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Wednesday, July 09, 2008
BSE Bulk Deals to Watch - July 9 2008
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
9/7/2008 590059 BIHAR TUBES ELARA INDIA OPPORTUNITIES FUND LIMITED B 100000 145.00
9/7/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. B 340518 5.01
9/7/2008 532271 CYBERMAT INF S V ENTERPRISES B 3278767 5.30
9/7/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. S 345518 5.24
9/7/2008 532271 CYBERMAT INF S V ENTERPRISES S 3160003 5.18
9/7/2008 532903 DHANUSTECH G L ENGINEERING IND. P LTD S 158193 167.48
9/7/2008 532022 FILAT FASH MULJIBHAI D PATEL B 38400 26.35
9/7/2008 532022 FILAT FASH AUM TECHNOCAST PVT. LTD S 65000 26.35
9/7/2008 532996 FIRST WIN N D NISSAR B 125299 100.04
9/7/2008 532996 FIRST WIN SHEFALIY V SAMDARIA B 130662 97.22
9/7/2008 532996 FIRST WIN YUVAK SHARE TRADING PVT.LTD. B 268546 105.80
9/7/2008 532996 FIRST WIN N D NISSAR S 125299 99.90
9/7/2008 532996 FIRST WIN SHEFALIY V SAMDARIA S 130662 99.25
9/7/2008 532996 FIRST WIN YUVAK SHARE TRADING PVT.LTD. S 243393 104.40
9/7/2008 532187 INDUS IND BK LOTUS GLOBAL INVESTMENTS LTD B 9850816 52.40
9/7/2008 531602 KOFF BR PICT LAXMI CAP BROKING PVT LTD B 25851 23.66
9/7/2008 512267 MEDIA MATRIX MOHAN NARAYANAN B 175000 4.90
9/7/2008 532387 PRITISHN COM JITENDRA HARIVANSH JOSHI B 82000 47.87
9/7/2008 532387 PRITISHN COM CAPETOWN MERANTILE CO PVT. LTD. S 82000 47.87
9/7/2008 526494 PROMAC PLAST CONSOLIDATED SECURITIES LTD S 85000 2.60
9/7/2008 532690 RAMSARUP IND ASHISH JHUNJHUNWALA B 575400 114.36
9/7/2008 532690 RAMSARUP IND NEERZA JHUNJHUNWALA S 575400 114.14
9/7/2008 532884 REFEX REFRIG ANKIT RAJENDRA SANCHANIYA B 175000 197.64
9/7/2008 532956 SOLECT EMS UBS SECURITIES ASIA LTD AC SWISS FINANCE COR MAURITIUS LTD S 67993 125.17
9/7/2008 532948 TULSI EXTRU YUVAK SHARE TRADING PVT.LTD. B 62623 33.01
NSE Bulk Deals to Watch - July 9 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
09-JUL-2008,AHMEDFORGE,Ahmednagar Forgings Ltd,MAVI INVESTMENT FUND LIMITED,BUY,600000,90.00,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,AVANI AMITBHAI KORADIA,BUY,100000,104.22,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,B K SHAH CO KETAN BHAILAL SHAH,BUY,100584,101.08,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,CHOKHANI SECURITIES LTD,BUY,99029,98.79,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,DINESH MUNJAL,BUY,262231,102.26,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,DIPAK RAMANBHAI RATHOD,BUY,97991,104.00,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,G RAMAKRISHNA,BUY,89000,103.81,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,MAHASAGAR SECURITIES PVT LTD,BUY,100000,104.98,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,MANISH VRAJLAL SARVAIYA,BUY,128601,99.86,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,NISSAR BROTHERS,BUY,112225,100.44,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,PRASHANT JAYANTILAL PATEL,BUY,309502,99.62,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,R APPALA RAJU,BUY,155000,104.49,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,R.M. SHARE TRADING PVT LTD,BUY,154610,102.30,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,SS CORPORATE SECURITIES LIMITED,BUY,109324,99.12,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,BUY,101358,100.48,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,TIRUPATI ONLINE,BUY,294586,97.64,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,TRANSGLOBAL SECURITIES LTD.,BUY,258278,99.93,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,YUVAK SHARE TRADING PVT LTD,BUY,372043,103.52,-
09-JUL-2008,IFCI,IFCI Ltd.,CLEAN FINANCE & INVESTMENT LTD,BUY,4908111,41.18,-
09-JUL-2008,IOLN,IOL Netcom Limited,SHREE DHOOT TRADING & AGENCIES LIMITED,BUY,160000,60.93,-
09-JUL-2008,KHAITANELE,Khaitan Electricals Ltd,CARWIN MERCANTILES PVT LTD,BUY,117092,59.61,-
09-JUL-2008,MVL,MVL Limited,TRANSGLOBAL SECURITIES LTD.,BUY,270311,105.04,-
09-JUL-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,BUY,2990746,32.67,-
09-JUL-2008,PURVA,Puravankara Projects Limi,HSBC GLOBAL INVESTMENT FUNDS A/C HSBC GLOBAL INVESTMENT FUND,BUY,3101201,191.00,-
09-JUL-2008,RAMSARUP,Ramsarup Industries Limit,ASHISH JHUNJHUNWALA,BUY,500000,114.00,-
09-JUL-2008,SAREGAMA,Saregama India Ltd.,FIDELITY FUNDS - EMERGING MARKETS FUND,BUY,346090,103.00,-
09-JUL-2008,SASKEN,Sasken Commu Techno Ltd,MBL & COMPANY LTD.,BUY,186881,149.68,-
09-JUL-2008,AHMEDFORGE,Ahmednagar Forgings Ltd,ZATCO VYAPAAR PVT LTD,SELL,238495,90.00,-
09-JUL-2008,APOLLOHOSP,Apollo Hospitals Ltd,FIDELITY INVST INTNL A/C FIDE SEL PORTFS:MEDICAL DEL PORTF,SELL,395000,500.00,-
09-JUL-2008,APOLLOHOSP,Apollo Hospitals Ltd,FIDELITY MNGT AND RESEARCH A/C FID SEL PF: HEALTHCARE PORTFO,SELL,333733,500.00,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,AVANI AMITBHAI KORADIA,SELL,100000,101.65,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,B K SHAH CO KETAN BHAILAL SHAH,SELL,100584,101.39,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,CHOKHANI SECURITIES LTD,SELL,99029,99.26,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,DINESH MUNJAL,SELL,262231,102.11,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,DIPAK RAMANBHAI RATHOD,SELL,97991,107.05,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,G RAMAKRISHNA,SELL,89000,102.53,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,MAHASAGAR SECURITIES PVT LTD,SELL,25000,107.00,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,MANISH VRAJLAL SARVAIYA,SELL,128601,100.27,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,NISSAR BROTHERS,SELL,112225,100.45,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,PRASHANT JAYANTILAL PATEL,SELL,309502,99.43,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,R APPALA RAJU,SELL,155000,102.18,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,R.M. SHARE TRADING PVT LTD,SELL,154610,102.56,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,SS CORPORATE SECURITIES LIMITED,SELL,209324,106.17,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,SELL,101358,100.46,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,TIRUPATI ONLINE,SELL,294586,101.30,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,TRANSGLOBAL SECURITIES LTD.,SELL,259278,100.00,-
09-JUL-2008,FIRSTWIN,First Winner Industries L,YUVAK SHARE TRADING PVT LTD,SELL,364536,103.44,-
09-JUL-2008,IFCI,IFCI Ltd.,CLEAN FINANCE & INVESTMENT LTD,SELL,4908111,41.20,-
09-JUL-2008,KALPATPOWR,Kalpataru Pow Trans Ltd,JM FINANCIAL MUTUAL FUND,SELL,136923,750.00,-
09-JUL-2008,KHAITANELE,Khaitan Electricals Ltd,CARWIN MERCANTILES PVT LTD,SELL,495,61.38,-
09-JUL-2008,KHAITANELE,Khaitan Electricals Ltd,SANTOSH INDUSTRIES LTD,SELL,100000,59.42,-
09-JUL-2008,MVL,MVL Limited,TRANSGLOBAL SECURITIES LTD.,SELL,270311,105.46,-
09-JUL-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,SELL,2990746,32.67,-
09-JUL-2008,PURVA,Puravankara Projects Limi,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,SELL,3101201,191.00,-
09-JUL-2008,RAMSARUP,Ramsarup Industries Limit,NEERZA JHUNJHUNWALA,SELL,500000,114.00,-
09-JUL-2008,SAREGAMA,Saregama India Ltd.,FIDELITY FUNDS - EMERGING MARKETS FUND,SELL,346090,103.00,-
09-JUL-2008,SASKEN,Sasken Commu Techno Ltd,MBL & COMPANY LTD.,SELL,180316,149.92,-
Post Session Commentary - July 9 2008
The domestic markets concluded the day with handsome gains on huge buying across the board. The market opened strongly after a sharp pull back from yesterday on the back of positive cues from the US markets like encouraging statement from Fed Chairman Ben Bernanke that central bank may extend its emergency-loan program for investment banks into next year. Also the drop in crude oil price to $136 per barrel gave a boost to the market. The market maintained its opening gains and continued to trade strongly on the back of sustained buying to close with smart gains. It was a very good day for the market as it had not shown any sign of weakness and BSE Sensex crossed 13,900 mark with increase of 4.60% and NSE Nifty crossed 4,100 mark with gain of 4.23%. From the sectoral front, all indices closed in green and Capital Goods, Metal, Oil & Gas, Reality and Bank stocks were in limelight as strong buying witnessed in these baskets. Reality index closed with gain of more than 6%. Among the sensex30 pack, all indices closed in green. The market breadth was extremely positive as 2130 stocks closed in green while 529 stocks closed in red and 67 stocks remained unchanged.
The BSE Sensex closed higher by 614.61 points at 13,964.26 and NSE Nifty ended up by 168.55 points at 4,157.10. The BSE Mid Caps and Small Cap closed positive with gain of 154.69 points and 227.26 points 5,470.68 and 6,789.88 respectively. The BSE Sensex touched intraday high 13,998.48 of and intraday low of 13,581.41.
Gainers from the BSE are Reliance Infra (10.66%), JP Associates (10.00%), Tata Motors (7.49), ITC Ltd (6.78%), Reliance Com Ltd (6.15%), TCS Ltd (5.92%), HDFC Bank Ltd (5.72%), BHEL (5.14%), Reliance (5.12%) and Bharti Airtel (4.99%).
The Capital Goods index closed up by 510.62 points at 11,364.76. Gainers are Alstom Proje (8.49%), Bharat Elect (7.30%), Suzlon Energy (6.25%), ABB Ltd (6.16%), Lakshmi Ma W (6.16%) and Punj Lloyd (5.70%).
The Oil & Gas index ended higher by 389.74 points at 9,133.10. As Essar Oil Ltd (8.30%), Gail India (7.57%), BPCL (7.40%), Reliance Natural Resources (7.20%) and Reliance (5.12%) closed in positive territory.
The Metal Index went up by 375.84 points to close at 12,642.62. Gainers are Steel Authority (6.20%) along with Ispat Indus (5.88%), Jindal Steel (5.34), SH Precoated (5.34%), Tata Steel (4.07%)and Maharashtra Seamless (3.69%).
The Bank Index closed higher by 287.39 points at 6,183.53. Gainers are Axis Bank (10.08%) along with Kotak Bank (7.63%), Bank of India (6.32%), HDFC Bank Ltd (5.72%), ICICI Bank Ltd (4.72%) and Union Bank (4.48%).
The Reality index ended up by 280.18 points at 4,901.16. Gainers are Purvankara (9.91%), Penland Ltd (8.74%), Anant Raj Indus (8.73%), Housing Development (7.69%), Unitech Ltd (7.28%), Omaxe Ltd (7.24%), and Indiabulls Real (6.87%).
The IT index gained 174.12 points to close at 4,220.07. Major gainers are Aptech Ltd (10.90%), TCS Ltd (5.92%), Tech Mahindra (5.42%), Rolta India (5.30), Infosys Tech (4.90%) and NIIT Ltd (4.62%).
Firm global indices keep market buoyant
The market exhibited strong optimism, as buoyancy in overseas markets triggered a major across-the-board rally. After registering heavy loss on yesterday's trade, the Sensex resumed with a positive gap of 231 points at 13,581. However, lack of new buying in heavyweights kept the Sensex range-bound. But, in the afternoon trades the Sensex scaled up on hectic buying and set another all-time high of 13,998. Firm close in other Asian indices also helped the market rally. The Sensex finally closed the session with gains of 615 points at 13,964. The Nifty closed by adding 169 points at 4,157.
Among the sectoral indices, the BSE Realty led the upsurge with gains of 6.06% at 4,901 followed by the BSE Power (up 5.39% at 2,456), BSE Bankex Index (up 4.87% at 6,183) and BSE CG Index (up 4.70% at 11,365). However, the market breadth was positive. Of the 2,726 stocks traded on the BSE 2,131 stocks advanced, 527 stocks advanced and 68 stocks ended unchanged.
All the 30 Sensex stocks managed to end in the green. Reliance Energy was the leading gainer and soared 10.66% at Rs835.45. Jaiprakash Associates jumped 7.49% at Rs404.55, ITC shot up by 6.78% at Rs171.85, Reliance Communications advanced 6.15% at Rs440.95, Tata Consultancy Services moved up by 5.92% at Rs875.65, HDFC Bank added 5.72% at Rs1,058, BHEL gained 5.14% at Rs1,575.30 and Reliance Industries gained 5.12% at Rs2,079.95. The remaining sensex stocks were up over 1-4% each.
Over 2.58 crore Reliance Natural Resources shares changed hands on the BSE followed by IFCI (1.86 crore shares), Idea Cellular (1.26 crore shares), Indusind Bank (1.04 crore shares) and Ispat Industries (0.94 crore shares).
Sensex vaults 615 points as oil declines sharply
A mix of positive domestic and global news helped bulls conquer the bourses today. The market snapped yesterday’s fall on strong global cues and on sharp fall crude oil prices on Tuesday, 8 July 2008. The market was also boosted on hopes the government may push through some of the economic reforms which Left parties had stalled over the past four years. Today's sharp surge took Sensex within striking distance of 14,000 mark. Reliance Infrastructure and Jaiprakash Associates rose more than 10% each. Index heavyweights Reliance Industries and Infosys spurted.
Over the last four years, Left parities had stalled privatisation of state-run firms, pension reforms, higher foreign limits in insurance and more liberal norms for foreign bank. Left parties on Tuesday said they are withdrawing support to the Congress-led United Progressive Alliance government to protest Indo-US nuclear deal.
The government is expected to face a vote of confidence in parliament in the coming weeks. The government is confident of retaining power due to backing from Samajwadi Party, a regional party in Uttar Pradesh. Samajwadi Party (SP) yesterday, 8 July 2008, said it will vote with the government in support of the nuclear deal with the United States.
All the sectoral indices on BSE were in green. All the Sensex stocks were in positive zone. The market breadth was strong as buying was witnessed across the board. Realty, banking, capital goods and power stocks surged.
The 30-share BSE Sensex surged 614.61 points or 4.6% at 13,964.26. At the day’s high of 13,998.48 hit during late trade Sensex gained 648.83 points.
The broader based S&P CNX Nifty was up 168.55 points or 4.23% at 4,157.10.
Earlier in the day, the market had pared some of earlier strong gains after a report that Iran had test fired missiles, raised fears about a jump in oil prices. European markets which opened after Indian markets were firm. Key benchmark indices in France, Germany and UK were up by between 0.94% to 1.15%. Asian markets which opened before Indian market turned mixed in contrast to a broad-based initial surge after the Iran news.
Oil was up 1.2% today to $137.70 a barrel. Oil had declined sharply on on Tuesday, 8 July 2008, under pressure from a stronger dollar and forecasts that eased worries about Hurricane Bertha. Crude oil for August 2008 delivery slumped 3.8% to $136.04 a barrel on the New York Mercantile Exchange on that day.
BSE clocked a turnover of Rs 5,073 crore today, 9 July 2008 as compared to a turnover of Rs 4,643.50 crore on 8 July 2008.
From a record high of 21,206.77 hit on 10 January 2008, Sensex has lost 7,242.51 points or 34.15%. It is down 6,322.73 points or 31.16% in calendar year 2008 so far.
Back to today's trade, Nifty July 2008 futures were at 4146, at a discount of 11.10 points as compared to spot closing of 4157.10. NSE's futures & options (F&O) segment turnover was Rs 47,907.81 crore, which was higher than Rs 41,117.91 crore on Tuesday, 8 July 2008.
The BSE Mid-Cap index up 2.91% at 5,470.68, while the BSE Small-Cap index up 3.46% to 6,789.88.
BSE Realty index (up 6.06% at 4,901.16), BSE Power (up 5.39% to 2,455.87), BSE Bankex (up 4.87% at 6,183.53), The BSE Capital Goods index (up 4.7% at 11,364.76), BSE FMCG index (up 4.61% to 2,042.32) outperformed Sensex.
BSE Health Care index (up 1.58% at 4,155.12), BSE Metal index (up 3.06% to 12,642.62), BSE Auto (up 3.08% at 3,606.02), BSE Consumer Durables index (up 3.41% to 3,650.89), BSE PSU index (up 4.25% to 5,966.84), BSE IT index (up 4.3% to 4,220.07), BSE TecK index (up 4.4% to 3,149.49), The BSE Oil & Gas index (up 4.46% to 9,133.10) underperformed Sensex.
The market breadth was strong on BSE, with 2,130 gainers outpacing 529 losers. 67 stocks remained unchanged.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries rose 5.12% to Rs 2,079.95. Reliance Industries (RIL) has reportedly signed an agreement with Peru's Perupetro to jointly explore for oil and gas in the Andean country. The two firms are likely to bid in a Peruvian government auction of 22 oil blocks with hydrocarbon potential. As part of the deal with Pan Andean, Reliance will incur all exploration costs through commercial discovery. Following a commercial find of an agreed size, Pan Andean will reimburse Reliance for its share of the exploration cost.
Realty stocks rose. Lanco Infratech (up 13.6% to Rs 320.75), Indiabulls Real Estate (up 6.87% to Rs 284.70), DLF (up 4.81% to Rs 450.30) and Unitech (up 7.28% to Rs 173.20) edged higher.
Power stocks climbed. Reliance Infrastructure (up 10.66% to Rs 835.45), Reliance Power (up 8.58% to Rs 148.75), NTPC (up 4.34% to Rs 168.20), Tata Power Company (up 3.11% to Rs 1,061.40) edged higher.
Capital goods stocks were firm. Larsen & Toubro (up 4.7% to Rs 2,512.95), Bharat Heavy Electricals (up 5.14% to Rs 1,575.30) and Suzlon Energy (up 6.25% to Rs 209.05) edged higher.
Banking stocks gained. Axis Bank (up 10.08% to Rs 669.75), ICICI Bank (up 4.72% to Rs 6321.90), HDFC Bank (up 5.72% to Rs 1,058.75) and State Bank of India (up 2.83% to Rs 1,238.50) edged higher.
Jaiprakash Associates (up 10% to Rs 173.30), Tata Motors (up 7.49% to Rs 404.55), ITC (up 6.78% to Rs 183.50),Tata Consultancy Services (up 5.92% to Rs 875.65), Bharti Airtel (up 4.99% to Rs 747.40) and Infosys (up 4.9% to Rs 1,821.10) edged higher from Sensex pack.
India’s second largest telecom services provider by sales Reliance Communications rose 6.15% to Rs 440.95. South African mobile phone operator MTN Group said today, 9 July 2008, it had agreed to extend its exclusive talks with India's Reliance Communications until 21 July 2008. MTN and Reliance Communications started talks on 26 May 2008 that could create a $66 billion emerging markets telecoms group with operations in about two dozen countries and around 120 million subscribers.
Reliance Natural Resources clocked the highest volume of 2.58 crore shares on BSE. IFCI (1.86 crore shares), Idea Cellular (1.26 crore shares), IndusInd Bank (1.04 crore shares) and Ispat Industries (94.2 lakh shares) were other volume toppers in that order.
Reliance Capital clocked the highest turnover of Rs 255.22 crore on BSE. Reliance Industries (Rs 254.96 crore), Reliance Infrastructure (Rs 196.29 crore), Reliance Natural Resources (Rs 183.37 crore) and Mundra Port Special Economic Zone (Rs 128.35 crore) were other turnover toppers in that order.
In Asia, key benchmark indices in China, Singapore, Hong Kong, and Japan were up by between 0.15% to 3.75%. Key benchmark indices in Taiwan and South Korea were down by between 0.05% to 0.92%.
US markets had another wild trading day of ups and downs but ended with decent gains on 8 July 2008, after oil prices retreated from record highs, easing concerns on consumer spending. The Dow Jones industrial average gained 152.25 points, or 1.36%, to 11,383.21. The S&P 500 advanced 21.39 points, or 1.71%, to 1,273.70, while the Nasdaq composite index added 51.10 points, or 2.28%, to 2,294.42.
Prime Minister Manmohan Singh on 7 July 2008 said that the government will go through the remaining formalities of the Indo-US nuclear deal. The Prime Minister is likely to discuss the progress of the Indo-US nuclear deal with US President George Bush today, 9 July 2008. He also expressed confidence that UPA government will survive the trust vote and avoid early elections.
Market likely to see gap-up opening
Local shares are likely to be witness a gap-up opening today, 9 July 2008, as political uncertainties come to an end with the Left announcing withdrawal of support to the UPA government yesterday, 8 July 2008. Positive global cues and sharp decline in crude oil prices may propel the sentiment further.
Prime Minister Manmohan Singh on 7 July 2008 said that the government will go through the remaining formalities of the Indo-US nuclear deal. The Prime Minister is likely to discuss the progress of the Indo-US nuclear deal with US President George Bush today, 9 July 2008. He also expressed confidence that UPA government will survive the trust vote and avoid early elections. Samajwadi Party (SP) yesterday, 8 July 2008, said it will vote with the government in support of the nuclear deal with the United States.
US crude oil futures fell sharply on Tuesday, 8 July 2008, under pressure from a stronger dollar and forecasts that eased worries about Hurricane Bertha. Crude oil for August delivery slumped 3.8% to $136.04 a barrel on the New York Mercantile Exchange.
Asian markets were trading higher today, 9 July 2008, tracking Wall Street gains and after crude oil prices retreated. China's Shanghai Composite rose 1.32% or 37.16 points at 2,852.11, Japan's Nikkei surged 1.82% or 237.17 points at 13,270.27, Hong Kong's Hang Seng gained 2.88% or 610.94 points at 21,831.75, Taiwan's Taiwan Weighted added 2.30% or 161.97 points at 7,213.82, Singapore's Straits Times advanced 1.28% or 37.09 points at 2,923.71 and South Korea's Seoul Composite was up 1.60% or 24.58 points at 1,558.05
US markets had another wild trading day of ups and downs but ended with decent gains on 8 July 2008, after oil prices retreated from record highs, easing concerns on consumer spending. The Dow Jones industrial average gained 152.25 points, or 1.36%, to 11,383.21. The S&P 500 advanced 21.39 points, or 1.71%, to 1,273.70, while the Nasdaq composite index added 51.10 points, or 2.28%, to 2,294.42.
Assured of the government's stability, market rebounded from early low as investor sentiment got a lift. The 30-share BSE Sensex lost 176.34 points or 1.3% at 13,349.65 and the broader based S&P CNX Nifty was down 41.45 points or 1.03% at 3,988.55, yesterday, 8 July 2008.
As per the provisional figures on NSE, the foreign institutional investors (FII)'s sold shares worth Rs 326.27 crore, while domestic funds bought shares worth Rs 427.27 crore on 8 July 2008.
Foreign institutional investors (FIIs) were net sellers of Rs 412.02 crore in the futures & options segment on 8 July 2008. They were net sellers of index futures to the tune of Rs 653.68 crore and bought index options worth Rs 122.36 crore. They were net buyers of stock futures to the tune of Rs 94.09 crore and purchased stock options worth Rs 25.21 crore
Today's Pick - GSK Pharma
We recommend a buy in GlaxoSmithKline Pharmaceuticals from a short-term horizon. It is clearly visible from the charts of GlaxoSmithKline Pharmaceuticals that it was on a long-term down trend from its April 2006 high of Rs 1,553 to its January 2008 low of Rs 704. However, the stock reversed direction in January and has been on a steady uptrend since then. We notice an inverse complex head and shoulders pattern, spanning over the past nine months with neckline at Rs 1,150. On July 8, the stock decisively broke out of the neckline by surging more than 3 per cent, accompanied with above 2 week average volume. The stock is trading well above its 21 and 50-day moving averages. The daily and weekly momentum indicators are featuring in the bullish zone. The daily moving average convergence and divergence (MACD) is featuring in the positive territory and the weekly MACD has entered this territory. Besides, the up trendline of the stock is intact. Our short-term forecast for the stock is bullish and we expect it to rally until it hits our price target of Rs 1,300 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining stop-loss at Rs 1,125.
via BL
Pre Session Commentary - July 9 2008
The Indian Market is expected to have positive opening on the back of strong global cues as the US market ended up and Asian markets are trading higher due to the fall in crude oil prices and reassuring comments from U.S. Federal Reserve chairman Ben Bernanke. Tuesday, Indian market opened on the back foot tracking negative cues from the Asian markets and domestic political worries. Further, it came off sharply from the day’s lows irrespective of the Left parties step to pull out support from the UPA government. It managed to restrict the losses but still closed in negative territory. The BSE Sensex closed below 13,400 mark and NSE Nifty below 4,000. From the sectoral front Oil & Gas and IT stocks were major sufferers due to selling pressure while Capital Goods and Metal stocks were in favor as buying witnessed in these baskets. The BSE Sensex closed lower by 176.34 points at 13,349.65 and NSE Nifty ended down by 41.45 points at 3,988.55. We expect that market may see some bull run during the trading session.
The Left parties had withdrawn support to the UPA government on Tuesday, citing Prime Minister''s announcement in Tokyo about going to the IAEA soon as the provocation. They had planned to meet President Pratibha Patil today to formally withdraw support. Market reacted positively on withdrawal as the SP will lend support and some friendlier policies are expected
US markets closed higher on Tuesday on encouraging comments from Fed Chairman Ben Bernanke and an extended drop in oil prices. Ben Bernanke''s comments raised the possibility of extending the Federal Reserve''s lending facilities to investment banks and flagging a wider role in banking regulation. Crude prices dropped almost $5 per barrel and closed at $136.04 a barrel due to commodity selling among fears of weakening global economy.
The Dow Jones Industrial Average (DJIA) closed higher by 152.25 points at 11,384.21 along with NASDAQ up by 51.12 points to close 2,294.44 and S&P 500 dropped by 21.39 points to close at 1,273.70.
Indian ADRs ended mixed. In technology sector, Patni Computers ended up by (2.89%) along with Infosys by (0.73%). However, Satyam closed lower by (2.36%) and Wipro by (1.54%). In banking sector, HDFC bank and ICICI bank gained (4.56%) and (4.06%) respectively. In telecommunication sector, MTNL ended without any change and Tata Communication advanced by (1.47%). Sterlite industries declined (3.29%).
Today the major stock markets in Asia are trading high due to the Wall Street gains overnight and on speculation that credit-market losses of banks and industrial companies will ease. Hang Seng index is trading up by 610.94 points at 21,831.75 along with Japan’s Nikkei trading higher by 237.17 points at 13,270.27 and Taiwan Weighted trading at 7,213.82 with a surge of 161.97 points.
The FIIs on Tuesday stood as net seller in equity and net buyer in debt. The gross equity purchased was Rs1,782.10 Crore and the gross debt purchased was Rs1,432.70 Crore while the gross equity sold stood at Rs2,102.00 Crore and gross debt sold stood at Rs427.30 Crore. Therefore, the net investment of equity reported was (Rs319.90) Crore and net debt was Rs1,005.40 Crore.
Today, Nifty has support at 3,921 and resistance at 4,163 and BSE Sensex has support at 13,110 and resistance at 13,894.
Firm global indices indicate positive outlook
The market bias may remain positive on strong fund buying into the local market and surging international indices. However, caution should be maintained on account of the prevalence of an intra-day volatility. Among the local indices, the Nifty could test 4030 on the upside and may slip to 3940 on the downside. The Sensex has a likely support at 13230 and may face resistance at 13475.
US indices ended positive on Wednesday. The Dow Jones gained sharply by 152 points to close at 11384 while the Nasdaq ended 51 points higher at 2294.
Among the Indian ADRs trading on the US bourses, HDFC Bank & ICICI Bank were the major gainer by over 4%, followed by Dr Reddy up by 3.63%, Patni Computer 2.89% and VSNL 1.47%, while Infosys was up by 0.73%. However, Rediff led the laggard and lost 5.65%, Satyam, Tata Motors & Wipro slipped into the red.
Crude Oil prices extended a post-July 4th descent Tuesday - falling more than $9 a barrel over two days - as Iran's president downplayed concerns about possible war in the Middle East and investors anticipated falling demand due to high gasoline prices. The Nymex light crude oil for August delivery moving down by $5.33 to close at $136.04 a barrel. In the Commodity segment, the Comex gold for August series lost $5.50 to settle at $923.30 a troy ounce.
Morning Call - July 9 2008
Market Grape Wine :
In House :
Nifty at a support of 3953 and 3905 levels with resistance at 4040 and 4090 levels .
Buy : ABAN above 2603 target 2685 s/l of 2560
Buy : BombayDye above 547 target 570 s/l of 535
Buy : RelCap above 1063 target 1150 s/l of 1035
Buy : NTPC above 156 target 165 s/l of 150
Out House:
Markets at a support of 13133 & 13245 resistance at 13595 & 13786 levels .
Buy : Infy & satyam
Buy : Suzlon 7 Rel
Buy : JSW & Tisco
Buy : Bhel & LT
Buy : Centextile & Adalbs
Buy : Sbin & KotakBank
Dark Horse : Satyam , Bhel , LT , Infy , RIL , Jpasso , Suzlon & Tisco
Rgds
Trading Calls - July 9 2008
Nifty (3989) Sup 3930 Res 4090
Buy Crompton Greaves (244) SL 239 Target 254, 258
Buy BoB (216) SL 211
Target 226, 230
Buy Reliance Infra (754) SL 746 Target 770, 775
Buy NTPC (161) SL 157
Target 168, 170
Sell Essar Oil (176) SL 180 Target 170, 167
An oil massage for bulls!
Our natures are a lot like oil, mix us with anything else, and we strive to swim on top.
After nearly drowning in troubled waters, the bulls will be happy to swim on top. The burning issue has been oil among other things and the two-day slump in oil prices is sure to provide a soothing effect Crude futures in New York are down more than $9 per barrel in two days. Though oil prices are still pretty high, the decline is a big positive, at least in the short term.
Barring Europe, most world markets rallied on the back of sharply lower oil prices. The Federal Reserve's decision to extend its emergency lending facility to banks also helped allay some concerns over possibility of more asset write-downs. Of course there are different ways to interpret the Fed’s move. Asian markets are up by 1.5-3.5% this morning, with the Hang Seng leading from the front.
As far as the local situation is concerned, the political storm seems to have subsided with most events playing out as anticipated. The Left parties have finally called it quits from the UPA. But, the Congress appears confident as it has the support of the SP and other smaller parties. The fact that the Centre has called for the "Trust Vote" before the IAEA meet underlines the new-found confidence in the ruling coalition.
Still, the number game will be close and there could be some surprises. An early election is more or less out of the equation now. In politics and markets expect anything though. What remains to be seen is whether the nuclear deal can be finalised before the Bush regime is out of office.
The Indian market heaved a sigh of relief and recovered from the lows of the day. And, with the global markets rallying smartly, the bulls will seek to settle some scores with the bears. We expect a positive opening. What is not certain is whether the gains can be extended further. Fresh bad news can hit the markets anytime and reverse most of the gains. Much will hinge on a confluence of local as well as global factors, primarily crude oil prices and outlook for the western financial sector.
India Inc. will start rolling out their latest quarterly numbers. With expectations of further earnings slowdown already reflected in stock prices, the bulls may decide to chart their own course unless the results are really bad. Positive surprises will of course get a warm welcome.
FIIs were net sellers of Rs3.26bn (provisional) in the cash segment yesterday while local institutions poured in Rs4.27bn. In the F&O segment, the foreign funds were net sellers of Rs4.12bn. On Monday, FIIs offloaded shares worth Rs3.2bn in the cash segment.
US stocks rallied on Tuesday, spurred by a steep drop in oil prices, a stronger dollar and Fed chairman Ben Bernanke's assurance that the central bank will continue to support the financial sector through its direct loan facility.
The Standard & Poor's 500 Index jumped 21.39 points, or 1.7%, to 1,273.7. The Dow Jones Industrial Average climbed 152.25 points, or 1.4%, to 11,384.21. The Nasdaq Composite Index added 51.12 points, or 2.3%, to 2,294.44.
Market breadth was positive. Almost four stocks gained for each that fell on the New York Stock Exchange.
The major indexes were volatile in the morning on a weak housing report, earnings jitters and more worries about the financial sector's health. But Bernanke's remarks that the Fed is strongly committed to financial stability helped stocks rebound.
Investors responded to a more than $5-a-barrel decline in oil prices, sending shares of airlines and other companies that depend directly on fuel. The Dow Jones Transportation index was up by 5%.
Bank of America's shares advanced the most since 1990, leading financial shares to their best gain in more than three months, after JPMorgan's CEO Jamie Dimon said losses in credit markets will ease.
Fannie Mae and Freddie Mac rebounded from their lowest levels in more than 13 years after a regulator said that the mortgage-finance companies have enough capital to survive a slump in the housing market and meet new accounting rules.
US light crude oil for August delivery fell $5.33 to settle at $136.04 a barrel on the New York Mercantile Exchange, reaching the lowest level in nearly two weeks. The national average price for a gallon of regular unleaded gas held steady at a record $4.108 for a second day, according to AAA.
In the bond market, Treasury prices rose, lowering the yield on the benchmark 10-year note to 3.88% from 3.90% late on Monday. In currency trading, the dollar rose versus the euro and the yen. COMEX gold for August delivery fell $5.50 to settle at $923.30 an ounce.
European stocks ended sharply down amid fresh concerns over the financial sector and bleak prospects for corporate profits, although a fall in oil prices helped limit losses. The pan-European Dow Jones Stoxx 600 index fell 1.5% to 278.96 but moved back from a three-year low. The French CAC-40 slumped 1.5% to 4,275.61, while Germany's DAX 30 dropped 1.4% to 6,304.41 and the UK's FTSE 100 closed down 1.3% at 5,440.50.
In the emerging markets, the Bovespa in Brazil was up 0.2% at 59,219 while the IPC index in Mexico rose 0.6% to 28,551. The RTS index in Russia dropped 0.6% to 2175 while the ISE National-30 index in Turkey was down 0.7% at 42,110.
Overnight losses in the US and the Asian markers coupled with selling pressure in the early trades dragged the Indian bourses at open. Markets witnessed another jerk after the Left parties decided to withdraw support to the UPA government. However, thereafter, key indices were on a recovery mode led by BSE Capital Goods index which recovered over 5% from its days low.
Markets erased significant portion of its losses led by gains in the index heavyweights like L&T, NTPC and BHEL which are likely beneficiaries of the Nuke deal. Finally, the BSE benchmark Sensex closed at 13,349 losing 176 points and the Nifty index slipped 41 points to close at 3,988.
The top gainers in Sensex were ACC (up 5.9%), NTPC (up 3.7%), SBI (up 3.1%), Hindalco (up 2.2%) and BHEL (up 2.1%).
The top losers in Sensex were Tata Power (down 5%), Wipro (down 5%), Tata Motors (down 3.8%), Infosys (down 3.5%) and Grasim (down 3.5%).
Sugar stocks fell sharply on concerns they would report losses after the Allahabad High Court set sugarcane price at Rs125/ quintal for FY08 increasing the minimum price millers have to pay to sugarcane farmers by ~13%.
The UP based sugar mills were badly hit. Balrampur Chini slipped by 4.5% to Rs72, Bajaj Hindusthan declined by over 5% to Rs154.
First Winner Industries Ltd, manufacturers and traders of wide range of textile products started trading at Rs101 on NSE against the issue price of Rs125 per share. The scrip finally ended at Rs89.2 per share translating into a heavy discount of 40.4% hitting an intra-day high of Rs129.9 and a low of Rs80.5 recording volumes of over 2,00,00,000 shares on NSE.
Suzlon gained by a 1% to Rs196 after reports stated that the company’s promoter would buy Chinese wind energy firm for US$500mn. The scrip touched an intra-day high of Rs202 and a low of Rs182 and recorded volumes of over 33,00,000 shares on NSE.
Siemens gained by a percent to Rs459 after the company announced that it secured Rs3bn order from Delhi International Airport for Terminal 3 Baggage Handling system at Delhi International Airport. The project is scheduled to be commissioned by March2010.
The stock also gained momentum as it would be one of the beneficiaries from the decision of Left Parties withdrawal of support to the UPA Government. The scrip hit an intra-day high of Rs473 and a low of Rs432 recording volumes of over 2,00,000 shares on NSE.
L&T recovered from its day’s low as it would be one of the beneficiaries of the Nuke deal. The scrip advanced 1.5% to Rs2400. The company also announced that it secured Rs10.47bn order from the Indian Railways for setting up a Cast Steel Wheel Manufacturing plant in Saran (Chhapra) District of Bihar. The plant will have the capacity to manufacture 100,000 Cast Steel Railroad Wheels per annum.
The project is to be completed within a light schedule of 2 yrs. The scrip touched an intra-day high of Rs2449 and a low of Rs2260 and recorded volumes of over 6,00,000 shares on BSE.
Shares of ACC gained by 6 percent at Rs527 following reports that the company is planning to set up its second wind power project in Rajasthan. The scrip has touched an intra-day high of Rs537 and a low of Rs482 and recorded volumes of over 2,00,000 shares on NSE.
RIL has signed an agreement with Peru-based Perupetro for oil exploration in Peru (BS)
L&T wins order from Railways worth Rs10.5bn (BS)
Tata Power may divest assets, holdings to part-finance capex (BL)
Patni Computers hands over pink slips to 400 non-performers (ET)
Adanis move to Supreme Court for lifting stay on SEZ (DNA)
Dr Reddy’s Labs has signed global distribution agreement for Ibuprofen API with US-based specialty chemicals company (DNA)
HCL Tech has signed a global system integration contract with VMware (BS)
Tata Motors to introduce a new range of Super Milo bus chassis across the country (BL)
NMDC JV with Spice International is close to acquiring two iron ore deposits in Armenia (BS)
Tata Power gets Supreme Court relief to supply electricity to small retail consumers in Mumbai (ET)
HDIL is looking at acquiring stakes in regional media and entertainment, multiplex and film production companies (BS)
Reliance Retail to open optical stores by September 2008 (BS)
Promoters not to exit SpiceJet while eye US$100mn funding (ET)
Lok Housing to raise Rs17bn from domestic and foreign markets (BS)
UCO Bank makes a provision of Rs1.3bn on account of marked-to-market losses on its bond portfolio (BS)
Welspun Retail to invest Rs1.5bn over next three years for setting-up 160 new stores under different formats (FE)
SAT dismisses SEBI order on Mysore Cements open offer (ET)
Economic Front Page
Steel prices have declined by Rs2,000/tonne in the past one week (BL)
Capital inflows in April-December FY08 touch US$83bn as per NCAER (ET)
DoT hikes reserve price for broadband services (BS)
PC sale registers 16% yoy growth in FY08 (FE)
Allahabad High Court restored Rs125-130 SAP for the 2007-08 season (BS)
Madhya Pradesh High Court has stayed the implementation of central government’s pricing policy on single super phosphate fertilizers (BS)
Bullion metals end mixed
Gold prices slip but silver gains as dollar remains strong
Pressured by the US dollar, bullion metals fell today, Tuesday, 08 July, 2008. Crude prices drastically falling today for the second straight day also led to lower bullion metal prices. The increase in energy costs generally increase demand for the precious metal as a hedge against inflation. But silver prices gained for the day.
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 fell $5.5 (0.65%) to close at $923.3 ounce on the New York Mercantile Exchange. Earlier during the day, it dropped to as much low as $914. Last week, it ended higher by $2.3 (0.3%). On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped since then.
The weakening dollar and higher global demand for raw materials have led to records this year for commodities including gold. 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.
Gold prices ended June, 2008 with a gain of 4.1%. The yellow metal ended second quarter with a marginal gain of 0.7% yesterday. In May, it ended with a gain of higher by $22.5 (2.5%). Before May, for April, prices closed lower by 6.3%.
This year, gold prices have gained 10% till date against a 5% drop for the dollar against the euro. 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%.
Today, Comex silver futures for September delivery gained 3 cents (0.03%) to $17.95 an ounce. Silver has gained 20% in 2008 till date. It ended last week higher by 3.8%. For the second quarter, it gained a paltry 1.4%.
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 Tuesday, putting pressure on commodities were gains in the U.S. dollar. The greenback was boosted by comments made by Federal Reserve Chairman Ben Bernanke, who said the Fed may extend its lending facilities into next year. The dollar index which measures the U.S. unit against a basket of major currencies, stood at 72.99, compared with 72.67 ahead of Bernanke's speech.
During last week of June, Federal Reserve yesterday sharpened its focus on inflation, saying that the upside risks to inflation have increased. Fed held its target for short-term interest rates steady at 2%.
Since last September, Fed has axed interest rates seven times and brought it down to 2%. On the other hand, after keeping interest rates unchanged at 4% since June, 2007, ECB hiked the same to 4.25% last week.
In the crude market on Tuesday, crude-oil futures tumbled more than $5 a barrel, suffering the biggest one-day loss in almost four months and contributing to a two-day decline of more than $9 a barrel, as the rising dollar and economic worries spurred another broad sell-off in commodities. Crude oil for August delivery closed at $136.04 a barrel on the New York Mercantile Exchange, down 3.8%, or $5.33. Earlier it slumped $6.23 to an intraday low of $135.14 a barrel. Crude has dropped $9.25 over two straight sessions.
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 lower by Rs 113 (0.9%) at Rs 12,873 per 10 grams. Prices rose to a high of Rs 13,062 per 10 grams and fell to a low of Rs 12,772 per 10 grams during the day’s trading.
At the MCX, silver prices for July delivery closed Rs 107 (0.4%) lower at Rs 25,149/Kg. Prices opened at Rs 25,257/kg and fell to a low of Rs 24,730/Kg during the day’s trading.
Drastic drop in crude price for second straight day
Prices give up more than $9 in two straight sessions
Crude prices fell for the second straight day today, Tuesday, 8 July, 2008 and today’s drop was the maximum in almost four month’s time. Prices dropped by more than $6 earlier in the day today but then pared some of their losses and closed lower by more than $5 at the end. The stronger dollar affected crude prices.
Crude-oil futures for light sweet crude for August delivery today closed at $136.04/barrel (lower by $5.33/barrel or 3.8%) on the New York Mercantile Exchange. Prices fell by almost $6.23 to $135.14 during intraday trading. Crude has dropped $9.25 over two straight sessions. Last week, prices gained $5.08 (3.6%).
Crude prices gained 38% in the second quarter of this year. It was the biggest quarterly increase in nine years. It ended June 2008 higher by 9.9%. Prices are 101% higher than a year ago. For the year, crude is up by 40% till date.
At the currency markets on Tuesday, crude-oil futures tumbled more than $5 a barrel, suffering the biggest one-day loss in almost four months and contributing to a two-day decline of more than $9 a barrel, as the rising dollar and economic worries spurred another broad sell-off in commodities. Crude oil for August delivery closed at $136.04 a barrel on the New York Mercantile Exchange, down 3.8%, or $5.33. Earlier it slumped $6.23 to an intraday low of $135.14 a barrel. Crude has dropped $9.25 over two straight sessions.
In a monthly report, EIA reported today that U.S. petroleum consumption will shrink by 400,000 barrels a day in 2008, nearly 40% more than EIA's June projection of a decline of 290,000 barrels. The change was based on prospects for a weak economy and record high crude oil and product prices extending into 2009.
The EIA also reported that global oil consumption will grow by 900,000 barrels a day in 2008, as demand growth in developing countries will more than offset declines in the U.S. and other developed countries. The EIA projected that crude-oil prices will average $127 per barrel in 2008 and $133 per barrel in 2009.
Against this backdrop, August reformulated gasoline fell 3.4% to $3.363 a gallon and August heating oil dropped 3.8% to $3.82 a gallon. August natural-gas futures fell 44 cents, or 4.7%, to $12.368 per million British thermal units.
At the MCX, crude oil for July delivery closed at Rs 5,906/barrel, lower by Rs 254 (4.1%) against previous day’s close. Natural gas for July delivery closed at Rs 539.5/mmbtu, lower by Rs 27.1/mmbtu (4.8%).
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