Asian markets finish Friday lower

Sydney, Seoul, Shanghai, Sensex slump further while NZX 50, Taiex finish higher

Stock market in Asian region mostly lower on Friday, 18 December 2009, as weakness in commodity stocks, especially gold, in the international market as well as weak closing on Wall Street in the previous session impacted market sentiment as investor’s preferred to lock in gains and move to sidelines ahead of looming Christmas and holiday season in most of the global markets

On Wall Street, the Dow finished with a triple-digit loss as a stronger dollar pressured equities and commodities in the afternoon. The Dow Jones Industrial Average fell 133 points, or 1.3%, to 10,308. The S&P 500 slid 13 points, or 1.2%, to 1096 and the Nasdaq was off by 27 points, or 1.2%, at 2180.

On the economic front, weekly jobless claims came in at 480,000 for the week ended 12 December 2009, compared with 473,000 the previous week, which was downwardly revised from 474,000. Continuing claims rose 5,000 to 5.19 million in the week ended 5 December 2009, exceeding forecasts for 5.17 million.

The Conference Board said leading indicators rose for the eighth consecutive month, up 0.9% in November vs. the 0.7% increase that economists had been anticipating. The Philadelphia Fed rose to 20.4 in December.

In the commodity market, crude oil rose in New York, poised for its biggest weekly advance since October, on optimism fuel demand will increase amid improved prospects for a global economic recovery.

Crude oil for January delivery rose as much as 81 cents, or 1.1 percent, to $73.46 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $73.27 a barrel at 8:49 a.m. London time.

Brent crude oil for February settlement rose as much as 70 cents, or 1 percent, to $74.07 a barrel on London’s ICE Futures Europe exchange and traded at $73.74 at 9:59 a.m. local time.

Gold rebounded in Asia, paring a third weekly decline, as the metal’s biggest drop in two weeks lured some investors. Immediate-delivery gold gained as much as 0.9% to 1,109.11 an ounce and was at $1,105.61 at 3:10 p.m. in Singapore, down 0.9% this week. February-delivery bullion on the Comex division of the New York Mercantile Exchange was little changed at $1,106.20, after falling as much as 0.9%.

In the currency market, the U.S. dollar fell against the Japanese yen and euro Friday afternoon in Asia, giving back some of the gains seen overnight after the Bank of Japan, as expected, left its call-rate target and economic assessment unchanged.

The Japanese currency drifted higher to 89.6 against the US dollar up 0.9 percent from yesterday's 13-day low of 90.38.

The Hong Kong dollar was trading at HK$ 7.7574 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 was under pressure on Friday, falling to a fresh 11-week low against a rallying US dollar as anxious investors pared riskier bets into the year-end. The Australian dollar was hovering around US$0.8890, having shed over 2 cents so far this week.

In Wellington trade, the New Zealand dollar dipped below US71c early today for the first time in a week as the greenback soared against a backdrop of improving United States economic data. The NZ dollar was at US71.12c at 5pm, up from US70.98c at 8am, and US71.51c at 5pm, and after having topped US73c a week ago.

The South Korean won closed at 1,176.20 won to the greenback, up 1.70 won from Thursday's close and reversing earlier declines as investors snapped up the local currency.

The Taiwan dollar weakened further against the greenback. The Taiwan dollar was trading lower against the US dollar at NT$ 32.3710, 0.0230 down from Thursday’s close of NT$32.3480.

In equities, Asian share markets were being dragged lower by overnight weakness on Wall Street with resource stocks selling off on weakness in gold and base metal prices.

In Japan, stocks ended the last trading day of the week in the negative terrain following losses on Wall Street and European markets overnight, while resource-related shares were hurt by lower gold prices. Tokyo stocks fell Friday morning as profit-taking hit banking issues after global regulators tabled their proposal for stricter capital requirements, while the yen's advance against the dollar and euro weighed on exporters. Nikkei 225 Stock Average index fell 21.75 points, or 0.21%, to 10,142.05, while the broader Topix decreased 2.69 points or 0.30%, to 893.59.

On the economic front, Bank of Japan decided to leave its policy rate unchanged at 0.1% at the policy board meeting on Friday. The last change in the rate was a 0.10% cut in interest rates at the December 2008 meeting. The central bank said in a statement that Japan's economy is picking up mainly due to various policy measures taken at home and abroad, although there is not yet sufficient momentum to support a self-sustaining recovery in domestic private demand. In the conduct of monetary policy, the bank will aim to maintain the extremely accommodative financial environment.

In Mainland China, shares fell for the fourth consecutive day on Friday, led by slacking property shares on concerns that the government will intensify measures to curb property speculation. Moreover, investors took cue from the losses on Wall Street overnight, which in turn led to the sell off of key heavy weight stocks.

There are worries that Chinese property market has witnessed an "abnormal increases" in last few months. Due to a series of supportive measures adopted by the government, China's property sector rebounded strongly this year. Home prices in 70 large and medium-sized cities rose for the eight straight month in October.

The benchmark Shanghai Composite Index lost 2.05%, or 65.19 points, to close at 3,113.89 points. The Shenzhen Component Index tumbled 3.56%, or 476.76 points, to close at 12,914.97 points.

In Hong Kong, stock market fell further following sharp overnight losses on Wall Street and in commodity prices, with developers sliding on concern that China is stepping up measures to curb property speculation, and banks declined after Fitch Ratings said their capital strength is likely to be more strained.

Shares also declined after former Morgan Stanley chief Asian economist Andy Xie said the Hong Kong equities are 30% overvalued and may face a major correction in the next four to five months. Chinese banks capital strength is likely to be more strained than it appears as lenders increasingly use off-balance sheet transactions to free up room for further loan growth, Fitch said.

The Hang Seng Index stumbled 171.75 points, or 0.80%, to 21,175.88, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, shrank 166.38 points, or 1.33%, to 12,334.82.

In Australia, stock markets finished on a lower side, thanks to weaker resources stocks, National Australia Bank and Telstra. A weak lead from Wall Street was part of the reason for the local market’s decline. The benchmark S&P/ASX200 index was 19.8 points lower, or 0.4%, at 4650.5, after falling as low as 4604.7. The broader All Ordinaries fell 17.7 points, or 0.4%, to 4671.9.

On the economic front, the Commonwealth Bank Business Sales Indicator rose by 0.6% in trend terms in November after rising by 0.5% the previous month confirming that consumers are cautiously opening their wallets as a pickup in confidence filters through to increased spending.

In New Zealand, benchmark index registered a modest gain on the last trading day of the week despite losses is most Asia pacific stock markets. The NZX50 advanced 0.99% or 31.31 points to 3154.23. The NZX 15 increased 1.16% or 66.44 points to close at 5737.48.

In South Korea, stocks closed nearly unmoved as a rebounding local currency boosted investor sentiment after early morning jitters fueled by a soaring dollar and overnight setbacks on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) inched down 0.8 point, or 0.05 percent, to 1,647.04.

In Taiwan, stock market finished Friday on higher side, snapping the three day losing streak, guided by gains in AU Optronics and other flat-panel makers on hopes of rising demand for computers and flat-screen TVs next year. The benchmark Taiex share index snapped its three days losing streak on Friday, by finishing the day slightly higher by 11.46 points or 0.15% at 7753.63.

In Philippines, equities slid today, following a generally weak undertone in the Asian equities as investors took cues from Wall Street overnight. Extremely negative global cues and worries over a deteriorating external position hurt the Manila stocks. The benchmark index PSEi lost 1.02% or 31.16% to 3,016.99, while the All Shares index fell 0.55% or 10.57 points to 1,890.83.

In India, the key benchmark indices extended losses in late trade on speculation the central bank would tighten monetary policy to help stem rising prices. Intraday volatility was high. The market cut losses soon after an early slide. The market came off the higher level later. The market recovered from lower level after hitting a fresh intraday low in morning trade. The market slumped, reversing course after moving into positive zone from negative zone for a short while in afternoon trade. The market extended losses in late trade with the Sensex ending at the lowest level of the day. The BSE Sensex was down 174.42 points or 1.03% to 16719.83, also the day's low. The S&P CNX Nifty was down 54.05 points or 1.07% to 4,987.70.

Elsewhere, Singapore’s strait times finished the day at 2802.56, just 10.68 points lower while stock markets in Malaysia and Indonesia were closed for holiday.

In other regional market, European shares rose in early trading on Friday. Overall, the U.K. FTSE 100 index rose 0.2% to 5,226.98, the German DAX index rose 0.3% to 5,863.94 and the French CAC-40 index rose 0.1% to 3,836.11

Nifty December 2009 futures below 5,000

Turnover declines

Nifty December 2009 futures were at 4,983.60, at a discount of 4.10 points as compared to the spot closing of 4,987.70. Turnover in NSE's futures & options (F&O) segment was Rs 71,436.59 crore, lower than Rs 73,698.14 crore on Thursday, 17 December 2009.

Reliance Industries December 2009 futures were at premium at 1009 compared to the spot closing of 1006.25.

DLF December 2009 futures were at premium at 357.15 compared to the spot closing of 355.60.

Tata Steel December 2009 futures were near spot price at 563.20 compared to the spot closing of 562.40.

In the cash market, the S&P CNX Nifty fell 54.05 points or 1.07% at 4,987.70.

Market drifts lower on profit booking lower

Year-end profit taking pulled the key benchmark indices lower in the week ended Friday, 18 December 2009. Selling was mainly in the frontline counters with mid-and small-caps witnessing lesser slide.

The spotlight during the week was on the war between the BSE and NSE for implementing extended trade timings. The BSE and NSE postponed the implementation of new trade timings to 4 January 2010 from 18 December 2009, giving the broking fraternity some respite.

In trying to wrest volumes away from NSE, the BSE on Tuesday, 15 December 2009, announced advancement of trade timing by 10 minutes to 9:45 IST from 18 December 2009. In reaction, NSE said the next day it would start trading at 9:00 IST from 18 December 2009. However, the two stock exchanges' decision to extend trading hours immediately without giving a sufficient notice period to market participants met with strong opposition from the brokering fraternity. Later, the two exchanges delayed the implementation of extended trading hours to 4 January 2010.

The BSE 30-share Sensex fell 399.20 points or 2.33% to 16,719.83 in the week ended 18 December 2009. The S&P CNX Nifty fell 129.60 points or 2.50% to 4987.70.

The BSE Mid-Cap index outperformed the Sensex, falling 1.58% to 6,470.58. The BSE Small-cap index, too, outperformed the Sensex, falling 1.04% to 7,885.72.

A surge in headline inflation pulled the market lower on Monday, 14 December 2009, with bank shares leading the slide. Metal and FMCG stocks, also fell. But, cement and IT stocks rose. The BSE Sensex fell 21.48 points or 0.13% to 17,097.55. The S&P CNX Nifty fell 11.60 points or 0.23% to 5,105.70.

The key benchmark indices slumped on Tuesday, 15 December 2009, as the dollar index, which tracks the greenback against a trade-weighted basket of six major counterparts, climbed roughly half a percent to a six-week high of 76.741. The BSE Sensex fell 220.39 points or 1.29% to 16877.16. The S&P CNX Nifty fell 72.65 points or 1.42% to 5,033.05.

The dollar's strength sparked fears of unwinding of dollar carry trade in which investors borrow in US dollars and invest it in high-yielding currencies and assets elsewhere. The dollar has been under pressure this year on speculation the US Federal Reserve will keep interest rates low for a prolonged period of time to aid recovery in the US economy.

The key benchmark indices ended a volatile trading session on a firm note on Wednesday, 16 December 2009, as European stocks and US index futures rose. Heavy bidding by foreign funds to the initial public offer of print media firm DB Corp also underpinned sentiment. The BSE Sensex rose 35.61 points or 0.21% to 16912.77. The S&P CNX Nifty rose 9 points or 0.18% to 5,042.05.

The key benchmark indices ended a choppy trading session lower on on Thursday, 17 December 2009T. The BSE Sensex fell 18.52 points or 0.11% to 16894.25. The S&P CNX Nifty fell 0.30 points or 0.01% to 5041.75.

The key benchmark indices slumped on Friday, 18 December 2009, on speculation the central bank will tighten monetary policy to help stem rising prices. The BSE Sensex fell 174.42 points or 1.03% to 16,719.83. The S&P CNX Nifty fell 54.05 points or 1.07% to 4987.70.

India's largest private sector firm by market capitalisation Reliance Industries (RIL) fell 5.47%. Reliance Industries' efforts to buy a controlling stake in bankrupt petrochemical maker LyondellBasell has reportedly got a bit complicated, as the Netherlands-based company submitted a new reorganisation plan to a court in the US, even as the Indian company evaluates a binding bid.

The new plan of Lyondell to emerge from bankruptcy through a rights issue and payment of its huge debt does not preclude Reliance from proceeding with its plans.

Reliance Industries told the Supreme Court on Thursday that the government can even undo a judicial verdict, if it is held that it has no powers to regulate gas prices based on production sharing contracts.

RIL counsel Harish Salve made this assertion before the three-member bench of Chief Justice K.G. Balakrishnan, in his counter-arguments in the legal battle with Reliance Natural Resources (RNRL) over gas supplies from the Krishna-Godavari basin. The RIL counsel also sought to refute RNRL's claim over a suitable bankable agreement on gas supplies with RIL for 28 million units for 17 years at $2.34 per unit.

Realty stocks fell on profit taking. India's largest realty player by market capitalization DLF fell 6.39%. DLF has announced a merger of its commercial realty arm DLF Assets (DAL) with itself a move aimed at repaying some of DAL's debt. The new structure involves the merger of DLF subsidiary DLF Cyber City Developers with Caraf Builders and Constructions, which is the holding company of DAL. The valuation ratio approved by the board for Cyber City and Caraf is in the ratio of 60:40.

This means that DLF shareholders will have access to 60% and promoters to 40% of the merged entity. However, this will be a cashless transaction. DLF sells commercial property to DAL, which is controlled by KP Singh who owns 78% in the latter along with his son and DLF promoter Rajeev Singh. DAL buys commercial property from DLF and collects lease rentals from it. With this merger, the debt on DLF's books would be an additional Rs 2,460 crore.

Among other realty stocks, Indiabulls Real Estate (down 4.62%), Phoenix Mills (down 4.67%), Unitech (down 7.62%), and Omaxe (down 4.45%), declined.

India's largest FMCG maker by sales Hindustan Unilever fell 3.46%. The company paid Rs 200 crore as advance tax in third quarter versus Rs 155 crore same quarter last year.

Banking shares fell on a likely monetary tightening by the Reserve Bank of India. India's second largest private sector bank by net profit HDFC Bank fell 6.64%. The bank's Q3 advance tax jumped to Rs 400 crore from Rs 300 crore.

India's largest bank by net profit and branch network State Bank of India declined 5.33%. The state-run bank paid advance tax of Rs 1795 crore versus Rs 1700 crore.

India's largest private sector bank by net profit ICICI Bank fell 6.31% The bank's Q3 advance tax fell to Rs 301 crore from Rs 625 crore. Its ADR fell 2.65% on Thursday. ICICI Bank has launched a home-loan scheme under which 8.25% interest rate will be fixed for the first two years. The floating rates will apply after 2 years. These rates will be applicable to loans sanctioned between December 2009 and January 2010.

Shares of country's largest commercial vehicle maker by sales Tata Motors rose 3.07%. The company on Thursday, 17 December 2009, reported a 62% jump in its total global sales in November 2009 to 75,775 units

Nifty below 5000

Today's major news

Hindustan Copper to raise Rs1,700 crore via follow-on public offer; the stock rises 2.27%.

Max India to consider preferential issue; the stock ends the day 2.52% higher.

Sun Pharmaceutical Industries skeptical on Taro’s current management's move: the stock jumps 1.12%.

Fortis completes Wockhardt Hospital acquisition; the stock closed the session 1.26% higher.

Tata Motors global sales rose by 62% in November 2009; the stock surges 3.16%.

Post-market summary

Global signals

European indices opened higher and traded firm with energy stocks taking the lead. At the time of writing this report FTSE 100 was trading 0.41% higher.

Except Taiwan Weighted, all other major Asian indices closed lower. SGX Nifty closed 45 points lower.

US stock futures opened marginally higher on Friday, that signals higher opening in the US markets.

Indian indices

On weak markets overseas, Nifty failed to sustain 5000 and ended marginally below the psychological level. The market remained range-bound for most part of the day before dipping sharply on feeble global indicators and selling pressure in realty and oil & gas stocks. The Sensex opened lower by 38 points and swung by 199 points for the day. The day’s high was16899 and the low was 16693. Sensex closed 174 points lower while Nifty wrapped the session 54 points lower at 4988.

Market sentiment

Declining shares outnumbered advancing ones. On the BSE, 1,650 stocks declined against 1,180 advancing stocks. Eighty five stocks closed unchanged.

Sectoral & stock screening

Health care stocks did well for the day with the index up by 1.32%. The other two sectors that were up for the day were consumer durable and auto. Rest of the 10 sectors were down, with oil and gas sector down by 2.06%, the most for any sector, to be followed by BSE Oil & Gas that fell by 1.74%.

Bajaj Holdings & Investments was the star stock of the day being up by 6.64% for the day to be followed by Lupin that was up by 4.82% and Essar Oil that rose by 4.19%. On losers list, Jain Irrigation topped, being down by 3.83% at the closing, to be followed by Pantaloon Retail that fell by 3.76% and Godrej Consumer that shed 3.52%.

Viewing volumes

Unitech, India’s second biggest realty company, saw highest trading with over 1.34 crore shares changing hands on the BSE to be followed by wind turbine maker Suzlon Energy (1.14 crore shares), industrial finance company IFCI (0.56 crore shares), Reliance Natural Resources (0.52 crore shares) and India’s no 1 realty company DLF (0.46 crore shares).

BSE Bulk Deals to Watch - Dec 18 2009

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
18/12/2009 524412 Aarey Drugs CHETAN KIRITBHAI MEHTA S 30000 44.22
18/12/2009 532759 Atlanta OPG SECURITIES P LTD B 127676 180.63
18/12/2009 532759 Atlanta OPG SECURITIES P LTD S 127676 180.81
18/12/2009 500035 Balaji Dist CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED B 573131 40.68
18/12/2009 500035 Balaji Dist EDELCAP SECURITIES LTD B 254375 41.22
18/12/2009 500035 Balaji Dist IDFC ARBITRAGE PLUS FUND B 254375 40.49
18/12/2009 531337 Channel Guide NEHA ANUPAM GUPTA S 34145 37.90
18/12/2009 533146 DLINK IND SMART EQUITY BROKERS PRIVATE LIMITED B 162276 43.65
18/12/2009 533146 DLINK IND OPG SECURITIES P LTD B 390674 43.82
18/12/2009 533146 DLINK IND SMART EQUITY BROKERS PRIVATE LIMITED S 162276 44.45
18/12/2009 533146 DLINK IND OPG SECURITIES P LTD S 390674 44.19
18/12/2009 526473 Elegant Flori PRATIMA BAPI ROY B 30000 3.34
18/12/2009 526473 Elegant Flori KRISHNA KANHAIYARAM GOPALRANGA S 44926 3.34
18/12/2009 504000 Elpro Intl KEDCO PROCESSORS PRIVATE LIMITED B 63540 601.22
18/12/2009 504000 Elpro Intl KEYNOTE COMMODITIES LTD S 65000 601.20
18/12/2009 532984 Enso Secutrack ASHISH BEGWANI B 104617 13.60
18/12/2009 532984 Enso Secutrack DESTINY SECURITIES LTD. S 94000 13.60
18/12/2009 530337 Exelon Infra KAMALA KANTA GUPTA B 23347 59.68
18/12/2009 530337 Exelon Infra KAMALA KANTA GUPTA S 23347 59.82
18/12/2009 530337 Exelon Infra VADLAMUDI SRIKRISHNA S 29300 59.50
18/12/2009 530945 Gangotri Iron PARESH SANATKUMAR RACHH B 95384 45.44
18/12/2009 530945 Gangotri Iron PARESH SANATKUMAR RACHH S 103645 45.69
18/12/2009 533048 GI ENGINERG KADAM HOLDING LTD S 96668 14.40
18/12/2009 526797 Greenply Inds HITESH SHASHIKANT JHAVERI B 218021 188.74
18/12/2009 526797 Greenply Inds HITESH SHASHIKANT JHAVERI S 216786 188.65
18/12/2009 517354 Havells India OPG SECURITIES P LTD B 325921 549.81
18/12/2009 517354 Havells India OPG SECURITIES P LTD S 325921 550.18
18/12/2009 532894 Indowind Ener TRANSGLOBAL SECURITIES LTD. B 332905 58.08
18/12/2009 532894 Indowind Ener TRANSGLOBAL SECURITIES LTD. S 332905 57.99
18/12/2009 530201 Kallam Spin HEMANT KUMAR GUPTA B 43930 27.33
18/12/2009 530201 Kallam Spin ICICI SECURITIES PRIMARY DEALERSHIP LIMITED S 111260 27.48
18/12/2009 530255 KAY Power KAUSHALYA GARG B 53600 9.93
18/12/2009 532740 Lokesh Machines NARESH KUMAR HUF B 178666 49.74
18/12/2009 532740 Lokesh Machines NARESH KUMAR HUF S 206909 49.31
18/12/2009 531996 Odyssey Corp GULAMALI EBRAHIM GHEEWALA S 28500 20.00
18/12/2009 531996 Odyssey Corp SANDHYA SANDEEP CHOKSHI S 27350 20.00
18/12/2009 531496 Omkar Overseas S N INVESTMENT B 50000 44.70
18/12/2009 531496 Omkar Overseas PRAKASH KUMAR DEVSHILAL SHETH B 41000 44.05
18/12/2009 531496 Omkar Overseas KRISHNA CAPSHARES PVT LTD B 38576 43.24
18/12/2009 531496 Omkar Overseas KRISHNA CAPSHARES PVT LTD S 38576 43.43
18/12/2009 531496 Omkar Overseas OMPARKASH GUPTA S 42520 44.62
18/12/2009 531496 Omkar Overseas HIREN KIRIT GANDHI S 105891 43.92
18/12/2009 517230 PAE PUNEET SECURITIES PRIVATE LIMITED B 59335 52.83
18/12/2009 517230 PAE ANGEL INFIN PRIVATE LIMITED B 50511 53.74
18/12/2009 517230 PAE HITESH SHASHIKANT JHAVERI B 207612 54.30
18/12/2009 517230 PAE JMP SECURITIES PVT LTD B 134260 53.45
18/12/2009 517230 PAE BP FINTRADE PRIVATE LIMITED B 154151 54.00
18/12/2009 517230 PAE PUNEET SECURITIES PRIVATE LIMITED S 57935 53.17
18/12/2009 517230 PAE ANGEL INFIN PRIVATE LIMITED S 48011 53.56
18/12/2009 517230 PAE HITESH SHASHIKANT JHAVERI S 180607 53.69
18/12/2009 517230 PAE JMP SECURITIES PVT LTD S 129260 54.24
18/12/2009 517230 PAE BP FINTRADE PRIVATE LIMITED S 137086 53.54
18/12/2009 511702 Parsharti Inv KRUPA SANJAY SONI B 17519 34.35
18/12/2009 526747 PG Foils KINOFOLK INDUSTRIES LTD. B 42064 41.44
18/12/2009 531855 Prabhav Inds JIMIT RAMESH SHAH B 300000 31.75
18/12/2009 531855 Prabhav Inds NATURAL EXPO AGRO INDUS LTD S 180000 32.02
18/12/2009 531855 Prabhav Inds SHREENATHJI FINSTOCK PVT LTD S 110000 31.75
18/12/2009 531855 Prabhav Inds KAVIT INVESTMENT PVT LTD S 70000 31.76
18/12/2009 503873 Priyadarshini Spn PRADEEP KR AGGARWAL B 106433 17.01
18/12/2009 503873 Priyadarshini Spn ABHI CAPITAL SERVICES LIMITED S 102483 17.01
18/12/2009 509220 PTL Enterprises SHREE RANI SATI INVESTMENT FINANCE LTD. B 499502 16.08
18/12/2009 509220 PTL Enterprises MILLENNIUN COMMERCIAL PVT LTD S 500000 16.08
18/12/2009 506618 Punjab Chem PRIMORE SOLUTIONS PVT.LTD B 32924 186.41
18/12/2009 506618 Punjab Chem MATRIX EQUITRADE PVT. LTD. B 38388 189.54
18/12/2009 506618 Punjab Chem MANSUKH STOCKS BROKERS LTD. B 27598 187.24
18/12/2009 506618 Punjab Chem PRIMORE SOLUTIONS PVT.LTD S 32924 186.76
18/12/2009 506618 Punjab Chem MATRIX EQUITRADE PVT. LTD. S 38388 189.60
18/12/2009 506618 Punjab Chem MANSUKH STOCKS BROKERS LTD. S 27598 187.96
18/12/2009 502587 Rama Pulp SUBHASH PHOOTARMAL RATHOD B 49838 33.08
18/12/2009 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 157092 33.36
18/12/2009 502587 Rama Pulp SHAILESH POPATLAL PATEL B 50000 32.70
18/12/2009 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA S 164422 32.97
18/12/2009 590077 Ranklin Sol T RAMESH KUMAR S 25678 51.32
18/12/2009 513295 Ruchi Strips IFCI LIMITED S 200000 11.85
18/12/2009 520151 Shreyas Ship ABHISHEK VIJAYKUMAR SHAH B 147224 38.24
18/12/2009 520151 Shreyas Ship ABHISHEK VIJAYKUMAR SHAH S 147224 38.84
18/12/2009 526479 SKY Inds MONIQUE GEMS P LTD B 27200 112.31
18/12/2009 526479 SKY Inds VIJAY JAMNADAS VORA S 23343 103.77
18/12/2009 512413 Spectacle Inds HEMANT MADHUSUDAN SHETH S 282000 78.91
18/12/2009 512048 Splash Media SUVUDHA SECURITIES PVT LTD S 17769 508.64
18/12/2009 532348 Subex MANJULA JAYNTILAL JAIN B 195608 88.23
18/12/2009 512257 Swasti Vinay Gem POONAM BAGARIA B 192624 4.81
18/12/2009 512257 Swasti Vinay Gem ASHIRWAD SHELTERS PVT. LTD. S 300000 4.75
18/12/2009 590020 Tera Software KBII SEC.PVT LTD B 150000 42.75
18/12/2009 590020 Tera Software VIKABH SECURITIES.PVT LTD S 150000 42.75
18/12/2009 532093 Venkat Pharma JYOTI PORTFOLIO LIMITED S 48014 6.09
18/12/2009 531874 Venus Ventures CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 35022 17.57
18/12/2009 531249 Well Pack Papers SHOBHNABEN R PARMAR B 27607 358.45
18/12/2009 531249 Well Pack Papers PANDYA YAMINIBEN M B 25144 360.30
18/12/2009 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR B 32501 358.28
18/12/2009 531249 Well Pack Papers SANTOSH VISHRAM GHADSHI B 23000 358.08
18/12/2009 531249 Well Pack Papers PANDYA YAMINIBEN M S 22364 359.11
18/12/2009 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR S 26181 357.08
18/12/2009 531249 Well Pack Papers SHREEDHAR YELLAIAH KODAM S 27000 359.04

NSE Bulk Deals to Watch - Dec 18 2009

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
18-DEC-2009,CENTENKA,Century Enka Ltd,SHARAD SHAH,BUY,214316,271.01,-
18-DEC-2009,CREWBOS,Crew B.O.S. Products Limi,FAIRDEAL INFIN SERVICES PVT LTD,BUY,79262,52.06,-
18-DEC-2009,GISOLUTION,GI Engineering Solutions,SHRI PARASRAM HOLDINGS PVT. LTD.,BUY,59000,14.53,-
18-DEC-2009,GLENMARK,Glenmark Pharma Ltd,SWISS FINANCE CORPORATION (MAURITIUS) LIMITED,BUY,2046000,262.30,-
18-DEC-2009,INDOWIND,Indowind Energy Limited,OM INVESTMENTS,BUY,326222,57.57,-
18-DEC-2009,INDOWIND,Indowind Energy Limited,TRANSGLOBAL SECURITIES LTD.,BUY,334574,57.75,-
18-DEC-2009,INDOWIND,Indowind Energy Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,281832,58.25,-
18-DEC-2009,IVRCLINFRA,IVRCL Infra & Proj Ltd,NORGES BANK A/C GOVERNMENT PETROLEUM FUND,BUY,855076,338.71,-
18-DEC-2009,LOKESHMACH,LOKESH MACHINES LIMITED,NARESH KUMAR HUF,BUY,268707,49.43,-
18-DEC-2009,LUMAXTECH,Lumax Auto Technologies L,FE SECURITIES PVT. LTD.,BUY,99230,70.75,-
18-DEC-2009,PAEL,PAE Limited,AJAY ASSET MANAGEMENT PRIVATE LIMITED,BUY,76852,54.11,-
18-DEC-2009,PAEL,PAE Limited,BHAVIN Y MEHTA,BUY,61464,53.99,-
18-DEC-2009,PAEL,PAE Limited,BP FINTRADE PRIVATE LIMITED,BUY,93117,53.98,-
18-DEC-2009,PAEL,PAE Limited,JINESH AJITKUMAR JAIN,BUY,58485,53.74,-
18-DEC-2009,PAEL,PAE Limited,JMP SECURITIES PVT LTD,BUY,192213,53.39,-
18-DEC-2009,PAEL,PAE Limited,MODEX INTERNATIONAL SECURITIES LTD.,BUY,66786,53.93,-
18-DEC-2009,PAEL,PAE Limited,VIJIT ASSET MANAGEMENT PRIVATE LIMITED,BUY,90010,54.25,-
18-DEC-2009,PUNJABCHEM,Punj Chem & Crop Prot Ltd,PRIMORE SOLUTIONS PVT.LTD,BUY,37580,186.31,-
18-DEC-2009,RPGLIFE,RPG Life Sciences Limited,RPG CELLULAR INVESTMENTS & HOL.P.LTD,BUY,100000,74.76,-
18-DEC-2009,SASKEN,Sasken Commu Techno Ltd,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD.,BUY,177867,182.44,-
18-DEC-2009,CREWBOS,Crew B.O.S. Products Limi,FAIRDEAL INFIN SERVICES PVT LTD,SELL,50262,52.49,-
18-DEC-2009,DLINKINDIA,D-Link India Ltd,Bharat Patel,SELL,199907,42.67,-
18-DEC-2009,DLINKINDIA,D-Link India Ltd,Gandiv Investment Pvt Ltd,SELL,302442,42.23,-
18-DEC-2009,DWARKESH,Dwarikesh Sugar Industrie,SHEFALI NARENDRA KAPADIA,SELL,94000,110.54,-
18-DEC-2009,GISOLUTION,GI Engineering Solutions,KADAM HOLDING LTD,SELL,77205,14.49,-
18-DEC-2009,INDOWIND,Indowind Energy Limited,OM INVESTMENTS,SELL,326222,57.63,-
18-DEC-2009,INDOWIND,Indowind Energy Limited,TRANSGLOBAL SECURITIES LTD.,SELL,334574,57.92,-
18-DEC-2009,INDOWIND,Indowind Energy Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,256832,57.37,-
18-DEC-2009,LOKESHMACH,LOKESH MACHINES LIMITED,NARESH KUMAR HUF,SELL,268707,49.20,-
18-DEC-2009,LUMAXTECH,Lumax Auto Technologies L,CRESTA FUND LTD.,SELL,202100,70.75,-
18-DEC-2009,PAEL,PAE Limited,AJAY ASSET MANAGEMENT PRIVATE LIMITED,SELL,76851,53.92,-
18-DEC-2009,PAEL,PAE Limited,BHAVIN Y MEHTA,SELL,61464,53.81,-
18-DEC-2009,PAEL,PAE Limited,BP FINTRADE PRIVATE LIMITED,SELL,119979,52.78,-
18-DEC-2009,PAEL,PAE Limited,JINESH AJITKUMAR JAIN,SELL,58485,53.78,-
18-DEC-2009,PAEL,PAE Limited,JMP SECURITIES PVT LTD,SELL,192213,54.15,-
18-DEC-2009,PAEL,PAE Limited,MODEX INTERNATIONAL SECURITIES LTD.,SELL,66786,53.79,-
18-DEC-2009,PAEL,PAE Limited,VIJIT ASSET MANAGEMENT PRIVATE LIMITED,SELL,90010,53.49,-
18-DEC-2009,PUNJABCHEM,Punj Chem & Crop Prot Ltd,PRIMORE SOLUTIONS PVT.LTD,SELL,37580,186.45,-
18-DEC-2009,RPGLIFE,RPG Life Sciences Limited,OFFSHORE INDIA LTD.,SELL,100000,74.73,-
18-DEC-2009,SASKEN,Sasken Commu Techno Ltd,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD.,SELL,177867,182.15,-

Sensex off nearly 3% from recent high

The key benchmark indices drifted lower today on speculation the central bank would tighten monetary policy to help stem rising prices. The yield on the 10-year benchmark bond rose to 7.7%, matching a 13-month high hit on 11 December 2009. The 10-year bond yield had ended at 7.64% on Thursday, 17 December 2009.

The S&P CNX Nifty fell below the psychological 5,000 mark. The BSE Sensex fell 174.42 points or 1.03%, off close to 180 points from the day's high and up close to 25 points from the day's low. Two index heavyweights, Reliance Industries (RIL) and ICICI Bank, slumped. FMCG, banking and realty stocks fell. The market breadth turned weak in contrast to a strong breadth earlier in the day.

Intraday volatility was high. The market cut losses soon after an early slide. The market came off the higher level later. The market recovered from lower level after hitting a fresh intraday low in morning trade. The market slumped, reversing course after moving into positive zone from negative zone for a short while in afternoon trade. The market extended losses in late trade with the Sensex ending at the lowest level of the day.

India VIX, a volatility index based on the S&P CNX Nifty index option prices, declined 2.17% to 26.66. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days

Rumors of a Pakistan coup sparked by a government minister being barred from leaving the country were dismissed on Friday after briefly causing flutters in financial markets. Political tension has risen in Pakistan since the Supreme Court on Wednesday, 16 December 2009, struck down an amnesty that protected President Asif Ali Zardari, several of his ministers and thousands of others from corruption charges. A spokesman for Pakistan President denied rumours there had been a coup.

Meanwhile, the International Monetary Fund said on Thursday that a fragile global economic recovery is underway. It said a double-dip recession is unlikely. IMF spokeswoman Caroline Atkinson said that questions remained about the sustainability of the recovery, which has so far been driven by policy actions by various governments and central banks.

Closer home, the finance ministry said in a report to parliament that current levels of capital inflows into India can be managed without "significant costs". Raising interest rates could attract more capital into India and complicate policymaking, the report said. The finance ministry, said the central bank was facing a dilemma on timing its exit from an easy money policy, and the challenge was to support the recovery of the economy without compromising on price stability.

The country needs to focus on expenditure reforms to cut its high fiscal deficit, the finance ministry noted in a report presented in parliament on Friday. The goverrnment is aiming to cut its fiscal deficit to 5.5% of gross domestic product in the fiscal year 2010/11 (April-March), from 6.8% estimated for 2009/10.

The report said pressure on food prices was likely to continue and food imports could help stem price rises. The economy could grow more than 7.75% in the fiscal year to March 2010, the finance ministry said. The ministry said the Economic Survey 2008/09 in July had projected GDP growth could be around 7%, with an allowance of 0.75 percentage points on either side. "With the latest GDP data on Q2 (July-Sept) of 2009/10 being higher at 7.9 percent, the growth outlook for the next two quarters and for the whole year is likely to be in the upper bound of the range predicted; and may even exceed it," the report said.

Finance Minister Pranab Mukherjee said on Friday that containing inflation is high on the government's agenda and the government is monitoring the price situation. Reserve Bank of India (RBI) Governor Duvvuri Subbarao will reportedly meet the Finance Minister on Friday night. The meeting comes amid speculation that the RBI could tighten monetary policy to help stem rising prices.

Food prices rose 19.95% in the year to 5 December 2009, picking up from a 19.05 % rise a week earlier, weekly data showed on Thursday. The data reinforced market expectations the central bank would tighten policy as early as January 2010. The government is under pressure from opposition parties and allies to contain inflation, especially politically sensitive food prices which are hurting poorer sections in the country.

Monthly data for November this week showed manufacturing prices rose an annual 4%, a sign the building economic recovery is allowing firms to pass on higher costs. The annual wholesale price inflation, which stood at 1.34% in October 2009, rose to 4.78% in November 2009.

Food prices are jumping because of shortages after crops were hit by the weakest monsoon rains in 37 years and then flooding in parts of the country, but the price rises come as the economy is picking up strength after a dip in late 2008 and early 2009.

Subbarao has said that monetary policy was not the right tool to fix supply problems such as food shortages, but has also noted the risk that if soaring food prices were factored into expectations for other prices, it would create inflation pressures through the economy. The central bank holds its next policy meeting in late January, but it can adjust monetary policy at any time.

Meanwhile, the two main bourses the Bombay Stock Exchange and the National Stock Exchange have postponed by more than two weeks their move to bring forward the start of trading by 55 minutes, after strong protests from brokers. Extended trading on the two premier stock exchanges in the country will now begin on 4 January 2010, instead of the earlier planned 18 December 2009.

The two exchanges had late on Wednesday, 16 December 2009, announced extension of trade timing in equity and derivative segments by almost an one hour to 9:00 IST effective from Friday, 18 December 2009. The move was to align the timings with that in major Asian markets.

European equities drifted higher on Friday, with stronger energy shares on the back of firmer crude oil prices outpacing a weaker financials. The key benchmark indices in France, Germany and UK rose by between 0.29% to 1.02%.

The Ifo Institute's closely watched indicator of German business sentiment rose to 94.7 in December from 93.9 in November, according to media reports on Friday. Economists had forecast a rise to 94.5.

France's business sentiment index declined to 89 in December from 90 in November, according to the monthly survey by the French National Institute of Statistics and Economic Studies (Insee) released on Friday. Analysts expected the index to be at 91 in December. The business climate indicator remains below its long-term average, Insee said in a statement.

Asian stocks fell on Friday on concerns banks will need to raise more equity and FedEx Corp. forecast profit that missed analysts' estimates. The key benchmark indices in China, Hong Kong, Indonesia, Japan, South Korea, Singapore fell by between 0.05% to 2.05%. But, Taiwan's Taiwan Weighted rose 0.15%.

The Bank of Japan on Friday unanimously voted to keep its overnight call-rate target at 0.1% as widely expected, left its overall assessment of Japan's economy unchanged, and emphasized the need to pull Japan out of deflation - perhaps laying the groundwork for more easing ahead.

Trading in US index futures indicated Dow could rise 50 points at the opening bell on Friday, 18 December 2009.

US markets edged lower on Thursday as the dollar gained and jobless claims rose more than expected. Financials were among the hardest hit. The Dow slipped 132.86 points, or 1.3%, to 10,308.26. The broader Standard & Poor's 500 index was down 13.10 points, or 1.2%, to 1,096.08, and the Nasdaq Composite Index fell 26.89 points, or 1.2%, to 2,180.05.

Driving some of the losses in the US markets was the jobless claims data, which unexpectedly rose 7,000 to a seasonally adjusted 4,80,000, in the week ended 12 December 2009.

The loss for banks also came as a proposal for tighter global capital standards was published. The Basel Committee on Banking Supervision on Thursday published their proposals on bank capital and liquidity rules. The fully calibrated set of standards will be developed by the end of 2010 to be phased in as financial conditions improve and the economic recovery is assured, with the aim of implementation by end-2012. It stressed that it's still considered different proposals. Requirements for the trading book, resecuritizations and exposures to off-balance sheet conduits are to be implemented by the end of 2010.

The BSE Sensex fell 174.42 points or 1.03% to 16719.83. The Sensex fell 201.19 points at the day's low of 16693.06. The Sensex rose 4.94 points at the day's high of 16,899.19 in afternoon trade.

The S&P CNX Nifty fell 54.05 points or 1.07% to 4,987.70.

The market breadth, indicating the overall health of the market turned weak. The breadth was strong earlier in the day. On BSE, 1172 shares advanced as compared with 1658 that declined. A total of 85 shares remained unchanged.

Among the 30-member Sensex pack, 24 fell while rest rose.

BSE clocked a turnover of Rs 4546 crore, a tad higher than turnover of Rs 4517.99 crore on Thursday, 17 December 2009.

From a recent high of 17,227.68 on 8 December 2009, the Sensex has lost 507.85 points or 2.94% to the current level of 16,719.83.

A deluge of global liquidity has boosted stocks across the globe this year. Governments and central banks around the world have injected trillions of dollars in the past one year to pull the world out of a most severe recession since the 1930s Great Depression. The Sensex is up 7072.52 points or 73.31% in calendar year 2009, as on 18 December 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 8559.43 points or 104.88% as on 18 December 2009.

Coming back to today's trade, the BSE Mid-Cap index fell 0.66% and the BSE Small-cap index fell 0.38% Both the indices outperformed the Sensex.

The sectoral indices on BSE showed a mixed trend. The BSE Healthcare index (up 1.32%), the BSE Consumer Durables index (up 0.53%), the BSE Auto index (up 0.27%), the BSE IT index (down 0.62%), the BSE Capital Goods index (down 0.63%), the BSE Power index (down 0.68%), the BSE Teck index (down 0.91%), the BSE Metal index (down 0.97%), the BSE PSU index (down 1.02 %), outperformed the Sensex.

The BSE Realty index (down 2.06%), the BSE Oil & Gas index (down 1.74%), the BSE FMCG index (down 1.23%), the BSE Bankex (down 1.22%), underperformed the Sensex.

India's largest private sector firm by market capitalisation Reliance Industries (RIL) fell 2.28%. Reliance Industries' efforts to buy a controlling stake in bankrupt petrochemical maker LyondellBasell has reportedly got a bit complicated, as the Netherlands-based company submitted a new reorganisation plan to a court in the US, even as the Indian company evaluates a binding bid.

The new plan of Lyondell to emerge from bankruptcy through a rights issue and payment of its huge debt does not preclude Reliance from proceeding with its plans.

Reliance Industries told the Supreme Court on Thursday that the government can even undo a judicial verdict, if it is held that it has no powers to regulate gas prices based on production sharing contracts.

RIL counsel Harish Salve made this assertion before the three-member bench of Chief Justice K.G. Balakrishnan, in his counter-arguments in the legal battle with Reliance Natural Resources (RNRL) over gas supplies from the Krishna-Godavari basin. The RIL counsel also sought to refute RNRL's claim over a suitable bankable agreement on gas supplies with RIL for 28 million units for 17 years at $2.34 per unit.

Realty stocks fell on profit taking. India's largest realty player by market capitalization DLF fell 1.97%, extending Wednesday's sharp 3.7% decline. DLF has announced a merger of its commercial realty arm DLF Assets (DAL) with itself a move aimed at repaying some of DAL's debt. The new structure involves the merger of DLF subsidiary DLF Cyber City Developers with Caraf Builders and Constructions, which is the holding company of DAL. The valuation ratio approved by the board for Cyber City and Caraf is in the ratio of 60:40.

This means that DLF shareholders will have access to 60% and promoters to 40% of the merged entity. However, this will be a cashless transaction. DLF sells commercial property to DAL, which is controlled by KP Singh who owns 78% in the latter along with his son and DLF promoter Rajeev Singh. DAL buys commercial property from DLF and collects lease rentals from it. With this merger, the debt on DLF's books would be an additional Rs 2,460 crore.

Among other realty stocks, Indiabulls Real Estate, Phoenix Mills, Unitech and Omaxe fell by between 0.23% to 3.03%.

India's largest FMCG maker by sales Hindustan Unilever fell 1.86% The company paid Rs 200 crore as advance tax in third quarter versus Rs 155 crore same quarter last year.

Among other FMCG stocks ITC, Godrej Cosumer HealthCare, United Spirits and Nestle India fell by between 0.73% to 3.52%.

Banking shares fell on a likely monetary tightening by the RBI. India's second largest private sector bank by net profit HDFC Bank was down 0.48% as its ADR fell 4.14% on Thursday. The bank's Q3 advance tax jumped to Rs 400 crore from Rs 300 crore.

India's largest bank by net profit and branch network State Bank of India was down 0.95%. The state-run bank paid advance tax of Rs 1795 crore versus Rs 1700 crore.

India's largest private sector bank by net profit ICICI Bank fell 2.02% The bank's Q3 advance tax fell to Rs 301 crore from Rs 625 crore. Its ADR fell 2.65% on Thursday. ICICI Bank has launched a home-loan scheme under which 8.25% interest rate will be fixed for the first two years. The floating rates will apply after 2 years. These rates will be applicable to loans sanctioned between December 2009 and January 2010.

Auto stocks fell on profit taking. India's top tractor marker by sales Mahindra & Mahindra (M&M) fell 0.22%. The company paid Rs 195 crore as advance tax in third quarter versus Rs 4.5 crore same quarter last year. M&M has forayed into the aerospace business by acquiring majority stakes in two Australian companies, Aerostaff Australia and Gippsland Aeronautics. Mahindra Aerospace (MAPL), in which Kotak Private Equity has also invested Rs 150 crore, will hold 75% stake in each of the two Aussie companies. The remaining will be held by the existing managements. The payments will be made in installments.

India's largest small car maker by sales Maruti Suzuki India fell 0.24% extending recent losses. Suzuki Motor Corp and Volkswagen AG will start detailed discussions over joint projects after 10 January 2010, Suzuki CEO Osamu Suzuki said on Wednesday. Japan's Suzuki Motor said on 9 December 2009 it will sell a 19.9% stake to Volkswagen (VW) for $2.5 billion and use half the proceeds to buy shares in the German automaker, as the two firms form a formidable force in the auto industry. Japan's Suzuki has a 54.2% stake in Maruti Suzuki India.

Maruti's total vehicle sales spurted 66.60% to 87,807 units in November 2009 over November 2008. Domestic sales spurted 60.10% to 76,359 units, while exports surged 128.60% to 11,448 units in November 2009 over November 2008.

India's second largest bike maker by sales Bajaj Auto fell 1.39%. Bajaj Auto will reportedly stop producing scooters by March 2010 to focus on motorcycles.

Bajaj Auto on 9 December 2009 launched a 135 cc Pulsar, pushing the Pulsar brand into the mass segment. Bajaj expects a sell a minimum 30,000 units per month of the new Pulsar model. The automaker had recently refreshed the entire Pulsar lineup and expects total Pulsar sales to cross 80,000 units per month.

The company's total vehicle sales rose 73% to 2.76 lakh units in November 2009 over November 2008. Motorcycles sales jumped 84% to 2.42 lakh units.

But, India's largest motorcycle maker by sales Hero Honda Motors rose 0.62%. The company's total vehicle sales jumped 32% to 3.81 lakh units in November 2009 over November 2008.

India's top truck maker by sales Tata Motors rose 3.16% after the company on Thursday reported a 62% jump in its total global sales in November 2009 to 75,775 units. The company paid Rs 100 crore as advance tax in third quarter versus Nil same quarter last year.

Car sales in India rose an annual 61% to 1,33,687 in November 2009 over November 2008, boosted by improved consumer sentiment, easier availability of loans and a low sales base a year earlier, an industry body said on Tuesday. Sales of trucks and buses, a gauge of economic activity, doubled to 40,847 units in November from 20,631 a year earlier, data from the Society of Indian Automobile Manufacturers showed.

India's largest cement maker by sales ACC fell 0.5%. The company's Q3 advance tax was at Rs 110 crore, lower than Rs 125 crore in the same period last year.

Among other cement stocks, Birla Corporation, UltraTech Cement and Ambuja Cements fell by between 0.55% to 1.45%.

Cement prices are reportedly seen hardening in the January-March 2010 quarter as demand from state projects picks up and rural housing drives volume growth. Prices went up by Rs 8-10 for a 50 kg bag southern India late November to Rs 155-175, while a similar hike in Mumbai on 2 December 2009 raised prices to Rs 240-245 per bag.

India's largest thermal power generator by sales NTPC fell 0.29%. As per reports the government plans to mop up around Rs 11,000 crore from the disinvestment of 5% stake in the utility giant.

Among other power stocks, Torrent Power, Reliance Infrastucture, Power Grid Corporation of India fell by between 0.19% to 1.85%.

IT stocks rose on a recent slide of the rupee against the US dollar. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports. India's third largest software services exporter Wipro rose 0.27% as its ADR rose 2.93% on Thursday. India's largest IT exporter by sales Tata Consultancy Services rose 0.67%. The company's Q3 advance tax surged to Rs 177 crore from Rs 129 crore.

But, India's second largest software services exporter Infosys Technologies fell 1.36%. Its ADR fell 0.33% on Thursday. Infosys Technologies expects revenue growth in the fiscal year starting in April to be better than 2009/10 as a recovery in the global economy spurs investments by its clients, Subhash Dhar, senior vice-president and head of global sales and marketing said.

The rupee tuned stronger, shedding initial weakness against dollar. The partially convertible rupee was at 46.72/73 per dollar, stronger than Thursday's close of 46.88/89.

India's largest engineering and construction firm by sales Larsen & Toubro fell 0.49% extending Thursday's 1.33% decline. The company paid Rs 270 crore as advance tax in third quarter versus Rs 210 crore same quarter last year.

Among other capital goods stocks, BEML, Praj Industries, Bharat Heavy Electricals, fell by between 0.59% to 1.97%.

Telecom shares fell for the second straight day after new entrant Sistema Shyam Teleservices extended the tariff war in the telecom segment. Idea Cellular (down 1.81%), Bharti Airtel (down 1.89%), and Reliance Communication (down 1.09%), declined. Sistema Shyam Teleservices (SSTL), which operates under the MTS brand, on Wednesday, 16 December 2009, launched mobile telephony services in Mumbai.

Telecom stocks have taken a severe pounding recently following concerns that the ongoing tariff war will further shrink revenues and margins of telecom companies.

Metal stocks fell after LMEX, a gauge of six metals traded on the London Metal Exchange, fell 2.23% on Thursday, 17 December 2009. Sterlite Industries, Hindustan Zinc, National Aluminum Company fell by between 1.65% to 2.2%.

India's largest aluminum maker by sales Hindalco Industries fell 1.46%. The company paid Rs 100 crore as advance tax in third quarter versus Rs 40 crore same quarter last year.

India's largest steel maker by sales Tata Steel fell 0.14%. The company's European unit Corus secured a 350 million euro contract to supply rails tracks to French railway operator SNCF. Meanwhile, Tata Steel paid Rs 650 crore as advance tax in third quarter versus Rs 260 crore same quarter last year.

Unitech clocked highest volume of 1.34 crore shares on BSE. Cals Refineries (1.21 crore shares), Suzlon Energy (1.14 crore shares), Wire & Wireless (0.68 crore shares), IFCI (0.56 crore shares) were the other volume toppers in that order.

Havells India clocked highest turnover of Rs 173.07 crore on BSE. DLF (Rs 164.94 crore), Sate Bank of India (125.39 crore), Housing Development & Infrastructure (Rs 123.66 crore) and Tata Steel (Rs 120.89 crore), were the other turnover toppers in that order.

Sanghvi Movers

We recommend a buy in Sanghvi Movers stock from a short-term horizon. It is apparent from the charts of the stock that from its 52-week low of Rs 59.6 recorded in March, it has been on a steady intermediate-term uptrend. Moreover, the stock's medium and short-term trend also is up. In early December it conclusively surpassed its long-term resistance level at Rs 200 accompanied with good volume and is trading way above its 21 and 50-day moving averages. The stock reinforced its uptrend by gaining 4 per cent on December 17. The daily and weekly relative strength indices are featuring in the bullish zone. Both the daily and weekly moving average and convergence indicators are hovering in the positive territory showing signs of bullishness. Considering that the stock's intermediate-term up trendline is intact we are bullish from a short-term perspective. We expect it to move up further until it hits our price target of Rs 248 in the approaching trading session. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 213.

via BL

SGX Nifty Live Update - Dec 18 2009

5,029.00 -1.00