Oil India Subscription Details - Day 1

Qualified Institutional Buyers (QIBs) 2.3154 times

Non Institutional Investors 0.0022 times

Retail Individual Investors (RIIs)- 0.0518 times

Comment:

The NIIs seem to have been knocked out due to the NHPC issue. There could be still enough money to get NII to few times over subscribed.

Retail will probably get oversubscribed 2-3 times max and 1-2 times min

QIBs will be driver for this IPO and should get oversubscribed many a time

Sensex breaches 16k at close

The Sensex for the first time closed above 16,000 mark in 2009. It breached the psychological level of 16,000 on renewed buying interest. Both Sensex and Nifty crossed their crucial levels and closed at 15 month highs today. Realty stocks were in the limelight followed by metal and banking stocks. Tata Motors, Reliance Communications and ICICI Bank also led the rally.

The benchmark index, Sensex opened with a gain of 104.15 points, at 15,793.27 on Monday on firm global cues and proceeded to trade higher the entire day on account of intense selling seen across board. Nifty crossed the crucial level of 4,750 today. Before one hour of the final close, the Sensex gained ground and hit 16,000 level for the first time by touching the day`s high of 16,035.50. Finally opening of positive European market also boosted the sentiment.

Secondline stocks ended higher for the third straight session. BSE Midcap and Smallcap index rose 2.31% and 2.83% respectively.

On sectoral front, BSE Realty gained the most. The counter soared over 5% followed by Metal and Bankex, which surged over 3% each, Consumer durables, Auto and Teck advanced over 2%, Capital goods, Oil & gas and Power rose over 1% each, while FMCG dipped 0.08%.

Asian stocks rose as the Group of 20 nations agreed on steps to shore up the financial system, while merger speculation boosted technology shares. Japanese benchmark index Nikkei gained 133.83 points, or 1.31%, to end at 10,320.94. Hong Kong`s Hang Seng index climbed 310.69 points, or 1.53%, to close at 20,629.31. China`s Shanghai Composite increased 19.51 points, or 0.68% to settle at 7,224.59.

European stocks advanced as the Group of 20 nations agreed on steps to shore up the global financial system and Kraft Foods offered to buy Cadbury. UK`s benchmark index FTSE 100 rose 126.30 points, or 2.63%, to trade at 4,923.26. French benchmark index CAC 40 gained 51.28 points, or 1.42%, to trade at 3,650.82. Germany`s benchmark index DAX increased 76.98 points, or 1.42%, to trade at 5,460.54

The Sensex ended the day with a gain of 327.20 points, or 2.09% at 16,016.32 after touching a high of 16,035.50 and a low of 15,793.27. The broad-based NSE Nifty climbed 102.50 points, or 2.19% at 4,782.90 after hitting a high of 4,790.00 and a low of 4,679.30.

Major gainers in the 30-share index were Tata Motors (11.32%), Reliance Communications (6.62%), ICICI Bank (6.01%), Jaiprakash Associates (5.99%), Sterlite Industries (India) (5.38%), and DLF (5.03%).

On the other hand, ITC (0.92%), and Mahindra & Mahindra (0.53%) were the major losers in the Sensex.

Overall market breadth was sharply positive. Out of the total 2,885 stocks traded at BSE, 2,243 advanced, 589 declined while 53 remained unchanged.

Asian markets accelerates on G-20 fuel

Sensex, Shanghai, Sydney stretch gains while Nikkei, Hang Seng follows them

Stock market in Asian region rose on Monday, 7 September 2009, after US data showed a slowdown in layoffs, while Chinese shares extended gains on hopes that Beijing will pull out more policy tools as needed to support its volatile stock market. Investors were also cheered after G20 finance ministers and central bankers agreed to keep economic stimulus measures in place for longer.

G20 statement after the meeting over the weekend said that it's not the timing to remove economic stimulus yet even though the global economy looks brighter than it was at last meeting in April. They would work together with IMF and Financial Stability Board to develop cooperative and coordinated exit strategies even though the timing of the policy reversals may vary.

On Wall Street, stocks recorded an up day in a down week Friday with a bit of help from short covering after the government reported slowing job losses. The Dow Jones Industrial Average was up 96.66 points, or 1%, at 9441.27, while the S&P 500 edged up 13.16 points, or 1.3%, to 1016.40. The Nasdaq Composite advanced 35.58 points, or 1.8%, to 2018.78. But that wasn't enough to bring stocks positive for the week. Hurt by a sharp sell off on Tuesday, the Dow lost 1%, the S&P 500 gave up 1.2%, and the Nasdaq shed 0.5% in the five-day session.

On the economic front, US unemployment rate rose to 9.7% but the level of job cuts came in at 216,000 - the lowest in a year.

In the commodity market, crude oil traded near $68 a barrel on speculation OPEC will maintain curbs on output as supplies stay ample at the end of the U.S. peak summer demand season.

Crude oil for October delivery traded at $68.16 a barrel, up 14 cents, in after-hours electronic trading on the New York Mercantile Exchange at 2:49 p.m. Singapore time. The contract earlier fell as much as 48 cents, or 0.7 percent, to $67.54.

Brent crude oil for October settlement traded at $67.14 a barrel, up 32 cents, or 0.5 percent, on the London-based ICE Futures Europe exchange at 2:44 p.m. Singapore time.

Gold dropped, snapping a four-day advance, as some investors sold holdings after bullion surged close to the highest this year. Gold for immediate delivery fell as much as 0.3% to $991.28 an ounce before trading at $994.25 at 3 p.m. Singapore time.

In the currency market, riding on strength in Asian stock markets, currencies rally across the board as the week starts. AUD/USD and NZD/USD are both staying firm above August high and are extending rally in early European session. European majors are generally higher against the greenback but remain in range so far.

The Japanese yen soften against major currencies. The Japanese yen was quoted at 93.16 against the US dollar against Friday’s close of 92.91 yen in New York.

The Hong Kong dollar was trading at HK$ 7.7505 against the dollar. Actually The Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.

In Sydney trade, the Australian dollar ended the local session at its highest level in more than a year as investors sought high-yielding assets such as commodity-driven currencies after improving jobs reports.

At 1700 AEST, the local close, the Australian dollar was trading at 85.16/20 US cents, up 1.3% from Friday's close of 8408/10. It rose further to 85.56 US cents in recent trading.

In Wellington trade, the New Zealand dollar launched yet another assault on the US69c level and once again fell just short. In the past two weeks the kiwi has pushed above US68.90c several times without being able to go much higher. It did so again early on Saturday, and even pushed up briefly just before 8am today. By 8am the NZ dollar was buying US68.86c, from around US68c at 5pm Friday, having climbed from a two-week low near US66.80c early Thursday.

The South Korea won closed at 1,233.5 won to the greenback, up 8 won from Friday's close, as offshore investors continued to buy local stocks.

The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.8510, 0.0540 higher from Friday’s close of NT$32.9050.

Coming back in equities, a flurry of merger-and-acquisition activity took the spotlight in Asian markets, with Toshiba Corporation, China Unicom Ltd. and other major names all chalking up gains from news of fresh deals

In Japan, shares market surged, snapping three days of loosing streak, boosted by gains on Wall Street after the US economy shed fewer jobs than expected and gains in other key Asian markets supporting buying. Investors buying back Tokyo shares on hopes 4% plunge in both the Nikkei and Topix since hitting an 11-month on high on 26 August 2009 makes stock valuation attractive.

At the closing bell, the Nikkei 225 Stock Average index gained 133.83 points, or 1.31% from Thursday to 10,320.94, meanwhile the broader Topix was up 8.86 points, or 0.95%, to 944.60.

On the economic front, the Finance Ministry said that Japan’s foreign exchange reserves at the end of August increased $19.68 billion from a month earlier to a record $1,042.34 billion, largely due to a rise in its holdings of special drawing rights at the International Monetary Fund.

In Mainland China, share market spurted endured gains for fifth consecutive day following gains on Wall Street on Friday and as the Group of 20 nations agreed on steps to shore up the global financial system. Financials and properties spurted on hopes that Beijing will continue to use policy to support asset prices. Bank and insurance stocks surged after reports that the State Council issued guidelines to develop pension insurance in pilot rural areas. The pharmaceutical sector advanced after the Chinese government ordered 7.3 million doses of vaccines for the H1N1 flu.

At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange rose by 19.51 points, or 0.68% to 2,881.12.

In Hong Kong, benchmark index surged, benefited from strong performance by major heavyweights on tracking cues from Mainland China and firmer Wall Street Friday. Banks and properties outperformed after Beijing released a series of measures to boost market sentiment and on speculation property market investment in China will accelerate after China’s central bank raised the amount foreign funds to invest in equities by 25%. Materials, industrials, and gold miners soared up after a base and precious metal bounced overnight. Coal producers bounced on sign coal demand in China are recovering.

The Hang Seng Index surged 310.69 points, or 1.53%, to 20,629.31, while the Hang Seng China Enterprise added 218.6 points, or 1.86%, to 11,979.15.

In Australia, the shares market surged, following a positive close of Wall Street Friday and news that developed nations will keep government stimulus in place for a while longer. Banks and financials and properties shares were in favour on improved prospects for the global economy, while Sigma Pharmaceuticals acquisition plan and fund raising boosted up healthcare sector. Materials and resources shares were firmer, supported by Rio Tinto and Gold miners showed strength as the price of the metal staying around the $1000 mark.

At the closing bell, the benchmark S&P/ASX200 index rose 18.9 points, or 0.43%, to 4,454.4, meanwhile the broader All Ordinaries gained 18.4 points, or 0.41%, to 4,461.4.

On the economic front, the Australian Industry Group-Housing Industry Association said that Australia’s Performance of Construction Index rose 2.9 points to stand at 42.4 in August compared to the 39.5 reading in July. A reading below 50 means the construction sector is still in contraction.

ANZ’s monthly read on job ads saw advertised jobs increase in August, the first gain since April 2008. Total job ads grew 4.1% in August from July to average 130k ads per week.

In New Zealand, stock market commenced the first trading day of the week in the green region trailing pessimism on the Wall Street on Friday. The share market registered the third consecutive session in the positive terrain on Monday. Asian stock markets were mostly higher taking their cues from a positive close in the United States market as data revealed fewer job cuts in August.

The NZX50 gained 0.69% or 24.37 points to 3122.69. The NZX 15 increased 0.91% or 60.87 points to close at 5765.93.

On the economic front, New Zealand’s seasonally adjusted total wholesale trade sales fell 0.9 percent ($195 million) for the June 2009 quarter, registering the fourth consecutive quarter decline as per the statistical department. This follows the record decrease of 5.8 percent ($1.3 billion) in the March 2009 quarter and is the first time since the current series began in March 1995 that total sales have fallen for four consecutive quarters. The total sales trend has fallen 10.4 percent since the June 2008 quarter. Seasonally adjusted wholesale stocks for the June 2009 quarter fell 4.6 percent ($506 million).

In South Korea, shares finished 0.02% lower as institutional sell-offs outweighed thin buying from retail and foreign investors. After a day of choppy trading, the benchmark Korean Composite Stock Price Index (KOSPI) inched down 0.33 points to 1,608.57.

In Singapore, stock market surged, after fluctuating in and out of boundary, buoyed up by buybacks in major blue chip and properties shares spurred by positive Wall Street close on Friday due to the slowing pace of US job losses. Shares of Palm oil suppliers plunged after crude palm oil for November delivery dropped 7.3% in Kuala Lumpur last week. China related stocks were firmer on hopes that Beijing will continue to use policy to support asset prices. The blue chip Straits Times Index advanced 21.26 points or 0.81%, to 2,643.95.

In Taiwan, stock market stretched its success for the seventh session, hovering at a more than one-year closing high, with contract chipmakers leading gains on the prospect of increasing orders.

The benchmark Taiex share index stretched its winning streak in seventh session as its finished the session higher by 71.46 points or 1.00% in a day, closing the day at 7224.59, highest closing since 14 August 2008 when market closed at 7326.07.

In India, strong response to the initial public offer of Oil India, an improvement in business confidence of India Inc and revival of monsoon rains bolstered bulls as the barometer index BSE Sensex surged past the psychological 16,000 mark.

The BSE 30-share Sensex was up 327.20 points or 2.09% to 16,016.32. The Sensex opened 104.15 points higher at 15,793.27, also its day's low. The barometer index gained 346.38 points at the day's high of 16,035.50 in late trade, its highest level since 2 June 2008

The S&P CNX Nifty rose 102.50 points or 2.19% to 4,782.90. The index struck an intra-day high of 4790, its highest level since 2 June 2008.

Elsewhere, Malaysia's Kula Lumpur Composite index went up 0.99% or 11.65 points to 1190.39 while stock markets in Indonesia’s Jakarta Composite index ended the day lower at 2340.39.

In other regional market, European shares gained sharply on Monday, with food producers leading the way after Kraft Foods made an unsolicited bid for Cadbury, igniting hopes for a revival of mergers-and-acquisitions activity. On a regional level, the U.K. FTSE 100 index rose 1.5% to 4,922.86, the German DAX index rose 1.5% to 5,464.11 and the French CAC-40 index rose 1.5% to 3,651.79.

BSE Bulk Deals to Watch - Sep 7 2009

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
7/9/2009 530093 ACE INDIA LT SFS INFINITE LIMITED B 20000 5.45
7/9/2009 530093 ACE INDIA LT RAJNEESH SINGH S 20000 5.45
7/9/2009 532919 ALLIED COMP JHAVERI TRADING & INVESTMART PVT LTD S 1062884 0.60
7/9/2009 531223 ANJANI SYNTH AYODHYAPATI INVESTMENT PVT LTD B 66942 35.50
7/9/2009 532493 ASTRA MICRO JMP SECURITIES PVT LTD S 316726 91.04
7/9/2009 505506 AXON INFOTEC SURESH DEVILAL BAGRECHA S 5803 16.65
7/9/2009 512253 BIO GREEN I JYOTI HARESHBHAI THAKKER S 47952 14.10
7/9/2009 532330 BIOPAC INCOR AJAY DILKUSH SARUPRIA S 245474 10.51
7/9/2009 590061 BRUSHMAN IND ANGEL INFIN PRIVATE LIMITED B 140259 17.75
7/9/2009 590061 BRUSHMAN IND SAVINA JAIN S 100000 17.75
7/9/2009 590061 BRUSHMAN IND SARSWATI VINCOM LTD S 89702 17.75
7/9/2009 517973 DMC INTER J A FINANCIAL AND MANAGEMENT CONSULTANTS PVT LTD B 20853 11.19
7/9/2009 517973 DMC INTER CENTENARY SOFTWARE PVT LTD B 51025 11.23
7/9/2009 517973 DMC INTER SUNITA AGARWAL B 100000 11.26
7/9/2009 517973 DMC INTER PRAKASH AGARWAL (HUF) B 100000 11.26
7/9/2009 517973 DMC INTER CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 22510 11.26
7/9/2009 517973 DMC INTER ABHISHEK KAPOOR S 50000 11.19
7/9/2009 517973 DMC INTER VEENA GUPTA S 44800 11.26
7/9/2009 517973 DMC INTER J A FINANCIAL AND MANAGEMENT CONSULTANTS PVT LTD S 65983 11.26
7/9/2009 517973 DMC INTER BHARAT GUPTA S 43000 11.26
7/9/2009 517973 DMC INTER CENTENARY SOFTWARE PVT LTD S 75358 11.26
7/9/2009 517973 DMC INTER SPG FINVEST PVT LTD S 25755 11.26
7/9/2009 517973 DMC INTER KAPIL GUPTA S 30000 11.26
7/9/2009 532022 FILAT FASH KANAK STOCK BROKERS PVT LTD S 46263 81.31
7/9/2009 531486 FILMCIT MEDI WELLNESS COMMUNICATION (P) LTD S 3000000 1.03
7/9/2009 532857 GLORY POLY CHIRAG SHASHIKANT TANNA B 90562 25.17
7/9/2009 532857 GLORY POLY CHIRAG SHASHIKANT TANNA S 90562 25.06
7/9/2009 532836 GREMAC INFRA ELARA INDIA OPPORTUNITIES FUND LIMITED(FCCB) S 128860 37.58
7/9/2009 515147 HALDYN GLA G HARDIK CO. S 30000 93.75
7/9/2009 524080 HAR.LEATHER VIJAY KISHANLAL KEDIA S 40000 10.54
7/9/2009 502880 HINDO SPG WV GUPTA RAMESHKUMAR S 85000 19.15
7/9/2009 532414 IKF TECHNO JMP SECURITIES PVT LTD B 2550119 4.39
7/9/2009 517370 INCAP LIMITE PAMULAPATI HIMABINDU B 221700 14.75
7/9/2009 517370 INCAP LIMITE MANDAVA PRABHAKARARAO S 221700 14.75
7/9/2009 531777 INTELLVIS SO GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 35680 19.52
7/9/2009 523467 JAI MATA GLA MOTI LAL BHASIN S 13812 10.89
7/9/2009 523467 JAI MATA GLA BP FINTRADE PRIVATE LIMITED S 32557 10.74
7/9/2009 504076 JYOTI LIMITE LARSEN & TOUBRO LIMITED S 80000 43.10
7/9/2009 532283 KASHYAP TEC FALGUN FINANCIAL SERVICES LTD. B 2500000 0.84
7/9/2009 531261 KUSHAGRA SO TRASK INFRASTRUCTURE PVT LTD S 142939 6.68
7/9/2009 531731 KUVAM INTL SURESH KUMAR GUPTA S 30000 27.30
7/9/2009 531731 KUVAM INTL AVINASH GUPTA S 29300 27.30
7/9/2009 517518 LLOYD ELE EN JMP SECURITIES PVT LTD B 215000 53.90
7/9/2009 531528 MAARS SOFTWR JMP SECURITIES PVT LTD B 1687443 3.31
7/9/2009 531528 MAARS SOFTWR BASMATI SECURITIES PVT LTD S 1467037 3.29
7/9/2009 532907 MAYTAS INFRA Naman Securities & Finance Pvt. Ltd. B 349168 143.79
7/9/2009 532907 MAYTAS INFRA Naman Securities & Finance Pvt. Ltd. S 346026 143.74
7/9/2009 590060 MK EXIM PRABHAT YOGI S 19791 26.69
7/9/2009 532045 NEXXOFT INFO VAJSHAH SHARES & CONSULTANCY P B 50000 17.50
7/9/2009 532045 NEXXOFT INFO RAJENDRASURI FINANCIAL SERVICES GUJARAT PRIVATE LIMITED B 53185 17.50
7/9/2009 532045 NEXXOFT INFO MUKESH HIRALAL DOCTARIA S 49000 17.50
7/9/2009 531272 NIKKI GLOB F ANURADHA B 17117 23.30
7/9/2009 530377 NILA INFRAST MANOJBHAI BHUPATBHAI VADODARIA B 2500000 1.70
7/9/2009 530377 NILA INFRAST PEARL STOCKHOLDINGS PVT LTD S 2500000 1.70
7/9/2009 532986 NIRAJ CEMENT AYODHYAPATI INVESTMENT PVT LTD S 55962 85.46
7/9/2009 531092 OM MET INFRA GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 650000 27.42
7/9/2009 511652 RAM KAASHYAP SETU SECURITIES PVT LTD B 22200 17.22
7/9/2009 503162 REL CHEMO IN RANJEET KUMAR SOLANKI B 18315 39.84
7/9/2009 506172 SAMPADA CHEM THE PREMIER COMMERCIAL COPVT LTD S 70800 25.95
7/9/2009 531898 SANGUINE MD DHARMENDRAKUMAR CHANDULAL PATEL S 100000 3.22
7/9/2009 531312 SANRAA DYNAMIC STOCK BROKING INDIA PVT LTD B 3256895 1.00
7/9/2009 505141 SCOOTERS IND PRAKASH S BHANUSHALI B 11425 24.03
7/9/2009 505141 SCOOTERS IND PRAVIN N KORE S 10500 24.10
7/9/2009 532886 SEL MANUF SUNEET LAL B 99953 78.85
7/9/2009 532886 SEL MANUF JMP SECURITIES PVT LTD B 133198 83.84
7/9/2009 532886 SEL MANUF SUNEET LAL S 99953 78.44
7/9/2009 532886 SEL MANUF JMP SECURITIES PVT LTD S 109198 83.90
7/9/2009 512048 SPLASH MEDIA MANJU KHANDELIA S 7400 194.32
7/9/2009 519228 TEMPT.FOODS MERRILL LYNCH CAPITAL MARKET ESPANA SA SVB S 194585 42.04
7/9/2009 531703 TRIBHVAN HSG BABU PRABHAKAR S 91079 28.45
7/9/2009 590093 TRIMURTHI DR SUNITADEVI SAJJAN NANWAL S 34428 34.20
7/9/2009 507458 UNITED BREWR CROWN CAPITAL LIMITED S 500000 191.00
7/9/2009 513216 UTTAM GALVA ANUJ RAJINDERKUMAR MIGLANI B 600000 125.00
7/9/2009 513216 UTTAM GALVA SAINATH TRADING CO PVT LTD S 1200000 125.03
7/9/2009 531874 VENUS VENT VAGHJIBHAI GAGALDAS SHAH B 35200 50.17
7/9/2009 511147 WALL STREE F SPICE INVESTMENTS & FINANCE ADVISORS PVT. LTD. B 1664605 55.00
7/9/2009 511147 WALL STREE F PATEL HOLDING LTD. S 1241000 55.00
7/9/2009 511147 WALL STREE F ARIFASGARPATEL S 423705 55.00
7/9/2009 531249 WELL PACK PA SANTOSH VISHRAM GHADSHI B 44000 190.03
7/9/2009 590032 ZEN TECH* PIVOTAL SEC P LTD B 150000 265.04
7/9/2009 590032 ZEN TECH* VY PRASAD S 113981 265.88
7/9/2009 590032 ZEN TECH* LOGICAL SOLUTIONS LIMITED S 74500 267.18

NSE Bulk Deals to Watch - Sep 7 2009

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
07-SEP-2009,APTECHT,Aptech Limited,MANISH VRAJLAL SARVAIYA,BUY,327846,278.20,-
07-SEP-2009,ASTRAMICRO,Astra Microwave Products,JMP SECURITIES PVT LTD,BUY,15000,91.91,-
07-SEP-2009,ASTRAMICRO,Astra Microwave Products,OM INVESTMENTS,BUY,319073,91.08,-
07-SEP-2009,ASTRAMICRO,Astra Microwave Products,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,249152,90.57,-
07-SEP-2009,DWARKESH,Dwarikesh Sugar Industrie,SHREE RENUKA SUGARS LIMITED,BUY,9352,104.70,-
07-SEP-2009,GLORY,Glory Polyfilms Limited,CHIRAG SHASHIKANT TANNA,BUY,102511,25.08,-
07-SEP-2009,IFCI,IFCI Ltd.,AMBIT SECURITIES BROKING PVT. LTD.,BUY,4264262,59.19,-
07-SEP-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,15571782,23.95,-
07-SEP-2009,LAKSHMIEFL,Lakshmi Energy and Foods,CREDIT SUISSE (SINGAPORE) LIMITED A/C CREDIT SUISSE (SINGAP,BUY,600000,129.95,-
07-SEP-2009,MACMILLAN,Macmillan India Limited,ARORA RAJIV,BUY,90363,71.59,-
07-SEP-2009,MAYTASINFR,Maytas Infra Limited,AJAY BAXI,BUY,340020,144.05,-
07-SEP-2009,MAYTASINFR,Maytas Infra Limited,SETU SECURITIES LTD,BUY,397628,143.90,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,ANGEL INFIN PRIVATE LIMITED,BUY,97713,83.04,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,BP FINTRADE PRIVATE LIMITED,BUY,90198,81.64,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,CHETANYA BUILDCON PVT. LTD.,BUY,396,82.75,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,95943,83.28,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,106043,82.60,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,SUNEET LAL,BUY,102672,78.29,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,VIJIT SHARES AND COMMODITIES PVT.LTD.,BUY,110375,84.28,-
07-SEP-2009,WEBELSOLAR,Webel-SL Energy Systems L,TARRA FUND,BUY,125000,328.01,-
07-SEP-2009,APTECHT,Aptech Limited,MANISH VRAJLAL SARVAIYA,SELL,327846,277.33,-
07-SEP-2009,ASTRAMICRO,Astra Microwave Products,JMP SECURITIES PVT LTD,SELL,369000,90.69,-
07-SEP-2009,ASTRAMICRO,Astra Microwave Products,OM INVESTMENTS,SELL,319073,91.15,-
07-SEP-2009,ASTRAMICRO,Astra Microwave Products,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,278450,89.94,-
07-SEP-2009,DWARKESH,Dwarikesh Sugar Industrie,SHREE RENUKA SUGARS LIMITED,SELL,90352,103.10,-
07-SEP-2009,GLORY,Glory Polyfilms Limited,CHIRAG SHASHIKANT TANNA,SELL,102511,24.98,-
07-SEP-2009,IFCI,IFCI Ltd.,AMBIT SECURITIES BROKING PVT. LTD.,SELL,4258413,59.23,-
07-SEP-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,15529793,23.97,-
07-SEP-2009,LAKSHMIEFL,Lakshmi Energy and Foods,DEUTSCHE SECURITIES MAURITIUS LIMITED,SELL,600000,129.95,-
07-SEP-2009,MACMILLAN,Macmillan India Limited,ARORA RAJIV,SELL,90363,75.75,-
07-SEP-2009,MAYTASINFR,Maytas Infra Limited,AJAY BAXI,SELL,240020,144.04,-
07-SEP-2009,MAYTASINFR,Maytas Infra Limited,SETU SECURITIES LTD,SELL,448430,143.57,-
07-SEP-2009,PRAENG,Prajay Engineers Syndicat,ABN AMRO BANK N.V.LONDON BRANCH,SELL,268698,36.70,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,ANGEL INFIN PRIVATE LIMITED,SELL,84113,82.88,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,BP FINTRADE PRIVATE LIMITED,SELL,88198,82.01,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,CHETANYA BUILDCON PVT. LTD.,SELL,150396,82.14,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,95943,83.72,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,74028,82.16,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,SUNEET LAL,SELL,102672,78.85,-
07-SEP-2009,SELMCL,SEL Manufacturing Company,VIJIT SHARES AND COMMODITIES PVT.LTD.,SELL,110375,84.24,-
07-SEP-2009,UBHOLDINGS,United Breweries (Holding,CROWN CAPITAL LIMITED,SELL,500000,191.01,-
07-SEP-2009,VINCARDS,Vintage Cards & Creations,SURESH JAISWAL,SELL,3000,24.23,-
07-SEP-2009,WEBELSOLAR,Webel-SL Energy Systems L,MERRILL LYNCH CAPITAL MARKETS ESPANA S.A. SVB,SELL,124246,328.00,-

Post Session Commentary - Sep 7 2009

Indian market extended its previous session’ gains to hit 15-month highs on significant buying over the counters. The BSE Sensex touched intraday high of 16,035.50 and NSE Nifty touched intraday high of 4,790. Stocks rallied sharply during final trading to close near days’ high on account of firm European markets along with positive Asian stocks. Global stocks zoomed after the G20 leaders assured to maintain stimulus measures. In addition, finance ministers from the world''s most powerful economies have agreed a series of measures to try to regulate the global banking system. Further, in domestic arena according to a Ficci survey, stage of confidence of India Inc is getting higher due to the fiscal stimulus measures that started exhibiting its effect on the economic activity. The BSE Sensex ended above 16,000 level and NSE Nifty closed above 4,750 mark.

The market belled the day on pleasant note mirroring favorable cues from the global markets. The US stock markets ended higher on Friday after mixed jobs report. Market rallied as technology stocks advanced following encouraging comments from Intel''s CEO. Meanwhile, the unemployment rate went up to 26-year high of 9.7%, according to the latest jobs report. In addition, the report showed that 216,000 non-farm payrolls were slashed in August. Further, Indian benchmark indices continued to move forward on significant buying momentum. Market reported sharp rise during final trading hours on sharp rise in European stocks, to close with handsome gains. Revival in monsoon in last few days also boosted the sentiments. From the sectoral front, all indices ended in green barring FMCG stocks. Among those, Realty, Metal, Bank, Consumer Durable, Auto, Teck, PSU and Capital Goods stocks witnessed most of the buying from these baskets. BSE Midcap and Smallcap stocks also outperformed during the trading as ended with gains of more than 2% each.

Among the Sensex pack 28 stocks ended in green territory and 2 in red green territory. The market breadth indicating the overall health of the market remained positive as 2244 stocks closed in green while 587 stocks closed in red and 54 stocks remained unchanged in BSE.

The BSE Sensex closed higher by 327.20 points (2.09%) at 16,016.32 and NSE Nifty ended up by 102.50 points or (2.19%) at 4,782.90. BSE Mid Caps and Small Caps closed with gains of 134.55 and 197.96 points at 5,967.77 and 7,189.47 respectively. The BSE Sensex touched intraday high of 16,035.50 and intraday low of 15,793.27.

Gainers from the BSE Sensex pack are Tata Motors (6.26%), RCom (5.22%), JP Associates (4.50%), Bahrti Airtel (3.83%), ICICI Bank (3.62%), DLF Ltd (2.96%), Sterlite Industries (2.92%), TCS Ltd (2.88%), Tata Steel (2.20%), HDFC (1.50%), Heohonda Motors (1.48%), Tata Power (1.46%), L&T Ltd (1.43%), Hindalco (1.38%) and SBI (1.25%).

Only two losers from the BSE Sensex pack are ITC Ltd (0.92%) and M&M Ltd (0.53%).

Federation of Indian Chambers of Commerce and Industry (Ficci) carried out a survey to measure business confidence sentiment, for the month of September. According to the survey, the stage of confidence of India Inc is getting higher due to the fiscal stimulus measures that started exhibiting its effect on the economic activity. 80% of the companies believe that the Indian economy is on the way of recovery and expect improvements in growth performance in the coming months.

On the global markets front, the Asian markets that opened before the Indian market, ended higher following Wall Street gains on last trading session. Shanghai Composite, Hang Seng, Nikkei 225 and Singapore''s Straits Times Index closed up by 19.51, 310.69, 133.83 and 11.33 points at 2,881.12, 20,629.31, 12,320.94 and 2,634.02 respectively. However, Seoul Composite lost 0.33 points at 1,608.57.

European markets, which opened after the Indian market, are trading in green. Market lifted by a GBP10.2 billion offer from Kraft Foods for Cadbury, which saw the food and beverage sector surge. Although, Cadbury rejected the deal, news of the possible renewal of merger activity provided a boost to markets. In Frankfurt, DAX index is trading up by 84.35 points at 5,468.78 and in London FTSE 100 is trading higher 126.43 points at 4,923.18.

The BSE Realty index advanced (5.49%) or 235.87 points at 4,533.36. Gainers are Pheonix Mill (11.55%), Unitech Ltd (7.67%), Housing Dev (6.63%), Sobha Dev (6.70%) and Orbit Co (6.00%).

The BSE Metal index closed up by (3.95%) or 493.40 points at 12,989.46. Main gainers are Jindal Steel (7.10%), Welspan Gujarat SR (6.38%), Ispat Industries (5.68%), Jai Corp Ltd (5.49%) and Sterlite Industries (5.38%).

The BSE Bank index gained (3.10%) or 258.58 points at 8,603.92 as ICICI Bank (6.01%), Oriental Bank (3.56%), Federal Bank (3.30%), Indus Ind Bank (3.06%) and SBI (2.90%) ended in green.

The BSE Consumer Durable index went up by (2.70%) or 88.72 points at 3,378.54. Gainers are Rajesh Export (5.11%), Titan Ind (4.15%), Blue Star L (1.67%), Videcon Ind (1.52%) and Gitanjali GE (0.04 %).

The BSE Auto index ended higher by (2.45%) or 148.93 points 6,228.20. Gainers are Tata Motors (11.32%), Amtek Auto (8.62%), Ashok Leyland (4.16%), Bajaj Auto (3.26%) and Bharat Forge (2.68%).

The BSE Teck index closed higher by (2.31%) or 71.44 points at 3,158.24. Gainers are UTV Software (8.42%), Tel Eighteen (7.86%), Sun TV (7.54%), HT Media (7.05%) and RCom (6.62%).

Nagarjuna Construction Company Limited advanced by 2.34%. The company has successfully concluded a Qualified Institutional Placement (QIP) of Rs.367.35 Crores (US $ 75 Million).

Aurobindo Pharma gained 1.37%. The company has received two approvals from Swissmedic, Government of Switzerland for the license of Amlodipine APL 5mg and 10mg tablets and Metformin APL 500mg, 850mg and 1000mg tablets. In addition, it also received final approval for Risperidone Oral Solution 1mg/mL (ANDA No. 78452) from the US Food & Drug Administration (USFDA).

KNR Constructions Ltd. closed higher by 4.97%. The company announced that it has bagged a new order worth of Rs. 231,28,45,0767- from National Highway Authority of India (NHAI) for completion of balance work of widening to 4/6 lanes and strengthening of existing 2-Ianes carriageway of NH-5 in the State of Orissa to be completed within 24 calendar months.

Tata Steel Ltd gained 2.72% after the company’s steel sales from Indian operations rose 25% to 492,000 tons in August 2009 over August 2008.

L&T Ltd increased by 1.83% after a foreign brokerage raised its rating on the stock to ''''buy'''' from ''''reduce'''', by saying order inflows have revived substantially.

Petron Engineering Construction Ltd zoomed 19.99% after the company bagged an order worth Rs. 37.45 crore.

Pratibha Industries Ltd spurted 2.98% after the company secured a contract worth Rs. 144.69 crore.

Sensex, Nifty settle at 15-month high as global stocks rally

Strong response to the initial public offer of Oil India, an improvement in business confidence of India Inc and revival of monsoon rains helped key benchmark indices extend gains for the second day in a row. Firm global stocks aided the rally.

The Sensex surged 327.20 points or 2.09% to 16,016.32, up 223.05 points from the day's low and off just 19.18 points from the day's high. The Sensex surged past the psychological 16,000 mark in late trade. Both the frontline indices - the BSE Sensex and the 50-unit S&P CNX Nifty settled at their highest level in more than 15 months. Global stocks surged after the G20 leaders pledged to maintain stimulus measures.

The market breadth indicating the overall health of the market was strong. Realty, banking and metal stocks were at the forefront of today's rally. The BSE FMCG index was the lone loser among the sectoral indices on BSE. In stock-specific activity Tata Motors surged almost 13%. ICICI Bank jumped around 7% and Sterlite Industries gained around 6.5%

The Oil India IPO which opened for bidding today, 7 September 2009, was subscribed 1.27 times as at 16:00 IST, data on the National Stock Exchange showed. The Oil India initial public offer (IPO) will close on 10 September 2009. OIL, which produces 3.5 million tonnes of oil annually, will be listed on the bourses on 29 September 2009. The government has fixed Rs 950-1,050 per share price band for the initial public offering of Oil India (OIL), the second state-run firm to hit the market this year after NHPC, and will raise up to Rs 2,777 crore.

The response to Oil India IPO is being closely watched after a tepid secondary market debut of power sector firms NHPC and Adani Power, recently.

Meanwhile, a survey to gauge business confidence sentiment, carried out by Federation of Indian Chambers of Commerce and Industry (Ficci), for the month of September 2009, suggested that the confidence level of India Inc is on the rise thanks to government's fiscal stimulus measures. Eighty per cent of the companies believe that the Indian economy is on the road to recovery and expect improvement in corporate performance in the months to come.

Although, the future outlook for the Indian industry as a whole is fairly positive, 86% of the companies expressed concern over delayed monsoons. The respondents feel this can have an adverse impact on demand for industrial goods in the coming months.

Incidentally, there has been a revival in monsoon rains in the past few days. After playing truant for most of the season, the monsoon has picked up pace in the past few days thereby reducing the deficiency in cumulative rainfall in this season. The cumulative rainfall was 23% below normal in the week ended 2 September 2009, an improvement from 25% in the week ended 26 August 2009 and 29% in the week ended 12 August 2009, the India Meteorological Department said on 4 September 2009.

However, a cause of concern is that reservoir levels in key reservoirs are at two-thirds of the 10-year average, and 60% of last year's levels. Because of the deficient rainfall between June and September, good water storage level in these key reservoirs, which makes up one-third of the country's total water storage, are crucial to a good winter crop. Two-third of India's population lives in villages and 60% of the farm land depends on the annual rains.

A Japanese brokerage firm in a research note said India's economic growth could slow to 6% in 2009-10 from its earlier estimate of 6.3%, dragged by contraction in agricultural growth. The brokerage cut its 2009-10 agriculture gross domestic product (GDP) growth forecast to 2.2% from 3.5% due to deficient monsoon rains.

An Australian based brokerage has lowered India's economic growth target to 6.5% in the year ending March 2010 from the 7% forecast earlier, as weak monsoon rainfall affects the agriculture sector. However the brokerage firm raised its estimate for gross domestic product expansion for the following year to 8% from 7.5%.

European markets extended early gains led by financial shares. Key benchmark indices in UK, Germany and France were up by between 1.44% and 2.66%.

Asian markets were trading firm today, 7 September 2009 led by Chinese shares on hopes that Beijing will continue to use policy to support asset prices. Key benchmark indices in Singapore, South Korea, Japan, China, Hong Kong, and Taiwan rose by between 0.79% and 1.53%. Indian indices outperformed their Asian counterparts today.

Among the factors cited by analysts for a broad-rise in Asian equity prices were a pledge by G20 leaders over the weekend to keep stimulus measures in place for longer and draft rules from China allowing more foreign portfolio investment.

The world's wealthiest nations at the G20 meeting in London at the weekend have pledged a number of measures to maintain stimulus measures to boost the global economy. In a meeting held on Saturday, 5 September 2009, the finance ministers warned that the fledgling recovery was by no means assured.

US markets surged on Friday, 4 September 2009 led by technology stocks following encouraging comments from Intel's CEO, offsetting a mixed jobs report. The Dow Jones Industrial Average jumped 96.66 points, or 1.03%, to 9,441.27. The Standard & Poor's 500 Index rose 13.16 points, or 1.31%, to 1,016.40. The Nasdaq Composite index soared 35.58 points, or 1.79%, to 2,018.78

In economic data, the unemployment rate jumped to a 26-year high of 9.7% even as layoffs seemed to be tapering off, data released by the Labor Department on Friday, 4 September 2009 showed. The report showed that 216,000 non-farm payrolls were slashed in August 2009 that marked the lowest job loss tally in one-year.

US market remains closed on Monday, 7 September 2009 on account of the Labor Day holiday.

The BSE 30-share Sensex jumped 327.20 points or 2.09% to 16,016.32, its highest closing since 2 June 2008. The Sensex opened 104.15 points higher at 15,793.27, also the day's low. The barometer index gained 346.38 points at the day's high of 16,035.50 in late trade.

The S&P CNX Nifty rose 102.50 points or 2.19% to 4,782.90, its highest closing since 30 May 2008. The index struck an intra-day high of 4790.

Nifty September 2009 futures were at 4804.10 at a premium of 21.2 points compared to the spot closing. Turnover in NSE's futures & options (F&O) segment declined to Rs 57,490.85 crore from Rs 70,260.73 crore on Friday, 4 September 2009.

The Sensex had jumped 290.79 points or 1.89% to 15,689.12 and the S&P CNX Nifty had risen 86.85 points or 1.89% to 4,680.40 on Friday, 4 September 2009, on upbeat global cues.

Stocks have risen sharply this year on increased global risk appetite triggered by hopes of a recovery in the global economy after a setback from a financial sector crisis. The Sensex is up 6369.01 points or 66.01% in calendar year 2009 as on 7 September 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 7855.92 points or 96.26% as on 7 September 2009. FII inflow in calendar year 2009 totaled Rs 39368.40 crore (till 3 September 2009)

The BSE clocked a turnover of Rs 6,055 crore, higher than Rs 5,722.02 crore on Friday, 4 September 2009.

The market breadth, indicating the overall health of the market, was strong. On BSE, 2261 shares advanced as compared with 594 that declined. A total of 54 shares remained unchanged.

The BSE Mid-Cap index rose 2.31% to 5,967.77 and the BSE Small-Cap index gained 2.83% to 7,189.47. Both these indices outperformed the Sensex

The BSE Metal index (up 3.95%), the BSE Realty index (up 5.49%), the BSE PSU index (up 2.17%), the BSE Auto index (up 2.45%), the BSE Oil & Gas index (up 1.51%), the BSE Teck index (up 2.31%), the BSE Bankex (up 3.10%), BSE Consumer Durables index (up 2.70%), outperformed the Sensex.

The BSE Capital Goods index (up 1.70%), BSE FMCG index (down 0.08%), the BSE Power index (up 1.39%), BSE IT index (up 1.38%), the BSE Healthcare index (up 1.47%), underperformed the Sensex.

Among the 30-member Sensex pack, 28 advanced while only 2 of them declined.

Auto stocks rallied on revival of the monsoon rains. Auto companies derive a third of their revenues from rural sales. Expectations that the forthcoming festive season will boost auto sales aided the rally

India's largest truck marker by sales Tata Motors surged 12.95% to Rs 574 and was the top gainer from the Sensex pack. The Tata Motors ADR had risen 1.54% on 4 September 2009.

India's top small car maker by sales Maruti Suzuki rose 0.75%. India's largest motorbike maker by sales Hero Honda Motors rose 0.99%. India's second largest motorbike maker by sales Bajaj Auto jumped 3.34%

However, India's largest tractor maker by sales Mahindra & Mahindra fell 0.91% on profit booking.

India's largest dam builder by sales Jaiprakash Associates soared 6.57% after the National Stock Exchange (NSE)'s index maintenance committee at a periodic review decided to include the stock in the S&P CNX Nifty index effective from 20 October 2009. Jaiprakash Associates will replace National Aluminium Company.

Infrastructure Development Finance Corporation (IDFC) jumped 8.86%. The stock will replace Tata Communications in the S&P CNX Nifty index.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 0.89% to Rs 1998.50. The stock struck a high of Rs 2008 in intra-day trade. India's largest thermal power producer by sales NTPC on Saturday, 5 September 2009 moved the Supreme Court seeking quashing of the Bombay high court order giving permission to the Mukesh Ambani's RIL to amend its plea in its on-going dispute with the country's largest utility on the supply of gas from the Krishna-Godavari basin.

RIL had arrived at an agreement with the NTPC to supply 12 million standard cubic metres per day (mmscmd) gas at $2.34 per million British thermal unit (mmBtu) pusuant to the global competitive bidding.

However, the RIL sought to wrigle out and avoid the Gas Sale & Purchase Agreement (GSPA) on one pretext or the other, compelling NTPC to move Bombay high court for enforcement of its agreement with the contractor RIL.

Another dispute between the Mukesh Ambani promoted RIL and Anil Ambani promoted Reliance Natural Resources (RNRL) is now in the Supreme Court. The dispute between RIL and RRNL is centered around the price and supply of gas from Krishna Godawari (KG) basin operating by RIL to RNRL for the power plants of Anil Dhirubhai Ambani group. Meanwhile the NTPC-RIL case also deals with price and supply of gas to NTPC's power plants from RIL.

India's largest thermal power producer by sales NTPC rose 0.44% while RNRL rose 1.80%.

India's largest oil exploration firm by sales Oil and Natural Gas Corporation (ONGC) rose 0.87%, extending Friday's 3.09% rise. The stock rose on reports the Petroleum Ministry is considering a proposal to increase the price of natural gas sold under a regulated regime to $2.6 for every million British thermal unit (mBtu) from $1.8/mBtu, currently. ONGC and Oil India (OIL) sell gas at a government controlled price from blocks awarded to them on a nomination basis.

Meanwhile ONGC Petro-additions, a special purpose vehicle (SPV) of ONGC is reportedly considering an initial public offer (IPO) by 2011. ONGC plans to dilute 25 % of equity for an overseas partner, to be chosen by the end of this month, reports added.

The SPV was established by ONGC to set up a Rs 124400 crore petrochemical complex in Gujarat, expected to go on stream by December 2012.

State run oil marketing stocks gained after crude oil prices slipped. BPCL (up 5.44%), and HPCL (up 6.80%), gained.

Indian Oil Corporation jumped 9.90% after the company scheduled a board meet on 13 September 2009 to consider bonus issue. The announcement was made after market hours on Friday, 4 September 2009.

Lower oil prices will reduce underrecoveries of state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.

Metal stocks gained after the world's largest steel marker ArcelorMittal agreed to become a co-promoter of Uttam Galva Steel. Hopes of higher demand from China, the world's largest consumer of metal products, also drove metal counters higher.

Uttam Galva Steels was locked at upper limit of 10% of Rs 125.05 on BSE, a lifetime high for the counter

India's largest private sector steel marker by sales Tata Steel gained 2.43% after the company today, 7 September 2009 said steel sales at its Indian operations rose 25% to 492,000 tonnes in August 2009 over August 2008. Saleable steel production rose 14% to 526,000 tonnes while sales of long products jumped 81%.

Domestic operations contribute about 25% of the group's total annual global capacity, including Europe's second-largest steelmaker Corus.

Other steel firms gained on momentum buying on hopes of further consolidation in the sector through merger & acquisition activity after a deal between Uttam Galva Steel and ArcelorMittal, the world's largest steel.

Mukand (up 19.96%), National Steel & Agro Industries (up 9.94%), Shah Alloys (up 9.86%), Raipur Alloys (up 6.80%), Visa Steel (up 6.07%), and Lloyds Steel (up 4.89%), surged.

Bhushan Steel soared 15.27% on reports the company's unit Bhushan Steel (Australia) acquired a 60% stake in Australian exploration company, Bowen Energy, which has large prospecting license for thermal and coking coal.

JSW Steel gained 4.77%. The company reported 53% rise in crude steel production to 5.21 lakh tonne units in August 2009 over August 2008. The company made this announcement during trading hours on 4 September 2009.

Steel Authority of India rose 1.55%. The company reported a 20% rise in domestic sales to 1.1 million tonnes in August 2009 over August 2008, on the back of a 30% jump in sale of special steels. The company made this announcement during trading hours on 4 September 2009.

India's largest non-ferrous metals producer by sales Sterlite Industries gained 6.05% mirroring a 5.62% surge in its American depository receipt (ADR) on Friday, 4 September 2009.

Hindalco (up 3.04%), Sesa Goa (up 0.99%), Jindal Saw (up 2.63%), Hindustan Zinc (up 2.3.%), gained from the metal pack.

India's largest bank by net profit and branch network State Bank of India gained 2.69%. The bank has reduced rates on its flagship deposit scheme, the 1000-day deposit, by 25 basis points to 7% with effect from 8 September 2009. Now deposit of more than two years but less than three years will be clubbed together with an interest rate of 7%. Earlier deposits for tenures of two years but less than 1,000 days had an interest rate of 7% while the 1000-day deposit had an interest rate of 7.25%.

India's largest private sector bank by net profit ICICI Bank rose 6.85% following a 2.95% surge in its ADR on 4 September 2009.

India's largest mortgage financier by total income Housing Development Finance Corporation (HDFC) rose 2.44%. As per reports, HDFC's real estate fund HDFC Property Ventures and Singapore's Temasek are holding talks with Bengaluru-based Prestige Group to invest around Rs 625 crore or $130 million, as the real estate companies continue to tap private equity funds to meet their financial requirements.

India's largest engineering & construction company by sales Larsen & Toubro rose 1.71% on reports the company is in discussions to buy a thermal coal mine in Australia for about $300 million. Meanwhile a foreign brokerage has raised its rating on the stock to 'buy' from 'reduce', by saying order inflows have revived substantially.

India's largest power equipment maker by sales Bharat Heavy Electricals rose 0.28%. The company may name an overseas partner by October for a venture to build atomic plants in the country.

Diamond Power Infrastructure was locked at upper limit of 5% after Reliance Infrastructure Fund acquired 4.85 lakh shares of the company at Rs 197.01 each in a block deal on BSE on Friday, 4 September 2009.

Realty stocks rose on recent reports prices in key regions like New Delhi-NCR (National Capital Region) and Mumbai have moved up 10-15% on gradual return of residential property buyers. DLF (up 5.35%), Unitech (up 7.77%), Phoenix Mills (up 11.99%), Indiabulls Real Estate (up 4.16%), and HDIL (up 6.33%), gained.

The demand for residential projects in major cities is picking up on lower home loan rates, property price cuts by developers and a recovery in the job market. Realty market had slumped last year amid a global credit crunch and buyers fearing job losses.

Pratibha Industries surged 2.77% after the company secured a contract worth Rs 144.69 crore. The company announced the new order win before market hours today, 7 September 2009.

Petron Engineering Construction galloped 20% after the company bagged an order worth Rs 37.45 crore. The company announced new order win during trading hours today, 7 September 2009.

KNR Constructions was locked at 5% upper limit after the company bagged an order worth Rs 231.28 crore. The company announced new order win during trading hours today, 7 September 2009.

IT pivotals gained tracking firm ADRs. India's second largest software services exporter by sales Infosys was up 1.07% tracking a 1.29% rise in its ADR on 4 September 2009. India's third largest software services exporter by sales Wipro rose 0.36% following a 1.35% rise in its ADR on 4 September 2009.

India's largest software services exporter by sales Tata Consultancy Services advanced 3.62%. The company's Chief Executive S. Ramadorai today, 7 September 2009, said the company is seeing stability on the ground and the company's demand pipeline is good.

India's second largest mobile services provider by sales Reliance Communications jumped 5.97% on follow-up buying. The stock has been on a roll recently on reports its telecom tower unit may revive a plan to raise funds through an initial public offer.

India's largest mobile services provider by sales Bharti Airtel rose 4.06%. Bharti and South African telecom operator MTN have been in negotiations since 25 May 2009 on a $23 billion cash and share-swap deal aimed at an eventual full merger. The deadline for the talks has been extended twice, most recently the deadline was put back another month to 30 September 2009.

India's largest cigarette marker by sales ITC lost 1.07% to Rs 230.65 as investors shifted their exposure from the so-called defensive sector. It was the top loser from the Sensex pack.

Unitech was the top traded counter on the BSE with turnover of Rs 269.80 crore followed by Tata Motors (Rs 176.43 crore), IFCI (Rs 162.33 crore), Jindal Steel & Power (Rs 158.29 crore) and Suzlon Energy (Rs 128.10 crore).

IFCI clocked the highest volume of 2.73 crore shares on BSE. Ispat Industries (2.56 crore shares), Unitech (2.40 crore shares), Suzlon Energy (1.25 crore shares) and Reliance Natural Resources (97.32 lakh shares), were the other volume toppers in that order.

Among the gainers from small and mid-cap stocks, Kirloskar Brothers (up 20%), Zen Technologies (up 20%), Sel manufacturing (up 20%), Tritron valves (up 20%), and ABC India (up 19.95%), rose sharply.

Kailash Ficom (down 9.85%), Alfred Herbert (down 6.79%), Excel Infoways (down 6.36%), and Greenply Industries (down 5.47%), declined

REI Agro galloped 9.97% after the company said its board will meet on 9 September 2009 to consider rights issue. The company announced the board meet before market hours today, 7 September 2009.

Pre Session Commentary - Sep 7 2009

Today domestic markets are likely to open positive as majority of Asian markets have opened with phenomenal gains on the back of positive weekend rally in US markets. Markets across Asia are trading with high positive sentiment as US employment data for the month of August showed 2,16,000 nonfarm payrolls slash as against the expected 2,30,000 job losses. Further China has also eased inbound investment rules on Friday sending positive cues for higher investment opportunities in China. In the domestic arena one could witness a northward trade backed by some early buying sentiment. During the day the domestic markets are likely to trade positive.

On Friday, All round buying during the final trading lifted the sentiments that in turn contributed the domestic markets to close with sharp gains following firm cues from several Asian stocks, as Hang Seng closed with rise of 2.82%. Favorable European stocks also added to the positive attitude. Besides, buying by the domestic investors and recovery in US index futures also boosted the sentiments. However, stocks touched the red zone during mid session and continued to trade with volatility though recovered latter. Meanwhile, investors were concerned that scarce rains will led to sharp rise in food prices and will impact agricultural sector. The BSE Sensex ended above 15,600 level and NSE Nifty closed above 4,600 mark.

The BSE Sensex closed higher by 290.79 points (1.89%) at 15,689.12 and NSE Nifty ended up by 86.85 points or (1.89%) at 4,680.40. BSE Mid Caps and Small Caps closed with gains of 62.42 and 73.69 points at 5,833.22 and 6,991.51 respectively. The BSE Sensex touched intraday high of 15,740.83 and intraday low of 15,358.94.

On Friday, US stock markets closed higher. The fairly better employment data for the month of August helped investors to come up with buying momentum after a squeeze in couple of previous sessions. For the month of August, the latest jobs report showed that 216,000 nonfarm payrolls were slashed which marked the lowest job loss tally in one year and wasn''t as bad as the 230,000 job losses that economists had expected. On the other hand the unemployment rate spiked to a 25-year high of 9.7% from 9.4%. The consensus estimate was at 9.5%. The trading was very narrow and hardly one billion shares exchanged hands in NYSE. Nearly 85% of the companies in the S&P 500 managed to close with gain and 7 of the 10 major sectors in the S&P 500 posted gains between 1.3% and 2.0%. Financials (+0.8%), consumer staples (+0.7%), and utilities (+0.3%) were relative laggards. US light crude oil futures for October delivery closed higher by a penny at $67.97 per barrel on the New York Mercantile Exchange.

The Dow Jones Industrial Average (DJIA) closed higher by 96.66 points at 9,441.27, NASDAQ index closed higher by 35.58 points at 2,018.78 and the S&P 500 (SPX) also closed higher by 13.16 points at 1016.40.

Today the major stock markets in Asia are trading positive. The Shanghai Composite is trading high by 45.89 points at 2,907.49, Hang Seng is also higher by 316.22 points at 20,634.84. Further Japan''s Nikkei is up by 103.67 points at 10,290.78. Strait times is also trading up by 4.53 points at 2,627.22. Taiwan Weighted is up by 63.34 points at 7,216.47.

Indian ADRs ended higher. In the IT space, Infosys was up 1.29%, Satyam Computers was up 1.29%, Wipro was up 1.35% and Patni Computers was up 3.05%. In the banking space, ICICI Bank was up 2.95% and HDFC Bank was up 3.13%. In the telecom space, Tata Communication was up 2.43% and MTNL was up 1.88%. In other sectors, Sterlite Industries was up 5.62%, Tata Motors was up 1.54% while Dr Reddy''s Labs was up 1.46%.

The FIIs on Friday stood as net buyers in equity and debt. Gross equity purchased stood at Rs 1,912.30 Crore and gross debt purchased stood at Rs 2,987.10 Crore, while the gross equity sold stood at Rs 1,853.30 Crore and gross debt sold stood at Rs 250.40 Crore. Therefore, the net investment of equity and debt reported were Rs 58.90 Crore and Rs 2,736.70 Crore respectively.

On Friday, Indian Rupee closed at 48.90/91 per dollar, marginally stronger than its previous close at 48.92/93. The dollar demand from oil importers helped local currency gain strength minimally.

On BSE, total number of shares traded were 46.71 Crore and total turnover stood at Rs 5,722.02 Crore. On NSE, total number of shares traded were 96.98 Crore and total turnover was Rs 15,844.92 Crore.

Top traded volumes on NSE Nifty – Unitech with total volume traded 68113992 shares, followed by Suzlon Energy with 52066632, DLF with 16904044, Bharti Airtel with 10425896 and Reliance Comm with 8695019 shares.

On NSE Future and Options, total number of contracts traded in index futures was 758705 with a total turnover of Rs 16,504.53 Crore. Along with this total number of contracts traded in stock futures were 540100 with a total turnover of Rs 17,367.64 crore. Total numbers of contracts for index options were 1465717 with a total turnover of Rs 34,481.59 Crore and total numbers of contracts for stock options were 54578 and notional turnover was Rs 1,906.97 Crore.

Today, Nifty would have a support at 4,723 and resistance at 4,765 and BSE Sensex has support at 15,742 and resistance at 15,813

Market seen extending Friday's gains

Key benchmark indices are seen extending Friday's gains supported by firm global cues. The SGX Nifty futures for September 2009 expiry rose 19 points in Singapore. Investors response for the Oil India initial public offer which opens today will be closely watched

Asian markets were trading firm today, 7 September 2009 led by Chinese shares on hopes that Beijing will continue to use policy to support asset prices. Key benchmark indices in South Korea, Singapore, Japan, China, Hong Kong, and Taiwan rose by between 0.04% and 1.60%.

Among the factors cited by analysts for a broad rise in Asian equity prices were a pledge by G20 leaders over the weekend to keep stimulus measures in place for longer and draft rules from China allowing more foreign portfolio investment.

US markets advanced on Friday, 4 September 2009 led by technology stocks following encouraging comments from Intel's CEO, offsetting a mixed jobs report. The Dow Jones Industrial Average advanced 96.66 points, or 1.03%, to 9,441.27. The Standard & Poor's 500 Index rose 13.16 points, or 1.31%, to 1,016.40. The Nasdaq Composite index soared 35.58 points, or 1.79%, to 2,018.78

In economic data, the unemployment rate jumped to a 26-year high of 9.7% even as layoffs seemed to be tapering off, data released by the Labor Department on Friday, 4 September 2009 showed. The report showed that 216,000 non-farm payrolls were slashed in August that marked the lowest job loss tally in one-year.

Back home, investors response for the Oil India (OIL) initial public offer which opens for subscription on Monday, 7 September 2009, will be closely watched as it will set the tone for others companies tapping the primary market for fund raising.

The Oil India initial public offer (IPO) will open for bidding on 7 September 2009 and close on 11 September 2009. OIL, which produces 3.5 million tonnes of oil annually, will be listed on the bourses on 29 September 2009. The government has fixed Rs 950-1,050 per share price band for the initial public offering of Oil India (OIL), the second state-run firm to hit the market this year after NHPC, and will raise up to Rs 4,982 crore.

The IPO response will be closely watched after recently listed power companies, NHPC and Adani Power received a tepid response on their listing day.

Meanwhile industry confidence on the economy has improved after the government's stimulus packages, according to a survey by Ficci. A majority of the respondents said the packages had spurred firms to raise their activities.

Ficci's business confidence survey for the first quarter of 2009-10 showed that business confidence index for the April-June period moved up to 67.2 from 64.1 in the last quarter of 2008-09 (January-March).

However, the poor progress and spread of monsoon this year could put a damper on economic growth, the chamber found on the flip side.

The BSE 30-share Sensex advanced 290.79 points or 1.89% to 15,689.12 and the S&P CNX Nifty gained 86.85 points or 1.89% to 4,680.40 on Friday, 4 September 2009.

As per the provisional figures on NSE, foreign funds sold shares worth Rs 399.62 crore and domestic funds sold shares worth Rs 5.35 crore on Friday, 4 September 2009.

IPO Grey Market - Oil India, Globus Spirits, Jindal Cotex

Company Name	Offer Price (Rs.)	Premium (Rs.)	Kostak (Rs. 1 Lac Application)
Jindal Cotex	70 to 75	3.50 to 4	--
Globus Spirits Ltd.	90 to 100	3.50 to 5	--
Oil India	950 to 1050	35 to 40	1800 to 1900 (+ 250 Form Commission)

Copper ends almost unchanged

Prices register losses for the week

Copper prices ended almost unchanged at Comex on Friday, 04 September, 2009. Prices rose marginally as inventories at LME fell and also as job report beat expectations.

At USA, copper futures for December delivery rose 0.15 cents (0.05%) to 2.8665 a pound. Earlier, prices fell by 1.1%. Copper fell 2.8% for the week. Copper ended August, 2009, higher by 7%.

On the London Metal Exchange, copper for delivery in three months ended higher by $20 (0.3%) at $6,275 a metric ton. On 3 July, 2008, prices had touched an all time intra day high of $8,940.

After August, it was the eighth straight monthly gain for copper. Prices gained 23% in the second quarter. On a year to date basis, prices are higher by 90.7%.

The U.S. buys about 13% of the 17 million metric tons of copper sold annually and China buys about 20%.

Among economic reports expected on Friday, The Labor Department reported on Friday, 04 September, 2009 that U.S. unemployment rate jumped to a 26-year high of 9.7% in August as nonfarm payrolls fell by 216,000, the 20th consecutive monthly decline. The report showed that U.S. payrolls have dropped by 6.9 million to a total of 131.2 million since the recession began in December 2007. Unemployment has increased by 7.4 million during the recession to stand at 14.9 million.

In FY 2008, copper prices dropped by 54%. Prior to 2008, copper prices ended FY 2007 with a gain of mere 5.5% after a whopping 44% gain in FY 2006. The price of copper gained every year since 2002 as global economic growth boosted demand for the metal used in pipes and wires.

Among other metals traded in the LME on Friday, lead rose 1.8% to $2,380 a ton and zinc gained 0.3% to end at $1,858 a ton. Nickel rose 0.9% to end at $18,360. Aluminium rose 0.7% at $1,870 a ton.

Essel Propack

We recommend a buy in Essel Propack from a short-term perspective. It is apparent from the charts that the stock has been on an intermediate-term up trend since its multi-year low of Rs 9.5 recorded in early March. In early July, the stock took support around Rs 23 and resumed its uptrend. The stock breached it 21- and 50-day moving averages in mid August and is currently positioned well above these averages. Moreover, on September 4, the counter surpassed a key resistance at Rs 32 by gaining 5 per cent. We note that there is an increase in volume over the past four trading sessions. Both the daily and weekly relative strength index (RSI) are featuring in the bullish zone. Considering that the stock’s intermediate-term up trend line is intact, we are bullish on it from a short-term horizon. We anticipate the stock’s rally to continue until it hits our price target of Rs 37 in the upcoming trading sessions. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 31.5.

via BL

Precious metals end lower

Gold and silver manage to register good weekly gains though

Precious metal prices ended lower on Friday, 04 September, 2009. Prices fell following Labor Department's job report. Nevertheless, precious metals managed to register healthy gains for the week.

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.

On Friday, gold for December delivery ended at $996.7, lower by $1 (0.1%) an ounce on the New York Mercantile Exchange. For the week, gold ended higher by 4%. Year to date, gold prices are higher by 13.5%.

Gold ended August, 2009 higher by 0.2%. Before this, for the second quarter, gold ended higher by 0.5%. The metal had gained 4.3% in the first quarter of this year.

On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (3%) since then.

On Friday, Comex silver futures for September delivery fell by 4 cents (0.04%) to $16.285 an ounce. For the week, silver ended higher by 9.9%.

Silver ended 7.1% higher for August, 2009. For second quarter, silver rose 4.5%. Year to date, silver has climbed 41.55% this year. For 2008, silver had lost 24%.

Among economic reports expected on Friday, The Labor Department reported on Friday, 04 September, 2009 that U.S. unemployment rate jumped to a 26-year high of 9.7% in August as nonfarm payrolls fell by 216,000, the 20th consecutive monthly decline. The report showed that U.S. payrolls have dropped by 6.9 million to a total of 131.2 million since the recession began in December 2007. Unemployment has increased by 7.4 million during the recession to stand at 14.9 million.

In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.

Crude ends little higher

Prices register largest weekly loss in two months

Crude prices ended little higher on Friday, 04 September, 2009. Prices ended higher due to better than expected job report from Labor Department.

On Friday, crude-oil futures for light sweet crude for October delivery closed at $68.02/barrel (higher by 6 cents or 0.1%). During intra day trading, crude touched a high of $69.70 but also fell to a low of $67.12. For the week, crude ended lower by 6.5%. It was the biggest weekly loss for crude in two months.

For the month of August, 2009, crude ended higher by a marginal 0.7%. For the second quarter, crude ended higher by 40%. Crude prices had rallied 11.3% in the first quarter of 2009.

Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 56% since then. Year to date, in 2009, crude prices are higher by 42%.

Among economic reports expected on Friday, The Labor Department reported on Friday, 04 September, 2009 that U.S. unemployment rate jumped to a 26-year high of 9.7% in August as nonfarm payrolls fell by 216,000, the 20th consecutive monthly decline. The report showed that U.S. payrolls have dropped by 6.9 million to a total of 131.2 million since the recession began in December 2007. Unemployment has increased by 7.4 million during the recession to stand at 14.9 million.

EIA reported earlier during the week that crude inventories fell by 400,000 barrels during last week. Market had expected a decline of 1.9 million barrels. At 343.4 million barrels, crude inventories stand at a level above the upper boundary of the average range for this time of year. Utilization rate rose to 87.2% of capacity. Rising input was partly offset by another jump in crude imports. The U.S. imported 9.58 million barrels a day of crude last week, up 3.8% from a week ago.

EIA had also reported that gasoline inventories fell by 3 million barrels last week. Distillates, however, rose by 1.2 million barrels.

Also at the Nymex on Friday, October reformulated gasoline fell 1.65 cents, or 0.9%, to $1.7763 a gallon. October heating oil fell 1.45 cents, or 0.8%, to $1.7205 a gallon.

Natural gas rallied 22 cents, or 8.8%, to $2.728 per million British thermal units. The contract tumbled more than 7% in the previous session. Natural gas ended the week down 10%. EIA reported on Thursay that U.S. natural gas inventories rose 65 billion cubic feet in the week ended 28 August, 2009. At 3,323 billion cubic feet, stocks were 489 billion cubic feet higher than last year at this time and 501 billion cubic feet above the five-year average.

Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.

Daily News Roundup - Sep 7 2009

ArcelorMittal plans to become co-promoter of Uttam Galva Steels. (ET)

L&T is in talks to buy a thermal coal mine in Australia for about US$300mn. (ET)

NTPC moves to Supreme Court challenging Bombay High Court’s decision that allowed Reliance Industries to amend its petition on the gas dispute citing government’s pricing policy. (BS)

Aban Offshore may get contracts for more offshore rigs.(BL)

JSW Steel has reported a 53% growth in crude steel production in August, its highest-ever monthly crude steel production.(BL)

Patni joins TCS, Infosys and IBM in competing for a share of the lucrative domestic IT market. (ET)

Wipro plans to soon start offering complete IT solutions to mining and natural resource companies. (ET)

Bayer, failed to get a court stay on Cipla from seeking permission to launch the cancer treating drug, Nexavar, in India. (ET)

The proposed health insurance JV between Religare Enterprises and Swiss Re has fallen through. (ET)

Wockhardt plans to sell its key marketing divisions in a bid to ease its debt burden of Rs34bn. (ET)

SBI has cut deposit rates by 25bps for 1,000-day deposits with effect from September 8.(BL)

Tata Power plans to bid for more ultra mega power projects but wanted complete transparency in bidding documents. (BS)

ONGC Videsh to seek CCEA nod for 27% more capex in Brazil. (BS)

Foreign investment regulator rejects a plea by Zenotech Laboratories seeking the withdrawal of its earlier ruling that allowed Daiichi Sankyo to acquire a 20% stake in the open offer. (ET)

L&T eyes orders of over Rs120bn in a month. (ET)

RCF plans to spin off the third phase of its Thal unit in Maharashtra into a separate company. (ET)

Aditya Birla Group plans to increase its investment in Egypt. (ET)

Bajaj Auto is looking at building a factory in Egypt. (ET)

Kaya, the skin care services venture of Marico is making foray into Bangladesh. (ET)

Virgin, Spice Keen On Bidding for MTNL’s 3G bid call. (ET)

Bhushan Steel arm acquires a 60% stake in Australian exploration company, Bowen Energy. (BS)

Aban Offshore is in talks with SBI and other public sector and private bank lenders for restructuring its Rs130bn loan. (BS)

Vijaya Bank expects to receive Rs7bn as recapitalisation from the government by the end of third quarter. (BS)

India Infrastructure Finance has set for the current fiscal a disbursement target of about Rs110bn.(BL)

ONGC Videsh and its partners Indian Oil Corp and Oil India would invest around $5 billion in developing a gas field discovered in offshore Iran.(FE)

Nagarjuna Construction Company to raise Rs3.7bn via QIBs.(BL)

Maruti Suzuki plans to shift car production from its Gurgaon plant to the new facility at Manesar in a phased manner. (BS)

ONGC Petro-additions Ltd plans an IPO by 2011 and plans to dilute 25% of equity for an overseas partner. (BS)

United Spirits to invest Rs1bn in capacity expansion over 3 years. (BS)

Patel Engineering forays into power, to set up plants in Arunachal, TN over the next three years. (BS)

The government is considering listing BSNL on bourses by issuing nominal fresh shares and may shelve plans of directly divesting its equity for the time being. (ET)

Tata Teleservices again approaches the government for airwaves to roll out its GSM service in Delhi immediately. (ET)

Crompton Greaves says its subsidiary has entered into an agreement with Saudi Arabia based-EIC Group to form a JV company to manufacture transformers.(FE)

Morgan Stanley may sell Indian back-office operations. (ET)

HDFC Property Ventures and Temasek are in talks to invest about Rs6.25bn in Prestige Estates Projects. (ET)

FDI beyond 24% in micro units to require FIPB nod. (BS)

A proposal to increase the price of natural gas produced from fields to be submitted to the Cabinet soon for its approval. (ET)

India agrees to lend up to US$10bn to the IMF. (ET)

The blanket ban on foreign companies and individuals from certain countries to undertake hydel projects in sensitive border areas may soon be lifted. (ET)

The government extended the implementation date for mobile number portability to December 31. (ET)

Road transport and highways ministry is seeking a loan of $2.96bn from the World Bank to develop 5,937 kms of highways. (ET)

New SEBI norms reduce public issue time to 10 days. (ET)

India’s total foreign exchange reserves rose US$4,405mn to touch US$276.4bn during the week ended August 28. (ET)

Sub-Brokers are likely to be exempted from the requirement of registering with the capital market regulator before starting their operations. (ET)

DTH industry opposes to hike foreign investment ceiling in direct-tohome distribution of telecast signals from the current 49% to 74%. (ET)

Pharma companies will require approval of central drug regulator Drug Controller General of India for exports

CERC has proposed a tariff cap of Rs11/unit for short-term power transactions on the two operational nationwide power exchanges and in the bilateral markets to rein in, what it called, runaway prices. (BL)

DoT is considering allowing telecom operators to exclude revenues from non-wireless services for the purpose of calculating spectrum charges.(BL)

General insurance industry grew at 14% in the month of July, riding mainly on sales of motor insurance policies.(BL)

SEBI cuts FII limit in gilts to Rs8bn.(BL)

Happy at start!

It is only possible to live happily ever after on a day-to-day basis.

A mildly happy opening is on the cards following Friday’s recovery and some firmness in global markets. US markets will remain closed on account of Labour Day. As a result, the world market may not witness any major action.

We are just a few days away from marking the first anniversary of the September crises. To say that the world has changed a lot since the earth-shattering event would be an understatement. Last week, policymakers from the G20 gathered in London in the run up to this month’s major summit in Pittsburg. The conclusion at the end of the two-day meeting was that the recession has eased considerably, but we cannot afford to be complacent. The group also concurred that the so-called ‘exit strategy’ should be put on hold till we are completely out of the woods.

In other words, there is optimism in the air, though a measured one. Aggression can wait for a while, as the recovery will be in fits and starts and not leaps and bounds. Any advance will be tempered by periodic burst of reversals or subdued activity. A major breakout can happen only if global markets resume their uptrend. Fund flows also need to improve considerably. Take each day as it comes.

The week is fairly light on economic reports as far as Wall Street is concerned, with readings on the trade gap, weekly jobless claims and consumer sentiment being the standouts. September historically has been a weak month on Wall Street. Much will hinge on incremental good news, either corporate or economic.

OPEC members will meet on Sept. 9 to review the policy on supplies. The cartel is unlikely to make any material changes in output quotas.

The China market also needs to be followed after the recent turbulence in that market and its fallout on world equities. Meanwhile, Chinese authorities plan to ease rules on foreign investment, including provisions to raise investment limits by 25% and to shorten the duration of 'lock-ups' on certain types of investments they make. The Chinese government has also said that the curbs on bank lending will be undertaken over a period of time.

The Oil India IPO opens today and will close on Sept. 10. ONGC could stay firm as investors tend to compare listed companies in similar line of business. Uttam Galva will be in focus after ArcelorMittal said that it will become a co-promoter. The steel titan has launched an open offer at Rs120 per share.

FIIs were net sellers at Rs4bn in the cash segment on Friday on a provisional basis while the local funds pulled out Rs53.5mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers at Rs107mn. On Thursday, FIIs were net buyers of Rs589mn in the cash segment. Mutual Funds were net buyers of Rs267mn on the same day.

US stocks rose on Friday amid low volume ahead of the Labor Day weekend, as investors focused on the positives in a mixed report on the labor market. However, all the three major stock indexes ended the week lower.

The Dow Jones Industrial Average gained 96 points, or 1%, to 9,441.27. The S&P 500 index added 13 points, or 1.3%, to 1,016.40. The Nasdaq Composite index advanced 35 points, or 1.8%, to 2,018.78.

On the whole, the jobs report was okay, suggesting moderation in job losses. But the market is saturated with good news and is starting to show fatigue after a 50% rally in the S&P 500 since early March.

Stocks tumbled in the first three sessions of this week as investors worried about the health of the US economy. There was a late-session advance on Thursday as some of the bank and technology shares that slumped earlier in the week bounced back.

Employers cut 216,000 jobs from their payrolls in August, the Labor Department reported, after paring a revised 276,000 jobs in July. The month brought the smallest number of job cuts since August 2008. Economists had forecast 230,000 job cuts.

The unemployment rate, generated by a separate survey, rose to 9.7% from 9.4%, a 26-year high. Economists had expected unemployment to rise to 9.5%. Unemployment is expected to hit 10% by the end of the year or early 2010, even as the US economy is starting to recover.

Select financial shares rose. The KBW Bank index added 1.4%.

A number of truckers, airlines and railroad shares rose, now that oil prices have come down off 10-month highs set last week. Fuel prices are directly linked to the profitability of transportation companies. The Dow Jones Transportation average gained 2%.

Apple shares rose ahead of its media event next week where it is expected to introduce iPod Nano and Touch models that include digital cameras. Investors are also wondering if CEO Steve Jobs, now back at work after a six-month medical leave, will make an appearance. Apple shares have nearly doubled this year.

Other big tech gainers included Microsoft, IBM, Cisco Systems.

US light crude oil for October delivery rose 6 cents to settle at $68.02 a barrel on the New York Mercantile Exchange. Oil prices have been slipping since hitting a 10-month high just below $75 a barrel late last month.

COMEX gold for December delivery fell $1 to settle at $996.70 an ounce, after inching closer to the psychologically significant $1,000 level over the last few sessions.

Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.44% from 3.34% late on Thursday.

In currency trading, the dollar fell versus the euro and the Japanese yen.

European shares climbed. The pan-European Dow Jones Stoxx 600 index rose 1.2% to 233.40, though it finished in negative territory for the week. The UK's FTSE 100 index rose 1.2% to 4,851.70, while Germany's DAX index climbed 1.6% to 5,384.43 and the French CAC-40 index advanced 1.3% to 3,598.76.

Indian markets snapped a five day losing streak on Friday led by buying in the index heavyweights like Reliance Industries, L&T, HDFC, ITC and ONGC. Among the sectoral indices, the Auto, Metals and the Capital Goods stocks were among the major gainers even the Mid-Cap and the Small-Cap participated in the upswing.

The BSE Sensex gained 291 points or 1.9% at 15,689 after touching a high of 15,741 and a low of 15,358. The index opened at 15,425 against the previous close of 15,398. The NSE Nifty gained 86 points to shut shop at 4,679.

In Asia, the Nikkei in Japan slipped by 0.3% at 10,187 while Australia's S&P/ASX ended higher by 0.2% at 4,435. The Hang Seng index in Hong Kong surged 2.8% at 20,318. Shanghai index in China was up by 0.5% at 2,861.

In Europe, stocks were in the green. The FTSE in the UK was up 1%, The DAX in Germany was up 0.8% and the CAC 40 index in France was up 0.5%.

Coming back to India, among the BSE sectoral indices, the Auto index was the top gainer, surging 3%, followed by the Metal index that was up 2.8%. The BSE Capital Goods index up 2.2% and the BSE Oil & Gas index was up 2.1%.

The BSE Mid-Cap index gained 1% and the BSE Small-Cap index gained by 1%.

Among the 30-components of Sensex, 28 stocks ended in the green and only TCS and Tata Motors ended in the negative terrain. Among the major gainers were Reliance Industries, HDFC, L&T, ITC and ONGC.

Outside the frontline indices, the big gainers in the broader market were IFCI, Praj, Hind Zinc, IDBI Bank, GMDC and CESC. On the other hand, losers included Renuka, United Spirits, Sun TV, IRB and Glaxo.

The top gainers: The top gainers in the Sensex were Maruti Suzuki (up 8.8%), Hero Honda (up 6.9%), Hindustan Unilever (up 4.9%), Reliance Capital (up 3.7%) and Tata Motors (up 3.6%).

The Top Losers: The top losers in the Sensex were Bharti Airtel (down 6.9%), BHEL (down 5.1%), Reliance Industries (down 4.5%), Ranbaxy Labs (down 3.8%) and Tata Power (down 3.7%).

SGX Nifty in the positive

4,711.5 +19.0

Monthly Technicals - Sep 7 2009

Monthly Technicals - Sep 7 2009

Weekly, Monthly Reports

Weekly, Monthly Reports

SGX Nifty Live Update - Sep 7 2009

4,710.0 +17.5

Weekly Review - Sep 7 2009

Weekly Review - Sep 7 2009

Oil India IPO Note

Oil India IPO Note