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Thursday, September 25, 2008

Petroleum Refining

Petroleum Refining

Stock Recommendations - Sep 24 2008

Stock Recommendations - Sep 24 2008

BSE Bulk Deals to Watch - Sep 25 2008

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
25/9/2008 533016 AUSTRAL COKE OPG SECURITIES P LTD B 649955 262.08
25/9/2008 533016 AUSTRAL COKE OPG SECURITIES P LTD S 649955 262.24
25/9/2008 590059 BIHAR TUBES HARDIK M MITHANI B 126567 194.53
25/9/2008 590059 BIHAR TUBES SPJSTOCK B 60289 201.42
25/9/2008 590059 BIHAR TUBES MANOJGUPTA B 65071 204.85
25/9/2008 590059 BIHAR TUBES HARDIK M MITHANI S 126567 195.35
25/9/2008 590059 BIHAR TUBES SPJSTOCK S 71401 201.63
25/9/2008 590059 BIHAR TUBES MAVI INVESTMENT FUND LIMITED S 80000 190.01
25/9/2008 531682 CAT TECHNOL PRABHUDAS LILLADHER PVT. LTD. B 239434 6.19
25/9/2008 531682 CAT TECHNOL S V ENTERPRISES B 1321772 6.67
25/9/2008 531682 CAT TECHNOL PRABHUDAS LILLADHER PVT. LTD. S 229434 6.26
25/9/2008 531682 CAT TECHNOL S V ENTERPRISES S 1440613 6.41
25/9/2008 526550 COUNTRY CLUB CLSA MAURITIUS LIMITED B 385235 282.05
25/9/2008 521220 DAMODAR THRE SALIM HADI RAI S 24000 32.92
25/9/2008 509550 GAMMON INDI WARHOL LIMITED B 1000000 165.00
25/9/2008 509550 GAMMON INDI HDFC MUTUAL FUND AC HDFC EQUITY FUND S 1000000 165.00
25/9/2008 531137 GEMSTONE INV BHAVESH P PABARI B 27000 55.19
25/9/2008 531137 GEMSTONE INV HEMANT MADHUSUDAN SHETH S 27000 55.12
25/9/2008 500151 GOLDEN TOB OPG SECURITIES P LTD B 121551 141.19
25/9/2008 500151 GOLDEN TOB OPG SECURITIES P LTD S 121551 141.35
25/9/2008 531439 GOLDSTON TEC ANKIT RAJENDRA SANCHANIYA B 258000 116.10
25/9/2008 531439 GOLDSTON TEC HEMANT M SHETH S 104321 115.77
25/9/2008 531439 GOLDSTON TEC HEMANT MADHUSUDAN SHETH S 278000 115.95
25/9/2008 504269 KHAITAN ELCT ARION COMMERCIAL PVT LTD B 151000 52.34
25/9/2008 531602 KOFF BR PICT GEETA BABULAL JAIN B 25000 40.06
25/9/2008 531602 KOFF BR PICT BABULA JAIN B 50000 40.19
25/9/2008 531602 KOFF BR PICT LEELABEN AMRUTLAL DARJI S 43468 40.00
25/9/2008 531602 KOFF BR PICT ARVIND NAGIN PATEL S 45226 40.01
25/9/2008 531602 KOFF BR PICT NEHA UMESH DHRUVA S 45480 40.80
25/9/2008 511728 KZLEASING ANJALI YOGESH PANDYA B 24018 12.68
25/9/2008 511728 KZLEASING ANJALI YOGESH PANDYA S 22613 12.79
25/9/2008 532045 NEXXOFT INFO MANOJ H.MEHTA S 45000 34.05
25/9/2008 533015 NUTEK INDIA OPG SECURITIES P LTD B 93430 136.17
25/9/2008 533015 NUTEK INDIA OPG SECURITIES P LTD S 93430 136.33
25/9/2008 531996 ODYSSEY CORP NITIN T KATWA S 34350 33.01
25/9/2008 531769 PFL INFOTECH VISHU ENTERPRISE S 84176 12.31
25/9/2008 532626 PONDY OXIDES VSB INVESTMENTS PVT LTD B 83000 19.08
25/9/2008 532626 PONDY OXIDES PRADEEP PASARI S 93500 19.07
25/9/2008 531646 RFL INTERNAT GEETA NARENDRA SHAH B 26900 0.98
25/9/2008 631703 TRIBHVAN HSG SOPHIA GROWTH S 345000 34.05
25/9/2008 533011 VISHAL INFO OPG SECURITIES P LTD B 67505 351.54
25/9/2008 533011 VISHAL INFO OPG SECURITIES P LTD S 67505 351.36
25/9/2008 533011 VISHAL INFO GOPAL MARATHE S 57500 348.00
25/9/2008 500444 WEST COAS PA CLSA MAURITIUS LIMITED B 2317489 50.00
25/9/2008 500444 WEST COAS PA GRANTS INVEST LTD DR ACCOUNT S 2317489 50.00

NSE Bulk Deals to Watch - Sep 25 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
25-SEP-2008,AKRUTI,Akruti City Limited,NIRMAL KOTECHA,BUY,353537,991.55,-
25-SEP-2008,AKRUTI,Akruti City Limited,NIRMAL N KOTECHA,BUY,343344,1043.69,-
25-SEP-2008,AKRUTI,Akruti City Limited,P R B SECURITIES PRIVATE LTD,BUY,530869,999.14,-
25-SEP-2008,ALOKTEXT,Alok Industries Limited,RATNABALI CAPITAL MARKETS LTD.,BUY,68524,30.65,-
25-SEP-2008,AUSTRAL,Austral Coke & Projects L,AMBIT SECURITIES BROKING PVT. LTD.,BUY,302355,259.68,-
25-SEP-2008,AUSTRAL,Austral Coke & Projects L,DINESH MUNJAL,BUY,177187,261.83,-
25-SEP-2008,AUSTRAL,Austral Coke & Projects L,MANIPUT INVESTMENTS PVT LTD,BUY,147378,262.24,-
25-SEP-2008,AUSTRAL,Austral Coke & Projects L,R.M. SHARE TRADING PVT LTD,BUY,263581,262.10,-
25-SEP-2008,BALRAMCHIN,Balrampur Chini Mills,NEW VERNON INDIA LTD,BUY,1413600,84.45,-
25-SEP-2008,DCB,Development Credit Bank L,STANDARAD CHARTERED ARBITRAGE FUND,BUY,1001000,38.76,-
25-SEP-2008,FAME,Fame India Limited,CLSA (MAURITIUS) LIMITED,BUY,1504999,33.55,-
25-SEP-2008,GTCIND,GTC Industries Ltd,MBL & COMPANY LTD.,BUY,126235,139.85,-
25-SEP-2008,GUJALKALI,Gujarat Alkalies & Chem ,SHAH NISHITH BABULAL,BUY,556759,126.00,-
25-SEP-2008,KHAITANELE,Khaitan Electricals Ltd,ARION COMMERCIAL PVT LTD,BUY,151000,52.34,-
25-SEP-2008,MOTILALOFS,Motilal Oswal Financial S,HDFC TRUSTEE COMPANY LTD.- GROWTH FUND,BUY,950000,103.00,-
25-SEP-2008,MSKPROJ,MSK Projects (India) Limi,CLSA (MAURITIUS) LIMITED,BUY,1573858,60.00,-
25-SEP-2008,MURLIIND,Murli Industries Limited,CLSA (MAURITIUS) LIMITED,BUY,139868,260.00,-
25-SEP-2008,VINCARDS,Vintage Cards & Creations,BHASIRAJ R,BUY,3000,50.45,-
25-SEP-2008,AKRUTI,Akruti City Limited,NIRMAL KOTECHA,SELL,78537,1011.67,-
25-SEP-2008,AKRUTI,Akruti City Limited,NIRMAL N KOTECHA,SELL,272975,992.14,-
25-SEP-2008,AKRUTI,Akruti City Limited,P R B SECURITIES PRIVATE LTD,SELL,524769,993.87,-
25-SEP-2008,ALOKTEXT,Alok Industries Limited,RATNABALI CAPITAL MARKETS LTD.,SELL,1391231,30.93,-
25-SEP-2008,AUSTRAL,Austral Coke & Projects L,AMBIT SECURITIES BROKING PVT. LTD.,SELL,302355,260.39,-
25-SEP-2008,AUSTRAL,Austral Coke & Projects L,DINESH MUNJAL,SELL,177187,261.51,-
25-SEP-2008,AUSTRAL,Austral Coke & Projects L,MANIPUT INVESTMENTS PVT LTD,SELL,147378,262.65,-
25-SEP-2008,AUSTRAL,Austral Coke & Projects L,R.M. SHARE TRADING PVT LTD,SELL,263581,262.47,-
25-SEP-2008,BALRAMCHIN,Balrampur Chini Mills,MACQUARIE BANK LTD,SELL,1876800,83.98,-
25-SEP-2008,FAME,Fame India Limited,GRANTS INVESTMENT LIMITED - FCCB,SELL,1504999,33.55,-
25-SEP-2008,GTCIND,GTC Industries Ltd,MBL & COMPANY LTD.,SELL,126235,140.11,-
25-SEP-2008,GUJALKALI,Gujarat Alkalies & Chem ,SHAH NISHITH BABULAL,SELL,2500,126.45,-
25-SEP-2008,KHAITANELE,Khaitan Electricals Ltd,PACIFIC CORPORATE SERVICES LTD,SELL,150000,52.33,-
25-SEP-2008,MSKPROJ,MSK Projects (India) Limi,GRANTS INVESTMENTS LTD. A/C GDR,SELL,1573858,60.00,-
25-SEP-2008,MURLIIND,Murli Industries Limited,GRANTS INVESTMENTS LTD. A/C GDR,SELL,139868,260.00,-
25-SEP-2008,RENUKA,Shree Renuka Sugars Limit,MACQUARIE BANK LTD,SELL,2210000,107.24,-

Post Session Commentary - Sep 25 2008

Domestic markets closed in red terrain on huge selling pressure over the ground due to F&O expiry day. Concern over US governments’ financial sector bailout plan also weighed on the sentiments as congressional hearings of the $ 700 billion bailout plan resumed. Markets opened on flat note but suddenly lost its momentum and slipped below to trade in the negative territory ahead of the F&O expiry for the month of September. Further, weakness continued to prevail over the markets on inflation worries as inflation number for the week ended 13th September 2008 due to released today after market hours. Though markets tried to recover but profit booking led the markets to end the day in losses. BSE Sensex ended below 13,600 level and NSE Nifty closed below 4,150 mark. From the sectoral front, most of the selling was visible in Metal, Reality, Oil & Gas, Capital Goods, IT and Pharma stocks. However, Auto stocks ended almost flat as witnessed some buying form its baskets. The market breadth was negative as 1688 stocks closed in red while 899 stocks closed in green and 78 stocks remained unchanged.

The BSE Sensex closed lower by 145.34 points at 13,547.18 and NSE Nifty ended down by 50.70 points at 4,110.55. The BSE Mid Caps and Small Caps closed with losses of 33.73 points at 5,093.05 and by 51.48 points at 6,050.03. The BSE Sensex touched intraday high of 13,716.88 and intraday low of 13,430.68.

Losers from the BSE are Wipro Ltd (4.81%), Ranbaxy Lab (4.70%), Hindalco (4.00), Grasim Indus (3.50%), TCS Ltd (3.26%), DLF Ltd (2.81%), ACC Ltd (2.65%), Bharti Airtel (2.44%), Tata Power (2.39%), ITC Ltd (2.31%) and Sterlite Indus (2.13%).

Gainers from the BSE are HDFC Bank Ltd (1.28%), ONGC Ltd (0.87%), L&T Ltd (0.59), Maruti Suzuki (0.38%), NTPC Ltd (0.36%), JP Associates (0.12%) and HUL (0.12%).

The BSE Metal index dropped by 165.19 points to close at 9,977.10. Major losers are Sesa Goa Ltd (5.54%), Nalco (5.34%), Gujarat NRE C (4.47), Hindalco (4.00%), Jindal Steel (2.81%) and Sterlite Indus (2.13%).

The BSE Capital Goods index lost 83.67 points to close at 11,257.13. Major losers are Suzlon Energy (7.17%), Siemens Ltd (5.91%), Havells India (3.43%), Praj Indus (2.54%), Lakshmi MA W (2.21%) and Kalpat Power T (2.14%).

The BSE Reality index closed lower by 76.77 points at 3,840.21. Losers are Indus Indiabull Real (5.17%), Akruti City (4.20%), Parsvnath (3.38%), Orbit Co (2.63%), Sobha Dev (2.45%) and Penland Ltd (2.31%).

The BSE Oil & Gas index ended down by 71.84 points at 9,364.01 as Cairn India (2.40%), Aban Offshore (2.21%), Gail India (2.07%), BPCL (1.87%), Reliance (1.10%) and HPCL (1.07%) ended in negative territory.

The BSE IT index dropped by 68.69 points to close at 3,348.42. As Aptech Ltd (5.50%), Oracle Fin (5.36%), Mphasis Ltd (5.22%), Wipro Ltd (4.81%), Moser Bayer (4.07%) and HCL Tech (3.67%) closed in negative territory.

The BSE Auto index gained marginally 3.67 points to close at 3,852.54. As MRF Ltd (2.55%), Ashol Leyland (2.11%), Escorts Ltd (1.98%), Amtek Auto L (1.57%), Bharat Forge (1.42%) and Tata Motors (1.03%) closed in positive territory.

Downcast session

The 30-stock Sensex of the BSE witnessed a 122-point pullback yesterday on the back of strong buying support. However, the bears hit back strongly today and triggered a major sell-off. Tracking subdued Asian markets, the Sensex began the session marginally above its previous close, but soon slipped on sustained selling in frontline stocks and continued it down-move for the major part of the day. After falling below the 13,500 mark to touch the day's low of 13,431, the market moved in a range with a negative bias. The market witnessed buying towards the close and the Sensex ended the session with a loss of 145 points at 13,547, whereas Nifty shed 51 points and closed at 4,111.

All the sectoral indices except the BSE Auto index ended negative. The BSE IT dropped over 2%, while the BSE Teck, the BSE Realty, the BSE Power, the BSE CD, the BSE Metal and the BSE HC were down over 1% each.

The breadth of the mark was extremely negative. Of the 2,665 stocks traded on the BSE, 1,688 stocks declined, while only 899 stocks advanced. 78 stocks ended unchanged. Among the 30 Sensex stocks, 23 stocks ended in the red. Wipro was a major loser and tumbled by 4.81% at Rs352.90. Ranbaxy Laboratories at Rs296.20, Hindalco Industries at Rs104.50, Grasim Industries at Rs1,867.40, Tata Consultancy Services at Rs690.20 slumped over 3% each. Among the other major losers, DLF was down by 2.81% at Rs389, ACC dropped 2.65% at Rs611.15, Bharti Airtel lost 2.44% at Rs790.65, Tata Power fell 2.39% at Rs999.45 and ITC declined by 2.31% at Rs188.40.

Over 1.12 crore Tata Steel shares changed hands on the BSE followed by Reliance Natural Resources (0.89 crore shares), IFCI (0.72 crore shares), Austral Coke (0.72 crore shares) and Sesa Goa (0.54 crore shares)

Market falters on expiry of September 2008 derivatives contracts

The key benchmark indices ended the volatile session in the red. The BSE 30-share Sensex lost 145.34 points. The weakness on the bourses was linked to the expiry of the September 2008 derivative contracts as well as uncertainty hovering over the US government's $700 billion rescue plan for the financial sector. Investors also preferred staying on the sidelines ahead of the weekly inflation data to be released after market hours today, 25 September 2008.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 25 September 2008, sold shares worth a net Rs 1050.38 crore. Domestic funds bought shares worth a net Rs 605.59 crore.

All the sectoral indices on BSE, barring the Auto index, were negative. Software, realty and power shares took major beating. India’s third largest software exporter by sales Wipro was the top lower from the Sensex pack.

The BSE 30-share Sensex shed 145.34 points or 1.06% to 13,547.18. The index opened 24.36 points up at 13,879.06, which was also its highest point for the day. Soon, unabeted selling drove the Sensex 261.84 points down at the day's low of 13,430.68 by mid-afternoon.

The S&P CNX Nifty was down 50.70 points or 1.22% to 4110.55. Nifty October 2008 futures were at 4112.50, at a premium of 41.45 points as compared to spot closing.

The BSE Mid-Cap index was down 0.66% at 5,093.05 and the BSE Small-Cap index was down 0.84% at 6,050.03.

The market breadth was weak on BSE with 899 shares advancing as compared to 1688 that declined. 78 shares remained unchanged.

BSE clocked a turnover of Rs 5054 crore as against Rs 4,319.28 crore on 24 September 2008. NSE's futures & options (F&O) segment turnover was Rs 82697.69 crore, which was higher than Rs 67051.71 crore on Wednesday, 24 September 2008.

Software shares tumbled on growing worries about outsourcing prospects amid a global financial turmoil. Wipro (down 4.81% at Rs 352.90), TCS (down 3.26% at Rs 690.20), Satyam Computer (down 1.75% at Rs 328.05), and Infosys Technologies (down 1.23% at Rs 1504.95), slipped. The BSE IT index underperformed the Sensex, falling 2.01% at 3,348.42. Indian software firms earn more than half of their revenue from the US market.

India’s largest drug maker by sales Ranbaxy Laboratories slipped 4.70% to 296.20. As per recent reports, the Canadian drug regulator, Health Canada, issued a notice to Ranbaxy saying it will be particularly cautious about drug marketing applications from Ranbaxy after the US drug regulator blocked the sale of more than 30 generic medicines made in two factories by the company.

World's larest steel maker Tata Steel fell 0.13% to Rs 485.05. Around 1 crore shares, or 1.37% of its equity, changed hands in two block deals on BSE at a weighted average price of Rs 486.50 each.

India's largest aluminium producer by sales Hindalco Industries fell 4% at Rs 104.50. It came off from a 52-week low of Rs 103.75, hit in mid-afternoon trade. The company's Rs 5,050 crore rights share offer opened for subscription Monday, 22 September 2008. The sale in a ratio of three shares for every seven held at Rs 96 a share will close on 10 October 2008. The company aims to use the funds to repay a bridge loan it had taken to buy Canada's Novelis in 2007.

Sterlite Industries fell 2.13% at Rs 477.15. Yesterday, 24 September 2008, the Sterlite stock had ended 8.36% higher after the company dropped a restructuring plan. From a recent high of Rs 622.35 on 8 September 2008, the stock had tumbled 27.7% to Rs 449.95 on 23 September 2008 after parent Vedanta Resources said it will transfer Sterlite's aluminium and energy businesses to Madras Aluminium Company as part of restructuring. The restructuring of the Vedanta group was planned to result in three units focused on commodities produced by the group: copper, zinc and lead; aluminium and energy; and iron ore.

India’s largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) declined 1.10% at Rs 2025.

Realty shares tumbled. Indiabulls Real Estate (down 5.17% at Rs 198.05), Unitech (down 0.54% at Rs 120.75), and DLF (down 2.81% at Rs 389), declined. The BSE Realty index underperformed the Sensex, falling 1.96% to 3,840.21.

Akruty City fell 4.20% at Rs 960.35, after hitting a high of Rs 1035 in early trade. The stock advanced 35.40% in six trading sessions to Rs 1002.50 on 24 September 2008 from Rs 740.35 on 16 September 2008.

According to reports, the stock rallied in past six sessions because Indiabulls Financial Services had acquired around 5.5 lakh shares on 12 September 2008. This was a pledge made by the company to Indiabulls Financial Services. Indiabulls Financial Services, via pledge of equity shares would hold around 5.62% stake in the company. Hence, Indiabulls Financial Services have been buying shares and supporting the price at this level, reports suggest.

Banking shares were mixed. India’s largest private sector bank by market capitalisation ICICI Bank fell 0.69% to Rs 596. Canara bank (down 4.10% at Rs 199.05), Yes Bank (down 3.30% at Rs 127.45), and State Bank of India (down 1.63% at Rs 1493.80), fell. However, HDFC Bank (up 1.28% at Rs 1298.30), Axis Bank (up 1.51% at Rs 721.25), and Indian Overseas Bank (up 3.66% at Rs 106.25), moved higher. The BSE Bankex outperformed the Sensex, falling 0.34% to 6,863.47.

Auto shares outperformed the Sensex. Hero Honda Motors (up 2.07% at Rs 861.95), TVS Motor Company (up 1.54% at Rs 32.95), and Maruti Suzuki (up 0.38% at Rs 703.50), moved up.

India's largest commercial vehicle maker Tata Motors fell 1.03% at Rs 383.95. The BSE Auto index outperformed the Sensex, rising 0.08% to 3,852.54.

Tata Steel clocked a highest turnover of Rs 548.55 crore on BSE. Reliance Capital (Rs 355.12 crore), Reliance Industries (Rs 287.55 crore), Akruti City (Rs 207.50 crore), and Austral Coke & Projects (Rs 187.97 crore), were the other turnover toppers on BSE in that order.

Tata Steel reported a highest volume of 1.12 crore shares on BSE. Reliance Natural Resources (89.80 lakh shares), IFCI (72.89 lakh shares), Austral Coke & Projects (71.95 lakh shares), and Sesa Goa (54.96 lakh shares), were the other volume toppers on BSE in that order.

Steel pipe maker Man Industries spurted 10.26% at Rs 61.80 after the company said it received orders worth Rs 1100 crore in the current quarter for spirally-welded pipes. The company's total order book now stands at Rs 1500 crore, with exports accounting for over 26%.

Cigarette maker Golden Tobacco surged 8.57% at Rs 138.65 after the company said on Wednesday, 24 September 2008 evening its board had approved spinning off the tobacco and real estate businesses into two separate companies.

Wind turbine maker Suzlon Energy dipped 7.17% at Rs 182 after the company said its board would consider a rights issue to raise up to Rs 1800 crore on 27 September 2008. According to reports, the investors were worried the issue would lead to equity dilution.

The September 2008 derivatives contracts expired today. By Wednesday, 24 September 2008, roll over in Nifty stood at about 44% from September 2008 contracts to October 2008 contracts.

European markets, which opened after Indian market, rose led by banks and insurers and tracking gains in US index futures on hopes for an emergency meeting to hammer out details of a rescue plan for the US financial sector. Key indices in UK, France and Germany were up 0.09% to 0.87%.

Asian markets, which opened before Indian markets, were mixed. Key benchmark indices in Japan, Singapore, Hong Kong and Taiwan were down by between 0.15% to 1.35%. Key benchmark indices in South Korea, and China were up by between 0.38% to 3.64%.

The BSE Sensex is down 6739.81 points or 33.22% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7659.59 points or 36.11% below its all-time high of 21,206.77 struck on 10 January 2008. The index is down 3.52% or 495.14 points from a recent high of 14042.32 hit on 19 September 2008.

BGR Energy Systems

BGR Energy Systems

Axis Bank

Axis Bank

Poll Results - How are you feeling ?

How are you feeling ?

Good ! Thank you! 36 (21.x%)

Little scared, can survive 34 (20.x%)

Cautious, wait and watch 83 (49.x%)

Peeing in Pants... 15 (8.x%)

Total Votes: 168

Pre Session Commentary - Sep 25 2008

The Market is expected to have negative opening as US markets closed mostly lower and Asian markets are trading mixed. On Wednesday, the Indian markets broke its two days losing streak and closed in green territory on short covering ahead of September F&O expiry. Crude oil also weighs on the sentiments. Domestic markets opened higher as US-India civilian nuclear cooperation agreement moved closer to approval by Congress on Tuesday. US Senate Foreign Relations Committee passed the Indo-US civilian nuclear deal with a majority of 19-2. With this approval, first step is cleared and it is to be approved by House of Representatives. Domestic markets continued to gain ground after US investor Warren Buffet announced for an infusion of $5 billion in Goldman Sachs Group. Though, markets pared some of its gains after mid session on inflation worries for the week ended 13th September 2008 but managed to gain further momentum and closed with gains. From the sectoral front, Metal index was best performer as reported a rise of more than 2%. Apart from that, Capital Goods, Oil & Gas and Bank stocks witnessed most of the buying. However, IT and Consumer Durable stocks witnessed most of the selling from these baskets. Mid cap and Small cap stocks also witnessed buying during the trading session. We expect that the market remain volatile during the trading session ahead of future and options expiry and inflation data due to be released today evening.

The BSE Sensex closed higher by 122.21 points at 13,692.52 and NSE Nifty ended up by 34.35 points at 4,161.25. The BSE Mid Caps and Small Caps closed with gains of 13.47 points at 5,126.78 and by 8.54 points at 6,101.51. The BSE Sensex touched intraday high of 13,840.81 and intraday low of 13,592.79.

On Wednesday, the US market closed mostly lower on concern about bailout as congressional hearings of the $ 700 billion bailout plan resumed. Somewhat offset this concern by Warren Buffett''s deal to buy a stake in Goldman Sachs Group. AIG dropped 15% after failed to secure private sector financing and will borrow $85 billion from US Fed. Further, resale of single family homes posted a lesser than expected decline of 2.2%. Crude oil for November delivery fell marginally to settle at $105.73 a barrel on the New York Mercantile Exchange after rising to high of $109.50.

The NASDAQ index closed up by 2.35 points at 2,155.68 while the Dow Jones Industrial Average (DJIA) closed lower by 29.00 points at 10,825.17 and the S&P 500 (SPX) dropped by 2.35 points to close at 1,185.87

Indian ADRs ended mixed. In technology sector, Patni Computers closed up by (6.00%) followed by Wipro by (1.32%), while Infosys closed down by (4.26%) and Satyam by (0.68%). In banking sector HDFC Bank and ICICI Bank gained (6.73%) and (3.23%). In telecommunication sector, Tata Communication and MTNL lost (2.92%) and (2.08%). However, Sterlite Industries increased by (3.55%).

Today the major stock markets in Asia are trading mixed. Hang Seng index is trading up by 144.66 points at 19,106.65. However, Japan''s Nikkei dropped by 103.72 points at 2,011.31, Singapore''s Straits slipped 22.36 points at 2,455.24 and Taiwan Weighted trading at 6,121.53 plunged 11.07 points.

The FIIs on Wednesday stood as net seller in equity and net buyer in debt. Gross equity purchased stood at Rs1,895.80 Crore and gross debt purchased stood at Rs216.80 Crore while the gross equity sold stood at Rs2,763.50 Crore and gross debt sold stood at Rs151.90 Crore. Therefore, the net investment of equity reported was (Rs867.70) Crore and net debt was Rs64.90 Crore.

The BSE and NSE trading will remain suspend between 11.25 IST and 12.10 IST due to the sun outage. The day’s session ended at 16.15 IST. The new trading timing is effective till 8 October 2008.

On Wednesday, the partially convertible rupee ended at 45.95/96 per dollar, 0.5% weaker than 45.72/73 at close on Tuesday. It fell to 46.11 during the day. Indian rupee as banks bought the U.S. unit locally to sell at higher rates offshore, but suspected central bank intervention helped recover some of the losses.

On BSE, total number of shares traded was 21.09 crores and total turnover stood at Rs4319.28 crores. On NSE, total volume of shares traded was 43.16 crores and total turnover was Rs 11829.24 crores.

Top traded volumes on NSE Nifty – Idea Cellular with total volume traded 16568493, followed by NTPC with 9249684, Satyam Computer with 9078932, ICICI Bank with 9030078 and Sterlite Ind with 8806616.

On NSE Future and Options, total number of contracts traded in index futures was 1032365 with a total turnover for the same was Rs 20503.36 crores. Along with this total number of contracts traded in stock futures was 1353511 with a total turnover of Rs 21836.95 crores. Total number of contract for index options was 1117041 and total turnover was Rs 23763.36 crores and total number of contracts for stock options was 55000 and notional turnover was Rs 948.04 crores.

Today, Nifty has support at 4,087 and resistance at 4,247 and BSE Sensex has support at 13,416 and resistance at 14,004.

Market likely to remain volatile

Subdued Asian indices and sharp intra-day volatility may hold the investors from taking any fresh position. However, overnight mixed trend in the US markets coupled with a bullish sentiment in the present trades could see the market advance further. Among the local indices, the Nifty could test higher levels at 4200 and on the downside it has support at 4100. The Sensex has a likely support at 13550 and may face resistance at 13850.

The US indices finished on a flat note on Wednesday. The Dow Jones ended in negative at 10825, up 29 points, whereas the Nasdaq was up by 2 points at 2156.

Indian floats largely had a mixed trend on the US bourses. ICICI Bank rose 6.73% at $27.75, Patni Computer gained 6% at $8.48, ICICI Bank gained 3.23% at $27.75 and Wipro advanced 1.32% at $10.01. Among the laggards, Tata Motors was the major loser with a loss of 5.20% at $8.57 followed by VSNL, which dropped 4.44% at $4.30. Infosys tumbled 4.26% at $33.68, Rediff lost 2.92% at $20.31 and Dr Reddy's & Rediff slumped over 2% each. Satyam closed with marginal loss.

Crude oil prices in the international market slipped marginally, with the Nymex light crude oil for November series slipping by 88 cents to close at $105.73 a barrel. In the commodity segment, the Comex gold for December delivery raised by $3.80 to settle at $895 a troy ounce

Market may drift lower

Volatility may grip the bourses ahead of expiry of September 2008 derivatives contracts. By Wednesday, 24 September 2008, roll over in Nifty stood at about 44% from September 2008 contracts to October 2008 contracts.

The government will today, 25 September 2008, release inflation data for 12 months to 13 September 2008, after market hours. Inflation based on the whole price index rose 12.14% in 12 months to 6 September 2008, marginally above previous week’s 12.10% rise.

The Dow and the S&P 500 edged lower on Wednesday, 24 September 2008, as uncertainty about when the US Congress might approve a proposed $700 billion financial sector bailout plan offset Warren Buffett's $5 billion bet on Goldman Sachs. The Nasdaq edged up, boosted by tech shares that rose on hopes an eventual bailout would increase tech spending. Dow shed 29 points or 0.27% to 10,825.17. The Nasdaq Composite index edged up 2.35 points or 0.11% at 2,155.68.

Asian stocks were mixed today, 25 September 2008. Key benchmark indices in Japan, South Korea, Singapore and Taiwan were down by between 0.4% to 1.07%. Key benchmark indices in Hong Kong and China were up by between 0.4% to 4.2%.

Back home, as per provisional data released by the stock exchanges, foreign funds sold shares worth a net Rs 494.40 crore on Wednesday, 24 September 2008. Domestic funds bought shares worth a net Rs 170.18 crore.

Foreign institutional investors (FIIs) have been pulling out their investments from India and other emerging markets to shore up resources to beat the global liquidity crunch. In India, FIIs sold shares worth a net Rs 7182.80 crore this month (till 23 September 2008). The outflow has reached Rs 35696.60 crore in calendar year 2008.

A deep financial crisis engulfed the global markets last week when the US investment banking giant Lehman Brothers filed for bankruptcy, Merrill Lynch was bought over by Bank of America in a distress sale and the world's largest insurer AIG had to seek US government help to thwart an imminent collapse. Early this week Goldman Sachs Group Inc and Morgan Stanley became bank holding companies after investors last week lost confidence in their freewheeling, high-risk broker model.

The Bush administration last week proposed a $700 billion financial rescue package, aimed at staving off the collapse of the US financial system.

Meanwhile, with Bush administration’s focus shifting to getting the US Congress nod for the financial sector bailout package, the Indo-US nuclear appears to have been sidelined. The deal needs to be ratified by the US Congress. On Tuesday, 23 September 2008, a key Senate Committee passed the deal with a landslide majority.

Morning Call - Sep 25 2008

Market Grape Wine :

In House:

Nifty at a support of 4100 & 4045 levels with resistance at 4185 & 4230 levels .

Buy : PunjLLoyd : above 285 target 300 s/l of 279

Buy : RelCap : target 1255 s/l of 1189

Buy : Satyam in F&O above 331 target 355 s/l of 321

Sell : SesaGoa : below 124 target 116 s/l of 129

Out House:

Markets at a support of 13446 & 13565 and resistance at 13786 & 13989 levels .

Maintain strict stop loss as markets to be very choppy and volatile , as F&O Expiry today .

Buy : RIL

Buy : LNT

Buy : HDFC Bank & SBIN

Buy : Glenmark & APIL

Buy : RelCap

Buy : Titan

Buy : Bharti & RComm

Buy : ITC

Buy : Ranbaxy with medium term prespective

Buy : JayshreeTea & McLLoyd bullet in a making it is a delivery call , medium term .

Dark Horse : Areva , MClloyd , LNT , SBIN , RIL , ONGC & Bharti

Daily Update - Sep 25 2008

Daily Update - Sep 25 2008

Daily Reports - Sep 25 2008

Daily Reports - Sep 25 2008

Daily Call - Sep 25 2008

With the bail out plan in the US yet to be crystallised, the Indian markets have the luxury of ploughing a furrow of their own on the September derivatives expiry day. Going by the kind of call and put writing that has happened during the course of the last few days suggests that the Nifty may be headed for settlement between the 4100 and the 4200 mark. That is where the Nifty had closed yesterday.

Over all the rollover is less. Not a bad development. Since the OI is the second highest after January 2008, the lower the carry over in the next month, less of a problem next month. I see that as healthy. Since the cost of carry is high, there is no need to carry over your longs. Telecom, Oil and Gas and Autos have generally seen lower rollovers. That may put these sectors under some pressure today

Sterlite Industries

Sterlite Industries

Jindal SAW - BUY

We recommend a buy in Jindal Saw from a short-term trading perspective. It is apparent from the charts of the stock that it has been on a steady medium-term uptrend since its 52-week low of Rs 450, recorded in early July. From this bottom, the stock has appreciated almost 37 per cent. While trending up, the stock crossed over its 21 and 50-day moving averages during early August. Moreover, the stock appears to have conclusively breached the resistance level Rs 600 level. The medium-term up trendline is intact. The daily relative strength index is on the verge of re-entering in to the bullish zone from the neutral region. The daily moving average convergence and divergence is featuring in the positive territory. We are bullish on the stock from a short-term perspective. We expect the stock’s up move to continue further until it hits our price target of Rs 675 in the approaching trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 584 level.

Derivatives - Sep 25 2008

Derivatives - Sep 25 2008

RIL, Reliance Capital, DLF September 2008 futures at premium

Turnover declines

Nifty September 2008 futures were at 4182.25, at a premium of 21 points as compared to spot closing of 4161.25. NSE's futures & options (F&O) segment turnover was Rs 67,051.71 crore, which was lower than Rs 68,368.66 crore on Tuesday, 23 September 2008. The September 2008 derivatives will expire tomorrow, 25 September 2008.

Reliance Industries (RIL) September 2008 futures were at premium at 2052 compared to the spot closing of 2046.10.

Reliance Capital September 2008 futures were at premium at 1238 compared to the spot closing of 1234.05.

DLF September 2008 futures were at premium at 403.40 compared to the spot closing of 400.35.

In the cash market, the S&P CNX Nifty gained 34.35 points or 0.83% at 4161.25.

India Building

India Building

India Banks

India Banks

Reliance Industries - Sep 24 2008

Reliance Industries - Sep 24 2008

Top Picks - Sep 2008

Top Picks - Sep 2008

Cairn India

Cairn India

Punj LLoyd Limited

Punj LLoyd Limited

Balaji Telefilms, Sun Pharma

Balaji Telefilms, Sun Pharma

Eveninger - Sep 24 2008

Eveninger - Sep 24 2008