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Tuesday, August 26, 2008
Nifty futures at a premium
Turnover rises ahead of expiry of August 2008 contracts
Nifty August 2008 futures were at 4352.75, at a premium of 15.25 points as compared to spot closing of 4337.50. NSE's futures & options (F&O) segment turnover was Rs 49,779.36 crore, which was higher than Rs 45,979.13 crore on Monday, 25 August 2008. The August 2008 derivatives will expire on Thursday, 28 August 2008.
Reliance Industries (RIL) August 2008 futures were at premium at 2188.90 compared to the spot closing of 2179.35.
Infosys Technologies August 2008 futures were at premium at 1704.95 compared to the spot closing of 1698.
Reliance Petroleum (RPL) August 2008 futures were at premium at 160.90 compared to the spot closing of 160.15.
In the cash market, the S&P CNX Nifty gained 2.15 points or 0.05% at 4337.50.
Asian Markets Ends Lower Following Wall Street Tumble
Nikkei, Shanghai Back In Red While Sensex Continues Gaining Further
The stock markets across the Asian region closed lower, on renewed concerns about the strength of the U.S. financial sector. Wall Street tumbled overnight after a Credit Suisse analyst cut his price target on American International Group and the National Association of Realtors reported weaker-than-expected existing home sales for July. The Dow Jones industrial average slumped 2.08% and the tech-heavy Nasdaq composite index lost 2.03%.
Oil prices rose yesterday, edging above $115 a barrel on concerns about Tropical Storm Gustav brewing in the Caribbean. Light, sweet crude for October delivery closed up 52 cents at $115.11 a barrel on the New York Mercantile Exchange. In late Asian session Tuesday, oil was up 43 cents at $115.54 a barrel.
In the currency market, the U.S. dollar strengthened to the upper 109-yen levels from mid 109-yen levels in early Tokyo deals, but was lower compared to near 110-yen range in late local trade on Monday.
The Australian dollar closed at its weakest level in local trade this year. The Aussie finished the session at US$0.8559-0.8563, down almost one U.S. cent from Monday's close of US$0.8652-0.8654.
The New Zealand dollar hit its lowest level in a weak after the Statistics New Zealand reported worse-than-expected trade balance data. The kiwi eased to US$0.6970 from US$0.7050 late Monday. Against the Aussie, it slipped to A$0.8111 from A$0.8167.
South Korea's won plunged to a 45-month low against the U.S. dollar. The local unit closed at 1,089.4 a dollar, down from Monday's close of 1,078.9 a dollar.
The Japanese stock market closed lower, as investors locked in profits following yesterday's sharp gains and fresh worries about the U.S. credit market. After opening lower, tracking the negative lead from Wall Street, the market came off day's lows in the afternoon session as the dollar rose to the upper 109-yen levels.
The benchmark Nikkei 225 index closed down 0.8% at 12,778.71 and the broader Topix Index lost 0.8% to finish at 1,229.35.
On the economic front, the Bank of Japan said that Japan's corporate service price index climbed 1.3% on year in July, posting a score of 95.6. The increase was slightly below analyst expectations for an increase of 1.4% on year, but was higher compared to the 1.2% annual increase in June. The data also represented the 24th straight month of increase for the index. The index eased 0.1% from a month ago.
The Chinese market closed sharply lower, with the benchmark Shanghai Composite Index closing down 2.62% at 2,350.08, near its 20-month closing low. In Shenzhen, the All Share index plunged by 4.01% to 646.47.
In Hong Kong, the Hang Seng China Enterprises tracked Shanghai stocks zoomed up by 0.73% at 11,406.64. The benchmark Hang Seng Index plunged by 0.23% to 21,056.66.
The Australian stock market closed slightly lower, recovering substantially from a sharp fall in early trade. The market opened with a deep cut, tracking Wall Street's triple-digit loss overnight on fresh concerns related to the health of the U.S. financial sector, but recovered over the course of the trading session to end slightly below the flat line as big miners recovered and banks trimmed their losses.
The benchmark S&P/ASX 200 index closed down 0.1% at 5,007.5 after losing as much as 2% in the morning session. The broader All Ordinaries index lost 0.2% to finish at 5,082.3.
On the economic front, traders had little data to digest on Tuesday. Conference Board leading index for June, private capital expenditure for July and HIA new home sales for July are scheduled for release on Thursday.
The New Zealand stock market closed lower on Tuesday, giving away some of Monday's gains. After opening lower and losing ground in the morning session, tracking Wall Street's plunge overnight, the market recovered in the second half of the day to end slightly below the flat line. The benchmark NZX 50 index closed down 0.18% at 3,321.00 and the broader NZX All Capital index fell 0.51% to finish at 3,355.06.
New Zealand's trade deficit stood at NZ$781 million in July, well above analysts' expectation of around NZ$525 million, compared to NZ$808 million in July last year. Exports rose 29.6% on year, while imports increased 21.9% from a year earlier.
The South Korean market closed lower Tuesday after it snapped a five-day losing streak on Monday. Wall Street's plunge overnight and a steep fall of the won against the greenback weighed on most blue chips. The benchmark Kospi closed down 0.79% at 1,490.25. The key index tumbled to the 1,450-level in the morning, but managed to trim its losses as bargain hunting set in at lower levels.
On the economic front, the central bank's minutes showed that policymakers at the Bank of Korea unanimously voted to hold the key interest rate steady in July as concerns over spiraling inflation outweighed woes over the slowing economy. In a rate-setting meeting on July 10, the central bank froze the benchmark 7-day repo rate at 5% for the 11th straight month.
Meanwhile, South Korea's consumer sentiment fell to the lowest observed level since the country was hit by an unprecedented financial crisis in late 1997, amid concerns over rising inflation and an economic slowdown. An index gauging consumer sentiment in the economy and living conditions for the third quarter of the year stood at 37.7, compared to 47.8 recorded in the previous quarter, according to the Samsung Economic Research Institute.
In India the key benchmark indices shrugged off weak global cues to post marginal gains after a weak start, boosted by reports of a near normal monsoon. The BSE 30-share Sensex rose 0.30% to 14,493.20, as per provisional closing. At the day’s high of 14,495.27 hit in late trade, the Sensex gained 44.92 points. Sensex hit a low of 14,286.38 in early trade. At the day’s low, the Sensex lost 163.97 points. The S&P CNX Nifty gained 7.90 points or 0.18% to 4,343.25 as per provisional closing
In Singapore the Straits Times index decreased by 0.96% to 2,707.19. On the economic front, July factory output showed an unexpected fall of 1.8% after seasonal adjustments from June, as the economic slowdown in the United States and Europe continues to hit Asian exporters. The monthly manufacturing data follows a rise of 4.4 percent in June, revised from a rise of 4.5 percent, and a 6.2 percent decline in May.
From a year earlier, factory output in July slumped 21.9 percent, compared with a market forecast for a 17.1 percent drop. Manufacturing accounted for about a quarter of Singapore's S$229 billion ($162 billion) trade-dependent economy in 2007.
Elsewhere, Malaysia the KLSE Composite Index dropped down by 0.76% to 1,070.50. In Indonesia, the Jakarta Composite increased 0.92% to 2,107.55. The Taiwan's weighted index fell 0.94% to 6964.60.
In the other part of the world, European shares moved lower again, led by oil producers and mineral extractors as many commodity-sector companies restarted trading after a long holiday weekend in the U.K.
In the opening trade, the U.K. FTSE 100 index dropped 1.4% to 5,426.60, while the German DAX 30 fell a more modest 0.4% to 6,272.80 and the French CAC-40 also lost 0.4% to 4,336.94. At 10.37 GMT all this national indices continued to slump further. U.K. FTSE 100 index fell further at 1.8% to 5,405. The German DAX 30 index fell 0.18% to 6,285.89, while the French CAC-40 index decreased by 0.71% to 4,324.86.
On the economic front, German business confidence plummeted in August, hitting its lowest level in three years, raising fears that Germany is already in recession. The Ifo business climate index fell to 94.8 from 97.5 in July. The drop came despite lower oil prices and a weaker euro. The index measuring firms' business expectations hit its lowest level since February 1993, when Germany was mired in recession, after falling to 87.0 from a revised 89.9. The indicator for the current trading situation fell to 103.2 from a revised 105.6 in July.
Prior to this the German economy confirmed its slowdown as growth rate shrank in the first quarter. Gross domestic product fell 0.5% on the quarter between April and June when adjusted for seasonal and calendar effects after increasing 1.3% in the first quarter. The annual growth rate rose a seasonally adjusted 1.7%. That compares with unadjusted growth of 3.1% and 1.4% when adjusted for working days.
In U.K., the net mortgage lending and approvals for home loans were stable at a low level in July as the credit crunch and economic uncertainty continued to weigh on the housing market. According to the data released by the British Bankers' Association showed the number of mortgages approved rose to 22,448 in July from 22,369 in June, but remain 65% weaker on the year. The average of the previous six months was 34,104.
Net mortgage lending was steady at GBP4.3 billion in July, but was 22.7% weaker on the year. Gross mortgage lending eased to GBP14.6 billion from GBP15.0 billion in June, leaving it 25.2% weaker than in July last year.
In Spain the statistical organization has revised down its 2007 gross domestic product growth to 3.7% from a previously reported 3.8%.
Looking ahead the day is scheduled to release Nationwide data on housing prices for U.K, which will be followed by S&P Shiller home price index for U.S. In the evening we have consumer confidence index for the month of August, which will be accompanied by the new home sales stats. In the late evening we have Richmond Fed manufacturing index for the month of August, which will be followed by ABC Washington Post weekly consumer confidence index. However the focus of the day will be on FOMC minutes giving us the insights about the thinking process of the policymakers.
Interest rates can hurt
Apex industry chamber CII on Tuesday warned that rising interest rates may hurt new investments even though resources to the tune of USD 700 billion are in the pipeline over the next three years.
"While the existing investments in the pipelines were being adhered to... May be, newer projects which were at concept stage, which were at the backburner may not come to the front burner," CII President K V Kamath told reporters after a meeting of industry leaders with Finance Minister P Chidambaram.
Kamath said investors were concerned whether high inflation would mean that consumer demand would slowdown, whether high interest would mean that consumers could afford to buy or purchase what they wanted to purchase.
The CII President said he did not see any easing of monetary tightening so long as high inflation persists.
"If inflation is an issue...till we see inflation easing, then it would be unrealistic to expect any easing of monetary policy," Kamath, who is CEO and MD of ICICI Bank, said.
He, however, quoted the Finance Minister as assuring the industry that they "should look at it very positively that an 8-9 percent growth is here to stay and this is backed by numbers."
Kamath said Chidambaram reported figures from CMIE, which talks of a monthly accretion to new projects to the tune of Rs 150,000-170,000 crore that would be around USD 40 billion, which on an annualised basis would be USD 450-480 billion.
"Now this should augur very well if all these projects come to the front burner," he added.
Market makes a comeback
In line with the major Asian market indices (Nikkei down 0.78%, Hang Seng down 0.23% and Strait Times down 0.96%), the 30-stock Sensex started the day with a negative note.
The index was 112 points lower than its previous close (14, 450) at the opening bell. Trading substantially lower in the first half of the trading session, the index hit the lowest of the day—164 points lower than the previous close. Around the mid of the trading day, the index did make an attempt to cross 14,450 (the previous close), but was soon pulled down. However, with less than hour to go for the closing bell, the index staged a smart recovery not only to breach the resistance of 14,450, but to end 32 points higher. The 50-stock Nifty of the NSE ended 2 points higher.
The market breadth was slightly negative, as of the 2,692 stocks traded on the BSE, 45% stocks (1,389 stocks) declined, whereas 51% stocks (1,199 stocks) advanced; 104 stocks ended unchanged.
Of the 13 sectoral indices, BSE Bankex (1.73%) and BSE Auto (1.31%) led the pack of gaining indices. Metal, realty and oil & gas indices were down for the day, while the remaining eight indices posted gains of less than 1%.
Among the gainers in front-line stocks, HDFC Bank advanced by 3.92% at Rs1,255.45, Satyam Computer Services jumped 3.25% at Rs406.10, Wipro rose 2.14% at Rs428.65, BHEL added 1.96% at Rs1721.70, Mahindra & Mahindra gained 1.91% at Rs574.25 and Tata Consultancy Services was up by 1.77% at Rs832.35. Several blue chip counters witnessed selling pressure. Reliance Industries dropped 2.30% at Rs2,179.65, JP Associate declined 1.85% at Rs156.85, Tata Steel lost 1.37% at Rs577.55 and HDFC shed 0.83% at Rs2,343.80.
On turnover front, Reliance Natural Resources led the drove witnessing a turnover of over 1.85 crore shares, followed by Pennar Industries (1.80 crore shares), Firstsource Solutions(87 lakh shares), Marksans Pharma (72 lakh shares) and IFCI (72 lakh shares).
BSE Bulk Deals to Watch - Aug 26 2008
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
26/8/2008 505506 AXON INFOTEC DINESH F RATADIYA B 3500 27.74
26/8/2008 505506 AXON INFOTEC HASMUKHLAL M GANDHI B 6000 28.65
26/8/2008 505506 AXON INFOTEC RAHUL DOSHI B 10000 30.32
26/8/2008 505506 AXON INFOTEC GAURAV DOSHI B 5010 30.36
26/8/2008 505506 AXON INFOTEC NATHULAL PANNALAL LAVTI B 5000 28.59
26/8/2008 505506 AXON INFOTEC MIRA GAURAV MODY B 4000 26.84
26/8/2008 505506 AXON INFOTEC JOSEPH K M B 4830 29.37
26/8/2008 505506 AXON INFOTEC LATA JITENDRA BHAGERIA B 4000 28.77
26/8/2008 505506 AXON INFOTEC GANDHI SECURITIES AND INV PVT LTD B 12667 29.58
26/8/2008 505506 AXON INFOTEC SULTAN EBRAHIM MERCHANT B 8747 29.73
26/8/2008 505506 AXON INFOTEC RAHUL DOSHI S 5000 28.79
26/8/2008 505506 AXON INFOTEC GAURAV DOSHI S 5010 29.92
26/8/2008 505506 AXON INFOTEC MIRA GAURAV MODY S 4000 28.20
26/8/2008 505506 AXON INFOTEC JOSEPH K M S 3830 29.37
26/8/2008 505506 AXON INFOTEC LATA JITENDRA BHAGERIA S 4000 28.65
26/8/2008 505506 AXON INFOTEC GANDHI SECURITIES AND INV PVT LTD S 12667 29.61
26/8/2008 505506 AXON INFOTEC SULTAN EBRAHIM MERCHANT S 8747 29.85
26/8/2008 505506 AXON INFOTEC CHIRAG SECURITIES S 32450 27.89
26/8/2008 530713 CHOKSH INFO KAIPA VASUDEVA RAO B 18100 30.70
26/8/2008 530713 CHOKSH INFO VIJAY SANATBHAI CHOKSHI S 15000 30.32
26/8/2008 526027 CUBEX TUBING HEMANT JAGDISH ASHAR S 37922 52.90
26/8/2008 531863 GEEKAY FINAN GOPALA PILLAI VIJAYAKUMAR S 38289 53.00
26/8/2008 531739 GENNEX LAB UDEY DUTT ASSOCIATES PRIVATE LIMITED S 80250 46.35
26/8/2008 531602 KOFF BR PICT PRAVIN DHARAMSHI GALA B 111616 29.86
26/8/2008 531602 KOFF BR PICT DEEPAL CORPORATION B 31961 30.49
26/8/2008 531602 KOFF BR PICT PRAVIN DHARAMSHI GALA S 70811 29.16
26/8/2008 503776 MODIPON LTD LOTUS GLOBAL INVESTMENTS LIMITED B 120000 34.00
26/8/2008 503776 MODIPON LTD INDIA MAN FUND MAURITIUS LTD S 120000 34.00
26/8/2008 512424 MTZ POLYFILM SHREE ANANDEYA INV PVT LTD B 450000 1.95
26/8/2008 512424 MTZ POLYFILM MARILINK HOLDINGS LIMITED S 450000 1.95
26/8/2008 533010 OCTAV INVES MANSUKH STOCK BROKERS LTD B 18845 58.70
26/8/2008 533010 OCTAV INVES MANSUKH STOCK BROKERS LTD S 18845 58.82
26/8/2008 513228 PENNAR IND L JR REALTOR SERVICES PVT LTD B 13000000 32.30
26/8/2008 513228 PENNAR IND L AAP INVESTMENTS B 1050000 32.40
26/8/2008 513228 PENNAR IND L DEUTSCHE SECURITIES MAURITIUS LIMITED S 3250000 32.33
26/8/2008 513228 PENNAR IND L AAP INVESTMENTS S 785016 32.42
26/8/2008 513228 PENNAR IND L SPINNAKER GLOBAL OPPORTUNITY FUND LIMITEDFDI S 3995000 32.31
26/8/2008 513228 PENNAR IND L SPINNAKER GLOBAL EMERGING MARKETS FUND LIMITEDFDI S 5992500 32.30
26/8/2008 513228 PENNAR IND L SPINNAKER GLOBAL STRATEGIC FUND LIMITEDFDI S 1762500 32.30
26/8/2008 500044 RAYBAN SUN O RATNABALI CAPITAL MARKETS LTD B 153204 135.40
26/8/2008 505590 SCENARIO MED SMP SECUTITES LIMITED B 1500 120.10
26/8/2008 532993 SEJAL GLASS OPG SECURITIES PVT LTD B 207197 59.38
26/8/2008 532993 SEJAL GLASS OPG SECURITIES PVT LTD S 207197 59.20
26/8/2008 532886 SEL MANUF OPG SECURITIES PVT LTD B 187168 282.37
26/8/2008 532886 SEL MANUF MAVI INVESTMENT FUND LTD B 200000 281.97
26/8/2008 532886 SEL MANUF OPG SECURITIES PVT LTD S 187168 282.24
26/8/2008 532360 VINTAGE CARD MIHIR KANAIYALAL VAGHANI B 4000 107.37
26/8/2008 532360 VINTAGE CARD MBL AND COMPANY LIMITED B 16386 105.02
26/8/2008 532360 VINTAGE CARD OM PRAKASH B 3004 111.01
26/8/2008 532360 VINTAGE CARD BRONZE SECURITIES PVT LTD B 4002 112.23
26/8/2008 532360 VINTAGE CARD MANSUKH STOCK BROKERS LTD B 45842 106.69
26/8/2008 532360 VINTAGE CARD MANSUKH SECURITIES AND FINANCE LTD B 32709 106.60
26/8/2008 532360 VINTAGE CARD M VELSAMY B 3000 104.78
26/8/2008 532360 VINTAGE CARD HARDIK HARSHADBHAI SHAH B 3554 106.39
26/8/2008 532360 VINTAGE CARD DILIP KUMAR SEVANTILAL SHAH B 20000 105.55
26/8/2008 532360 VINTAGE CARD TRISHLA DEVI JAIN B 10200 110.94
26/8/2008 532360 VINTAGE CARD STANDARD CAPITAL MARKET LTD B 20000 111.94
26/8/2008 532360 VINTAGE CARD BHARAT COMMODITIES PVT LTD B 6050 106.62
26/8/2008 532360 VINTAGE CARD SAILAJA KASIBHATTA B 12000 111.48
26/8/2008 532360 VINTAGE CARD DHIRAJLAL SOMCHAND MEHTA B 4600 109.17
26/8/2008 532360 VINTAGE CARD MEENAL NITISH THAKUR B 119856 108.21
26/8/2008 532360 VINTAGE CARD NAVEEN TAPARIA B 3000 104.93
26/8/2008 532360 VINTAGE CARD B K SHAH CO B 7511 107.23
26/8/2008 532360 VINTAGE CARD MBL AND COMPANY LIMITED S 16386 105.68
26/8/2008 532360 VINTAGE CARD OM PRAKASH S 4000 108.50
26/8/2008 532360 VINTAGE CARD UMESH RAJ PAL S 3000 110.50
26/8/2008 532360 VINTAGE CARD BRONZE SECURITIES PVT LTD S 6003 112.84
26/8/2008 532360 VINTAGE CARD MANSUKH STOCK BROKERS LTD S 45842 107.10
26/8/2008 532360 VINTAGE CARD MANSUKH SECURITIES AND FINANCE LTD S 31709 106.33
26/8/2008 532360 VINTAGE CARD SANTOSH KUMAR SAHU S 7000 107.00
26/8/2008 532360 VINTAGE CARD HARDIK HARSHADBHAI SHAH S 3554 105.42
26/8/2008 532360 VINTAGE CARD DILIP KUMAR SEVANTILAL SHAH S 20000 111.92
26/8/2008 532360 VINTAGE CARD TRISHLA DEVI JAIN S 10200 110.46
26/8/2008 532360 VINTAGE CARD STANDARD CAPITAL MARKET LTD S 20000 105.55
26/8/2008 532360 VINTAGE CARD NARESH CHAND JAIN S 3500 109.41
26/8/2008 532360 VINTAGE CARD BHARAT COMMODITIES PVT LTD S 6050 107.83
26/8/2008 532360 VINTAGE CARD SAILAJA KASIBHATTA S 12000 107.00
26/8/2008 532360 VINTAGE CARD DHIRAJLAL SOMCHAND MEHTA S 4600 107.64
26/8/2008 532360 VINTAGE CARD MEENAL NITISH THAKUR S 119856 108.64
26/8/2008 532360 VINTAGE CARD NAVEEN TAPARIA S 3000 106.69
26/8/2008 532360 VINTAGE CARD B K SHAH CO S 7514 108.29
26/8/2008 532360 VINTAGE CARD MIHIR KANAIYALAL S 4000 108.88
26/8/2008 533011 VISHAL INFO MBL AND COMPANY LIMITED B 65528 281.33
26/8/2008 533011 VISHAL INFO MARWADI SHARES AND FINANCE LIMITED B 111604 278.65
26/8/2008 533011 VISHAL INFO EUREKA STOCK AND SHARE BROKING SERVICES LIMITED B 115195 279.24
26/8/2008 533011 VISHAL INFO OPG SECURITIES PVT LTD B 533586 278.13
26/8/2008 533011 VISHAL INFO MBL AND COMPANY LIMITED S 65528 281.13
26/8/2008 533011 VISHAL INFO MARWADI SHARES AND FINANCE LIMITED S 111604 278.46
26/8/2008 533011 VISHAL INFO EUREKA STOCK AND SHARE BROKING SERVICES LIMITED S 115195 279.07
26/8/2008 533011 VISHAL INFO OPG SECURITIES PVT LTD S 533586 278.07
NSE Bulk Deals to Watch - Aug 26 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
26-AUG-2008,CUBEXTUB,CubexTubingsLtd-RollSett,SIDDHARTH D MEHTA,BUY,75000,54.61,-
26-AUG-2008,GOLDTECH,Goldstone Tech Ltd.,YUVAK SHARE TRADING PVT LTD,BUY,159779,89.98,-
26-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,26773,58.48,-
26-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,BUY,20887,58.46,-
26-AUG-2008,SEJALGLASS,Sejal Architectural Glass,AMBIT SECURITIES BROKING PVT. LTD.,BUY,170021,57.88,-
26-AUG-2008,SEJALGLASS,Sejal Architectural Glass,MBL & COMPANY LTD.,BUY,222749,58.42,-
26-AUG-2008,SEJALGLASS,Sejal Architectural Glass,YUVAK SHARE TRADING PVT LTD,BUY,181823,58.58,-
26-AUG-2008,SELMCL,SEL Manufacturing Company,MAVI INVESTMENT FUND LIMITED (MM WARBURG BANK(SCHWEIZ)AG),BUY,100000,282.00,-
26-AUG-2008,SICAGEN,Sicagen India Limited,ADROIT FINANCIAL SERVICES PVT LTD,BUY,251014,12.70,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,A G KESAVAN,BUY,5000,107.20,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ADROIT FINANCIAL SERVICES PVT LTD,BUY,72192,106.86,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,AGRAWAL ANKUSH,BUY,3500,106.31,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ALAGAR G R,BUY,3000,105.73,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,AMBIT SECURITIES BROKING PVT. LTD.,BUY,7579,107.42,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,AMIT DEVJIBHAI GARATHIA,BUY,3377,107.15,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ANIL KUMAR JAIN (HUF),BUY,5500,108.03,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ANKIT AGARWAL,BUY,7000,105.88,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ARINDAM SARKAR,BUY,3000,106.67,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,B K SHAH CO KETAN BHAILAL SHAH,BUY,5440,108.26,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,BESTO TRADE COM PVT LTD,BUY,4200,107.71,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,BHARAT SECURITIES PVT LTD,BUY,4037,106.81,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,BIRENDRA KUMAR GUPTA,BUY,4000,105.00,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,C D INTEGRATED SERVICES LTD,BUY,7973,107.42,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,CHITTA PRASAD MANDAL,BUY,7000,106.63,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,CPR CAPITAL SERVICES LTD.,BUY,22403,106.40,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DANI SHARES & STOCKS PVT LTD,BUY,4131,106.67,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DATTATREYA VINNU,BUY,3000,106.70,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DIGVIJAY SINGH MEHRA,BUY,7500,106.98,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DINDAYAL BIYANI STOCK BROKERS LTD,BUY,15281,108.16,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DINESH MUNJAL,BUY,26175,107.87,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,EMMANUEL GEORGE,BUY,5061,111.33,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,FACTS SHARE & STOCK BROKING PVT LTD,BUY,4048,109.28,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,11974,105.93,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,G RAMAKRISHNA,BUY,3000,106.77,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,G.S.V. COMMODITIES PRAVITE LIMITED,BUY,6000,107.89,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,GNANASEKARAN C,BUY,3000,107.07,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,GUMMADY PITHCHAIAH CHOWDARY,BUY,9050,107.50,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,JAGJIT SINGH,BUY,5000,108.50,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,JAMUNARANI S,BUY,3308,107.42,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KAMLESH KHOSLA,BUY,3000,107.96,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,9341,108.57,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KHANDELWAL RISHI,BUY,4486,108.32,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KHANDWALA TRADELINK CO,BUY,3043,107.46,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KOTA BHULAKSHMI,BUY,4000,107.38,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,LALITA RAJESH JAIN,BUY,3031,104.58,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,LPC SECURITIES LTD,BUY,5680,105.88,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MALARKODI S,BUY,3300,107.31,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MANIPUT INVESTMENTS PVT LTD,BUY,12392,105.72,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MANOJ KANHAIYALAL AGRAWAL,BUY,3628,107.96,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MANSUKH SECURITIES & FINANCE LTD,BUY,69340,106.99,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MBL & COMPANY LTD.,BUY,16628,106.92,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MITHUN SECURITIES PVT. LTD.,BUY,18550,107.51,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MUDUPULAVEMULA SURENDRANADHA REDDY,BUY,17213,107.60,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MUKUL RAMVALLABH TIBREWALA,BUY,5500,106.75,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,N RAVI KUMAR,BUY,3750,106.99,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,NABIN SAHA,BUY,3200,108.30,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,NAMAN SECURITIES & FINANCE PVT LTD,BUY,74400,108.91,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,NARAIN PAREEK,BUY,3601,106.86,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,NIKUNJ K SHAH,BUY,11107,103.61,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,P VANITHA,BUY,1500,108.38,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PANNEER SELVAM ILLYARAJA,BUY,3300,107.21,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PAWAN NATANI,BUY,3000,106.57,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PHOOL MATI DEVI,BUY,6500,106.73,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PITCHUMANI R,BUY,4500,107.59,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PRAGATI PAPER MILLS LTD,BUY,12072,108.30,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PRASHANT GOYAL,BUY,4504,108.09,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RACHANA S BAJAJ,BUY,5009,111.39,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RADHA DEVI,BUY,3000,104.51,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RAHUL DOSHI,BUY,7240,111.29,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RAJIV SOBTI,BUY,9077,109.30,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RAJU AYILUCHETTIAR,BUY,3000,107.50,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RAM PRADEEP MAURYA,BUY,7000,105.54,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RASHMI.....,BUY,3063,106.32,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,REDDY SANNAPPAREDDY SAMPATHKUMAR,BUY,5000,108.43,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RITU MAHESHWARI,BUY,3000,105.49,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,S SRINIVAS,BUY,4080,106.90,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SAHU MAHENDRA,BUY,3000,105.05,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SANGAM SRINIVAS,BUY,3500,106.26,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SASI KUMAR,BUY,1000,106.10,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SATYA FINANCIAL SERVICES PROP ADARSH KUMAR AGGARWAL,BUY,3411,105.57,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SEEMA KAPOOR,BUY,4082,105.96,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SETU SECURITIES LTD,BUY,5527,111.37,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SHAH HITESH AMILAL,BUY,2600,109.24,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SMC GLOBAL SECURITIES LTD.,BUY,10104,106.62,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SPIRE ASSOCIATES,BUY,14574,106.19,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,STANLEY REBELLO,BUY,15500,105.53,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUBRAMANIAN SITTRARASU,BUY,3300,107.20,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUBRATA GHOSH,BUY,3500,107.09,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUNDARA RAJ. R. P,BUY,4500,109.48,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUNIL BARMAN,BUY,6000,108.33,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUNJAY S NIHALANI,BUY,5000,107.70,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SYED SHAKEEL AHMAD,BUY,3000,106.25,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,T SUBBAREDDY,BUY,3000,107.00,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,TAJINDERJIT SINGH,BUY,18977,105.59,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,TILAVALLI SHAMBHU,BUY,10000,109.88,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,TRANSGLOBAL SECURITIES LTD.,BUY,86023,106.94,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,VIDHYA DEVI KABRA,BUY,6601,105.34,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,VIJAYARANGAN ANITHA,BUY,3300,107.11,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,VINAY GIRISHKUMAR SHAH,BUY,13188,106.51,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,15000,107.35,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,YUVAK SHARE TRADING PVT LTD,BUY,52318,109.13,-
26-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,BUY,148013,277.95,-
26-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,123910,282.25,-
26-AUG-2008,VITLINFO,Vishal Information Techno,BUNIYAD CHEMICALS LIMITED,BUY,50000,275.74,-
26-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,BUY,99732,277.70,-
26-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,BUY,120394,279.94,-
26-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,BUY,53903,282.28,-
26-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,64751,279.45,-
26-AUG-2008,VITLINFO,Vishal Information Techno,MANAN P DALAL,BUY,91530,278.61,-
26-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,BUY,55505,277.94,-
26-AUG-2008,VITLINFO,Vishal Information Techno,MARWADI SHARES AND FINANCE LIMITED,BUY,124940,277.02,-
26-AUG-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,BUY,68746,281.24,-
26-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,BUY,133058,277.32,-
26-AUG-2008,VITLINFO,Vishal Information Techno,SMART EQUITY BROKERS PRIVATE LIMITED,BUY,55074,277.43,-
26-AUG-2008,VITLINFO,Vishal Information Techno,SMC GLOBAL SECURITIES LTD.,BUY,53944,280.51,-
26-AUG-2008,CUBEXTUB,CubexTubingsLtd-RollSett,RAJIV DESAI,SELL,53284,54.63,-
26-AUG-2008,GOLDTECH,Goldstone Tech Ltd.,YUVAK SHARE TRADING PVT LTD,SELL,135038,89.68,-
26-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,26773,58.71,-
26-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,SELL,21586,58.93,-
26-AUG-2008,SEJALGLASS,Sejal Architectural Glass,AMBIT SECURITIES BROKING PVT. LTD.,SELL,171521,57.90,-
26-AUG-2008,SEJALGLASS,Sejal Architectural Glass,MBL & COMPANY LTD.,SELL,222749,58.44,-
26-AUG-2008,SEJALGLASS,Sejal Architectural Glass,YUVAK SHARE TRADING PVT LTD,SELL,192257,58.11,-
26-AUG-2008,SHLAKSHMI,Shri Lakshmi Cotsyn Limit,PRARTHANA TARUNKUMAR BRAHMBHATT,SELL,120954,96.92,-
26-AUG-2008,SICAGEN,Sicagen India Limited,ADROIT FINANCIAL SERVICES PVT LTD,SELL,251013,12.72,-
26-AUG-2008,SICAGEN,Sicagen India Limited,CREDIT SUISSE (SINGAPORE) LIMITED A/C CREDIT SUISSE (SINGAPO,SELL,956711,13.10,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,A G KESAVAN,SELL,5000,108.96,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ADROIT FINANCIAL SERVICES PVT LTD,SELL,72192,106.66,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,AGRAWAL ANKUSH,SELL,3500,109.50,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ALAGAR G R,SELL,3000,106.21,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,AMAN KUMAR JAIN,SELL,4000,108.52,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,AMBIT SECURITIES BROKING PVT. LTD.,SELL,7574,106.74,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,AMIT DEVJIBHAI GARATHIA,SELL,3377,107.43,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ANIL KUMAR JAIN (HUF),SELL,5500,106.82,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ANKIT AGARWAL,SELL,7000,108.55,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,ARINDAM SARKAR,SELL,3000,107.65,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,B K SHAH CO KETAN BHAILAL SHAH,SELL,5442,107.72,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,BESTO TRADE COM PVT LTD,SELL,4200,106.38,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,BHARAT SECURITIES PVT LTD,SELL,4037,105.20,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,BIRENDRA KUMAR GUPTA,SELL,4000,107.75,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,C D INTEGRATED SERVICES LTD,SELL,7973,107.50,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,CHITTA PRASAD MANDAL,SELL,7000,108.39,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,CPR CAPITAL SERVICES LTD.,SELL,22403,106.77,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DANI SHARES & STOCKS PVT LTD,SELL,4131,106.07,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DATTATREYA VINNU,SELL,3000,106.82,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DIGVIJAY SINGH MEHRA,SELL,7500,106.55,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DINDAYAL BIYANI STOCK BROKERS LTD,SELL,15281,107.88,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,DINESH MUNJAL,SELL,20175,106.87,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,EMMANUEL GEORGE,SELL,5061,107.49,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,FACTS SHARE & STOCK BROKING PVT LTD,SELL,4950,104.75,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,11974,106.39,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,G RAMAKRISHNA,SELL,3000,107.86,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,G.S.V. COMMODITIES PRAVITE LIMITED,SELL,6000,106.60,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,GNANASEKARAN C,SELL,3000,108.60,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,GUMMADY PITHCHAIAH CHOWDARY,SELL,9050,106.63,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,JAGJIT SINGH,SELL,7000,109.13,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,JAMUNARANI S,SELL,3308,106.08,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KAMLESH KHOSLA,SELL,3000,108.97,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,9341,108.53,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KHANDELWAL RISHI,SELL,4486,108.15,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KHANDWALA TRADELINK CO,SELL,3043,106.20,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,KOTA BHULAKSHMI,SELL,4000,109.38,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,LALITA RAJESH JAIN,SELL,3031,104.59,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,LPC SECURITIES LTD,SELL,5680,105.90,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MALARKODI S,SELL,3300,106.05,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MANIPUT INVESTMENTS PVT LTD,SELL,12392,106.09,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MANOJ KANHAIYALAL AGRAWAL,SELL,3628,108.02,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MANSUKH SECURITIES & FINANCE LTD,SELL,70342,106.98,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MBL & COMPANY LTD.,SELL,17026,106.44,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MITHUN SECURITIES PVT. LTD.,SELL,18550,107.19,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MUDUPULAVEMULA SURENDRANADHA REDDY,SELL,22213,106.74,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,MUKUL RAMVALLABH TIBREWALA,SELL,5500,105.53,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,N RAVI KUMAR,SELL,3750,107.78,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,NABIN SAHA,SELL,3200,107.38,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,NAMAN SECURITIES & FINANCE PVT LTD,SELL,58961,106.44,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,NARAIN PAREEK,SELL,3601,106.98,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,NIKUNJ K SHAH,SELL,11162,105.34,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,P VANITHA,SELL,3001,109.64,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PANNEER SELVAM ILLYARAJA,SELL,3300,106.04,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PAWAN NATANI,SELL,2500,105.96,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PHOOL MATI DEVI,SELL,6500,108.19,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PITCHUMANI R,SELL,4500,109.00,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PRAGATI PAPER MILLS LTD,SELL,12072,108.10,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,PRASHANT GOYAL,SELL,4504,108.18,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RACHANA S BAJAJ,SELL,5009,107.80,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RADHA DEVI,SELL,2000,106.71,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RAHUL DOSHI,SELL,9852,106.44,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RAJIV SOBTI,SELL,13077,106.79,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RAJU AYILUCHETTIAR,SELL,3000,108.64,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RAM PRADEEP MAURYA,SELL,6500,108.53,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RASHMI.....,SELL,3063,106.28,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,REDDY SANNAPPAREDDY SAMPATHKUMAR,SELL,5000,110.00,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,RITU MAHESHWARI,SELL,3000,107.23,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,S SRINIVAS,SELL,2360,105.34,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SAHU MAHENDRA,SELL,3000,109.00,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SANGAM SRINIVAS,SELL,3500,106.25,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SASI KUMAR,SELL,3000,107.70,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SATYA FINANCIAL SERVICES PROP ADARSH KUMAR AGGARWAL,SELL,3411,105.19,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SEEMA KAPOOR,SELL,4082,105.03,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SETU SECURITIES LTD,SELL,5527,111.40,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SHAH HITESH AMILAL,SELL,3100,106.68,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SMC GLOBAL SECURITIES LTD.,SELL,10104,106.72,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SPIRE ASSOCIATES,SELL,14574,105.99,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUBRAMANIAN SITTRARASU,SELL,3300,106.02,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUBRATA GHOSH,SELL,3000,108.06,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUNDARA RAJ. R. P,SELL,4500,107.80,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUNIL BARMAN,SELL,6000,109.73,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SUNJAY S NIHALANI,SELL,5000,107.11,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,SYED SHAKEEL AHMAD,SELL,3000,108.89,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,T SUBBAREDDY,SELL,3000,108.68,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,TAJINDERJIT SINGH,SELL,18977,107.65,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,TILAVALLI SHAMBHU,SELL,5000,106.02,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,TRANSGLOBAL SECURITIES LTD.,SELL,86023,106.66,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,VIDHYA DEVI KABRA,SELL,6601,105.70,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,VIJAYARANGAN ANITHA,SELL,3300,106.05,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,VINAY GIRISHKUMAR SHAH,SELL,13188,106.51,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,15000,105.27,-
26-AUG-2008,VINCARDS,Vintage Cards & Creations,YUVAK SHARE TRADING PVT LTD,SELL,55776,108.65,-
26-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,SELL,148013,278.09,-
26-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,123910,282.27,-
26-AUG-2008,VITLINFO,Vishal Information Techno,BUNIYAD CHEMICALS LIMITED,SELL,57908,286.60,-
26-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,SELL,99732,277.85,-
26-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,SELL,120394,279.40,-
26-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,SELL,53903,282.19,-
26-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,64751,279.79,-
26-AUG-2008,VITLINFO,Vishal Information Techno,MANAN P DALAL,SELL,91530,279.27,-
26-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,SELL,55505,277.72,-
26-AUG-2008,VITLINFO,Vishal Information Techno,MARWADI SHARES AND FINANCE LIMITED,SELL,124840,277.69,-
26-AUG-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,SELL,68746,281.72,-
26-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,SELL,133058,278.12,-
26-AUG-2008,VITLINFO,Vishal Information Techno,SMART EQUITY BROKERS PRIVATE LIMITED,SELL,55074,276.96,-
26-AUG-2008,VITLINFO,Vishal Information Techno,SMC GLOBAL SECURITIES LTD.,SELL,53944,280.91,-
Post Session Commentary - Aug 26 2008
Markets had made smart recovery on sustained buying during final trading hours that pushed markets to close marginally in green. Indian market opened on weak note tracking negative cues from global markets and continued to trade lower due to sustained selling pressure. Some buying helped benchmarks to pull back from lower levels but market was not able to sustain the momentum and turned choppy. Further, domestic market started recovering since mid afternoon trade and finally managed to close with marginal gains. Decline in Crude by $2.31 a barrel to $112.80 also helped markets a bit. NSE Nifty ended above 4,300 mark and BSE Sensex crossed 14,400 level. From the sectoral front, interest rate sensitive Bank and Auto stocks were back in demand and outperformed the benchmark index. Along with that, buying was continued in IT, Capital Goods and Pharma stocks. However, Oil & Gas, Metal and Reality stocks remained out of favor as most of the selling was seen from these baskets. The market breadth was positive as 1199 stocks closed in green while 1389 stocks closed in red and 104 stocks remained unchanged.
The BSE Sensex closed higher by 31.87 points at 14,482.22 and NSE Nifty ended marginally up by 2.15 points at 4,337.50. The BSE Mid Caps closed with gains of 3.56 points at 5,744.77 while Small Caps ended down by 9.63 points at 6,912.62. The BSE Sensex touched intraday high of 14,495.27 and intraday low of 14,286.38.
Gainers from the BSE are HDFC Bank Ltd (3.92%), Satyam Computer (3.25%), Wipro Ltd (2.14%), BHEL (1.96%), M&M Ltd (1.91%), TCS Ltd (1.77%), Reliance Infra (1.77%), ICICI Bank Ltd (1.68%) and HUL (1.48%).
Lossers from the BSE are Reliance (2.30%), JP Associates (1.85%), Tata Steel (1.37%), HDFC (0.83%), Reliance Com Ltd (0.62%), Sterlite In (0.57%), Bharti Airtel (0.49%), Infosys Tech (0.32%) and Tata Motors (0.18%).
The BSE Bank index closed up by 116.82 points at 6,862.54. Gainers are Indus Ind bank (5.18%), HDFC Bank Ltd (3.92%), Bank of Baroda (2.95%), Kotak Bank (2.82%), ICICI Bank Ltd (1.68%) and Punjab National Bank (1.52%).
The BSE Auto index ended higher by 50.62 points at 3,916.49. As Bosch Ltd (13.61%), Apollo Tyre (5.80%), M&M Ltd (1.91%), Bajaj Auto (1.38%), Maruti Suzuki (1.17%) and Exide Indus (1.16%) closed in positive territory.
The BSE Capital Goods index ended up by 35.92 points at 11,893.41. Major gainers are Punj Lloyd (3.16%), Crompton Greaves (2.20%), BHEL (1.96%), SKF India (1.36%), Siemens Ltd (0.70%) and L&T Ltd (0.55%).
The BSE IT index advanced by 33.05 points to close up at 3,895.48. Gainers are NIIT Ltd (3.31%), Satyam Computer (3.25%), Tech Mahindra (2.88%), HCL Tech (2.77%), Wipro Ltd (2.14%) and TCS Ltd (1.77%).
The BSE Oil & Gas index closed lower by 116.85 points at 9,768.34. Lossers are Reliance (2.30%), Aban Offshore (1.27%), Cairn India (0.16%) and Essar Oil Ltd (0.05%).
The BSE Metal index lost 61.29 points to close at 12,182.08. Major lossers are Jai Corp Ltd (2.07%), NMDC Ltd (1.92%), Gujarat Nre C (1.91%), Welspan Gujarat Sr (1.63%), Tata Steel (1.37%) and JSW SL (0.87%).
FirstSource Solutions Zooms
Shares of back-office firm Firstsource Solutions surged 23.19% to Rs 48.60 at 15:26 IST on BSE, boosted by fall in rupee against the dollar.
Meanwhile, the BSE was up 30.54 points, or 0.21%, at 14483.79.
On BSE, 85.31 lakh shares were traded in the counter. The scrip had an average daily volume of 2.29 lakh shares in the past one quarter.
The stock hit a high of Rs 49.20 and a low of Rs 38.95 so far during the day. The stock had a 52-week high of Rs 89.80 on 3 January 2008 and a 52-week low of Rs 28.80 on 2 July 2008.
Firstsource Solutions was added for trading in futures & options segment of the National Stock Exchange (NSE) from 21 August 2008.
The scrip had outperformed the market over the past one month till 25 August 2008, rising 18.11% compared to the Sensex’s 1.23% gain. It had also outperformed the market in the past one quarter, falling 5.73% compared to Sensex’s 13.21% fall.
The mid-cap business process outsourcing services provider has an equity capital of Rs 428.02 crore. Face value per share is Rs 10.
The Indian rupee fell to 17-month lows on Tuesday, 26 August 2008 and weakened beyond 44 per dollar, weighed down by weak Asian indices and greater demand for the US dollar from oil importers. Firstsource Solutions derives close to 62% cent of its revenues from North America and about 28% from the UK.
Firstsource Solutions reported a net loss of Rs 58.22 crore in Q1 June 2008 as against net profit of Rs 8.33 crore in Q4 March 2008. Sales rose 0.05% to Rs 134.93 crore in Q1 June 2008 over Q4 March 2008.
Firstsource Solutions provides business process outsourcing services. The company provides services globally to companies in the banking, financial services, and insurance industrie
Market ends slightly higher on recovery in bank stocks; RIL slips
Stocks ended choppy trading sessions slightly higher boosted by fall in crude oil prices and reports of a near normal monsoon. The BSE 30-share Sensex rose 31.87 points. IT and banking stocks played a lead role in the recovery. The market had opened weak on negative global cues. Index heavyweight Reliance Industries (RIL) slipped. The market breadth was negative. European and Asian markets were trading lower.
India's annual monsoon rains between 1 June 2008 to 24 August 2008 were just below the long-term average, a government statement said today, 26 August 2008. The rains are vital for the rural economy as India has limited irrigation. Up to late August 2008, the rains were 1% below the average.
US crude fell $1.71 to $113.40 a barrel today, 26 August 2008, as the US dollar strengthened, countering concern that Hurricane Gustav could threaten oil installations in the Gulf of Mexico.
As per provisional data on NSE, Foreign institutional investors (FIIs) were net equity sellers worth Rs 572.04 crore while mutual funds purchased shares worth Rs 276.92 crore today, 26 August 2008.
The BSE 30-share Sensex rose 31.87 points or 0.22% to 14,482.22. At the day’s high of 14,495.27 hit in late trade, the Sensex gained 44.92 points. Sensex hit a low of 14,286.38 in early trade. At the day’s low, the Sensex lost 163.97 points.
The S&P CNX Nifty rose 2.15 points or 0.05% at 4337.50. Nifty August 2008 futures were at 4352.75, at a premium of 15.25 points as compared to spot closing.
The BSE Sensex is down 5804.77 points or 28.61% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6724.55 points or 31.70% away from its all-time high of 21,206.77 struck on 10 January 2008.
Global cues were negative. Asian markets, which opened before Indian markets were weak today, 26 August 2008. Key benchmark indices in China, Hong Kong, Japan, Taiwan, Singapore, and South Korea were down by between 0.23% and 2.62%.
European markets, which opened after Indian market, were subdued. Key benchmark indices in UK, Germany and France were down by between 0.11% and 1.82%.
The BSE Mid-Cap index rose marginally by 0.06% to 5,744.77 and the BSE Small-Cap index slipped 0.14% to 6,912.62.
Volatility may remain high in the near term ahead of the expiry of derivative contracts for the August 2008 on Thursday, 28 August 2008. As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 31% while that of Nifty was at 28%, as of Monday, 25 August 2008.
The market breadth was negative on BSE with 1376 shares declining as compared to 1212 that advanced. 103 remained unchanged.
The total turnover on BSE amounted to Rs 3769 crore as compared with Rs 3,255.57 crore yesterday, 25 August 2008. NSE's futures & options (F&O) segment turnover was Rs 49,779.36 crore, higher than Rs 45,979.13 crore on Monday, 25 August 2008.
Among the 30-member Sensex pack, 16 declined while the rest advanced.
Bank stocks staged a comeback from early lows. India’s second largest private sector bank by net profit HDFC Bank vaulted 3.96% to Rs 1256 on 3.20 lakh shares. It was the top gainer from Sensex pack. The stock recovered sharply from day’s low of Rs 1175.
ICICI Bank (up 1.46% to Rs 665.45, off day’s low of Rs 639), and State Bank of India (up 0.63% to Rs 1366, off day’s low of Rs 1333.45) also logged gains.
Most IT stocks rose as the rupee weakened to 17-month low beyond 44 per dollar. Satyam Computer Services (up 3.36% at Rs 406.50), Wipro (up 2.25% to Rs 429.10), and TCS (up 1.97% to Rs 834), rose.
A weak rupee boosts margins of IT companies as they derive a lion's share of revenue from exports to US.
However Infosys Technologies, the country’s second largest software services exporter fell 0.36% to Rs 1697. The stock moved in a range of Rs 1688 and Rs 1739.80 during the day. The company said after trading hours on Monday, 25 August 2008, it has agreed to acquire UK based SAP consulting company Axon Group plc, for 407.1 million pounds or Rs 3310 crore. Axon reported profit after taxation of 20.2 million pounds (Rs 160 crore) on revenue of 204.5 million pounds or Rs 1660 crore in the year ended 31 December 2007.
India’s largest pharma company by sales, Ranbaxy Laboratories rose 1.15% to Rs 518. As per reports on 25 August 2008, the purchase a controlling stake by Daiichi Sankyo, Japan's third-largest drugmaker, in the company, needs the approval of the Cabinet Committee on Economic Affairs because it exceeds Rs 600 crore.
Real estate heavyweights DLF (up 0.87% to Rs 499.50), and Unitech (up 0.62% to Rs 161.30), rose.
India’s largest oil exploration company by market capitalisation Oil & Natural Gas Corporation advanced 1.12% to Rs 1023.05 on reports its unit ONGC Videsh was finalising a 1.4 billion pounds bid to buy Russia-focussed oil explorer Imperial Energy. Imperial said in a statement today, 26 August 2008, that a 1,250 pence per share cash offer was being discussed and that a further announcement on the matter was expected later in the day.
India’s top power equipment maker by sales, Bharat Heavy Electricals gained 2.04% to Rs 1723 after the company said it had won a contract worth Rs 140 crore from the United Arab Emirates for two gas turbine generating units of 42 megawatt each.
Mahindra & Mahindra (up 2.05% to Rs 575), and Hindustan Unilever (up 1.89% to Rs 248.50), edged higher from the Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) slumped 2.06% at Rs 2185 on 13.03 lakh shares. It was the top loser from Sensex pack. The stock recovered from session's low of Rs 2145.90. As per reports, RIL is planning to transfer 80% of its participatory interest (PI) in the D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries. The block is reportedly valued at nearly $50 billion.
Shares of frontline telecom service providers were subdued. India's second largest listed cellular services provider by sales Reliance Communications (RCom) slipped 0.65% to Rs 406.75. The issue of RCom's interconnection with GSM operators was resolved last week.
India’s largest cellular services provider by sales Bharti Airtel declined 0.21% to Rs 812.05.
Tata Motors, the country’s top truck manufacturer by sales, fell 0.18% to Rs 433.50 even as the West Bengal Chief Minister Buddhadeb Bhattacharjee said his government may compensate farmers at Tata Motors' factory in Singur to resolve a dispute over the Nano car plant.
Jaiprakash Associates (down 1.56% to Rs 157.30), HDFC (down 1.32% to Rs 2332.30), and Tata Steel (down 1.27% to Rs 578.15) edged lower from the Sensex pack.
Reliance Industries was the top traded counter on BSE with turnover Rs 283.30 crore followed by Reliance Capital (Rs 248.20 crore), Reliance Natural Resources (Rs 173 crore), Vishal Information Systems (Rs 158.45 crore) and Infosys Technologies (Rs 116.60 crore), in that order.
Reliance Natural Resources topped volumes charts on BSE clocking volumes of 1.86 crore shares followed by Pennar Industries (1.81 crore shares), Firstsource Solutions (87.85 lakh shares), Marksans Pharma (72.50 lakh shares) and IFCI (63.26 lakh shares), in that order.
Pennar Industries slumped 4.95% to Rs 31.70 on massive volumes. The company today, 26 August 2008, said Hyderabad's JR Realtor Services had acquired 1.30 crore shares or 10.28% of its share capital through a block deal at a weighted average price of Rs 32.47 per share.
Among the side counters, Firstsource Solutions (up 24.46% to Rs 49.10), Lumax Industries (up 15.77% to Rs 189), and Usher Agro (up 20% to Rs 127.70), surged
Sasken Communication Technologies slipped 1.27% to Rs 151.15 after the company said it has filed an appeal before the Securities Appellate Tribunal to proceed with its proposed buyback of shares. The company made this announcement before trading hours today, 26 August 2008.
TTK Prestige surged 20% to Rs 158.55 after the firm said its board will meet on 1 September 2008 to consider delisting of equity shares from BSE and NSE. The company made the announcement after market hours on Monday, 25 August 2008.
Bosch soared 13.65% to Rs 4149 after the company said its board will meet on 2 September 2008 to consider a share buyback. The company made the announcement after market hours on Monday, 25 August 2008.
HCL Technologies gained 2.68% to Rs 229.60 after the company said it has acquired Control Point Solutions of United States, a leading provider of voice, data and wireless telecommunications expense management services. The company made this announcement during trading hours on Monday, 25 August 2008.
US markets plunged yesterday, 25 August 2008, led by financials as AIG tumbled to a 13- year low, while Washington Mutual led other financial companies lower. The Dow Jones industrial average slumped 241.81 points, or 2.08%, to 11,386.25. The S&P 500 index lost 25.36 points, or 1.96%, to 1,266.84, and the Nasdaq Composite index declined 49.12 points, or 2.03%, to 2,365.59.
Daily call - Aug 26 2008
The markets could not sustain the gains logged in the first few minutes of the trade on Monday morning and eventually frittered them away by the close of trade, though the gains that you finally see are nothing but averages of the last half an hour. The 4400 level has turned out to be a pretty tough resistance to overcome. On the downside, I see support at 4248.
Infosys' proposed take over of Axon Group in the UK, may be a tad expensive, late in the day and not exactly a value buy, but it is a better investment than making cash sit idle in your balance sheet. From that sense, we like what we see. This should essentially take the pressure off the management and give them the elbow room to now look at smaller and more snugly fitting plays, something that they had been avoiding so far.
Pre Session Commentary - Aug 26 2008
The Indian Market is expected to have negative opening as the US market closed in red and Asian markets are trading lower. On Monday, domestic market trimmed its earlier gains and ended sharply lower from the days’ high due to the profit booking at higher levels. Market opened higher tracking favorable cues from global markets and sharp drop in crude oil prices. Further market turned unstable and started its downward journey since afternoon. Domestic market continued to lose ground till the end of session but managed to conclude the day marginally up. NSE Nifty ended above 4,300 mark and BSE Sensex crossed 14,400 level. From the sectoral front, buying was seen in Bank, Reality, Auto and IT stocks. However, Metal, Power, Capital Goods and Oil & Gas stocks remained out of favor as most of the selling was seen from these baskets. The BSE Sensex closed higher by 48.86 points at 14,450.35 and NSE Nifty ended marginally up by 7.90 points at 4,335.35. The BSE Mid Caps closed with gains of 14.36 points at 5,741.21 while Small Caps ended down by 3.60 points at 6,922.25. We expect that market may decline during the trading session.
On Monday, the US market was closed lower on negative news about financial sector. Dow registered its largest fall in about one month. Investors waited for some resolution on problems faced by Fannie Mae, Freddie Mac and Lehman Brothers following rampant speculation last week. Negative sentiment was also fueled by South Korean regulators’ instruction to Korean Development Bank to take a cautious approach before making an acquisition of an overseas bank. The bank had expressed interest in Lehman Brothers.
The Dow Jones Industrial Average (DJIA) closed lower by 241.81 points to close at 11,386.25. The NASDAQ index decreased by 49.12 points to close at 2,365.59 and the S&P 500 (SPX) gained 25.36 points to close at 1,266.84.
Indian ADRs ended weak. In technology sector, Infosys ended lower by (3.99%) followed by Patni Computers dropped by (3.12%), Wipro by (3.01%) and Satyam by (1.79%). In banking sector HDFC bank and ICICI Bank lost (2.41%) and (0.80%). In telecommunication sector, Tata Communication ended down by (5.11%) while MTNL ended up by (0.83%). Sterlite industries decreased by (3.40%).
Today the major stock markets in Asia are trading lower after Wall Street drop. Japan’s Nikkei is trading lower by 169.14 points at 12,709.52 along with Hang Seng index trading down by 147.18 points at 20,957.61, Taiwan Weighted trading 6.969.44 gained by 61.28 points and Singapore''s Straits Times is plunged 31.03 points at 2,702.42.
The FIIs on Monday stood as net seller in equity and in debt. The gross equity purchased was Rs1,689.70 Crore and the gross debt purchased was Rs77.40 Crore while the gross equity sold stood at Rs1,803.50 Crore and gross debt sold stood at Rs123.20 Crore. Therefore, the net investment of equity reported was (Rs113.80) Crore and net debt was (Rs45.80) Crore.
Indian Rupee fell sharply by 36 paise to close at 43.78/79 from Friday''s level of 43.42/43 against the dollar on sustained capital outflows amid strong dollar overseas. Strong sell off in the equities after a firm start also added to the downward movement.
Today, Nifty has support at 4,213 and resistance at 4,394 and BSE Sensex has support at 13,954 and resistance at 14,682.
Market may remain nervous
The south-bound trend in the market is likely to continue on the back of a weak global indices. Most of the Asian indices have paired their early gains and currently trading in the red which may further dampen the investors' sentiment. On the positive front crude oil prices are down for last few sessions. Among the key domestic indices, the Nifty may test 4300 on the downside while on the upside the index could test higher levels of 4370. The Sensex has a likely support at 14300 and may face resistance at 14550.
US indices declined sharply on Monday on credit market problems and higher oil prices. Investors discount better-than-expected existing home sales report. While the Dow Jones slipped almost 242 at 11386, the Nasdaq lost 49 points to close at 2366.
Indian ADRs trading on the US bourses, too, succumbed to heavy losses. Among the major losers VSNL, Infosys, Patni Comp and Wipro shed over 3-5% each. Dr Reddy's, Tata Motors, ICICI bank, Satyam, Rediff and HDFC Bank were down around 0.80-2% each. However, MTNL ended with steady gain.
Crude oil prices declined marginally, with the Nymex light crude oil for September delivery slipping by 34 cents to close at $115.11 a barrel. In the commodity space, the Comex gold for December series lost $7.70 to settle at $825.70 a troy ounce.
Market seen weak on negative global cues
Key benchmark indices are geared for weak session of trade today, 26 August 2008 mirroring negative global markets on renewed fears of credit market crisis. Volatility will remain high ahead of the expiry of derivative contracts for the August 2008 on Thursday, 28 August 2008.
As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 31% while that of Nifty was at 28%, as of Monday, 25 August 2008.
Crude for October 2008 delivery rose 37 cents to $115.48 a barrel today, 26 August 2008 supported by worries that tropical storm Gustav in the Caribbean would turn into a hurricane and disrupt oil output in the Gulf of Mexico.
Asian markets were trading weak today, 26 August 2008. China's Shanghai Composite slipped 0.94% or 22.71 points at 2,390.66, Japan's Nikkei tumbled 1.31% or 169.14 points at 12,709.52, Hong Kong's Hang Seng fell 0.70% or 147.18 points at 20,957.61, Taiwan's Taiwan Weighted lost 0.87% or 61.28 points at 6,969.44, Singapore's Straits Times plunged 1.14% or 31.03 points at 2,702.42 and South Korea's Seoul Composite was down 0.16% or 2.35 points at 1,499.76.
US markets plunged yesterday, 25 August 2008, led by financials as AIG tumbled to a 13- year low, while Washington Mutual led other financial companies lower. The Dow Jones industrial average slumped 241.81 points, or 2.08%, to 11,386.25. The S&P 500 index lost 25.36 points, or 1.96%, to 1,266.84, and the Nasdaq Composite index declined 49.12 points, or 2.03%, to 2,365.59.
The International Monetary Fund has reportedly trimmed its global growth forecasts for 2008 and 2009 in a note prepared for a meeting of the Group of 20 nations.
Back home, profit booking in late trade curtailed gains in key benchmark indices yesterday, 25 August 2008 after a strong start. The BSE 30-share Sensex rose 48.86 points or 0.34% at 14,672.69 and the S&P CNX Nifty rose 7.90 points or 0.18% at 4,335.35, on that day.
The BSE Sensex is down 5,836.64 points or 28.77% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6756.42 points or 31.84% away from its all-time high of 21,206.77 struck on 10 January 2008.
Foreign institutional investors (FIIs) were net equity buyers worth Rs 62.92 crore while mutual funds purchased shares worth Rs 96.26 crore on Monday, 25 August 2008, according to provisional data on NSE.
FIIs were net buyers of Rs 1481.39 crore in the futures & options segment on Monday, 25 August 2008. They were net buyers of index futures to the tune of Rs 737.06 crore and purchased index options worth Rs 542.34 crore. They were net buyers of stock futures to the tune of Rs 178.20 crore and bought stock options worth Rs 23.79 crore.
US Market drowns in losses
Triple digit trouble for the Dow
In the US stock market on Monday, 25 August, US stocks were back to their loss making mode. Trading volume was substantially light showing no conviction among buyers. Dow registered its largest drop in almost a month. Overall it was a slow news day, although there were several negative headlines out of the financial sector. All the ten sectors ended in the red today led by the financial sector.
Market opened the day in the red. It lingered in the same for the entire day. Even the better than expected housing report failed to send any positive vibes within the market. The Dow Jones industrial Average ended the day with a loss of 241.81 points at 11,386.25. The Nasdaq Composite Index, finished lower by 49.12 points at 2,365.59. S&P 500 finished lower by 25.36 points at 1,266.84.
All the thirty Dow components ended in the red today. AIG led the team being down 5.5% after Credit Suisse analysts lowered their third-quarter profit estimate and target price on the insurance giant.
The financial sector continued to be in the doldrums even today. After last week’s news, it was reported today that South Korean regulators have told the Korea Development Bank to take a cautious approach before making an acquisition of an overseas bank after the company expressed interest in Lehman Brothers.
Among economic news hitting the wires at US today, the National Association of Realtors reported today at USA that July existing home sales (U.S. single-family homes and condominiums) rose 3.1% month-over-month to a seasonally adjusted 5 million annual rate. Sales of single-family homes rose 3.1% to a 4.39 million annual pace. Condo sales rose 3.4% to 610,000 annualized. Total sales follow the 2.8% decline in June. Market expected July sales to increase 1.1% to 4.91 million.
The report also stated that existing home sales are down 13.2% year-over-year, and have an inventory supply of 11.2 months, compared to the 2007 average inventory supply of 8.9 months. The median sales price fell 1.3% month-over-month to $212,400, and is down 7.1% compared to last year.
July's inventory of unsold homes on the market rose 3.9% to a record 4.67 million units, representing a supply of 11.2 months based on the current sales pace. The inventory figures are not seasonally adjusted. A sharp increase in condo inventory accounted for the gain in July. Inventories of condos rose to a record 769,000 units.
Meanwhile, the IMF cut its forecast for 2008 and 2009 world economic growth by 20 basis points to 3.9% and 3.7%, respectively, primarily due to a worsening outlook for the eurozone.
All the Indian ADRs ended in the red today. VSNL and Infosys Technologies were were the topmost losers shedding 5% and 4% respectively.
Crude-oil futures for light sweet crude for October delivery closed at $115.11/barrel (higher by $0.52 or 0.5%) on the New York Mercantile Exchange. Prices rose to a high of $116.08 and fell to an intra day low of $113.68 during the day. Crude oil rose after Tropical Storm Gustav formed in the Caribbean Sea today; raising concern oil fields in the Gulf of Mexico may be struck.
Trade volume was particularly light. On the New York Stock Exchange, volume topped 865 million, and declining issues overtook those advancing more than 3 to 1. On the Nasdaq, nearly 593 million shares exchanged hands, and advancers topped decliners, also by a more-than-3-to-1 ratio.
For tomorrow, other than a few earning reports, July new home sales and August consumer confidence data are due tomorrow just after opening bell rings. Other than that, the minutes from the latest Federal Open Market Committee are due in the afternoon.
Trading Calls - Aug 26 2008
Nifty (4335) Sup 4250 Res 4400
Buy Sterlite (619) SL 613
Target 632, 634
Buy HUL (243) SL 239
Target 251, 253
Sell Kotak Bank (583) SL 588 Target 573, 570
Sell Tata Steel (585) SL 590 Target 575, 573
Sell Unitech (160) SL 163
Target 154,153
The Axon effect for Infosys…
Give me six hours to chop down a tree and I will spend the first four sharpening the axe.
After sharpening its axe for years, Infosys has finally cut a deal chopping aside all other IT deals of the past in IndiaInfosys announced the country's biggest ever acquisition in the IT space. The Bangalore-based software major has acquired UK-based SAP consulting firm Axon for $753mn or Rs33bn. At almost 20% premium to Friday's closing price of Axon and two times sales, the all-cash deal is not cheap. Its operating margin, at 15% is nearly half of Infosys. But, in the long run, it is expected to boost the company's business in the UK and Europe.
There’s a lot more to the market than Infosys. A deal of this size may save the stock for some time but not the sentiment on the sector. Overall, we may witness more weakness today, at least in opening trades on the back of the overnight fall in US shares.
All the three main US indices were down nearly 2% each. Stock benchmarks also fell in key markets in Europe and Latin America. But, Asian markets haven't fallen as much as their western counterparts. Crude oil is only marginally higher at around $115 per barrel. So, there is still hope for the bulls that things might improve as the day wears on. Expect a lot of stock centric action with Infosys likely to hog the limelight in the wake of its big-bang acquisition.
The trading was pretty dull yesterday, with the key indices managing only slim gains after a strong start due to a selloff in the afternoon session. Market breadth was more or less balanced. Interestingly traded volume was quite low, which was a bit if a surprise in a derivative settlement week. This reinforces our view that both, the bulls and the bears are a little confused about the near-term prospects of the market. They appear to be reluctant in making any firm commitment at this stage given the uncertainties surrounding local and global markets.
This is reflected in the provisional NSE figures for FIIs and local funds, both of whom did modest buying on a net basis. FIIs were net buyers of Rs629.2mn (provisional) in the cash segment on Monday. Local institutions were net buyers of Rs962.6mn. In the F&O segment, the foreign funds were net buyers of Rs14.8bn. On Friday, the FIIs were net sellers of Rs1.14bn in the cash segment. Mutual Funds were net buyers of Rs1.8bn.
US shares plummeted on Monday after rallying on Friday. The main stock indices dropped after a flurry of disappointing news about several major financial institutions. The day's housing data failed to dissipate investors' unease. Oil prices were volatile and the dollar was mixed.
At the close, the Dow Jones Industrial Average was down 241.81 points, or 2.08%, at 11,386.25 and the broader Standard & Poor's 500 index declined 25.36 points, or 1.96%, to 2,365.59. The technology heavy Nasdaq was down 2.03% or 49.12 points at 2,365.59.
All of the Dow's 30 components finished in the red, with the losses led by insurance giant American International Group (AIG). All of the S&P 500 index's 10 industry groups suffered losses, paced by a 2.7% fall in the financials.
Market breadth was pretty light with many Wall Street professionals taking the last week of August off. About 865mn shares changed hands on the New York Stock Exchange, the slowest trading day of the year. Volume last week was 35% less than the year-to-date average.
There may be a whole other leg of the ongoing credit market mess that hasn't been anticipated yet. Renewed concerns about the financial sector's health over the last few days have stopped investors from continuing any advance.
Existing home sales jumped to a five-month high in July, topping forecasts, while home prices fell. Sales of previously owned homes in the US rose 3.1% in July, a gain that masked further housing weakness as inventories of unsold properties increased.
A recovery in the US housing market is unlikely until well into 2009, Housing and Urban Development Secretary Steve Preston said.
AIG tumbled to a 13-year low after Credit Suisse said the insurer may lose $2.4bn this quarter on mortgage- related writedowns. Fitch ratings said late on Friday that it might cut its ratings on the insurance giant.
Washington Mutual and Huntington Bancshares each dropped more than 6% after Columbian Bank & Trust became the ninth US bank to collapse this year. Alcoa and Freeport-McMoRan Copper & Gold led the S&P 500 Materials Index to a 2.3% decline as gold and aluminum prices decreased.
Lehman Brothers slid 6.7% after speculation eased that state-run Korea Development Bank is likely to acquire the troubled Wall Street firm, following comments from a top Korean regulator that could discourage such a move.
JP Morgan said the market value of its investments in Fannie Mae and Freddie Mac preferred stock has likely fallen by half to $600mn, according to reports. brokerage said that this could impact its quarterly earnings.
Fannie Mae and Freddie Mac shares managed to bounce back after Freddie's debt offering saw strong demand.
Oil prices seesawed after tumbling $6.59 a barrel on Friday. US light crude oil for October delivery rose 52 cents to settle at $115.11 per barrel on the New York Mercantile Exchange.
Retail gas prices continued to drop overnight, extending their downward trend, according to a survey of gas station credit-card activity. Gasoline prices are down 10% from all-time highs hit in mid-July.
In the bond market, Treasury prices rallied, lowering the yield on the benchmark 10-year note to 3.78% from 3.86% late on Friday. The dollar gained versus the euro and slipped against the yen. COMEX gold for October delivery fell $6.70 to $822.80 an ounce.
The dollar's rally over the past month is close to unprecedented in the 35 years since the US currency was decoupled from gold and will have room to rise on bets the European Central Bank (ECB) will begin cutting borrowing costs, according to Lehman Brothers.
Tuesday brings reports on July new home sales, August consumer confidence and the minutes from the last Federal Reserve policy meeting.
Stocks in Europe drifted lower in thin trading, paced by a decline in banks. The Dow Jones Euro Stoxx 50 fell 32 points, or 1%, to 3,280.41. Germany's DAX 30 fell 45.47 points, or 0.7%, to close at 6,296.95 and the French CAC 40 dropped 44.58 points, or 1%, to end at 4,355.87. The London Stock Exchange (LSE) was closed on Monday for a public holiday.
In the emerging markets, Brazil's Bovespa was down 2.5% to 54,477 while Mexico's IPC index fell 1.7% at 26,416. The RTS index in Russia tumbled 3.2% to 1647 and the ISE National-30 index in Turkey was down 0.5% at 50,263.
Markets gave up early gains gradually as traders and investors preferred to book profits at higher levels. However, despite a falling trend, key indices managed to end with modest gains as bulls extended its winning streak to second trading session.
Among the 30-components of Sensex, 16 stocks were in the green and 14 stocks were in red. HDFC, ICICI Bank, HDFC Bank and Bharti Airtel were among the major gainers. On the other hand, Reliance Industries, BHEL and Tata Power were among the major laggards.
Finally, the benchmark Sensex gained 48 points to close at 14,450 and Nifty ended 8 points higher to close at 4,335.
Shares of HCL Technologies gained by a percent to Rs223 after the company announced that it would acquire Control Point Solution for US$20.8mn. The valuation is on cash free and debt free basis. The scrip touched an intra-day high of Rs227 and a low of Rs222 and recorded volumes of over 22,000 shares on BSE.
Shares of Gujarat Apollo Industries advanced by over 4.5% to Rs183 after the board of directors of the company considered issue of bonus shares in the proportion of one share for every two shares held. The scrip touched an intra-day high of Rs206 and a low of Rs180 and recorded volumes of over 89,000 shares on BSE.
Era Infra ended 0.4% lower at Rs475. The company announced that it secured a contract worth Rs423.5mn for construction of industrial worker housing (1892 Dwelling Units of Type-I, Type-III & Single Room Dormitory) with cost effective technologies (Composite Work) complete at Narela Industrial Complex from Delhi State Industrial and Infrastructure Development Corporation Ltd (DSIIDC). The scrip touched an intra-day high of Rs498 and a low of Rs468 and recorded volumes of over 64,000 shares on BSE.
JK Lakshmi Cement advanced over 2.5% to Rs79 after reports stated that the company is planning to expand its capacities. The company is planning to set up five ready-mix concrete plants, for an investment of up to Rs10bn by end of this fiscal. The scrip touched an intra-day high of Rs84 and a low of Rs78 and recorded volumes of over 55,000 shares on BSE.
Purvankara Projects surged by over 5% to Rs188 after media reports stated that its arm is in talks with PE firms to raise Rs7.5bn. Reports also stated that the company’s arm would dilute 30-40% stake in 7 low cost projects. The scrip touched an intra-day high of Rs194 and a low of Rs186 and recorded volumes of over 12,000 shares on BSE.
Punjab Chemicals gained by 0.5% to Rs280 after the board of directors of the company announced that they would meet on August 29, 2008, to consider acquiring stake in an agrochemical formulation unit. The scrip touched an intra-day high of Rs285 and a low of Rs276 and recorded volumes of over 35,000 shares on BSE.
RIL may transfer 80% in KG D6 to its four unlisted subsidiaries (ET)
Tata Motors to pull out of Singur, if the situation does not improve within the next fortnight (ET)
NTPC seeks government nod to raise ECBs worth US$25bn (BL)
SAIL has expressed concerns over likely delays in its expansion projects due to problems in equipment supply (BL)
Norway’s StatoilHydro is keen to treble its stake to 30% in a gas block operated by ONGC in KG basin (BS)
ONGC notifies four new discoveries and plans Rs4.5bn to enhance its E&P capabilities (BL)
BSNL, Bharti, Tata Comm and Saudi Telecom to invest around US$400mn in an undersea cable link (FE)
NALCO has floated a tender to export 30,000 tons of alumina (BL)
Wipro to launch Unza’s personal care portfolio in India this month (ET)
HCL Tech has signed an agreement to acquire US-based Control Point Solutions (ET)
Bharti Airtel ties up with IBM for sharing technology and services (ET)
BHEL and Heavy Engineering Corp Ltd plan to join hands to manufacture forging equipments for nuclear power plants (DNA)
IOC, HPCL and BPCL have asked the government for US$4bn forex loan from the RBI (FE)
Trai data reveals that Airtel and RCom tops the list of most congested networks (BS)
Britannia Industries to increase prices if input cost continue to spiral (BS)
Government is taking a tough stance against oil majors ONGC, RIL and Cairn for delaying payment of royalties (ET)
Essar Oil’s arm to bid for more oil & gas blocks in Australia (BL)
Jet and Kingfisher to spend about Rs1bn each towards global brand campaigns (DNA)
Dr Reddy’s has renamed its US subsidiary Reddy Pharmaceuticals as Promius Pharma (ET)
GHCL has decided to undertake a restructuring program involving hiving-off the home textile business (ET)
PTC is planning to import coal and buy stakes in overseas coal mines to diversify its business (BS)
Fortis Healthcare is undertaking a restructuring exercise and expects to achieve 16% operating margin in the current fiscal (ET)
Emami plans overseas buy to drive growth (BS)
Eicher Motors to increase price of three models of its Royal Enfield motorcycle with effect from 1st September 2008 (BS)
Tata Metaliks gets prospective license for iron ore in Maharashtra (BS)
HOV Services to mull restructuring of its subsidiary companies (BS)
Purvankara arm in talks with four PE funds to raise about Rs7.5bn (BS)
Royal Orchid to invest Rs5bn to add eight new hotels by 2010 (ET)
Emco is looking for coastal sites for setting up a power plant that will use imported coal (DNA)
Visa Steel to invest Rs20bn over neat 2-3 years (DNA)
Sasken expects good growth from its handsets business (DNA)
Nitin Fire Protection receives approval from BIS for its industrial and compressed natural gas cylinders (BL)
Era Infra has bagged orders worth Rs420mn (BL)
Economy Front page
Telecom Commission has decided to auction 3G spectrum for CDMA players in the 800 MHz band (ET)
Steel exports dip 25% in April-July 2008 to 2.75mn tons (BS)
India adds a record 9.22mn wireless subscribers in July 2008 (ET)
Fiscal Deficit target of 2.5% for 2008-09 is likely to be exceeded by a significant margin says Planning Commission Deputy Chairman, Montek Singh (ET)
State-run oil companies have proposed a Rs57/litre price for diesel they sell to industrial users (ET)
India may attract US$40bn FDI in 2008-09 (ET)
Three-year lock-in period to remain for FDI in real estate in ‘mixed’ projects that include hotel and tourism activities (ET)
The Department of Pharmaceuticals has asked the NPPA to clear price revision applications received from drug companies within a period of 30 days (ET)
Cement firms may cap prices on fear of glut (BS)
Bullion metals continue to drop
Gold and silver drop as traders think that last week’s rally was overdone
The relatively steady pushed down bullion metals on Monday, 25 August, 2008 and both gold and silver registered losses for the day. Prices were also pushed down after traders thought that last week’s rally in precious metals was overdone. Barring five sessions, gold and silver prices had registered losses in all the trading sessions in the current month of August, 2008. Silver prices also fell on Monday.
On Friday, Comex Gold for December delivery fell $7.8 (0.9%) to close at $825.7 an ounce on the New York Mercantile Exchange. It fell to an intra day low price of $820.5 earlier. Last week, the yellow metal ended higher by 5.2%, after five consecutive weeks of loss. With today’s loss, gold has lost 10% in August, 2008 till date. On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped significantly (19.65%) since then.
This year, gold prices have lost 1.5% till date as the dollar rallied against the euro. But still, euro has managed to gain 1% against the dollar till date. It has lost almost $95 in August till now. Gold ended July, 2008 lower by $11 (1.1%).
Prior to that, 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 Monday, Comex silver futures for December delivery fell 11.1 cents (0.8%) to $13.479 an ounce. Last Thursday, 24 August, 2008, silver had registered largest one day gain in almost two years. With today’s loss, silver has lost almost 9.8% in 2008 till date. 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.
Gold and silver prices have dropped 20% and 34% from their all time highs that they reached earlier this year.
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. 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 and vice versa.
At the currency markets on Monday, the greenback traded almost flat against the British pound. The dollar gained modestly against the euro. The dollar index, which tracks the value of the greenback against a basket of other major currencies, was at 76.80, almost unchanged from Friday.
Among economic news of the day at Wall Street, The National Association of Realtors reported today, Monday, 25 August, 2008 at USA that July existing home sales (U.S. single-family homes and condominiums) rose 3.1% month-over-month to a seasonally adjusted 5 million annual rate. Sales of single-family homes rose 3.1% to a 4.39 million annual pace. Condo sales rose 3.4% to 610,000 annualized. Total sales follow the 2.8% decline in June. Market expected July sales to increase 1.1% to 4.91 million.
At the crude market on Monday, crude-oil futures closed higher Monday after the formation of a new tropical storm in the Atlantic raised the possibility of supply disruptions in the Gulf of Mexico. Crude for October delivery rose 52 cents (0.5%) to settle at $115.11 a barrel
Earlier this year, the weakening dollar and higher global demand for raw materials had led to records this year for commodities including gold. Gold reached a record in March as a U.S. housing slump and credit crisis spurred the Federal Reserve to slash borrowing costs. The Federal Reserve halted cuts to its target bank lending rate in April, after slicing it in seven steps to 2% from 5.25% in September.
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. Silver had climbed 16% in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
At the MCX, gold prices for October delivery closed lower by Rs 6 (0.05%) at Rs 11,722 per 10 grams. Prices rose to a high of Rs 11,770 per 10 grams and fell to a low of Rs 11,633 per 10 grams during the day’s trading.
At the MCX, silver prices for September delivery closed Rs 132 (0.65%) higher at Rs 20,185/Kg. Prices opened at Rs 19,954/kg and rose to a high of Rs 20,349/Kg during the day’s trading.
Volatile crude ends modestly higher
Prices settle higher as lower as Tropical Storm Gustav raises supply disruption concerns
Crude oil prices fluctuated throughout the day on Monday, 25 August, 2008. But at the end, it ended modestly higher. Crude oil rose after Tropical Storm Gustav formed in the Caribbean Sea today; raising concern oil fields in the Gulf of Mexico may be struck.
Crude-oil futures for light sweet crude for October delivery closed at $115.11/barrel (higher by $0.52 or 0.5%) on the New York Mercantile Exchange. Prices rose to a high of $116.08 and fell to an intra day low of $113.68 during the day. Last week, crude prices ended higher by 0.6%. Crude had lost $15.92 (11%) in July, 2008, the biggest ever in dollars. Prices are 62% higher than a year ago. Prices reached a high of $147 on 11 July but have dropped 21.5% since then.
Crude prices also came under pressure today after Russian lawmakers voted to recognize the independence of two breakaway Georgian regions, increasing concern of new tensions in the area.
At the currency markets on Monday, the greenback traded almost flat against the British pound. The dollar gained modestly against the euro. The dollar index, which tracks the value of the greenback against a basket of other major currencies, was at 76.80, almost unchanged from Friday.
Crude prices had 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%. For the year, crude is up by 12.5% till date.
Against this background, October reformulated gasoline tacked on 1.4 cents to close at $2.8823 a gallon while October heating oil finished at $3.1514 a gallon, up 2 cents.
Natural gas in New York fell to the lowest in more than six months amid speculation inventories of the furnace fuel will be adequate for winter heating demand starting in November. Natural gas for September delivery declined 1.8 cents to settle at $7.825 per million British thermal units. Futures earlier fell to $7.617, the lowest intraday price since February before paring losses as a tropical storm rapidly developed out of a depression in the Caribbean Sea.
At the MCX, crude oil for September delivery closed at Rs 5,022/barrel, higher by Rs 24 (0.5%) against previous day’s close. Natural gas for September delivery closed at Rs 346/mmbtu, lower by Rs 0.2/mmbtu (0.05%).
Suzlon Energy
We recommend a sell in Suzlon Energy from a short-term perspective. From the charts of Suzlon Energy we note that it has been on a long-term downtrend since its January peak of Rs 460. The stock has been declining forming lower peaks and bottoms. However, the stock found support at Rs 180 in early July and made a corrective up move to Rs 250 levels. After encountering resistance at Rs 250 levels in mid-August, the stock resumed its downtrend. On August 25, the stock declined 4 per cent on above average volume, reinforcing the downtrend. The daily relative strength index is on the brink of entering into the bearish zone. The daily moving average convergence and divergence is indicating a sell and is likely to enter the negative territory. We are negative on the stock in the short-term. We anticipate the stock to decline further until it hits our price target of Rs 194 in the forthcoming trading sessions. Traders with short-term perspective can sell the stock while maintaining a stop-loss at Rs 227.
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