Sensex traded choppy for entire day. It made an intraday high of 16,111 and low of 15,869. The overall breadth was in favor of Advances while Advances stood at 1467 and Declines at 1245. Turnover was pretty good at Rs 6343 cr. Sensex remains under pressure from 16200-16300 range. We see a good upside if that level is broken, and Sensex can move upto 17100. On the lower side, 15780 and 15600 are good supports.
Sensex sheds 71 points
A day after the Sensex slipped over 131 points on an all-round selling, the market opened on a negative note. The market was gloomy amid a range-bound trend during intra-day trades influenced by subdued international markets. The Sensex saw strong optimism vanish after adding 61 points to touch the day's high of 16,111. The market thereafter zigzagged between its positives and negatives, but eased in the afternoon on sustained selling in information technology (IT), banking and auto stocks to touch the intra-day low of 15,869. Heavy buying in most of the index pivotal stocks helped the Sensex trim most of its losses towards the close and end the session at 16,016, down 71 points. The Nifty closed with gain of a point at 4,830.
However, the market breadth was in favour of gainers as 1,490 stocks advanced, 1,223 stocks declined and 61 stocks remained unchanged on the Bombay Stock Exchange (BSE). Most of the sectoral indices closed with losses. BSE IT, Bankex and BSE Auto index were the major losers and slipped over 1-3% each. However, BSE Realty index soared 2.23% followed by BSE FMCG, HC, Power index and BSE Metal index all of which soared.
Among the 30 Sensex stocks, 16 ended in green. Attracting strong buying support, Hindalco Industries surged by 6.61% to Rs172.50, Hindustan Utilities shot up by 4.10% at Rs244, Cipla jumped by 2.89% at Rs211.60, Bharti Airtel advanced by 2.68% at Rs824.65, ITC scaled up by 2.54% at Rs200.05, DLF zoomed 2.47% at Rs674.05, Jaiprakash Associates added 2.30% at Rs231.25 and Reliance Communications gained 2.27% at Rs538.05. Among the laggards, Satyam tumbled 4.35% at Rs395.05, SBI slipped 3.69% at Rs1,650.45, Infosys fell 3.66% at Rs1,440.80, Tata Motors was down 3.56% at Rs655.20, TCS lost 2.97% at Rs853.15, Ranbaxy moved up 2.78% at Rs435.65 and L&T moved down 2.71% at Rs2,963.
Over 1.22 crore RNRL shares changed hands on the BSE followed by Ispat Industries (1.16 crore shares), IFCI (0.93 crore shares), Nagarjuna Constructions (0.68 crore shares) and RPL (0.59 crore shares).
Small-caps gain in volatile market
The key indices ended the highly volatile session on a mixed note. The Nifty ended almost steady even as the Sensex declined. The imminent expiry of March 2008 derivatives contracts caused volatility. Firm European markets aided recovery from lower level. In Europe, key indices in UK, France and Germany were up by 0.86% to 1.38%.
IT and banking shares fell sharply whereas FMCG and realty stocks bucked the weak trend. Gains in mid-cap and small-cap stocks led to positive market breadth.
Most of the Asian indices slipped today on worries that there will be more bank write-downs in the US after a prominent analyst lowered first-quarter profit forecasts for four major US banks namely -- Citigroup, Bank of America Corporation, JPMorgan Chase & Co, and Wachovia Corp. Key indices in China, Japan, South Korea, Singapore, and Taiwan were down by 0.20% to 5.42%. However, Hong Kong's Hang Seng was up 0.21%.
The 30-share BSE Sensex fell 71.27 points or 0.44% at 16,015.56. Sensex rose 24.61 points at the day's high of 16,111.44 in mid-afternoon trade. The index lost 217.74 points at session's low of 15,869.09, hit in early afternoon trade.
The broader CNX S&P Nifty rose 1.40 points or 0.03% at 4830.25. Nifty April 2008 futures were at 4849.45, at a premium of 19.2 points as compared to spot closing of 4830.25.
As per provisional data, foreign institutional investors bought shares worth a net Rs 247.98 crore today. Domestic funds bought shares worth a net Rs 339.84 crore.
The NSE's futures & options (F&O) segment turnover was Rs 64,308.86 crore, which was lower than Rs 57,628.83 crore on Wednesday, 26 March 2008.
The BSE small-cap index outperformed the Sensex, rising 1.18% at 7,526.78. The BSE Mid-cap index outperformed the Sensex, rising 0.08% at 6,276.26.
The market breadth was positive. On BSE, 1493 stocks advanced, 1223 declined and 59 stocks were unchanged.
BSE clocked a turnover of Rs 6343 crore as against Rs 6,137.44 on Wednesday, 26 March 2008.
India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) fell 1.03% to Rs 2275.
India's largest commercial vehicles maker by sales Tata Motors slipped 3.56% to Rs 655.20 on concerns that its borrowing cost may go up due to funding of the acquisition, which in the short term would impact the net profit of the company. The American depository receipt (ADR) of Tata Motors fell 7% on Wednesday, 26 March 2008 on the New York Stock Exchange after the deal was announced.
Top Sensex gainers were, Hindalco Industries (up 6.61% at Rs 172.50), Hindustan Unilever (up 4.10% at Rs 244), Cipla (up 2.89% at Rs 211.60), Bharti Airtel (up 2.68% at Rs 824.65) and ITC (up 2.54% at Rs 200.05).
Top Sensex losers were, Satyam Computer (down 4.35% at Rs 395.05), State Bank of India (down 3.69% at Rs 1650.45), Infosys Technologies (down 3.66% at Rs 1440.80), TCS (down 2.97% at Rs 853.15), and Ranbaxy Laboratories (down 2.78% at Rs 435.65).
The BSE Realty index outperformed the Sensex, rising 2.28% to 7,651.29. Parsvnath Developers (up 5.48% at Rs 201.30), Omaxe (up 5.16% at Rs 212.05), Housing Development & Infrastructure (up 4.78% at Rs 608.45), Unitech (up 3.9% at Rs 281.60) and Penland (up 3.17% at Rs 96.05), edged higher.
The BSE FMCG index outperformed the Sensex, rising 2.03% to 2,280.38. Glaxosmithkline Consumer Healthcare (up 5.09% at Rs 603.20), Nestle (up 2.16% at Rs 1,469.70), and REI Agro (up 0.56% at Rs 1,457.85), gained.
The BSE IT index underperformed the Sensex, falling 3.05% to 3,579.75. Mphasis (down 6.54% at Rs 182.10), NIIT (down 4.83% at Rs 96.45), and HCL Technologies (down 4.83% at Rs 262.85), declined. However, Wipro rose 0.26% to Rs 430.10.
The BSE Bankex underperformed the Sensex, falling 1.51% to 8,176.66. Union Bank of India (down 4.05% at Rs 143.40), Axis Bank (down 4.03% at Rs 793.25), Yes Bank (down 2.77% at Rs 185.80), Andhra Bank (down 2.37% at Rs 74.15) and HDFC Bank (down 0.43% at Rs 1,434.95), slipped.
India’s largest private sector bank by assets ICICI Bank fell 1.03% at Rs 834.55.
Among the small-caps, Ankur Drugs And Pharma (up 20% at Rs 190.95), Classic Diamonds (India) (up 20% at Rs 62.15), Renaissance Jewellery (up 20% at Rs 61.30), BAG Films & Media (up 18.51% at Rs 38.10), and Grabal Alok Impex (up 17.14% at Rs 95), surged.
Hindustan Zinc fell 2.10% to Rs 523.95 after the company said it had cut its zinc prices by 4.6% or Rs 5,200 a tonnes to Rs 1.07 lakh per tonne with immediate effect.
State-run power utility Power Grid Corporation of India rose 1.13% to Rs 98.50 on reports that the company may win a Sri Lankan sub-sea cable order worth Rs 2500 crore.
Shipping firm Great Offshore slipped 1.65% to Rs 614.75 after the company said it has sold its vessel - Malaviya Nine, a 1983 built anchor handling tug - supply vessel.
Power sector financer Power Finance Corporation gained 2.03% to Rs 166 after the company said it has signed a memorandum of understanding with RITES to combine its resources and expertise to facilitate import of coal from African countries.
Valecha Engineering, which is primarily into road construction business, jumped 5.23% to Rs 175.95 after the company said it has bagged new projects worth Rs 250 crore which includes road works at Pune, Delhi airport express line work and piling projects.
Chemicals maker J B Chemicals & Pharmaceuticals surged 20% to Rs 44.80 after the company scheduled a meeting of the board of directors on 8 April 2008 to consider buyback of equity shares.
Software firm i-flex Solutions declined 3.02% to Rs 953.75 even as the company said Lien Viet Bank, Vietnam has selected Flexcube, i-flex’s core banking solution for its banking operations.
Jewellery maker Rajesh Exports jumped 2.92% to Rs 72.35 after the company clarified that it has not suffered any losses in any type of currency options, commodity trading or any other speculative business.
Brokerage firm Prime Securities slumped 5% to Rs 87.95 after the firm said it incurred a loss of about Rs 3 crore in the futures and options segment and had made a provision of Rs 23 crore for 2007/08 towards depletion in value of securities. The comapny expects profit before tax for the current year to be Rs 27 crore after the write-off of investment, it said in a statement.
Housing Development Finance Corporation clocked a highest turnover of Rs 908.92 crore on BSE. Reliance Capital (Rs 298.46 crore), Reliance Industries (Rs 245.84 crore), GSS America (Rs 205.79 crore) and Nagarjuna Construction Company (Rs 414.17 crore), were the other turnover toppers on BSE in that order.
Reliance Natural Resources reported highest volume of 1.22 crore shares on BSE. Ispat Industries (1.16 crore shares), IFCI (93.77 lakh shares), Nagarjuna Construction Company (68.63 lakh shares) and Reliance Petroleum (59.17 lakh shares), were the other volume toppers on BSE in that order.
US markets declined yesterday, 26 March 2008 due to poor economic data. US Treasury Secretary, Henry Paulson said that there is a need to strengthen & clarify rules governing the financial sector. The Dow Jones industrial average slipped 109.74, or 0.88%, to 12,422.86. The Standard & Poor's 500 index declined 11.86 points, or 0.88%, to 1,341.13, while the Nasdaq Composite index shed 16.69 points, or 0.71%, to 2,324.36.
Pre Market Watch - March 27 2008
The Indian Market is likely to have a negative opening today due to unfavoring cues from the global markets. On Wednesday, The Indian market yesterday closed lower on the back of profit booking across the counters. A lot of volatility was witnessed during the trading session on the back of expiry of the March 2008 derivatives contract on Thursday. This led the investors to take calculated steps in booking their positions. The market opened on a firm note tracking the mixed cues from the global markets but all of a sudden lost the momentum to pare all its initial gains as the profit booking prevailed. From the sectoral front, the metal index remained in the limelight as most buying was seen from these baskets. The BSE Sensex closed lower by 130.66 points at 16,086.83 and NSE Nifty fell by 48.65 points to close 4,828.85We expect that the market may continue its yesterday’s losing trend during the trading session.
On Wednesday, the US market closed in negative territory. The Dow Jones Industrial Average (DJIA) closed lower by 109.74 points at 12,422.86 along with S&P 500 (SPX) index fell by 11.86 points to close at 1,341.13 and NASDAQ Composite (RIXF) dropped by 16.69 points to close at 2,324.36.
The US market fell on the back of February durables goods report by the government that raised fresh doubts about the economy of US. As per the commerce department, the durables goods fell 1.7%, which was the second monthly fall in a row. Also, the sales of new homes fell b1.8% in February for the fourth consecutive month as the steep slump in housing continued.
The Indian ADRS closed in negative. In technology sector, Wipro fell by (2.51%) along with Satyam by (1.41%) and Infosys by (0.99%). In banking sector, ICICI bank and HDFC bank dropped by (5.37%) and (2.68%) respectively. In telecommunication sector, MTNL slipped by (1.18%). Sterlite industries decreased up by (3.24%).
Today the major stock markets in Asia are trading weak. Hang Seng is trading lower by 307.10 points at 22,309.91 along with Japan’s Nikkei trading down by 225.65 points at 12,480.98 and Taiwan Weighted trading at 8,597.78 down by 170.24 points.
The FIIs on Wednesday stood as net buyer in equity. The gross equity purchased was Rs5,060.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,715.40 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs1,345.30 Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,733 and resistance at 4,863 and BSE Sensex has support at 15,597 and resistance at 16,231.
Kiri Dyes, Titagarh Wagons Grey Market
Gammon Infra 167 5 to 8
Sita Shree Food Pro. 30 4 to 6
Titagarh Wagons Ltd. 540 to 610 20 to 25
Kiri Dyes & Chemicals 125 to 150 10 to 12
March 2008 derivatives expiry to keep market volatile
The market is expected to see volatile trade as March 2008 derivative contracts are set to expire today, 27 March 2008. As per reports, the marketwide rollover of derivative positions from March 2008 series to April 2008 series stood at 58%, while that of Nifty was 52%.
US markets slipped yesterday, 26 March 2008 while Asian markets opened lower today, 27 March 2008. However year-end net asset value (NAV) boosting exercise from local mutual funds may prevent steep losses.
Meanwhile, the Finance Minister P Chidambaram speaking at a lecture in Singapore yesterday, 26 March 2008, said that GDP may grow at 9% for the year-ending March 2008. He added that rising food prices are putting pressure on inflation. He added that developing economies were shouldering an enormous burden from the relentless rise in prices of food and commodities.
The sharp rise in inflation has been a cause of concern, which has now risen above the Reserve Bank of India’s caution limit of 5%. As per data released on Thursday, 20 March 2008, inflation had surged to over 11-month high of 5.92% for the week ended 8 March 2008
Marketmen are keenly awaiting Q4 and full year March 2008 results from Indian corporates. Robust corporate advance tax payments in Q4 March 2008 indicate that corporate profit growth will be strong in the quarter. Advance tax figures showed banks, hospitality and software firms are doing better than sectors like automobiles and cement.
Asian markets were trading weak today, 27 March 2008. Japan's Nikkei (down 1.78% at 12,480.98), Hong Kong's Hang Seng (down 1.36% at 22,309.91), Taiwan's Taiwan Weighted (down 1.94% at 8,597.78), Singapore's Straits Times (down 1.07% at 2,963.30) and South Korea's Seoul Composite (down 1.11% at 1,661.07) edged lower.
US markets declined yesterday, 26 March 2008 due to poor economic data. US Treasury Secretary, Henry Paulson said that there is a need to strengthen & clarify rules governing the financial sector. The Dow Jones industrial average slipped 109.74, or 0.88%, to 12,422.86. The Standard & Poor's 500 index declined 11.86 points, or 0.88%, to 1,341.13, while the Nasdaq Composite index shed 16.69 points, or 0.71%, to 2,324.36.
Back home, the 30-share BSE Sensex was down 130.66 points or 0.81% at 16,086.83 yesterday, 26 March 2008. The broader CNX S&P Nifty was down 48.65 points or 1% at 4828.85 on that day.
As per provisional data, foreign institutional investors (FIIs) purchased shares worth Rs 393.91 crore on Wednesday, 26 March 2008. Domestic institutional investors (DIIs) were net sellers of shares worth Rs 108.65 crore on that day.
FIIs were net buyers of Rs 282.32 crore in the futures & options segment on Wednesday, 26 March 2008. They were net buyers of index futures to the tune of Rs 103.13 crore and bought index options worth Rs 289.42 crore. They were net sellers of stock futures to the tune of Rs 114.23 crore and bought stock options worth Rs 4.01 crore.
Trading Calls - March 27 2008
Nifty (4829) Supp 4700 Res 4902
Buy ONGC (1063) SL 1043
Target 1103, 1120
Buy Rel Cap (1284) SL 1264
Target 1325, 1335
Buy LITL (396) SL 391
Target 406, 410
Sell Pantaloon (429) SL 434
Target 419, 416
Sell Hotel Leela (41) SL 43
Target 36, 34
Morning Call - March 27 2008
Market Grape Wine :
In House :
Nifty at a supp of 4790 and 4730 with resis at 4877 and 4939
Cash: Sell Reliance below 2300 with a TGT of 2220 with a SL of 2330
Sell SBIN below 1713 with a TGT of 1670 with a SL of 1735
F&o: Buy TITAN above 1058 with a TGT of 1100 with a SL of 1037
BUY IOC above 267 with a TGT of 280 with a SL of 260
Out House :
Markets at a support of 15678 & 15818 and resistance at 16116 & 16261 levels .
Buy : Maruti & Telco at dips
Buy : RIL
Buy : LT at dips
Buy : YesaBank at dips
Buy : HDFC
Buy : Aban
Buy : SBIN at dips
Dark Horse : RPL , ONGC , Yesbank , RIL , LT , RPL & NTPC
Today's Pick - Central Bank
We recommend a buy in Central Bank of India from a short-term perspective. The charts of Central Bank of India show that the stock was on a medium-term downtrend from its life-high of Rs 154.9 marked in early January 2008 till its mid March low of Rs 73.
More recently, the stock’s medium-term downtrend got arrested at around the support level of Rs 74.
The stock gained momentum by surging more then 11 per cent on March 25, initiating an up move. The positive divergence in the daily Relative Strength Index has supported the stock’s trend reversal. This indicator is rising towards the bullish zone in the neutral region. After penetrating the medium-term down trendline, the stock crossed over the 21-day moving average recently, signalling a buy.
Moreover, we also note a crossover in the moving average convergence divergence indicating a buy. Our short-term outlook for the stock is bullish. We expect the stock to rally further to our target level of Rs 102 in the short-term. Investors with a short-term perspective can buy the stock with a stop-loss at Rs 85.
Via BL
Global indices may weigh
The market is likely witness volatility during intra-day trades and may succumb to selling pressure amid overnight weakness in the US indices and the bearish looking Asian indices in the ongoing trades. Among the key domestic indices, the Nifty could get support at 4750 and a slip below this level may see it dip further to 4700, while on the upside, the index has a key resistance at 5050. The Sensex has a likely support at 16000 and could test higher levels of 16300.
US indices ended weak on Wednesday amid fresh rise in crude oil prices. While the Dow Jones dropped by 110 points to close at 12423, the Nasdaq ended 17 points lower at 2324.
Indian floats, too, witnessed selling pressure and all ended at lower levels. Tata Motors tumbled over 6.80% at $16.18, ICICI Bank declined 5.37% at $40.69, HDFC Bank down by 2.68% at $101.75, Patni Compuetrs slipped 2.61% at $11.20 and Wipro moved down 2.51% at $11.27 while Infosys, Satyam, Dr Reddy, MTNL and VSNL lost above 1% each. Rediff remains unchanged.
Crude oil prices moved up, with the Nymex light crude oil for May 08 delivery rising by $4.58 to close at $105.80 a barrel. In the commodity space, the Comex gold for April 08 series added $14.20 to settle at $949.20 respectively.
Driving with fear!
Fear drives you and makes you better.
The Tatas may be on the driver’s seat of Land Rover and Jaguar. But drivers seem to be missing for the market. It remains more of a rollercoaster ride. After rising for four consecutive days, the Sensex and the Nifty closed in the red though FIIs continued to be net buyers. The trend was similar across world markets, where stock benchmarks resumed their downward drift after the pull-back rally.
For the day, we see a lot of volatility due to the F&O expiry and uncertain global cues. And we maintain our stance of selectively picking the blue-chips and re-building a strong portfolio. There is still significant anxiety over the depth and length of the impending recession in the US. Fresh bad news has emerged on the slowdown in the world's biggest economy and the sorry state of the credit markets.
Deutsche Bank says it may not meet the year's profit target due to the ongoing turbulence in global financial markets. Data on new home sales and durable goods orders in the US doesn't inspire any confidence. A multi-billion-dollar deal in the US is facing a major crisis due to the gridlock in the credit markets. All this is going to make it tough for the bulls to sustain any buying momentum, though most bad news may already be reflected in stock prices.
Back home, the local economy is also suffering. Industrial and consumer spending seems to have been hit due to tight monetary policy while inflation has flared up, partly due to soaring global commodity prices. The market is eagerly awaiting quarterly results to ascertain the impact of a global as well as local slowdown on India Inc's health. RBI's annual policy meeting will also be crucial.
FIIs were net buyers of Rs3.94bn in the cash segment yesterday while local institutions pulled out Rs1.08bn. In the F&O segment, foreign funds were net buyers of Rs2.82bn yesterday. On Tuesday, FIIs were net buyers of Rs13.45bn in the cash segment. Mutual Funds were net buyers of Rs5.34bn on the same day.
Tata Motors may weaken amid apprehensions over the company's ability to manage the loss-making Ford brands - Jaguar and Land Rover. The company's ADR was down nearly 7% in the US. The stock ended flat yesterday at Rs679.
Asian markets were trading mostly down this morning, led by automakers and banks, on concern that the health of the US economy is deteriorating as the credit market crisis deepens.
The MSCI Asia Pacific Index lost 1.1% to 139.79 as of 11:20 a.m. in Tokyo, with about seven stocks retreating for each that gained. Speculation the US will limit credit market losses contributed to a 5.3% advance in the benchmark in the previous four days. It has tumbled 11% this year.
Japan's Nikkei 225 Stock Average slid 1.8% to 12,480.98, on course for its biggest decline since March 17. Benchmarks dropped in other markets open for trading.
US stocks closed lower on Wednesday after a three-day rally on a worsening outlook for banks' earnings and an unexpected drop in durable goods orders. Concerns that financing for acquisitions has collapsed due to the current logjam in the credit markets also weighed on the sentiment.
Citigroup tumbled the most in the Dow Jones Industrial Average and led financials to their biggest decline in almost two weeks after Oppenheimer's Meredith Whitney said the largest US bank's quarterly loss will be four times bigger than previously forecast.
Deere & Co. and United Technologies declined on the government's report showing the worst-ever slump in machinery demand. Clear Channel Communications posted its steepest fall since 1989 on concern that banks will pull out financing for the broadcaster's $19.5bn takeover.
The S &P 500 Index lost 12 points, or 0.9%, to 1,341.13. The Dow slid 110 points, or 0.9%, to 12,422.86. The Nasdaq Composite Index declined 17 points, or 0.7%, to 2,324.36.
Market breadth was negative. More than two stocks fell for every one that rose on the New York Stock Exchange.
Stocks slipped at the open on a weak factory orders report. But the selloff picked up steam later in the morning after the release of the February new home sales report and a spike in oil prices.
US light, crude oil for May delivery rose $4.68 to settle at $105.90 a barrel in New York. Oil prices hit a record $111.80 in electronic trading last week. COMEX gold for April delivery rose $14.20 to settle at $949.20 an ounce. Gold hit an all-time trading high of $1,033.90 an ounce one week ago.
The dollar fell versus the euro and the yen. The greenback hit an all-time low versus the euro and a 13-year low versus the yen last week. Treasury prices rose modestly, lowering the yield on the benchmark 10-year note to 3.47% from 3.5% late on Tuesday.
New home sales fell to a 13-year low in February. However, the decline was smaller than Wall Street expectations. Orders for manufactured goods slumped 1.7% in February versus forecasts for a rise of 0.8%. January's drop in durable goods was revised to 4.7% from an initial read of 5.3%.
Treasury Secretary Henry Paulson said the Bear Stearns collapse highlights the fact that investments banks need to be brought under the kind of federal regulation that has long been given to commercial banks.
After the close, Oracle reported quarterly earnings that rose from a year ago and met estimates on sales that rose a year ago and missed forecasts. Shares fell 8.5% in after-hours trading.
Ford Motor said it is selling its Jaguar and Land Rover brands to India's Tata Motors for $2.3bn in cash. Motorola said its board has approved a plan to break the company into two independent, publicly traded companies.
Clear Channel plunged 17% for the second-biggest drop in the S&P 500. The Wall Street Journal said banks financing the deal for Thomas H. Lee Partners LP and Bain Capital LLC haven't been able to agree with the buyers on terms.
Stocks in Europe also closed lower. The pan-European Dow Jones Stoxx 600 index slipped 0.7% to close at 304.62. Germany's DAX 30 ended down 0.5% at 6,489.26, while the French CAC 40 lost 0.3% to 4,676.68 and the UK's FTSE 100 closed down 0.5% at 5,660.40.
Deutsche Bank, Germany's biggest bank, fell almost 3% in Frankfurt after its annual report said possible asset writedowns and slowing economic growth will make it harder to reach its full-year profit target.
European Central Bank (ECB) President Jean-Claude Trichet said yesterday that large euro-area banks are likely to face pressure on revenues on account of the strained credit markets and reduced risk appetite.
In the emerging markets, the Bovespa in Brazil up 0.3% at 61,415 while the IPC index in Mexico gained 0.25% at 30,057. The RTS index in Russia finished nearly unchanged at 1995 while the ISE National 30 index in Turkey fell 0.7% to 50,716.
Market may consolidate further
After opening with a positive bias, markets traded in a range bound for major part of the trading session. However, towards last hour of the day, a four day rally fizzled out as weak cues from the US, Asian and the European markets coupled with selling pressure in the Banking, Oil & Gas, Telecom and Pharma stocks dragged the benchmark Sensex to close in red. Finally, the BSE benchmark Sensex slipped 130 points to 16,086 and the Nifty index lost 48 points to close at 4,828.
Overall about 1,733 stocks advanced; 978 stocks declined while 50 stocks remained unchanged. Among the 50 Nifty 19 stocks ended in positive territory. On the other hand, 31 stock ended in red.
Among the BSE Sectoral indices, BSE Bankex index (down 0.8%), BSE Oil & Gas index (down 0.8%), BSE Teck index (down 0.7%) and BSE Pharma index (down 0.7%). Gainers were, BSE Small-Cap index (up 2.1%), Mid-Cap index (up 1.5%) and Metal index (up 1.5%).
Among the 30-stocks of Sensex, ICICI Bank, Bharti Airtel, Hindustan Unilever, RIL and BHEL were among the major laggards. However, bucking the trend were HDFC, Tata Steel and ITC.
Aries Agro advanced by 2.2% to Rs120 after the company announced that they opened largest Micronutrient unit at Hyderabad. The scrip touched an intra-day high of Rs125 and a low of Rs116 and recorded volumes of over 8,000 shares on BSE.
Dewan Housing was up over 3% to Rs108 after the company said that it entered into an agreement with UAE sponsorship centre. The scrip touched an intra-day high of Rs108 and a low of Rs102 and recorded volumes of over 3,00,000 shares on BSE.
Strides Arcolab was up by 1.4% to Rs156. The company said that it secured first US approval for HIV drug, according to reports. The scrip touched an intra-day high of Rs159 and a low of Rs151 and recorded volumes of over 10,000 shares on BSE.
Ashok Leyland marginally slipped by half a percent to Rs33. The company said that they raised US$200mn in overseas loan. The scrip touched an intra-day high of Rs33 and a low of Rs32 and recorded volumes of over 6,00,000 shares on BSE.
Maruti Suzuki ended on a flat note to Rs845. The company said that they would begin selling swift Dzire in India march 29. The scrip touched an intra-day high of Rs852 and a low of Rs833 and recorded volumes of over 1,00,000 shares on BSE.
Tata Chemicals slipped by half a percent to Rs274. Reports stated that the company would raise US$850mn to part fund its US$1bn acquisition of US-based General Chemicals Industries Products. The scrip touched an intra-day high of Rs278 and a low of Rs272 and recorded volumes of over 85,000 shares on BSE.
SBI was down by 1.5% to Rs1713. Report stated that the company has secured full bank license from the Monetary Authority of Singapore to establish up to 25 outlets. The scrip touched an intra-day high of Rs1791 and a low of Rs1696 and recorded volumes of over 3,00,000 shares on BSE.
Religare surged by over 4% to Rs380 following reports that the company would acquire UK broking firm Hichens, Harrison & Co for US$100mn. The scrip touched an intra-day high of Rs390 and a low of Rs351 and recorded volumes of over 65,000 shares on BSE.
Markets would further look to consolidate and with F&O expiry on Thursday traders should be cautious.Corporate Front Page
Tata Motors has signed a deal to buy luxury brands Jaguar and Land Rover (JLR) from Ford for US$2.3bn in cash. (BS)
Pfizer has filed two law suits to block Ranbaxy's generic version of Lipitor and Caduet. (ET)
RCOM and TCS to enter last leg of bid for setting up 12,000 common service centres across the country. (ET)
Tatas to get approval to make an eco-car from the Thailand’s Board of Investment. (BS)
ONGC, along with its partner the Hinduja Group, to sign an initial agreement to develop two huge oil and gas fields in Iran. (BL)
Religare Enterprises to buy a London-based broking firm, for ~Rs7bn. (BS)
DLF to add Ferragamo to luxury brand portfolio. (BS)
IDBI reduces its benchmark prime lending rate by 50 basis points to 12.75% from 13.25%. (BL)
Gujarat NRE Coke plans to set up coke oven flu gas power plants in its production facilities. (BS)
KS Oils has acquired 50,000 acres of palm plantation in Indonesia with an investment of Rs2.3bn. (BL)
ITC stops non-filtered cigarette production. (BL)
Ashok Leyland has recently concluded an ECB program of US$200mn. (BL)
Tata Teleservices has partnered with PayMate to enable Tata Indicom customers to book domestic flight tickets. (BL)
Idea Cellular to extend its network to cover 3,000 towns and 30,000 villages by the end of the year. (BL)
Alok Infra, a subsidiary of Alok Industries, to raise $100mn through a PE fund. (ET)
Economy News
SEBI Board will take up listing norms for corporate bonds in the next board meeting. (ET)
Withdrawal of income tax holiday for refinery may hit three government refinery projects. (ET)
Cabinet to take up DPEB extension today. (ET)
The CAG has recommended the closer of 12 state PSUs on account of the poor turnover and continuous losses. (BS)
Maharashtra Government will not take further action for three months with regards to land declared as private forest. (ET)
Government to create a debt relief fund to provide liquidity to bank for implementing the Rs600bn loan waiver package. (ET)
Government still wary of easing ECB curbs. (ET)
TRAI to fix prices of pay channels on the DTH platform in line with the Rs5 per channel cap on CAS. (BS)
Government to talk to iron ore exporters for raw material security. (BS)
DoT may agree to allow niche operators specifically for providing services in the rural sector. (BL)
Cabinet nod for farm debt relief fund today. (BL)
India's crude oil production increased 2.3% yoy and natural gas output rose 4.7% yoy in February. (BL)
Indian refiners February oil processing grew 5.8% on yoy basis. (FE)
TRAI is looking to reduce a fee charged by telcos from other telcos. (Mint)
Precious metals rally
Gold and silver prices rally as economic reports from US disappoint while eurozone confidence zooms
Precious metals rose for the second consecutive day, Wednesday, 26 March, 2008 as dollar continued to weaken as poor economic news continued to pour in. A lower dollar pushes up precious metal prices as their demand lessens as it becomes cheaper for traders holding other currencies. Silver prices also rose for the day. Last week, gold and silver prices had dropped by 8% and 18% respectively.
After dropping more than 8% last week, Comex Gold for April delivery rose $14.2 (1.5%) to close at $949.2 ounce on the New York Mercantile Exchange. Earlier last week on Monday, 17 March, prices skyrocketed to a high of $1,034/ounce. But since last Wednesday, 19 March, after Fed’s interest rate cut decision was out, prices started tumbling.
This year, gold prices have gained 12.5% till date. In January, prices gained 11%, the highest monthly gain since April 2006. For February, it gained 6%. But in March, prices have succumbed. Last week, gold prices shed 8.3%.
Comex Silver futures for May delivery rose 58.3 cents (3.3%) to $18.383 an ounce. Silver has gained 34% 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%.
Barring these two days, gold and silver prices had dropped in the three days prior to that. Prices were pressured as dollar strengthened. Dollar continued to rally after Federal Reserve decided to cut overnight lending rate by 75 bps to 2.25% earlier last week. A stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies. Hence, bullion metals along with other metals witnessed intense sell off together as traders parted away with commodities.
In the currency market today, the dollar index, which tracks the value of the greenback against a basket of major currencies, fell 0.5% to 71.726. The dollar came under renewed pressure, especially against the euro, after reports showing resilient business sentiment in the euro zone's two biggest economies. Reports showed German business confidence increased in March.
On the other hand, in the US, new home sales fell to a 13 year low in February and also there was a 1.7% drop in durable good order in USA for February.
In the energy market today, crude oil rose by more than 4% due to the inventory report by the Energy Department and the weaker dollar. Crude oil for May delivery rose $4.6 (4.6%) to settle at $105.9 a barrel.
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.
The Fed action took the federal funds rate target down to 2.25%, the lowest since December 2004. Since last September, Fed has axed interest rates six times.
Prior to this latest cut, the Fed had 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%. Gold has tripled in five years as investment demand has soared and mine supplies have remained low.
At the MCX, gold prices for April delivery closed higher by Rs 215 (1.8%) at Rs 12,335 per 10 grams. Prices rose to a high of Rs 12,357 per 10 grams and fell to a low of Rs 12,131 per 10 grams during the day’s trading.
At the MCX, silver prices for May delivery closed Rs 793 (3.4%) higher at Rs 23,825/Kg. Prices opened at Rs 23,088/kg and rose to a high of Rs 23,938/Kg during the day’s trading.
Crude oil shoots up
Prices rise by more than $4 on Energy Department’s crude inventory report
Weak dollar and weekly inventory report by Energy Department for last week showing that crude inventories dropped more than forecast sent crude prices 4% higher today, Wednesday, 26 March, 2008. The dollar slumped due to some discouraging economic data.
Crude-oil futures for light sweet crude for May delivery closed at $105.9/barrel (higher by $4.6/barrel or 4.6%) on the New York Mercantile Exchange. Crude prices are 68% higher on a yearly basis. The crude ended last week lower by more than $7 (6.8%).
In the currency market today, the dollar index, which tracks the value of the greenback against a basket of major currencies, fell 0.5% to 71.726. The dollar came under renewed pressure, especially against the euro, after reports showing resilient business sentiment in the euro zone's two biggest economies. Reports showed German business confidence increased in March.
On the other hand, in the US, new home sales fell to a 13 year low in February and also there was a 1.7% drop in durable good order in USA for February.
A stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies. On the other hand, 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.
The EIA reported today that U.S crude stockpiles held steady at 311.8 million barrels in the week ended 21 March. U.S. crude-oil imports averaged about 8.9 million barrels per day last week, down 570,000 barrels per day from the previous week. Refineries operated at 82.2% of their operable capacity last week, down from the previous week's 83.8%.
EIA also reported that U.S. motor gasoline demand averaged about 9.1 million barrels per day last week, or 0.3% below the same period last year. U.S. gasoline supplies fell by 3.3 million barrels in the latest week, while distillate stocks dropped by 2.2 million barrels.
Brent crude oil for May settlement today rose $3.39 (3.4%) to $103.99 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.
Natural gas advanced a fourth day as speculators bought commodities after the dollar weakened against the euro and crude oil surged. Gas for April delivery rose 15.3 cents (1.6%) to settle at $9.572 per million British thermal units.
Against this backdrop, May reformulated gasoline rose 6.39 cents to $2.7349 a gallon and May heating oil rallied 10.57 to $2.9458 a gallon
Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude’s biggest yearly gain in five years.
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. Also over the weekend, it was reported that OPEC President Chakib Khelil said oil prices would range between $80 and $110 a barrel for the rest of 2008.
At the MCX, crude oil for May delivery closed at Rs 4,223/barrel, higher by Rs 207 (5.1%) against previous day’s close. Natural gas for April delivery closed at Rs 389/mmtbu, higher by Rs 10.1/mmtbu (2.7%
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