Sensex down 334 pts, closes at 15,088

The Bombay Stock Exchange benchmark Sensex dropped a hefty over 300 points on Thursday, with shares in capital goods, bank and realty segments taking a hit.

The 30-share Sensex, which had lost 275 points in the previous day's trading, tumbled by another 334.32 points at 15,087.99, a level last seen on June 10.

The key index dipping to a low of 15,051.66 and a high of 15,259.36 points.

The second wide-based National Stock Exchange index Nifty dropped by 78.15 points at 4504.25, after touching day's low of 4488.95 and a high of 4585.70 points.

Brokers said selling pressure gathered momentum and said major players were booking profits ahead of tomorrow's inflation data, which they felt might touch double-digit.

Capital goods stocks suffered the most as its index lost 451.64 points at 11,667.69, followed by bank index by 293.26 points at 7013.18. Realty index plunged by 251.18 points at 5634.60, PSU index by 157.47 points at 6524.61, oil and gas index by 147.50 points at 1198.85 and metal index by 119.62 points at 15131.86.

Larsen & Toubro, the country's biggest engineering company and heaviest on the capital goods sector, fell the most in more than two months and ICICI Bank Ltd, a heavyweight on the banking index, fell to its lowest in a week.

Nifty leaders & laggards: Ranbaxy, Unitech, PNB

The broad-based, NSE Nifty lost further on Thursday by 1.68% at 4,505.50, led by realty and banking stocks.

Ranbaxy Laboratories, the nation`s biggest pharmaceutical company, dropped 6.78% to close at Rs 557 after investors perceived that recent gains were excessive.

Reliance Infrastructure slipped 5.65% to close at Rs 1,013.35.

Banking and realty stocks fell on concern the demand will slowdown due to higher inflation which will force the central bank to further tighten monetary policy. Unitech and Punjab National Bank led the fall in realty and banking shares.

Unitech, the leading construction company, slipped 6.39%, to settle at Rs 189.20.

Cairn India, one of the major private oil and gas explorers, climbed 3.13% to close Rs 284.15, helped by higher oil prices on Wednesday, June 18.

Hero Honda, India`s biggest two-wheeler maker, gained 1% to end at Rs 797.10.

Mahindra & Mahindra, leading utility vehicles manufacturer, gained 1.75% to end at Rs 580.

Nifty June 2008 futures below 4500

Turnover in F&O segment falls

Nifty June 2008 futures were at 4486, at a discount of 18.25 points as compared to spot closing of 4504.25. NSE's futures & options (F&O) segment turnover was Rs 42,696.18 crore, which was lower than Rs 47,440.71 crore on Wednesday, 18 June 2008.

Larsen & Toubro June 2008 futures were at discount at 2612 compared to the spot closing of 2619.

Cairn India June 2008 futures were near spot price at 284.10 compared to the spot closing of 284.15.

Chambal Fertilizers & Chemicals June 2008 futures were at premium at 86.70 compared to the spot closing of 86.15.

In the cash market, the S&P CNX Nifty lost 78.15 points or 1.71% at 4504.25.

Top 100 IT Companies in the World

Rank	Company name	Industry	Country
1	AMAZON.COM	NET	U.S.
2	APPLE	COMP	U.S.
3	RESEARCH IN MOTION	COMM	Canada
4	NINTENDO	SOFT	Japan
5	WESTERN DIGITAL	COMP	U.S.
6	AMÉRICA MÓVIL	TELE	Mexico
7	CHINA MOBILE	TELE	China
8	NOKIA	COMM	Finland
9	ASUSTEK COMPUTER	COMP	Taiwan
10	HIGH TECH COMPUTER	COMP	Taiwan
11	GOOGLE	NET	U.S.
12	MTN GROUP	TELE	S. Africa
13	IBM	COMP	U.S.
14	MOBILE TELESYSTEMS	TELE	Russia
15	TELEFÓNICA	TELE	Spain
16	VIMPELCOM	TELE	Russia
17	HON HAI PRECISION IND.	COMP	Taiwan
18	AT&T	TELE	U.S.
19	ACCENTURE	SVCS	U.S.
20	LG ELECTRONICS	COMP	Korea
21	BHARTI AIRTEL	COMM	India
22	ORACLE	SOFT	U.S.
23	MICROSOFT	SOFT	U.S.
24	MAROC TELECOM	TELE	Morocco
25	TURKCELL ILETISIM HIZMETLERI	TELE	Turkey
26	LG DISPLAY	COMM	Korea
27	NHN	NET	Korea
28	COSMOTE MOBILE TELECOM.	TELE	Greece
29	MILLICOM INTL. CELLULAR	TELE	Lux.
30	HEWLETT-PACKARD	COMP	U.S.
31	COMPAL ELECTRONICS	COMP	Taiwan
32	SISTEMA	TELE	Russia
33	ORASCOM TELECOM	TELE	Egypt
34	SAMSUNG ELECTRONICS	SEMI	Korea
35	CHINA UNITED TELE	TELE	China
36	MOBINIL	TELE	Egypt
37	CARSO GLOBAL TELECOM	TELE	Mexico
38	KONINKLIJKE KPN	TELE	Neth.
39	CISCO SYSTEMS	COMM	U.S.
40	WISTRON	COMP	Taiwan
41	MOBILE TELE	TELE	Kuwait
42	ACTIVISION	SOFT	U.S.
43	REDECARD	SVCS	Brazil
44	CYPRESS SEMICONDUCTOR	SEMI	U.S.
45	ZTE	COMM	China
46	LENOVO GROUP	COMP	Hong Kong
47	TELEMAR NORTE LESTE	TELE	Brazil
48	CORNING	COMM	U.S.
49	PRICELINE.COM	NET	U.S.
50	TAIWAN SEMICONDUCTOR.	SEMI	Taiwan
51	DIGI.COM	TELE	Malaysia
52	QUANTA COMPUTER	COMP	Taiwan
53	AU OPTRONICS	COMP	Taiwan
54	AMPHENOL	SEMI	U.S.
55	REDINGTON INDIA	DIST	India
56	NAVTEQ	SVCS	U.S.
57	SEAGATE TECHNOLOGY	COMP	U.S.
58	INTEL	SEMI	U.S.
59	NVIDIA	SEMI	U.S.
60	ADVANCED INFO SERVICE	TELE	Thailand
61	VMWARE	SOFT	U.S.
62	TRANSCEND INFORMATION	SEMI	Taiwan
63	SAP	SOFT	Germany
64	L-3 COMMUNICATIONS	COMM	U.S.
65	INDRA SISTEMAS	SVCS	Spain
66	RELIANCE COMMUNICATIONS	TELE	India
67	QUALCOMM	COMM	U.S.
68	MEMC ELECTRONIC MATERIALS	SEMI	U.S.
69	BOUYGUES	TELE	France
70	DIGITAL CHINA HOLDINGS	DIST	China
71	ACER	COMP	Taiwan
72	HARRIS	COMM	U.S.
73	CHICONY ELECTRONICS	COMP	Taiwan
74	WIPRO	SVCS	India
75	YAHOO! JAPAN	NET	Japan
76	POWERCHIP SEMICONDUCTOR	SEMI	Taiwan
77	MANTECH INTERNATIONAL	SVCS	U.S.
78	EMC	COMP	U.S.
79	NEUF CEGETEL	TELE	France
80	BOE TECHNOLOGY GROUP	COMM	China
81	TPV TECHNOLOGY	COMP	China
82	INVENTEC	COMP	Taiwan
83	FOXCONN TECHNOLOGY	COMP	Taiwan
84	SAIC	SVCS	U.S.
85	TOKYO ELECTRON	SEMI	Japan
86	DELTA ELECTRONICS	COMM	Taiwan
87	AUTOMATIC DATA PROCESSING	SVCS	U.S.
88	ADVANCED SEMICONDUCTOR ENG.	SEMI	Taiwan
89	ROGERS COMMUNICATIONS	TELE	Canada
90	UNITED INTERNET	NET	Germany
91	SATYAM COMPUTER SERVICES	SVCS	India
92	NAN YA PCB	COMM	Taiwan
93	NANYA TECHNOLOGY	SEMI	Taiwan
94	ADOBE SYSTEMS	SOFT	U.S.
95	HCL TECHNOLOGIES	SVCS	India
96	TD AMERITRADE HOLDING	NET	U.S.
97	NIKON	SEMI	Japan
98	NIDEC	COMP	Japan
99	COMMSCOPE	COMM	U.S.
100	INTUIT	SOFT	U.S.

via Businessweek

BSE Bulk Deals to Watch - June 19 2008

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
19/6/2008 520155 ABG INFRALOG MACQUARIE BANK LIMITED B 71758 380.00
19/6/2008 532981 ANU LABS S.M.NISSAR B 194830 446.90
19/6/2008 532981 ANU LABS PRABHUDAS LILLADHER PVT. LTD. B 97313 435.50
19/6/2008 532981 ANU LABS BHANDARI RAKHI KALPESH B 98369 436.92
19/6/2008 532981 ANU LABS SUMMIT COMMUNICATIONS PVT LTD S 70000 433.36
19/6/2008 532981 ANU LABS S.M.NISSAR S 195470 447.30
19/6/2008 532981 ANU LABS PRABHUDAS LILLADHER PVT. LTD. S 97313 435.78
19/6/2008 532981 ANU LABS BHANDARI RAKHI KALPESH S 98369 439.89
19/6/2008 500029 AUTOLITE INE NISHA MAHESHWARI B 100040 50.50
19/6/2008 507910 FIBERWB IN KANUBHAI MANILAL PATEL S 74999 10.33
19/6/2008 532022 FILAT FASH MEHUL H SHAH B 30000 30.35
19/6/2008 531863 GEEKAY FINAN LOTUS GLOBAL INVESTMENTS LIMITED B 70000 63.36
19/6/2008 532857 GLORY POLY MS MAVI IMPEX LTD S 100000 63.95
19/6/2008 532764 GWALIOR CHEM GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD B 124623 101.21
19/6/2008 505840 JAIPAN INDUS ENCA FINLEASE LTD. S 36638 37.46
19/6/2008 530985 JPTSECURITII JYOTSNA SHARDA S 21000 124.35
19/6/2008 530985 JPTSECURITII ANGEL INFIN PRIVATE LIMITED S 18000 124.35
19/6/2008 512559 KOHINORFOODS A S CONFIN PVT LTD B 141222 111.69
19/6/2008 512559 KOHINORFOODS MARUTI SECURITIES LTD B 476486 107.15
19/6/2008 512559 KOHINORFOODS MARUTI SECURITIES LTD S 350295 112.09
19/6/2008 532986 NIRAJ CEMENT ATUL A. MEHTA B 55098 190.30
19/6/2008 532986 NIRAJ CEMENT ANIL AMRUTLAL GANDHI B 444139 189.77
19/6/2008 532986 NIRAJ CEMENT AMRUT SECURITIES LTD B 81474 189.60
19/6/2008 532986 NIRAJ CEMENT S.M.MISSAR B 183316 190.30
19/6/2008 532986 NIRAJ CEMENT HEMANT MADHUSUDAN SHETH B 85000 190.07
19/6/2008 532986 NIRAJ CEMENT BHAVESH PRAKASH PABARI B 90000 190.26
19/6/2008 532986 NIRAJ CEMENT SATISH RAMANLAL SHAH B 71000 189.23
19/6/2008 532986 NIRAJ CEMENT PRABHUDAS LILLADHER PVT. LTD. B 323401 191.07
19/6/2008 532986 NIRAJ CEMENT N D NISSAR B 245496 189.64
19/6/2008 532986 NIRAJ CEMENT SHREE BHIKSHU FIN..PVT LTD B 143216 190.30
19/6/2008 532986 NIRAJ CEMENT H.J.SECURITIES PVT. LTD. B 105619 190.31
19/6/2008 532986 NIRAJ CEMENT DHARMRAJBHAI BHABHLUBHAL WALA B 351500 190.09
19/6/2008 532986 NIRAJ CEMENT SHARMISHTA MAHESHBHAI SHAH B 458177 190.34
19/6/2008 532986 NIRAJ CEMENT SUREKHABEN MAHENDRABHAI SHAH B 616697 189.86
19/6/2008 532986 NIRAJ CEMENT MAHESH CHOTALAL SHAH B 175000 190.05
19/6/2008 532986 NIRAJ CEMENT SHAH MADHUBEN AMRUTLAL B 366954 189.75
19/6/2008 532986 NIRAJ CEMENT BHAVARLAL BABULAL JAIN B 1287959 191.09
19/6/2008 532986 NIRAJ CEMENT BHATT JITENDRA V B 325596 190.07
19/6/2008 532986 NIRAJ CEMENT BHANDARI RAKHI KALPESH B 87979 190.83
19/6/2008 532986 NIRAJ CEMENT ANIL AMRUTLAL GANDHI S 350400 191.46
19/6/2008 532986 NIRAJ CEMENT AMRUT SECURITIES LTD S 81474 190.60
19/6/2008 532986 NIRAJ CEMENT S.M.NISSAR S 183316 190.70
19/6/2008 532986 NIRAJ CEMENT SATISH RAMANLAL SHAH S 71000 191.69
19/6/2008 532986 NIRAJ CEMENT PRABHUDAS LILLADHER PVT. LTD. S 323401 191.21
19/6/2008 532986 NIRAJ CEMENT N D NISSAR S 245496 190.04
19/6/2008 532986 NIRAJ CEMENT SHREE BHIKSHU FIN PVT LTD S 141100 190.10
19/6/2008 532986 NIRAJ CEMENT H.J.SECURITIES PVT. LTD. S 105619 190.39
19/6/2008 532986 NIRAJ CEMENT DHARMRAJBHAI BHABHLUBHAL WALA S 221675 189.76
19/6/2008 532986 NIRAJ CEMENT SHARMISHTA MAHESHBHAI SHAH S 311177 190.27
19/6/2008 532986 NIRAJ CEMENT SUREKHABEN MAHENDRABHAI SHAH S 506697 191.30
19/6/2008 532986 NIRAJ CEMENT SHAH MADHUBEN AMRUTLAL S 276954 191.16
19/6/2008 532986 NIRAJ CEMENT BHAVARLAL BABULAL JAIN S 1287959 190.98
19/6/2008 532986 NIRAJ CEMENT BHATT JITENDRA V S 325596 192.39
19/6/2008 532986 NIRAJ CEMENT BHANDARI RAKHI KALPESH S 87979 190.51
19/6/2008 532986 NIRAJ CEMENT INDRA KUMAR BAGRI S 69067 190.10
19/6/2008 590077 RANKLIN SOLU SATISH KUMAR MAMIDI S 80000 146.70
19/6/2008 508976 SPANC TELESY ALOSHA VANIJYA PVT LTD S 94048 121.46
19/6/2008 523363 STER HOL RES EVERSIGHT TRADECOMM PVT LTD B 306353 29.18
19/6/2008 523363 STER HOL RES ALOSHA VANIJYA PVT LIMITED S 312500 29.18

NSE Bulk Deal Watch - June 19 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
19-JUN-2008,AMTEKAUTO,AmtekAuto-Roll Sett,WARHOL LIMITED,BUY,844206,249.36,-
19-JUN-2008,AZTECSOFT,Aztecsoft Limited,GLOBE CAPITAL MARKET LTD,BUY,261497,74.78,-
19-JUN-2008,GWALCHEM,Gwalior Chemical Industri,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,BUY,218799,100.63,-
19-JUN-2008,KOHINOOR,Kohinoor Foods Limited,A S CONFIN PVT.LTD.,BUY,97325,111.45,-
19-JUN-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,BUY,2336066,45.76,-
19-JUN-2008,NDTV,New Delhi Television Limi,SWISS FINANCE CORPORATION (MAURITIUS) LIMITED,BUY,1250000,452.25,-
19-JUN-2008,SASKEN,Sasken Commu Techno Ltd,PARWATI CAPITAL MARKET PRIVATE LIMITED,BUY,192229,160.37,-
19-JUN-2008,SASKEN,Sasken Commu Techno Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,151686,160.42,-
19-JUN-2008,AMTEKAUTO,AmtekAuto-Roll Sett,OPPENHEIMER FUNDS INC A/C OPPENHEIMER DEVELOPING MARKETS FUN,SELL,714667,249.17,-
19-JUN-2008,AZTECSOFT,Aztecsoft Limited,GLOBE CAPITAL MARKET LTD,SELL,19332,74.52,-
19-JUN-2008,KOHINOOR,Kohinoor Foods Limited,A S CONFIN PVT.LTD.,SELL,140225,112.25,-
19-JUN-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,SELL,2336066,45.80,-
19-JUN-2008,NDTV,New Delhi Television Limi,PRANNOY ROY,SELL,1250000,452.25,-
19-JUN-2008,SASKEN,Sasken Commu Techno Ltd,PARWATI CAPITAL MARKET PRIVATE LIMITED,SELL,192229,161.18,-
19-JUN-2008,SASKEN,Sasken Commu Techno Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,152786,160.37,-

Post Session Commentary - June 19 2008

Indian market ended with heavy losses as strong selling pressure had griped the market. The domestic market opened on back foot backed by weak global cues and rise in oil prices. Further it continued its negative sentiment and moved into the negative territory till the end of the session due to the inflation concern and expectation of political uncertainty in country. Nuke Deal was also a cause of distress for the market as political uncertainty occurred after CPM threatened the UPA to withdraw its support if government moves forward with the deal. It is expected that the government may go ahead to Nuke deal without the Left consent. The market breadth was negative as 842 stocks closed in green while 1,804 stocks closed in red.

The BSE Sensex closed lower by 334.32 points at 15,087.99 and NSE Nifty ended down by 78.15 points at 4,504.25. The BSE Mid Caps and Small Cap closed negative with fall of 129.62 points and 114.87 points at 6,230.17 and 7,660.42 respectively. The BSE Sensex touched intraday high 15,259.36 and intraday low of 15,051.66.

Losers from the BSE are Ranbaxy Lab (7.68%), Relioance Infra (5.68%), BHEL (5.04%), L&T Ltd (4.84%), ICICI Bank Ltd (4.08%), HDFC Bank Ltd (3.93%), SBI (3.69%), HDFC (3.29%), ONGC (3.06%) and DLF LtdBHEL (2.87%).

The Capital Goods index dropped by 451.64 points to close at 11,667.69. Major losers are Punj Lloyd (58.34%), BHEL (5.04%), Alstom Proje (5.03%), L&T Ltd (4.84%), Elecon Eng C (3.44%) and Aiaengineer (3.33%).

The Banking index closed down by 293.26 points at 7,013.18. Losers areIndian Overseas Bank (7.54%), Kotak Bank (5.49%), Punjab National Bank Ltd (499%), Bank of India (4.99%), Axis Bank (4.67%), Yes Bank (4.60%) and ICICI Bank Ltd (4.08%).

The Reality Index closed lower by 251.18 points at 5,364.60. Losers are Anant Raj Ind (7.67%) along with Unitech Ltd (5.82%), Pheoniox Mill (5.60%), Indiabulls Real (5.43%), Purvankara (5.17%) and Ansal Infras (3.65%).

The Oil & Gas index closed down by 147.50 points at 9,918.85. As BPCL (4.49%), Aban Offshore (3.14%), ONGC (3.06%), Reliance Natural Resources (2.67%), HPCL (2.54%) and IOC (2.17%) closed in negative territory.

The Metal index closed lower by 119.62 points at 15,131.86. Losers are Sh Precoated (3.00%), Jindal Saw (2.84%), Welspan Gujarat Sr (2.76%), Gijarat Nre C (2.33%), Ispat Industries (1.71%), and NALCO (1.71%).

The Pharma index dropped by 99.84 points to close at 4,426.92 as Ranbaxy Lab (7.68%), Bil Care Lt (5.62%), Opto Circuit (5.17%), Dishman Pharma (5.02%) and Fortis Helth (4.22%) closed in negative territory.

The Consumer Durables index move downward by 89.75 points to close at 3,928.77 Major losers are Rajesh Export (5.26%), Blue Star L (2.65%), Gitanjali GE (2.10%), Videocon India (1.98%) and Titan Ind (1.27%)

Global meltdown leads to market crash

The market witnessed a big carnage today, as widespread selling caused the index slip below the 15,100 mark shortly after the opening bell. A sharp slump across the international markets saw the Sensex resume 172 points lower at 15,250 and shed 370 points to touch the day's low of 15,052. The market soon moved above the 15,100 level, but traded below 15,200 through the session as intense selling continued in realty, banking and capital goods and other counters. The Sensex finally ended the session with a loss of 334 points at 15,088. The Nifty too came under selling pressure and lost 78 points to close at 4,504.

The market breadth was extremely weak, with the losers outnumbering the gainers by 2.14:1 on the BSE. Of the 2,576 stocks traded on the BSE 1,804 stocks declined, 840 stocks advanced and 71 stocks ended unchanged. All the BSE sectoral indices continued to trade weak and dropped around 0.50-4% each. The BSE Realty Index was the major loser and lost 4.27%, while the BSE Bankex Index shed 4.01%.

Majority of the 30 stocks of the Sensex ended in the red. Among the major losers Ranbaxy Laboratories shed 7.68% at Rs548.10, Reliance Infrastructure plunged 5.68% at Rs1,008, BHEL crumbled 5.04% at Rs1,416, Larsen & Toubro crashed 4.84% at Rs2,609.20, ICICI Bank slipped by 4.08% at Rs747.60, HDFC Bank tumbled 3.93% at Rs1,111.50, SBI lost 3.69% at Rs1,290, HDFC dropped nearly 3.29% at Rs2,198 and ONGC slumped 3.06% at Rs837.10. Select front-line counters ended in the green. M&M rose 1.11% at Rs576.45, while Wipro and Cipla closed with moderate gains.

Reality stocks witnessed a steep fall. Anant Raj plummeted 7.67% at Rs154.10, while Unitech crashed 5.82% at Rs188.60. Phoenix Mill at Rs241, Indiabulls Realty at Rs373.60, Puravankara at Rs190, Ansal infrastructure at Rs99.10, Mahindra Life at Rs541.50 and DLF at Rs478.20 tumbled over 2-5% each. Among the Bankex stocks Indian Overseas Bank plunged 7.54% at Rs109.80, Kotak Bank fell by 5.49% at Rs614.55, Bank of India lost 4.99% at Rs267.60, Punjab National Bank shed 4.99% at Rs435.25 and Axis Bank declined 4.67% at Rs718.10.

Over 1.77 crore Niraj Cement shares changed hands on the BSE followed by Chambal Fertilisers (1.03 crore shares), Anu’s Laboratories (0.85 crore shares), IFCI (0.71 crore shares) and Reliance Petroleum (0.67 crore shares).Global meltdown leads to market crash

Market extends losses on weak Asian equities

The market succumbed to selling pressure for the second consecutive day today. Political concerns and weak Asian markets weighed on the investor sentiments. Banking, realty and capital goods stocks were hurt the most in today’s trade. All the sectoral indices on BSE ended in red.

As per provisional data, foreign funds today, 19 June 2008, sold shares worth a net Rs 598.36 crore. Domestic funds bought shares worth a net Rs 141.07 crore.

Asian markets, which opened before Indian markets, ended on a weak note. Key indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan were down by 1.88% to 6.54%. The Dow Jones Industrial Average hit its lowest level in three months on Wednesday, 18 June 2008, as worries about a weak US economy compounded by credit sector concerns dragged down shares in banks, autos and transport firms

However, European markets, which had opened on a weak note, recovered during the course of the trading session after unexpected news of a British shopping spree last month offset early gloom about the banking sector. Key indices in UK and France were up 0.21% to 0.51%. However, Germany’s DAX index was down 0.11%.

Political worries continued to weight on the market sentiment for a second day in a row. The postponement of a key meeting between the government and its communist allies on the proposed nuclear deal between US and India keeps the future of the deal uncertain. Talks were set to take place Wednesday, 18 June 2008, in New Delhi, but Communist leaders say the meeting will now take place on 25 June 2008. The delay comes as Left wing parties’ reffirm their opposition to the agreement, saying it undermines India's independent foreign policy and nuclear weapons program. As per reports, CPM, a key left party, may be working on a plan to pull out support to the Congress-led UPA government at the Centre.

The 30-share BSE Sensex lost 334.32 points or 2.17% at 15,087.99. The index shed 370.65 points at the day’s low of 15,051.66 hit in the mid-afternoon trade.

The broader based S&P CNX Nifty was down 78.15 points or 1.71% at 4504.25. Nifty June 2008 futures were at 4486, a discount of 18.25 points compared with the spot closing.

The market had dropped yesterday, 18 June 2008, led by weak European markets and following deferral of the UPA-Left coordination committee meeting on Indo-US nuclear deal. The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31 on that day.

The Sensex is down 6118.78 points or 28.85% from a record high of 21206.77 it hit on 10 January 2008. Slowdown in corporate earnings caused by moderation in economic growth and increase in risk aversion globally due to credit crisis in the United States, has triggered a massive fall on the Indian bourses this year.

Back to today's trade, the market breadth was weak on BSE with 842 shares advancing as compared to 1804 that declined. 71 remained unchanged.

The BSE Mid-Cap index fell 2.04% to 6,230.17 and BSE Small-Cap index shed 1.48% to 7,660.42. Both the indices outperformed the Sensex.

BSE clocked a turnover of Rs 4297 crore as against Rs 6,183.16 crore on Wednesday, 18 June 2008. NSE's futures & options (F&O) segment turnover was Rs 42696.18 crore, which was lower than Rs 47440.71 crore on Wednesday, 18 June 2008.

Banking shares witnessed selling pressure. Axis Bank (down 4.67% at Rs 718.10), HDFC Bank (down 3.93% at Rs 1120.60), and State Bank of India (down 3.69% at Rs 1301), slipped. The Bankex underperformed the Sensex, falling 4.01% to 7,013.18.

India's largest private sector bank by assets ICICI Bank fell 4.08% at Rs 753.30. ICICI Bank has a third highest weightage of 8.27% in BSE Sensex.

Sell-off was also witnessed in the capital goods stocks. Punj Lloyd (down 5.34% at Rs 252.85), Bharat Heavy Electricals (down 5.04% at Rs 1,423.15), and Larsen & Toubro (down 4.84% at Rs 2,617.30), tumbled. The BSE Capital Goods index underperformed the Sensex, sliding 3.73% to 11,667.69.

Realty stocks, which are known to have high beta value, were the worst hit. Anant Raj Industries (down 7.67% at Rs 154.10), Unitech (down 5.82% at Rs 188.60), Indiabulls Real Estate (down 5.43% at Rs 376.30) and DLF (down 2.87% at Rs 478.20), slumped. The BSE Realty index underperformed the Sensex, falling 4.27% to 5,634.60.

India's second largest power utility by revenue Reliance Infrastructure lost 5.68% to Rs 1012.35 following reports the company is planning to invest $7 billion in the next three years to expand its engineering and construction business in India and acquire assets overseas.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries lost 1.69% at Rs 2245. RIL has a highest weightage of 15.72% in BSE Sensex.

India’s second largest software exporter by sales Infosys Technologies fell 0.31% at Rs 1860. Infosys has a second highest weightage of 8.59% in BSE Sensex.

India's largest drug maker by sales Ranbaxy Laboratories declined 7.68% at Rs 552.25 after the company agreed to keep generic versions of the Pfizer's cholesterol pill Lipitor off the US market for extra 20 months. As per the agreement, Ranbaxy will not sell a generic of Lipitor, the world's best-selling drug, until November 2011.

Debutant Niraj Cement Structurals settled at Rs 190.15 on BSE, a minuscule premium of 0.08% over the IPO price of Rs 190. Earlier today, the stock debuted at Rs 185, a discount of 2.63% over issue price.

State-run Mahanagar Telephone Nigam gained 1.62% to Rs 97 after the company said it has received license from the Department of Telecom for providing international long distance services.

Polymer products maker Time Technoplast surged 1.24% to Rs 780.80 after the company said its board will meet on 27 June 2008 to consider stock split. The stock earlier touched a high of Rs 845.

Automobile battery maker Exide Industries advanced 3.09% to Rs 73.35 after the company acquired a 51% stake in Leadage Alloys India, an unlisted Bangalore-based lead smelting company, for Rs 34 crore.

Engineering firm Roman Tarmat gained 3.01% to Rs 73.55 after the company said it has received two orders worth Rs 106.48 crore from Tamil Nadu Road Infrastructure Development Corporation for laying roads in Kancheepuram district at Tamil Nadu.

BOC India surged 19.82% to Rs 196.45 on reports BOC Group plc UK, a part of the Linde Group, has increased open offer price for minority shareholders to Rs 200 per share from the earlier Rs 165 per share.

Anu's Laboratories clocked a highest turnover of 375.97 crore on BSE. Niraj Cement Structurals (Rs 337.92 crore), Ranbaxy Laboratories (Rs 302.82 crore), Reliance Capital (Rs 189.39 crore) and Reliance Petroleum (Rs 129.34), were the other turnover toppers on BSE in that order.

Debutant Niraj Cement Structurals reported a highest volume of 1.77 crore shares on BSE. Chambal Fertilizers & Chemicals (1.03 crore shares), Anu's Laboratories (85.42 lakh shares), IFCI (81.97 lakh shares), and Reliance Petroleum (71.76 lakh shares), were the other volume toppers on BSE in that order.

Oil fell on Thursday, 19 June 2008, as supply concerns in Nigeria eased after the country's oil ministry prevented a potentially crippling strike by workers at Chevron. But falling US oil stocks and comments from the White House that Saudi Arabia was unlikely to raise output in the near term supported prices, which have climbed 40% this year. US crude fell 73 cents to $135.95 a barrel, after settling up $2.67 at $136.68 a day ago on the Nigerian worries.

Your Ad Here

Grey Market - Premiums - Discounts

Niraj Cement 190 + / - 7 to 10

Bafna Pharmaceutical 40 6 to 8

Avon Weighing 10 8 to 10

Sejal Architectural Glass Ltd. 105 to 115 20 to 22

First Winners Ind. Ltd. 115 to 125 2 to 4

Archid Ply Ind. 74 5 to 7

Lotus Eye Care Hospital 36 to 38 2 to 3

Somi Conveyor Belting 35.00 4 to 6

Market braced for weak opening

Weak global cues coupled with the possibility of a surge in crude oil prices may keep the market depressed in early trade.

Asian markets were trading weak today, 19 June 2008. China's Shanghai Composite plunged 0.86% or 25.29 points at 2,915.82, Nikkei lost 2.03% or 293.42 points at 14,159.40, Hong Kong's Hang Seng tumbled 1.65% or 383.91 points at 22,941.89, Taiwan's Taiwan Weighted slipped 1.43% or 117.80 points at 8,099.78, Straits Times fell 1.29% or 39.07 points at 3,001.02 and South Korea's Seoul Composite was down 1.46% or 25.96 points at 1,748.17

US stocks fell sharply yesterday, 18 June 2008, led by financial and auto stocks after worrisome results from Morgan Stanley, fed ex and others depressed market sentiment.

The Dow Jones industrial average slumped 131.24 points, or 1.08% to 12,029.06. The Standard & Poor's 500 index lost 13.12 points, or 0.97%, to 1,337.81, and the Nasdaq Composite index declined 28.02 points, or 1.14%, to 2,429.71.

Back home, market settled lower yesterday, 18 June 2008, led by weak European markets and deferral of a crucial UPA-Left coordination committee meeting on Indo-US nuclear deal scheduled yesterday, 18 June 2008.

The 30-share BSE Sensex lost 274.59 points or 1.75% at 15,422.31 and the broader based S&P CNX Nifty was down 70.6 points or 1.52% at 4582.40, on that day.

The barometer index is down 5784.46 points or 27.27% from a record high of 21206.77 it hit on 10 January 2008. Slowdown in corporate earnings caused by moderation in economic growth and increase in risk aversion globally due to credit crisis in the United States, has triggered a massive fall on the Indian bourses this year.

As per provisional data, foreign funds sold shares worth a net Rs 435 crore while domestic mutual funds bought shares worth a net Rs 193.64 crore yesterday, 18 June 2008.

Foreign institutional investors (FIIs) were net sellers of Rs 192.64 crore in the futures & options segment yesterday, 16 June 2008. They were net sellers of index futures to the tune of Rs 682.33 crore and bought index options worth Rs 359.98 crore. They were net buyers of stock futures to the tune of Rs 133.45 crore and sold stock options worth Rs 3.74 crore.

Meanwhile, the crucial UPA-Left meeting on the Indo-US nuke deal has been postponed till 25 June 2008. The panel will discuss the text of a draft India-specific safeguards agreement with the International Atomic Energy Agency or the IAEA. The government says it's because the Syrian President is in town on a visit. Yesterday, 18 June 2008, meeting of the Left-UPA coordination committee was to be the tenth meeting to discuss the indo-us nuclear deal.

Core sector growth for April 2008 declined to 3.6% from 5.9% in the same month last year on account of a huge fall in the production of petroleum refinery products and electricity. Production data of six core sectors form the core-infrastructure industries index.

Light, sweet crude oil jumped $2.67 to $136.68 per barrel on the New York Mercantile after the US Energy Department said the country’s crude oil stockpiles fell less than expected last week but that gasoline supplies had declined.

Daily call - June 19 2008

Daily call - June 19 2008

Pre Session Commentary - June 19 2008

The Indian Market is expected to have negative opening on the back of weak global cues as the US market closed in red and Asian markets are trading on weak zone. On Wednesday, the Indian market closed with downbeat note due to investors’ negative attitude led to heavy sell across the ground. The domestic market turned volatile after positive start and moved between positive and negative territory till mid session with gradual decline. Further it lost the grip to close in backfoot. The postponement of the meeting between the UPA and the Left parties over the ongoing nuclear issue, which was scheduled yesterday (Wednesday) also, added to the negative sentiments in the market. The Nifty closed below 4600 and the Sensex below 15500 levels. From the sectoral front, Metal, Capital Goods, Banking and Reality stocks were major losers as most of the selling was seen on theses baskets while FMCG and Auto stocks showed some sign of life. The BSE Sensex closed lower by 274.59 points at 15,422.31 and NSE Nifty ended down by 70.60 points at 4,582.4. We expect that market may lose ground during the trading.

US markets closed lower on Wednesday as FedEx Corp. delivered disappointing results and regional banking powerhouse Fifth Third Bancorp''s dividend cut reinforced concern bank losses and record oil will prolong the slump in profits. Morgan Stanley’s income dropped by more than half by 57% that indicates the effects of credit crises.

The Dow Jones Industrial Average (DJIA) closed lower by 131.24 points at 12,029.06 along with NASDAQ down by 28.02 points to close at 2,429.71 and S&P 500 dropped by 13.12 points to close at 1,337.81.

Indian ADRs ended negative. In technology sector, Infosys dropped by (2.84%) along with Satyam by (2.50%), Wipro by (2.31%) and Patni Computers by (10.50%). In banking sector, ICICI bank and HDFC bank decreased by (2.76%) and (2.61%) respectively. In telecommunication sector, MTNL advanced by (0.68%) while Tata Communication reduced by (4.44%). Sterlite industries declined (0.11%).

Today the major stock markets in Asia are trading in red backed by overnight fall in Wall Street and higher oil prices. Crude oil prices raised $2.67 a barrel to close at $136.68 on the New York Mercantile Exchange. Hang Seng index is trading lower by 383.91 points at 22,941.89 along with Japan’s Nikkei trading down by 293.42 points at 14,159.40 and Taiwan Weighted trading at 8,099.78 fell by 117.80 points.

The FIIs on Wednesday stood as net buyer in equity. The gross equity purchased was Rs2,546.20 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,173.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs372.40 Crore and net debt was Rs0.00 Crore.
Today, Nifty has support at 4,423 and resistance at 4,603 and BSE Sensex has support at 14,843 and resistance at 15,628.

Morning Call - June 19 2008

Market Grape Wine :

In House :

Nifty at a support of 4430 & 4480 levels with resistance at 4620 & 4550 levels .

Sell : RIL below 2283 target of 2230 s/l of 2410

Sell : SBIN below 1351 target 1320 s/l of 1365

Sell : in F&O RELCAP below 1144 target 1104 s/l of 1165

Sell : Tisco below 823 target 808 s/l of 834

Out House :

Markets at a support of 15342 & 15234 resistance at 15591 & 15656 levels .

Buy : Tisco at dips

Buy : Ranbaxy at dips

Buy : Infy at dips

Buy : EIH

Buy : JPAsso at dips

Buy : RPL & AssarOil

Buy : LT

Buy : Aban & Geshipping

Dark Horse : EIH , RPL , Aban , Unitech , RIL & Ranbaaxy

Today's Pick - Bank of Baroda

We recommend a sell on Bank of Baroda from a short-term perspective. From the charts of Bank of Baroda, we note that the stock has been on an intermediate-term downtrend, since its January 2008 high of Rs 501, forming lower peaks and lower troughs.

However, after touching 2008 low of Rs 211 on June 9, the stock witnessed a corrective up-move.

This up-move of the stock did not sustain, as the stock encountered twin resistances (a key resistance level and down trendline) at about Rs 260.

On June 18, the stock declined and formed a dark cloud candlestick pattern that indicates bearishness. The weekly momentum indicator is featuring in the bearish zone and the daily momentum indicator is likely to re-enter this zone.

With the intermediate-term down trendline still intact, we are bearish on the stock in the short-term. We expect the stock to decline until it hits our price target of Rs 218 in the upcoming trading sessions. Traders with short-term perspective can sell the stock, while maintaining stop-loss at Rs 258.

Daily Technicals - June 19 2008

Daily Technicals - June 19 2008

Nilkamal Plastics

Nilkamal Plastics

Trading Calls - June 19 2008

Nifty (4582) Sup 4500 Res 4630

Sell Wipro (486) SL 491 Target 476, 473

Sell Educomp (3590) SL 3605 Target 3555, 3545

Sell Tata Steel (822) SL 829 Target 808, 805

Buy ACC (641) SL 636
Target 652, 655

Buy NTPC (167) SL 164
Target 174, 176

Tension Thursday

The hallmark of our age is the tension between aspirations and sluggish institutions.

The institutions remain sluggish to buy at lower levels and that more or less explains the continued tension on the bourses. After a two-day rally (any small gain is a rally these days), the key indices gave up some of the gains. Renewed weakness in global markets and fresh tension between the Government and the Left parties over the Indo-US nuclear deal played spoilsport. The sudden rise in political temperature in New Delhi could do some more harm today amid worries over the fate of the Congress-led UPA regime. Given the uncertain political environment, the bulls may like to tread cautiously. Also, global markets fell sharply overnight while Asian markets too are in the red this morning. Crude oil continues to be highly volatile, keeping global markets on the edge.

Inflation numbers for the week ended June 7 will be out tomorrow. The WPI-based gauge is expected to jump sharply as the Government had announced the hike in fuel prices during this week. Inflation may rise to anywhere between 9.5-10% from 8.75% in the week ended May 31. Though much of the spike in inflation is already discounted by the market players, a double-digit inflation or something near it could lead to some knee-jerk reaction.

We expect the market to open on a weak note and the trend may not change for most part of the day, unless there is some fresh short covering. The market will have to keep one eye on New Delhi and the other eye on global markets. Quite a strain for the eyes and the market!

FIIs were net sellers of Rs4.35bn (provisional) in the cash segment on Wednesday while the local institutions poured in Rs1.94bn. In the F&O segment, foreign funds were net sellers of Rs1.93bn.

On Tuesday, FIIs were net buyers of Rs3.72bn in the cash segment. With this, they have pulled out over $5.4bn from the Indian market this year.

Shares of Niraj Cement Structurals Ltd. will get listed today.

Results Today: EIH Associates, Future Capital, JHS Svendgaard, Kirloskar Ferrous, Ratnamani Metals, Simplex Realty and Uniflex Cables.

US stocks slid on Wednesday, with the Dow Jones Industrial Average ending at a three-month low, after FedEx announced disappointing results and regional banking giant Fifth Third Bancorp cut its dividend, highlighting the impact of rising fuel prices and the credit crisis.

Dipping below the 12,000 mark for the first time since March 17, the Dow recovered a bit by the close, yet finished at a three-month low of 12,029.06, down 131 points, or 1.1%. All but four of the blue-chip index's 30 components ended in the red.

The S&P 500 index dropped 13 points, or 1%, to close at 1,337.81. Of the S&P's 10 industry groups, only energy advanced fractionally, fueled by higher oil prices. The Nasdaq Composite dived 28 points, or 1.1% to finish at 2,429.71.

Market breadth was negative. Three stocks fell for each that rose on the New York Stock Exchange.

Wall Street was volatile partly because investors were unwinding their positions ahead of the so-called "quadruple witching" day on Friday. Quadruple witching refers to the day - four times a year - when a range of options expire.

The markets began to sell off in the morning following weak quarterly results from FedEx and Morgan Stanley. The selling accelerated in afternoon trading as financial stocks joined in Morgan's disappointment.

FedEx said it swung to a fourth-quarter loss, with the company pointing in part to the weak economy and the surge in fuel costs. FedEx shares slumped 2.1%. It was the company's first quarterly loss in 11 years.

Shares of Fifth Third Bancorp, Ohio's second- largest bank, tumbled the most in at least 28 years after the lender said it would cut its dividend and raise $2bn in new capital. Fifth Third Bancorp shares plunged 27%.

Shares of Morgan Stanley recovered from early declines, closing 0.3% higher. The Wall Street brokerage reported a 60% fall in its second-quarter profit, with the results reflecting the ongoing credit crunch and falling real-estate market.

Shares of the exchange-listed futures broker MF Global sank as much as 40% the day after announcing that the company will sell shares to raise $300mn to pay back debts.

The US market is in a consolidation phase and it is unlikely to break out until next week's meeting of the Federal Open Markets Committee (FOMC), according to some analysts.

GM and Ford shares declined on forecasts that US vehicle sales slid to a 15-year low this month.

President Bush called for the lifting of a ban on offshore oil drilling. US must produce more oil, and the Congress must face a hard reality, the US President said. "Unless members are willing to accept gas prices at today's painful prices or even higher, our nation must produce more oil, and we must start now," he added.

In a nearly $5 swing from its lows, crude prices ended sharply higher following a report that Nigerian oil workers are threatening to go on strike. Crude oil for July delivery rose $2.67 to settle at $136.68 a barrel on the New York Mercantile Exchange.

Oil traded as low as $131.82 shortly after the government released its weekly inventory report before starting the dramatic rebound in the afternoon. The Energy Department reported that supplies of crude fell 1.2mn barrels last week.

In currency trading, the dollar lost against both the euro and the yen in afternoon trading. The dollar's decline was sparked with the release of a report from the Labor Department that showed increasing food and energy prices had driven up wholesale inflation by 1.4%.

COMEX gold for August delivery was up $6.60 to $893.50 an ounce. In the bond market, Treasury prices gained, lowering the yield on the benchmark 10-year note to 4.13%.

Thursday brings a number of economic reports in the US. The Labor Department reports initial claims for unemployment benefits. The Conference Board, a business research group, releases the Leading Indicator index, which predicts the economy's future performance.

In addition, the Philadelphia Federal Reserve bank announces its regional manufacturing survey for June.

European shares too finished lower. Banks in particular were under notable pressure amid lingering worries about the fallout from the worldwide credit crunch amid weakening economic growth.

UBS, the worst-hit European bank in the credit crisis, fell another 4% after UK activist investor Olivant built up a stake of 2.5% and repeated calls for a major shake-up of the troubled Swiss financial giant.

The pan-European Dow Jones Stoxx 600 index declined 1.5% to 301.74. The UK's FTSE 100 declined 1.8% to 5,756.90, Germany's DAX 30 fell 1% to 6,728.91 and the French CAC-40 slid 1.4% to 4,618.75.

Year-to-date, the CAC-40 is worst of the three, sinking nearly 18%, compared to the 17% fall for the DAX 30 and the 11% drop for the FTSE 100.

In the emerging markets, the Bovespa in Brazil was down close to 2% at 67,090 while the IPC index in Mexico shed 1% at 29,618. The RTS index in Russia added 0.15% to 2402 and the ISE National-30 index in Turkey dropped 1.7% to 46,286.

See-Saw movement to continue

The market, which opened on a cautious note and stayed in a narrow range till the first half of the day, saw a sudden down fall led by the banking, realty and the IT stocks. Sentiments were further dampened after the equity markets across Europe started off with a negative bias. Finally, the BSE benchmark Sensex lost 274 points to close below the 15,500 level at 15,422 and the Nifty index dropped 70 points to close below the 4,600mark at 4,582.

Among the BSE sectoral indices, BSE Realty index (down 3.5%), BSE Bankex index (down 3.4%) and BSE IT index (down 2.3%). On the other side, BSE FMCG index was up 0.3% and BSE Auto index was barely up by 0.2%. Among the 30-scrips of Sensex, 21 stocks ended in negative terrain and only 9 stocks ended in green.

UTV Software edged higher by half a percent to Rs779 after the company announced that it approved the acquisition of Potters stake in Ignition Entertainment Ltd by IG Interactive Entertainment Ltd, wholly owned subsidiary of the company. The scrip touched an intra-day high of Rs814 and a low of Rs773 and recorded volumes of over 1,00,000 shares on NSE.

Sintex Industries ended flat at 383. Reports that the company has acquired network services and tower manufacturing business of Digvijay Communication and Network Pvt Ltd through its 74% Subsidiary, Zeppelin Mobile Systems India Ltd on slump sale basis. The scrip touched an intra-day high of Rs401 and a low of Rs381 and recorded volumes of over 20,000 shares on NSE.

Rajesh Exports slipped 1.2% to Rs86. The company announced its results for the quarter & year ended March 31, 2008. The company posted a net profit after tax of Rs489.39mn for the quarter ended March 31, 2008 as compared to Rs333.35mn for the quarter ended March 31, 2007. Total Income has increased from Rs17946.41mn for the quarter ended March 31, 2007 to Rs25254.04mn for the quarter ended March 31, 2008.

The company posted a net profit after tax of Rs2065.62mn for the year ended March 31, 2008 as compared to Rs1012.84mn for the year ended March 31, 2007. Total Income has increased from Rs68933.93mn for the year ended March 31, 2007 to Rs86670.9mn for the year ended March 31, 2008. The scrip touched an intra-day high of Rs90 and a low of Rs85 and recorded volumes of over 9,00,000 shares on NSE.

Exide Industries dropped by over 4% to Rs71. The board of directors of the company had given their approval, for investment in a second local Lead Smelter upto Rs35crores.

The company acquired 51% shareholding in Leadage Alloys India Ltd located near Bangalore, Karnataka. This Company's core business is to produce various types of Lead and Lead alloys for secondary Lead and Lead concentrates. Leadage Alloys India Ltd is an unlisted public company. The scrip touched an intra-day high of Rs74 and a low of Rs70 and recorded volumes of over 2,00,000 shares on NSE.

Suven Life declined 2.2% to Rs35. The company announced that they commenced Phase I clinical trials of SUVN-502, a potent, safe, highly selective, brain penetrant and orally active antagonist at a nonperipheral, CNS receptor site 5-HT6, intended for the symptomatic treatment of Alzheimer's disease and other disorders of memory and cognition like Attention deficient hyperactivity, Parkinson, Schizophrenia. The scrip touched an intra-day high of Rs37 and a low of Rs35 and recorded volumes of over 5,00,000 shares on NSE.

Plethico Pharma advanced 2.5% to Rs384 after the company announced that it is considering an acquisition in US and Brazil. The scrip touched an intra-day high of Rs408 and a low of Rs380 and recorded volumes of over 33,000 shares on NSE.

GSS America rallied by over 6% to Rs319 following media reports that the company announced plans to buy US Co. for US$130mn in 1-2 months. The scrip touched an intra-day high of Rs343 and a low of Rs302 and recorded volumes of over 17,00,000 shares on NSE.

Tata Comm ended lower by 2.2% to close at Rs421. The company announced that it signed a joint venture agreement with China Enterprise Communication. The scrip touched an intra-day high of Rs448 and a low of Rs417 and recorded volumes of over 1,00,000 shares on NSE.

ICSA India lost 2.3% to Rs384. The company announced that the Board of Non-Conventional Energy Development Corporation of Andhra Pradesh Ltd awarded permission to set up a 20 MW Capacity Wind power project in Anantapur district of Andhra Pradesh.

This will enhance the revenues and shall reduce the Income tax burden of the Company. The scrip touched an intra-day high of Rs407 and a low of Rs383 and recorded volumes of over 25,000 shares on NSE.

Corporate News

Ranbaxy settles worldwide patent litigations with Pfizer over Lipitor. Under the agreement, Ranbaxy will be allowed to sell generic versions of the drug in the US from November 30, 2011. (BL)
ONGC, IOC and Gail have expressed interest in buying ADB's stake in Petronet LNG. (ET)
RCom may initiate criminal proceedings against RIL officials involved in the signing of January 12, 2006 agreement. (BL)
The MSRDC may ask Mukesh Ambani-controlled SeaKing Infrastructure Ltd (SKIL)-led consortium to bring down the concession period for the Rs60bn, 22-km sea link between Sewari and Nava Sheva. (BS)
MTNL has received the international long distance license from DoT. (ET)
Zee Entertainment may list its two divisions Zee Motion Pictures and Zee Limelight on the London Stock Exchange’s AIM. (FE)
Tata Steel and Essar Steel are vying for a majority stake in the proposed joint venture of Indonesia's PT Krakatau Steel to build a 2.5mtpa plant. (BS)
The Government may infuse more capital into Central Bank of India on improved performance. (FE)
RIL has denied it has signed formal gas sale contracts with prospective customers in defiance of a Bombay High Court order. (ET)
M&M plans to roll out "Mahindra" tractors from the Punjab Tractors unit in Mohali. (BS)
The NCD-cum-convertible warrants offer of Indian Hotels faced lukewarm response, forcing the promoters to pick up the unsubscribed portion of just over 80% for about Rs4.8bn. (ET)
Reliance Big Entertainment is in talks with PEs for selling a 10% stake for a valuation of US$5bn. (ET)
Andhra Bank to raise US$300mn foreign currency loan in 2008-09. (BL)
The Leela Palaces, Hotels and Resorts signs a sales and marketing agreement with US-based Preferred Hotel Group. (ET)
MindTree to invest US$45mn in its new software development centre at Mahindra World City SEZ in Maraimalai Nagar. (BL)
Union Bank of India to raise US$2bn through medium term debt from international market for its overseas expansion. (ET)
With the Karnataka High Court approving the Kingfisher Airlines – Deccan Aviation merger, Kingfisher Airlines’ plans to fly overseas soon. (BL)
Moschip Semiconductor has acquired US-based Indigita, the audio and video division of Intellasys. (BL)
Sintex Industries has acquired Digvijay Communications and Networks in the form of a slump sale. (BL)
Citrix to invest US$200mn in its second R&D facility in Bangalore over the next five years. (ET)
Sujana Towers has acquired of 51% stake in an African telecom infrastructure company, Telesuprecon. (BL)
Exide Industries acquires 51% in Bangalore-based lead smelter Leadage Alloys India Ltd. (BL)
Shyam Group and Spanco have sign an agreement with Punj Lloyd to acquire its Internet services company Spectranet. (BL)

Economic News

Infrastructure sector growth dips to 3.6% in April compared to the same month last year. (BL)

Aided by higher TDS collections, the Centre’s net direct tax collections recorded a 71.3% increase during the first two months of the current fiscal to Rs228.4bn against Rs133.4bn in the same period last year. (BL)

India to receive an estimated loan amount of US$9.2bn from the Asian Development Bank between 2008 and 2010 for various development projects. (FE)

The Government to allow only Gujarat companies to export cement. (ET)

The RBI has made it mandatory for RRBs to report all suspicious transactions above Rs1mn to the directorate of financial intelligence as part of exercise to strengthen the anti-money laundering drive. (ET)

The Government reduced prices of complex fertilizers by up to Rs2,296 per ton. (BS)

United Spirits

United Spirits

Financial Services

Financial Services

Precious metals end higher

Gold and silver prices end modestly higher as dollar goes lower

Precious metals ended modestly higher on Wednesday, 18 June, 2008. The weakness in dollar and the rising crude price were the main reasons behind this. Prices also rose on speculation that a slowing U.S. economy will deter the Federal Reserve from raising borrowing costs.

Generally, 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, a lower dollar pushes up precious metal prices as their demand lessens as it becomes cheaper for traders holding other currencies.

Comex Gold for August delivery rose $6.6 (0.8%) to close at $893.5 ounce on the New York Mercantile Exchange. Last week, gold prices ended lower by $25.9 (2.9%). Last month, in May, it ended with a gain of higher by $22.5 (2.5%). On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped since then.

This year, gold prices have gained 6.8% till date against a 4.8% drop for the dollar against the euro. Before May, for April, prices closed lower by 6.3%. For first quarter prices gained 10.7%. In January, prices gained 11%, the highest monthly gain since April 2006. For February, it gained 6%. But in March, prices succumbed and fell by 5.5%.

On Wednesday, Comex silver futures for July delivery rose 27 cents (1.6%) to $17.34 an ounce. For this week, silver has gained 2.5%. Silver has gained 16% in 2008 till date. Last week, it finished 87 cents (5%) lower.

Silver prices ended the month of May 2008 with a gain of 2.7%. For April, it closed lower by 5.5%. Silver had gained 16% in Q1. In January this year itself, prices climbed 14%. In February, it gained another 15%. For March, it ended lower by 13%. The metal had climbed 16% in FY 2007. The metal also has gained for seven straight years.

At the currency markets on Wednesday, the dollar headed lower, with traders reconsidering bets that the Federal Reserve will be raising interest rates later this year as economic woes hit stocks on Wall Street. The dollar index which tracks the performance of the greenback against other major currencies, fell 0.1% to 73.44.

Since last September, Fed has axed interest rates seven times and brought it down to 2%. On the other hand, the ECB has kept rates unchanged at 4% since June, 2007.

In the crude market, crude oil futures rose for the first time in four days after a statement that President George W. Bush is not expecting announcements of increased oil production at the 22 June conference in Saudi Arabia. Crude oil for July delivery rose $2.67 (2%) to settle at $136.68 a barrel.

Gold had 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. In 2006, silver had jumped 46% while gold gained 23%.

At the MCX, gold prices for August delivery closed higher by Rs 110 (0.89%) at Rs 12,389 per 10 grams. Prices rose to a high of Rs 12,412 per 10 grams and fell to a low of Rs 12,250 per 10 grams during the day’s trading.

At the MCX, silver prices for July delivery closed Rs 348 (1.44%) higher at Rs 24,395/Kg. Prices opened at Rs 24,080/kg and rose to a high of Rs 24,582/Kg during the day’s trading.

Volatile crude ends substantially higher

Prices give up earlier losses as traders digest weekly inventory data

Crude prices ended considerably higher today, Wednesday, 18 June, 2008 after trading lower earlier during the day. Prices rose after traders started digesting the weekly inventory report. The weaker dollar also helped in spurting prices. Price also rose for the first time in four days after a statement that President George W. Bush is not expecting announcements of increased oil production at a 22 June conference in Saudi Arabia.

Crude-oil futures for light sweet crude for July delivery today closed at $136.68/barrel (higher by $2.67/barrel or 2%) on the New York Mercantile Exchange. Earlier it fell to $135.5/barrel.

EIA reported today that crude inventories have now fallen 24.8 million barrels in the past five weeks. Crude supplies dropped by 1.2 million barrels to 301 million for the week ended 13 June. Refinery utilization climbed to 89.3% compared with 88.6% of capacity a week earlier.

EIA also reported that demand for motor gasoline was down 1.8% over the past four weeks, compared to the same period a year ago. It stood at an average of about 9.3 million barrels per day. Motor gasoline supplies fell 1.2 million barrels to 208.9 million barrels for the week ended 13 June. Distillate stocks were up 2.6 million barrels at 116.6 million barrels.

Last week, crude prices closed lower by 2.7%. For the year, crude is up by 39% till date. Prices are 97% higher on a yearly basis.

Saudi Arabia has called a meeting for 22 June in Jeddah to help stabilize prices. It was also reported yesterday that the kingdom will produce 9.7 million barrels of oil a day next month, an increase of 200,000 barrels from June's level.

At the currency markets on Wednesday, the dollar headed lower, with traders reconsidering bets that the Federal Reserve will be raising interest rates later this year as economic woes hit stocks on Wall Street. The dollar index which tracks the performance of the greenback against other major currencies, fell 0.1% to 73.44.

Natural gas in New York rose on speculation a government report tomorrow will show supplies gained up to one-third less than average for this time of year. Natural gas for July delivery rose 25.8 cents (2%) to settle at $13.21 per million British thermal units.

At the MCX, crude oil for July delivery closed at Rs 5,814/barrel, higher by Rs 73 (1.3%) against previous day’s close. Natural gas for June delivery closed at Rs 566.9/mmbtu, higher by Rs 15.4/mmbtu (2.8%).