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REC FPO Subscription Details

Sr.No.	Category	No.of shares offered/reserved	No. of shares bid for	No. of times of total meant for the category
1	Qualified Institutional Buyers (QIBs)	85691000	472770180	5.5172
1(a)	Foreign Institutional Investors (FIIs)		177154140
1(b)	Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies)		232162830
1(c)	Mutual Funds		63208140
1(d)	Others		245070
2	Non Institutional Investors	25707300	52808640	2.0542
2(a)	Corporates		32055300
2(b)	Individuals (Other than RIIs)		12959610
2(c)	Others		7793730
3	Retail Individual Investors (RIIs)	59983700	13776810	0.2297
3(a)	Cut Off		0
3(b)	Price Bids		13776810
4	Employee Reservation	350000	298590	0.8531
4(a)	Cut Off		0
4(b)	Price Bids		298590

Reverse countdown for budget begins; market dull

Today's major news

FMCG major ITC to launch Sunfeast noodles; the stock rises 0.47%

ICICI Bank expects 15% credit growth in FY2011; the stock jumps 1.64%

Siemens wins power contract; the stock closes 1.53% higher

Elecon bags orders worth Rs23 crore; the stock slides 2.53%

HCL Technologies inks pact with Electrolux; the stock slips 0.15%

Click here for more stories

Post-market summary

Global signals

European stocks slid on early trades on the back of banks offsetting gains in food producers. At the time of writing this report, FTSE 100 was down 0.04%.

All the major Asian indices except Nikkei and Shanghai Composite closed higher. SGX Nifty closed 29 points up.

US stock futures opened high pointing to a stronger start for Wall Street.

Indian indices

In what could be defined as a rather dull session, the Sensex swung within a very tight band of around 150 points. On weak cues from overseas markets, the domestic market opened lower but posted a strong recovery to get positive. For the rest of the day it traded in a very tight range though in green. The day’s high was 16324 and investors showed interest in realty and metal stocks. The day’s low was 16178. At closing bell, the Sensex was at 16286, 49 points higher while Nifty was at 4870, only 13 points higher.

Market sentiment

Despite ending high, the advance/decline ratio, the number of advancing shares to declining shares, was negative. Of the 2,907 stocks traded on BSE, where only 889 stocks advanced, 1,924 stocks declined. Ninety-four stocks remained unchanged.


Sectoral & stock screening

In a listless trading, which at times appeared to have come to a grinding halt, real estate and metal stocks played crucial role in keeping the market up. BSE Realty and BSE Metal was up by 0.96% and 0.72% respectively. On wide anticipation of rollback of excise concession BSE Auto slid the most—by 1.82%. The remaining sectors were either marginally up or down.

On the stocks' front, Bajaj Holdings surged the most—by 3.94%—followed by KSK Energy, which rose 3.91%, and Sesa Goa that jumped 3.31%. On the losers’ list, Rashtriya Chemicals & Fertilisers was hit the most-- by 5.03%--followed by Educomp Solutions, which slid 4.90% and Bajaj Auto that declined 4.03%.

Viewing volumes

Unitech, India’s second largest realty company, was the most actively traded share with over 55.58 lakh shares changing hands on BSE followed by wind power major Suzlon Energy (31.79 lakh shares), public sector unit Rashtriya Chemicals and Fertilisers (26.34 lakh shares) and Chambal Fertilisers & Chemicals (25.75 lakh shares) and no 1 real estate company DLF (24.48 lakh shares).

NSE Bulk Deals to Watch - Feb 23 2010

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
23-FEB-2010,AQUA,Aqua Logistics Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,181763,238.72,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,ALIVE CONSULTANTS ALIVE,BUY,185647,237.12,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,AMAR MUKESHBHAI SHAH,BUY,115093,239.27,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,BUY,259911,238.42,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,BP FINTRADE PRIVATE LIMITED,BUY,390197,239.57,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,146666,236.84,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,CPR CAPITAL SERVICES LTD.,BUY,116058,234.70,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,DEEPAK SHANTILAL CHHEDA,BUY,125993,237.05,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,DINESH MUNJAL(HUF),BUY,193954,237.48,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,G RAMAKRISHNA,BUY,214001,236.79,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,913932,236.81,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,GHALLA BHANSALI STOCK BROKERS PRIVATE LIMITED,BUY,105257,235.82,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,INDIA ADVANTAGE SECURITIES LTD.,BUY,152751,237.99,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,INDRA KUMAR BAGRI,BUY,140100,232.58,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,JHAVERI TRADING AND INVESTMENT PVT LTD,BUY,290588,236.27,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,JINESH SHAH,BUY,105500,238.63,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,311683,233.23,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,LISTO HOLDINGS PRIVATE LIMITED,BUY,115000,241.29,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,LOPA SAUMIL BHAVNAGARI,BUY,107750,235.94,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MANAN P DALAL,BUY,109728,237.01,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,394251,236.61,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,397885,238.63,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MLB CAPITAL PRIVATE LIMITED,BUY,103106,238.18,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MUKUL RAMVALLABH TIBREWALA,BUY,377955,237.74,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,NAMAN SECUIRIES & FIN PVT.LTD,BUY,174200,235.23,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,262696,237.41,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,OM INVESTMENTS,BUY,161160,238.00,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PILOT CONSULTANTS PRIVATE LIMITED,BUY,195000,233.97,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PINAC STOCK BROKERS PVT LTD,BUY,247432,237.16,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PR VYAPAAR LIMITED,BUY,870000,238.03,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PRB SECURITIES PRIVATE LTD.,BUY,145440,234.91,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PYRAMID SALES PVT. LTD,BUY,435000,231.79,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,R APPALA RAJU,BUY,150000,241.26,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,R.M. SHARE TRADING PVT LTD,BUY,219624,237.67,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,REAL GAINS FINANCIAL SERVICES LIMITED,BUY,125000,236.17,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,REGENT FINANCE CORPORATION PVT. LTD.,BUY,342000,238.10,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,SANJAY BHANWARLAL JAIN,BUY,176533,238.56,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,SHANKAR GROWTH FUND LTD,BUY,398400,236.76,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,SURAJ STOCK BROKING LIMITED,BUY,142000,236.25,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,SURJIT SINGH REKHI,BUY,307182,241.00,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,227018,238.23,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,TRIPTI SINGHVI,BUY,945754,238.01,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,VIJIT SHARES AND COMMODITIES PVT.LTD.,BUY,122113,240.49,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,VISHAL KISHORE BHATIA,BUY,136000,234.11,-
23-FEB-2010,ATUL,Atul Ltd.,AVNI A.KORADIA,BUY,154000,94.62,-
23-FEB-2010,ATUL,Atul Ltd.,OM INVESTMENTS,BUY,227446,92.32,-
23-FEB-2010,BIL,Bhartiya Intl Limited,JINESH MATALIA,BUY,45000,79.00,-
23-FEB-2010,DHAMPURSUG,DHAMPUR SUGAR MILLS LTD,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,BUY,328000,106.29,-
23-FEB-2010,EDELWEISS,Edelweiss Capital Limited,SHAH RASHESH CHANDRAKANT,BUY,925000,417.50,-
23-FEB-2010,GDL,Gateway Distriparks Limit,THE ROYAL BANK OF SCOTLAND PLC AS DEPOSITORY OF FIRST STATE,BUY,644646,129.00,-
23-FEB-2010,KALINDEE,Kalindee Rail Nirman (Eng,BP FINTRADE PRIVATE LIMITED,BUY,75546,193.81,-
23-FEB-2010,KALINDEE,Kalindee Rail Nirman (Eng,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,BUY,64076,193.93,-
23-FEB-2010,OISL,OCL Iron and Steel Limite,BP FINTRADE PRIVATE LIMITED,BUY,699209,29.41,-
23-FEB-2010,SYNCOM,Syncom Healthcare Ltd,PINAC STOCK BROKERS PVT LTD,BUY,89127,73.00,-
23-FEB-2010,THANGAMAYL,Thangamayil Jewellery Ltd,BHARAT SECURITIES PVT LTD,BUY,90796,65.52,-
23-FEB-2010,THANGAMAYL,Thangamayil Jewellery Ltd,TEAM INDIA MANAGERS LIMITED,BUY,67336,65.58,-
23-FEB-2010,TWL,Titagarh Wagons Limited,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,180470,403.03,-
23-FEB-2010,TWL,Titagarh Wagons Limited,GENUINE STOCK BROKERS PVT LTD,BUY,129943,405.15,-
23-FEB-2010,TWL,Titagarh Wagons Limited,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,126423,405.30,-
23-FEB-2010,TWL,Titagarh Wagons Limited,OM INVESTMENTS,BUY,106553,404.84,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,181763,238.92,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,ALIVE CONSULTANTS ALIVE,SELL,185647,237.85,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,AMAR MUKESHBHAI SHAH,SELL,115093,239.69,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,ASHWIN STOCKS AND INVESTMENT PRIVATE LIMITED,SELL,157011,234.45,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,BP FINTRADE PRIVATE LIMITED,SELL,386775,239.71,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,146666,236.95,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,CPR CAPITAL SERVICES LTD.,SELL,116058,234.73,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,DEEPAK SHANTILAL CHHEDA,SELL,125993,236.84,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,DINESH MUNJAL(HUF),SELL,193954,237.17,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,G RAMAKRISHNA,SELL,214001,236.32,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,913932,237.01,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,GHALLA BHANSALI STOCK BROKERS PRIVATE LIMITED,SELL,105257,235.85,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,INDIA ADVANTAGE SECURITIES LTD.,SELL,152751,238.05,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,INDRA KUMAR BAGRI,SELL,140100,230.81,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,JHAVERI TRADING AND INVESTMENT PVT LTD,SELL,290588,236.47,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,JINESH SHAH,SELL,105500,237.07,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,311683,233.30,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,LISTO HOLDINGS PRIVATE LIMITED,SELL,115000,236.97,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,LOPA SAUMIL BHAVNAGARI,SELL,107750,236.48,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MANAN P DALAL,SELL,109728,237.06,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,394251,236.67,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,397885,238.77,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MERIT CREDIT CORPORATION LTD,SELL,201148,235.05,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MLB CAPITAL PRIVATE LIMITED,SELL,102106,238.72,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,MUKUL RAMVALLABH TIBREWALA,SELL,377955,237.37,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,NAMAN SECUIRIES & FIN PVT.LTD,SELL,174200,234.48,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,254696,237.24,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,OASIS SECURITIES LIMITED,SELL,217811,237.37,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,OM INVESTMENTS,SELL,161160,238.11,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PHEIM ASSET MANAGEMENT ASIA PTE LIMITED A C PHEIM AIZAWA AS,SELL,138350,233.51,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PILOT CONSULTANTS PRIVATE LIMITED,SELL,95701,245.95,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PINAC STOCK BROKERS PVT LTD,SELL,247432,238.73,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PR VYAPAAR LIMITED,SELL,400000,241.25,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PRB SECURITIES PRIVATE LTD.,SELL,145440,235.18,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,PYRAMID SALES PVT. LTD,SELL,170000,237.51,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,R APPALA RAJU,SELL,150000,239.62,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,R.M. SHARE TRADING PVT LTD,SELL,219621,237.86,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,REGENT FINANCE CORPORATION PVT. LTD.,SELL,342000,239.65,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,SANJAY BHANWARLAL JAIN,SELL,176533,238.52,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,SHANKAR GROWTH FUND LTD,SELL,358400,233.78,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,SURAJ STOCK BROKING LIMITED,SELL,62000,234.51,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,SURJIT SINGH REKHI,SELL,307182,240.40,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,226165,238.44,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,TRIPTI SINGHVI,SELL,945754,238.69,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,VIJIT SHARES AND COMMODITIES PVT.LTD.,SELL,99613,238.60,-
23-FEB-2010,AQUA,Aqua Logistics Ltd,VISHAL KISHORE BHATIA,SELL,136000,234.49,-
23-FEB-2010,ATUL,Atul Ltd.,AVNI A.KORADIA,SELL,30000,94.82,-
23-FEB-2010,ATUL,Atul Ltd.,OM INVESTMENTS,SELL,227446,92.39,-
23-FEB-2010,BIL,Bhartiya Intl Limited,JINESH ASHWIN MATALIA,SELL,45000,79.00,-
23-FEB-2010,EDELWEISS,Edelweiss Capital Limited,OAK HOLDINGS PRIVATE LIMITED,SELL,925000,417.50,-
23-FEB-2010,KALINDEE,Kalindee Rail Nirman (Eng,BP FINTRADE PRIVATE LIMITED,SELL,75096,194.30,-
23-FEB-2010,KALINDEE,Kalindee Rail Nirman (Eng,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,SELL,64075,193.97,-
23-FEB-2010,OISL,OCL Iron and Steel Limite,BP FINTRADE PRIVATE LIMITED,SELL,712709,29.61,-
23-FEB-2010,SYNCOM,Syncom Healthcare Ltd,PINAC STOCK BROKERS PVT LTD,SELL,89127,73.05,-
23-FEB-2010,THANGAMAYL,Thangamayil Jewellery Ltd,BHARAT SECURITIES PVT LTD,SELL,90796,65.56,-
23-FEB-2010,THANGAMAYL,Thangamayil Jewellery Ltd,TEAM INDIA MANAGERS LIMITED,SELL,71197,65.29,-
23-FEB-2010,TWL,Titagarh Wagons Limited,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,180470,403.19,-
23-FEB-2010,TWL,Titagarh Wagons Limited,GENUINE STOCK BROKERS PVT LTD,SELL,129943,405.37,-
23-FEB-2010,TWL,Titagarh Wagons Limited,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,126426,405.52,-
23-FEB-2010,TWL,Titagarh Wagons Limited,OM INVESTMENTS,SELL,106553,405.02,-

ICICI Bank, HDFC lifts Sensex higher

Indian equities continued to rise for the second day on Tuesday.The benchmark index Sensex ended on a positive note led by heavyweights Sun Pharmaceutical Industries, DLF and ICICI Bank Auto, consumer durables, and oil & gas stocks dropped, while realty, metal and healthcare stocks edged lower. After a negative start, the index turned into green and remained rangebound throughout the day. Buying was seen in select frontliners. Not much movements seen in the markets today. Finally it closed in green after touching a high of 16,324.93. All eyes on railway budget to be announced tomorrow.

On global front, European stocks rose for the tenth time in 12 days before a report that may show German business confidence climbed to a 19-month high. US index futures advanced.

At the close, the benchmark 30-share index, BSE Sensex gained 49.27 points or 0.30% at 16,286.32 with 18 components registering rise. Meanwhile, the broad based NSE Nifty climbed by 13.65 or 0.28% at 4,870.05 with 28 components posting rise (updated as on 16.03).

Sensex Movers

ICICI Bank contributed rise of 20.26 points in the Sensex. It was followed by Housing Development Finance Corporation (11.02 points), Sterlite Industries (India) (5.94 points), Infosys Technologies (5.75 points) and Bharat Heavy Electricals (5.73 points).

However, Reliance Industries contributed fall of 8.72 points in the Sensex. It was followed by Maruti Suzuki India (8.61 points), Mahindra & Mahindra (3.49 points), Reliance Infrastructure (2.54 points) and Tata Motors (2.24 points).

Biggest gainers in the 30-share index were Sun Pharmaceutical Industries (2.37%), DLF (1.67%), ICICI Bank (1.64%), Sterlite Industries (India) (1.58%), Housing Development Finance Corporation (1.29%), and Wipro (1.15%).

On the other hand, Maruti Suzuki India (3.24%), Reliance Energy (1.32%), Mahindra & Mahindra (1.25%), Hero Honda Motors (0.87%), Tata Motors (0.83%), and Hindustan Unilever (0.47%) were the major losers in the Sensex.

Mid & Small-cap Space

The BSE Midcap index was at 6356.53 down by 37.8 points or by 0.59%. The major losers were Reliance MediaWorks (2.33%), Aban Offshore (0.99%), A I A Engineering (0.89%), Alstom Projects India (0.48%) and Core Projects and Technologies (0.46%).

The BSE Smallcap index was at 8043.9 down by 74.62 points or by 0.92%. The major losers were Provogue (India) (2.99%), A B G Shipyard (2.2%), INEOS ABS (India) (2.13%), Abhishek Industries (1.38%) and Aarti Industries (0.9%).

Sectors in Limelight

The Realty index was at 3,163.33, up by 30.06 points or by 0.96%. The major gainers were Ansal Properties and Infrastructure (3.51%), D L F (1.67%), Ackruti City (1.2%), Mahindra Lifespace Developers (0.96%) and Indiabulls Real Estate (0.82%).

The Metal index was at 16,029.22, up by 115.24 points or by 0.72%. The major gainers were Sesa Goa (3.31%), Hindustan Zinc (2.01%), JSW Steel (1.99%), Hindalco Industries (0.39%) and Jindal Steel & Power (0.05%).

The HC index was at 4,861.43, up by 31.69 points or by 0.66%. The major gainers were Aurobindo Pharma (2.67%), Dr Reddy`S Laboratories (2.24%), Piramal Healthcare (1.61%), Glaxo SmithKline Pharmaceuticals (1.41%) and Apollo Hospitals Enterprise (1.05%).

On the other hand, the Auto index was at 6,879.71, down by 127.19 points or by 1.82%. The major losers were Bajaj Auto (4.03%), Ashok Leyland (2.99%), Apollo Tyres (2.95%), Amtek Auto (2.91%) and Bharat Forge (1.86%).

Market Breadth

Market breadth was negative with 877 advances against 1,930 declines.

Value and Volume Toppers

Aqua Logistics topped the value chart on the BSE with a turnover of Rs. 4,657.17 million. It was followed by Titagarh Wagons (Rs. 1,116.43 million), Monsanto India (Rs. 1,031.54 million) and Tata Steel (Rs. 866.81 million).

The volume chart was led by Aqua Logistics with trades of over 19.06 million shares. It was followed by Unitech (5.56 million), Ruchi Soya Industries (5.14 million) and Greenearth Resources and Projects (4.04 million).

BSE Bulk Deals to Watch - Feb 23 2010

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
23/2/2010 517356 ACI Infocom DIVYA ALOK GUPTA S 56417 24.75
23/2/2010 533159 AQUA LOGIST ALIVE CONSULTANTS B 155420 238.13
23/2/2010 533159 AQUA LOGIST REGENT FINANCE CORPORATION PVT. LTD. B 215000 238.50
23/2/2010 533159 AQUA LOGIST PYRAMID SALES PVT. LTD B 210000 235.71
23/2/2010 533159 AQUA LOGIST GENUINE STOCK BROKERS PVT. LTD. B 1046009 236.88
23/2/2010 533159 AQUA LOGIST SMART EQUITY BROKERS PRIVATE LIMITED B 457870 235.39
23/2/2010 533159 AQUA LOGIST TRANSGLOBAL SECURITIES LTD. B 220984 238.41
23/2/2010 533159 AQUA LOGIST KHAZANA TRADELINKS LIMITED B 110000 239.93
23/2/2010 533159 AQUA LOGIST PINAC STOCK BROKERS PVT LTD B 359043 235.83
23/2/2010 533159 AQUA LOGIST PRAVIN DHANJIBHAI MEHTA B 141231 239.39
23/2/2010 533159 AQUA LOGIST A K G STOCK BROKERS PRIVATE LIMITED B 204094 238.20
23/2/2010 533159 AQUA LOGIST AMAR MUKESH SHAH B 104058 237.52
23/2/2010 533159 AQUA LOGIST MATRIX EQUITRADE PRIVATE LIMITED LIMITED B 178209 234.45
23/2/2010 533159 AQUA LOGIST CHANDARANA INTERMIDIARY BROKERS PVT LTD B 158404 237.19
23/2/2010 533159 AQUA LOGIST MARWADI SHARES AND FINANCE LTD. B 315040 239.07
23/2/2010 533159 AQUA LOGIST EUREKA STOCK & SHARE BROKING SERVICES LTD B 129558 237.17
23/2/2010 533159 AQUA LOGIST SANJEEV SINGHAL B 724706 236.61
23/2/2010 533159 AQUA LOGIST OPG SECURITIES P LTD B 605571 237.02
23/2/2010 533159 AQUA LOGIST ANITA SINGHAL B 236622 236.59
23/2/2010 533159 AQUA LOGIST CHETAN MANSUKHLAL SHAH B 103946 242.18
23/2/2010 533159 AQUA LOGIST M/S ARV ENTERPRISES B 160000 239.59
23/2/2010 533159 AQUA LOGIST R M SHARES TRADING PRIVATE LIMITED B 223522 237.69
23/2/2010 533159 AQUA LOGIST TRIPTI SINGHVI B 291466 237.65
23/2/2010 533159 AQUA LOGIST NIMIT JAYENDRA SHAH B 123404 235.19
23/2/2010 533159 AQUA LOGIST JHAVERI TRADING & INVESTMENT PVT. LTD B 154648 236.98
23/2/2010 533159 AQUA LOGIST INVENTURE FINANCE PVT LTD B 303885 229.42
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* B - Buy, S - Sell

Asian markets close mixed

Shanghai, Nikkei edge lower while Seoul, Sensex, Sydney inch up higher

Stock market in Asian region turned mixed on Tuesday, 23 February 2010, as investors waited for Federal Reserve chairman Ben Bernanke to shed light on how soon key US interest rates may start to rise. After the surprise increase last week in the rate the Fed charges banks for emergency loans, the market focus is now on how Bernanke explains the move in testimony in the House and the Senate on Wednesday and Thursday.

On Wall Street, stocks closed to the downside Monday, despite gains across the financial sector. The Dow Jones Industrial Average finished lower by 19 points, or 0.2% at 10,383. The S&P 500 fell 1 point, or 0.1%, to 1108 and the Nasdaq shed 2 points, or 0.1%, to 2242.

In the commodity market, crude oil pared losses in New York as the dollar declined against the euro; prompting traders to buy back previously sold contracts.

Crude oil for April delivery was at $80.29 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange at 3:36 p.m. Singapore time. Earlier, prices fell as low as $79.73. Yesterday, the March contract rose 0.4% to $80.16 before expiring at the close of floor trading.

Brent crude oil for April settlement was at $78.57 a barrel, down 4 cents, on the London-based ICE Futures Europe exchange at 3:37 p.m. Singapore time. Earlier, it fell as much as 56 cents, or 0.7%. The contract yesterday rose 0.5% to $78.61, the highest settlement since 12 January 2010.

In the currency market, the U.S. dollar was mixed through a calm morning session in Asia Tuesday, as the market caught a whiff of risk aversion and exited risky positions, taking their cue from a morning of losses in regional stocks.

The Japanese yen was strengthened against major counterparts on Tuesday as weaker equities curb appetite for riskier, higher-yielding currencies. The Japan’s currency yen was quoted at 90.98 against the greenback.

The Hong Kong dollar was trading at HK$ 7.7616 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 trades, the Australian dollar inched up after a meandering in narrow ranges through the day. At the local close, the dollar was trading at $US0.9015, up 0.1% from Monday’s close of $US0.9006.

In Wellington trades, the New Zealand dollar limped along, barely moving in an absence of major events. The kiwi was worth US70.20c at 5pm today, little changed from US70.26c at the same time yesterday.

The South Korean won ended at 1,148.3 won to the greenback, down 1.3 won from Monday’s close of 1,147.

The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.0500, 0.0490 up from Monday’s close of NT$32.0990.

In equities, Asian markets ended mixed with concerns about an impending increase in supply of shares dragging on financial stocks in China, while Hong Kong advanced as investors snapped up property developers.

In Japan, the key indices finished the session slightly lower as a biggest rally in 11 weeks yesterday gave motive to investors to lock in profit while they awaited key US congressional hearings for fresh cues involving US interest rates as well as Toyota Motor Corp’s safety issues. Although, most of losses were trimmed after Asian markets pulled back from early drop. At the closing bell, the Nikkei 225 Stock Average index was at 10,352.10, dropped 48.37 points, or 0.47%. The broader Topix of all First Section issues on the Tokyo Stock Exchange fell 2.38 points, or 0.26%, to 907.37.

In economy section, Japan’s supermarket sales fell 4.9% in January from a year earlier on a same-store basis, marking the 14th consecutive month of year-on-year decline, an industry body said Monday.

Some Bank of Japan policymakers think the financial markets are increasingly focused on the nation’s massive debt and that it has become more important to earn investors’ trust in both fiscal and monetary policies, according to minutes of the central bank’s Jan. 25-26 policy meeting.

In Mainland China, the share market finished the session lower, extending losses for second consecutive day, on lingering concerns over possible further economy-cooling measures near term, with commodity metal producers and financials dragged the most amid falling metal and oil prices and worries possible shares sales will draw liquidity away from existing equities. However, the market off an intraday low as concerns over the rate hike faded.

At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, dropped 20.82 points, or 0.69%, to 2,982.57, meanwhile the Shenzhen Component Index on the smaller Shenzhen Stock Exchange slid 144.33 points, or 1.18%, to 12,069.21. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, fell 1.07%, to 3,198.52.

In economy section, China's consumer price index (CPI), a main gauge of inflation, would probably only increase moderately in 2010, an official with China's National Bureau of Statistics (NBS) said here on Monday

Although China's CPI continued to climb in previous months, it was not likely to surge this year as supplies were abundant, Wei Guixiang, head of the Department of Urban Social and Economic Survey of the NBS, said Monday during an exclusive interview with xinhuanet.com, a website run by Xinhua.

China's CPI rose 1.5% year-on-year in January, mainly boosted by food price increases due to the cold winter weather. The gauge in January was 0.6% up compared with last December, said the NBS.

China’s exports may grow by 8% in 2010 but problems still existed with getting exports back to pre-crisis levels, according to a statement posted Monday on the website of Ministry of Industry and Information Technology (MIIT), quoting Minister Li Yizhong.

In Hong Kong, the shares surged, boosted by properties shares after higher-than-expected prices at a government land auction and expectation of positive news from the budget tomorrow. Banks and financials and commodities shares spurted as sentiment of the Hong Kong stock market was buoyed. Raising shipping freight rate for fifth day ballooned shipping shares.

At the closing bell, the Hang Seng Index climbed up 245.73 points, or 1.21%, to 20,623, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 Mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, surged 100.12 points, or 0.87%, to 11,619.68.

In Australia, the shares reversed morning declines to end Tuesday trading session with flat note, as a late swing to the property trusts and financials offset losses in telecom, materials and resources and retailers on falls in commodity prices and disappointing earnings results. Across the market there was a broad mix of gainers and losers as investors digest earnings results and shift their focus to individual stocks over larger macroeconomic influences.

At the closing bell, the benchmark S&P/ASX200 index was up 0.80 points, or 0.02%, to 4,718.30, meanwhile the broader All Ordinaries fell 1.70 points, or 0.04%, to 4,731.

In New Zealand, stock market inched down on Tuesday after advancing for two days in a row. At the closing today, the NZX 50 dipped down 0.11% or 3.39 points to 3126.37. Meanwhile, the NZX 15 decreased 0.17% or 9.4 points to close at 5624.90.

On the economic front, housing confidence is still upbeat even if it’s somewhat tarnished, according to ASB economists. A net 37 % of respondents to the ASB Housing Confidence survey agreed it was a good time to buy a house in the three months ended January 31, compared to a net 48 % in the three months through October. Some 50 % were positive, compared to 59 % in the previous period, and 13 % were negative compared to 11 %.

In South Korea, stocks ended higher as investors snapped up transportation and steel shares, shrugging off jitters ahead of congressional testimony by the chief of the Federal Reserve. After range-bound trading, the benchmark Korea Composite Stock Price Index (KOSPI) rose 1.8 points to 1,628.90.

In Singapore, the shares rose, erasing initial losses as 2010 Singapore Budget were in line with historic precedents and as rebound in Hong Kong shares lure back bargain hunters. Gains were also supported by tracking US index futures, which indicated that the Dow could rise 29 points at the opening bell on Tuesday. At the closing bell, the blue chip Straits Times Index was at 2,782.55, climbed 25.09 points or 0.91%.

In Taiwan, stock market extended gains for the fifth straight session on Tuesday as investors used weakness on Wall Street as an excuse to sell big tech exporters, largely ignoring the island's forecast-beating GDP data for the fourth quarter. The benchmark Taiex share index continued its upward momentum after a stretch of holiday’s as it gained for the fifth straight session after ending the day higher by 37.40 points or 0.49% at 7597.44.

On the economic front, with both exports and private investment expected to score double-digital growth, Taiwan’s economy will advance 4.72% this year, a three-year high. According to the estimates released by the DGBAS, the forecast growth is 0.33 of a percentage point higher than the previous prediction made by the DGBAS last November and the figure may even be able to top 5%, should the cross-Taiwan Strait Economic Cooperation Framework Agreement (ECFA) be inked on schedule. Meanwhile, the unemployment rate slipped further, for the fifth straight month, to 5.68% in January, a one-year low.

In Philippines, stock market closed on a cautious note, with PSEi struggling to stay higher, as investors took cues from the losses on Wall Street overnight, which in turn led investors to sell key heavy weights. The benchmark index is still hovering above the 3000 mark. The gains registered by the financial and the services index however, limited the losses of the PSEi. Furthermore, positive earning report by Manila Electric Company gave some support to investor’s sentiment. At the concluding bell, the benchmark index PSEi declined 0.08% or 2.45 points to 3,013.14, while the All Shares index went up 0.18% or 3.53 points to 1,903.23.

In India, the key benchmark indices provisionally closed with marginal gains after moving in a tight range throughout the day. Gains in world stocks supported the domestic bourses. However, the market breadth was weak indicating a cautious undertone ahead of the Union Budget 2010-2011 later this week. India's largest car maker by sales Maruti Suzuki India fell more than 3% after the company said it has recalled 1 lakh A-star cars to fix fuel leakage problems. The BSE 30-share Sensex was up 49.27 points or 0.30% to 16,286.32. The S&P CNX Nifty was up 13.65 points or 0.28% to 4870.05.

Elsewhere, Malaysia’s Kula Lumpur Composite index finished was little changed at 1266.43 while stock markets in Indonesia’s Jakarta Composite index gained by 19.39 points ending the day higher at 2583.65.

In other regional market, European shares traded mostly lower on Tuesday. The German DAX index declined 0.5% to 5,658.36, the French CAC-40 index lost 0.2% to 3,748.51 while the U.K. FTSE 100 index rose 0.1% to 5,356.56.

Nifty February 2010 futures at premium

Turnover rises

Nifty February 2010 futures were at 4,880, at a premium of 9.95 points as compared to the spot closing of 4,870.05. Turnover in NSE's futures & options (F&O) segment rose to Rs 82,264 crore from Rs 81,018.24 crore on Monday, 22 February 2010.

The near-month February 2010 derivatives contracts will expire on Thursday, 25 February 2010, just a day ahead of the presentation of the Budget on Friday, 26 February 2010. Rollover in Nifty futures from February 2010 series to March 2010 series was about 29% at the end of Monday's (22 February 2010) trading. Rollover in Mini Nifty futures was also at the same level.

Tata Motors February 2010 futures were at discount at 700.40 compared to the spot closing of 701.80.

ICICI Bank February 2010 futures were at discount at 846.95 compared to the spot closing of 849.35.

Axis Bank February 2010 futures were near spot price at 1099.80 compared to the spot closing of 1099.60.

In the cash market, the S&P CNX Nifty rose 13.65 points or 0.28% at 4,870.05.

REC FPO subscribed more than 2 times

A large number of bids at Rs 205 per share

The follow-on public offer (FPO) of state-run Rural Electrification Corporation (REC) was subscribed more than two times by 15:00 IST on the last day of the bidding for the issue today, 23 February 2010. Bids under the Fresh Auction method for the FPO are at prices ranging from Rs 204 to Rs 215, with a large portion of the bids at Rs 205. The floor price for the issue is Rs 203.

The follow-on public issue of 17.17-crore equity shares comprises fresh issue of 12.88-crore equity shares and offer for sale of 4.29-crore equity shares to carry out disinvestment of Government of India's stake. The company intends to utilize the funds being raised through the fresh issue to augment its capital base to meet future capital requirements arising out of growth in its business.

Category-wise data shows that foreign funds had put in bids for 3.24 crore shares by the end of the second day of the issue on Monday, 22 February 2010. Mutual funds had put in bid for 1.01 crore shares. Domestic institutional investors other than mutual funds, put in bids for 5.08 crore shares. A total of 8.56 crore shares have been reserved for the qualified institutional buyers (QIB) category.

REC is a public financial institution in the Indian power infrastructure sector engaged in the financing and promotion of transmission, distribution and generation projects throughout India. REC's clients primarily include Indian public sector power utilities at the central and state levels and private sector power utilities. REC's primary financial product is project-based long-term loans. It funds its business with market borrowings of various maturities, including bonds and term loans.

Small-cap, mid-cap indices nudge lower as caution prevails ahead of the Budget

The key benchmark indices registered marginal gains after moving in a tight range throughout the day. The market gained for the second straight day. However, the market breadth was weak indicating a cautious undertone ahead of the Union Budget 2010-2011 later this week. The BSE 30-share Sensex rose 49.27 points or 0.3%, up close to 110 points from the day's low and off close to 50 points from the day's high.

India's largest car maker by sales Maruti Suzuki India fell more than 3% after the company said it has recalled 1 lakh A-star cars to fix fuel leakage problems. European stocks reversed early gains. In contrast, Asian stocks recovered from initial losses. US index futures rose.

IT and banking stocks rose. Realty shares gained on expectations of favorable measures for the sector in the upcoming Union Budget 2010-11 on 26 February 2010. But auto stocks fell on fears of hike in excise duties in the Budget. Index heavyweight Reliance Industries (RIL) also edged lower.

The follow-on public offer of Rural Electrification Corporation (REC) was subscribed 2.29 times by 15:00 IST on the last day of the bidding for the issue today, 23 February 2010, NSE data showed. The government has set the floor price of the follow-on public offer of Rural Electrification Corporation (REC) at Rs 203 per share. The issue, which closes today, 23 February 2010, will see the sale of 12.87 crore equity shares and an offer for sale of 4.29 crore government owned shares.

Junior Finance Minister S S Palanimanickam today said the government has so far raised Rs 12740 crore from selling stakes in state-run companies since May 2009. The government raised Rs 8516 crore in six years to March 2009, he said.

Meanwhile, reports citing Joint Secretary Sidhartha Pradhan indicated the government will not defer plans to sell stakes in state-run firms despite a poor market response to stake sales in state-run firms REC and NTPC.

The market dropped in early trade tracking weak Asian stocks. The market recovered in morning trade as some Asian stocks rebounded. It moved in a narrow range in mid-morning trade. The market pared gains after hitting fresh intraday high in early afternoon trade. The market erased almost its entire gains in early afternoon trade. The market recovered later.

India VIX, a volatility index based on the S&P CNX Nifty index option prices, dropped after a recent sharp surge. The index declined 3.55% to 30.99. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days.

European shares edged down on Tuesday, with weakness in banks offsetting gains in food producers, while Carlsberg rose after upgrading its medium-term profit margin guidance. The key benchmark indices in France, Germany and UK fell by between 0.16% to 0.77%.

Asian share markets were mixed today, 23 February 2010 with banks' fund raising plans weighing on China while disappointing corporate earnings hurt the Australian market. The key benchmark in Hong Kong, Singapore, South Korea and Taiwan rose by between 0.11% to 1.21%. However, indices in China and Japan fell 0.69% and 0.47% respectively.

US index futures reversed early losses. Trading in US index futures indicated that the Dow could rise 23 points at the opening bell on Tuesday, 23 February 2010.

US stocks ended slightly lower on Monday 22 February 2010 as investors held back ahead of congressional testimony by Federal Reserve chairman Ben Bernanke. Health insurers' shares rose after President Obama proposed a revised overhaul of US healthcare system. Energy shares were under pressure. The Dow Jones industrial average lost 18.97 points, or 0.18%, to close at 10,383.38. The Standard & Poor's 500 Index slipped 1.16 points, or 0.10%, to end at 1,108.01. The Nasdaq Composite Index slipped 1.84 points, or 0.08%, to close at 2,242.03.

In key events to watch out for today, the US Federal Reserve chairman Ben Bernanke is scheduled to testify before house and senate committees later today and tomorrow about monetary policy. Last week the Fed announced a surprise increase in the rate it charges banks for emergency loans.

Closer home, finance minister Pranab Mukherjee said today the government will continue measures to tame inflation in the financial year ending March 2011.

President Pratibha Patil on Monday, 22 February 2010 said the economy will accelerate in the coming years as it recovers from the global downturn and the government will act to protect the poor from the impact of food inflation.

The President said the economy was likely to grow about 7.5% in the current fiscal year ending in March, and the government would aim for annual growth rate of 8% in the next fiscal year and 9% in 2011/12.

Asia's third-largest economy is recovering, with factory output surging, but food prices are growing at the fastest pace in 11 years. The president's annual speech, which lays down the priorities of the government for the year, reflected those concerns over inflation as food prices keep rising at an annual rate of nearly 20%, primarily because of a poor summer harvest. The prime minister's economic advisory council last week said surging food prices threatened to fan broader inflation and endanger the economic recovery.

With growing evidence of economic recovery, including a record 16.8% jump in factory output in December, the government is under pressure to rollback the fiscal stimulus deployed to soften the impact of the global financial crisis. Analysts expect Finance Minister Pranab Mukherjee to announce the expiry of some of the emergency measures in the budget speech as he looks to cut the fiscal deficit, which is on track to balloon to a 16-year high in the current financial year.

The market is likely to remain highly volatile this week with the focus being on the Railway Budget and the Union Budget 2010-11. Derivatives expiry on Thursday, 25 February 2010 is also likely to add volatility on the bourses.

Rollover in Nifty futures from February 2010 series to March 2010 series was about 29% at the end of Monday's trading. Rollover in Mini Nifty futures was also at the same level. The near-month February 2010 contracts expire on Thursday, 25 February 2010, just a day ahead of the presentation of the Budget on Friday, 26 February 2010.

The highly eventful week begins with the Railway Budget on 24 February 2010. It will be followed by tabling of Economic Survey on 25 February 2010 and the Union Budget on 26 February 2010.

As far as railway budget is concerned, the Railway minister Mamata Banerjee is likely to present a populist budget leaving passenger fares untouched, but rationalise the freight rates of certain commodities like iron ore, coal and cement. Banerjee is unlikely to tinker with the freight rates of essential commodities including food grains.

As far the Union Budget 2010-2011 is concerned, the government may announce increase in excise duties as a first step towards a gradual winding down of fiscal stimulus measures. It may also raise the service tax rate to 12% from 10%. It may be recalled that the government had slashed the Central Value Added Tax (Cenvat) rate for excise duty from 14% to 8% in two rounds starting in December 2008. It had also cut service tax by 2 percentage points. These reductions were effected in order to provide a stimulus to domestic industry. Since the overall prospects for growth are much brighter today, the finance minister may withdraw a part of the stimulus in order to boost tax revenue.

The Finance Minster may project a lower fiscal deficit for 2010-11 based on higher revenue projections due to economic rebound. It remains to be seen if there are structural reforms to reduce the subsidy burden such as decontrol of petrol and diesel prices as recommended by the Kirit Parikh committee recently.

The fate of three important fiscal bills, which had been stalled by the Left parties, will be closely watched. These are the Pension Fund Regulatory and Development Authority (PFRDA) Bill, Insurance Bill and Banking Regulation (Amendment) Bill.

Meanwhile, the recommendations of the 13th Finance Commission will be tabled in the parliament on 25 February 2010, just a day ahead of the budget. Analysts and economists expect the Finance Minister to provide a road map for the introduction of the key direct and indirect tax reforms viz. the direct tax code (DTC) and the Goods & Services Tax (GST) in the Budget. As far as government expenditure is concerned, the thrust areas could be agriculture, water resources, power, roads & other infrastructure projects and social sector schemes.

The government should begin to lower its fiscal deficit in the budget set to be announced this week but should not cut capital spending on infrastructure, the prime minister's economic advisory council said in a report released on Friday 19 February 2010. The panel also projected economic growth of at least 8.2% in 2010/11, from over 7.2% forecast for the current fiscal year. The fiscal deficit, running at a 16-year high of 6.8% of GDP this year, threatens to push up long-term market interest rates and constrain the setting of monetary policy, the prime minister's economic advisory council said. The panel also warned about the spread of food price inflation to the broader economy.

The BSE 30-share Sensex rose 49.27 points or 0.3% to 16,286.32. The barometer index rose 87.88 points at the day's high of 16,324.93 in early afternoon trade. The Sensex fell 58.14 points at the day's low of 16,178.91 in early trade.

The S&P CNX Nifty rose 13.65 points or 0.28% to 4870.05. Nifty February 2010 futures were at 4,880, at a premium of 9.95 points as compared to the spot closing of 4,870.05. Turnover in NSE's futures & options (F&O) segment rose to Rs 82,264 crore from Rs 81,018.24 crore on Monday, 22 February 2010.

BSE clocked a turnover of Rs 3094 crore, lower than Rs 3421.87 crore on Monday, 22 February 2010.

Small-cap and mid-cap indices nudged lower for the second day in a row. The BSE Mid-Cap index fell 0.59% and the BSE Small-Cap index fell 0.92%. Both these indices underperformed the Sensex.

The BSE Realty index (up 0.96%), BSE Metal index (up 0.72%), BSE Healthcare index (up 0.66%), BSE IT index (up 0.52%), BSE Bankex (up 0.37%) outperformed the Sensex.

The BSE Auto index (down 1.82%), BSE Consumer Durables index (down 0.66%), BSE Oil & Gas index (down 0.41%), BSE PSU index (down 0.4%), BSE FMCG index (down 0.1%),BSE Power index (up 0.07%), BSE Capital Goods index (up 0.1%), underperformed the Sensex.

The market breadth, indicating the overall health of the market was weak. On BSE, 1915 shares declined as compared with 870 that rose. A total of 92 shares remained unchanged.

From the 30 share Sensex pack, 18 rose while rest declined.

Index heavyweight Reliance Industries (RIL) fell 0.41% to Rs 974.90. The stock oscillated in a tight range Rs 971 and Rs 983.45. As per reports, RIL may raise its offer for bankrupt petrochemicals maker LyondellBasell to about $14.5 billion. RIL had previously offered a deal that valued Lyondell at $13.5 billion. The rise in offer comes after Lyondell recently settled a dispute with creditors that paved the way for its exit from bankruptcy.

Meanwhile, industry watchers opine that the finance minister may give infrastructure status to the oil & gas sector to promote investments with tax sops in the upcoming budget. There may be tax benefits for city gas distribution and extension in tax holiday for new refineries. He may also announce declared goods status to the natural gas. The finance minister may abolish service tax on exploration and production activities.

Rate sensitive banking shares rose after the central bank said recently it will introduce from 1 April 2010 a new base rate to price credit more transparently, replacing the existing benchmark prime lending rate (BPLR). India's largest private sector bank by net profit ICICI Bank rose 1.64%, extending gains for the second straight day. Its ADR fell 0.47% on Monday.

India's largest private sector bank by operating income HDFC Bank rose 0.15%. The bank has increased fixed deposit (FD) rates across nine maturities by 25-150 basis points. The rate hike comes three weeks after the third-quarter monetary policy review of the Reserve Bank of India (RBI), when the central bank increased the cash Reserve ratio by 75 basis points. In a rising rate scenario, where the credit growth is expected to improve in the coming quarters, the bank has decided to align its deposit rates with the market. HDFC Bank ADR rose 0.26% on Monday.

Bu, India's largest bank by net profit and branch network State Bank of India fell 0.1%. State Bank of India (SBI), on Monday said banks' lending rates are expected to remain stable in the next 5-6 months because of the slow credit offtake despite RBI hiking the cash reserve ratio by 75 basis points.

The Reserve Bank of India said the base rate will be the new reference rate for determining lending rates. According to draft guidelines, the RBI has proposed that the actual lending rate charged to borrowers would be the base rate plus borrower-specific charges including product-specific operating cost, credit-risk premium and tenure premium said.

For the banking sector, industry watchers expect relaxation in the lock-in period for fixed deposits - from five to three years - to qualify for tax benefits under Sec.80C. There might be an increase in the (Foreign Direct Investment) FDI in insurance sector from 26% to 49%. Expectations are also that the finance minister will allow banks to raise tax-free infrastructure funds.

Rate sensitive realty shares rose on bargain hunting. Indiabulls Real Estate, Ackruti City, Housing Development & Infrastructure, Orbit Corporation, Unitech, Akruti City, Ansal Properties and Infrastructure and DLF rose by between 0.25% to 1.67%.

Unitech and DLF would be the chief beneficiaries if the government providers thrust to affordable housing projects in the Union Budget 2010-11 next week.

Industry watchers expect that in the coming budget finance minister may increase priority sector housing loans to Rs 30 lakh from existing Rs 20 lakh. There may be a greater thrust on public private partnership (PPP) projects in housing. There may be an increase in allotment to the Rajiv Gandhi Awas Yojana (slum rehabilitation programme). Increase in tax breaks provided to housing finance and infrastructure lending companies is also expected. There may be a re-introduction of tax holiday for housing projects under Sec 80 IB (10). The increase in income tax deduction under Sec 80 C on home loan principal re-payment from Rs 1 lakh to Rs 2- 3 lakh is also expected.

Rate sensitive auto shares fell as the government is widely expected to raise excise duties on automobiles in Union Budget 2010-2011 this week. India's biggest tractor maker by sales Mahindra & Mahindra (M&M) fell 1.25%, extending losses for the second straight day.

India's largest commercial vehicle maker by sales Tata Motors fell 0.83%. Tata Motors said recently it will hike commercial vehicle prices by up to 2% on account of new emission norms. The company also announced plans of bidding for a Rs 350-crore defense contract to supply light bullet-proof vehicles.

The company said recently its global vehicle sales for January nearly doubled to 85,714 units from a year earlier. The sales include UK-based luxury brands Jaguar and Land Rover, whose sales nearly trebled in the month to 16,269 units from a year ago, the company said in a statement. It had earlier said domestic sales, including trucks, buses and cars, jumped an annual 77 % in January.

India's largest car maker by sales Maruti Suzuki India fell 3.24% on reports the company is recalling 100,000 A-Star hatchbacks to fix a fuel leakage problem. The recall of cars had begun in November 2009 and problem of more than half cars have been fixed.

A hike in excise duty in the Budget will raise the cost of owning new vehicles. Coupled with the recent price hikes across segments, and the price increases likely in April 2010 on account of the change in emission norms, these potential price increases on excise duty increase may dampen demand.

On the flip side, bus makers Ashok Leyland and Tata Motors may benefit in case of further allocation of government expenditure towards the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) in the Union Budget 2010-11. Bus demand has been boosted this year by an order for 15,000 buses under JNNURM

Software majors rose as the US economy is showing a sign of recovery. US is the biggest export market for Indian IT firms. India's second largest IT exporter by sales TCS rose 0.76%, gaining for the second straight day. India's largest IT exporter by sales Infosys Technologies rose 0.34%, gaining for the second straight day. Its ADR fell 0.13% on Monday. India's third largest IT exporter by sales Wipro rose 1.15%, gaining for the second straight day. Its ADR rose 0.52% on Monday.

The IT sector is looking for an extension of the tax holiday for the Software Technology Park of India (STPI) scheme. The government provides tax benefits under Section 10 (A) of Income Tax Act for units set up in the Software Technology Parks of India (STPIs), which is due to expire on 31 March 2011 (FY 2011). If the scheme is extended by one more year till 31 March 2012 (FY 2012), it will boost projected FY 2012 earnings of IT firms

Consumer durable stocks fell on profit taking. Asian Star Company, Titan Industries, Videocon Industries and Lloyd Industries, Rajesh Exports fell by between 0.29% to 4.27%.

Some infrastructure stocks gained on speculation of higher spending for the infrastructure sector in the upcoming Union Budget 2010-2011. Jaiprakash Associates, Valecha Engineering, Hindustan Construction Company and Gayatri Projects rose by between 0.65% to 2.23%.

For the infrastructure sector, there may be an increase in government spending in infrastructure, especially for roads and urban projects in the coming budget. There may be also clarity on refinancing for India Infrastructure Finance Company (IIFCL) funding. Further clarity on minimum alternate tax provisions under a new Direct Tax code, to be implemented in FY 2012 is also expected. There may be an improved availability and mechanism of financing for infrastructure projects and national project status may be given for state government projects

FMCG stocks fell as excise duty on fast moving consumer goods (FMCG) is expected to go up by 200-300 basis points in the 2010-11 Budget.. Britannia Industries, Hindustan Unilever, Tata Tea, Dabur India, Nestle India and United Spirits fell by between 0.07% to 1.55%.

Higher excise duty may result in margin pressure on some companies. Companies may resort to price hikes with a lag of one or two quarters. Firms such as Dabur India, Godrej Consumer Products and Marico will be relatively less impacted as they do have production units in excise-exempt locations.

India's largest power utility firm by sales NTPC fell 0.32%. The company's follow on public offer managed to scrape through early this month with the issue getting subscribed 1.2 times. The issue, through which the government is divesting 5% of its stake, at a floor price of Rs 201 a share, opened on 3 February 2010 and closed on 5 February 2010. At the floor price, the follow-on-public offer (FPO) is valued at Rs 8,286 crore.

Among other power stocks, Torrent Power, Tata Power Company, Reliance Infrastructure fell by between 0.27% to 1.32%.

The Budget expectations for the power sector include extension of income tax exemption for mega power generation projects. Among other expectations are an increase in the allocation towards the government-led electrical infrastructure augmentation schemes viz. Rajeev Gandhi Grameen Viyuktikaran Yojana (RGGVY) and Restructured Acclerated Power Development and Reforms Programme (R-APDRP) and reduction of import duty on thermal coal.

India's largest power equipment maker by sale Bharat Heavy Electricals (Bhel) rose 1.07%. India's largest engineering and construction firm by sales Larsen & Toubro rose 0.05%. Larsen & Toubro (L&T) will finalise plans to unlock value in its financial services arm in the next 12 months, the engineering to software conglomerate's whole-time director and chief financial officer (CFO) said on Monday.

The government may levy customs duty on import of equipment for power projects in Union Budget 2010-11, which may give a fillip to domestic manufacturers of boilers, turbines and generators. The levy of import duty on equipment for power projects will benefit companies such as Bhel and L&T.

Telecom stocks rose as the multi-billion dollar auction of 3G spectrum to help plug India's budget deficit may kick off in the next financial year. Telecoms minister Andimuthu Raja said on Monday the government would give formal notice of the oft-delayed auction within a week but bidding might only start after March 2010. India's second largest mobile services operator by sales Reliance Communications rose 0.1%.

India's largest mobile services operator by sales Bharti Airtel rose 1.05%. A Kuwaiti newspaper reported on Sunday that telecoms firm Zain and Bharti Airtel are expected to sign a letter of intent for the $9 billion African assets deal this week. Bharti is in exclusive talks until 25 March 2010 to buy Zain's African business, excluding Morocco and Sudan. It is the Indian firm's third attempt at gaining a foothold in a continent that offers a last opportunity for major subscriber growth.

The telecom industry experts expect unification of tax regime from current differential taxation methods and a reduction in license fee to 6% in Union Budget 2010-2011. They also expect that government may use Universal Service Obligation funds for rural and broadband penetration and there may be an increase in Minimum Alternate Tax from the present 16.5%.

Aqua Logistics clocked the highest volume of 1.9 crore shares on BSE. Cals Refineries (1.56 crore shares), U/nitech (0.55 crore shares), Ruchi Soya Industries (0.51 crore shares) and Greenearkt Resources (0.4 crore shares) were the other volume toppers in that order.

Aqua Logistics clocked the highest turnover of Rs 465.71 crore on BSE. Titagarh Wagons (Rs 111.64 crore), Monsanto India (Rs 103.15 crore), Tata Steel (Rs 86.68 crore) and DLF (Rs 70.95 crore) were the other turnover toppers in that order.

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Daily Call - Feb 23 2010

US markets broke four day rising streak to close marginally in the red. The mood was cautious ahead of congressional testimony by Fed Chairman Ben Bernanke. Bernanke is scheduled to testify on monetary policy and the economy before House and Senate committees on Wednesday and Thursday.

Our markets, after opening strong, gave away all the gains to close almost flat in yesterday’s trade. Now this is absolutely justified in light of the big events lined up during the week, viz., Railway budget tomorrow, F & O expiry of Feb. series on Thursday and Union Budget on Friday. Overall rollover at 31% is better than 24% for the comparable period last month and in line with last 3 months’ average rollover of 30%. 4805 is the immediate support, a sustained trading below which can take the benchmark to 4712, the 200 DMA. 4930-4950 remains a strong resistance zone.

Latest Daily Grey Market Premiums - Feb 23 2010

Company Name	Offer Price (Rs.)	Premium (Rs.)	Kostak (Rs. 1 Lac Application)
Aqua Logistics	220	4.50 to 5	--
D. B. Realty	468	Discount	--
Emmbi Polyarns	45	1.50 to 2	--
NTPC (FPO)	201	Discount	--
ARSS Infrastructure Projects	450	140 to 145	--
Hathway Cable & Data Comm.	240.00	Discount	--
Texmo Pipes	85 to 90	8 to 9	--
Man Infraconst.	243 to 252	55 to 58	--
REC (FPO)	203	9 to 10	1900 to 2000
United Bank of India	60 to 66	4 to 5	1800 to 1900

Bharat Forge

Investors with a short-term trading perspective can sell Bharat Forge. This stock faces key intermediate term resistance in the zone between Rs 300 and Rs 330 and it reversed lower from this band in January. The weak rebounds since this peak imply that the stock can decline to Rs 215 over the ensuing months. Weakness in weekly oscillators and the stock's decline below the 50-day moving average supports this view.

Chart patterns in the daily chart too imply that the stock is facing selling pressure at higher levels. The stock has been closing much below its intra-day high in last four trading sessions. The 14-day relative strength index positioned at 37 and rate of change oscillator reversing below the zero line denote that the stock can decline further in the near term. Short term investors can sell the stock with the stop at Rs 252. The stock can fall to Rs 234 and Rs 220 in the days ahead.

Bharat Forge futures (Rs 243)

Traders can short the Bharat Forge future in intra-day rallies to Rs 246 or Rs 248 with stop at Rs 252. Downward targets are Rs 235 and Rs 228.

via BL

SGX Nifty Pre Market - Feb 23 2010

4,833.00 -18.00

Sensex may open lower

Headlines for the day

3G auction process will start this week: Raja - Business Line

SEBI bars 16 fro sync trading - DNA Money

Reliance sweetens Lyondell offer - Business Standard

ITC to launch Sunfeast noodles - Business Standard

L&T may list finance units - Business Standard

Events for the day

Major corporate action

United Bank of India IPO opens today

Rural Electrification Corporation Ltd FPO closes today

Aqua Logistics to be list today

Pre-market report

Global signals

The European stocks closed lower on Monday ending five-day winning streak, as drugmakers and food producers put pressure on the market. FTSE 100 closed 0.17% lower at 5349.32.

US markets were closed flat on Monday as healthcare and banks shares rose. Dow Jones closed lower by 0.18%; Nasdaq closed lower by 0.08%.

In today's trade, All the Asian indices are trading in red zone. At the time of writing of this report SGX Nifty trades 23 points lower.

Indian markets

Indian markets are set to open lower on the back of negative global cues. However considering the upcoming budget market may remain volatile throughout the session.

Among the local indices, the Nifty could test the 4900-4950 range on the up side, while on the down side it could find support at 4800 and 4750. While the Sensex is likely to get support at 1600 and may face resistance at 16350.


Indian ADR's

Among the Indian ADRs trading on the US bourses, Tata Motors surged the most with gains of 1.3%, whereas Wipro, HDFC Bank, Patni Computers managed to closed in green. While rest of the stocks closed in red wherein Rediff slides the most and fell by 2.71%.

Commodity cues

In the commodity space, wherein the Crude oil prices recorded marginal gain, with the Nymex light crude oil for March series down by $0.39 to settle at $80.16 a barrel.

In the metals space, Comex Gold for April series declined by $9.00 to settle at $1113.10 to a troy ounce.

In the metals space, Comex Silver for March series down by $0.18 to settle at $16.26 to a troy ounce.

Daily trend of FII/MF investment in equities

On February 22, 2010, FIIs were the net buyers of the Indian Stocks in the tune of Rs293.40 crore (with the gross purchase of Rs2135.80 crore and gross sales of Rs1842.40 crore).

While the Domestic mutual funds, on February 19, 2010, were the net sellers of the stocks in the tune of Rs148.10 crore (with gross purchase of Rs618.50 crore and gross sales of Rs766.60 crore).