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Monday, August 11, 2008
BSE Bulk Deals to Watch - Aug 11 2008
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
11/8/2008 520077 AMTEK AUTO L SANSAR CAPITAL MAURITIUS LTD B 5361964 186.50
11/8/2008 520077 AMTEK AUTO L DEUTCHE SECURITIES MAU LTD S 2915656 186.50
11/8/2008 520077 AMTEK AUTO L MACQUARIE BANK LIMITED S 2446308 186.50
11/8/2008 526652 CALS REF LTD MARUTI SECURITIES LTD B 4104000 4.10
11/8/2008 532631 FAME INDIA L CITIGROUP GLOBAL MARKETS MAURITIUS PVT LTD S 178704 41.58
11/8/2008 513361 ISW LTD SIRIUS SECURITIES PVT LTD B 1500000 9.10
11/8/2008 513361 ISW LTD SHAKTIMAN STEEL CASTINGS PVT LTD S 1500000 9.10
11/8/2008 532081 K SERA SERA S V ENTERPRISES B 462701 24.02
11/8/2008 532081 K SERA SERA S V ENTERPRISES S 459932 24.10
11/8/2008 502933 KATARE SPG. JYOTIK MAHESHBHAI HADVANI B 15000 24.58
11/8/2008 531602 KOFF BR PICT DEEPAL CORPORATION B 40000 22.32
11/8/2008 531602 KOFF BR PICT LAXMI CAP BROKING PVT LTD S 31362 21.89
11/8/2008 515059 MADHUSUD IND UMESH PURUSHOTTAM CHAMDIA B 47000 8.40
11/8/2008 515059 MADHUSUD IND AGARWAL SHARE INVESTMENT S 82000 8.40
11/8/2008 532906 MAN ALUMIN THE BANK OF NEWYORK GDR S 46147 32.45
11/8/2008 531832 NAGAR AGRITE CARWIN MERCANTILES PVT LTD B 375100 9.92
11/8/2008 531832 NAGAR AGRITE MICRO MANAGEMENT LTD S 375100 9.92
11/8/2008 533010 OCTAV INVES MANSUKH STOCK BROKERS LTD B 34026 91.30
11/8/2008 533010 OCTAV INVES MANSUKH SECURITIES AND FINANCE LTD B 33051 87.55
11/8/2008 533010 OCTAV INVES STANDARD SECURITIES AND INVST INTER LTD B 21675 88.64
11/8/2008 533010 OCTAV INVES N.C.JAIN B 21147 92.49
11/8/2008 533010 OCTAV INVES HITESH SHASHIKANT ZAVERI B 44818 95.52
11/8/2008 533010 OCTAV INVES MANISH HASMUKH MEHTA B 19000 92.38
11/8/2008 533010 OCTAV INVES MEENAL NITISH THAKUR B 187414 90.96
11/8/2008 533010 OCTAV INVES MANSUKH STOCK BROKERS LTD S 40226 89.22
11/8/2008 533010 OCTAV INVES MANSUKH SECURITIES AND FINANCE LTD S 35790 87.63
11/8/2008 533010 OCTAV INVES STANDARD SECURITIES AND INVST INTER LTD S 21952 88.87
11/8/2008 533010 OCTAV INVES N.C.JAIN S 22652 92.47
11/8/2008 533010 OCTAV INVES B K SHAH CO S 17235 89.82
11/8/2008 533010 OCTAV INVES MANISH HASMUKH MEHTA S 19000 89.03
11/8/2008 533010 OCTAV INVES MEENAL NITISH THAKUR S 187414 92.81
11/8/2008 526407 RIT PRO IND GIRISHBHAI CHANDULAL SANGHVI B 58514 110.23
11/8/2008 526407 RIT PRO IND GIRISHBHAI CHANDULAL SANGHVI S 65485 110.47
11/8/2008 524194 ROCK HARD PE DEEPAK P. GALIA S 50000 9.30
11/8/2008 524194 ROCK HARD PE ISHA PIYUSH SHAH S 40800 9.30
11/8/2008 531312 SANRA SOFTW RAMESH T VALA B 200000 50.05
11/8/2008 532886 SEL MANUF HARDIK M MITHANI B 132278 497.65
11/8/2008 532886 SEL MANUF B K SHAH CO B 223594 489.89
11/8/2008 532886 SEL MANUF HARDIK M MITHANI S 132278 493.80
11/8/2008 532886 SEL MANUF B K SHAH CO S 223575 482.26
11/8/2008 500295 SESA GOA LTD LLOYD GEORGE INVESTMENT MANAGEMENT BERMUDA LTD LG INDIA FUND LTD S 270740 182.18
11/8/2008 505075 SETCO AUTO SETCO ENGINEERING PVT LTD B 125000 179.64
11/8/2008 505075 SETCO AUTO SNEHA HARISH SHETH S 125000 179.64
11/8/2008 527005 SHREE PACETR ARUNKUMAR BAHL S 30000 42.12
11/8/2008 500389 SILVERLINE T BSMA LTD S 198743 18.43
11/8/2008 513530 STELCO STRIP INDEX SECURITIES AND RESEARCH PV B 123364 19.50
11/8/2008 512070 UNITED PHOSP SANSAR CAPITAL MAURITIUS LTD B 3132519 350.00
11/8/2008 512070 UNITED PHOSP LEHMAN BROTHERS ASIA LTD AC LB INDIA HOLDINGS CAYMAN II LTD S 1711571 350.00
11/8/2008 533011 VISHAL INFO MANSUKH STOCK BROKERS LTD B 114114 183.46
11/8/2008 533011 VISHAL INFO R M SHARES TRADING PVT LTD B 219900 187.23
11/8/2008 533011 VISHAL INFO SANDEEP SABOO B 55000 182.29
11/8/2008 533011 VISHAL INFO STANDARD SECURITIES AND INVST INTER LTD B 71613 186.89
11/8/2008 533011 VISHAL INFO B K SHAH CO B 151428 184.46
11/8/2008 533011 VISHAL INFO SHREE BHIKSHU FIN PVT. LTD B 54003 185.10
11/8/2008 533011 VISHAL INFO MEENAL NITISH THAKUR B 92000 185.49
11/8/2008 533011 VISHAL INFO MANSUKH STOCK BROKERS LTD S 114114 183.26
11/8/2008 533011 VISHAL INFO R M SHARES TRADING PVT LTD S 219900 186.09
11/8/2008 533011 VISHAL INFO STANDARD SECURITIES AND INVST INTER LTD S 71613 186.61
11/8/2008 533011 VISHAL INFO B K SHAH CO S 151430 184.18
11/8/2008 533011 VISHAL INFO SHREE BHIKSHU FIN PVT LTD S 54003 175.80
11/8/2008 533011 VISHAL INFO MEENAL NITISH THAKUR S 92000 184.01
NSE Bulk Deals to Watch - Aug 11 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
11-AUG-2008,GOACARBON,Goa Carbon Ltd,YUVAK SHARE TRADING PVT LTD,BUY,48686,141.96,-
11-AUG-2008,OCTAV,Octav Investments Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,33574,89.64,-
11-AUG-2008,OCTAV,Octav Investments Limited,ANKITA VISHAL SHAH,BUY,15585,90.18,-
11-AUG-2008,OCTAV,Octav Investments Limited,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,BUY,40820,97.79,-
11-AUG-2008,OCTAV,Octav Investments Limited,B K SHAH CO KETAN BHAILAL SHAH,BUY,27378,92.35,-
11-AUG-2008,OCTAV,Octav Investments Limited,BATHLA & CO PVT LTD,BUY,33553,87.83,-
11-AUG-2008,OCTAV,Octav Investments Limited,CPR CAPITAL SERVICES LTD.,BUY,51769,89.95,-
11-AUG-2008,OCTAV,Octav Investments Limited,DHYAN SECURITIES PVT LTD,BUY,18749,91.32,-
11-AUG-2008,OCTAV,Octav Investments Limited,HARBUX SINGH SIDHU,BUY,27544,92.62,-
11-AUG-2008,OCTAV,Octav Investments Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,37944,93.06,-
11-AUG-2008,OCTAV,Octav Investments Limited,MANIPUT INVESTMENTS PVT LTD,BUY,16558,90.61,-
11-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,71052,89.47,-
11-AUG-2008,OCTAV,Octav Investments Limited,MBL & COMPANY LTD.,BUY,36267,87.21,-
11-AUG-2008,OCTAV,Octav Investments Limited,NAMAN SECURITIES & FINANCE PVT LTD,BUY,37193,96.63,-
11-AUG-2008,OCTAV,Octav Investments Limited,NIKUNJ K SHAH,BUY,17182,81.87,-
11-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,BUY,15379,89.27,-
11-AUG-2008,OCTAV,Octav Investments Limited,PRASHANT JAYANTILAL PATEL,BUY,65384,94.67,-
11-AUG-2008,OCTAV,Octav Investments Limited,SANTOSH KUMAR AGARWAL,BUY,15884,90.63,-
11-AUG-2008,OCTAV,Octav Investments Limited,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,BUY,25039,90.50,-
11-AUG-2008,OCTAV,Octav Investments Limited,SUMITA SAXENA,BUY,24706,89.62,-
11-AUG-2008,OCTAV,Octav Investments Limited,TRANSGLOBAL SECURITIES LTD.,BUY,27662,91.33,-
11-AUG-2008,OCTAV,Octav Investments Limited,VIJIT ASSET MANAGEMENT PRIVATE LIMITED,BUY,41761,97.81,-
11-AUG-2008,OCTAV,Octav Investments Limited,YUVAK SHARE TRADING PVT LTD,BUY,146678,93.00,-
11-AUG-2008,SELMCL,SEL Manufacturing Company,B K SHAH CO KETAN BHAILAL SHAH,BUY,241439,478.80,-
11-AUG-2008,SELMCL,SEL Manufacturing Company,DKG SECURITIES PVT. LTD.,BUY,68385,511.78,-
11-AUG-2008,SELMCL,SEL Manufacturing Company,HARBUX SINGH SIDHU,BUY,82092,456.16,-
11-AUG-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,BUY,85696,487.76,-
11-AUG-2008,VALECHAENG,Valecha Engineering Limit,ROYAL BANK OF SCOTLAND PLC AS TRUSTEE OF CITI BANK N.A.,BUY,100000,154.00,-
11-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,BUY,70330,188.67,-
11-AUG-2008,VITLINFO,Vishal Information Techno,ARCHITA C GADA,BUY,69363,177.34,-
11-AUG-2008,VITLINFO,Vishal Information Techno,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,BUY,107330,182.43,-
11-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,140912,186.62,-
11-AUG-2008,VITLINFO,Vishal Information Techno,B K SHAH CO KETAN BHAILAL SHAH,BUY,177030,184.13,-
11-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,BUY,180646,183.25,-
11-AUG-2008,VITLINFO,Vishal Information Techno,CPR CAPITAL SERVICES LTD.,BUY,99027,180.53,-
11-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,BUY,123903,182.96,-
11-AUG-2008,VITLINFO,Vishal Information Techno,DIPAN MEHTA SHARE & STOCK BROKERS PVT. LTD.,BUY,118468,184.30,-
11-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,BUY,238091,186.16,-
11-AUG-2008,VITLINFO,Vishal Information Techno,JAGDISH PRASAD MODI,BUY,155050,189.34,-
11-AUG-2008,VITLINFO,Vishal Information Techno,JHAVERI TRADING AND INVESTMENT PVT LTD,BUY,59466,190.84,-
11-AUG-2008,VITLINFO,Vishal Information Techno,JIGNESH VAGHJIBHAI SHAH,BUY,55500,191.23,-
11-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,284395,180.97,-
11-AUG-2008,VITLINFO,Vishal Information Techno,LATIN MANHARLAL SECURITIES PVT. LTD.,BUY,81516,185.38,-
11-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,BUY,193758,185.23,-
11-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,BUY,85302,183.79,-
11-AUG-2008,VITLINFO,Vishal Information Techno,MLB CAPITAL PVT LTD,BUY,145000,184.53,-
11-AUG-2008,VITLINFO,Vishal Information Techno,NISSAR BROTHERS,BUY,108957,182.08,-
11-AUG-2008,VITLINFO,Vishal Information Techno,OPG SECURITIES PVT. LTD.,BUY,83103,183.28,-
11-AUG-2008,VITLINFO,Vishal Information Techno,PRASHANT JAYANTILAL PATEL,BUY,387736,187.26,-
11-AUG-2008,VITLINFO,Vishal Information Techno,PUJA TAPARIA,BUY,125767,184.39,-
11-AUG-2008,VITLINFO,Vishal Information Techno,R APPALA RAJU,BUY,255000,187.31,-
11-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,BUY,224816,184.28,-
11-AUG-2008,VITLINFO,Vishal Information Techno,SMC GLOBAL SECURITIES LTD.,BUY,156325,184.50,-
11-AUG-2008,VITLINFO,Vishal Information Techno,SS CORPORATE SECURITIES LIMITED,BUY,56980,183.02,-
11-AUG-2008,VITLINFO,Vishal Information Techno,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,BUY,66388,186.00,-
11-AUG-2008,VITLINFO,Vishal Information Techno,TRANSGLOBAL SECURITIES LTD.,BUY,265405,183.15,-
11-AUG-2008,VITLINFO,Vishal Information Techno,VAIBHAV DOSHI,BUY,196651,186.82,-
11-AUG-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,BUY,273285,182.93,-
11-AUG-2008,CUBEXTUB,CUBEX TUBINGS LTD,ELOQUENT SYSCON PVT LTD,SELL,38394,57.90,-
11-AUG-2008,FAME,Fame India Limited,CITIGROUP GLOBAL MARKETS MAURITIUS PVT LTD,SELL,205000,41.53,-
11-AUG-2008,GOACARBON,Goa Carbon Ltd,YUVAK SHARE TRADING PVT LTD,SELL,48118,142.30,-
11-AUG-2008,GOLDTECH,Goldstone Tech Ltd.,SUMMIT COMMUNICATIONS PRIVATE LIMITED,SELL,116659,118.22,-
11-AUG-2008,OCTAV,Octav Investments Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,33574,89.93,-
11-AUG-2008,OCTAV,Octav Investments Limited,ANKITA VISHAL SHAH,SELL,15585,90.36,-
11-AUG-2008,OCTAV,Octav Investments Limited,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,SELL,3030,97.89,-
11-AUG-2008,OCTAV,Octav Investments Limited,B K SHAH CO KETAN BHAILAL SHAH,SELL,22369,89.92,-
11-AUG-2008,OCTAV,Octav Investments Limited,BATHLA & CO PVT LTD,SELL,35368,87.79,-
11-AUG-2008,OCTAV,Octav Investments Limited,CPR CAPITAL SERVICES LTD.,SELL,51769,90.08,-
11-AUG-2008,OCTAV,Octav Investments Limited,DHYAN SECURITIES PVT LTD,SELL,19249,91.62,-
11-AUG-2008,OCTAV,Octav Investments Limited,HARBUX SINGH SIDHU,SELL,27544,92.26,-
11-AUG-2008,OCTAV,Octav Investments Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,32946,92.99,-
11-AUG-2008,OCTAV,Octav Investments Limited,MANIPUT INVESTMENTS PVT LTD,SELL,16558,90.68,-
11-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,71077,89.42,-
11-AUG-2008,OCTAV,Octav Investments Limited,MBL & COMPANY LTD.,SELL,36267,86.95,-
11-AUG-2008,OCTAV,Octav Investments Limited,NAMAN SECURITIES & FINANCE PVT LTD,SELL,10712,94.83,-
11-AUG-2008,OCTAV,Octav Investments Limited,NIKUNJ K SHAH,SELL,17182,83.06,-
11-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,SELL,15379,89.82,-
11-AUG-2008,OCTAV,Octav Investments Limited,PRASHANT JAYANTILAL PATEL,SELL,65384,95.98,-
11-AUG-2008,OCTAV,Octav Investments Limited,SANTOSH KUMAR AGARWAL,SELL,15934,90.69,-
11-AUG-2008,OCTAV,Octav Investments Limited,SBI MF- MAGNUM EQ FD MMS-90 -7,SELL,26358,91.95,-
11-AUG-2008,OCTAV,Octav Investments Limited,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,SELL,25044,90.65,-
11-AUG-2008,OCTAV,Octav Investments Limited,SUMITA SAXENA,SELL,24706,90.52,-
11-AUG-2008,OCTAV,Octav Investments Limited,TRANSGLOBAL SECURITIES LTD.,SELL,27762,92.25,-
11-AUG-2008,OCTAV,Octav Investments Limited,VIJIT ASSET MANAGEMENT PRIVATE LIMITED,SELL,3061,97.88,-
11-AUG-2008,OCTAV,Octav Investments Limited,YUVAK SHARE TRADING PVT LTD,SELL,105019,91.86,-
11-AUG-2008,SELMCL,SEL Manufacturing Company,B K SHAH CO KETAN BHAILAL SHAH,SELL,241432,479.97,-
11-AUG-2008,SELMCL,SEL Manufacturing Company,DKG SECURITIES PVT. LTD.,SELL,132924,472.69,-
11-AUG-2008,SELMCL,SEL Manufacturing Company,HARBUX SINGH SIDHU,SELL,82092,452.71,-
11-AUG-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,SELL,85980,499.24,-
11-AUG-2008,VALECHAENG,Valecha Engineering Limit,PINNACLE TRADES & INVESTMENTS LIMITED,SELL,128000,154.18,-
11-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,SELL,70266,188.55,-
11-AUG-2008,VITLINFO,Vishal Information Techno,ARCHITA C GADA,SELL,69363,177.39,-
11-AUG-2008,VITLINFO,Vishal Information Techno,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,SELL,107330,183.05,-
11-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,140912,186.69,-
11-AUG-2008,VITLINFO,Vishal Information Techno,B K SHAH CO KETAN BHAILAL SHAH,SELL,177031,184.87,-
11-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,SELL,180646,183.80,-
11-AUG-2008,VITLINFO,Vishal Information Techno,CPR CAPITAL SERVICES LTD.,SELL,99027,180.68,-
11-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,SELL,123903,183.59,-
11-AUG-2008,VITLINFO,Vishal Information Techno,DIPAN MEHTA SHARE & STOCK BROKERS PVT. LTD.,SELL,118468,184.28,-
11-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,SELL,233091,186.16,-
11-AUG-2008,VITLINFO,Vishal Information Techno,JAGDISH PRASAD MODI,SELL,155050,182.86,-
11-AUG-2008,VITLINFO,Vishal Information Techno,JHAVERI TRADING AND INVESTMENT PVT LTD,SELL,59466,187.47,-
11-AUG-2008,VITLINFO,Vishal Information Techno,JIGNESH VAGHJIBHAI SHAH,SELL,34726,194.01,-
11-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,282895,181.33,-
11-AUG-2008,VITLINFO,Vishal Information Techno,LATIN MANHARLAL SECURITIES PVT. LTD.,SELL,78516,185.31,-
11-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,SELL,193758,185.45,-
11-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,SELL,85302,184.33,-
11-AUG-2008,VITLINFO,Vishal Information Techno,MLB CAPITAL PVT LTD,SELL,143000,183.31,-
11-AUG-2008,VITLINFO,Vishal Information Techno,NISSAR BROTHERS,SELL,108957,181.99,-
11-AUG-2008,VITLINFO,Vishal Information Techno,OPG SECURITIES PVT. LTD.,SELL,83103,183.20,-
11-AUG-2008,VITLINFO,Vishal Information Techno,PRASHANT JAYANTILAL PATEL,SELL,387736,187.68,-
11-AUG-2008,VITLINFO,Vishal Information Techno,PUJA TAPARIA,SELL,125767,187.98,-
11-AUG-2008,VITLINFO,Vishal Information Techno,R APPALA RAJU,SELL,255000,184.98,-
11-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,SELL,224816,185.67,-
11-AUG-2008,VITLINFO,Vishal Information Techno,SMC GLOBAL SECURITIES LTD.,SELL,156325,185.22,-
11-AUG-2008,VITLINFO,Vishal Information Techno,SS CORPORATE SECURITIES LIMITED,SELL,56980,187.41,-
11-AUG-2008,VITLINFO,Vishal Information Techno,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,SELL,66388,186.59,-
11-AUG-2008,VITLINFO,Vishal Information Techno,TRANSGLOBAL SECURITIES LTD.,SELL,265405,183.56,-
11-AUG-2008,VITLINFO,Vishal Information Techno,VAIBHAV DOSHI,SELL,191651,187.16,-
11-AUG-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,SELL,269285,182.66,-
Post Session Commentary - Aug 11 2008
The domestic market ended with handsome gains after showing positive run for throughout of trading session on account of heavy buying activity across the board. Market opened on strong note tracking favorable cues from global markets and sharp drop in crude oil prices. Oil tumbled $4.82, to $115.20 a barrel. Further, market continued its northward journey to trade sharply higher and gain more grounds during final trading hours to close with smart gains. Positive cues from the European markets also added to the positive sentiment. NSE Nifty ended above 4,600 mark and BSE Sensex crossed 15,500 level. Rate sensitive stocks, infrastructure and oil stocks had played key role in today’s rally. From the sectoral front, Reality stocks outperformed the benchmark index and closed with gain of more than 5%. Along with this, Oil & Gas, Bank, Metal and Auto stocks were also in limelight as witnessed most of the buying pressure from these baskets. However, Consumer Durables and IT stocks remained out of favor as most of the selling was seen from these baskets. The market breadth was positive as 1738 stocks closed in green while 970 stocks closed in red and 68 stocks remained unchanged.
The BSE Sensex closed higher by 336.10 points at 15,503.92 and NSE Nifty ended up by 90.90 points at 4,620.40. The BSE Mid Caps and Small Caps closed with gains of 95.71 points and 89.61 points at 5,982.68 and 7,271.35 respectively. The BSE Sensex touched intraday high of 15,520.71 and intraday low of 15,367.97.
Gainers from the BSE are JP Associates (7.68%), Reliance Infra (6.86%), ICICI Bank Ltd (5.74%), Maruti Suzuki (5.27%), SBI (4.65%), ONGC (3.70%), Reliance Com Ltd (3.65%), DLF Ltd (3.57%) and Reliance (3.36%).
The BSE Bank index closed higher by 307.32 points at 7,702.35. Gainers are Canara Bank (7.39%), ICICI Bank Ltd (5.74%), SBI (4.65%), Bank of India (4.28%), Karnataka Bank (3.89%) and Bank of Baroda (3.64%).
The BSE Oil & Gas index ended up by 298.17 points at 10,437.27. As ONGC (3.70%), Reliance (3.36%), Gail India (2.86%), HPCL (2.70%) and IOC (2.58%) closed in positive territory.
The BSE Reality index ended higher by 290.49 points at 5,799.37. Major gainers are Indiabull Real (13.73%), Unitech Ltd (6.27%), DLF Ltd (3.57%), Mahindra Life (2.84%), Omaxe Ltd (2.61%) and Penland Ltd (2.51%).
The BSE Capital Goods index closed higher by 280.57 points at 12,846.45. Gainers are Gammon India (8.39%), Elecon Eng C (7.02%), Jyoti Struct (6.75%), Aiaengineer (5.67%), Bharat Bijli (4.68%) and Thermax Ltd (4.66%).
The BSE Auto index ended up by 87.23 points at 4,057.50. As Maruti Suzuki (5.27%), Bharat Forge (3.49%), Bajaj Auto (3.16%), Apollo Tyre (2.95%), Amtek Auto L (2.90%) and M&M Ltd (2.78%) closed in positive territory.
The BSE Consumer Durables index lost 4.27 points to close at 3,981.31. Major lossers are Videocon Ind (1.99%) and Blue Star L (0.22%).
The BSE IT index closed down by 3.79 points at 3,882.07. Major lossers are Mphasis Ltd (2.40%), Patni Computer (1.37%), TCS Ltd (1.06%), Infosys Tech (0.58%) and Rolta India (0.12%).
Sensex continues its winning streak
The Sensex has been maintaining a firm tone for the last five days and added another 336 points and closed at 15,504 on sustained buying in heavyweights, reality and banking stocks. The market opened strong at 15,430 on firm Asian cues and continued its rally to touch the intra-day high of 15,521. The index also received major support from JP Associates, Reliance Energy and ICICI Bank, which gained around 5-7% today. However, profit booking at higher levels and selling in few pivotal stocks dragged the Sensex to touch the day's low of 15,368. The market remained firm in the afternoon, but surged further on late round buying and ended firm above 15,500. The broad based Nifty closed at 4,620, up 91 points.
The breadth of the market was positive. Of the 2,776 stocks traded on the BSE 1,738 stocks advanced, 970 stocks declined and 68 stocks ended unchanged. Among the sectoral indices, the BSE Realty ended firm with gains of 5.27% at 5,799 and BSE Bankex rose 4.16% at 7,702. However, BSE Oil & Gas index, BSE PSU index, BSE Power index, BSE CG index, BSE Auto index and BSE FMCG index ended with gain of 1-2%.
Action in several index heavyweights lifted the market. JP Associates led the pack and shot up by 7.68% at Rs197.60. Reliance Energy soared 6.86% at Rs1,102, ICICI Bank surged 5.74% at Rs770.75, Maruti Suzuki India flared up by 5.27% at Rs715.50, State Bank of India jumped by 4.65% at Rs1,592.60, ONGC added 3.70% at Rs1,103.40, Reliance Communications advanced by 3.65% at Rs454.45, DLF moved up by 3.57% at Rs568.05 and Reliance Industries was up 3.36% at Rs2,326. However, Sterlite Industries at Rs624.90, Tata Consultancy Services at Rs833.60, Tisco at Rs644.80, Infosys at Rs1,670 and Hindalco at Rs144.50 dropped around 0.10-1% each.
Over 1.72 crore Reliance Natural Resources shares changed hands on the BSE followed by IFCI (0.99 crore shares), TTML (0.69 crore shares), Ispat Industries (0.57 crore shares) and Nagarjuna Fertilisers (0.57 crore shares).
Market extends gains on falling crude oil prices
Renewed buying in interest rate sensitive stocks banking and realty shares pushed the market higher for the fifth consecutive day. Positive global cues and further decline in crude oil prices boosted investor sentiments.
Buying was broad based, yet, software shares remained subdued throughout the session. Construction and multiplex shares soared on fresh buying interest.
As per provisional data released by the stock exchanges after trading hours, foreign funds today, 11 August 2008, bought shares worth a net Rs 280.61 crore. Domestic funds bought shares worth a net Rs 505.30 crore.
The BSE 30-share Sensex rose 336.10 points or 2.22% to 15,503.92. The index rose 352.89 points at day’s high of 15,520.71 hit in mid-afternoon trade. The Sensex rose 200.15 at day's low of 15,367.97, hit in afternoon trade.
The S&P CNX Nifty rose 90.90 points or 2.01% to 4620.40. Nifty August 2008 futures were at 4631.20, a premium of 10.8 points as compared to spot closing.
The BSE Mid-Cap index rose 1.63% to 5,982.68 and the BSE Small-Cap index rose 1.25% to 7,271.35. Both the indices underperformed the Sensex.
The market breadth was strong on BSE with 1738 shares advancing as compared to 970 that declined. 68 shares remained unchanged.
BSE clocked a turnover of Rs 5237 crore as against Rs 5,432.28 crore on Friday, 8 August 2008. NSE’s futures & options turnover amounted to Rs 39699.28 crore as compared to Rs 47120.45 crore Friday, 8 August 2008.
The BSE Sensex is down 4783.07 points or 23.57% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 5702.85 points or 26.89% away from its all-time high of 21,206.77 struck on 10 January 2008.
Jaiprakash Associates (up 7.68% at Rs 197.60), Reliance Infrastructure (up 6.86% at Rs 1102.40), and Maruti Suzuki (up 5.27% at Rs 715.50), were the major gainers from the Sensex pack.
Sterlite Industries (down 2.24% at Rs 624.90), TCS (down 1.06% at Rs 833.60), and Tata Steel (down 0.98% at Rs 644.80), were the leading losers from the Sensex pack.
India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 3.36% at Rs 2,326.
Banking shares spurted on hopes that decline in crude oil prices may reduce interest rates. India’s largest private sector bank by market capitalisation ICICI Bank rose 5.74% at Rs 770.75. Canara Bank (up 7.39% at Rs 231.90), State Bank of India (up 4.65% at Rs 1592.60), and HDFC Bank (up 2.23% at Rs 1308.70), flared up. The BSE Bankex outperformed the Sensex, rising 4.16% to 7,702.35.
Realty shares soared. The BSE Realty index outperformed the Sensex, rising 5.27% to 5,799.37. Indiabulls Real Estate (up 13.73% at Rs 357.75), Unitech (up 6.27% at Rs 187.20), and DLF (up 3.57% at Rs 568.05), soared.
Construction shares rose. Hindustan Construction Company (up 8.67% at Rs 109), Gammon India (up 8.39% at Rs 233.10), Nagarjuna Construction Company (up 8.17% at Rs 142.30), Pratibha Industries (up 5.04% at Rs 228.20), and IVRCL Infrastructure (up 4.68% at Rs 330.10), soared.
Shares of multiplex cinema operators spurted on reports the Akshay Kumar and Katrina Kaif starrer 'Singh is Kinng' is this year’s biggest blockbuster- making record opening collections at the box office on Friday, 8 August 2008. Adlabs FIlms (up 0.97% at Rs 564.90), Pyramid Saimira (up 4.59% at Rs 165.15), PVR (up 14.83% at Rs 201.65), and Inox Leisure (up 19.23% at Rs 102.30), soared. The movie collections totaled Rs 8 crore on day one and the weekend collections are projected to be anywhere between Rs 28 to Rs 30 crore.
Low cost airliner SpiceJet soared 5.58% to Rs 30.25 on reports steel tycoon Lakshmi Mittal has evinced interest in acquiring the company.
Construction firm SAAG RR Infra was locked at upper limit if 5% at Rs 54.65 after the company bagged a Rs 280 crore order from Oil & Natural Gas Corporation for maintenance of its rigs.
Edible oil maker Sanwaria Agro Oils Infra was locked at upper limit if 10% at Rs 103.55 after the company said its board has recommended a liberal bonus issue in the ratio of 1:1.
IT stocks ended in negative terrain. The BSE IT index underperformed the Sensex, falling 0.10% to 3,882.07. TCS (down 1.06% at Rs 833.60), and Infosys Technologies (down 0.58% at Rs 1670.10), slipped. However, Wipro (up 1.07% at Rs 442.40), and Satyam Computer (up 0.38% at Rs 410.55), rose.
Reliance Natural Resources clocked a highest volume of 1.72 crore shares on BSE. Vishal Information Technologies (1.17 crore shares), Kashyap Technologies (1.05 crore shares), IFCI (99.20 lakh shares), and Cals Refineries (73.09 lakh shares), were the other volume toppers on BSE in that order.
Reliance Communication reported a highest turnover of Rs 239.52 crore on BSE. Reliance Industries (Rs 238.59 crore), Reliance Capital (Rs 221.21 crore), Vishal Information Technologies (Rs 216.79 crore) and Reliance Natural Resources (Rs 181.28 crore), were the other turnover toppers on BSE in that order.
European markets, which opened after Indian market, were trading firm. Key indices in UK, France and Germany were up 0.37% to 0.82%.
Asian market, which were mostly in green earlier, turned mixed as the session progressed. The key benchmark indices in Japan, Singapore, South Korea and Taiwan were up by between 0.64% to 1.99%. However, key indices in China, and Hong Kong were down by 0.12% to 5.21%.
US front-month crude oil settled on Friday, 8 August 2008, at $115.20 a barrel, down $4.82 for the day on the New York Mercantile Exchange. In post-settlement trading, crude tumbled more than $5 to $114.62 a barrel -- more than 20% below its NYMEX record high above $147 set in July 2008.
The Securities & Exchange Board of India (Sebi) will hold a board meeting on Wednesday, 13 August 2008 to review FII regulations, where it may revisit the norms relating to participatory notes and securities lending and borrowing mechanism.
The government will tomorrow, 12 August 2008, release industrial production data for June 2008. Industrial production grew at the slowest pace in more than six years in May 2008, at 3.8%, as against 10.6% in the same month of 2007, with manufacturing showing signs of acute deceleration.
Market may continue its northbound journey following the overnight gains in US indices and firm Asia
The market is likely to display a positive trend on the back of increasing investor confidence on economic outlook and positive global cues. Strong investor's appetite for heavyweights and sectoral stocks could see the market to extend its winning streak. However, caution should be maintained, as higher bouts of intra-day volatility is likely to persist. Among the local indices, the Nifty could test higher levels in the 4550-4600 range and has a support at 4480. The Sensex on the downside may slip to 14900 and may face resistance at 15300.
Major US indices rose Friday with the Dow Jones flared up by 303 points at 11734, the Nasdaq moved up by 58 points to close at 2414.
Except VSNL all the Indian ADRs traded firm on the US bourses. ICICI Bank led the pack with gains of over 7.99% while, HDFC Bank, Dr Reddy's, Tata Motors, Infosys and Satyam closed with the gains of 1-5% each. Wipro and MTNL ended with steady gains.
The Nymex light crude oil for September delivery lost by $4.82 to close at $115.20 a barrel. In the commodity space, the Comex gold for December delivery lost $13.10 to settle at $864.80 an ounce.
Pre Session Commentary - Aug 11 2008
The Indian Market is expected to have positive opening as the US markets closed with heavy gains and Asian market are trading firm and a sharp fall in crude oil prices. The Indian markets on Friday took a turn in the final hours of the trading session and closed with marginal gains. After a negative start to the session backed by weak cues from the US markets, domestic market recovered some ground. However, the market did not sustain the same momentum and turned choppy as investors'' worries over rising inflation rate deepened. Inflation stood at 12.01% for the week ended 26th July 2008, up from 11.98% for the previous. Due to the buying interest during the final trading hours market moved up to close in positive territory. NSE Nifty ended above 4,500 mark and BSE Sensex above 15,100 level. Market traded weak as selling pressure was seen in rate sensitive stocks like Realty, and IT. From the sectoral front, Metal, Consumer Goods and Bank stocks were able to gather the buying momentum. However, IT and Reality stocks remained out of favor as most of the selling was seen from these baskets. The BSE Sensex closed higher by 50.57 points at 15,167.82 and NSE Nifty ended marginally up by 5.65 points at 4,529.50 The BSE Mid Caps closed with gains of 5.37 points at 5,886.97 and Small Cap ended up by 14.75 points 7,181.74. We expect that market may gain further ground during the trading session.
SEBI’s planning to introduce know your customers norms for FIIs and its meeting on 13th August 2008 for the same. These norms are related to issuance of P-notes that was earlier revised on October 2007.
On Friday the US market closed with heavy gains after oil prices tumbled more than $4 a barrel. Oil tumbled $4.82, to $115.20 a barrel, despite concerns over potential supply interruptions from a sabotaged pipeline in Turkey and military conflict between Russia and Georgia.
The Dow Jones Industrial Average (DJIA) closed higher by 302.89 points at 11,734.32 along with NASDAQ closed up by 58.37 points at 2,414.10 and S&P 500 index closed at 1,296.32 up by 30.25 points.
Indian ADRs ended in green. In technology sector, Infosys ended higher by (1.54%) along with Satyam by (1.13%), Patni Computers by (0.81%) followed by Wipro by (0.09%). In banking sector, ICICI bank and HDFC bank gained (7.99%) and (5.49%) respectively. In telecommunication sector, MTNL ended up by (0.97%) while Tata Communication lost (1.10%). Sterlite industries increased by (2.33%).
Today the major stock markets in Asia are trading firm on stronger Wall Street. Japan’s Nikkei is trading up by 225.96 points at 13,394.37 along with Hang Seng trading higher by 209.63 points at 22,094.84, Taiwan Weighted trading at 7,300.39 up by 91.35 points, Seoul Composite trading higher by 20.49 points at 1,589.21 and Strait Times index is trading up by 5 points at 2,839.71.
The FIIs on Friday stood as net seller both in equity and debt. The gross equity purchased was Rs2,379.50 Crore and the gross debt purchased was Rs98.60 Crore while the gross equity sold stood at Rs2,398.50 Crore and gross debt sold stood at Rs174.50 Crore. Therefore, the net investment of equity reported was (Rs19.00) Crore and net debt was (Rs75.90) Crore.
Indian Rupee eased its initial losses to close unchanged at 42.06/07, a shade stronger than Thursday''s close of 42.07/08. It recovered 0.5% from intraday low of 42.29 and for the week, it is up 0.66%.
Today, Nifty has support at 4,626 and resistance at 4,718 and BSE Sensex has support at 14898 and resistance at 15,666.
Pre Session Commentary - Aug 11 2008
The Indian Market is expected to have positive opening as the US markets closed with heavy gains and Asian market are trading firm and a sharp fall in crude oil prices. The Indian markets on Friday took a turn in the final hours of the trading session and closed with marginal gains. After a negative start to the session backed by weak cues from the US markets, domestic market recovered some ground. However, the market did not sustain the same momentum and turned choppy as investors'' worries over rising inflation rate deepened. Inflation stood at 12.01% for the week ended 26th July 2008, up from 11.98% for the previous. Due to the buying interest during the final trading hours market moved up to close in positive territory. NSE Nifty ended above 4,500 mark and BSE Sensex above 15,100 level. Market traded weak as selling pressure was seen in rate sensitive stocks like Realty, and IT. From the sectoral front, Metal, Consumer Goods and Bank stocks were able to gather the buying momentum. However, IT and Reality stocks remained out of favor as most of the selling was seen from these baskets. The BSE Sensex closed higher by 50.57 points at 15,167.82 and NSE Nifty ended marginally up by 5.65 points at 4,529.50 The BSE Mid Caps closed with gains of 5.37 points at 5,886.97 and Small Cap ended up by 14.75 points 7,181.74. We expect that market may gain further ground during the trading session.
SEBI’s planning to introduce know your customers norms for FIIs and its meeting on 13th August 2008 for the same. These norms are related to issuance of P-notes that was earlier revised on October 2007.
On Friday the US market closed with heavy gains after oil prices tumbled more than $4 a barrel. Oil tumbled $4.82, to $115.20 a barrel, despite concerns over potential supply interruptions from a sabotaged pipeline in Turkey and military conflict between Russia and Georgia.
The Dow Jones Industrial Average (DJIA) closed higher by 302.89 points at 11,734.32 along with NASDAQ closed up by 58.37 points at 2,414.10 and S&P 500 index closed at 1,296.32 up by 30.25 points.
Indian ADRs ended in green. In technology sector, Infosys ended higher by (1.54%) along with Satyam by (1.13%), Patni Computers by (0.81%) followed by Wipro by (0.09%). In banking sector, ICICI bank and HDFC bank gained (7.99%) and (5.49%) respectively. In telecommunication sector, MTNL ended up by (0.97%) while Tata Communication lost (1.10%). Sterlite industries increased by (2.33%).
Today the major stock markets in Asia are trading firm on stronger Wall Street. Japan’s Nikkei is trading up by 225.96 points at 13,394.37 along with Hang Seng trading higher by 209.63 points at 22,094.84, Taiwan Weighted trading at 7,300.39 up by 91.35 points, Seoul Composite trading higher by 20.49 points at 1,589.21 and Strait Times index is trading up by 5 points at 2,839.71.
The FIIs on Friday stood as net seller both in equity and debt. The gross equity purchased was Rs2,379.50 Crore and the gross debt purchased was Rs98.60 Crore while the gross equity sold stood at Rs2,398.50 Crore and gross debt sold stood at Rs174.50 Crore. Therefore, the net investment of equity reported was (Rs19.00) Crore and net debt was (Rs75.90) Crore.
Indian Rupee eased its initial losses to close unchanged at 42.06/07, a shade stronger than Thursday''s close of 42.07/08. It recovered 0.5% from intraday low of 42.29 and for the week, it is up 0.66%.
Today, Nifty has support at 4,626 and resistance at 4,718 and BSE Sensex has support at 14898 and resistance at 15,666.
Market to extend gains on strong global cues
A rally in global equities triggered by a further fall in oil prices will extend gains on the domestic bourses. US front-month crude oil settled on Friday, 8 August 2008, at $115.20 a barrel, down $4.82 for the day on the New York Mercantile Exchange. In post-settlement trading, crude tumbled more than $5 to $114.62 a barrel -- more than 20% below its NYMEX record high above $147 set in July 2008.
The slide in oil prices to their lowest level in three months powered a rally in US stocks on Friday, 8 August 2008. The Dow Jones industrial average rose 302.89 points, or 2.65%, to 11,734.32, while the Standard & Poor's 500 Index jumped 30.25 points, or 2.39%, to 1,296.32. The Nasdaq Composite Index gained 58.37 points, or 2.48%, to 2,414.10.
In Asia, key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were up by between 0.17% to 1.5%.
The Indian stock market has staged solid rebound from lower level tracking recovery in global markets triggered by a sharp fall in commodity prices led by oil price which had struck a record high above $147 a barrel on 11 July 2008. From a low of 12,575.80 on 16 July 2008, the barometer index BSE Sensex jumped 2,592.02 points or 20.6% to 15,167.82 on 8 August 2008.
Inflation which hit a fresh 13-year high of 12.01% in the year through 26 July 2008, remains a concern. High inflation will mean that tight monetary policy stance by the central bank may continue. The Reserve Bank of India, at its quarterly policy review late month raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation and dampen inflationary expectations. RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%.
The government will tomorrow, 12 August 2008, release industrial production data for June 2008. Industrial production grew at the slowest pace in more than six years in May 2008, at 3.8%, as against 10.6% in the same month of 2007, with manufacturing showing signs of acute deceleration.
As per provisional data released by the stock exchanges, foreign funds on Friday, 8 August 2008, sold shares worth a net Rs 142.22 crore. Domestic funds bought shares worth a net Rs 16.29 crore.
Trading Calls - Aug 11 2008
Nifty (4530) Sup 4480 Res 4625
Buy Kotak Bank (638) SL 632
Target 652, 654
Buy HPCL (229) SL 224
Target 237, 239
Buy Sterlite (640) SL 634
Target 655, 660
Buy L&T (2836) SL 2810
Target 2885, 2900
Buy Aptech (231) SL 227
Target 240, 242
Rigour of finding triggers!
Next in importance to having a good aim is to recognize when to pull the trigger.
Just when people were thinking most triggers are out of the way, we realize this short week (on account of Independence Day, not for shorting) is set to be packed with action. Triggers will come and go, just ensure you have your aim clear. In the current scenario, it is better to spend more energy on when to exit rather than when to enter.
We have the IIP numbers on Tuesday, which may be better than expected; though it remains to be seen if there is some base effect to it. Then there is the SEBI meet on Wednesday, which will have a host of issues market expects, including revisiting P-Note norms and possibility of KYC norms for FIIs. The usual inflation expectations will be the last thing to end the week on Thursday.
Friday's drop in oil prices will ensure that the bulls will remain in a cheerful mood today. Wall Street had a strong rally on Friday. Asian markets, barring China are up 1-2% this morning. The bulls are likely to prevail over the bears in the near term. Though the current momentum may be dismissed as a bear market pull-back, indices have inched higher five weeks in a row. Resistance at higher levels is bound to be there.
The environment remains challenging, from local as well as global perspective. The US economy continues to be in the doldrums, as does the large European economies. In Asia, though the overall situation isn't as bad as the western world, the situation in Japan is precarious. Uncertainties still prevail surrounding the western financial sector.
As far as India is concerned, the macro-economic headwinds are still strong. This means that the tough time is not going to vanish in a jiffy. There could be more negative surprises over the next few months. The only hope is that monsoon has been good so far. So, there is a case for lower food price inflation in case of good kharif crop.
Another factor that could prolong the current rally is of course crude oil. Global equity markets will continue to get a boost if it falls further or stays below $120 per barrel. Individual stocks and sectors will remain in the limelight. And, though the technical and F&O indicators are showing positive signs, one should keep booking some profits at every rise.
FIIs were net sellers of Rs1.42bn (provisional) in the cash segment on Friday and the local funds pumped in Rs162.9mn. In the F&O segment, the foreign funds were net sellers of Rs7.73bn. On Thursday, FIIs were net buyers of Rs190mn in the cash segment. Mutual funds were net sellers of Rs220mn.
Equity shares of Vishal Information Technologies Ltd. will be listed on the bourses today. The IPO was subscribed 1.19 times.
US stock indices closed at six-week high on Friday, as a renewed strength in the dollar sent crude oil prices to a three-month lows, offsetting the latest bad news in the financial sector in the form of a large loss for Fannie Mae.
The Dow Jones Industrial Average rose more than 300 points for a second day last week to close at 11,734.32, up 302.89 points or 2.7%. It was up 3.6% on the week. The S&P 500 gained 30.27 points or 2.4% to finish at 1,296.33, leaving it up 2.8% on the week.
The technology-laden Nasdaq Composite index climbed 58.37 points or 2.5% to shut shop at 2,414.10, a weekly gain of 4.5%.
US light crude oil for September delivery slumped $4.82 to settle at $115.20 per barrel on the New York Mercantile Exchange, hitting three-month lows. Prices fell as the dollar rallied to a five-month high against the euro and worries about a Turkish supply disruption eased.
Oil prices have slipped more than 20% since peaking above $147 in July. A further drop in oil prices would be a plus for stocks. But, the housing and credit crisis, sluggish corporate earnings and slow economic growth will continue to drag on stocks.
The dollar rallied versus the euro after the European Central Bank's disappointing outlook on economic growth. The dollar advanced against the yen as well.
Fannie Mae swung to a loss of $2.3bn, or $2.54 per share, due to big reserves for credit losses in the April-June quarter, versus a per-share profit of $1.86 a year ago. Analysts had forecast a loss of 68 cents per share.
The mortgage finance giant also slashed its quarterly dividend and said it will cut its annual operating costs by 10%. Fannie Mae shares slumped 9% in active trade. Fannie's CEO warned of steeper credit market losses ahead, echoing the grim outlook of Freddie Mac.
The rally in the dollar pressured crude oil and a variety of other commodities, which are traded in dollars. COMEX gold for October delivery fell $13.10 to settle at $860.70 an ounce. Silver, platinum and aluminum fell, too.
In the bond market, Treasury prices declined, raising the yield on the benchmark 10-year note to 3.95% from 3.92% late on Thursday.
In Europe, the FTSE 100 in London gained 0.2% at 5489 while the DAX in Frankfurt rose 0.3% at 6561 and the CAC 40 in Paris advanced 0.8% at 4491.
In the emerging markets, the Bovespa in Brazil was down 0.8% at 56,584 while the IPC index in Mexico was up 0.5% at 27,132. The RTS index in Russia tumbled 6.5% to 1722 as military hostilities continued with Georgia. The ISE National 30 in Turkey was down nearly 2% at 50,265.
The uptrend may continue
Market which started off the day on a flat note immediately fell into the negative terrain. From there on it remained weak through out the trading session until buying resumed in the last hour of the trading session. The Banking, Capital Goods and the Metal stocks were in demand which lifted the BSE benchmark Sensex and the NSE Nifty to close above the 15k and the 4,500 levels.
Finally, the benchmark Sensex gained 50 points to close at 15,167 and Nifty was added 6 points to close at 4,529.
Shares of Sterlite Industries surged by over 4% to Rs639 after the company announced that it secured court’s approval for mining Bauxite in Orrisa. The scrip touched an intra-day high of Rs644 and a low of Rs612 and recorded volumes of over 7,00,000 shares on BSE.
Shares of Deep Industries rallied by over 7% to Rs144 after the company announced that it secured a contract worth Rs103mn from Chennai Petroleum for compression of natural gas at Kamalapuram for five years. The scrip touched an intra-day high of Rs146 and a low of Rs132 and recorded volumes of over 1,00,000 shares on BSE.
Allahabad Bank gained by 1.5% to Rs65. The company announced that the board of directors of the bank approved upward revision in BPLR from existing rate of 13.5% to 14% with immediate effect.
However, the above change in BPLR will not be passed on to the existing Housing Loan, Personal Loan, Education and Car / Auto Loan customers. Moreover the above change in BPLR will also be not applicable to the new housing loans up to Rs30 lacs. The scrip touched an intra-day high of Rs65 and a low of Rs62 and recorded volumes of over 1,00,000 shares on BSE.
Sugar stocks extended losses and slipped from days high after government deferred its decision to end curbs on domestic sugar sales. Renuka Sugar was down by 1%, Balrampur Chini slipped 1%, Bajaj Hindusthan slipped 2%.
Shares of Shanti Gears rallied by over 9% to Rs73 after reports stated that Hansen Transmission International owned by Suzlon Energy is in discussion with the company for acquiring between 50-100% stake at around 30% premium to the current market price. If the deal goes through then Hansen Transmission will have to make an open offer for additional 20% of Shanti Gears. The scrip touched an intra-day high of Rs80.8 and a low of Rs71 and recorded volumes of over 5,00,000 shares on BSE.
House of Pearl fell sharply from its high and lost over 6.5% to Rs113. The company announced that Lerros Fashions India Pvt Ltd, a JV of the company with LERROS Moden Gmbh, Germany, has launched its first store in India. The scrip has touched an intra-day high of Rs130 and a low of Rs112 and recorded volumes of over 2,00,000 shares on BSE.
Looking at the pull back in the last hour of Friday’s trading session; Indian bourses may continue its uptrend. However, weak global cues and crude oil prices would prove to be a trend dictator.
Supreme Court okays forest clearance for Posco, Sterlite projects.(BL)
M&M plans to list its newly-formed two wheeler arm on stock markets.(TOI)
Tata Steel may sell some low profit yielding assets of Corus.(ET)
Dr Reddy’s withdraws a proposed issue of 8.41mn share warrants on a preferential basis to promoters.(BL)
Walt Disney has invested Rs1bn for a 15% stake in UTV Global Broadcasting, the broadcasting arm of UTV Software Communications.(BS)
Jaiprakash Associates to invest Rs30bn to build new cement plants.(BL)
BHEL announces it has got an Rs4bn order for setting up a hydro power plant in Rwanda.(FE)
Power Grid Corp. board approves investment proposals worth Rs 94bn.(BL)
Oriental Bank of Commerce said it would soon seek new licenses from the RBI for opening 100 new branches in the country.(FE)
BIG TV, the ADAG group’s soon to-be-launched DTH venture has secured the DTH rights of the Indian Premiere League for US$31.6mn.(BS)
Rashtriya Ispat Nigam unveils Rs50bn modernization plan.(TOI)
Bank of Rajasthan to raise Rs2.5bn by way of PE placements for funding expansions.(BL)
Allied Digital is in the final stages of buying an infrastructure management services capability in the UK.(DNA)
Infosys Technologies to spend Rs12bn over the next ten years for its new facility at Pocharam, near Hyderabad, being constructed in a 450-acre special economic zone. (BS)
Andhra Bank is likely to approach markets to raise tier II capital within a week.(BL)
Hero Honda and Srei Infratructure Finance have acquired NSE shares from IFCI and SCHIL for Rs3,500 per share.(ET)
Ministries of rural development and human resources yet to pay Rs220bn to Food Corporation of India for supplying food grains for mid-day meal and employment schemes.(Mint)
Mercator Lines enters the booming offshore segment by contracting its first offshore oil drilling rig to Greatship India.(DNA)
Indian Oil planning acquisition of 100acres of unused land for Haldia refinery up gradation.(BL)
BSE has invited its two strategic investors Deutsche Boerse and Singapore Exchange to join its board of directors.(FE)
Tata Teleservices to invest Rs80bn over the next 24 months to expand its telecom networks.(ET)
Reliance Communications expected to start nationwide commercial operations of its DTH service from August 15.(TOI)
L&T proposes to raise Rs24bn through securities.(BL)
ONGC Videsh, Essar, Oil India amongst others short listed by Algeria to bid for oil blocks on offer in its latest licensing round.(FE)
K Raghavendra Rao, one of the promoters and MD of Orchid Chemicals and Pharmaceuticals, may initiate talks to buy back its 14.7% stake that is now with Rexcel, a unit pharma major Ranbaxy.(BS)
Lakshmi Mittal is believed to have shown interest in buying low cost carrier SpiceJet.(DNA)
NTPC signs MoU with NHPC, PFC and TCS for a JV company to set up a national power exchange.(BL)
Vodafone explores legal action against Essar setting up a wireless telephony company.(ET)
BSE drops its plan to pick up a stake in the Ahmedabad based National Multi Commodity Exchange.(BL)
Economy Front page
At least six major thermal power stations across the country report that they have run out of coal stocks.(BL)
Private developers need to buy 70% of the land at prevailing market prices with government acquiring the rest as per new policy frameworks for SEZs.(ET)
Consumer durables, FMCG companies considering raising further prices hikes to cushion themselves from high input costs.(TOI)
Steel companies have agreed to hold prices at current levels.(FE)
Government may levy user development fee from September on the new airports at Hyderabad and Bangalore. (ET)
Government announces new import price parity linked subsidy policy for production of additional urea by domestic manufacturers over and above their current rated capacities.(BL)
In the month to July 25, bank credit was lower by Rs66bn on account of a fall in food credit.(Mint)
The committee on financial position of oil companies has proposed fuel price increases.(FE)
Growth in advance corporate tax collection in the first four months of FY09 fell to 18% YoY.(ET)
Railway to introduce specially designed wagons to carry automobiles and charge freight as per number of wagons. (ET)
Cabinet defers a decision to decontrol the sugar industry by amending the Sugar Control and Regulation Order.(FE)
RBI says FIIs may be allowed to take long position in the interest rate futures market.(FE)
Morning Call - Aug 11 2008
Market Grape Wine :
In House :
Nifty at a support of 4520, 4460 and 4450 with resistance at 4550 and 4630.
Cash: Buy RIL above 2250 target 2350 with S/L 2225.
Cash: Buy ICICI BANK target 750 with S/L 715.
Future: Buy J.P ASSOCIATE above 184 targets 195 with S/L 179.
Future: Buy L& T above 2838 target 2900with S/L 2800.
Out House:
Markets at a support of 14986 & 15015evels with resistance at 15342 & 155911 levels .
Buy : Infy & satya
Buy : RPL , Bongaigaon & MRPL
Buy : Aptech & Aftek
Buy : Adalbs
Buy : DLF & Unitech
Buy : RelCap
Buy : Bhel & LNT
Buy : IBreal
Buy : Core project
Buy : SBIN & IciciBank
Dark Horse : Aftek , TataPower , Bharti , RelCap , SBIN , RIL , LNT , Core & Adlabs
Bullion metals continue to drop
Gold and silver give up 6% and 12% respectively for the week
Bullion metal prices registered substantial losses for the sixth straight day on Friday, 08 August, 2008 as the dollar strengthened against most currencies. Gold and silver prices also registered sufficient losses for the week. Silver prices also fell 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 December delivery fell $13.1 (1.3%) to close at $864.8 ounce on the New York Mercantile Exchange. It fell to an intra day low price of $858. For the week, it ended lower by 5.8%. 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 3.7% till date against a 8% drop for the dollar against the euro. Gold ended July, 2008 lower by $11 (1.1%). The yellow metal ended second quarter with a marginal gain of 0.7%. It ended June, 2008 with a gain of 4.1%. In May, it ended with a gain of higher by $22.5 (2.5%). Before May, in 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 Friday, Comex silver futures for September delivery fell 92.7 cents (5.7%) to $15.33 an ounce. Silver has gained 4.3% in 2008 till date. For the week it lost 12.5%. It ended July 2008 with a gain of 3%. For the second quarter, it had gained a paltry 1.4%. Silver had gained 16% in Q1. The metal also had gained for seven straight years.
At the currency markets on Friday, the dollar rallied against the euro. The dollar surged against major counterparts, mostly as concerns about the eurozone economy increased following the European Central Bank's decision to leave interest rates unchanged on Thursday. The greenback garnered attention following cautions that the European economy would weaken. As tighter credit and higher costs hit the continent, growth prospects become dimmed, making it less likely the ECB will hike interest rates. The dollar index traded 1.6% higher.
Crude oil plunges
Prices fall by 8% for the week
A strong dollar pushed crude prices substantially lower on Friday, 08 August, 2008. Prices dropped more than $4 on Friday and lost more than $10 for the week.
Crude-oil futures for light sweet crude for September delivery closed at $115.2/barrel (lower by 4.82 or 4.4%) on the New York Mercantile Exchange. Futures earlier fell to an intraday low of $115.1 a barrel. For the week, crude prices ended lower by $9.9 (8%). Crude lost $15.92 (11%) in July, 2008, the biggest ever in dollars. Still at the end, it was not so bad as it seems, as prices retreated from a gain of 2.7%.
the dollar rallied against the euro. The dollar surged against major counterparts, mostly as concerns about the eurozone economy increased following the European Central Bank's decision to leave interest rates unchanged on Thursday. The greenback garnered attention following cautions that the European economy would weaken. As tighter credit and higher costs hit the continent, growth prospects become dimmed, making it less likely the ECB will hike interest rates. The dollar index traded 1.6% higher.
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 42% higher than a year ago. For the year, crude is up by 22% till date.
Against this background, September reformulated gasoline fell 11.5 cents to close at $2.8874 a gallon, down 6.4% for the week. September heating oil dropped 10.6 cents to end at $3.128 a gallon, down 9% for the week.
September natural gas futures dropped 32.3 cents, or 3.8%, to finish at $8.248 per million British thermal units. It touched a low of $8.21, the lowest intraday level since early February. For the week, it sank 12.2%.
Resurgere Mines and Minerals IPO Analysis
Promoted by Subhash A Sharma and his wife, Resurgere Mines and Minerals (RMMIL) is in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fines etc. and bauxite. The company sells all these products domestically except iron ore fines, which the company exports to China.
The company currently operates in Nuagaon, Kendujhargarh district (Reserve - 12.37 million tonnes) and Maharajpur, Mayurbhanj district (Reserve - 42.08 million tonnes) in Orissa and is expected to commence operations at Tatiba mine in Singhbhum district of Jharkhand (Reserve - 20.37 million tonnes) in the near future. The company has entered in to long-term contracts for these mines, Nuagoan, Tatiba and Maharajpur, with the leaseholders for raising and purchasing of iron ore. All the three mines carry high quality iron ore of about 62% - 64% Fe content.
The present operations at the Nuagoan Mines and the Jharkhand Mines are being carried out under deemed renewal provisions since the respective Mining Leases have expired, prior to the expiry whereof the respective applications for renewals of the Mining Leases have been made to the State Government and are pending consideration.
The company has also made an application to the Collector of Sindhudurg district for the grant of an iron ore mining lease over an area of 108.77 hectares in village Banda, District Sindhudurg in Maharashtra, wherein company’s application is under process. The company has also applied for two prospecting leases of iron ore in Banda region to the Collector of Sindhudurg district.
Furthermore the company is also engaged in merchant export of iron ore fines to China.
Through its wholly owned subsidiary M/s. Warana Minerals Private (WMPL), the company holds 60% interest in a registered partnership firm, Shri Warana Minerals which is engaged in the business of mining bauxite ore under the 30 year mining lease with respect to a bauxite mine situated in Yelwan Jugai, Maharashtra.
The mining assets of the Company, except Banda mine, have cumulative estimated reserve of 74.82 million tonnes of iron ore and 4.92 milllion tonnes of bauxite as certified by Central Mining Research Institute.
RMMIL proposes to enter the capital markets with a public issue of 4450000 Equity shares of Rs 10 each through 100% book building process. The price band has been fixed at Rs 263 to Rs 272 per Equity share of Rs 10 each.
The Company proposes to utilize the net proceeds of the Issue to part finance its plan for purchase of Plant and Machinery valued at Rs 128.56 crore for setting up of its own extraction and crushing facilities at the mines and purchase of 6 railway rakes worth Rs 116.36 crore to set up own logistics infrastructure facilities, besides meeting margin money requirement for working capital (Rs 18.25 crore), Provision for contingencies and Pre Operative expenses (Rs 8.24 crore), General corporate purpose (Rs 10 crore) and Issue expenses.
Besides the proceeds of the issue, the Company proposes to finance the cost through term loans of Rs 86 crore to be raised from banks, Rs 43 crore through Private Equity funding from Merrill Lynch International and Rs 13.75 crore through Pre-IPO allotment.
Merrill Lynch International holds 3000000 Equity shares, India Business Excellence Fund-I holds 910000 Equity shares, IL&FS Trust Co. (Trustees of Business Excellence Trust-India Business Excellence Fund) hold 402500 Equity shares, Mr Motilal Oswal hold 250000 Equity shares and Mr. Raamdeo Agarwal holds 200000 Equity Shares in the Company.
On Dec.’07, Merrill Lynch International has been allotted 3000000 shares of the Company for a total consideration of Rs 63 crore (Rs 210 per share). On Feb’08, IL&FS Trust Co. (Trustees of Business Excellence Trust-India Business Excellence Fund) and India Business Excellence Fund I subscribed to 550000 Equity Shares at Rs 250 per Equity Share for a total consideration of Rs 13.75 crore. Mr Motilal Oswal hold 250000 Equity shares and Mr. Ramdeo Agarwal holds 200000 Equity Shares in the Company at a price of Rs 210 per share
Strengths
- The iron ore industry is currently in the midst of favorable conditions, on the back of robust demand scenario. However prices are already high and may be near the peak of the cycle.
Weaknesses
- The company is operating on mines wherein the lease has either already expired or is about to expire in a short period of time. The mining leases of Nuagaon and Tatibha have already expired, while that of Maharajpur is due for expiry in April 2009. Even though the applications for renewal have already been made, the possibility of non-renewal in favour of existing leaseholders cannot be ruled out.
- The company’s selling strategy has been to sell only in the spot market and it sells most of its output to traders, hence, it currently does not enjoy any long-term relationship with any of its buyers. This also exposes the company to volatility in spot prices.
Valuation
At a price band of Rs 263– 272, RMMIL’s P/E works out to 11.3 – 11.7 times FY 2008 earning on post-IPO equity. Sesa Goa, which is a leading company within the sector, trades at P/E of 8.4 times FY 2008 earnings.
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