Dead Presidents! - India Equity Research: Aug 27, 2008

Wednesday, August 27, 2008

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
27/8/2008 519485 ASIA IND NET ATUL NAGINBHAI CHAUHAN B 46900 15.47
27/8/2008 519485 ASIA IND NET ATUL NAGINBHAI CHAUHAN S 46900 15.47
27/8/2008 513059 G.S. AUTO RAHU GHANSHYAMDAS SHAH B 71555 97.38
27/8/2008 513059 G.S. AUTO PRABHUDAS LILLADHER PVT. LTD. B 48169 97.41
27/8/2008 513059 G.S. AUTO TRISHLA DEVI JAIN B 29057 99.02
27/8/2008 513059 G.S. AUTO PRASHANTH RAGHUNATH DESHPANDE B 17000 100.68
27/8/2008 513059 G.S. AUTO YUVAK SHARE TRADING PVT LTD B 57788 96.63
27/8/2008 513059 G.S. AUTO RAJU GHANSHYAMDAS SHAH S 70944 97.95
27/8/2008 513059 G.S. AUTO PRABHUDAS LILLADHER PVT. LTD. S 48169 97.69
27/8/2008 513059 G.S. AUTO TRISHLA DEVI JAIN S 24057 98.52
27/8/2008 513059 G.S. AUTO SHAKTI HOTELS INDIA PRIVATE LIMITED S 100000 96.26
27/8/2008 513059 G.S. AUTO BIHAR STRIPS PRIVATE LIMITED S 57400 96.01
27/8/2008 513059 G.S. AUTO YUVAK SHARE TRADING PVT LTD S 55989 96.69
27/8/2008 531863 GEEKAY FINAN GOPALA PILLAI VIJAYAKUMAR B 100000 55.00
27/8/2008 531863 GEEKAY FINAN RAJESH C R NAIR B 100000 55.00
27/8/2008 531863 GEEKAY FINAN RAJESH C R NAIR S 45000 54.50
27/8/2008 532326 INTENS TECH CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. S 123541 15.22
27/8/2008 531602 KOFF BR PICT DEEPAL CORPORATION B 26501 30.60
27/8/2008 512424 MTZ POLYFILM SHREE ANANDEYA INV PVT LTD B 450000 1.92
27/8/2008 512424 MTZ POLYFILM MARILINK HOLDINGS LIMITED S 450000 1.92
27/8/2008 533015 NUTEK INDIA EUREKA STOCK AND SHARE BROKING SERVICES LIMITED B 139648 202.82
27/8/2008 533015 NUTEK INDIA R M SHARES TRADING PVT LTD B 317935 203.14
27/8/2008 533015 NUTEK INDIA A MEHTA B 265748 204.56
27/8/2008 533015 NUTEK INDIA KAUSHIK SHAH SHARES SEC PL B 143362 202.97
27/8/2008 533015 NUTEK INDIA H.J.SECURITIES PVT.LTD. B 446642 204.16
27/8/2008 533015 NUTEK INDIA MEENAL NITESH THAKUR B 126497 204.00
27/8/2008 533015 NUTEK INDIA EUREKA STOCK AND SHARE BROKING SERVICES LIMITED S 139648 202.95
27/8/2008 533015 NUTEK INDIA R M SHARES TRADING PVT LTD S 317935 203.39
27/8/2008 533015 NUTEK INDIA A MEHTA S 265748 203.35
27/8/2008 533015 NUTEK INDIA KAUSHIK SHAH SHARES SEC PL S 143362 202.95
27/8/2008 533015 NUTEK INDIA H.J.SECURITIES PVT.LTD. S 446642 204.23
27/8/2008 533015 NUTEK INDIA MEENAL NITESH THAKUR S 126497 201.62
27/8/2008 500044 RAYBAN SUN O RATNABALI CAPITAL MARKETS LTD B 182557 135.90
27/8/2008 531312 SANRA SOFTW IMTIYAZ IBRAHIMBHAI DESAI B 160000 62.24
27/8/2008 532993 SEJAL GLASS H.J.SECURITIES PVT.LTD. B 210795 61.92
27/8/2008 532993 SEJAL GLASS H.J.SECURITIES PVT.LTD. S 210795 62.08
27/8/2008 532886 SEL MANUF NIRMAL N KOTECHA B 81739 281.40
27/8/2008 507785 TAINWA CHE P SHOBHA TAINWALA B 662698 16.00
27/8/2008 507785 TAINWA CHE P LAJWANTI B. MELWANI S 150120 16.00
27/8/2008 507785 TAINWA CHE P ASHOK B. MELWANI S 163810 16.00
27/8/2008 507785 TAINWA CHE P BHAGWANDAS H. MELWANI S 361570 16.00
27/8/2008 532765 USHER AGRO TRISHLA DEVI JAIN B 98167 142.16
27/8/2008 532765 USHER AGRO MANHARLAL NAROTTAMDAS SHAH B 103209 140.55
27/8/2008 532765 USHER AGRO TRISHLA DEVI JAIN S 98167 141.65
27/8/2008 532765 USHER AGRO MANHARLAL NAROTTAMDAS SHAH S 103279 139.91
27/8/2008 532619 UTV SOFTWARE ARROW WEBTEX LTD S 151000 789.70
27/8/2008 532360 VINTAGE CARD YUVAK SHARE TRADING PVT LTD B 7035 120.70
27/8/2008 532360 VINTAGE CARD PROFIT PLANET COMSEC PVT LTD B 3001 124.10
27/8/2008 532360 VINTAGE CARD DVIJAY K SHARMA S 10010 124.12
27/8/2008 532360 VINTAGE CARD SAILAJA KASIBHATTA S 4000 124.12
27/8/2008 532360 VINTAGE CARD YUVAK SHARE TRADING PVT LTD S 6230 121.36
27/8/2008 533011 VISHAL INFO EUREKA STOCK AND SHARE BROKING SERVICES LIMITED B 112757 289.59
27/8/2008 533011 VISHAL INFO MBL AND COMPANY LIMITED B 133482 287.21
27/8/2008 533011 VISHAL INFO MBL AND COMPANY LIMITED S 133482 287.24
27/8/2008 533011 VISHAL INFO EUREKA STOCK AND SHARE BROKING SERVICES LIMITED S 112757 289.70

NSE Bulk Deals to Watch - Aug 27 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
27-AUG-2008,ARCHIES,Archies Limited,NAMAN SECURITIES & FINANCE PVT LTD,BUY,57662,109.58,-
27-AUG-2008,MANGALAM,Mangalam Drugs And Organi,GOVARDHAN MURLIDHAR DHOOT,BUY,100000,14.00,-
27-AUG-2008,NUTEK,Nu Tek India Limited,ADROIT FINANCIAL SERVICES PVT LTD,BUY,156526,203.70,-
27-AUG-2008,NUTEK,Nu Tek India Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,206296,203.18,-
27-AUG-2008,NUTEK,Nu Tek India Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,396426,203.46,-
27-AUG-2008,NUTEK,Nu Tek India Limited,B K SHAH CO KETAN BHAILAL SHAH,BUY,142051,204.43,-
27-AUG-2008,NUTEK,Nu Tek India Limited,CHOKHANI SECURITIES LTD,BUY,148916,203.87,-
27-AUG-2008,NUTEK,Nu Tek India Limited,CPR CAPITAL SERVICES LTD.,BUY,101239,203.64,-
27-AUG-2008,NUTEK,Nu Tek India Limited,DINESH MUNJAL,BUY,224263,203.57,-
27-AUG-2008,NUTEK,Nu Tek India Limited,G RAMAKRISHNA,BUY,188221,203.27,-
27-AUG-2008,NUTEK,Nu Tek India Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,489987,203.87,-
27-AUG-2008,NUTEK,Nu Tek India Limited,LATIN MANHARLAL SECURITIES PVT. LTD.,BUY,98107,203.97,-
27-AUG-2008,NUTEK,Nu Tek India Limited,MANIPUT INVESTMENTS PVT LTD,BUY,134419,204.40,-
27-AUG-2008,NUTEK,Nu Tek India Limited,MARWADI SHARES AND FINANCE LIMITED,BUY,95815,202.77,-
27-AUG-2008,NUTEK,Nu Tek India Limited,NAMAN SECURITIES & FINANCE PVT LTD,BUY,149839,203.60,-
27-AUG-2008,NUTEK,Nu Tek India Limited,NISO ENTERPRISE,BUY,204178,205.49,-
27-AUG-2008,NUTEK,Nu Tek India Limited,R APPALA RAJU,BUY,180000,203.60,-
27-AUG-2008,NUTEK,Nu Tek India Limited,R.M. SHARE TRADING PVT LTD,BUY,358198,203.23,-
27-AUG-2008,NUTEK,Nu Tek India Limited,SMC GLOBAL SECURITIES LTD.,BUY,102652,203.06,-
27-AUG-2008,NUTEK,Nu Tek India Limited,SUKETU VASANTLAL JARIWALA,BUY,100000,202.96,-
27-AUG-2008,NUTEK,Nu Tek India Limited,TRANSGLOBAL SECURITIES LTD.,BUY,534405,203.92,-
27-AUG-2008,NUTEK,Nu Tek India Limited,VIVEK STOCK BROKERS PVT LTD,BUY,181500,204.16,-
27-AUG-2008,NUTEK,Nu Tek India Limited,YUVAK SHARE TRADING PVT LTD,BUY,228538,203.37,-
27-AUG-2008,OCTAV,Octav Investments Limited,CPR CAPITAL SERVICES LTD.,BUY,36826,63.72,-
27-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,29071,62.36,-
27-AUG-2008,OCTAV,Octav Investments Limited,MBL & COMPANY LTD.,BUY,16694,63.66,-
27-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,BUY,32561,62.37,-
27-AUG-2008,OCTAV,Octav Investments Limited,TRANSGLOBAL SECURITIES LTD.,BUY,19454,63.45,-
27-AUG-2008,OCTAV,Octav Investments Limited,VINOD SHARES LIMITED,BUY,18318,63.64,-
27-AUG-2008,SEJALGLASS,Sejal Architectural Glass,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,140095,61.89,-
27-AUG-2008,SEJALGLASS,Sejal Architectural Glass,MBL & COMPANY LTD.,BUY,195431,60.72,-
27-AUG-2008,SEJALGLASS,Sejal Architectural Glass,TRANSGLOBAL SECURITIES LTD.,BUY,145330,60.84,-
27-AUG-2008,SELMCL,SEL Manufacturing Company,NIRMAL N KOTECHA,BUY,268261,281.03,-
27-AUG-2008,SHLAKSHMI,Shri Lakshmi Cotsyn Limit,PRARTHANA TARUNKUMAR BRAHMBHATT,BUY,100000,97.74,-
27-AUG-2008,SICAGEN,Sicagen India Limited,PASHUPATI CAPITAL SERVICES PVT. LTD.,BUY,302509,13.86,-
27-AUG-2008,VINCARDS,Vintage Cards & Creations,HARBUX SINGH SIDHU,BUY,7000,122.51,-
27-AUG-2008,VINCARDS,Vintage Cards & Creations,NAMAN SECURITIES & FINANCE PVT LTD,BUY,5004,122.55,-
27-AUG-2008,VINCARDS,Vintage Cards & Creations,RAHUL DOSHI,BUY,5001,122.55,-
27-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,BUY,104431,290.29,-
27-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,131431,292.41,-
27-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,BUY,57881,291.74,-
27-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,66471,289.30,-
27-AUG-2008,VITLINFO,Vishal Information Techno,MANAN P DALAL,BUY,115255,289.26,-
27-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,BUY,77961,286.51,-
27-AUG-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,BUY,130073,287.35,-
27-AUG-2008,ARCHIES,Archies Limited,NAMAN SECURITIES & FINANCE PVT LTD,SELL,38409,109.69,-
27-AUG-2008,MANGALAM,Mangalam Drugs And Organi,POONAWALLA INVESTMENT & IND PVT.LTD.,SELL,110000,14.00,-
27-AUG-2008,NUTEK,Nu Tek India Limited,ADROIT FINANCIAL SERVICES PVT LTD,SELL,156526,203.62,-
27-AUG-2008,NUTEK,Nu Tek India Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,205296,203.34,-
27-AUG-2008,NUTEK,Nu Tek India Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,396426,203.53,-
27-AUG-2008,NUTEK,Nu Tek India Limited,B K SHAH CO KETAN BHAILAL SHAH,SELL,141550,203.97,-
27-AUG-2008,NUTEK,Nu Tek India Limited,CHOKHANI SECURITIES LTD,SELL,148916,202.92,-
27-AUG-2008,NUTEK,Nu Tek India Limited,CPR CAPITAL SERVICES LTD.,SELL,101239,203.58,-
27-AUG-2008,NUTEK,Nu Tek India Limited,DINESH MUNJAL,SELL,224263,203.42,-
27-AUG-2008,NUTEK,Nu Tek India Limited,G RAMAKRISHNA,SELL,188221,203.20,-
27-AUG-2008,NUTEK,Nu Tek India Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,489987,204.07,-
27-AUG-2008,NUTEK,Nu Tek India Limited,LATIN MANHARLAL SECURITIES PVT. LTD.,SELL,98107,204.81,-
27-AUG-2008,NUTEK,Nu Tek India Limited,MANIPUT INVESTMENTS PVT LTD,SELL,134419,204.52,-
27-AUG-2008,NUTEK,Nu Tek India Limited,MARWADI SHARES AND FINANCE LIMITED,SELL,95815,203.33,-
27-AUG-2008,NUTEK,Nu Tek India Limited,NAMAN SECURITIES & FINANCE PVT LTD,SELL,122794,202.08,-
27-AUG-2008,NUTEK,Nu Tek India Limited,NISO ENTERPRISE,SELL,204178,204.74,-
27-AUG-2008,NUTEK,Nu Tek India Limited,R APPALA RAJU,SELL,180000,204.11,-
27-AUG-2008,NUTEK,Nu Tek India Limited,R.M. SHARE TRADING PVT LTD,SELL,358198,203.19,-
27-AUG-2008,NUTEK,Nu Tek India Limited,SMC GLOBAL SECURITIES LTD.,SELL,102652,203.33,-
27-AUG-2008,NUTEK,Nu Tek India Limited,SUKETU VASANTLAL JARIWALA,SELL,30000,204.17,-
27-AUG-2008,NUTEK,Nu Tek India Limited,TRANSGLOBAL SECURITIES LTD.,SELL,530415,203.78,-
27-AUG-2008,NUTEK,Nu Tek India Limited,VIVEK STOCK BROKERS PVT LTD,SELL,181500,204.68,-
27-AUG-2008,NUTEK,Nu Tek India Limited,YUVAK SHARE TRADING PVT LTD,SELL,226537,203.45,-
27-AUG-2008,OCTAV,Octav Investments Limited,CPR CAPITAL SERVICES LTD.,SELL,35826,63.86,-
27-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,29282,62.84,-
27-AUG-2008,OCTAV,Octav Investments Limited,MBL & COMPANY LTD.,SELL,16694,63.78,-
27-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,SELL,34585,62.67,-
27-AUG-2008,OCTAV,Octav Investments Limited,TRANSGLOBAL SECURITIES LTD.,SELL,19454,63.80,-
27-AUG-2008,OCTAV,Octav Investments Limited,VINOD SHARES LIMITED,SELL,18318,63.94,-
27-AUG-2008,SEJALGLASS,Sejal Architectural Glass,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,140095,61.94,-
27-AUG-2008,SEJALGLASS,Sejal Architectural Glass,MBL & COMPANY LTD.,SELL,195431,60.82,-
27-AUG-2008,SEJALGLASS,Sejal Architectural Glass,TRANSGLOBAL SECURITIES LTD.,SELL,145330,60.98,-
27-AUG-2008,SICAGEN,Sicagen India Limited,PASHUPATI CAPITAL SERVICES PVT. LTD.,SELL,302509,13.87,-
27-AUG-2008,VINCARDS,Vintage Cards & Creations,NAMAN SECURITIES & FINANCE PVT LTD,SELL,1502,122.55,-
27-AUG-2008,VINCARDS,Vintage Cards & Creations,TILAVALLI SHAMBHU,SELL,5000,122.55,-
27-AUG-2008,VITLINFO,Vishal Information Techno,AMBIT SECURITIES BROKING PVT. LTD.,SELL,103431,290.48,-
27-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,131431,291.70,-
27-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,SELL,57881,291.83,-
27-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,66471,289.18,-
27-AUG-2008,VITLINFO,Vishal Information Techno,MANAN P DALAL,SELL,115255,289.61,-
27-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,SELL,77961,286.87,-
27-AUG-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,SELL,130073,287.53,-

Post Session Commentary - Aug 27 2008

Markets declined sharply due to heavy selling during final trading hours to close in red after moving in a range during the trading session. Indian market opened on positive note tracking mixed cues from global markets but was not able to sustain the momentum and slipped to trade in the negative territory. Further domestic market continued to trade in negative note ahead of August series derivatives contracts expiry, which is due on Thursday. After trading in a tight range, market slipped further and lost more ground during late trades to close the day with losses. NSE Nifty ended below 4,300 mark and BSE Sensex around 14,300 level. From the sectoral front, all indices closed with losses and reality stocks slipped dipper into red with cut of more than 3%. Along with this heavy selling pressure was witnessed in Bank, Capital Goods, Oil & Gas, Power and Consumer Durable stocks. Midcap and Smallcap stocks also witnessed offloading. The market breadth was negative as 1583 stocks closed in red while 1021 stocks closed in green and 103 stocks remained unchanged.

The BSE Sensex closed lower by 185.43 points at 14,296.79 and NSE Nifty ended down by 45.10 points at 4,292.10. The BSE Mid Caps closed with losses of 58.34 points at 5,686.43 along with Small Caps ended down by 52.71 points at 6,859.91. The BSE Sensex touched intraday high of 14,563.10 and intraday low of 14,261.69.

Lossers from the BSE are DLF Ltd (3.99%), Reliance Infra (3.65%), SBI (2.96%), ICICI Bank Ltd (2.71%), Tata Motors (2.43%), BHEL (2.34%), Reliance Com Ltd (2.34%), HDFC (2.17%), HDFC Bank Ltd (1.76%) and TCS Ltd(1.66%).

The BSE Reality index ended lower by 175.65 points at 4,837.04. As Indiabull Real (8.59%), DLF Ltd (3.99%), Ansal Infra (3.11%), Unitech Ltd (2.28%), Akruti City (1.88%) and Penland Ltd (1.78%) closed in negative territory.

The BSE Bank index closed down by 147.09 points at 6,715.45. Lossers are Kotak Bank (3.76%), Indus Ind Bank (3.47%), SBI (2.96%), ICICI Bank Ltd (2.71%), IDBI Bank Ltd (2.31%) and Bank of India (2.26%).

The BSE Capital Goods index lost 138.54 points to close at 11,754.87. Major lossers are Alstom Proje (4.25%), Areva (2.83%), BHEL (2.34%), Reliance Indus Infra (1.99%), SKF India (1.87%) and Bharat Bijli (1.68%).

The BSE Oil & Gas index closed lower by 112.74 points at 9,655.70. Lossers are Essar Oil Ltd (1.85%), Reliance Nat Res (1.85%), Reliance (1.46%), Reliance Pet (1.37%), HPCL (1.04%) and ONGC (0.97%).

The BSE Power index dropped by 36.44 points to close up at 2,550.31. Lossers are Lanco Infra (3.80%), Reliance Infra (3.65%), GVK Power (2.64%), BHEL (2.34%), Tata Power (1.65%) and Neyveli Lig (1.47%).

The BSE Consumer Durables index lost 35.25 points to close at 3,766.71. Major lossers are Gitanjali Ge (1.92%), Titan India (1.91%), Blue Star L (0.74%) and Rajesh Export (0.51%).

Sensex down 185 pts, closes at 14,297

Stock market barometer Sensex on Wednesday shed over 185 points on selling pressure that was partly fuelled by fears of higher inflation, even as crude oil prices climbed in the global markets.

The 30-share Sensex, which rose during the last two trading sessions, fell by 185.43 points to 14,296.79, after dipping to 14,261.69 and rising to 14,563.10 during the day.

Similarly, the wide-based National Stock Exchange index Nifty lost 45.40 points at 4292.10. It moved between 4282.65 and 4364.25 points during the day.

After a promising start, heavy-weight stocks fell as market participants indulged in unwinding their pending positions a day before the expiry of August month contract in the derivatives section.

Funds and other investors also reduced their holding in stocks, fearing a further rise in inflation, whose data is to be released tomorrow. WPI-based inflation was 12.63 percent for the week ending August 9.

Melting global stock markets in view of a rise in crude oil prices in the international markets, raised inflationary concerns and eroded appeal of equities.

Realty sector suffered the most by losing 175.65 points at 4837.04 followed by banking index by 147.09 points at 6715.45, as any rise in inflation rate might affect housing sale and borrowing business.

Last-hour selling pips market

The 30-stock Sensex of the BSE started the day with an optimistic note--81 points higher than its previous close (14,483). However, in the next 10 minutes it was trading below the previous close, and all through the day it traded below this level. Action was witnessed an hour-and-a-quarter before the closing bell—the index fell precipitously and in the next 45 minutes the Sensex was trading at the lowest of the day, more than 200 points lower.

The slide was driven by selling in heavyweights and major correction in reality, banking, power, capital goods and consumer durable stocks.The index wrapped up the day 185 points or 1.28% lower.

The 50-stock Nifty also witnessed almost similar up and downs and wound up the day 45 points or 1.05% lower.

All the 13 sectoral indices ended lower today. BSE Realty (-3.5%), BSE Bankex (-2.14%) and BSE Power (-1.41%) were the top three losing indices for the day. BSE CG, BSE Oil & Gas and BSE PSU lost around 1%, while the remaining seven indices posted marginal losses.

The breadth of the market was extremely negative, as around 58% stocks (1,571 stocks) declined while 38% stocks (1,036 stocks) advanced. Around 4% stocks (99 stocks) ended unchanged.

Of the 30 stocks that constitute the Sensex, only four stocks added to their values. These stocks were Hindalco, up 2.06% at Rs138.50, Infosys Technologies up 0.50% at Rs1,708, Tata Steel up 0.67% at Rs581.40 and Mahindra & Mahindra up 0.29% at Rs575.90.

Among the major losers, DLF tumbled 3.99% at Rs478.20, Reliance Infrastrusture plunged 3.65% at Rs965.75, State Bank of India slumped 2.96% at Rs1,330.90, ICICI Bank dropped 2.71% at Rs648.85, HDFC shed 2.47% at Rs2,286, Tata Motors lost 2.43% at Rs422.80, BHEL declined 3% at Rs1,748 and Reliance Communications down 2.34% at Rs397.30. Other frontline stocks too were down around 0.50-2% each.

Reality stocks were hit the hardest. Indiabulls Realestate crashed 8.59% at Rs261.70, DLF tumbled 3.99% at Rs478.20, Ansal Properties declined 3.11% at Rs99.65 and Unitech dropped 2.28% at Rs156.35. Akruti City, Peninsula Land, Orbit Corporation, Parsvnath Developers and Mahindralife were down over 1-2% each.

On turnover front, over 1.30 crore Nutek India shares changed hands on the BSE followed by Reliance Natural Resources (1.20 crore shares), GTL Infrastructure ( 78.68 lakh shares), Firstsounce Solutions (74.85 lakh shares) and Chambal Fertilisers & Chemicals(62.06 lakh shares).

Asian Markets Closed Mixed

Shanghai, Sensex Closed Lower While Hang Seng Strengthen Gains

The stock markets across the Asian region closed mixed, as Wall Street provided a mixed lead after negative investor sentiment due to higher oil prices offset positive sentiment generated by better-than-expected reading on consumer confidence.

In late Asian trading, oil prices edged above the $117 a barrel mark, rising for the third straight day, on fears that Tropical Storm Gustav could strengthen to hurricane levels. Energy stocks gained on higher oil prices, but exporters fell as the dollar eased against major Asian currencies. By 4:53 a.m. ET, crude oil futures were up 77 cents at $117.04 a barrel after the contract finished $1.16 higher at $116.27 a barrel on Tuesday in U.S. trading.

On the currency front, the U.S, dollar eased to lower 109-yen levels in late Tokyo deals, from mid 109-yen levels in early trade and upper 109-yen levels late Tuesday.

The South Korean won strengthened against the greenback on suspected dollar selling by authorities to lift the local unit. The won finished at 1,084.1 a dollar, up from Tuesday's close of 1,089.4.

The Australian dollar closed higher after dropping to an eleven-month low during offshore trading. The Aussie finished the local session at US$0.8580-0.8582, up from Tuesday's close of US$0.8559-0.8563.

The New Zealand dollar rose after the release of business confidence data. The kiwi finished the session at US$0.7025, up from US$0.6976 in early trade and Tuesday's late quotes of US$0.6970.

Coming back in the equities the Japanese market closed lower, extending Tuesday's losses. Investors remained cautious ahead of a series of key economic data scheduled for release on Thursday and Friday in the U.S. and Japan. The market traded weak in the morning session, but recovered some ground in the afternoon session. The benchmark Nikkei 225 index closed down 0.2% at 12,752.96 and the broader Topix index slipped 0.5% to finish at 1,223.69.

On the economic front, traders had little economic data to digest on Wednesday. In the U.S., traders await durable goods orders and GDP numbers on Thursday and Friday respectively, while Japan will announce its July consumer price index, jobless rate, household spending and other data on Friday.

The Chinese market closed lower for a second day, as investors remained cautious amid concerns about government action to support the markets. The benchmark Shanghai Composite Index closed down 0.34% at 2,342.15 after falling to as low as 2,310.46. In Shenzhen, the All Share index plunged by 0.56% to 642.82.

The Hong Kong market closed sharply higher, extending gains in the afternoon as heavyweight China Mobile surged after reporting better-than-expected first-half earnings. The Hang Seng China Enterprises tracked Shanghai stocks zoomed up by 3.28% at 11,780.91 while the benchmark Hang Seng index closed up 1.94% at the day's high of 21,464.72.

The Australian stock market closed slightly higher after posting marginal losses on Tuesday. Energy stocks gained on higher oil prices, but financial stocks were weak on credit crunch concerns. The benchmark S&P/ASX 200 index closed up 0.07% at 5,011.2 after losing 0.2%. The broader All Ordinaries index lost 5.5 points or 0.11% to finish 5,087.8.

On the economic front, the Australian Bureau of Statistics said that the value of total construction work done in Australia fell 2.6% in volume terms in the second quarter of 2008. The total construction work done for the quarter was valued at A$30.137 billion, compared to an upwardly revised A$30.947 billion in the March quarter. On a seasonally adjusted basis, total value of building work done in the June quarter rose to A$16.797 billion from an upwardly revised A$16.756 billion in the March quarter.

The New Zealand market closed mixed after trading in positive territory in the morning session. The benchmark NZX 50 index closed down 0.07% at 3,318.52 after losing 0.2%, while the broader NZX All Capital Index rose 0.02% to finish at 3,359.58.

The National Bank of New Zealand's latest survey showed that business confidence in New Zealand improved in August, with a net 20.5% of those surveyed expecting worse times over the year ahead, an improvement from the net 43.2% expecting worse times in last month's survey. A net 4.7% expect conditions for their own business to improve in the coming year, while in the survey last month a net 8.2% expected conditions for their own business to worsen over the coming year.

The South Korean market finished marginally higher, as bargain hunting resumed after the key index posted losses in opening trade and yesterday. The benchmark Kospi closed up 0.25% to end at 1,493.92. The Kospi, which tumbled down to the 1,460 levels in the morning due the won's steep devaluation, rebounded on bargain hunting.

In India the market which was ranged throughout the day cracked in late trade spooked by reports that the Reserve Bank of India may hike cash reserve ratio tomorrow to arrest runaway inflation which is at 16-year high. Index heavyweight Reliance Industries (RIL) and bank stocks weighed on the indices.

Inflation as measure by wholesale price index is speculated to rise further to a fresh 16-year high in the week ended 16 August 2008. Global credit rating agency Moody's expects the Reserve Bank of India to further tighten monetary policy to contain rising prices

The BSE 30-share Sensex was down 181.03 points or 1.25% to 14,301.13, as per provisional closing. It opened 80.88 higher at 14,563.10, which is also its high so far in the day. Sensex hit a low of 14,261.69 in late trade. At the day’s low, the Sensex lost 220.53 points. The S&P CNX Nifty slipped 41 points or 0.95% to 4,296.45 as per provisional closing

Elsewhere, Taiwan's Taiex closed up 1.67% at 7,080.97; Singapore's Strait Times closed down 0.1% at 2,705.09; Malaysia's KLCI closed down 0.3% at 1,067.65; Indonesia's Jakarta Composite index closed up 1.12% at 2,131.06.

In the other part of the world, European shares weakened in early trading, as an up tick in oil prices pressured stocks sensitive to consumer spending such as automaker Daimler.

In the opening trade, the U.K. FTSE 100 index lost 0.2% to 5,459.60, the German DAX 30 index dropped 0.5% to 6,306.95 and the French CAC-40 index lost 0.6% to 4,341.57. At 10.37 GMT all this national indices continued to slump further. U.K. FTSE 100 index fell further at 0.3% to 5,454.40. The German DAX 30 index fell 1.21% to 6,263.73, while the French CAC-40 index decreased by 1.21% to 4,315.67.

Looking ahead the day is schedule to release Inflation data from Germany, which will be followed by durable good orders details from U.S. In the later evening we will see to the weekly crude oil stock from US.

All sectoral indices on BSE in red

The market which was range bound throughout the day cracked in late trade on fears of a further monetary tightening by the Reserve Bank of India to rein in inflation which is at 16-year high. The BSE 30-share Sensex lost 185.43 points. The S&P CNX Nifty settled below the 4,300 mark. Index heavyweight Reliance Industries (RIL) and bank stocks led the decline in the key benchmark indices. All the sectoral indices on BSE ended in the red.

The government will unveil weekly inflation data after trading hours tomorrow, 28 August 2008. Inflation as measured by the wholesale price index is speculated to rise further to a fresh 16-year high in the year through 16 August 2008. It rose an annual 12.63% a week earlier. Global credit rating agency Moody's expects the Reserve Bank of India to further tighten monetary policy to contain rising prices.

As per the provisional data released by the stock exchanges after trading hours, foreign funds today, 27 August 2008, sold shares worth a net Rs 32.49 crore. Domestic funds bought shares worth a net Rs 163.27 crore.

European markets which opened after Indian markets were subdued. Key benchmark indices in UK, Germany and France were down by between 0.65% and 1.32%.

Asian markets rebounded after subdued start. Yet they were trading mixed. Key benchmark indices in Hong Kong, South Korea, Singapore and Taiwan were up by between 0.01% and 1.67% respectively. However indices in China and Japan were down 0.34% and 0.20% respectively.

The BSE 30-share Sensex was down 185.43 points or 1.28% at 14296.79. It opened 80.88 higher at 14,563.10, which was also its high for the day. Sensex hit a low of 14,261.69 in late trade. At the day’s low, the Sensex lost 220.53 points.

The S&P CNX Nifty slipped 45.40 points or 1.05% at 4292.10. Nifty August 2008 futures were at 4290, at a discount of 2.10 points as compared to spot closing.

The BSE Sensex is down 5990.20 points or 29.52% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6909.98 points or 32.58% away from its all-time high of 21,206.77 struck on 10 January 2008.

Market may exhibit volatile swings tomorrow, 28 August 2008, ahead of the expiry of derivative contracts for the August 2008. As per reports, marketwide rollover of positions from August 2008 series to September 2008 series stood at 40% while that of Nifty was at 37%, as of Tuesday, 26 August 2008.

The market breadth was weak on BSE with 1576 shares declining as compared to 1033 that advanced. 100 remained unchanged. The BSE Mid-Cap index slipped 1.02% to 5,686.43 and the BSE Small-cap index fell 0.76% to 6,859.91

The total turnover on BSE amounted to Rs 3419 crore as compared to Rs 3,789.89 crore yesterday, 26 August 2008. NSE's futures & options (F&O) segment turnover was Rs 47,535.27 crore, which was lower than Rs 49,779.36 crore on Tuesday, 26 August 2008.

Among the 30-member Sensex pack, 25 declined while the rest advanced.

India's largest oil exploration firm Oil & Natural Gas Corporation fell 0.83% to Rs 1007.05 after British oil and gas explorer Imperial Energy said on Tuesday, 26 August 2008, that its management has agreed to a takeover from ONGC worth 1.4 billion pounds ($ 2.6 billion).

Banking shares declined in late trade. HDFC Bank (down 1.23% to Rs 1240), ICICI Bank (down 2.74% to Rs 648.60), and State Bank of India (down 3.02% to Rs 1330), declined. The Bankex slipped 2.14% at 6715.45.

India’s largest real estate developer by market capitalisation DLF lost 3.65% to Rs 479.85 on 10.90 lakh shares. It was the top loser from the Sensex pack. The company has sought shareholders approval to raise up to Rs 10000 crore by selling shares to institutional investors.

The BSE realty index was down 3.50% at 4,837.04 and was the top loser among the sectoral indices on BSE. Unitech (down 2% to Rs 156.80), Indiabulls Real Estate (down 8.37% to Rs 262.25), Parsvnath Developers (down 1.58% to Rs 112.20), and Phoenix Mills (down 1.74% to Rs 180.55), edged lower from the realty pack.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) fell 1.53% at Rs 2146.20 on 11.66 lakh shares. The stock moved in a range of Rs 2140 and Rs 2198. RIL, after market hours yesterday, 26 August 2008, confirmed media reports that it is planning to transfer 80% of its participatory interest (PI) in the D6 block in the Krishna Godavari (KG) basin to four unlisted subsidiaries.

Auto stocks slipped. Mahindra & Mahindra (down 0.20% to Rs 573.10), Tata Motors (down 2.19% to Rs 423.85), and Maruti Suzuki India (down 0.44% to Rs 629.45), edged lower. The BSE Auto index slipped 0.06% to 3,914.25

Bharat Heavy Electricals (down 2.31% to Rs 1682), Reliance Infrastructure (down 3.42% to Rs 968), and Reliance Communications (down 2.41% to Rs 397), edged lower from the Sensex pack.

Metal stocks bucked weak market trend. The BSE metal index was down 0.26% at 12,149.94. India’s largest private sector alumium and copper maker by sales Hindalco Industries gained 2.47% to Rs 139.05 on 6.59 lakh shares. It was the top gainer from Sensex pack.

Worlds sixth largest steel manufacturer by total capacity Tata Steel rose 0.86% to Rs 582.50.

Infosys Technologies, the country’s second largest software services exporter rose 0.67% to Rs 1709. 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.

However other IT pivotals slipped. Satyam Computer Services (down 0.27% at Rs 405), Wipro (down 0.56% to Rs 426.05), and TCS (down 1.72% to Rs 818) declined. The BSE IT index declined 0.08% to 3,892.17

Jaiprakash Associates (up 0.03% to Rs 156.90), and Grasim (up 0.03% to Rs 1957), edged higher from the Sensex pack.

Airlines stocks slipped as crude oil prices rose. Jet Airways (down 2.35% to Rs 452.35), Deccan Aviation (down 2.33% to Rs 79.50), and SpiceJet (down 1.76% to Rs 25.15), slipped despite reports they are considering fare hikes ahead of the start of the peak travel season in September-October 2008 to cope with rise in jet fuel prices.

Nu Tek India settled at Rs 199.30 on BSE, a premium of 3.18% over the IPO price of Rs 192. The stock debuted at Rs 201.10, a premium of 4.73% over the initial public offer price. The stock hit a high of Rs 225 and a low of Rs 194 during the day. On BSE, 1.30 crore shares were traded on the Nu Tek India counter.

Debutante Nutek India was the top traded counter on BSE with turnover of Rs 266.71 crore followed by Reliance Industries (Rs 252.27 crore), Reliance Capital (Rs 227.31 crore), Vishal Information Systems (Rs 139.95 crore) and Reliance Natural Resources (Rs 113.60 crore), in that order.

Nutek India, also, led the volumes chart on BSE, clocking volumes of 1.30 crore shares followed by Reliance Natural Resources (1.21 crore shares), GTL Infrastructure (78.68 lakh shares), Firstsource Solutions (74.85 lakh shares) and Chambal Fertilisers (62 lakh shares), in that order.

Tech Mahindra slipped 1.51% to Rs 773 on reports BT group is planning to sell its 31% stake in the firm, having decided that the holding does not fit its long-term strategy. However, the management of Tech Mahindra has denied any knowledge of British Telecommunications (BT), its long-term joint venture partner, contemplating selling its stake in the company, according to a business news channel.

Firstsource Solutions tumbled 8.78% to Rs 44.15 on reports ICICI Bank and two other major shareholders of the company have put their combined 68% in the firm up for sale at Rs 64 a share.

Punj Lloyd rose 2.16% to Rs 285.50 on reports the company plans to bid for Singapore's maiden liquefied natural gas terminal for which it has tied-up with an Italian firm Saipem. Saipem is a leading global engineering procurement and construction (EPC) contractor.

Bajaj Auto jumped 5.80% to Rs 579.95 after 1.40 lakh shares, or 0.09% of company’s equity changed hands in a block deal on BSE at Rs 560 each.

Thomas Cook India soared 14.80% to Rs 98.50 after its board approved raising up to Rs 200 crore via a rights issue of equity shares. The company made the announcement during marker hours today, 27 August 2008. The ratio of the rights and the pricing would be decided later.

Meanwhile, even as signals of a growth slowdown are discernible in the wake of surging inflation and high interest rates, Finance Minister P. Chidambaram yesterday, 26 August 2008 expressed confidence that the economy would be back on track by the second half of 2009-10. He added the industry should look positively to an 8-9% growth which is here to stay.

US markets ended mixed yesterday, 26 August 2008 as hurricane fears lifted oil prices and boosted energy shares and Citigroup analysts said Fannie Mae and Freddie Mac have enough capital to last the year. However, gains were capped after a report from the US Federal Deposit Insurance Corporation said 117 US banks were on its 'troubled banks' list at the end of the second quarter, up from 90 after the first three months of the year.

The Dow Jones Industrial Average rose 26.62 points, or 0.23% at 11,412.87, the Standard & Poor's 500 Index gained 4.66 points, or 0.37%, at 1,271.50. However the Nasdaq Composite index fell 3.62 points, or 0.15% at 2,361.97.

On the New York Mercantile Exchange, October 2008 crude rose $1.16 at $116.27 per barrel yesterday, 26 August 2008 as oil companies began preparing against Hurricane Gustav, which is forecast to enter the US Gulf of Mexico as a major storm this weekend.

Eveninger - Aug 27 2008

Pre Session Commentary - Aug 27 2008

The Indian Market is expected to have positive opening due to mixed cues from the global markets. On Tuesday, domestic market recovered smartly during final trading hours to close with marginal gains after giving up its initial losses. Market opened lower tracking weak cues from global markets. Further market continues to trade in negative territory but on the back some buying it tried to recover. Further market was not able to sustain the momentum and turned choppy. Domestic market finally managed to close marginal in green on sustained buying during last hours of trading session. The BSE Sensex ended marginal below 14, 500 level and NSE Nifty ended above 4,300 mark. From the sectoral front, interest rate sensitive Bank and Auto stocks outperformed the benchmark index and closed with gain of more than 1%. 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 witnessed from these baskets. 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. We expect that market may remain volatile during the trading session.

On Tuesday, the US market was closed mixed. Crude oil ended up $1.16 to $116.94 a barrel supported by fears Hurricane Gustav, which would rip through crude and natural gas assets in the Gulf of Mexico. The Dow Jones Industrial Average (DJIA) closed higher by 26.62 points to close at 11,412.87 along with The S&P 500 (SPX) ended up by 4.67 points to close at 1,271.51 while the NASDAQ index lost 3.62 points to close at 2,361.97.

Indian ADRs ended on positive note. In technology sector, Patni Computers ended higher by (2.54%) followed by Wipro surged by (1.68%), Infosys by (1.58%) and Satyam by (0.89%). In banking sector HDFC bank and ICICI Bank gained (3.67%) and (2.68%). In telecommunication sector, Tata Communication ended up by (1.68%) while MTNL dropped by (0.62%). Sterlite industries increased by (1.87%).

Today the major stock markets in Asia are trading mixed. Hang Seng index is trading higher by 100.83 points at 21,157.49 along with Taiwan’s Taiex index trading up by 90.17 points at 7,054.77. However, Japan’s Nikkei trading lower by 14.70 points at 12,764.01 and Singapore''s Straits Times lost 0.42 points at 2,706.77.

The FIIs on Tuesday stood as net buyer in equity and in debt. The gross equity purchased was Rs1,303.70 Crore and the gross debt purchased was Rs2.20 Crore while the gross equity sold stood at Rs1,209.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was Rs93.90 Crore and net debt was Rs2.20 Crore.

Indian Rupee ended 0.10% lower at 43.85/86 from Monday’s close of 43.78/79 against the dollar. The rupee touched 44.15 against the dollar, the lowest level since March 16, 2007, before erasing almost all of the day''s losses.

Today, Nifty has support at 4,265 and resistance at 4,406 and BSE Sensex has support at 14,156 and resistance at 14,780.

Market seen range-bound amid volatility

Key benchmark indices are likely to see range activity on mixed global cues. However rise in crude oil prices may weigh on the sentiment. Volatility may 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 40% while that of Nifty was at 37%, as of Tuesday, 26 August 2008.

Meanwhile, even as signals of a growth slowdown are discernible in the wake of surging inflation and high interest rates, Finance Minister P. Chidambaram yesterday, 26 August 2008 expressed confidence that the economy would be back on track by the second half of 2009-10. He added the industry should look positively to an 8-9% growth which is here to stay.

On the New York Mercantile Exchange, October crude rose $1.16 at $116.27 per barrel yesterday, 26 August 2008 as oil companies began preparing against Hurricane Gustav, which is forecast to enter the US Gulf of Mexico as a major storm this weekend..

Asian markets were trading mixed today, 27 August 2008. Key benchmark indices in China, Japan, Singapore, and South Korea were down by between 0.01% and 1.27%. However indices in Hong Kong and Taiwan rose 0.54% and 1.71% respectively.

US markets ended mixed yesterday, 26 August 2008 as hurricane fears lifted oil prices and boosted energy shares and Citigroup analysts said Fannie Mae and Freddie Mac have enough capital to last the year. However, gains were capped after a report from the US Federal Deposit Insurance Corporation said 117 US banks were on its 'troubled banks' list at the end of the second quarter, up from 90 after the first three months of the year.

The Dow Jones Industrial Average rose 26.62 points, or 0.23% at 11,412.87, the Standard & Poor's 500 Index gained 4.66 points, or 0.37%, at 1,271.50. However the Nasdaq Composite index fell 3.62 points, or 0.15% at 2,361.97.

Back home, stocks ended choppy trading session slightly higher yesterday, 26 August 2008, boosted by fall in crude oil prices and reports of a near normal monsoon. The BSE 30-share Sensex rose 31.87 points or 0.22% to 14,482.22 and the S&P CNX Nifty rose 2.15 points or 0.05% at 4337.50, on that day.

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.

Foreign institutional investors (FIIs) were net equity sellers worth Rs 572.04 crore while mutual funds purchased shares worth Rs 276.92 crore on Tuesday, 26 August 2008, according to provisional data on NSE.

FIIs were net buyers of Rs 80.14 crore in the futures & options segment on Tuesday, 26 August 2008. They were net buyers of index futures to the tune of Rs 8.19 crore and purchased index options worth Rs 22.02 crore. They were net sellers of stock futures to the tune of Rs 24.45 crore and bought stock options worth Rs 74.38 crore.

Daily Call - Aug 27 2008

Banking stocks charmed the markets in the last hour of trade that enabled the Indices to wipe out their losses and close in the green. The increase in Nifty futures premium to 13 from overnight 2 does indicate that some shorts may have been covered. The rollovers are normal.

Experience tells us not to read too much into the moves of the Nifty when it is close to the settlement date. I don't think, the markets have in them to close this settlement above the 4430 mark. Also do not read too much into where it closes tomorrow, as it is no indication where the new settlement will open on Friday, as the markets will have to ford the inflation waters on Friday morning. Unless Reliance does well, market's enthusiasm may not last long. The support has now come up to 4283 and the resistance remains the same 4420.

Grey Market Premiums

NU TEK India Ltd. 192 10 to 15

Austral Coke & Projects 196 10 to 12

Adani Enterprises

We recommend a sell in Adani Enterprises from a short-term perspective. It is evident from the charts of Adani Enterprises that the stock has been on a medium-term downtrend from its May high of Rs 897. The stock has been recording lower peaks and lower troughs since then. During late July, the stock tumbled steeply, penetrating the 21-, 50- and 200-day moving averages conclusively. We note that the stock has failed to surpass the 50-day moving average since this penetrati on. On August 26, the stock declined 5 per cent accompanied with heavy volume and it is trading well below 21- and 50-day moving averages. With this recent decline, the daily relative strength index has entered into the bearish zone and the weekly RSI is on the verge of entering this zone. The daily moving average and convergence and divergence is signalling a sell. The medium-term down trendline is intact. Our short-term forecast for the stock is bearish. We expect the stock’s decline to prolong until it hits our price target of Rs 530 in the approaching trading sessions. Traders with short-term perspective can sell the stock, while maintaining a stop-loss at Rs 612.

via BL

Sideways movement to continue

The market is likely to witness sideways movement on the back of a strong intra-day volatile moves. Stocks across sectors along with heavyweights may gyrate sharply. Overnight weakness in the US indices and mixed Asian markets in mornings trades may further dampen the investors' sentiment. On the technical side, the Nifty has a stiff resistance at 4300 and the downside cap at 4370, while the Sensex could test higher levels of 14600 and has a likely support at 14300.

US indices ended flat on Tuesday with the Dow Jones gained 27 points to close at 11413, the Nasdaq fell four points at 2362.

Most of the Indian ADRs gains on the US bourses. HDFC Bank and Tata Motors gains over 3% each while ICICI Bank, Patni Computer, Wipro, Infosys and VSNL were up 1-2% each. However, Rediff shed over 1% while Dr Reddy's and MTNL lost marginally.

Crude oil prices in the US market gained on Tuesday, with the Nymex light crude oil for September delivery raising by $1.16 to close at $116.27 a barrel and in the commodity space, the Comex gold for December series gained $2.40 cents to settle at $828.10 a troy ounce.

Morning Call - Aug 27 2008

Market Grape Wine :

In House:

Nifty at a support of 4300 and 4250 with resistance at 4360 and 4400 levels.

Cash: Buy RELINFRA above 1002 target 1060 with 987.

Cash: Buy PUNJLLOYD above 282 targets 295 with S/L 272.

Future: Buy BOB above 266 targets 280 with S/L 258.

Future: Buy HDFC BANK above 1240 target 1310 with S/L 1220.

Out House:

Markets at a support of 14241 & 14114 and resistance at 14543 & 14686 levels .

Buy : Infy & Satyam

Buy : LNT

Buy : Coreproject

Buy : Aftek

Buy : ONGC at dips

Buy : NTPC

Buy : EssarOil

Buy : SBIN

Buy : Relcap

Dark Horse : RelCap , RIL , Core , Aftek , Infy , & Aptech

Daily Technicals - Aug 27 2008

Market Outlook - Aug 27 2008

Trading Calls - Aug 27 2008

Nifty (4338) Sup 4290 Res 4400

Buy M&M (573) SL 568
Target 583, 585

Buy Crompton Greaves (267)
SL 263 Target 275, 277

Buy Sun Pharma (1488)
SL 1470 Target 1530, 1540

Buy Kotak Bank (597)
SL 592 Target 607, 610

Sell Unitech (160)
SL 163 Target 154, 152

Tech and Nu Tek…stock specific actions

The world is moving so fast these days that the man who says it can't be done is generally interrupted by someone doing it.

The otherwise listless market is set to see a listing today of telecom infrastructure solution provider Nu Tek India. The company has fixed the issue price at Rs192 per share. Besides Nu Tek, action will be seen in Tech Mahindra. The Financial Times has reported that BT is considering selling its 31% stake in the Mahindra group's IT company. Firstsource will remain in the limelight amid reports that ICICI Bank and two other large investors have put their stake on the block. Sun Pharma is likely to be a gainer after a Tel-Aviv court has ruled in favor of the company. The court has ruled that no special Tender Offer is necessary in the case of the Taro Offer.

Coming back to the outlook for today, we expect the market to remain in a 'no-man's land' zone due to mixed global cues. Oil prices have inched up a little bit. FIIs continue to be net sellers. Nagging worries over local as well as global headwinds will keep investors on tenterhooks. Expect increased volatility ahead of tomorrow's F&O expiry. As we have mentioned earlier, the bulls and the bears are pretty indecisive at this juncture. Neither camp appears to be certain of it's next move. Even if they do, they are holding their cards close to their chest. As a result, the market will continue to be sluggish in the near term.

Though softening commodity prices are good for equities, the trend also points to worsening prospects for the global economic growth. Even the malaise in the western financial firms is far from over. At the same time, most central banks are wary of rising inflation. In India, we have been spared from much higher inflation due to the monetary as well as fiscal steps taken by the Government. And, with general elections only a few months away, one should not be surprised to hear more on this front from the RBI and the Centre.

Asian markets are trading mixed this morning. The Nikkei in Tokyo was down 14 points at 12,764 while the Hang Seng in Hong Kong climbed 163 points or 0.8% at 21,219. The Kospi in Seoul added 8 points to 1498 while the Straits Times in Singapore was nearly flat at 2709.

The Shanghai Composite in Shanghai was down 14 points at 2336 while the Taiex in Taiwan jumped 113 points to 7077.

FIIs were net buyers of Rs5.72bn (provisional) in the cash segment on Tuesday. Local institutions were net buyers of Rs2.77bn. In the F&O segment, the foreign funds were net buyers of Rs801.4mn.

US blue chip stocks ended marginally higher on Tuesday while the technology shares closed slightly down. Energy shares rose due to the fresh spike in oil prices. This helped investors offset speculation that the Federal Reserve would hike interest rates to curb inflation.

The S&P 500 index rose 4.67 points, or 0.4%, to 1,271.51. The Dow Jones Industrial Average advanced 26.62 points, or 0.2%, to 11,412.87 and the Nasdaq Composite Index slipped 3.62 points or 0.15% to 2,361.97.

Market breadth was positive. Almost two stocks rose for each that fell on the New York Stock Exchange. Trading on the NYSE was the slowest of the year for the fourth straight day, with about 856mn shares changing hands. Volume since the start of last week has been more than one-third lower than the year-to-date average.

With trading volume very light, every fresh piece of economic data moved the market only slightly. One housing report showed home prices tumbled more than 15% in the second quarter and a government report showed the number of new homes sold in July was still more than 30% behind the same month last year. On the positive side, the Conference Board said its reading on consumer confidence increased again in August, after making modest gains in July.

The FDIC, one of the regulators of the US banking system, published its second quarter reading on the banking industry and the agency's so-called "problem bank" list grew to 117, up from 90 banks in the first quarter. The number of banks on the "problem list" has increased since Americans started having trouble paying their mortgage payments.

Fed officials agreed at their last meeting that their next move in interest rates will be to raise them, while reaching no conclusion on the timing of such a decision, records of the gathering show. On Aug. 5, the Federal Open Market Committee (FOMC) had decided to leave the key interest rate unchanged at 2%.

Movement in oil prices moved the US markets. When oil prices were at their session lows, Wall Street was up and when oil prices were at their session highs, stocks hit their lows.

Crude oil futures for October delivery rose $1.16 to settle at $116.27 a barrel on growing fears that Hurricane Gustav will interrupt oil supplies from the Gulf of Mexico. Retail gas prices have declined more than 10% since mid-July on the back of declining crude prices. The price of regular unleaded gasoline fell to $3.672 a gallon.

The dollar gained against the 15-nation euro as Germany, the largest economy in Europe, reported its consumer confidence reading stood at a 5-year low. In addition, rising inflation in the euro zone is further weakening the value of the euro, allowing the dollar to recover.

In the bond market, government bonds were mixed with the yield on the 10-year benchmark note at 3.78%. COMEX gold for December delivery rose $2.40 to $828.10 an ounce.

Stocks in Europe swung higher, shedding early losses. The euro dropped to a six-month low after a worse-than-forecast reading of the Germany's Ifo Institute's August business climate survey pressured the euro to levels not seen since February.

The pan-European Dow Jones Stoxx 600 index closed up 0.2% to 282.74 in another lightly-traded session. Germany's DAX 30 ended up 0.6% at 6,340.52 and the French CAC-40 rose 0.3% to 4,368.55. After a three-day break, the UK's FTSE 100 rose 0.6% lower to 5,470.70, though that was still off early lows.

In the emerging markets, Brazil's Bovespa was down 0.2% to 54,358 while Mexico's IPC index fell 1.3% at 26,071. The RTS index in Russia plunged 4.2% to 1579 and the ISE National-30 index in Turkey was down 1.6% at 49,437.

Not much headway likely

It was another day of dull trade, where in the Indian stock markets managed to end with modest gains. Bulls managed to extend gains to third straight trading session led by banking, Auto and IT stocks.

Finally, the benchmark Sensex gained 31 points to close at 14,482 and Nifty ended 2 points higher to close at 4,337.

TCS gained by 2% to Rs832 after the company announced that it won a five-year, multimillion dollar contract from Singapore Airlines Ltd. The scrip touched an intra-day high of Rs836 and a low of Rs815 and recorded volumes of over 1,00,000 shares on BSE.

Shares of IOB declined by over 2.5% to Rs89. The board of the bank approved the issue of unsecured, redeemable, non convertible subordinated bonds (Series XII) aggregating to Rs3bn, on private placement basis. The board also approved the issue of unsecured, redeemable, non convertible subordinated (upper tier ii) bonds (series ii) aggregating to Rs7bn (to be raised shortly). The scrip touched an intra-day high of Rs91 and a low of Rs86 and recorded volumes of over 55,000 shares on BSE.

Parsvnath marginally slipped by 0.4% to Rs114 after Fitch Ratings-Mumbai/Singapore downgraded the company’s Issuer Rating to 'A-(ind)' (A minus(ind)) from A(ind)'. The Outlook is Stable.

Simultaneously, Fitch has downgraded Parsvnath Rs2bn long-term debt and INR9bn long-term bank loan ratings to 'A-(ind)' (A minus(ind)) from A(ind)' respectively, and its INR1bn short-term debt to 'F2+(ind)' from 'F1(ind)'. The scrip touched an intra-day high of Rs115 and a low of Rs111 and recorded volumes of over 1,00,000 shares on BSE.

Shares of Bosch Ltd rallied by over 14% to Rs4147 after the company announced that the board of directors would meet on September 02, 2008, to consider proposal to 'Buyback some part of the equity shares of the company. The scrip touched an intra-day high of Rs4294 and a low of Rs4109 and recorded volumes of over 25,000 shares on BSE.

Sasken Communication pared early gains and ended lower by 1.2% at Rs150. The company announced that it has filed an appeal before the Securities Appellate Tribunal (SAT) such that the company is permitted to proceed with the buy back scheme with the same conditions as set out in its public announcement.

SEBI, in its earlier letters had imposed certain conditions / directives on the company in the implementation of the proposed buyback of shares. The scrip touched an intra-day high of Rs158 and a low of Rs149 and recorded volumes of over 12,00,000 shares on BSE.

BHEL gained by 2% to Rs1721 after the company announced that it won two orders of Rs1.4bn from Middle East for two 42MW has turbine units. The scrip touched an intra-day high of Rs1728 and a low of Rs1662 and recorded volumes of over 2,00,000 shares on BSE.

Shares of GS Auto was locked at 5% upper circuit to Rs100.20 after the company announced that the board of directors would meet on August 30, 2008 to consider the raising of funds for the company's expansion plan.

The board of directors of the company, would consider the plan for raising further funds, aggregating up to Rs500mn, by the issue of securities through Foreign currency convertible Bonds (FCCBs) / ADRs / GDRs / and or other convertible securities or through QIPs. The scrip touched an intra-day high of Rs100.20 and a low of Rs90 and recorded volumes of over 3,00,000 shares on BSE.

TTK Prestige was locked at 20% to Rs158.55 after the company announced that the board of directors would meet on September 1, 2008 to consider delisting of the company’s shares from the Bombay Stock and National Stock Exchange. The scrip touched an intra-day high of Rs158.5 and a low of Rs135 and recorded volumes of over 1,00,000 shares on BSE.

Shares of RayBan Sun Optics surged by over 3.5% to Rs135 after the company’s parent company announced its plans to acquire the shares it doesn't already hold in the unit and delist the company from the Bombay Stock Exchange. Ray Ban Indian Holdings plans to buy more than 7.21mn outstanding shares at a price of Rs140 per share. The scrip touched an intra-day high of Rs136 and a low of Rs133 and recorded volumes of over 6,00,000 shares on BSE.

ONGC Videsh has made a bid to acquire the UK-listed Imperial Energy and formally launched a negotiated takeover bid for the company at US$2.6bn. (BS)

DLF plans to seek shareholder approval to raise ~Rs100bn from institutional investors over the next 12 months. (BS)

TCS has bagged a five year multi-million dollar contract from Singapore Airlines Cargo. (ET)

Tata Sons is considering options to sell part of its stake in TCS to fund the group’s expansion plans, especially in telecom. (ET)

Cairn India may produce up to 16% more oil from the Rajasthan field. (BL)

FIPB approved the acquisition of Ranbaxy by Japan's Daiichi Sankyo and the deal would now have to be cleared by the finance minister and the Cabinet committee on economic affairs. (BS)

Reliance Industries plans to transfer 80% of its participating interest in the D6 block of the KG basin to four subsidiaries. (ET)

NTPC has placed an order to import 8.2mn tons of coal to meet the shortfall in total requirement of ~122mn tons in FY09. (ET)

The Adani Group has tied up with Ashapura Minechem to set up a Rs100bn aluminium refinery at Mundra in Gujarat. (BS)

Hero Group to diversify into making small aircraft. (BL)

BHEL won a contract for export of two gas turbine generating units worth Rs1.4bn in the United Arab Emirates. (BL)

HDIL plans to raise Rs10bn within a year to buy land and reallocate slum facilities for the Mumbai airport modernization project. (Mint)

The promoters and two major shareholders of Firstsource Solutions ICICI group, Aranda Investments and Metavante have put their combined 68% stake for sale for Rs18.65bn or Rs64 a share. (ET)

BGR Energy Systems has bagged Rs396mn order from Essar Oil for supply of air fin coolers in India. (ET)

Indian Overseas Bank is in talks with LIC to sell bonds up to Rs7bn. (ET)

Jet Airways plans to increase existing fares by ~20% over the next two months. (ET)

Cairn India is likely to sell its investments in Videocon Industries of ~2.7 lakh shares valued at Rs720mn at current market price. (ET)

Employees of Taro Pharmaceuticals have sent a legal communique to the management of Sun Pharmaceutical to sign a MoU with them. (ET)

IOC’s board has not yet given the approval for Panipat petrochem project even after a lapse of four years of signing the MoU with Haryana Government. (FE)

SREI Infrastructure has tied up with Waha Leasing to expand its business in Middle East. (ET)

Lumax Industries expects three Greenfield projects to come on stream by the next quarter and has recently bagged orders worth Rs600mn from two customers. (ET)

Astra Microwave has received a Rs255mn order from the Indian Meteorological Department. (ET)

Reliance Retail has cut down 3,000 jobs in revamp. (FE)

Godrej and Boyce Manufacturing Co plans to invest up to Rs2bn to expand its store network and expects a turnover of Rs40bn over the next five years. (ET)

Sanyo Electric will end its 50:50 joint venture for manufacturing cathode ray tube (CRT) televisions with BPL. (BS)

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