Bharti Airtel too unveils per second plan

Bharti Airtel, India's top mobile operator, said that it had launched a per-second billing plan, a reaction to increasing price competition in the world's fastest-growing mobile market. Customers will be charged 1 paise per second for all local and national long-distance calls within Bharti's network and Rs1.20 paise per second for calls to other network, it said. Bharti Airtel is facing tough competition from smaller rivals, including Tata Teleservices which has grabbed market share with its per-second billing system. The 'Freedom Plan', as it is called, will be available across the country in all the 4.25 lakhs towns and villages covered by the Airtel distribution network. It will be an attractive proposition for customers who desire a one-second pulse. Other customers can subscribe to the ‘Airtel Advantage’ plan that offers 50 paise per minute tariff for all calls within Airtel Network and 60 paise per minute off net.

Govt scraps rice import duty as output dips

The Government scrapped its rice import duty after severe weather hit output, raising the prospect that the world's second-biggest rice consumer could turn a net importer. Any purchases by India could lift Thai rice prices, seen as the benchmark for the market. But Indian domestic prices were too low and imports would be possible only with government subsidy, traders added. India, the world's second-largest producer and consumer of rice after China, has never imported a significant amount of rice in the past. The 70% import tax had been scrapped until September next year, the end of the 2009-10 marketing year. The US Department of Agriculture forecast a 15 million to 17 million tonne decline in India's rice output for marketing year 2009-10 from a record 2008-09 production of 99.2 million tons. India is likely to consume about 90 million tons in 2009-10, leaving a gap of about 8 million tons, but part of the deficit would be bridged from surplus stocks.

Govt to announce new guidelines for road projects

The Road Transport & Highways Ministry will come out with new specifications for road projects within next 10 days. Speaking at the India-UAE Trade and Investments Seminar in Mumbai, the Road Transport & Highways Minister, Kamal Nath said that the new specifications will look at improved technologies for the road sector besides a host of other issues so as to attract investment in the sector. He said, the Government was looking at mega road projects worth US$1bn (nearly Rs. 50bn) with a length 500 to 600 kilometers, which would ensure best of technology and management practices.

The Union Minister said India would need nearly US$10bn of foreign investment through debt, equity and pension funds for various road projects in the country. Nath said the financing of road projects would not be a problem as India continued to be a credible investment destination with a stable government at the centre. Moreover, he said, the traffic risk, which affects the revenue generating capacity of road projects in most parts of the world, is not a major factor in India. While pitching for relaxation of External Commercial Borrowing (ECB) norms, Nath said that Chaturvedi Committee was already looking into this issue.

The Minister informed that NHAI Board would meet soon to award a number of remaining road projects to successful bidders. He said 2000 kilometers of roads have already been built this year and the target of 3000 kms for this year was well within reach. Nath expressed confidence that Indian economy would continue to grow at a higher rate due to favorable demographics, high saving and investment rates.

RBI sticks to its FY10 GDP forecast

Assuming a modest decline in agricultural production and a faster recovery in industrial production, the baseline projection for GDP growth for 2009-10 is placed at 6.0% with an upside bias. This is unchanged from the estimates made by the RBI in the First Quarter Review of July 2009. During the first quarter of 2009-10, real GDP recorded a growth of 6.1%, lower than the growth of 7.8% in the corresponding quarter of 2008-09, but marginally higher than the 5.8% growth in the second half of 2008-09.

The south-west monsoon rainfall this year has been the weakest since 1972 affecting both yield and acreage of agricultural crops. This will impact Kharif production and the performance of agricultural production during the Rabi season will be critical for supply management, the RBI said in a statement. On the whole, agricultural production in 2009-10 is expected to be lower than in last year, it added.

While external demand has continued to contract, large fiscal and monetary stimulus measures have bolstered domestic consumption and helped the recovery in the industrial sector, the RBI said. The prospects of the industrial sector have become more promising than they were at the time of the First Quarter Review, it added.

With the recovery in the stock market, the primary segment of the capital market has also witnessed increased activity in the recent period. This, combined with the easing of international financing conditions, augurs well for a pick-up in investment activity, the central bank said. The business confidence surveys also point to further improvement in outlook despite weak perception of export demand.

Weekly Newsletter - Oct 30 2009

The bulls appear to have lost their appetite for stocks this week. A tumble of over 5% for the main indices and nothing spectacular in terms of earnings have weakened sentiment for the immediate term. The RBI has also signaled the beginning of ‘EXIT’ through its indirect measures announced in Tuesday’s monetary policy.

With most major results out of the way by tomorrow, the Indian market will continue to watch the global cues closely for its opening. Inflation, which remains a worry is expected to continue its ascent. A truncated trading week may save bulls the usual Monday blues. On Tuesday, the bulls and bears will come in fresh with a host of global and domestic news flow to catch up. A clear trend is unlikely unless the global cues see some firm direction. Till then, play along each day at a time.

Given the weakness in the overall sentiment, coupled with a truncated week, we expect further downside in the market. It is advisable to wait a while for a clear trend before committing your money. Any crash could be used to get into the fundamentally sound larger companies

RBI leaves policy rates unchanged

The Reserve Bank of India (RBI) left all policy rates unchanged but kicked off the reversal of the unprecedented stimulus measures taken to mitigate the fallout from the global financial meltdown. The apex bank kept the Cash Reserve Ratio (CRR) unchanged at 5%, the Repurchase Rate (repo) unchanged at 4.75% and the Reverse Repo untouched at 3.25%. The Bank Rate has been retained unchanged at 6%. However, the RBI has hiked SLR rates by 100bps to 25% from 24%.

The statutory liquidity ratio (SLR) of scheduled commercial banks was reduced from 25% to 24% of their NDTL with effect from November 8, 2008. Banks are currently maintaining SLR investments at 27.6% of their NDTL, net of LAF collateral securities, and 30.4% of NDTL, inclusive of LAF collateral securities. "As such, the increase in the SLR will not impact the liquidity position of the banking system and credit to the private sector," the RBI said in a statement.

The RBI said that the liabilities of scheduled banks arising from transactions in CBLO with Clearing Corporation of India Ltd. (CCIL) will be subject to maintenance of CRR with effect from the fortnight beginning November 21.

The stance of monetary policy for the remaining period of 2009-10 will be as follows:

* Keep a vigil on the trends in inflation and be prepared to respond swiftly and effectively through policy adjustments to stabilise inflation expectations.
* Monitor the liquidity situation closely and manage it actively to ensure that credit demands of productive sectors are adequately met while also securing price stability and financial stability.
* Maintain a monetary and interest rate regime consistent with price stability and financial stability, and supportive of the growth process.

The RBI said that it is mindful of its fundamental commitment to price stability. "It will continue to monitor the price situation in its entirety and will take measures as warranted by the evolving macroeconomic conditions swiftly and effectively," it added.

Finance Minister Pranab Mukherjee said that the easy monetary policy is likely to continue until economic recovery is firm. "Until the economy is on a firm recovery path it will continue for some more time," Mukherjee said. He also said that the Indian economy was responding well to the fiscal and monetary steps taken so far and it was likely to expand 6.5-6.75% in the fiscal year ending March 2010.

BSE Bulk Deals to Watch - Oct 30 2009

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
30/10/2009 524760 ARVIND INTER SACHIN NARAYAN PARTE S 31891 14.63
30/10/2009 531682 CAT TECHNOL JMP SECURITIES PVT LTD B 210116 14.05
30/10/2009 531158 CAT VISION P GAURAV CHHABRA S 28500 16.02
30/10/2009 531337 CHAN GUIDE I B H LAKHANI B 30465 87.36
30/10/2009 531337 CHAN GUIDE I KARAN SATPAL SINGH WALIA B 30000 86.90
30/10/2009 531337 CHAN GUIDE I B H LAKHANI S 51286 86.93
30/10/2009 531337 CHAN GUIDE I PREMLATA RAMESH SARAOGI S 45000 86.90
30/10/2009 532363 COMP-U-LEARN K VENKATESWARLU B 72251 37.93
30/10/2009 532363 COMP-U-LEARN HEMENDRA RATILAL MEHTA B 82831 35.35
30/10/2009 532363 COMP-U-LEARN K VENKATESWARLU S 65400 37.85
30/10/2009 532941 CORDS CABLE YOGESH SHASHIKUMAR SAVADEKAR B 150000 42.30
30/10/2009 532941 CORDS CABLE NIYO JOSH S 150000 42.30
30/10/2009 531270 DAZZEL CONFI MADHUSUDAN NYATI B 35000 5.52
30/10/2009 533090 EXCEL INFO JATIN LAXMIKANT TRIVEDI B 629765 70.76
30/10/2009 533090 EXCEL INFO JATIN LAXMIKANT TRIVEDI S 584415 70.87
30/10/2009 533122 INDIAB POWER TRANSGLOBAL SECURITIES LTD. B 10016441 39.67
30/10/2009 533122 INDIAB POWER TRANSGLOBAL SECURITIES LTD. S 10016438 39.73
30/10/2009 590041 KAVERI TELE HITESH SHASHIKANT JHAVERI S 58445 71.34
30/10/2009 530357 KBS CAP MANA RAJIV GANDHI B 25375 24.40
30/10/2009 530357 KBS CAP MANA AMIT JHAVERI ANKIT S 25000 24.40
30/10/2009 523475 LOTUS CHOC C VARIJA KAMATH B 117693 39.97
30/10/2009 532819 MINDTREE LTD BAJAJ ALLIANCE LIFE INSURANCE B 598330 590.00
30/10/2009 532819 MINDTREE LTD WALDEN SOFTWARE INVESTMENTS LTD FDI S 600000 590.03
30/10/2009 524654 NATURAL CAPS VIVOG COMMERCIAL LTD B 43157 44.03
30/10/2009 531496 OMKAR OVERSE PRAKASH KUMARDEVSHILAL SHETH B 30089 56.00
30/10/2009 531496 OMKAR OVERSE AMBIKA SHYAM SHUKLA B 30000 55.80
30/10/2009 531496 OMKAR OVERSE VIJAY VELJIBHAI PADHARIA B 50000 56.37
30/10/2009 531496 OMKAR OVERSE AMBIKA SHYAM SHUKLA S 30000 56.00
30/10/2009 531496 OMKAR OVERSE SUMIT CHAMPALAL AGARWAL S 35715 56.42
30/10/2009 531496 OMKAR OVERSE SATYABHAMA CHAMPALAL AGARWAL S 59285 55.94
30/10/2009 590077 RANKLIN SOLU T KUMAR B 34100 33.79
30/10/2009 590077 RANKLIN SOLU DEVAIANH MONDI B 32200 34.49
30/10/2009 590077 RANKLIN SOLU OMPARKASH GUPTA S 42518 33.98
30/10/2009 590077 RANKLIN SOLU CHANDRASEKHARARAO BATTULA S 30900 34.62
30/10/2009 533083 RISHABHDEV DEVENDRA RAJABHAI JADAV B 100000 19.80
30/10/2009 533083 RISHABHDEV ARIHANT SEC & INVESTMENT S 120549 20.16
30/10/2009 513472 SIMPLEX CAST YOGESH SHASHIKUMAR SAVADEKAR B 100000 79.00
30/10/2009 513472 SIMPLEX CAST NIYO JOSH S 100000 79.00
30/10/2009 512640 STOCKNET INT BHAVISHA RAJANBHAI PATEL B 56650 1.72
30/10/2009 521180 SUPER SPININ VINOD CHANDRA MANSUKHLAL PAREKH B 330636 7.04
30/10/2009 523455 TECHTRAN POL Naman Securities & Finance Pvt. Ltd. B 55008 23.20
30/10/2009 523455 TECHTRAN POL Naman Securities & Finance Pvt. Ltd. S 55008 23.32
30/10/2009 533121 THINKSOFT TRANSGLOBAL SECURITIES LTD. B 169282 225.82
30/10/2009 533121 THINKSOFT SUNEET LAL B 92195 225.61
30/10/2009 533121 THINKSOFT OPG SECURITIES P LTD B 250901 226.78
30/10/2009 533121 THINKSOFT MANSUKH SECURITIES & FINANCE LTD B 54805 225.47
30/10/2009 533121 THINKSOFT NAVEEN TAPARIA B 86541 227.31
30/10/2009 533121 THINKSOFT TRANSGLOBAL SECURITIES LTD. S 169282 225.86
30/10/2009 533121 THINKSOFT SUNEET LAL S 92195 225.68
30/10/2009 533121 THINKSOFT OPG SECURITIES P LTD S 250901 226.81
30/10/2009 533121 THINKSOFT MANSUKH SECURITIES & FINANCE LTD S 54805 225.63
30/10/2009 533121 THINKSOFT NAVEEN TAPARIA S 86541 225.37
30/10/2009 590091 TRINETHRA IN VENKATA BADRINARAYANAMMA GOLLAPUDI S 220000 25.61
30/10/2009 531874 VENUS VENT KANCHAN VIJAYKUMAR THAKKAR B 48388 32.80
30/10/2009 531874 VENUS VENT ARVIND BABULALJI GOYAL S 60000 32.80

NSE Bulk Deals to Watch - Oct 30 2009

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
30-OCT-2009,CHI,CHI Investments Limited,BNK CAPITAL MARKETS LTD.,BUY,150000,48.57,-
30-OCT-2009,EDSERV,Edserv Softsystems Limite,SETU SECURITIES LTD,BUY,70220,198.00,-
30-OCT-2009,EXCELINFO,Excel Infoways Limited,PARESH SANATKUMAR RACHH,BUY,621518,70.12,-
30-OCT-2009,FCSSOFT,FCS Software Solutions Li,AANGI SHARES & SERVICES PVT. LTD,BUY,725685,13.31,-
30-OCT-2009,FCSSOFT,FCS Software Solutions Li,KAMAL KUMAR DUGAR & CO (PROP) KAMAL KUM,BUY,100000,13.55,-
30-OCT-2009,FSL,Firstsource Solutions Lim,MORGAN STANLEY MAURITIUS COMPANY LTD,BUY,3720000,34.38,-
30-OCT-2009,IBPOW,Indiabulls Power Limited,HSBC Global Investment Funds Mauritius Ltd (GDR a/c ),BUY,25500000,40.08,-
30-OCT-2009,IBPOW,Indiabulls Power Limited,J P M S L A/c Copthall Mauritius Investment Ltd,BUY,12300000,39.68,-
30-OCT-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,8254916,19.51,-
30-OCT-2009,KAVVERITEL,Kavveri Telecom Products,BP FINTRADE PRIVATE LIMITED,BUY,48334,70.76,-
30-OCT-2009,SAGCEM,SAGAR CEMENTS LTD,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,BUY,87285,191.98,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,BP FINTRADE PRIVATE LIMITED,BUY,51220,226.33,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,CPR CAPITAL SERVICES LTD.,BUY,72653,225.72,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,DINESH MUNJAL,BUY,51692,226.95,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,HARBUX SINGH SIDHU,BUY,88373,226.85,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,MANSUKH SECURITIES & FINANCE LIMITED,BUY,71852,225.16,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,100230,226.43,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,NEPTUNE FINCOT PVT LTD,BUY,84768,227.37,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,OM INVESTMENTS,BUY,107515,225.82,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,PATEL PRAKASHBHAI NARSINHBHAI,BUY,51001,226.53,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,SANJAY BHANWARLAL JAIN,BUY,66411,226.01,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,SUNEET LAL,BUY,78254,225.28,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,157996,225.49,-
30-OCT-2009,CHI,CHI Investments Limited,P C G ASOK KUMAR,SELL,140520,48.58,-
30-OCT-2009,EDSERV,Edserv Softsystems Limite,SETU SECURITIES LTD,SELL,67261,197.86,-
30-OCT-2009,EXCELINFO,Excel Infoways Limited,PARESH SANATKUMAR RACHH,SELL,624100,70.19,-
30-OCT-2009,FCSSOFT,FCS Software Solutions Li,AANGI SHARES & SERVICES PVT. LTD,SELL,725843,13.53,-
30-OCT-2009,FCSSOFT,FCS Software Solutions Li,KAMAL KUMAR DUGAR & CO (PROP) KAMAL KUM,SELL,820000,13.34,-
30-OCT-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,9139997,19.64,-
30-OCT-2009,KAVVERITEL,Kavveri Telecom Products,BP FINTRADE PRIVATE LIMITED,SELL,52333,71.47,-
30-OCT-2009,SAGCEM,SAGAR CEMENTS LTD,MAGNUM BALANCED FUND 1995,SELL,86861,192.00,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,BP FINTRADE PRIVATE LIMITED,SELL,51464,226.18,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,CPR CAPITAL SERVICES LTD.,SELL,72653,225.93,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,DINESH MUNJAL,SELL,53892,226.31,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,HARBUX SINGH SIDHU,SELL,90373,226.65,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,MANSUKH SECURITIES & FINANCE LIMITED,SELL,71852,225.46,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,104224,226.22,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,NEPTUNE FINCOT PVT LTD,SELL,87768,227.19,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,OM INVESTMENTS,SELL,107515,225.94,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,PATEL PRAKASHBHAI NARSINHBHAI,SELL,51001,226.38,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,SANJAY BHANWARLAL JAIN,SELL,66411,226.55,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,SUNEET LAL,SELL,78254,225.69,-
30-OCT-2009,THINKSOFT,Thinksoft Global Ser Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,157996,225.81,-

Post Session Commentary - Oct 30 2009

The Indian market closed on a negative note as the heavy selling pressures that emerged across the sectoral indices. Also, the long weekend ahead hesitates the investors to book further positions. The stock market will remain closed on November 2, 2009 (Monday) due to the celebration of Guru Nanak Jayanti. Moreover, the weak listing of Indiabulls Power on the bourses spoiled the investors’ sentiments. The stock closed at Rs. 39.25 lower by 12.77% over the initial public offer price of Rs 45 a share. The stock listed at Rs. 44.95 and touched an intraday high of Rs. 45.50 and low of Rs. 35. From the sectoral front, Oil and Gas index is worst hit due the earnings of some of the major players like ONGC and Reliance industries reported poor September quarterly results. The index closed with loss of 2.79% followed by Teck and Power index with cut of 1.93% and 1.49% respectively. However, the auto stocks gained some ground on good numbers by the players in this sector. The BSE Sensex closed below the 15,900 mark while Nifty just below 4,720 mark.

The market opened on a firm note tracking the favoring cues from the global markets. But the market pared gains soon after the initial surge kept on drifting downwards as the day progressed. However, the market managed to recover from the fall after the mid session but selling across selective indices in the final hours led the market to close on a disappointment note. The US markets on Thursday closed sharply higher as investors got cheered by the better-than-expected third quarter GDP reading. the third quarter GDP surged to an annualized growth rate of 3.5%. GDP was expected to increase 3.2% after contracting 0.7% in the second quarter. However, the stronger than expected GDP growth overshadowed the initial jobless claims data that came in higher than expected. Further in another round of Treasury auction, a $31 billion auction of 7-year Treasuries drew a slightly stronger-than-expected bid-to-cover ratio of 2.65. The Life and health insurers and multiline insurers saw some of the strongest gains on the back of positive earnings surprise from Lincoln Financial and an upgrade of Genworth Financial.

Bank of Japan''s (BoJ) policy board on Friday left its overnight call rate target at 0.1%, which was widely expected. It also extended its special lending program at that rate through the end of the Japanese financial year in March 2010 in order to ensure ample liquidity until then. However, it said it would end outright purchases of corporate bonds and commercial paper in December 2009, when those increasingly less-used steps were already scheduled to expire.

The IMF said on Thursday raised its outlook for growth in Asia and the economies of India, China and Australia were recovering rapidly and advised the Asia Central banks not to raise the interest rates.

The wholesale price index of India surged 1.51 percent in the 12 months ended October 17, 2009 more than previous week''''s annual rise of 1.21 percent, as per the government data on Thursday. However, the annual inflation rate was 10.82 percent during the corresponding week of 2008.

Among the Sensex pack 19 stocks ended in negative territory and 11 stocks in positive territory. The market breadth indicating the overall health of the market remained weak as 1,630 stocks closed in red while 1,056 stocks closed in red and 84 stocks remained unchanged in BSE.

The BSE Sensex closed lower by 156.44 points or (0.97%) at 15,896.28 and NSE Nifty closed down by 38.85 points or (0.82%) at 4,711.70. The BSE Mid Caps closed lower by 32.49 points at 6,014.30 and the BSE Small Caps closed with losses of 55.12 points at 7,058.72. The BSE Sensex touched intraday high of 16,360.88 and intraday low of 15,805.20.

Losers from the BSE Sensex pack are Reliance Communications (7.37%), Bharti Airtel (6.38%), Reliance Infra (5.03%), Tata Power (4.38%), Reliance Industries (3.62%), ONGC (2.84%), Wipro (2.79%) and ITC (1.68%).

Gainers from the BSE Sensex pack are Sterlite Industries (3.41%), ICICI Bank (2.38%), Grasim Inds (2.22%), Tata Motors (1.80%) and Maruti Suzuki (1.76%).

On the global markets front, the Asian markets that opened before the Indian market, closed in green. Hang Seng, Nikkei, Shanghai Composite, Jakarta Composite and Strait Times closed higher by 2.29%, 1.45%, 1.20%, 1.01% and 0.71% at 21,752.87, 10,034.74, 2,995.85, 2,367.71 and 2,651.13 respectively.

European markets, which opened after the Indian market, are trading mixed. In Paris the CAC 40 is lower by 0.24% at 3,705.02, in Frankfurt DAX index is trading down by 0.43% at 5,563.46 and in London FTSE 100 is higher by 0.31% at 5,153.66.

BSE REALTY indexwas at 3,827.13 up by 6.67 points or by (0.17%) The main gainers were Indbul Real up by (4.34%) at Rs.249.8, Penland Ltd up by (3.12%) at Rs.77.65, Phoenix Mill up by (1.97%) at Rs.152.95, Unitech Ltd up by (1.73%) at Rs.82.25, Ackruti up by (0.86%) at Rs.501.

BSE METAL index was at 13,940.17 up by 35.44 points or by (0.25%) The main gainers were Jsw Sl up by (5.43%) at Rs.755.6, Sterlite In up by (3.41%) at Rs.771.55, Hind.Zinc up by (2.8%) at Rs.905.6, Nat Alum Co up by (2.76%) at Rs.360.75, Hindalco In up by (1.08%) at Rs.121.95.

BSE BANKEX index was at 9,336.16 up by 45.93 points or by (0.49%) The main gainers were Icici Bank L up by (2.38%) at Rs.789.6, Karnataka Bk up by (2.15%) at Rs.130.45, Punjab Natbk up by (1.71%) at Rs.853.95, Canara Bank up by (1.49%) at Rs.341.2, Allahabad Bk up by (1.32%) at Rs.119.2.

BSE AUTO index was at 6,307.20 up by 58.68 points or by (0.94%) The main gainers were Apollo Tyre.* up by (4.81%) at Rs.47.95, Ashok Leylnd up by (3.53%) at Rs.45.45, Bosch Ltd* up by (2.7%) at Rs.4220, Amtek Auto L up by (2.01%) at Rs.174.95, Tata Motors up by (1.8%) at Rs.565,

BSE OIL&GAS index was at 9,434.43 down by 271.11 points or by (2.79%) The main losers were Ril Nat Res down by (6.12%) at Rs.63.65, Aban Offsho down by (4.49%) at Rs.1275.4, Reliance down by (3.62%) at Rs.1931.25, Ong Corp Ltd down by (2.84%) at Rs.1132.7, Essar Oil Ltd. down by (1.33%) at Rs.133.5.

BSE TECk index was at 2,855.37 down by 56.13 points or by (1.93%) The main losers were Rel Com Ltd down by (7.37%) at Rs.175.95, Bharti Artl down by (6.38%) at Rs.292.15, Idea Cell down by (6.22%) at Rs.52.05, Aptech Ltd down by (5.69%) at Rs.181.6, Zee News down by (4.95%) at Rs.51.8.

Max India Ltd closed lower by 0.28% at Rs. 178.15. The company has posted a net profit of Rs 19.70 million for the quarter ended September 30, 2009 as compared to Rs 117.30 million for the quarter ended September 30, 2008.

Mahanagar Telephone Nigam Ltd (MTNL) fell 1.15% to close at Rs. 69. The company has posted a net profit of Rs 205.84 million for the quarter ended September 30, 2009 as compared to Rs 914.93 million for the quarter ended September 30, 2008.

Cheers for US, bears for India

The market that started the day with heavy gains on the back of strong and positive global cues, plunged in the closing hour and again ended the day with losses of over 150 points on the back of heavy selling in the oil & gas heavyweights. The market ended the week on a negative note with loss of over 5% over last week’s closing of the Sensex. The day started with the heavy overnight gains for the US and European markets (1-2%) on the US Q3 GDP expanding by 3.5% after being negative for four quarters. While in today's trading, all the major Asian indices closed in green with gains in the range of 0.37-2.29%, except for Taiwan Weighted and Seoul Composite that ended the day with losses of 0.21% and 0.33% respectively. Besides, SGX Nifty that opened strong ended the day with losses of 91 points. The European indices that opened weak, were trading with marginal gains, while FTSE 100 is trading at 5152 with 15 points gains, at the time of writing this report.

Sensex in the volatility web: The Sensex even today swung by over 556 points, remained highly volatile and ended the day with losses. The bellwether opened gap-up, as expected, at 16136 points, 84 points higher to its previous close, while in the early trades it touched the high of 16361. However it ended the day at 15896, losing 156 points or 0.97% in intra-day and closed below significant psychological level of 16000, after recording a low of 15805. The market that traded strongly in the early session with major gains on the back of strong global cues got few set backs from the few domestic Q2 earnings outcomes. Nifty lost 39 points to end the day at 4712, breaching an important level of 4750 on technical front. The market breadth was negative, as out of 2,770 stocks traded on the BSE, 1,056 stocks advanced, whereas 1,630 stocks declined. Eighty-four stocks closed unchanged.

Among the sectoral indices, BSE Auto and Bankex closed with gains of over 0.50% each, while BSE Metal, Realty and CD managed to stay in green with marginal gains. All the remaining sectoral indices closed with losses in the range of 0.44-2.79% each, with BSE Oil & Gas losing the most, followed by BSE TECK and Power that lost over 1% each. On stocks front, United Spirits jumped the most and surged by 7.10%, followed by JSW Steel that gained over 5.43%, while Tata Chemicals and Indiabulls Real Estate surged by over 4% each. Among the losers, Reliance Communications fell the most by 7.37%, followed by the Bank of India, Shree Renuka Sugars, Bharti Airtel, Suzlon Energy, Idea Cellular and Reliance Natural Resources that fell by over 6% each.

On turnover front, Over 1.51 crore shares of Unitech changed hands on the BSE followed by Suzlon Energy (1.32 crore shares), Ispat Industries (1.08 crore shares), Reliance Natural Resources (0.92 crore shares) and Reliance Communications (0.73 crore shares).

FII activity, global stocks to dictate trend

The market may extend this week's sharp losses as foreign funds resort to profit taking. Foreign funds sold shares worth a net Rs 771.10 crore during the period from 21 October 2009 to 29 October 2009. Investors will closely monitor the global markets for further cues in the absence of a major domestic trigger as the Q2 draws to a close. The market remains closed on Monday, 2 November 2009, on account of Guru Nanak Jayanti.

Market men are worries that interest rates may rise sooner-than-expected after the Reserve Bank of India sharply raised inflation in its monetary policy review on 27 October 2009. The Sensex fell more than 5% in the week ended Friday, 30 October 2009.

The Reserve Bank of India (RBI) at its monetary policy review on 27 October 2009 also withdrew emergency liquidity support measures that were implemented in the aftermath of the global financial crisis.

The central bank warned of possible asset price bubbles and raised banks' provisioning requirements for commercial real estate loans. The central bank said the precise challenge for the Reserve Bank of India is to support the economic recovery process without compromising on price stability. Growth drivers warrant a delayed exit, while inflation concerns call for an early exit, it said. Premature exit will derail the fragile growth, but a delayed exit can potentially engender inflation expectations, the RBI said.

The RBI raised the statutory liquidity ratio (SLR) to 25% from 24% with effect from 7 November 2009. SLR is the minimum share of bank deposits to be held in approved government securities. By hiking the SLR, the RBI seems to be sending a signal that the high fiscal deficit will continue. The SLR hike will ensure easy funding of the government's borrowing programme for not just this year but the next fiscal as well.

Inflation based on the wholesale price index (WPI) rose 1.51% in the year through 17 October 2009, higher than previous week's annual rise of 1.21%, data released by the government showed on Thursday. Within the WPI, the food articles index rose 12.85%. The government revised upwards inflation for the year through 22 August 2009 to rise of 0.17% from an estimated fall of 0.21%.

The RBI left its key rates unchanged, but raised the wholesale price-based inflation projection for end-March 2010 sharply to 6.5% with an upward bias, from 5% earlier.

Reliance Communications, State Bank of India, Hindalco Industries, Hindustan Unilever, Unitech, Jindal Steel & Power among other will announce their Q2 September 2009 results on Saturday, 31 October 2009.

The results announced by the India Inc so far have been satisfactory. The aggregate results of 1311 companies announced so far has showed net profit jump of 36.9% to Rs 55944 crore on 2.7% fall in sales to Rs 516123 crore in Q2 September 2009 over Q2 September 2008.

The latest data showing that the US economy, the world's biggest economy, grew for the first time in a year may support global markets in the near term. The US economy grew at an annualised rate of 3.5% in the July-September 2009 period, beating forecasts of a 3.3% rise and ending a deep slump. In another sign that demand in the world's largest fuel consumer could rise, the number of US workers filing new claims for jobless benefits dipped by 1,000 for the week ended 24 October 2009.

On the flip side, the strong data has raised concerns that the US Federal Reserve may begin an exit from monetary easing policies. Fed funds futures show a 34% chance that the central bank will lift its target lending rate at the March 2010 meeting from a range of zero to 0.25%, compared with a 47% likelihood a month earlier.

Financial markets are keenly watching the two-day US Federal Reserve meeting on 3-4 November 2009 for any hint the central bank is moving closer to withdrawing its extensive support for the economy.

With short-term interest rates very low, global traders have turned to borrowing funds cheaply in the US and then reinvesting the proceeds in equities and commodities, looking to lock in higher returns and benefiting from further erosion in the dollar. The so-called carry trade has helped to further weaken the dollar this year.

International Monetary Fund managing director Dominique Strauss-Kahn said on Friday encouraging economic data in Europe and the United States does not mean the global economic crisis is over. He said fiscal stimulus packages must be kept in place until unemployment starts to fall, which is likely to take 10 to 12 months.

Small-cap, mid-cap stocks hammered as the market undergoes correction

The market fell in each of the five days of the week on concerns interest rates may rise sooner-than-expected after the Reserve Bank of India sharply raised inflation in its monetary policy review on 27 October 2009. Telecoms, realty and banking stocks led the fall. The BSE Sensex fell below the psychological 16,000 mark. A hectic stock-specific activity was witnessed as the second quarter earnings reporting season was at its peak.

Volatility surged as traders rolled over positions in the derivatives segment from October 2009 series to November 2009 series ahead of the expiry of October 2009 futures & options (F&O) contracts expiry on Thursday, 29 October 2009.

The BSE 30-share Sensex fell 914.53 points or 5.44% to 15896.28 in the week ended 30 October 2009. The S&P CNX Nifty declined 285.35 points or 5.71% to 4,711.70.

The BSE Mid-Cap index fell 7.63% and the BSE Small-Cap index shed 8.01%. Both the indices underperformed the Sensex.

Yet, with foreign funds making heavy purchases, the Sensex is up 6248.97 points or 64.77% in calendar year 2009, as on 30 October 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 7735.88 points or 94.79%, as on 30 October 2009. FII inflow in October 2009 totaled Rs 9,162.70 crore (till 28 October 2009).

Exports declined by 13.8% to $13.6 billion in September 2009 over September 2008, preliminary data showed on 29 October 2009. The fall in exports in September 2009 was the lowest in the current financial year, showing gradual signs of recovery in the country's export sector

The key benchmark indices fell in choppy trade on Monday, 26 October 2009 as caution prevailed ahead of the quarterly monetary policy review by the central bank on Tuesday, 27 October 2009. The BSE 30-share Sensex fell 70.31 points or 0.42% to 16740.50 on that day.

The key benchmark indices tumbled on Tuesday, 27 October 2009 after the Reserve Bank of India withdrew emergency liquidity support measures that were implemented in the aftermath of the global financial crisis. The BSE 30-share Sensex shed 387.10 points or 2.31% to 16,352.40 on that day.

The key benchmark indices drifted lower in choppy trade on Wednesday, 28 October 2009 after US consumer confidence data dampened investor appetite for riskier assets like equities and high-yielding and growth-related currencies. The BSE 30-share Sensex fell 69.91 points or 0.43% to 16,283.49 on that day.

Volatility was the order of the day in the second half of the trading session as the market lost ground after a strong intraday rebound on Thursday, 29 October 2009. The BSE 30-share Sensex fell 230.77 points or 1.42% to 16,052.72 on that day.

The Key benchmark indices extended losses for the fifth day in a row on Friday 30 October 2009 as telecom stocks and index heavyweight Reliance Industries tumbled. The BSE 30-share Sensex lost 156.44 points or 0.97% to 15,896.28

. Realty stocks fell after the central bank's decision on Tuesday, 27 October 2009 to raise the provisioning requirement for banks' advances to the commercial real estate sector classified as 'standard assets' from the present level of 0.40% from 1%. This will raise the borrowing costs for realty firms which depend heavily on borrowing. Indiabulls Real Estate, Omaxe, Unitech, fell by between 9.59% to 20.46%.

India's largest realty player by sales DLF fell 18.63%. The company announced on 29 October 2009 its net profit fell 94.7% to Rs 33.78 crore on 70.8% fall in sales to Rs 314.19 crore in Q2 September 2009 over Q2 September 2009.

Bank stocks fell as the RBI did not relax mark-to-market rules for bank's debt holdings at a quarterly policy review on Tuesday 27 October 2009. The market was been agog with talks over the past few days of the central bank hiking the ceiling on the portion of government securities that banks can park in held-to-maturity (HTM).

Another trigger for the sharp slide in banking stocks was the central banks' decision to streamline provisioning requirement on non-performing assets. The RBI asked banks to ensure by September 2010 that the total provisioning coverage against non-performing or bad loans aren't less than 70% of the outstanding amount.

India's largest private sector bank by operating income ICICI Bank fell 12.67%. The company announced on Friday, 30 October 2009 its net profit rose 2.6% to Rs 1040.13 crore on a 12.7% decline in total income to Rs 8480.73 crore in Q2 September 2009 over Q2 September 2008.

India's second largest private sector bank by net profit HDFC Bank fell 4.02%. The bank's net profit rose 30.2% to Rs 687.46 crore in Q2 September 2009 over Q2 September 2008. The results were more or less in line with market expectations.

India's largest bank by branch network State Bank of India fell 6.92%. State Bank of India (SBI) announced on 24 October 2009 that it has concluded the issue of $750 million fixed rate senior notes having a maturity of 5 years at a coupon of 4.50% under the Medium Term Notes (MTN) Programme in the form of Regulation S Global Note. The bonds have been issued through the bank's London branch as of 23 October 2009.

Banks do not have to make any mark-to-market provisions on securities held in the HTM basket if prices of securities fall. Provisions have to be made out of profit and therefore, impact a bank's bottom line. Yields on ten-year government bonds have risen sharply this year. Bond prices and bond yields are inversely related.

Telecom stocks fell on continued concerns about price war in the sector. Idea Cellular's Managing Director Sanjeev Aga, said on 26 October 2009 the price war in the teleocom sector which he described as a 'bloodbath' would cut local call charges, currently at 40 paise a minute, to 'unsustainable' levels.

India's largest wireless operator by sales Bharti Airtel fell 11.76%. The company announced on Friday, 30 October 2009 its net profit rose 43.10% to Rs 2296.94 crore on a 7.5% increase in total income to Rs 8927.10 crore in Q2 September 2009 over Q2 September 2008.

India's second- largest wireless operator by sales Reliance Communications fell 23.33%. The company said it does not have to pay any additional licence or spectrum fee to the government nor had it inflated its revenues. The statement came after the company said it had completed a "preliminary review" of a report issued by a government-appointed auditor which had accused it of various malpractices.

India's largest firm by market capitalisation and oil refiner Reliance Industries (RIL) dropped 5.67%. The company reported a fourth straight decline in quarterly profits in Q2 September 2009 on shrinking refining margins and reduced exports due to a global economic downturn. The company posted a 6.4% fall in net profit at Rs 3,852 crore despite 6% rise in total income to Rs 47,476 crore in Q2 September 2009 over Q2 September 2008. Refining margins more than halved to $6 a barrel from $13.3 a barrel a year earlier. The results were announced after market hours on Thursday, 29 October 2009

The government on 27 October 2009 allocated additional 50 million cubic metres a day (mmscmd) of gas from Reliance Industries-operated east coast block D6. Power plants and refineries will get the bulk of Reliance Industries' gas from the Krishna-Godavari basin beyond the previously allotted 40 million metric standard cubic metres per day (mmscmd).

The empowered group of ministers (eGoM) also made some allotments for Reliance's petrochemical plants and refineries.

India's largest steel maker by sales Tata Steel fell 11.19%. The company's net profit fell 49.5% to Rs 902.94 crore on 16.3% fall in sales to Rs 5629.85 crore in Q2 September 2009 over Q2 September 2008. The company announced the result on 27 October 2009.

India's largest tractor maker by sales Mahindra & Mahindra fell 0.39% and outperformed Sensex on robust Q2 September result. The company's net profit rose 185% to Rs 702.94 crore on 35.1% rise in sales to Rs 4465 crore in Q2 September 2009 over Q2 September 2008. The company announced the result on 29 October 2009.

Sensex dives below 16,000 amid heightened volatility

Relentless selling pushed the barometer index BSE Sensex below the psychological 16,000 mark as the market extended losses for the fifth consecutive session. A weak debut of power utility Indiabulls Power weighed on the investor sentiment. Telecom stocks were hammered on continued worries about price war in the sector. Index heavyweight Reliance Industries (RIL) dropped after it reported a fourth consecutive decline in quarterly profit in Q2 September 2009

The Sensex lost 156.44 points or 0.97%, off a whopping 464.60 points from the day's high and up 91.08 points from the day's low. The market breadth, indicating the overall health of the market was weak.

As per provisional data foreign funds today, 30 October 2009, bought stocks worth a net Rs 576.05 crore. Domestic funds bought equities worth a net Rs 592.93 crore

Intraday volatility on the bourses was immense. The market pared gains soon after an initial surge triggered by firm global stocks. The market was range bound in mid-morning trade. The market further pared gains later in early afternoon trade. It recovered from lower level later. But the intraday recovery proved short-lived. The market slumped in mid-afternoon trade. It soon cut losses later. The market weakened once again in late trade.

Debutant Indiabulls Power settled at Rs 39.25, a 12.80% discount over the initial public offer price of Rs 45. The stock debuted at Rs 44.95, a 0.10% discount over the issue price. The counter clocked high volume of 10.26 crore shares on the BSE. The stock hit a high of Rs 45.50 and a low of 35.

Auto stocks gained on expectations of strong sales in October 2009. Metal shares spurted on the back of firm metal prices on the London Metal Exchange. Bank shares also logged gains.

Derivatives contracts for October 2009 series, which expired on Thursday, 29 October 2009, saw healthy rollover. As per reports, rollover of Nifty positions from October 2009 series to November 2009 series was 76% as compared with 66% in the previous series. Marketwide rollover was 80% for the latest series as compared with 76% in the previous series.

European markets were mixed. Key benchmark indices in France and Germany's were down by 0.26% and 0.41% respectively. However UK's FTSE 100 index rose 0.27%.

Germany's retail sales fell 0.5% in September 2009 from the previous month, the Federal Statistics Office reported on Friday, 30 October 2009. The figure was below market expectations of a rise.

Most Asian markets rose after data on Thursday showed US gross domestic product (GDP) grew at a 3.5% pace in Q3 September 2009. This was the fastest pace in GDP growth for the US economy since the third quarter of 2007. The growth followed four quarters of contraction. Key benchmark indices in Hong Kong, China, Japan, Singapore were up by between 0.71% and 2.29%. But key indices in Taiwan and South Korea were down 0.21% and 0.33% respectively.

The Bank of Japan's (BoJ) policy board unanimously left its overnight call rate target at 0.1% Friday, as was widely expected. It also extended its special lending program at that rate through the end of the Japanese fiscal year in March 2010 in order to ensure ample liquidity until then. However, it said it would end outright purchases of corporate bonds and commercial paper in December 2009, when those increasingly less-used steps were already scheduled to expire.

BoJ board member Atsushi Mizuno was the lone the policy board dissenter opposing its decision to end the outright buys and also end the loan program in March 2010. Although the BoJ makes its decisions independently, the government has kept pressure on the bank to do all it can to support the economic recovery.

The Bank of Japan said in its half-yearly outlook report that the Japanese economy will experience three years of deflation. The pace of price decline will slow only gradually it said which means that the central bank will keep interest rates near zero at least until 2011.

Japan's joblessness rate declined to 5.3% in September 2009 from 5.5% in August 2009, the statistics bureau said today in Tokyo.

US stocks soared on Thursday, 29 October 2009 after four days of losses after data showed the world's largest economy grew for the first time in a year as a spate of stimulus measures brought an end to the longest period of contraction since the Great Depression. The Dow Jones industrial average jumped 199.89 points, or 2.1%, to 9,962.58. The broader S&P 500 index rose 23.48 points, or 2.3%, to 1,066.11, while the Nasdaq Composite Index rose 37.94 points, or 1.8%, to 2,097.55.

A separate government report showed that the number of Americans filing new claims for unemployment fell to 530,000 last week from 531,000 the previous week. Economists thought it would drop to 525,000.

Continuing claims, a measure of Americans receiving benefits for a week or more, fell to 5,797,000 from 5,945,000 the week before. Economists thought claims would fall to 5,905,000.

Trading in US index futures indicated Dow could fall 30 points at the opening bell today, 30 October 2009.

Closer home, Prime Minister Manmohan Singh said on Friday that the country will push forward with reforms and needs to increase investment in rural education, health and infrastructure to raise the economic growth rate up to 10%.

The unexpectedly strong re-election of a coalition led by the Congress party at national elections in May this year raised hopes of sweeping reforms, but apart from stake sales in some government firms no major steps have been taken yet.

Finance Minister Pranab Mukherjee said at a summit on Friday that the economic growth is likely to pick up from the October-December 2009 quarter and the country can return to 9% growth in the next two years.

Exports declined by 13.8% to $13.6 billion in September 2009 over September 2008, preliminary data showed on 29 October 2009. The fall in exports in September 2009 was the lowest in the current financial year, showing gradual signs of recovery in the country's export sector.

Commerce Secretary Rahul Khullar said exports are likely to touch $165-175 billion during 2009-10 if the current trend continues. The country had exported goods worth more than $168 billion during 2008-09.

Inflation based on the wholesale price index (WPI) rose 1.51% in the year through 17 October 2009, higher than previous week's annual rise of 1.21%, data released by the government showed on Thursday. Within the WPI, the food articles index rose 12.85%. The government revised upwards inflation for the year through 22 August 2009 to rise of 0.17% from an estimated fall of 0.21%.

The Reserve Bank of India at its monetary policy review early this week left its key rates unchanged, but raised the wholesale price-based inflation projection for end-March 2010 sharply to 6.5% with an upward bias, from 5% earlier.

The International Monetary Fund (IMF) said on Thursday the economies of India, China and Australia were recovering especially rapidly, suggesting it notices growing pressures for authorities there to tighten monetary policy ahead of others in the region. It called the three economies special cases, while adding a tightening of monetary policy seemed unnecessary elsewhere in the region in the near future.

It also advised Asian central banks not to raise interest rates only to calm asset price growth, saying lifting rates ahead of advanced economies could attract "carry trade-type" capital inflows and aggravate asset price pressures.

Coming back to stocks, the supply of paper by Indian firms appear limitless, raising concerns that additional share sales will suck liquidity from the secondary equity market. As per reports, Indian firms have garnered about $9 billion (Rs 32,400 crore at the current exchange rates) through sale of shares and convertible bonds to institutional buyers since April 2009. Indian companies are taking advantage of a surge in liquidity to recapitalize and fund capital expenditure after being starved of cash last year.

Unlisted Reliance Infratel announced on 22 September 2009 its intention to raise Rs 5,000 crore from the primary market. Divestment of state-run firms by the government may also increase the supply of paper in the market.

The government recently approved stake sales in state-run power producer NTPC and another unlisted power firm Satluj Jal Vidyut Nigam which reflects the country's resolve to speed up reforms and raise more resources for social schemes.

The government has approved a follow-on public offering of 20% of state run Steel Authority of India, the steel minister said on 21 October 2009. The Government of India owns nearly 86% of Sail. Also the government gave its approval for 15% follow on public offer for Rural Electrification Corporation on 29 October 2009.

The BSE 30-share Sensex lost 156.44 points or 0.97% to 15,896.28. The Sensex opened 83.15 points higher at 16,135.87. At the day's high of 16,360.88, the Sensex gained 308.16 points in early trade. The Sensex lost 247.52 points at the day's low of 15,805.20 in mid-afternoon trade. Intra-day volatility was intense with the Sensex oscillating 555.68 points between the day's high and low.

The S&P CNX Nifty fell 38.85 points or 0.82% to 4711.70. Nifty November 2009 futures were at 4695.90, at a discount of 15.80 points as compared to the spot closing of 4711.70. Turnover in NSE's futures & options (F&O) segment fell to Rs 78,337.49 crore from Rs 1,18,012.74 crore on Thursday, 29 October 2009.

The BSE Auto index (up 0.94% at 6,307.20), the BSE Bankex (up 0.49% at 9,336.16), the BSE Metal index (up 0.25% at 13,940.17), the BSE Realty index (up 0.17% at 3,827.13), the BSE Consumer Durables index (up 0.11% at 3,348.21), the BSE PSU index (down 0.44% at 8,400.20), the BSE Capital Goods index (down 0.46% at 12,873.48), the BSE IT index (down 0.49% at 4,425.52), the BSE FMCG index (down 0.60% at 2,808.97), and the BSE Healthcare index (down 0.89% at 4,377.20), outperformed the Sensex.

The BSE Power index (down 1.49% at 2,914.62), and the BSE Oil & Gas index (down 2.79% at 9,434.43), underperformed the Sensex.

The BSE Mid-cap index fell 0.54% at 6,014.30, and the BSE Small-cap index fell 0.77% at 7,058.72. Though in the red, both these indices outperformed the Sensex.

From a 17-month closing high of 17,326.01 on 17 October 2009, the Sensex has lost 1429.73 points or 8.25% in nine trading sessions to current 15,896.28. Yet, with foreign funds making heavy purchases, the Sensex is up 6248.97 points or 64.77% in calendar year 2009, as on 30 October 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 7735.88 points or 94.79%, as on 30 October 2009. FII inflow in October 2009 totaled Rs 9,162.70 crore (till 28 October 2009).

The market remains closed on Monday, 2 November 2009, on account of Guru Nanak Jayanti.

The market breadth, indicating the overall health of the market was weak. On BSE, 1630 shares declined as compared with 1056 shares that rose. A total of 84 shares remained unchanged. The breadth was strong earlier in the day.

Among the 30-member Sensex pack, 20 declined while the rest gained.

Telecom stocks tumbled after industry leader Bharti Airtel said it will be competitive in pricing. Concerns about price war in the sector has rattled telecom stocks in the past few weeks.

The mobile industry in India, the world's fastest-growing major market, is becoming increasingly competitive, with existing players cutting rates to attract subscribers before four new firms start operation this year. India's largest telecom company by sales Bharti Airtel slumped 6.38%.

The company's net profit rose 43.10% to Rs 2296.94 crore on a 7.5% increase in total income to Rs 8927.10 crore in Q2 September 2009 over Q2 September 2008. The result was announced during trading hours today, 30 October 2009

India's second largest telecom company by sales Reliance Communications plunged 7.37% to Rs 175.95 and was the top loser from the Sensex pack.

India's largest firm by market capitalisation and oil refiner Reliance Industries (RIL) dropped 3.62% after it reported a fourth straight decline in quarterly profits on shrinking refining margins and reduced exports due to a global economic downturn. The company posted a 6.4% fall in net profit at Rs 3,852 crore despite 6% rise in total income to Rs 47,476 crore in Q2 September 2009 over Q2 September 2008. Refining margins more than halved to $6 a barrel from $13.3 a barrel a year earlier. The results were announced after market hours on Thursday, 29 October 2009

The government on 27 October 2009 allocated additional 50 million cubic metres a day (mmscmd) of gas from Reliance Industries-operated east coast block D6. Power plants and refineries will get the bulk of Reliance Industries' gas from the Krishna-Godavari basin beyond the previously allotted 40 million metric standard cubic metres per day (mmscmd).

The empowered group of ministers (eGoM) also made some allotments for Reliance's petrochemical plants and refineries.

India's largest oil exploration firm by sales Oil & Natural Gas Corporation declined 2.84%. Net profit rose 5.9% to Rs 5,090 crore in Q2 September 2009 over Q2 September 2008 on account of lower subsidy outgo and higher realisation on crude oil sales. The results were announced after market hours on Thursday, 29 October 2009

Metal stocks advanced after LMEX, a gauge of six metals traded on the London Metal Exchange jumped 3.52% on Thursday, 29 October 2009.

India's largest non ferrous metal producer by sales Sterlite Industries India surged 3.41% on reports its subsidiary Sterlite Energy has filed a draft red herring prospectus with the market regulator Securities & Exchange Board of India to raise nearly Rs 5100 crore through an initial public offer. Its American depository receipt (ADR) jumped 4.88% on Thursday, 29 October 2009. It was the top gainer from the Sensex pack.

Tata Steel (up 0.75%), and Hindalco Industries (up 1.08%), were the other gainers from the metal pack.

But, Steel Authority of India (Sail) declined 2.11% after net profit fell 17.20% to Rs 1663.49 crore on 15.30% fall in total income to Rs 10575.28 crore in Q2 September 2009 over Q2 September 2008. The result was announced during market hours today.

India's largest private sector bank by net profit ICICI Bank rose 2.38% after net profit moved up 2.6% to Rs 1040.13 crore on a 12.7% decline in total income to Rs 8480.73 crore in Q2 September 2009 over Q2 September 2008. The result was announced during trading hours today, 30 October 2009.

Other banking shares were mixed. India's second largest bank by net profit HDFC Bank rose 0.39%. State Bank of India down 0.18%.

Diversified major Grasim Industries advanced 2.22% after net profit rose 60.73% to Rs 674.25 crore on 11.02% rise in net sales to Rs 2983.77 crore in Q2 September 2009 over Q3 September 2008. The results were announced after market hours on 29 October 2009.

IT pivotals fell on profit taking. India's largest software firm by sales TCS declined 1.03%. India's third largest software firm by sales Wipro shed 2.79%. India's second software firm by sales Infosys down 0.10%.

Auto stocks gained as auto firms are seen reporting robust sales for the current month, next week, boosted by the festive Diwali sales. India's top small car marker by sales Maruti Suzuki India rose 1.76%. The company's net profit jumped 92.5% to Rs 570 crore on a 46.6% increase in sales to Rs 7080.67 crore in Q2 September 2009 over Q2 September 2008. The results were announced on 24 October 2009.

India's largest truck marker by sales Tata Motors moved up 1.80% after net profit jumped 110.13% to Rs 729.14 crore on 11.87% rise in total income to Rs 8399.75 in Q2 September 2009 over Q2 September 2008. The company announced the results after market hours on 26 October 2009.

However, India's largest tractor maker by sales Mahindra & Mahindra slipped 0.63% on profit booking. The company's net profit soared 185% to Rs 702.94 crore on a 35.1% increase in total income to Rs 4691.08 crore in Q2 September 2009 over Q2 September 2008. The result was announced during trading hours on 29 October 2009.

Grey Market - Indiabulls Power, Den Networks

Company Name	Offer Price (Rs.)	Premium (Rs.)
Indiabulls Power	45	+/- 2 to 3
DEN Network Ltd.	195 to 205	Discount
Astec Life Science	77 to 82	4 to 5

Pre Session Commentary - Oct 30 2009

Today domestic markets are likely to open positive amid strong early trade in Asian Market, robust start in SGX Nifty as well and US Market rallying overnight. The trade would be gusted towards northward. One could expect buyers stepping in for Banking and Metal stocks along the curve. Lower than expected earning result from Reliance Industries could snatch some gains. Today domestic market is likely to trade range bound with positive bias.

On Thursday, Indian market closed in the negative territory tracking the weakness in the global markets and a rise in the inflation figure that weighed on the investors’ sentiments. The expiry of the October derivatives contract scheduled today also led the investors to be calculative to book their positions. The concerns about the sooner than expected rise in the interest rates after RBI raised its inflation forecast, prompt the investors to be bit cautious to book further positions. The Asian stocks slipped for a third straight day tracking the weak cues from the US markets where the weakness in US housing market triggered the fears about the health of the global recovery. Moreover, the volatility of the rupee against the dollar in the past few days has fueled the concerns that there may be more losses for the corporate sector on hedging. Declines were steep and across the broad as 11of the 13 major sectors posted losses. The Market breadth, indicating the overall strength of the market, was weak.

The BSE Sensex closed lower by 230.77 points or 1.42% at 16,052.72 and NSE Nifty closed down by 75.60 points or 1.57% at 4,750.55. The BSE Mid Caps closed lower by 120.10 points at 6,046.79 and the BSE Small Caps closed with losses of 92.69 points at 7,113.84. The BSE Sensex touched intraday high of 16,264.09 and intraday low of 15,993.83.

The US markets closed strong on Thursday amid better than expected third quarter GDP data, that snap the consecutive losses in the week but couldn’t resist from heading into Friday with a week-to-date loss more than 1%. Despite some resilience in early trade, stocks ascent and took all 10 major sectors higher. The real momentum for the market came from GDP number that surged to an annualized growth rate of 3.5% over 3.2% that was largely expected from contracting 0.7% in the second quarter. This overlooked the initial jobless claims for the week ended Oct 24 totaled 530,000 against 525,000 that were widely expected. Financial sector was in limelight with best single-session percentage gain in the three months. Followed by Material stocks as broader market support along with commodities and basic materials prices were propped up by a sliding US dollar. With participants gusting towards riskier holdings, Treasuries came under pressure and benchmark 10-year Note down around 20 ticks, which lifted its yield back to 3.5%. All major sectors finished the session with strong gains mainly from Financials (4.3%), Materials (3.2%), Consumer Discretionary (2.7%) and Energy (2.4%). US light crude oil futures for December delivery closed up by 3.1% at $79.89 per barrel, on the New York Mercantile Exchange.

The Dow Jones Industrial Average (DJIA) ended with gain of 199.89 points at 9,962.58. NASDAQ index spurted 37.94 points to 2,097.55 and the S&P 500 (SPX) closed higher by 23.48 points at 1,066.11.

Indian ADRs ended mostly in green barring a couple of stocks which ended down. In the IT space, Satyam Computers was up 13.97%, Infosys was up 1.88%, Wipro was up 2.64% and Patni Computers was up 1.56%. In the banking space, HDFC Bank was up 4.05% and ICICI Bank was up 2.09%. In the telecom space, MTNL was down 0.64% and Tata Communication was down 4.7%.

The FIIs on Thursday stood as net buyers in equity and debt as well. Gross equity purchased stood at Rs. 3,035.90 crore and gross debt purchased stood at Rs. 418.20 crore, while the gross equity sold stood at Rs. 3,008.10 crore and gross debt sold stood at Rs. 315.50 crore. Therefore, the net investment of equity and debt reported were Rs. 27.70 crore and Rs. 102.60 crore respectively.

On Thursday, the partially convertible rupee ended at 47.21/22 per dollar, 0.3% stronger than previous closing at 47.34/35 per dollar helped by dollar sales by exporters taking profits.

On BSE, total number of shares traded were 38.31 crore and total turnover stood at Rs. 5,000.49 crore. On NSE, total number of shares traded were 95.51 crore and total turnover was Rs. 20,641.51 crore.

Top traded volumes on NSE Nifty – Unitech with total volume traded 73627168 shares, followed by Suzlon Energy with 56524581, Jaiprakash Associates with 16470310, DLF with 14372415 and Bharti Airtel with 14319514 shares.

On NSE Future and Options, total number of contracts traded in index futures was 1078513 with a total turnover of Rs. 25,333.18 crore. Along with this total number of contracts traded in stock futures were 1243466 with a total turnover of Rs. 37,752.75 crore. Total numbers of contracts for index options were 2169308 with a total turnover of Rs. 52,645.71 crore and total numbers of contracts for stock options were 71914 and notional turnover was Rs. 2,281.10 crore.

Today, Nifty would have a support at 4,736 and resistance at 4,835 and BSE Sensex has support at 16,059 and resistance at 16,372.

Market seen snapping four-day losses on strong global cues

The market is likely to see an upbeat start, snapping four-day losses, on strong global cues after data showed the US economy is out of the recession. However fall in Reliance Industries (RIL)'s net profit, which reports its earnings after market hours on 29 October 2009, may cap gains. Companies announcing their September 2009 results today, 30 October 2009 and those who have reported their earning after market hours on 29 October 2009, will be in spotlight

RIL reported a fourth straight decline in quarterly profits on shrinking refining margins and reduced exports due to a global economic downturn. The company today posted a 6.4% fall in net profit at Rs 3,852 crore despite 6% rise in total income to Rs 47,476 crore in Q2 September 2009 over Q2 September 2008. Refining margins more than halved to $6 a barrel from $13.3 a barrel a year earlier. The results were announced after market hours on 29 October 2009

On the other hand, ONGC's net profit rose 5.9% to Rs 5,090 crore in Q2 September 2009 over Q2 September 2008 on account of lower subsidy outgo and higher per barrel realisation on crude oil sales. The company's turnover for the quarter stood at Rs 15,134 crore (Rs 14,820 crore). The results were announced after market hours on 29 October 2009

Bharti Airtel, ICICI Bank, IOC, Nalco, Sail, ABB, Ackruti City, Ashok Leyland, Divi's, Educomp, Federal Bank, Gammon India, GE Shipping, Godrej Consumer, Indiabulls Real Estate, Indian Hotels, IRB Infrastructures, IVRCL Infrastructures, MTNL, Mundra Port, Nestle India, Oracle Financial, Orchid Chemicals, Reliance Capital, Thermax, Torrent Power and Uttam Galva Steels among others will announce their September 2009 quarterly results today, 30 October 2009.

Asian markets rallied after data showed the US economy is out of recession. Key benchmrk indices in Honk Kong, China, Japan, Singapore, South Korea and Taiwan were up by between 0.48% and 3.17%

Stocks on Wall Street rallied on Thursday, 29 October 2009 after four days of losses after data showed the world's largest economy grew for the first time in a year as a spate of stimulus measures brought an end to the longest period of contraction since the Great Depression.

The Dow Jones industrial average jumped 199.89 points, or 2.1%, to 9,962.58. The broader S&P 500 index rose 23.48 points, or 2.3%, to 1,066.11, while the Nasdaq Composite Index rose 37.94 points, or 1.8%, to 2,097.55.

US GDP grew at an annualised rate of 3.5% in the July to September quarter after shrinking in each of the last four quarters, commerce department figures showed on Thursday. This was the fastest pace in GDP growth for the US economy since the third quarter of 2007.

Back home, key benchmark indices declined for the fourth day on 29 October 2009 on weak global cues in a highly choppy trading session. The BSE 30-share Sensex fell 230.77 points or 1.42% to 16,052.72 and the S&P CNX Nifty dropped 76.45 points or 1.58% to 4,749.70.

As per provisional data, foreign funds dumped stocks worth a net Rs 2546.67 crore on 29 October 2009 whereas domestic funds bought equities worth a net Rs 977.06 crore.

The market remains closed on Monday, 2 November 2009, on account of Guru Nanak Jayanti.

Inflation based on the wholesale price index (WPI) rose 1.51% in the year through 17 October 2009, higher than previous week's annual rise of 1.21%, data released by the government showed on Thursday. Within the WPI, the food articles index rose 12.85%. The government revised upwards inflation for the year through 22 August 2009 to rise of 0.17% from an estimated fall of 0.21%.

The Reserve Bank of India at its monetary policy review early this week left its key rates unchanged, but raised the wholesale price-based inflation projection for end-March 2010 sharply to 6.5% with an upward bias, from 5 % earlier.

The IMF said on Thursday the economies of India, China and Australia were recovering especially rapidly, suggesting it notices growing pressures for authorities there to tighten monetary policy ahead of others in the region. It called the three economies special cases, while adding a tightening of monetary policy seemed unnecessary elsewhere in the region in the near future.

It also advised Asian central banks not to raise interest rates only to calm asset price growth, saying lifting rates ahead of advanced economies could attract "carry trade-type" capital inflows and aggravate asset price pressures.

The supply of paper by Indian firms appear limitless, raising concerns that additional share sales will suck liquidity from the secondary equity market. As per reports, Indian firms have garnered about $9 billion (Rs 32,400 crore at the current exchange rates) through sale of shares and convertible bonds to institutional buyers since April 2009. Indian companies are taking advantage of a surge in liquidity to recapitalize and fund capital expenditure after being starved of cash last year.

Unlisted Reliance Infratel announced on 22 September 2009 its intention to raise Rs 5,000 crore from the primary market. Divestment of state-run firms by the government may also increase the supply of paper in the market.

The government recently approved stake sales in state-run power producer NTPC and another unlisted power firm Satluj Jal Vidyut Nigam which reflects the country's resolve to speed up reforms and raise more resources for social schemes.

The government has approved a follow-on public offering of 20% of state run Steel Authority of India, the steel minister said on 21 October 2009. The Government of India owns nearly 86% of Sail.

Also the government gave its approval for 15% follow on public offer for Rural Electrification Corporation on 29 October 2009.

Investment Outlook

Investment Outlook

Reliance Communications

Reliance Communications

Annual Report - Edserv Softsystem - 2008-2009

EDSERV SOFTSYSTEMS LIMITED

ANNUAL REPORT 2008-2009

DIRECTOR'S REPORT

Your Directors have pleasure in presenting their report for the year ended
31st March 2009 together with the Balance Sheet as at 31st March 2009 and
the Profit and Loss account for the year ended on that date.

Financial Highlights:

(Rupees)
Audited financial Audited financial
Statement for the Statement for the
year ended March year ended March
31st 2009 31st 2008

TOTAL INCOME 85,826,129 39,533,064
TOTAL EXPENDITURE 38,200,397 9,168,387
Profit Before Tax 47,625,732 30,364,677
Less: Provision for Income Tax:
- Current 5,883,850 3,911,460
Less: Provision for Fringe 40,674 24,333
Benefit Tax
Add (+)/Less (-) Provision for 4,789,190 1,098,536
Deferred Tax
Profit After Tax 36,912,018 25,330,348
Less: Provision for Dividend & 14,046,420 -
Dividend Distribution Tax
Balance of Profit Carried to 22,865,598 25,330,348
Balance Sheet

Dividend:

Your directors are pleased to recommend a maiden dividend of 10% (Re.1/-
per share) for the current period. The total amount of dividend is
Rs.120.06 lakhs. After approval by the shareholders at the ensuing Annual
General Meeting, the dividend will be paid in line with the applicable
regulations.

SGX Nifty shows gap up opening

4,831.0 +52.0

Daily News Roundup - Oct 30 2009

Cairn India to sell crude oil to RIL and Essar Oil from its Rajasthan fields. (ET)

NTPC-BHEL’s Rs60bn plant to come up in Andhra Pradesh. (BS)

PNB to pay US$25mn for 64% stake in Kazakh’s Dana Bank. (FE)

CESC is scouting for overseas coal assets to power its expansion plans. (BS)

Tata Tea quits beverage retailing; to focus on branded products. (BS)

Sun Pharma accuses Taro director for misusing funds. (BS)

Corporation Bank mulls entry into life, non-life insurance business. (FE)

Zee Entertainment board approves acquisition of group firm, Zee News, on a share-swap deal basis. (FE)

Jey Airways may soon fly full capacity. (ET)

Government cleared 20% FPO by REC. (ET)

Aurobindo Pharma gets nod from the South African regulator to manufacture and market auro ampicillin injection. (FE)

iGate plans to hire 1,500 people in 2010; expands its global delivery facility in Karnataka. (BS)

Baja Electricals plans to raise RS1.75bn via QIP. (FE)

Provogue picks-up 45% stake in its Aurangabad mall project from its local partner. (BS)

Inflation for the week-ended October 17 rises to 1.51%. (ET)

Gold imports rises by 72% to 37.5 tones in September as compared to the previous month. (ET)

Finance minister turns down demand from various ministries for an extra spending of about Rs700bn this fiscal. (ET)

Centre envisages investments of US$80bn on construction of roads and highways. (FE)

Government may raise duty-free sugar import cap. (ET)

India may have to import rice in 2010, says International Rice Research Institute. (FE)

Yes, we can!

Our individual salvation depends on collective salvation. Thinking only about yourself, fulfilling your immediate wants and needs, betrays a poverty of ambition.

Salvation has come to the battered bulls. After four successive days of losses, Yes We Can look forward to a bright start and hopefully an upbeat close to the week as well. All thanks to the overnight gains on Wall Street, which put up a sterling performance after Q3 GDP growth came in ahead of estimates. The Dow finished up nearly 200 points in the biggest one-day point jump since July 15. European stock indexes too finished with gains. Markets are higher across Asia but lag Wall Street's gains. So, it’s a no-brainer that we will also open with a gap.

Don’t get carried away, as there are still worries on whether the ‘V’ shape recovery can continue without any hiccups. Whatever growth is happening in the economies that were hit badly is largely due to government stimulus. It is not clear as to what will happen once that starts to unwind though the same is going to take place gradually. Real growth, driven by household and corporate demand is yet to return to pre-crisis levels.

Risk appetite is generally good but the recent reversal in FII flows is a cause for concern. Quarterly report card of corporates has been mixed. Barring IT, Auto and FMCG sectors others have not been quite up to the mark. In short, further improvement is required by India Inc. for incremental earnings upgrades to take place.

Indiabulls Power shares will list on he bourses today.

Balrampur Chini and other sugar stocks could be in action amid reports the company's promoters are in talks to sell majority stake.

Results Today: ABB, Adani Enterprise, AB Nuvo, Alstom Projects, Arvind, Ashok Leyland, Aurobindo, BILT, Bank of Maharashtra, Bharat Electronics, Bharti Airtel, Blue Dart, Educomp, Essar Shipping, Gammon India, GSK Pharma, Godrej Consumer, GE Shipping, Gujarat Industries Power, GVK Power, Indiabulls Securities, ICICI Bank, Indiabulls Real Estate, Indian Hotels, IOC, IRB Infra, IVRCL Infra, J&K Bank, KEC Intnl, MTNL, Max India, Moser Baer, Mundra Port, NALCO, Nestle, Oracle Financial, RCF, Reliance Capital, SAIL and Torrent Power.

US stocks rallied on Thursday as a strong report on economic growth in the third quarter reassured investors that the recovery is on track. The Dow Jones Industrial Average gained just shy of 200 points, or 2%, closing at 9962.58. It was the Dow's biggest one-day percentage gain since July 15, and came exactly 80 years after Wall Street's darkest day, the Crash of 1929.

The S&P 500 index added 23 points, or 2.3%, to 1,066.11, managing its biggest one-day percentage gain since July 23. The Nasdaq Composite index climbed 38 points, or 1.8%, to 2,097.55, its biggest one-day percentage gain in about a month.

Gains were broad based, with 29 of 30 Dow stocks rising.

The Dow and S&P ended three of the last four sessions lower, and the Nasdaq declined in all four, as investors turned cautious after a seven-month stock rally. The S&P 500 lost 5% between the rally peak on Oct. 19 and Wednesday's close. Since bottoming at a 12-year low on March 9, the S&P 500 has gained 57.6% as of Thursday's close.

The rally in the financial sector boosted the KBW Bank index by 4%. Commodity shares spiked, with the Morgan Stanley Commodity index up 5%.

GDP grew at a 3.5% annualized rate in the third quarter, the government reported. That was better than the 3.2% rate economists had predicted and also marked the first quarter of growth in a year. GDP fell at a 0.7% rate in the second quarter.

Yet some economists are concerned that when those short-term factors are removed, the recovery could run out of steam.

A separate government report showed that the number of Americans filing new claims for unemployment fell to 530,000 last week from 531,000 the previous week. Economists thought it would drop to 525,000.

Continuing claims, a measure of Americans receiving benefits for a week or more, fell to 5,797,000 from 5,945,000 the week before. Economists thought claims would fall to 5,905,000.

Exxon Mobil said quarterly earnings plunged 68% in the quarter due to lower oil and natural gas prices. The No. 1 US oil company reported weaker quarterly revenue as well. Both earnings and revenue missed estimates. Shares of the Dow component ended little changed.

Dow component Procter & Gamble reported weaker quarterly earnings and revenue that topped estimates. The consumer products maker also boosted the low end of its fiscal 2010 earnings forecast. Shares gained 4%.

With 302 companies, or 60% of the S&P 500 having already reported results, profits are on track to have fallen 17.9% from a year ago, according to the latest results from Thomson Reuters.

The dollar fell versus the euro, resuming its slide after a few up days and moving closer to a 14-month low hit last week. The greenback gained versus the yen.

US light crude oil for December delivery rallied $2.44 to settle at $79.87 a barrel on the New York Mercantile Exchange, a gain of 3%.

COMEX gold for December delivery rallied $16.60 to settle at $1,047.10 an ounce. Gold has surpassed records repeatedly this month due to the weak dollar and longer-term worries about inflation.

Treasury prices tumbled, raising the yield on the 10-year note to 3.49% from 3.41% on Wednesday.

Reports on personal income and spending, consumer sentiment and manufacturing are all due Friday morning. Chevron, Duke Energy, Alcatel-Lucent and Sony are among the corporations reporting quarterly results in the morning.

It was the third straight trading session on the Indian bourses which belonged to the bears. Weak global cues coupled with the latest move by the RBI to tighten liquidity and an upward revision in inflation forecast continued to weigh on sentiments. In addition, meager quarterly earnings announced by select Indian companies further dampened the sentiment. Traders and investors also remained cautious and preferred to square their position ahead of the F&O expiry on Thursday.

Technically, the NSE Nifty which seemed to have found some support at the 50 Day moving average yesterday was unable to hold above the crucial level. The index closed below the vital moving average indicating that the markets would continue to remain under pressure in the coming days.

The BSE Sensex fell 70 points at 16,283 after touching a high of 16,411 and a low of 16,144. The index opened at 16,335 against the previous close of 16,353. The NSE Nifty fell 21 points to shut shop at 4,826.

In Asia, the Nikkei in Japan was down 1.4%, while Australia's S&P/ASX ended lower by 1.4% at 4,685. While, Shanghai SE Composite gained 0.3% and Hang Seng index in Hong Kong fell 2%.

In Europe, stocks were in the negative terrain. The FTSE in the UK was down 1.3%, The DAX in Germany was down 1.4% and the CAC 40 index in France fell 1.3%.

Coming back to India, among the BSE sectoral indices, the Consumer Durables index was the top loser, shedding 2%, followed by the Bankex index that was down 1.5% and the BSE PSU index was down 1.1%.

The BSE Mid-Cap index marginally gained 0.2% and the BSE Small-Cap index was down 0.5%.

Among the 30-components of Sensex, 19 stocks ended in the red and 11 ended in the positive terrain. Bharti Airtel, Wipro, Tata Motors, Reliance Industries and L&T were among the major gainers.

On the other hand, among the major losers were Maruti, Tata Steel, HDFC, ICICI Bank and HDFC Bank.

Outside the frontline indices, the big losers in the broader market were Sesa Goa, Areva Jet Airways and Sterline Biotech. On the other hand, gainers included PTC, Union Bank, Cadila and Apollo Hospital.

Shares of Jet Airways had a volatile ride on Wednesday. After crashing in the early trades, Jet Airways zoomed to higher altitude adding 9% shutting at Rs398.

The stock fell to a low of Rs331 after the carrier posted a net loss from ordinary Activity After Tax of Rs(4.06)bn for the quarter ended September 30, 2009 as compared to net loss of Rs(3.84)bn for the quarter ended September 30, 2008.

Total Income has decreased from Rs32.58bn for the quarter ended September 30, 2008 to Rs23.81bn for the quarter ended September 30, 2009.

Hexaware Q3 net profit stood at Rs413.5mn as against Rs115.1mn in the same period last year. The company’s other income stood at Rs94.3mn versus Rs52mn for the quarter ended September 30, 2008. Hexaware’s Forex loss stood at Rs197.7mn as against Rs246.4mn while its EPS was at 2.79 versus 0.8%.

Shares of Hexaware surgd by over 11% to end at Rs79.85. The stock opened at Rs73 and made an intra-day high of Rs83.60 and a low of Rs73. Total traded volumes stood at 1.7mn shares.

Chennai Petroleum posted a net profit from ordinary activities after tax of Rs1.39bn for the quarter ended September 30, 2009 as compared to Net loss of Rs(1.02)bn for the quarter ended September 30, 2008.

Total Income has decreased from Rs10.29bn for the quarter ended September 30, 2008 to Rs69.85bn for the quarter ended September 30, 2009.

The stock slipped 1.5% to end at Rs220 and made an intra-day high of Rs220 and a low of Rs213. Total traded volumes stood at 0.26mn shares.

Sun Pharmaceutical posted a net profit after tax of Rs2.03bn for the quarter ended September 30, 2009 as compared to Rs3.03bn for the quarter ended September 30, 2008.

Total Income has decreased from Rs9.59bn for the quarter ended September 30, 2008 to Rs6.01bn for the quarter ended September 30, 2009.

The Unaudited Consolidated Results are as follows

The Group has posted a net profit after minority interest of Rs4.53bn for the quarter ended September 30, 2009 as compared to Rs5.12bn for the quarter ended September 30, 2008.

Total Income has increased from Rs12.01bn for the quarter ended September 30, 2008 to Rs12.51bn for the quarter ended September 30, 2009.

Sun Pharma advanced by 1% to Rs1377. The stock opened at Rs1350 and made an intra-day high of Rs1399 and a low of Rs1300. Total traded volumes stood at 46,000 shares.

Gail India posted a net profit of Rs7.13bn for the quarter ended September 30, 2009 as compared to Rs10.23bn for the quarter ended September 30, 2008.

Total Income has increased from Rs63.58bn for the quarter ended September 30, 2008 to Rs63.71bn for the quarter ended September 30, 2009.

The stock was down by 1.3% to Rs338, it opened at Rs341 and made an intra-day high of Rs351 and a low of Rs337. Total traded volumes stood at 0.42mn shares.

Shares of BEML slipped by 4% to Rs975 after the company posted a net profit of Rs136mn registering a decline of 75% YoY for the quarter ended September 30, 2009 as compared to Rs555.1mn for the quarter ended September 30, 2008.

Total income has decreased Rs6.35bn for the quarter ended September 30, 2008 to Rs5.05bn for the quarter ended September 30, 2009.

The stock opened at Rs1005 and made an intra-day high of Rs1038 and a low of Rs972. Total traded volumes stood at 20,000 shares.

Tata Tea posted a profit after tax of Rs2.58bn for the quarter ended September 30, 2009 as compared to Rs437.9mn for the quarter ended September 30, 2008. Total Income increased from Rs3.70bn for the quarter ended September 30, 2008 to Rs4.62bn for the quarter ended September 30, 2009.

The Unaudited Consolidated Results are as follows

The Group has posted consolidated net profit of Rs2.87bn for the quarter ended September 30, 2009 as compared to Rs2.17bn for the quarter ended September 30, 2008. Total Income has increased from Rs12.09bn for the quarter ended September 30, 2008 to Rs14.25bn for the quarter ended September 30, 2009.

The stock gained by 1% to Rs840, it opened at Rs837 and made an intra-day high of Rs848 and a low of Rs825. Total traded volumes stood at 36,000 shares.

BREAKING - Bajaj Hindustan to buy Balrampur Chini

BREAKING - Bajaj Hindustan to buy majority stake in Balrampur Chini

Crude oil moves up

Crude oil surged and managed to recover from its losses of the earlier sessions. Prices were boosted by a better-than-forecast gross domestic product report and some mixed jobs data.

Light sweet crude oil for December delivery rose to $79.87 per barrel, up $2.41 on the session. Prices reached as high as $80.46 earlier in the session. MCX Crude was fuelled by better performance of Oil in NYMEX. The prices blossomed by Rs 85 or 2.2% to close at Rs 3766 per barrel.

A Commerce Department advance estimate showed gross domestic product increased 3.5% annually in the third quarter compared to a 0.7% decrease in the second quarter. Economists had been expecting GDP to increase by 3.2 percent.

The U.S. Labor Department revealed that initial jobless claims slipped to 530,000 for the week ended October 24. This was down 1,000 from the previous week's revised total of 531,000.

EKC

EKC

Sun TV Network Ltd

Sun TV Network Ltd