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Thursday, January 29, 2009
Post Session Commentary - Jan 29 2009
The Indian market ended slightly lower on the last day of expiry of the derivatives contracts, but financials rose after a cut in fuel prices strengthened hopes for lower rates. Rise in inflation number for the second consecutive week to 5.64% for the week ended 17th Jan 2008 also fueled the negative sentiments. The news of US Congress will pump in $825 billion stimulus spending package and other efforts to debug the financial crisis, failed to sustain the hold.
The domestic market today opened higher for the third successive session tracking firm cues from the markets all over the world on the back of approval of $819 billion economic stimulus bill by the US House of Representatives. But the markets turned choppy soon after start ahead of January F&O series expiry today along with inflation data announcement. Further, market turned lower after the inflation number rose for the second consecutive week. Stocks continued trade in red terrain amid volatility till end on sustained selling pressure led by selling in European markets and US futures. BSE Sensex ended below 9,250 level along with NSE Nifty ended below 2,850 mark. From the sectoral front, Reality, Capital Goods, Power and Consumer Durables remained under pressure. Midcap and Smallcap stocks also lost ground during the trading session. However, Auto, IT, Metal and Bank stocks were in limelight as observed most of the buying from these baskets.
Among the Sensex pack 16 stocks ended in red territory and 14 in green. The market breadth indicating the overall health of the market, remained negative as 1262 stocks closed in red while 1148 stocks closed in green and 96 stocks remained unchanged in BSE.
The BSE Sensex closed marginally lower by 21.09 points at 9,236.28 and NSE Nifty ended down by 25.55 points at 2,823.95. Broader market indices were also down as BSE Mid Caps and Small Caps ended with losses of 11.36 points and 1.57 points at 2,903.44 and 3,303.41 respectively. The BSE Sensex touched intraday high of 9,379.68 and intraday low of 9,164.96.
Losers from the BSE Sensex pack are DLF Ltd (7.15%), Bharti Airtel (3.12%), Wipro Ltd (3.33%), BHEL (2.72%), RCom (2.61%), L&T Ltd (1.65%), Ranbaxy Lab (1.64%), SBI (1.22%) and Sun Pahrma (1.18%).
Gainers from the BSE Sensex pack are JP Associates (5.06%), Maruti Suzuki (4.67%), M&M Ltd (4.23%), Tata Steel(3.65%), Hindalco (3.48%), Tata Motors (2.59%) and Infosys Tech (1.90%).
The government yesterday after the market hours has reduced the prices of petrol by Rs. 5 per litre, diesel by Rs 2 per litre, and LPG by Rs 25 per cylinder marking the cut fuel prices by the government for the second time in two months. The fuel price cut will come into effect from January 29.
India''s wholesale price index rose to 5.64% for the week ended January 17 2008, as against 5.6% in the previous week. Economists expected to come in at around 5.40%. The wholesale price index for all commodities is up 0.2% at 230.5 (WoW).
On the global markets front, the Asian Markets ended higher following positive cues from US markets. US House of Representatives approved an $819 billion stimulus bill that investors hope will help lift the American economy out of its worst crisis in decades. Hang Seng, Nikkei 225, Straits Times and Seoul Composite index ended up by 575.83, 144.95, 0.64 and 8.58 points at 13,154.43, 8,251.24, 1,766.72 and 1,166.56 respectively.
The European Markets are trading in red as the DAX is down by 46.33 points at 4,472.39 and FTSE 100 is lower 70.87 points at 4,244.33.
The BSE Reality index fell on reports that falling interest rates have failed to revive housing demand as ended down by (2.77%) or 45.49 points at 1,598.99. Major losers are DLF Ltd (7.15%), Omaxe Ltd (5.48%), Anant Raj (4.99%), Ansal Infra (4.25%), Housing Dev (2.81%) and Akruti City (1.83%).
The BSE Capital Goods index also remained out of favour and closed with decrease of (2.01%) or 125.85 points at 6,148.16. Scrips that lost are ABB Ltd (5.01%), Siemens Ltd (3.64%), Reliance Indus Infra (3.23%), Alstom Proje (3.15%), Suzlon Energy (2.72%) and BEML Ltd (2.41%).
The BSE Power index tumbled (1.27%) or 23 points to close at 1,788.40 as ABB Ltd (5.01%), GMR Infra (2.73%), Siemens Ltd (3.64%), BHEL (2.72%), Suzlon Energy (2.72%) and Neyveli LIG (2.02%) ended in red.
The BSE Auto index ended higher by (1.34%) or 32.68 points to close at 2,473.26 after the government cut fuel prices. Bharat Forge (7.13%), Maruti Suzuki (4.67%), M&M Ltd (4.23%), Bajaj Auto (2.77%), Tata Motors (2.59%) and MRF Ltd (1.99%) ended in positive territory.
The BSE IT index ended with handsomer gains as advanced by (1.04%) or 22.96 points at 2,228.84. Gainers are Aptech (9.36%), Rolta India (4.89%), Patni Computers (4.61%), Tech Mahindra (2.95%), Infosys Tech (1.90%) and TCS Ltd (0.45%).
The BSE Metal index supported the buying sentiment and ended higher by (0.44%) or 21.52 points at 4,901.49. Main gainers are Jai Corp Ltd (4.96%), Tata Steel (3.65%), Hindalco (3.48%) and JSW Steel (1.81%).
Maruti Suzuki is ended higher by 4.67%. The company has posted a net profit of Rs 2135.70 million for the quarter ended December 31, 2008 as compared to Rs 4670.40 million for the quarter ended December 31, 2007. Total Income has decreased from Rs 48448.00 million for the quarter ended December 31, 2007 to Rs 48035.00 million for the quarter ended December 31, 2008.
Life Insurance Corporation (LIC) has decided to put in Rs 17,000 crore in the equity market during the January-March 2009 period. The life insurance major is targeting investments worth Rs 40,000 crore into equities in the current financial year. LIC had disbursed over Rs 30,000 crore as corporate loans during the April-December 2009 period and the corporation expects the momentum to continue during the current quarter. Many corporates have chosen to seek funding from LIC to meet their fund requirements.
Market trips on volatile moves
The market remained highly volatile, as key indices kept swinging between positive and negative zones all through the day. Resuming slightly above its previous close (9330), market snapped the gains in early trades before frenzied buying propelled Sensex to an intra-day high of 9380. While the market failed to make any further impact thereafter, the index drifted into the red once again in noon to touch the day's low of 9165. Sensex, after witnessing an intra-day swing of 215 points, ended 21 points down at 9236, while Nifty declined 26 points to close at 2824.
However, the market breadth was negative. Of the 2,678 stocks traded on the BSE, 1,148 stocks advanced, whereas 1,261 stocks declined. Ninety four stocks ended unchanged. In a volatile market, BSE Auto rose 1.34% while BSE IT, BSE Metal and BSE Bankex ended positive. Other sectoral indices however ended at lower levels.
Dragging the market DLF shed 7.15% at 165, Bharti Airtel dipped 4.80% at Rs622.25, Wipro lost 3.33% at Rs226.55, Bharat Heavy Electricals Ltd slipped 2.72% at Rs1355.70 and Reliance Communications lost 2.61% at Rs162.05. Larsen & Toubro, Ranbaxy Laboratories, Sun Pharmaceutical Industries, State Bank of India, Hindustan Unilever, National Thermal Power Corporation, ITC and ONGC were down 1% each. Jaiprakash Associates however advanced 5.06% at Rs69.55 followed by Maruti Suzuki India that gained 4.67% at Rs544.80. Mahindra & Mahindra scaled up 4.23% at Rs295.85 and Tata Steel moved up 4.23% at Rs295.85. Tata Steel, Hindalco Industries, Tata Motors, Infosys and HDFC ended with steady gains.
Over 9.71 crore shares of Satyam Computer Services changed hands on the BSE followed by Unitech (3.20 crore shares), Suzlon Energy (1.98 crore shares), Oriental Bank of Commerce (1.16 crore shares) and Cals Refineries (1.16 crore shares).
BSE Bulk Deals to Watch - Jan 29 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
29/1/2009 524075 ALBERT DAVID NISHIT B. SHAH S 70571 60.29
29/1/2009 532312 GEOMETRIC L GODREJ INVESTMENTS PVT LTD B 600000 18.50
29/1/2009 532312 GEOMETRIC L HDFC MIDCAP OPP FUND S 658000 18.52
29/1/2009 532342 IT PEOPLE IT PEOPLE PRIVATE LIMITED B 998937 6.54
29/1/2009 530255 KAY POW PAP ANGEL INFIN PRIVATE LIMITED12 B 60293 6.93
29/1/2009 532732 KEWAL KIRAN GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 81406 110.00
29/1/2009 531882 KWA DIAR (I) ANOOPKUMARSURI S 100000 81.81
29/1/2009 511728 KZLEASING RAJESHSHARADBHAIUPADHYAY B 16400 36.20
29/1/2009 500315 ORIENTAL BK ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD B 8000000 129.00
29/1/2009 500315 ORIENTAL BK THE CHILDRENS INVT FD MGNT UK LLP THE CHILDREN INVT MASTER FD S 10786598 129.01
29/1/2009 532791 PYRAMID SAIM BP FINTRADE PRIVATE LIMITED B 226708 24.27
29/1/2009 532791 PYRAMID SAIM BP FINTRADE PRIVATE LIMITED S 239954 24.28
29/1/2009 500376 SATYAM COMP OPG SECURITIES P LTD B 6105051 50.99
29/1/2009 500376 SATYAM COMP H.J. SECURITIES PVT. LTD. B 5903105 50.77
29/1/2009 500376 SATYAM COMP OPG SECURITIES P LTD S 6105051 51.10
29/1/2009 500376 SATYAM COMP H.J. SECURITIES PVT. LTD. S 5903105 51.32
29/1/2009 532948 TULSI EXTRU RAJIV ARORA B 98855 15.63
29/1/2009 532948 TULSI EXTRU RAJIV ARORA S 74261 15.58
NSE Bulk Deals to Watch - Jan 29 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
29-JAN-2009,CHAMBLFERT,Chambal Fertilizers Ltd.,CITIGROUP GLOBAL MARKETS MAURITIUS PVT. LTD.,BUY,2462169,37.21,-
29-JAN-2009,EVINIX,Evinix Accessories Limite,RAKESH GUPTA,BUY,704201,2.70,-
29-JAN-2009,PSTL,Pyramid Saimira Theatre L,BP FINTRADE PRIVATE LIMITED,BUY,190551,24.52,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,3502658,51.37,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,C D INTEGRATED SERVICES LTD,BUY,3767153,50.77,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,6102740,51.12,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,LATIN MANHARLAL SECURITIES PVT. LTD.,BUY,3319549,50.97,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,P R B SECURITIES PRIVATE LTD,BUY,6737962,50.36,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,4156844,51.95,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,VALUE & WORTH,BUY,9137199,50.12,-
29-JAN-2009,EVINIX,Evinix Accessories Limite,SUPREME FINVEST (P) LTD.,SELL,765000,2.70,-
29-JAN-2009,KKCL,Kewal Kiran Clothing Limi,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,85000,110.00,-
29-JAN-2009,PSTL,Pyramid Saimira Theatre L,BP FINTRADE PRIVATE LIMITED,SELL,234752,24.50,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,3502658,51.28,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,C D INTEGRATED SERVICES LTD,SELL,3767153,51.03,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,6154653,51.53,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,LATIN MANHARLAL SECURITIES PVT. LTD.,SELL,3375549,51.18,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,P R B SECURITIES PRIVATE LTD,SELL,6738262,50.74,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,4160232,51.21,-
29-JAN-2009,SATYAMCOMP,Satyam Computers Ltd,VALUE & WORTH,SELL,9134599,53.22,-
29-JAN-2009,SUZLON,Suzlon Energy Limited,FIDELITY INVT MGMT (HK) LTD A/C FID FUND (MAURITIUS) LTD,SELL,11736666,46.01,-
29-JAN-2009,VAKRANSOFT,Vakrangee Softwares Limit,KPR FINANCE LTD,SELL,110700,21.65,-
Realty shares slide in volatile trade
Key benchmark indices ended slightly lower, snapping two-day gains, in what was a highly volatile trade. Subdued European indices and negative Dow futures played the spoilsport in second half of the day's trading session after logging steady gains in first half. The BSE 30-share Sensex fell 21.19 points, or 0.23%, off around 143 points from the day's high but above 70 points from day's low. Volatility was the hallmark of the day's trading session due to offsetting of open positions ahead of the expiry of January 2009 derivatives contract today, 29 January 2009.
India's wholesale price index rose 5.64% in the 12 months to 17 January 2008 slightly above the previous week's annual rise of 5.60%.
Meanwhile India's largest institutional investor, Life Insurance Corporation (LIC), said it will invest Rs 17,000 crore in the equity market during the Q4 March 2009. LIC's current investment portfolio is worth around Rs 8.06 lakh crore. As per IRDA guidelines, the institution has to invest 50% of the investible funds in government securities, 15% in infrastructure while the balance 35% can be invested in equities, corporate loans, mutual funds, fixed deposits and commercial papers.
In a populist move ahead of the general elections, the government on Wednesday, 28 January 2009, slashed petrol price by Rs 5 a litre and diesel by Rs 2 a liter, while the prices domestic LPG was also slashed by as much as Rs 25 per cylinder. The reduction was effective from 28 January midnight.
On the flip side, foreign institutional investors (FIIs) are in selling drive after an inflow of Rs 1319.10 crore in December 2008. Their outflow in January 2009 totaled Rs 4534 crore (till 27 January 2009).
Strong global cues had triggered a buoyant start. Rollover of open positions as on Wednesday, 28 January 2009, have been healthy during this series. As per reports, rollover of Nifty positions from January 2009 series to February 2009 series was 57%, higher from 53% during last series. Marketwide rollover of positions were also higher at 59%, from 55% earlier. Market came off the day's high later as pivotals cuts early gains.
Trading in the US futures indicated the Dow could fall 95 points at the opening bell. European stocks were subdued led by banking and commodity sectors. Key benchmark indices in France, Germany and UK fell by between 1.17% to 2.01%.
However Asian stocks advanced today, 29 January 2009, as investors took heart from the US Congress making headway on a $825 billion stimulus spending package and other efforts to stem the financial crisis. Financial markets in Hong Kong reopened after a three-day break, but markets in China and Taiwan remained closed. Key benchmark indices in Hong Kong, Japan, Singapore and South Korea rose by between 0.04% to 4.58%.
US stocks advanced on Wednesday, January 28, as bank stocks surged on confidence that the Obama administration was speeding a plan to remove bad assets from banks` books in an effort to revive lending.
The Dow Jones industrial average advanced 200.72 points, or 2.46%, to 8,375.45. The S&P 500 index advanced 28.38 points, or 3.36%, to 874.09. The Nasdaq Composite index gained 53.44 points, or 3.55%, to 1,558.34.
The BSE 30-share Sensex was down 21.19 points, or 0.23%, to 9,236.28. The Sensex rose 122.21 points at the day's high of 9,379.68 in early trade. The Sensex fell 92.51 points at the day's low of 9,164.96 in mid-afternoon trade.
The S&P CNX Nifty fell 25.55 points, or 0.9%, to 2,823.95.
The BSE clocked a turnover of Rs 3,814 crore today as compared to a turnover of Rs 3,606.74 crore on 28 January 2009.
Nifty February 2009 futures were at 2789.90, at a discount of 34.05 points as compared to the spot closing of 2823.95. Turnover in NSE's futures & options (F&O) segment surged to Rs 51,659.61 crore from Rs 40,894.23 crore on Wednesday, 28 January 2009.
Buying frenzy in index pivotals coupled with short covering of open positions ahead of January 2009 derivative contracts triggered a solid rally in key benchmark indices in the past two days. The Sensex advanced 583.12 points or 6.72% to 9,257.47 in two-trading days to 28 January 2009.
The market breadth, indicating the overall health of the market, turned negative with 1,271 shares declining as compared with 1,166 that rose. 60 shares remained unchanged. The breadth was strong in early trade.
Sectoral indices on BSE displayed mixed trend. the BSE Auto index (up 1.34%), the BSE IT index (up 1.04%), the BSE Metal index (up 0.44%), the BSE Bankex (up 0.3%), outperformed the Sensex.
The BSE Realty index (down 2.77%), the BSE Capital Goods index (down 2.01%), the BSE Power index (down 1.27%), the BSE Consumer Durables index (down 1.04%), the BSE HealthCare index (down 0.9%), the BSE PSU index (down 0.88%), the BSE Oil & Gas index (down 0.87%), the BSE Teck index (down 0.74%), the BSE FMCG index (down 0.56%), underperformed the Sensex.
Among the 30-share Sensex pack, 16 slipped while the rest rose.
India's largest private sector company by market capitalization and oil refiner Reliance Industries (RIL) fell 0.4% to Rs 1,268.05 on profit booking. The stock climbed up 13.73% to Rs 1,273.15 on 28 January 2009 from recent low of Rs 1,119.40 on 21 January 2009
India's largest oil exploration firm by revenue ONGC fell 0.48% to Rs 639.15 after its net profit slipped lower-than-expected by 43.3% to Rs 2474.81 crore on a 17.8% decline in sales to Rs 12436.43 crore in Q3 December 2008 over Q3 December 2007. The profit was hit by a slump in crude oil prices and a hefty subsidy bill.
State-run oil marketing firms rose despite government cut retail fuel prices on Wednesday (28 January 2009), its second reduction in nearly two months. HPCL and Indian Oil Corporation rose by between 0.22% to 2.76%. BPCL gained 1.28% after its net profit rose 175% in Q3 December 2008 over Q3 December 2007.
Rate sensitive realty stocks fell on reports falling interest rates have failed to revive housing demand. HDIL, Akruti City, Omaxe fell by between 1.83% to 5.81%. The stocks were firm in early trade. India's largest realty player by market capitalisation DLF slumped 7.15% and was the top loser from the Sensex pack
Capital goods stocks fell on worries slowing economy would crimp orders. ABB, Siemens, Crompton Greaves, Larsen & Toubro fell by between 1.65% to 5.01%.
India's largest electric equipment maker by sales BHEL fell 3.06% ahead of its Q3 December 2008 result today.
Power stocks fell. NTPC, Power Grid Corporation of India and Tata Power Company fell by between 0.29% to 2.3%. While Reliance Infrastructure and Reliance Power rose by between 0.2% to 5.01%.
FMCG Stocks slipped on profit taking after recent gains. ITC, Nestle India, Hindustan Unilever, United Spirits fell by between 0.03% to 8.08%.
Healthcare stocks, too, edged lower on profit booking. Ranbaxy Labs, Sun Pharma, Cipla fell by between 1.18% to 1.67%.
Auto stocks held firm after India cut fuel prices by up to 11 % late on Wednesday. Hero Honda Motors and M& M rose by between 1.19% to 4.23%.
India's largest commercial vehicle maker by sales Tata Motors rose 2.59% after recent reports the British government guaranteed up to 2.3 billion pounds of loans to help the ailing auto firms in the UK, which includes Jaguar Land Rover.
India's largest car maker by sales Maruti Suzuki India rose 4.67% even on reporting 54.3% fall in net profit in Q3 December 2008 over Q3 December 2007.
Banking stocks rose even after marginally higher inflation data. India's second largest private sector bank by net profit HDFC Bank rose 1.01% to Rs 921.70 as its American depository receipt (ADR) rose 8.49% on Wednesday, 28 January 2009.
India's largest bank in terms of assets and branch network State Bank of India fell 1.22% even after its net profit rose 37.03% to Rs 2478.42 crore on 38.3% rise in total operating income to Rs 21,255.90 crore in Q3 December 2008 over Q3 December 2007. The bank announced the result on 24 January 2008.
India's largest private sector bank by net profit ICICI Bank rose 0.01% to Rs 408.40. Its ADR rose 15.02% overnight. Net profit of ICICI Bank rose 3.41% to Rs 1272.15 crore on 0.1% rise in total operating income to Rs 10,350.62 crore in Q3 December 2008 over Q3 December 2007. The unexpected rise in net profit was because earnings from fees and bond trading offset slowing credit growth and rise in bad loans. The bank announced the result on Saturday, 24 January 2008.
India's largest dedicated housing finance company by total income HDFC rose 1.67%.
Satyam Computer Services tumbled 10.1% even on reports it is close to finalising a new head to help the government-appointed board put the fraud-hit outsourcing firm back on track.
Indian Hotels rose 0.39% after its net profit rose 38% in Q3 December 2008 over Q3 December 2007.
Maytas Infra hit 5% lower circuit on reports the southern Indian state of Karnataka will cancel projects being executed by Satyam-linked construction firm Maytas Infra.
Satyam Computer Services clocked the highest volume of 9.71 crore shares on BSE. Unitech (3.2 crore shares), Suzlon Energy (1.98 crore shares), Oriental Bank of Commerce (1.16 crore shares) and Cals Refineries (1.16 crore shares) were the other volume toppers in that order.
Satyam Computer Services clocked the highest turnover of Rs 503.69 crore on BSE. Reliance Industries (Rs 206.99 crore), United Spirits (Rs 170.64 crore), Oriental Bank of Commerce (Rs 150.65 crore) and State Bank of India (Rs 149.95 crore) were the other turnover toppers in that order.
The Fed in its two-day meet which concluded yesterday, 28 January 2009, said it was still mulling the extreme move to buy Treasuries but would do so if it would help private credit markets, emphasising its focus on bringing down borrowing rates for consumers and companies through other asset purchases. The fed also held its target for short-term interest rates between 0 and 0.25% as expected, and vowed to keep looking at alternative tools at its disposal for boosting the economy. It added that the economy remains weak and did not expect any economic recovery to occur until later this year.
Meanwhile, the US House of Representatives passed an $825 billion stimulus plan in President Barack Obama's first legislative achievement since taking office last week, with the debate now shifting to the Senate.
Pre Session Commentary - Jan 29 2009
Today domestic markets are likely to open with a positive gap as the US markets have closed in green on the back of US stimulus package. Like yesterday, the global conducive environment would once again boost the domestic morale of investors on today’s trade. The US House of Representatives has passed $825 billion economic stimulus plan. The other Asian markets have also opened in green. The European markets on yesterday’s trade exuded enough strength that paved way for a firm trade in the domestic and Asian markets as well. The ministry of petroleum has reduced the prices of petrol by Rs.5 per litre, diesel by Rs.2 per litre and cooking gas by Rs.25 per cylinder. This pre poll step would further soften the inflationary pressures in future. The overall atmosphere is agile for a good trend today.
On Wednesday, the markets ended with phenomenal gains. The sentiments looked strong for the second consecutive day of the week on the back of steady trend across other Asian markets like Nikkei, Seoul Composite and Strait Times. The European markets also exuded phenomenal buying sentiments and therefore all the European markets closed in green. Dax, CAC and FTSE have all gained remarkably. Global factor played a crucial role in uplifting the domestic market sentiments till the end. In the domestic arena, sectors like Realty, Metal, Bankex, Oil & Gas and PSU closed with phenomenal gains of 6.32%, 4.44%, 3.79%, 3.76% and 3.12% respectively. The rest of the sectors also managed to close in green. Mid caps and Small caps were also in the lime light as they gained 1.64% and 1.18% respectively. During the session we expect the markets to be trading positive.
The BSE Sensex closed up by 253.39 points at 9,257.47 and NSE Nifty gained by 78.15 points at 2,849.50. The BSE Mid Caps and Small Caps ended with gains of 46.93 points and 38.44 points at 2,914.80 and 3,304.98 respectively. The BSE Sensex touched intraday high of 9,270.75 and intraday low of 9,053.80.
The US markets on Wednesday closed in green. The investors were optimistic about the US House of Representatives to come up with a stimulus package. The government is expected to create a "bad bank" that will purchase risky assets from existing banks. The strategy of divesting risky assets would help banks protect against further asset write-downs, and increase cash on their books. That would help limit the need to raise additional capital, which can be dilutive to shareholders. On the other hand as expected the Federal Open Market Committee left its fed funds target rate unchanged at 0.00% to 0.25%.
The Dow Jones Industrial Average (DJIA) closed higher by 200.72 points at 8,375.45 NASDAQ index gained by 53.44 points at 1,558.34 and the S&P 500 (SPX) also closed higher by 28.38 points at 874.09.
Indian ADRs ended higher. In technology sector, Satyam ended up by 10% along with Patni Computers by 12.40%. Further Infosys ended with increase of 3.43% and Wipro closed up by 5.17%. In banking sector ICICI Bank and HDFC Bank advanced by 15.02% and 8.49% respectively. In telecommunication sector, MTNL and Tata Communication gained 2.78% and 4.26% respectively. Sterlite Industries increased by 1.49%.
Today major stock markets in Asia have opened positive. The Shanghai Composite and Hang Seng are closed due to New Year celebration. However Japan''s Nikkei is trading high by 73.89 points at 8,180.18. South Korea’s Seoul Composite is high by 8.34 points at 1,166.32 and Singapore’s Strait Times is flat at 1,765.45.
The FIIs on Wednesday stood as net sellers in equity and net buyers in debt. Gross equity purchased stood at Rs 1359.00 Crore and gross debt purchased stood at Rs 142.20 Crore, while the gross equity sold stood at Rs 1,598.70 Crore and gross debt sold stood at Rs 50 Crore. Therefore, the net investment of equity and debt reported were Rs (239.70) Crore and Rs 92.20 Crore respectively.
On Wednesday, Indian Rupee closed at 48.93/94 per dollar, trading flat as compared to Tuesday’s close at 48.94/95. The rupee closed flat as the demand for dollar by importers during the month end had offset the positive influence of expectations of foreign capital inflow in the surging domestic stock markets.
On BSE, total number of shares traded were 32.24 Crore and total turnover stood at Rs 3,606.74 Crore. On NSE, total number of shares traded were 73.61 Crore and total turnover was Rs 9,763.64 Crore.
Top traded volumes on NSE Nifty – Unitech with 81922348 shares, Suzlon Energy with 27497391 shares, Tata Steel with 15780317 shares, SAIL with total volume traded 14735900 shares followed by Rcom with 13184403 shares.
On NSE Future and Options, total number of contracts traded in index futures was 846481 with a total turnover of Rs 11,268.55 Crore. Along with this total number of contracts traded in stock futures were 1586125 with a total turnover of Rs 14,256.84 Crore. Total numbers of contracts for index options were 991214 with a total turnover of Rs 14,230.56 Crore and total numbers of contracts for stock options were 115796 and notional turnover was Rs 1,138.29 Crore.
Today, Nifty would have a support at 2,865 and resistance at 2,930 and BSE Sensex has support at 9,280 and resistance at 9,421.
Market may rally on global cues
Key benchmark indices are likely to extend two-day rally on the back of strong global cues. However volatility is expected to remain high as futures & options contracts for January 2009 series expire today, 29 January 2009.
Asian stocks advanced today, 29 January 2009, as investors took heart from the US Congress making headway on a $825 billion stimulus spending package and other efforts to stem the financial crisis. Financial markets in Hong Kong reopened after a three-day break, but markets in China and Taiwan remained closed.
Hong Kong's Hang Seng rose 5.87% or 737.90 points at 13,316.50, Japan's Nikkei added 1.66% or 134.28 points at 8,240.57, South Korea's Seoul Composite was up 0.84% or 9.75 points at 1,167.73. However, Singapore's Straits Times was down 0.20% or 3.54 points at 1,762.54.
US stocks advanced on Wednesday, January 28, as bank stocks surged on confidence that the Obama administration was speeding a plan to remove bad assets from banks` books in an effort to revive lending.
The Dow Jones industrial average increased 179.69 points, or 2.20%, to end at 8,354.42. The Standard & Poor`s 500 index climbed 26.29 points, or 3.11%, to settle at 872. The Nasdaq Composite index increased 52.57 points, or 3.49%, to close at 1,557.47.
The Fed in its two-day meet which concluded yesterday, 28 January 2009, said it was still mulling the extreme move to buy Treasuries but would do so if it would help private credit markets, emphasising its focus on bringing down borrowing rates for consumers and companies through other asset purchases. The fed also held its target for short-term interest rates between 0 and 0.25% as expected, and vowed to keep looking at alternative tools at its disposal for boosting the economy.
Meanwhile, the US House of Representatives passed an $825 billion stimulus plan in President Barack Obama's first legislative achievement since taking office last week, with the debate now shifting to the Senate.
Back home, in a populist measure ahead of the general elections, the government on Wednesday, 28 January 2009, slashed petrol price by Rs 5 a litre and diesel by Rs 2 a liter, while the prices domestic LPG was also slashed by as much as Rs 25 per cylinder. The reduction was effective from 28 January midnight.
Volatility may rise as futures & options contracts for January 2009 series expire today, 29 January 2009. Rollover of open positions as on Wednesday, 28 January 2009, have been healthy during this series. As per reports, rollover of Nifty positions from January 2009 series to February 2009 series was 57%, higher from 53% during last series. Marketwide rollover of positions were also higher at 59%, from 55% earlier.
Tata Power, Bhel, GMR Infrastructure, Maruti Suzuki India, Cairn India, BPCL and Procter & Gamble among others will declare their December 2008 quarterly results today, 29 January 2009. Meanwhile, aggregate results of 1064 companies showed 27.60% fall in net profit on 15% increase in net sales in Q3 December 2008 over Q3 December 2007. The street was already anticipating poor Q3 December 2008 earnings from Indian Inc on high input costs, the credit crunch and high interest rates, coupled with the burden of piled-up inventories.
Foreign brokerage Morgan Stanley in its research report dated 5 January 2009 said earnings of 30 BSE Sensex firms are set for their first quarterly drop in Q3 December 2008, since the data was first made available in 1999. It estimates the BSE Sensex earnings to drop 0.2% year-on-year basis compared with a growth of 5.5% and 20% in the September 2008 and June 2008 quarters, respectively.
Foreign institutional investors (FIIs) are in selling mode after an inflow of Rs 1319.10 crore in December 2008. Their outflow in January 2009 totaled Rs 4534 crore (till 27 January 2009).
According to provisional data on NSE, FIIs were net sellers worth Rs 217.32 crore while mutual funds bought shares worth Rs 601.88 crore on Wednesday, 28 January 2009.
Buying frenzy in late trade coupled with short covering of open positions ahead of January 2009 derivative contracts triggered a solid rally in key benchmark indices for the second straight day on Wednesday, 28 January 2009. The BSE 30-share Sensex jumped 253.39 points, or 2.81%, to 9,257.47 and the S&P CNX Nifty rose 78.15 points, or 2.82%, to 2,849.50.
Daily News Roundup - Jan 29 2009
Reliance Industries expects to commence production of gas from KG basin from February 15. (ET)
Reliance Industries scraps its Rs15bn captive power plant project. (ET)
HPCL, BPCL and IOC receive approval from Forward Market Commission to hedge their refinery margins and end products from crude oil. (BS)
Tata Motors owned Jaguar and Land Rover might get a big chunk of UK’s £2.3bn bailout package for auto makers. (ET)
Reliance Power wins the bid for Tilaiya UMPP. (ET)
TCS may call back 20% onsite staff in US. (ET)
SEBI likely to consider L&T’s proposal on pricing of a possible open offer to Satyam shareholders on 2nd February. (ET)
National Australian Bank has put its outsourcing contract with Satyam under review. (ET)
TCS signs US$100mn deal with UK based 4U Group. (BL)
Promoters of Asian Paints have pledged almost 15% of their stake. (ET)
Infosys will cut employee bonuses and compensation packages. (BL)
Crisil downgrades credit ratings of Ashok Leyland and Tata Motors. (ET)
HDIL is in talks to re-structure Rs12.75bn loans. (BS)
Corus, a subsidiary of Tata Steel, cuts its production by 40% in the current quarter. (BS)
Government cuts prices of petrol, diesel and LPG by Rs5/litre, Rs2/litre and Rs25/cylinder respectively. (ET)
RBI hints at further rates cuts. (BL)
Government increased MSP of wheat by Rs80/quintal. (BS)
Petroleum Ministry has revised estimates of under-recoveries for OMCs during FY09 at Rs1trn. (FE)
Trading Calls - Jan 29 2009
Nifty (2850) Sup 2805 Res 2915
Buy Tata Motors (147) SL 143
Tgt 154, 156
Buy HDFC Bank (912) SL 900
Tgt 933, 937
Buy Bharti Airtel (654) SL 648
Tgt 666, 670
Buy R Power (103) SL 100
Tgt 109, 110
Sell ONGC (642) SL 652
Tgt 620, 617
Bad bank sounds good!
The good ended happily, and the bad unhappily. That is what Fiction means.
In reality, the bulls seem to now be on Cloud 9. The good mood is largely due to strong global markets, which have held up despite unprecedented job cuts and poor earnings. Traders and investors alike are hoping that the much-hyped stimulus by Barack Obama will be able to achieve what the previous ones have failed to do so far. The House of Rep. has already cleared the bill. The Republicans however abstained from the vote. Plans are also afoot to put all the toxic assets into a so-called “bad bank” in a bid to shore up the credit markets. Obama’s team may announce the outlines of its plan next week.
Back home, the Government has announced another fuel price cut. The move will cheer automakers, consumers and the markets. But, shares of Oil PSUs may take a knock. Inflation will be announced today. It is likely to fall after a minor blip. The fuel price cut will take it down further. We expect the market to continue this week’s momentum. However, one should not get carried away as most of this is led by short covering. Ensure a timely exit so that one doesn't get caught on the wrong foot.
US stocks rose on Wednesday, led by banks on reports that the Treasury Department would take "toxic" assets off the balance sheets of financial firms and put them into a so-called "bad bank".
Stocks rallied early, and the Dow Jones Industrial Average finished up by more than 200 points after the Federal Reserve's afternoon statement hinted it may buy long-dated Treasury bonds and take other measures to keep rates down in credit markets.
Whether this is another bounce for financial stocks and the broad market or a definitive end to the crisis depends on details of the latest bank-rescue plan, and how it works in practice, according to market experts.
The S&P 500 added 28 points, or 3.4% to 874.09, with financial companies posting 19 of the top 20 gains. The Dow Jones Industrial Average climbed 200 points, or 2.5%, to 8,375.45. The Nasdaq Composite index added 53 points or 3.6%, to 1,558.34.
The Dow has now gained for three sessions in a row, while the S&P 500 and Nasdaq have gained for four sessions in a row.
However, some Wall Street observers reckon that while the recent bout of optimism could lift stocks in the short term, beyond that is the risk of the major indices sliding back to the November lows and perhaps even lower.
The Fed kept the fed funds rate, a key bank lending rate, in a range between 0% and 0.25%, as expected, and indicated it would keep it there for the foreseeable future. In its statement, the FOMC painted a more dire picture of the economy than it has in recent months.
The Fed also discussed the tools it has available to help the economy, saying it was "prepared" to buy long-term Treasurys if it decides that doing so would help private credit markets. At the last meeting, the central bank said it was "evaluating" buying Treasurys.
Wednesday's advance was also led by some positive news from the banking industry. Reports said that the Treasury Department was moving forward on setting up a "bad bank" to buy up the industry's toxic assets. A published report suggested that the Federal Deposit Insurance Corp. (FDIC) would take control of any such bank. The FDIC told Reuters it wouldn't comment.
Optimism about the Obama administration's stimulus plan and Wells Fargo's better-than-expected quarterly results also added to the momentum.
The House voted, 244-188, on Wednesday evening for President Obama's package of federal tax cuts and spending worth $819 billion and meant to jump-start the economy out of its worst crisis in decades. However, the House vote is just the first step in a process that will take several weeks.
Wells Fargo posted a steep $2.6 billion quarterly loss Wednesday, hurt partly by its purchase of Wachovia. But excluding charges, Wells Fargo earned 41 cents per share, in line with a year earlier, and better than the 33 cents analysts surveyed by Thomson Reuters expected.
The bank also maintained its dividend and said it has no plans to ask for more Treasury bailout money beyond the $25 billion it accepted last year. Wells shares rallied almost 31%.
Dow component AT&T reported lower quarterly earnings and higher revenue, both of which missed expectations. The telecom leader saw strong growth in its wireless subscribers, but its profit fell due to subsidies it had to pay to support Apple's iPhone. Shares ended little changed.
Boeing reported a fourth-quarter loss Wednesday as a two-month strike by its assembly workers and delivery delays hurt its results. The aerospace firm forecast 2009 earnings that are short of expectations. Boeing also said it would cut 10,000 jobs this year, mostly in the first half. The number includes 4,500 job cuts already announced in early January. Boeing shares ended little changed.
Yahoo reported quarterly sales and earnings that topped estimates after the close Tuesday. Including charges, the company reported a loss. Shares gained 7.9% on Wednesday.
Treasury prices slumped, raising the yield on the benchmark 10-year note to 2.66% from 2.52% on Tuesday. Treasury prices and yields move in opposite directions. Yields on the 2-year, 10-year and 30-year Treasurys all hit record lows last month.
Lending rates were mixed. The 3-month Libor rate dipped to 1.17% from 1.18% on Tuesday. Overnight Libor held steady at 0.22%. Libor is a bank-to-bank lending rate.
US light crude oil for March delivery rose 58 cents to settle at $42.16 a barrel on the New York Mercantile Exchange. Gasoline prices rose two-tenths of a cent to a national average of $1.842 a gallon.
The dollar gained versus the euro and the yen. COMEX gold for April delivery fell $11.40 to settle at $890 an ounce.
After the close, Starbucks reported quarterly sales and earnings that were short of forecasts and said it could cut up to 6,700 jobs in 2009. Thursday brings reports on durable goods orders and new home sales in December, as well as earnings from Dow component 3M.
European stocks climbed on Wednesday. The pan-European Dow Jones Stoxx 600 climbed 3.2% to 194.32 with banks surging ahead. The UK's FTSE 100 closed up 2.4% at 4,295.20, while Germany's DAX 30 index added 4.5% to 4,518.72 and the French CAC 40 index climbed 4.1% to 3,076.01.
Markets ended with smart for the second straight trading session on Wednesday. Key indices extended gains largely on the back of firm cues from the international equity markets and short covering witnessed in the second half of the day. Finally, the BSE Sensex advanced 253 points to close at 9,257 and the Nifty gained 78 points to close at 2,849.
Among the 30-components of Sensex, 27 stocks ended in the green and only 3 stocks ended in the negative terrain.
Among the major gainers in the Sensex were Reliance Industries, ICICI Bank, L&T, Infosys and HDFC. RCm, Maruti and Sterlite were among the major laggards.
Shares of Genus Power gained by a percent to Rs93.8 after the company announced its results for nine months ended December 31, 2008. Company's income from operations increased by 17% to Rs3,401mn from Rs2,896mn reported in the corresponding nine months.
The Profit after Tax has increased by 19% in the present nine months to Rs309mn from Rs260mn reported in the nine months ended December 2007. The scrip touched an intra-day high of Rs95.8 and a low of Rs92.5.
National Aluminium Company Ltd (NALCO) announced Unaudited results for the quarter ended December 31, 2008:
The Company has posted a Net Profit for the period of Rs2,194.6mn for the quarter ended December 31, 2008 as compared to Rs3,294.4mn for the quarter ended December 31, 2007.
Total Income decreased from Rs12,472.6mn for the quarter ended December 31, 2007 to Rs11,492.2mn for the quarter ended December 31, 2008.
The board of directors of the company also announced that it approved payment of 35% interim dividend on the paid-up equity share capital of Rs6.44bn for the financial year 2008-09. The stock was up by over 3.5% to Rs198 after hitting an intra-day high of Rs208 and a low of Rs181 and recorded volumes of over 4,00,000 shares on BSE.
Power Grid Corp. announced that it signed a US$400mn loan agreement with the World Bank. The loan, guaranteed by the Indian government, will be used to fund transmission projects, the company said. The stock up by over 2.5% to Rs90 after hitting an intra-day high of Rs91.5 and a low of Rs88 and recorded volumes of over 13,00,000 shares on BSE.
Welspun Gujarat Stahl Rohren announced that it won orders worth Rs5bn from Gas Authority of India Ltd. (GAIL). With this order of LSAW Pipes, the current order book position of the company stands at over Rs100bn.
This is in conjunction with other significant orders which the Company obtained in the last few months. The outstanding order book position is more than twice of the Company's FY08 revenue of Rs40bn.
The stock was up by over 10% to Rs76 after hitting an intra-day high of Rs77.8 and a low of Rs69 and recorded volumes of over 1,00,000 shares on the BSE.
Sesa Goa announced that shareholder, Sociedade De Fomento Industrial Pvt. Ltd. disclosed to the Company. Sociedade De Fomento Industrial Pvt Ltd. along with M/s. Prime Mineral Export Pvt. Ltd. has acquired shares in the paid-up Share Capital of the Company exceeding 5%.
The stock rallied by over 11% to Rs80 after hitting an intra-day high of Rs82 and a low of Rs72 and recorded volumes of over 49,00,000 shares on the BSE.
Shares of McDowell rallied by over 15% to Rs571 after the company announced that it is in talks with Diageo Plc to sell a stake. The company hasn’t concluded talks with Diageo. The scrip touched an intra-day high of Rs584 and a low of Rs500 and recorded volumes of over 51,00,000 shares on BSE.
Markets would look to extend gains again however, trading might turn volatile on account of F&O expiry. While, on the global front, the Federal Reserve will make an announcement later today after its two-day meeting.
Cheaper fuel prices
In an attempt to pass on the benefit of weakening international oil prices to consumers, the government on Wednesday night slashed petrol price by Rs 5 a litre and diesel by Rs 2 a liter, while the prices domestic LPG was also slashed by as much as Rs 25 per cylinder.
The reduction was effective from January 28 midnight.
Earlier, on Dec. 6, 2008, the government had reduced the petrol price by Rs 5 a liter and diesel price by Rs 2 a liter.
Great Offshore
We recommend a buy in Great Offshore for a short-term horizon. It is evident from the charts of Great Offshore that after encountering resistance around Rs 550 in late September, it has seen a steep decline.
However, in early October, the stock found support around Rs 250 and began to consolidate sideways. We notice formation of a falling wedge pattern, spanning the period since October. This pattern is a bullish pattern and acts as a reversal pattern in this stock, as the falling wedge slopes down with its prevailing downtrend.
On January 28, the stock broke out of this pattern by gaining 13 per cent, accompanied with good volume. The daily relative strength index (RSI) is rising in the neutral region towards the bullish zone. Moreover, weekly RSI is displaying prolonged positive divergence and is on the brink of entering the neutral region. We are bullish on the counter from a short-term horizon. We anticipate the stock to move up until it hits our price target of Rs 283. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 243.
Bullion metals drop as dollar strengthens
Gold and silver prices continue to turn pale
After rising for three consecutive sessions, gold prices ended lower for second straight day on Wednesday, 28 January, 2009 as the dollar strengthened. Gold price also fell due to other lower commodity prices, especially crude oil.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa. But silver prices dropped.
On Tuesday, Comex Gold for February delivery fell $11.3 (1.3%) to close at $888.2 an ounce on the New York Mercantile Exchange. Last week, gold prices ended higher by 6.7%. This year gold has gained 1.2% till date. On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped significantly (14%) since then.
On Wednesday, Comex silver futures for March delivery fell 21.2 cents (1.7%) to end at $11.763 an ounce. For 2008, silver had lost 24%.
At the currency market on Wednesday, the dollar index, which tracks the dollar against a trade-weighted basket of six major currencies, continued to rise even after the Fed meeting. The dollar index rose 1% today.
Today, The Federal Open Market Committee kept its interest rate target in a range of zero to 0.25%, as expected. It said it would continue to flood the financial system with money. Regarding the economy, the Fed admitted that the economy was in worse shape than in its prior meeting in December. But a gradual recovery will begin later this year. The central bank stressed that deflation was the biggest concern
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
Last year, the weakening dollar and higher global demand for raw materials had led to records for commodities including gold. Gold reached a record in March 2008 as a U.S. housing slump and credit crisis spurred the Federal Reserve to slash borrowing costs. In the last move, the Federal Reserve has cuts its target bank lending rate to 0.25% from 5.25% in September, 2007. The Fed did it in nine steps.
Prior to 2008, gold had witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record. Silver had climbed 16% in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.
At the MCX, gold prices for February delivery closed lower by Rs 196 (1.4%) at Rs 13,877 per 10 grams. Prices rose to a high of Rs 14,055 per 10 grams and fell to a low of Rs 13,847 per 10 grams during the day's trading.
At the MCX, silver prices for March delivery closed Rs 206 (1.05%) lower at Rs 19,270/Kg. Prices opened at Rs 19,402/kg and fell to a low of Rs 19,131/Kg during the day's trading.
Pledged companies bear the heat
After Satyam announced that lenders had sold 2.45 crore shares pledged by the promoter, the market have shown a negative reaction to similar instances.
Signalling their aversion at promoters being financially weak, investors sold shares in companies where market got a wind of pledged shares by promoters. That is evident from the stock prices falling between 20 to 40% in the last 15 trading days.
From January 6 (the day when Raju disclosed his pledged shares), most stocks such as Nagarjuna Construction (-43 %), United Spirits (-42 %), Rolta (-37 %), XL Telecom (-33 %), Bombay Rayon (-32 %), KEI Industries (-28 %) and Bharati Shipyard (-26 %) have been the worst hit in terms of price correction.
Even the likes of Peninsula Land (-20 %) and Indage Vinters (-20 %) have also not been spared. The synchronised fall of ‘pledged counters’ - as they are now being referred to as in the broking circles - should be seen along side sensex fall which lost 10% during the same period.
“Investors will naturally treat these pledged stocks with disdain, fearing the worst. It will take more time for investors to get accustomed to share pledging.
So, companies which come out with disclosures on their own may be seen in better light,’’ B Madhuprasad, vice-chairman of investment bank Keynote Corporate Services, said. Pledged counters such as Gayatri Projects (-7%), Great Offshore (-7%), Shree Renuka Sugar (-7%) and Godrej Consumer (-7%) have fallen less than sensex.
IT consulting MindTree said its promoters have pledged 0.78% of their holding in the company to ICICI Bank and HDFC. Godrej Consumer, in fact, told shareholders that Godrej Industries, one of its promoters , has taken a loan from JP Morgan Security India by way of a share pledge.
“Promoters of most of these companies, with the exception of United Spirits (acquisition) and KEI Industries (term-loan ) and Godrej Consumer to some extent, have not stated why they leveraged themselves. But revelations could come sooner than later as SEBI has said that it would make it mandatory for founders of companies to disclose their pledged shares,’’ a Mumbai-based broker said.
Promoters pledge a part or substantial portion of their holdings in the company for a fixed term (up to 2 years) at rates of interest varying from 15 to 25%. This could have led to promoters in companies such as XL Telecom pledging 20% stake and United Spirits (18%), Nagarjuna Construction (12%), Great Offshore (14.88%) as well as Shree Renuka Sugar (10%) taking the same route, according to a survey done by brokerage Prabhudas Lilladher.
The percentage of stake pledged could not be ascertained for the likes of Indage Vinters (formerly Champagne Indage) and Gayatri Projects.
On the other hand, Akruti City, which has managed to release pledged shares with Indiabulls Financial, has seen its stock gain 23% in just five days after news of the release 2.32% stake came out (while sensex gained only 5%).
via ET
Daily Trading - Jan 29 2009
Nifty Long @ 2870 Stop @ 2840 Target @ 2930
ABB Long @ 490 Stop @ 481 Target @ 520
ACC Long @ 499 Stop @ 491 Target @ 515-560
Bata India (Short Term) Short @ 86.05 Stop @ 87.35 Target @ 82-77
BHEL (Short Term) Long @ 1407 Stop @ 1372 Target @ 1450-1500
DLF (Short Term) Long @ 178.50 Stop @ 169.30 Target @ 193-205
GVK Power (Short Term) Short @ 18.10 Stop @ 19.30 Target @ 15.30
ICICI Bank Long @ 432 Stop @ 403 Target @ 463
JP Associates Long @ 66.30 Stop @ 62.10 Target @ 73.00
Mc Dowells/United Spirits Long @ 575 Stop @ 560 Target @ 630
Reliance Capital Long @ 410 Stop @ 380 Target @ 460
SBI Bank Long @ 1113.50 Stop @ 1090 Target @ 1190
Sunil Hi Tech Long @ 73.80 Stop @ 72.30 Target @ 77.65
Unitech (Short Term) Long @ 30.90 Stop @ 27.30 Target @ 42-48
by Anuraag Jain
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