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Markets on cloud 9

Indian equities logged its ninth back-to-back positive weekly close as fears over Greece’ fiscal deficit, weaker US consumer data and India’s food inflation rising to 17.70% that could lead to monetary tightening by RBI was outweighed by rising exports in February 2010, the fourth in a row, encouraging automobile sales figures and robust buying in realty and consumer durables scrips.

Sensex swung 369 points and Nifty 109 points during the week with the respective indices touching their 25-month high of 18047 and 5399. The BSE benchmark rose 241 points (1.36%) to 17933 and Nifty 71 points (or 1.35%) to 5362.

Global equities had a mixed outing. The European market fell the most as Greece’ fiscal deficit worries resurfaced. CAC 40 (France) tumbled 1.39% during the week (up to April 08, 2010)—the most for any index. Asian indices closed mixed as Hang Seng surged the most among all with gains of over 3%.

All the 13 sector indices except information technology index (BSE IT) posted gains. BSE IT ended the month 0.50% lower on the back of growing concern on hardening rupee. The top gaining sector indices were—BSE Realty (up 5.69%), BSE CD (up 4.54%) and BSE Power (up 3.15%).

The stocks that drew maximum investor’s interest include Indiabulls Financial that surged the most by 20.86%, followed by Allahabad Bank that rose by 15.80% and Central Bank of India up by 11.64%.

On loser’s list, below-expectation provisional FY2010 results dragged Bharat Electronics Ltd (BEL) down in the week, as the stock slid by 10.19%—the most— followed by Procter & Gamble that declined 8.18% and SAIL that closed 6.94% lower.

As per Securities and Exchange Board of India (SEBI) data, foreign institutional investors (FIIs) were the net buyers during the week making a net investment of Rs3,462.7 crore in the week (up to April 08, 2010). Domestic institutional investors (DIIs) continued to be the net sellers in this week selling equities to the tune of Rs96.30 crore.

The market in the coming fortnight is slated to witness a raft of events, which include index of industrial production (IIP) numbers for February (scheduled on April 12), monthly and weekly Inflation on April 15, India Inc’s earnings session kicking off with IT major and Sensex heavyweight Infosys Technologies announcing its results on April13 that will give idea about other IT firms earnings and RBI’s annual monetary policy announcement on April 20. All these important events may decide the faith of the market in the coming week. FIIs inflow in the Indian market and global scenario will also impact Indian market in the coming week.

Global financial turmoil...Greenspan defends his policies

The Financial Crisis Inquiry Commission of the United States began a three-day hearing, focusing on the causes behind the sub-prime mortgage meltdown that almost led to a second Great Depression and wiped out several top Wall Street institutions. Former Federal Reserve chairman Alan Greenspan said that while steps can be taken to limit the impact of another shock, regulators can't fully prevent another crisis from happening. Greenspan defended his record and blamed the proliferation of securitised subprime mortgages for triggering the financial crisis. He said that although he was concerned about booming home prices as early as 2002, he did not expect the boom to continue for so long.

Separately, two former top executives of Citigroup publicly apologized for the financial crisis and the near collapse of the financial services giant that required a taxpayer bailout of US$45bn. Prince's mea culpa came on the second of three days of hearings by the Financial Crisis Inquiry Commission into the subprime mortgage meltdown. He was followed by former Citi board chairman, Robert Rubin, who expressed regret for the failure of the firm and others to see the approaching financial turmoil. Prince said risk assessments by Citigroup on about US$40bn of highly rated securities based on subprime mortgages turned out to be dramatically wrong. But he said he could not fault company employees for acquiring those assets because of their AAA-plus credit ratings.

China moving close to revaluing yuan

Asian currencies gained amid growing conjecture that China was close to revising its currency policy, including letting the yuan float a little more freely against the US Dollar. The timing of the move and the details of new regime remain unknown. Billionaire investor George Soros said that China and the US have probably come to an agreement on the yuan amid speculation that the currency’s 21-month-old peg to the dollar may be scrapped. Treasury Secretary Timothy Geithner made a surprising trip to Beijing and had a meeting with China's Vice Premier Wang Qishan amid wide speculation that the yuan may be revalued shortly. He was scheduled to return to Washington directly after visiting India.

Last week, the Obama administration postponed the publication of a report on international exchange-rate policies that was expected officially to declare that China manipulates its currency. Some economists estimate that the yuan is undervalued by as much as 40%, benefiting Chinese exporters but hurting others. Many economists, US lawmakers, business executives and union leaders say an artificially weak yuan has cost millions of jobs in the US. Allowing the yuan to slowly appreciate against the dollar would make Chinese-made goods more expensive and U.S.-made goods relatively cheaper.

Jet Airways to hike fares by 10 -15%

Jet Airways will hike fares of by 10-15% in the April-June quarter over the January-March quarter. Raj Siva Kumar, vice president, revenue management, said that the rise in crude prices and better volumes were likely to push the fares up. The airline has posted a healthy load factor of over 80% on the international rotes and around 70% on domestic routes in January-March period and is close to breakeven on the US routes. Jet plans to induct 11 aircrafts this fiscal including 737s and five ATRs. Further, the airline is also seeking clarification from the Government on issuing a qualified institutional placement (QIP), according to reports.

Essar Energy to raise US$2.5bn in London listing

Essar Energy aims to raise US$2.5bn in an initial public offering (IPO) of shares in London. Essar Energy announced its intention to proceed with an initial public offering (IPO) of its shares to institutional investors in the United Kingdom and elsewhere. Essar Energy intends to apply for its Shares to be admitted to the Official List of the FSA and to trading on the London Stock Exchange's (LSE) main market for listed securities (Admission). On completion of the Offer, it is expected that Essar Energy will be considered for inclusion in the FTSE 100 Index as well.

Ravi Ruia, Chairman of Essar Energy, said, "At the time of the Offer, we will have already invested over US$2bn of capital in Essar Energy. A London listing gives us an excellent platform to showcase the potential of the Indian market to the world, and to give investors a unique, London-listed, liquid vehicle to access and share in the Indian growth story."

Essar Energy is the Ruia family’s holding company for power and oil assets, including Essar Oil that is listed in India. The US$14bn group plans to sell up to 25% of Essar Energy in London. Essar Energy is likely to list its shares on the London Stock Exchange in a month. The planned transaction pushed the Essar Oil stock higher in Mumbai. Essar Energy’s offer is the largest IPO in London after Scotland’s biggest insurer Standard Life raised US$4.5bn in 2006 and the biggest-ever overseas initial sale by an Indian company. In 2007, Sterlite Industries raised US$1.7bn and ICICI Bank collected US$2.4bn in the US in secondary offerings.

Essar Energy owns stakes in a 300,000 barrels-per-day refinery at Vadinar in Gujarat and a 50% stake in a Kenyan refinery. It also runs four power plans that can produce 1220 MW. Essar Energy plans to raise power generation to 11,470 MW over the next few years and refining capacity to 750,000 barrels a day.

Bank credit zooms to record...meets RBI target

Record amount of window dressing by banks helped them set a record in terms of fortnightly credit growth, data released by the Reserve Bank of India (RBI) showed on Wednesday. Not only that, banks also managed to surpass the central bank's fiscal year target of 16% year-on-year growth in non-food loans.

In the fortnight ended March 26, bank credit surged by Rs1,15,548 crore, according to the data released by the RBI yesterday. This is the fifth consecutive fortnight in which bank credit has expanded. As on March 26, banks' outstanding credit stood at Rs 32,40,398.52 crore.

Bank credit grew by 16.74% or Rs 4,64,849 crore in FY10, exceeding RBI's projected non-food credit growth target of 16% for the fiscal.

Credit growth in the banking system, which was at least 27.6% in FY07, declined to 21.6% in FY08 and to 17.3% in FY09, before tumbling to a 12-year low of 9.49% in October 2009. Since then, an easy money policy from the RBI, coupled with stimulus packages from the Government, has gradually pushed up credit growth.

Twice during FY10, the RBI revised down its credit growth projection. The central bank lowered it from 20% to 18% in the first half and then to 16% in the second half.

Meanwhile, deposits surged by Rs83,630.57 crore to Rs 44,86,573.66 crore in the fortnight ended March 26. On a year-on-year basis, deposits grew by 17.1% - barely meeting the RBI target of 17% for FY10.

Investments by banks in government securities and other approved securities dipped by Rs 4,253.29 crore to Rs 13,82,683.58 crore.

India's March car sales up 20% yoy

India's domestic passenger car sales stood at 155,600 units in March 2010 as against 129,585 units in the same month a year earlier, representing an increase of 20%, data released by industry body SIAM showed. Local sales of trucks and buses increased to 67,362 units from 41,797 units in the same month last year, translating into a gain of 61%. Two-wheeler sales in March jumped to 920,133 units as opposed to 654,010 units sold in March 2009, the SIAM data revealed. Motorcycle sales for the month under review stood at 708,349 units versus 521,993 units in the year-ago period. Total automobile exports in March came in at 159,953 units as against 113,866 units sold in March 2009.

Domestic sales of passenger cars climbed to 1.53mn units compared to 1.22mn units sold in the previous financial year, according to SIAM. Local sales of commercial vehicles rose to 531,395 units as against 384,194 units in FY09. Two-wheeler sales for FY10 stood at 9.37mn units versus 7.44mn units in FY09. Motorcycle sales in the year ended March 2010 surged to 7.34mn units from 5.84mn units in the year ended March 2009. Automobile exports in FY10 stood at 1.81mn units compared to 1.53mn units in FY09.

Total automobile sales in India is likely to grow by 10-15% in the current fiscal year (FY11), SIAM president Pawan Goenka said in New Delhi. In FY10, India's total auto sales grew by 26.4% to 12.3 million vehicles, data from the industry body showed. Car sales in India rose at an annual pace of 20.1% in March. Domestic companies sold 155,600 cars in March, compared with 129,585 units in the same month a year ago, the SIAM data revealed.

India's service sector growth slows in March

The combined output of India's service sector grew for the 11th straight month, albeit at a slower pace and has also come off the 17-month highs touched in February, according to a private survey done jointly by HSBC Holdings and Markit Economics. The HSBC Markit Business Activity Index fell to 58.1 in March from 60.9 in February, which was its highest since September 2008.

"As with the March manufacturing PMI, the main news here relates to the price balances," said Robert Prior-Wandesforde, senior Asian economist at HSBC. A separate HSBC Markit survey showed last week that activity in India's manufacturing sector had slowed in March, from a 20-month-record in February owing to rising cost pressures. "Although not as strong as those in manufacturing, input prices and prices charged in the service sector both increased in March, with the latter hitting a new high for the current upswing," Prior-Wandesforde said. "This further reinforces the message that underlying inflationary pressures continue to build in India and the RBI is behind the curve," he said.

The service index has been above 50, a level that separates expansion from contraction, for 11 months. Before that, it shrank for six months, hitting a trough of 40.3 in February 2009. The business expectations sub-index fell to 70.3 in March from a four-month-high of 73.1 in February.

Food inflation climbs, fuel inflation steady

India's food inflation jumped to 17.7% in the week ended March 27 as against 16.35% in the previous week, the Government said. The index for Food Articles group rose by 0.9% to 287.3. Inflation in the Food Articles group stood at 6.97% in the corresponding period a year ago.

Inflation in the Primary Articles group rose to 14.5% in the week under review as against 13.86% in the week ended March 20, the government data showed today. It was at 5.15% during the corresponding week of the previous year. The WPI for this group rose by 0.6% to 285.1.

At the same time, inflation in the Non-food Articles group fell to 11.56% from 12.57% in the previous week, the Commerce Ministry said today. Inflation in the Minerals group stood at 9.55% versus 9.62% in the preceding week, it added.

Inflation in the Fuel & Power group increased slightly to 12.71% in the week ended March 27 versus 12.75% in the previous week, the government data revealed today. The index for this major group remained unchanged at its previous week's level of 361.8. Inflation in this group was at (-)6.09% during the year-ago period.

India's annual wholesale inflation rose to 9.89% in February, compared with 8.56% rise in January and 3.50% a year ago. Headline inflation, which was initially driven by high food prices, is now spreading to other segments of the economy. Inflation in manufacturing accelerated to 7.4% in February from 6.5% in January.

With inflation spreading to non-food items, the Reserve Bank of India (RBI) is likely to further tighten its monetary stance in its forthcoming annual policy on April 20. Last month, the RBI surprisingly raised the repo and the reverse-repo rates by 25 basis points to 5% and 3.5%, respectively, to contain inflation.

Govt expects to earn Rs450bn from 3G, BWA auctions

The Government expects to pocket Rs450bn from the auction of airwaves for 3G mobile services and high-speed broadband services, Telecom Minister A. Raja has been quoted as saying by a business daily. In the Union Budget, announced in end-February, the Government estimated that it will earn Rs350bn from the combined auction.

The auction for 3G spectrum will begin in a few minutes and last for several days till winners for all the circles are picked. It will be an e-auction involving multi-stage bidding over the Web. Though winning bidders have to deposit money in 10 days of the auction, they will get 3G radio waves only in September.

The operators will have to match DoT’s base price, which will be revised at each round. The revisions can range between 10%-1% over the previous round’s price depending on demand. Each slot in each service area will be auctioned separately but simultaneously by the auctioneers, Rothschild and DotEcon.

Six mobile companies - Bharti Airtel, RCOM, Vodafone, Idea, Tata Tele and Aircel are expected to compete for the three pan-India 3G spectrum allocations. The remaining three bidders in the race for 3G spectrum are Videocon, S-Tel and Etisalat.

Bidding for broadband spectrum will begin two days after the completion of 3G spectrum auction. The Government has received applications from 11 companies for the BWA spectrum.

The base price for pan-India 3G airwaves has been pegged at Rs35bn, while for BWA airwaves, it is Rs17.5bn. The Government will auction three slots of 3G airwaves in 17 telecom services areas and four in the other five zones. Only two slots will be up for grabs for broadband airwaves.

MTNL and BSNL have already been awarded spectrum for both 3G and WiMax services but they will have to match the highest bid for each of the services.

iPads go on sale...equal iPhone frenzy

iPad, the latest gizmo from Apple's stables matched the hysteria generated by the company's previous launches, as it got off to a strong start over the weekend. Tech fanatics and Apple loyalists stormed retail stores in the US to pick up Steve Jobs' latest creation.

Apple probably sold more than twice as many iPads in its debut weekend as some analysts estimated. The iPad’s initial sales may have reached 700,000 units, according to Piper Jaffray & Co. But, Apple said it sold 450,000 iPads. Apple sold about 270,000 iPhones in its 2007 debut weekend.

But, despite huge crowds Apple had iPads available late in the opening day, signaling that the company was able to produce enough devices to meet initial demand. It may be recalled that when iPhone was introduced in 2007 it faced supply crunch.

Apple may sell about 5 million iPads in the first 12 months, compared with 6.1 million iPhones in its first year on the market. Researcher iSuppli says full-year sales may reach 7.1 million globally. iSuppli predicts that sales could double in 2011 and triple in 2012 as long as Apple gets its Flash memory situation under control.

Forrester Research, for example, has predicted first-year sales of three million.

Tablet PCs have been available in one form or another since the 1990s, but have not quite caught the imagination of the consumers. They account for less than 1% of the PC market, according to research firm Gartner.

iPad builds on the success of Apple’s iPhone and iPod, as Jobs attempts to tap the market between smartphones and laptop computers. Users can surf the Internet, peruse digital books, watch video and play games on the iPad. What it lacks is a built-in camera.

The iPad’s success will depend partly on the attractiveness of applications that run on it.

Saturday's launch was limited to the iPads that use a WiFi-only connection. The company will launch iPads that work on AT&T's 3G wireless network later in the month. So, some shoppers may wait for the 3G version.

Of those available iPads, the cheapest offered 16 GB of data storage at a price of US$499. Models featuring 32GB and 64GB of memory will be available for US$599 and US$699. The 3G iPads are expected to be priced at US$629, with Internet-access plans sold separately.

Separately, Apple unveiled the latest operating-system software for iPhone, adding features such as multitasking, a unified mail inbox and improved advertising capabilities for application developers. Apple CEO Steve Jobs showed off many of the features of the iPhone OS 4.0 operating system.

No specific launch date was given. A developer preview kit for the new software was also released. The operating-system update for the company's newly launched iPad will not be available until this fall. The new operating system will come with more than 100 new features over its previous version.

Weekly Stock Picks - Apr 9 2010

Buy Bata

Buy Cummins

Buy Havells

Buy Everest Industries

Buy GSFC

Weekly Newsletter - Apr 9 2010

Bulls managed to recover smartly after a brief hiccup sparked by fresh worries over Greek's mounting debt troubles and concerns about a wider fallout in the eurozone. Markets across the world rebounded after Thursday's fall as strong US retail sales raised hopes of a faster recovery in consumer spending in the world's largest economy. Meanwhile, the rupee hit a 19-month high, dragging the IT stocks lower ahead of Q4 earnings. Crude oil hovered around an 18-month peak, stoking some fears of its impact on inflation. Back home, food inflation has suddenly jumped, adding to pressure on the RBI to boost interest rates again at its annual policy meeting on April 20. Inflation will once again be in focus next week when the Government releases the monthly WPI figures. It nearly touched double digits in February and is widely expected to cross 10% in March. Meanwhile, IIP for February is expected to maintain the strong momentum of the last two months despite the sudden drop in core sector growth. IT space will be in the spotlight as Infosys announces its annual numbers and guidance for the next fiscal year. Many more results are likely to be declared from next week, which will have one trading day less owing to a public holiday on April 14. All in all, it promises to be an action-packed week ahead. Barring any fresh external troubles or nasty domestic surprises, things should remain stable to positive. However, given the high valuations and a few uncertainties going ahead, one should remain cautious. Fresh buying at these levels is a bit risky. So, wait for a meaningful correction before jumping in.

US seeks India help to rebalance global growth

The United States and India must work together on rebalancing global growth and revamping a battered financial system, US Treasury Secretary Timothy Geithner said in New Delhi after meeting the Prime Minister and the Finance Minister. The US and India need to work more closely together, Geithner said. He was in New Delhi to launch a new bilateral economic dialogue with India with a focus on macroeconomic stability, financial markets and infrastructure financing. He was accompanied by Federal Reserve Vice Chairman Donald Kohn.

"Our ability to cooperate on economic and financial issues will be critically important to the success of global efforts to create conditions for a more stable global financial system, more balanced global economic growth, more effective and representative international financial institutions, and a more open global trading system," the US Treasury Secretary said.

On the prospects for the US economy, he said that while unemployment remains unacceptably high, the private sector has added jobs during four of the past five months, private investment is increasing, productivity growth is very high, the financial system is recovering, private savings have improved.

On India, Geithner said that it has a dynamic entrepreneurial private sector, a demonstrated ability to compete in the global market, and a commitment to quality higher education. "With those strengths and the proposed reforms, India's economic growth, already impressive, will be even stronger in the future," he added.

The US Treasury chief also approved India's demands for more representation for developing economies in the World Bank and IMF, saying they needed to be more effective and representative. Geithner also pledged to work through the Group of 20 (G20) and other multilateral groups to achieve more flexible currency policies that can smooth out trade flows and reduce imbalances.

Meanwhile, the Indian Government invited US investors to boost its creaky infrastructure as part of the efforts to deepen economic engagements with the world's biggest economy. "Immense opportunities are there for investment in the infrastructure sector. As much as US$600bn can be invested in ports, telecommunications, roads in the next five years," Finance Minister Pranab Mukherjee said while launching the India-US Financial and Economic Partnership along with Geithner.

The Government's discussions with visiting US Treasury Secretary and other officials included fiscal and monetary policy, the Finance Minister said. Officials from the two countries promised to meet regularly to discuss macro-economic issues, their financial industries and how to pay for infrastructure improvements in both countries.

BSE Bulk Deals to Watch - Apr 9 2010

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
9/4/2010 533163 Arss Infra Proj OPG SECURITIES P LTD B 101786 1190.41
9/4/2010 533163 Arss Infra Proj OPG SECURITIES P LTD S 101786 1191.12
9/4/2010 530723 Asit C Mehta Fin JASH KETAN KARANI B 26058 46.43
9/4/2010 531795 Atul Auto KAMAL KUMAR JALAN SEC. PVT. LTD B 209917 47.02
9/4/2010 531795 Atul Auto SURESH CHANDRA PANDYA S 209280 47.01
9/4/2010 532507 BAG Films SAFFRON FINANCE LIMITED B 999094 29.03
9/4/2010 532507 BAG Films SAFFRON FINANCE LIMITED S 988594 28.22
9/4/2010 500102 Ballarpur Inds JMP SECURITIES PVT LTD B 3982581 38.11
9/4/2010 500102 Ballarpur Inds JMP SECURITIES PVT LTD S 3832991 37.81
9/4/2010 531591 Bampsl Sec PRAKASHCHAND GUPTA S 589331 1.42
9/4/2010 511664 BGIL Films PRAGNESH JAGDISHBHAI PATEL B 36501 17.60
9/4/2010 511664 BGIL Films PRAGNESH JAGDISHBHAI PATEL S 36501 18.41
9/4/2010 500051 BHAG GAS PRAGNESH JAGDISHBHAI PATEL B 156290 9.23
9/4/2010 500051 BHAG GAS PRAGNESH JAGDISHBHAI PATEL S 156290 9.32
9/4/2010 512253 Bio Green Inds AMRUTPREMJI SHAH B 395000 15.50
9/4/2010 512253 Bio Green Inds RAMESHVIRAJ SHAH S 200000 15.70
9/4/2010 512253 Bio Green Inds SHOBHA MADHUKAR SHINDE S 50000 15.05
9/4/2010 512253 Bio Green Inds MADHUKAR BABARAO SHINDE S 50000 15.05
9/4/2010 511607 Birla Shloka BHAVISH DHIRAJLAL KHAKHKHAR B 65127 74.61
9/4/2010 511607 Birla Shloka BHAVISH DHIRAJLAL KHAKHKHAR S 65127 74.71
9/4/2010 511607 Birla Shloka SAAKSHI SHARES PVT LTD S 116625 75.04
9/4/2010 506197 Bliss GVS IDFC SMALL & MIDCAP EQU (SMEF) B 3300000 38.06
9/4/2010 506197 Bliss GVS NARSIMHA SHIBROOR KAMATH S 3300000 38.05
9/4/2010 590061 Brushman India SICPA INDIA LTD S 119352 9.66
9/4/2010 500083 Century Extr BHARAT SHANKAR PHAPALE B 456154 13.97
9/4/2010 500083 Century Extr BHARAT SHANKAR PHAPALE S 302984 13.95
9/4/2010 531337 Channel Guide FALGUNIBEN MAHAVIRBHAI GOHIL B 45000 17.94
9/4/2010 531337 Channel Guide PATHIK NAYANBHAI SHAH B 40000 17.82
9/4/2010 531337 Channel Guide HIMAL KANCHANLAL PARIKH HUF B 88095 17.90
9/4/2010 531337 Channel Guide ANJANA RAMESHCHANDRA BIRLA B 35000 17.90
9/4/2010 531337 Channel Guide CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 34651 17.74
9/4/2010 531337 Channel Guide ANJANA RAMESHCHANDRA BIRLA S 35000 17.87
9/4/2010 531337 Channel Guide DIMPAL NILESHBHAI SHAH S 35000 17.93
9/4/2010 531337 Channel Guide HIMAL KANCHANLAL PARIKH HUF S 88095 17.79
9/4/2010 531337 Channel Guide DARI TEJAS K S 35168 17.73
9/4/2010 531337 Channel Guide KALPESHKUMAR MANIYAR S 75597 17.91
9/4/2010 533026 Chemcel Bio POONAM AJMERA B 204000 10.15
9/4/2010 533026 Chemcel Bio REKHA BHANDARI B 400000 10.34
9/4/2010 533026 Chemcel Bio ACME FURNITURE PRIVATE LIMITE B 200000 10.16
9/4/2010 533026 Chemcel Bio NIOL IMPEX PRIVATE LIMITED S 300000 10.54
9/4/2010 533026 Chemcel Bio DURGESH PRASAD MALOO S 180000 10.08
9/4/2010 533026 Chemcel Bio ACME FURNITURE PRIVATE LIMITE S 200000 10.20
9/4/2010 533026 Chemcel Bio POONAM AJMERA S 200000 10.16
9/4/2010 531171 Devika Prot MRUNAL AGENCY & FINANCE PVT. LTD. B 98507 22.37
9/4/2010 531171 Devika Prot REKMO DYES PRIVATE LIMITED S 75605 21.76
9/4/2010 531171 Devika Prot KARNAVATI DYECHEM PRIVATE LIMITED S 75961 22.04
9/4/2010 504351 Empower Inds G RAJENDRA KUMAR S 56841 4.15
9/4/2010 532836 Gremach Infra SICOM LTD S 196681 25.23
9/4/2010 532770 Hanung Toys AASHKA CONSTRUCTION PRIVATE LIMITED S 129016 236.34
9/4/2010 522059 Indage Vintners BLUE PEACOCK SECURITIES PVT LT S 195487 41.55
9/4/2010 531084 Indo Bonito MUKESHTULSHYAM S 138000 6.98
9/4/2010 530259 Inter State Oil KAMAL KISHOR TOSHNIWAL B 30000 9.09
9/4/2010 512185 IOL Netcom VIDEOCON INDUSTRIES LIMITED B 500000 25.55
9/4/2010 512185 IOL Netcom SHREE DHOOT TRADING & AGENCIES LIMITED. S 500000 25.55
9/4/2010 505840 Jaipan Inds J V STOCK BROKING PRIVATE LIMITED B 47723 26.70
9/4/2010 505840 Jaipan Inds DEEPAK SHANTILAL CHHEDA B 35233 27.66
9/4/2010 505840 Jaipan Inds WALLFORT FINANCIAL SERVICES LTD B 200000 27.31
9/4/2010 505840 Jaipan Inds DIGVIJAY COMMERCE & TRADING PVT LTD B 81747 27.79
9/4/2010 505840 Jaipan Inds PRAGYA EQUITIES PRIVATE LIMITED B 46880 27.04
9/4/2010 505840 Jaipan Inds PRAGYA EQUITIES PRIVATE LIMITED S 46880 27.58
9/4/2010 505840 Jaipan Inds KAPISH CACJGING PVT. LTD S 47658 27.01
9/4/2010 505840 Jaipan Inds GLOBAL FILM & BORD CASTING LTD S 31000 27.16
9/4/2010 505840 Jaipan Inds ENCA FINLEASE LTD S 143000 27.07
9/4/2010 505840 Jaipan Inds SANTOSH GUPTA S 38088 25.81
9/4/2010 505840 Jaipan Inds DEEPAK SHANTILAL CHHEDA S 35233 27.70
9/4/2010 505840 Jaipan Inds J V STOCK BROKING PRIVATE LIMITED S 47723 26.79
9/4/2010 505840 Jaipan Inds SONU SINGH S 53775 26.10
9/4/2010 505840 Jaipan Inds ANISHA KUMARI S 195452 26.76
9/4/2010 520051 Jamna Auto ANOOP JAIN B 125000 104.02
9/4/2010 530255 KAY Power BAMPSL SECURITIES LTD B 214654 18.42
9/4/2010 530255 KAY Power BAMPSL SECURITIES LTD S 77966 18.07
9/4/2010 530255 KAY Power B.S.KHANDELWAL S 75000 18.36
9/4/2010 530145 Kisan Mouldings SWETA TIBREWALA B 51271 86.39
9/4/2010 530145 Kisan Mouldings JMP SECURITIES PVT LTD B 48838 85.29
9/4/2010 530145 Kisan Mouldings NARESHCHAND JAIN B 58305 84.88
9/4/2010 530145 Kisan Mouldings SHRIRAM TIBREWALA B 100000 84.71
9/4/2010 530145 Kisan Mouldings BP FINTRADE PRIVATE LIMITED B 70756 84.19
9/4/2010 530145 Kisan Mouldings BP FINTRADE PRIVATE LIMITED S 75375 86.34
9/4/2010 530145 Kisan Mouldings SHRIRAM TIBREWALA S 100000 84.70
9/4/2010 530145 Kisan Mouldings NARESHCHAND JAIN S 58305 85.85
9/4/2010 530145 Kisan Mouldings JMP SECURITIES PVT LTD S 48453 86.01
9/4/2010 530145 Kisan Mouldings SWETA TIBREWALA S 131271 86.04
9/4/2010 530145 Kisan Mouldings SOFTLINE SECURITIES PRIVATE LIMITED S 330000 84.34
9/4/2010 530145 Kisan Mouldings SPREAD FINTRADE LTD S 47000 87.11
9/4/2010 531602 Koffee Break ASHWINPRAVINCHANDRASANGHVI S 604446 1.90
9/4/2010 532740 Lokesh Machines COSMO INVESTMENT B 59211 58.56
9/4/2010 523248 Machino Plast PISCES PORTFOLIOS P LTD S 50523 72.21
9/4/2010 514450 Mahalaxmi Rub VIDHYA EQUIRESEARCH PRIVATE LIMITED B 180369 126.00
9/4/2010 514450 Mahalaxmi Rub MUKESH KUSHIRAM WADHWANI S 48340 128.20
9/4/2010 514450 Mahalaxmi Rub MAMTA A SURANA S 85000 126.02
9/4/2010 506919 Makers Lab KISHAN MOHTA B 25000 57.64
9/4/2010 590111 MASTER VENKATA BADRINARAYANAMMA GOLLAPUDI B 60099 39.45
9/4/2010 590011 Moving Picture FOREVER MERCHANTS PRIVATE LIMITED B 100000 6.39
9/4/2010 590011 Moving Picture NARESHCHAND JAIN B 162417 6.24
9/4/2010 590011 Moving Picture PRAGNESH JAGDISHBHAI PATEL B 371000 6.30
9/4/2010 590011 Moving Picture GAUTAM DUTTA MUNSI B 70497 6.04
9/4/2010 590011 Moving Picture DRISHTI SHARES B 70000 6.32
9/4/2010 590011 Moving Picture CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 155503 6.12
9/4/2010 590011 Moving Picture CHIMANLAL MANEKLAL SECURITIES PVT.LTD S 150503 6.12
9/4/2010 590011 Moving Picture PRAGNESH JAGDISHBHAI PATEL S 611217 6.22
9/4/2010 590011 Moving Picture NARESHCHAND JAIN S 162417 6.37
9/4/2010 532045 Nexxoft Info KOOKMIN SECURITIES PRIVATE LIMITED S 45000 26.73
9/4/2010 531496 Omkar Overseas BHUTIYA HITESH KANABHAI B 29000 68.67
9/4/2010 531496 Omkar Overseas ROOPA SHRENIK SHAH B 29000 68.63
9/4/2010 531496 Omkar Overseas ABHAY DATTATRAY JAVLEKAR S 40000 68.67
9/4/2010 512097 Oregon Comm KRUPA SANJAY SONI B 48383 218.37
9/4/2010 523307 Panasonic Home PACIFIC CORPORATE SERVICES LTD B 255000 163.50
9/4/2010 523307 Panasonic Home KANTA CHHAJER S 250000 163.47
9/4/2010 532748 Prime Focus SMART EQUITY BROKERS PRIVATE LIMITED B 71479 346.27
9/4/2010 532748 Prime Focus SMART EQUITY BROKERS PRIVATE LIMITED S 71479 346.78
9/4/2010 503873 Priyadarshini Spn PUNEET PAL SINGH B 71295 26.72
9/4/2010 503873 Priyadarshini Spn PRADEEP KR AGGARWAL B 110629 26.64
9/4/2010 503873 Priyadarshini Spn PUNEETPALSINGH S 71295 26.70
9/4/2010 532918 Rathi Bars GUBBA POORNIMA S 87000 13.70
9/4/2010 512359 Rotam Comm KRUNAL GOPALDAS RANA B 7504 147.42
9/4/2010 533056 SARK SYS SANGAM AGRO AGENCIES PRIVATE LIMITED B 60000 28.03
9/4/2010 533056 SARK SYS SATELLITE EXIM PRIVATE LIMITED S 50000 28.05
9/4/2010 532404 Saven Tech BACHHRAJ JAIN S 80000 9.36
9/4/2010 513097 Shivalik Bimet SRINIVAS LAXMAIAH MACHERLA B 97601 31.20
9/4/2010 513097 Shivalik Bimet TECKNOPOINT MERCANTILE COMPANY PVT LTD B 113733 31.50
9/4/2010 513097 Shivalik Bimet SAINATH HERBAL CARE MARKETING P.LTD B 101065 30.90
9/4/2010 513097 Shivalik Bimet SRINIVAS LAXMAIAH MACHERLA S 97601 31.21
9/4/2010 533180 SHREEGANESH GENUINE STOCK BROKERS PVT. LTD. B 1433183 174.62
9/4/2010 533180 SHREEGANESH SMART EQUITY BROKERS PRIVATE LIMITED B 1345928 176.29
9/4/2010 533180 SHREEGANESH CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 437943 179.40
9/4/2010 533180 SHREEGANESH MARWADI SHARES AND FINANCE LTD. B 730979 175.28
9/4/2010 533180 SHREEGANESH WINALL VINIMAY PRIVATE LIMITED B 496721 168.22
9/4/2010 533180 SHREEGANESH WITHAL COMMERCIAL PRIVATE LIMITED B 463006 171.80
9/4/2010 533180 SHREEGANESH INTERACTIVE SECURITIES PRIVATE LIMITED B 326739 175.25
9/4/2010 533180 SHREEGANESH OPG SECURITIES P LTD B 1192203 179.00
9/4/2010 533180 SHREEGANESH SAHAR VYAPAR PRIVATE LIMITED B 1004210 177.70
9/4/2010 533180 SHREEGANESH RAKHIKALPESH BHANDARI B 308824 173.78
9/4/2010 533180 SHREEGANESH PUNIT TAPARIA B 459817 171.89
9/4/2010 533180 SHREEGANESH PUNIT TAPARIA S 459817 173.99
9/4/2010 533180 SHREEGANESH RAKHIKALPESH BHANDARI S 308824 172.06
9/4/2010 533180 SHREEGANESH SAHAR VYAPAR PRIVATE LIMITED S 1004210 183.19
9/4/2010 533180 SHREEGANESH INTERACTIVE SECURITIES PRIVATE LIMITED S 326739 174.19
9/4/2010 533180 SHREEGANESH WITHAL COMMERCIAL PRIVATE LIMITED S 463006 170.01
9/4/2010 533180 SHREEGANESH MARWADI SHARES AND FINANCE LTD. S 730979 174.89
9/4/2010 533180 SHREEGANESH OPG SECURITIES P LTD S 1192203 179.22
9/4/2010 533180 SHREEGANESH WINALL VINIMAY PRIVATE LIMITED S 496721 179.70
9/4/2010 533180 SHREEGANESH STANDARD CHARTERED BANK (MAURITIUS) LIMITED A/C EMERGING IND S 531484 169.23
9/4/2010 533180 SHREEGANESH CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 437943 178.51
9/4/2010 533180 SHREEGANESH SMART EQUITY BROKERS PRIVATE LIMITED S 1345928 176.42
9/4/2010 533180 SHREEGANESH GENUINE STOCK BROKERS PVT. LTD. S 1433183 174.49
9/4/2010 517411 Shyam Telecom KANCHAN CHHABRA B 85408 80.87
9/4/2010 517411 Shyam Telecom KANCHAN CHHABRA S 83894 81.19
9/4/2010 531645 Southern Ispat ANILGANPATLAL JAIN B 97200 24.00
9/4/2010 531645 Southern Ispat UP AGRO FARMS & EXPORTS PVT LTD S 58600 23.76
9/4/2010 531645 Southern Ispat MANISH A KHETAWAT S 92500 23.73
9/4/2010 526133 Supertex Inds SUPER INFINCON PVT LTD B 591557 3.63
9/4/2010 531426 Tamil Nadu News GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 393853 97.52
9/4/2010 570001 TATAMOTORS-DVR-A-ORDY DILIPKUMAR VISHINDAS LAKHI B 789499 475.00
9/4/2010 570001 TATAMOTORS-DVR-A-ORDY IFCI LTD S 790000 475.00
9/4/2010 531574 VAS Infra AJMERA SHARES TRADING PRIVATE LIMITED S 103000 60.40
9/4/2010 531574 VAS Infra AJMERA SHARES TRADING PRIVATE LIMITED S 70000 60.40
9/4/2010 531574 VAS Infra RAJESH GOPALKRISHNA RATHI S 88542 60.40
9/4/2010 531950 Vertex Sec AASHKA CONSTRUCTION PRIVATE LIMITED B 130799 51.65
9/4/2010 531950 Vertex Sec VIDHYA EQUIRESEARCH PRIVATE LIMITED B 240000 51.65
9/4/2010 531950 Vertex Sec TRANSWARRANTY FINANCE LIMITED S 200000 51.65
9/4/2010 531950 Vertex Sec KUMAR CHANDRAN NAIR S 100000 51.65
9/4/2010 531950 Vertex Sec RANJAN VARGHESE S 100000 51.65
9/4/2010 531249 Well Pack Papers AMAR PREMCHAND WALMIKI B 400000 24.97
9/4/2010 531249 Well Pack Papers AMAR PREMCHAND WALMIKI S 580000 24.80
9/4/2010 531396 Women Networks KANTA CHHAJER B 110000 27.62
9/4/2010 531396 Women Networks DEEPAK REDH B 25000 27.10
9/4/2010 531396 Women Networks MURLIDHAR KANTHER S 80560 27.65
9/4/2010 531396 Women Networks ROHIT DUGAR S 40926 27.20
9/4/2010 590013 XPRO India IPRO CAPITAL LIMITED B 200000 34.00
9/4/2010 590013 XPRO India BIRLA HOLDINGS LIMITED S 100000 34.00
9/4/2010 590013 XPRO India BIRLA EASTERN LTD S 100000 34.00
* B - Buy, S - Sell

NSE Bulk Deals to Watch - Apr 9 2010

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
09-APR-2010,ALKALI,Alkali Metals Limited,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,BUY,64346,133.61,-
09-APR-2010,ALKALI,Alkali Metals Limited,SUNEET LAL,BUY,52131,132.65,-
09-APR-2010,AMAR,Amar Remedies Limited,MANISH VRAJLAL SARVAIYA,BUY,164007,66.31,-
09-APR-2010,ARCHIES,Archies Limited,VIDEOCON INDUSRTIES LTD.,BUY,299500,94.75,-
09-APR-2010,BAGFILMS,B.A.G Films and Media Ltd,SAFFRON FINANCE LIMITED,BUY,2243356,28.00,-
09-APR-2010,BALLARPUR,Ballarpur Industries Limi,JMP SECURITIES PVT LTD,BUY,3242327,38.02,-
09-APR-2010,BHARTISHIP,Bharati Shipyard Limited,BIRLA SUN LIFE INSURANCE CO. LTD,BUY,146100,275.27,-
09-APR-2010,IOLN,IOL Netcom Limited,EVANS FRASER AND COMPANY(INDIA)LTD,BUY,500000,25.80,-
09-APR-2010,KAJARIACER,Kajaria Ceramics Ltd,SAFE ENTERPRISES,BUY,500000,62.75,-
09-APR-2010,KALINDEE,Kalindee Rail Nirman (Eng,GAURAV INVESTMENTS & CONSULTANCY (PVT) LTD.,BUY,63991,143.72,-
09-APR-2010,LOKESHMACH,LOKESH MACHINES LIMITED,PASHUPATI CAPITAL SERVICES PVT. LTD.,BUY,80370,56.91,-
09-APR-2010,MSKPROJ,MSK Projects (India) Limi,MANISH VRAJLAL SARVAIYA,BUY,143225,167.21,-
09-APR-2010,NAHARCAP,Nahar Capital and Financi,G S AUTO LEASING LIMITED,BUY,219000,74.85,-
09-APR-2010,PBAINFRA,PBA Infrstructure Limited,BLUE PEACOCK SECURITIES PVT LT,BUY,213851,100.83,-
09-APR-2010,PBAINFRA,PBA Infrstructure Limited,OM INVESTMENTS,BUY,201812,100.98,-
09-APR-2010,PRIMESECU,Prime Securities Limited,VIDEOCON INDUSRTIES LTD.,BUY,1000000,36.18,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,BLUE PEACOCK SECURITIES PVT LT,BUY,490500,169.96,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,BP FINTRADE PRIVATE LIMITED,BUY,454881,176.52,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,CPR CAPITAL SERVICES LTD.,BUY,420744,174.06,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,436335,178.41,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,EMERGING INDIA FOCUS FUNDS,BUY,10500,169.00,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,1551532,174.65,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,INTERACTIVE SECURITIES PVT LTD,BUY,325453,174.32,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,487378,181.67,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,317164,182.03,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,962723,175.57,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,R APPALA RAJU,BUY,375000,176.25,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,TRIPTI SINGHVI,BUY,430233,171.76,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,WINALL VINIMAY PRIVATE LIMITED,BUY,486527,168.17,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,WITHAL COMMERCIAL PVT LTD,BUY,531000,173.37,-
09-APR-2010,SPICEMOBIL,Spice Mobiles Limited,MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED,BUY,453570,49.09,-
09-APR-2010,SYNCOM,Syncom Healthcare Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,88019,89.55,-
09-APR-2010,TNPL,Tamil Nadu Newsprint ,RELIANCE MUTUAL FUND,BUY,350000,98.36,-
09-APR-2010,ALKALI,Alkali Metals Limited,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,SELL,43846,133.11,-
09-APR-2010,ALKALI,Alkali Metals Limited,SUNEET LAL,SELL,52131,132.82,-
09-APR-2010,AMAR,Amar Remedies Limited,MANISH VRAJLAL SARVAIYA,SELL,151779,65.66,-
09-APR-2010,ARCHIES,Archies Limited,DOMEBELL ELECTRONICS INDIA PVT.LTD,SELL,299500,94.75,-
09-APR-2010,BAGFILMS,B.A.G Films and Media Ltd,SAFFRON FINANCE LIMITED,SELL,2343356,27.70,-
09-APR-2010,BALLARPUR,Ballarpur Industries Limi,JMP SECURITIES PVT LTD,SELL,3110823,38.23,-
09-APR-2010,FIEMIND,Fiem Industries Limited,DAMANI MANMOHAN,SELL,67463,107.01,-
09-APR-2010,HBSTOCK,HB Stockholdings Ltd,B R INTERNATIONAL,SELL,153000,31.80,-
09-APR-2010,IOLN,IOL Netcom Limited,SHREE DHOOT TREDING AND AGENCIES LTD,SELL,500000,25.80,-
09-APR-2010,JAYSREETEA,Jayashree Tea Ltd.,YUANTA ASIA PACIFIC GROWTH FUND,SELL,65083,298.48,-
09-APR-2010,KALINDEE,Kalindee Rail Nirman (Eng,GAURAV INVESTMENTS & CONSULTANCY (PVT) LTD.,SELL,63471,143.49,-
09-APR-2010,LOKESHMACH,LOKESH MACHINES LIMITED,PASHUPATI CAPITAL SERVICES PVT. LTD.,SELL,56870,57.07,-
09-APR-2010,MSKPROJ,MSK Projects (India) Limi,ICG Q LIMITED ,SELL,170160,163.00,-
09-APR-2010,MSKPROJ,MSK Projects (India) Limi,MANISH VRAJLAL SARVAIYA,SELL,143225,165.57,-
09-APR-2010,NAHARCAP,Nahar Capital and Financi,HARJEET SINGH ARORA,SELL,120000,75.07,-
09-APR-2010,PBAINFRA,PBA Infrstructure Limited,BLUE PEACOCK SECURITIES PVT LT,SELL,218092,100.15,-
09-APR-2010,PBAINFRA,PBA Infrstructure Limited,OM INVESTMENTS,SELL,201812,101.08,-
09-APR-2010,PFOCUS,Prime Focus Limited,ICG Q LTD,SELL,69000,334.59,-
09-APR-2010,PRIMESECU,Prime Securities Limited,DOMEBELL ELECTRONICS INDIA PVT.LTD,SELL,1000000,36.18,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,BLUE PEACOCK SECURITIES PVT LT,SELL,490500,176.07,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,BP FINTRADE PRIVATE LIMITED,SELL,454880,175.98,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,CPR CAPITAL SERVICES LTD.,SELL,420744,174.05,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,SELL,436335,179.92,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,EMERGING INDIA FOCUS FUNDS,SELL,808615,169.38,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,1551532,174.90,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,INTERACTIVE SECURITIES PVT LTD,SELL,325453,175.58,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,487378,181.49,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,317164,182.40,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,962723,176.02,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,R APPALA RAJU,SELL,385000,174.18,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,TRIPTI SINGHVI,SELL,430233,170.33,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,WINALL VINIMAY PRIVATE LIMITED,SELL,486527,175.61,-
09-APR-2010,SGJHL,Sh Ganesh Jewel House Ltd,WITHAL COMMERCIAL PVT LTD,SELL,531000,174.28,-
09-APR-2010,SPICEMOBIL,Spice Mobiles Limited,MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED,SELL,435526,49.08,-
09-APR-2010,SYNCOM,Syncom Healthcare Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,88019,89.98,-
09-APR-2010,TNPL,Tamil Nadu Newsprint ,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,606147,97.47,-

Infy results, economic data to dictate trend

The market is entering an important period of quarterly earnings, with IT bellwether Infosys kickstarting the reporting season on Tuesday, 13 April 2010. The Q4 March 2010 results and management commentary on outlook could result in revision in earnings estimates of individual firms from analysts for the year ending March 2011 (FY 2011). The market sentiment remains firm due to sustained buying by foreign funds.

The key economic data on tap is industrial production for February 2010 on Monday, 12 April 2010, to be followed by inflation for March 2010 on Wednesday, 14 April 2010. The stock market has already priced in a rate hike of at least 25 basis points in April 2010. However, a substantially stronger-than-expected industrial production data and higher-than-expected rise in inflation may fuel expectations for a 50-basis-point hike in policy rates when the central bank reviews policy on 20 April 2010.

Industrial production is seen rising 16% in February 2010 from a year earlier, a tad lower than an annual rise of 16.7% in January 2010. The headline inflation for March 2010 is expected at above 10%, topping February's 9.89% rise. The Reserve Bank of India, citing inflationary pressures and an improving economy, hiked key rates by 25 basis points last month.

Foreign institutional investors (FIIs) continue to mop up Indian stocks. As per data from the stock exchanges, FIIs bought equities worth a net Rs 1535.15 crore in the first few days this month on the top of a heavy inflow of Rs 14792.32 crore last month.

Funds investing in emerging-market stocks attracted the highest inflows in six months in the week ended 7 April 2010, garnering $3.27 billion, according to EPFR Global. All four big fund groups in this category took in fresh cash, with Asia ex-Japan funds helped by gains to China equity funds which had their best week since late January 2010. China equity funds drew $190 million.

Coming back to fourth quarter results, automobile firms are seen reporting strong Q4 March 2010 results on a healthy volume growth. However, the sector is witnessing a headwind of rising input costs. Recently, Maruti Suzuki raised car prices due to a surge in input costs and shift to new emission norms from 1 April 2010. M&M, too, hiked utility vehicles prices recently.

The Society of Indian Automobile Manufacturers (Siam) expects vehicle sales in India to grow 10-15% in the fiscal year to March 2011 (FY 2011). A total of 12.3 million vehicles were sold in the country in the year ended March 2010 in FY 2010, up 26.4%, Siam data showed.

An abnormally high loan growth at the fag end of March 2010 may underpin Q4 March 2010 earnings from the banking sector. However, huge treasury gains in Q4 March 2009 could negatively impact bottom line growth due to a base effect.

As far as Q4 results of the cement sector is concerned, a positive impact of higher cement prices may be partially negated by higher power and fuel costs arising from increase in prices of domestic and imported coal, higher incidence of excise as the government increased excise duties in the Union Budget 2010-11 and higher freight cost as prices of diesel increased post budget.

Steel firms are seen reporting strong Q4 results on the back of a sharp increase in realizations and low base effect as volumes in Q4 March 2009 were hit by the global economic slowdown. Volumes at Tata Steel and JSW Energy will get additional boost from expansion in capacity.

Non-ferrous metal manufacturers, too, are seen reporting strong Q4 results due to low base effect and substantially higher realizations. However, increase in input costs could weigh on bottom line growth on a sequential basis.

Improving macro-economic environment and buoyancy in advertisement spends is expected to drive earnings growth for the media sector. Telecom, FMCG and automobiles continue to lead spending on advertisement.

Unabated rally propels Sensex near 18k

The market reported ninth straight weekly gain, boosted by earnings optimism and continued fund inflows. Recovery in global stock markets also supported domestic bourses.

The market is entering an important period of quarterly earnings, with IT bellwether Infosys kick starting the reporting season on Tuesday, 13 April 2010. The Q4 March 2010 results and management commentary on outlook could result in revision in earnings estimates of India Inc by analysts for the year ending March 2011 (FY 2011).

Foreign funds have shown steady interest in Indian equities since late-February's budget which emphasised on fiscal consolidation and higher consumption power. Foreign institutional investors (FIIs) inflow in April 2010 totaled Rs 3462.70 crore while the inflow in the calendar year 2010 totaled Rs 24,107 crore (till 7 April 2010), as per data from the Securities & Exchange Board of India.

On the macro front, India's food price index rose 17.70% in the year to 27 March 2010, government data showed on Thursday. The rise in the food price index was higher than an annual rise of 16.35% in the previous week. The fuel price index rose 12.71%, a tad below the previous week's reading of 12.75%. The primary articles index rose 14.5%.

The BSE Sensex rose 240.52 points or 1.36% to 17,933.14 in the week ended Friday, 9 April 2010. The S&P CNX Nifty gained 71.25 points, or 1.34% to 5361.75 in the week.

The BSE Mid-Cap index rose 3.19% and the BSE Small-Cap index gained 4.14% in the week. Both these indices outperformed Sensex.

The key benchmark indices gained on Monday, 5 April 2010 after some Asian markets zoomed to 19-month highs that day buoyed by an upbeat US job data. The BSE 30-share Sensex rose 243.06 points or 1.37% to 17,935.68. The S&P CNX Nifty rose 77.90 points or 1.47% to 5,368.40.

The key benchmark indices were little changed on Tuesday, 6 April 2010 after moving between positive and negative zone in intraday trade. The Sensex pared gains after coming within a striking distance of the psychological 18,000 mark. The BSE 30-share Sensex rose 5.89 points or 0.03% to 17,941.37. The S&P CNX Nifty fell 2.40 points or 0.04% at 5,366.

The key benchmark indices registered small gains in what was a highly volatile trading session on Wednesday, 7 April 2010. The market attained its highest closing level in more than 25 months. The barometer index BSE Sensex scaled the psychological 18,000 level in intraday trade but it settled below that level. The Sensex rose 28.65 points or 0.16% to 17,970.02. The S&P CNX Nifty gained 8.65 points or 0.16% to 5,374.65.

The key benchmark indices slumped on Thursday, 8 April 2010 as weak global stocks and worries about the economic health of Greece triggered profit taking after recent sharp surge in share prices. A spike in food price inflation also rekindled fears of a hike in key policy rates when the Reserve Bank of India reviews its monetary policy on 20 April 2010. The BSE 30-share Sensex fell 255.62 points or 1.42% to 17,714.40. The S&P CNX Nifty declined 70.20 points or 1.31% to 5,304.45.

The key benchmark indices recouped most of the previous day's losses on Friday, 9 April 2010 as world stocks rose on strong US consumption data. The BSE 30-share Sensex rose 218.74 points or 1.23% to 17,933.14. The S&P CNX Nifty gained 57.30 points or 1.08% to 5361.75.

Reliance Industries (RIL) rose 2.77% on expectations of strong Q4 March 2010 results. RIL's promoter entities have acquired shares worth Rs 113.57 crore through off-market transactions, the company said on Wednesday. Five promoters, however, have sold shares of the company worth Rs 78.03 crore through off-market transactions, the filing said.

RIL is producing 63-64 million standard cubic metres a day (mmscmd) of gas from the D6 block off India's east coast, executive director P.M.S. Prasad said on Tuesday. The company is producing 21,000 barrels per day of oil from the block, he added.

Capital goods pivotals rose on renewed buying. India's top power equipment maker by sales Bharat Heavy Electricals (Bhel) rose 5.98%. As per recent reports the company plans to re-enter wind turbine manufacturing space in the next three months.

India's largest engineering and construction firm by sales Larsen & Toubro (L&T) fell marginally by 0.52%. The company on Monday said it has received an order worth Rs 1,060 crore from Gujarat State Petroleum Corporation (GSPC) to build an offshore oil platform.

Among other capital goods stocks, SKF India (up 6.16%), Praj Industries (up 3.85%), Punj Lloyd (up 2.92%), ABB (up 2.13%), BEML (up 1.66%) and Siemens (up 1.70%), rose.

Auto stocks rose on robust March 2010 sales figures. Vehicle sales in India should grow 10-15% in the fiscal year to March 2011, an industry body said on Friday. In 2009/10, a total of 1.23 crore vehicles were sold in the country, up 26.4% from the previous fiscal year, data from the Society of Indian Automobile Manufacturers (SIAM) showed.

India's largest commercial vehicle maker by sales Tata Motors rose 4.25% after the company's UK-based unit, Land Rover, reported its best ever monthly sales in UK with sales rising 67% to 11,300 units in March 2010 over March 2009.

The Tata Motors stocks had lost 2.41% on Thursday on reports one of its ultra-cheap Nano cars caught fire on Wednesday, 7 April 2010, perhaps due to a technical snag in its rear portion.

India's top small car maker by sales, Maruti Suzuki India fell marginally by 0.69%. The company said on Monday it has raised the price of its vehicles across different models due to higher input costs and expenses from the introduction of the new Bharat Stage IV emission norms.

India's second largest bike maker by sales Bajaj Auto rose 3.37%. Bajaj Auto will distance itself from the parent brand Bajaj and focus on just four motorcycle brands - Boxer, Discover, Pulsar and KTM - as well as the rear-engine three-wheeler brand, phasing out the rest, managing director Rajiv Bajaj was quoted by the media as saying on Thursday. India's leading bike maker by sales Hero Honda Motors rose 5.60%.

India's largest tractor maker by sales Mahindra & Mahindra fell 1.04%. As per recent reports the company has raised prices of utility vehicles due to a rise in input and fuel costs, and expenses associated with migrating to new emission norms.

From this month, 13 cities across the country have switched over to Bharat Stage IV emission norms. Following this, many carmakers, have increased the vehicle prices. With newer technology required for upgradation, auto companies had said they would have to pass on the increased cost to customers. In February, following the 2% increase in excise duty on all non-oil products to 10% in the Budget, auto players had hiked prices of vehicles by up to Rs 70,000.

Automobile firms are seen reporting strong Q4 results on a healthy volume growth. However, the sector is witnessing a headwind of rising input costs. Recently, Maruti Suzuki raised car prices due to a surge in input costs and shift to new emission norms from 1 April 2010. M&M, too, hiked utility vehicles prices recently.

India's largest IT exporter by sales Infosys rose 0.28% on market talks it may announce a special dividend for the year ended March 2010 (FY 2010) when it unveils its Q4 March 2010 and FY 2010 results early next week. Infosys has declared special dividend every alternate year over the few years i.e. in FY 2004, FY 2006 and FY 2008.

The key focus is on Infosys' guidance for the year ending March 2011 (FY 2011). The company unveils its Q4 March 2010 and year-ended March 2010 (FY 2010) results on 13 April 2010. Market men expect a muted revenue and earnings guidance from the IT major after taking into account cross currency impact, planned employee addition, wage hike and higher taxes. The government hiked the minimum alternate tax (MAT) to 18% from 15% in the Union Budget 2010-2011.

Infosys is seen reporting about 1% to 2% growth in net profit in Q4 March 2010 over Q3 December 2009. The IT bellwether's revenue is seen rising 2% to 3% sequentially on the back of higher volume growth.

Banking stocks rose after a sharp surge in credit growth. India's largest bank by net profit and branch network State Bank of India rose 0.14%. Chairman O.P. Bhatt said on Tuesday the bank may raise its lending and deposit rates in a couple of months. The state-owned bank will wait for the Indian central bank's monetary policy action to take a final call on interest moves, Bhatt said.

India's largest private sector bank by net profit ICICI Bank rose 2.56%. India's second largest private sector bank by net profit HDFC Bank rose 0.56%.

India's largest mortgage finance firm by total income Housing Development Finance Corporation rose 2.24%.

As per the latest fortnightly report released by the RBI, banks disbursed an additional Rs 1,15,548 crore in the 15 days up to 26 March 2010, almost 25% of the Rs 4,64,849 crore disbursed in the entire financial year. Thus, fourth quarter of FY 2010 accounted for 47% of the total loans disbursed during the entire FY 2010. The unusually high disbursals pushed the year on-year growth in credit to 16.7% at the end of the financial year. Banks typically step updisbursals in the last weeks of a quarter, even more so towards the end of the year, to meet targets. However, disbursals in the fortnight up to 26 March 2010 are high even by year-end standards, surpassing the Rs 79,500 crore disbursed in the last fortnight of FY 2009.

Market recoups most of Thursday's losses

The key benchmark indices recouped most of the previous day's losses as world stocks rose on strong US consumption data. The BSE 30-share Sensex was provisionally up 221.02 points or 1.25%, up close to 220 points from the day's low and off close to 35 points from the day's high. The Sensex had lost 1.42% on Thursday, 8 April 2010, on weak global cues.

Auto, capital goods, banking and consumer durables stocks led today's rebound. Index heavyweight Reliance Industries (RIL) also edged higher. The market breadth was strong. All the sectoral indices on BSE were in green.

The market surged in early trade on firm Asian stocks. It came off the higher level in later. The market spurted to a fresh intraday high in mid-morning trade. The market once again trimmed gains in early afternoon trade. The market surged to a fresh intraday high in afternoon trade as European markets climbed at the onset of the trading session. A bout of volatility was witnessed in mid-afternoon trade as the market rebounded from lower level after paring gains.

Funds investing in emerging-market stocks attracted the highest inflows in six months in the week ended 7 April 2010, garnering $3.27 billion, according to EPFR Global. All four big fund groups in this category took in fresh cash, with Asia ex-Japan funds helped by gains to China equity funds which had their best week since late January 2010. China equity funds drew $190 million.

Expectations of good fourth quarter result by India Inc and heavy foreign fund inflows boosted the bourses in the past few weeks with the key benchmark indices surging to their highest level in more than 25 months on Wednesday, 7 April 2010.

The market is entering an important period of quarterly earnings, with IT bellwether Infosys kickstarting the reporting season on Tuesday, 13 April 2010. The Q4 March 2010 results and management commentary on outlook could result in revision in earnings estimates of India Inc by analysts for the year ending March 2011 (FY 2011).

European stocks rose on Friday, with positive session in the US market overnight offering support despite continuing concerns about Greece. Key indices in UK, France and Germany rose by 0.67% to 1.03%.

Data released on Friday in Europe showed a mixed picture for the prospect of economic recovery among individual countries. Rising exports helped boost Germany's trade surplus more than expected in February, adding to signs Europe's largest economy is on the path to recovery. Industrial output in France, however, was unchanged in February after rising in January, underlining the challenges still facing the euro zone's second largest economy.

Meanwhile, British factory gate inflation rose in March at its fastest pace in 16 months. The figures may make concerning reading for the Bank of England which has forecast that consumer price inflation will fall back below target later this year. Bank of England on Thursday kept the bank rate unchanged at 0.5%. Meanwhile, a strong rebound in Britain's industrial output and house price data on Thursday boosted hopes that the economic recovery remained on track during the first three months of 2010.

The European Central Bank (ECB) on Thursday left its main refinance rate unchanged at 1%. Jean-Claude Trichet, President, European Central Bank, said the euro zone's recovery remains on track. He stated that growth is likely to be uneven due to special factors. But he was quick to add that price stability is to be maintained in the medium-term. The European Central Bank extended a helping hand to Greece on Thursday by prolonging easier rules on debt eligible as security against cheap central bank cash.

Most Asian stocks edged up on Friday, led by overnight gains on Wall Street as strong US retail sales data boosted confidence in recovery in the world's biggest economy. Chinese stocks rose on renewed optimism Beijing may be getting closer to allowing the yuan to appreciate against the US dollar. The key benchmark indices in China, Japan, Taiwan, Hong Kong, and Singapore rose by between 0.3% to 1.56%. But, the key benchmark indices in South Korea and Indonesia fell by between 0.2% to 0.54%.

In economic news in Asia, Japanese Finance Minister Naoto Kan said on Friday that he explained the government's fiscal policy in a meeting with the Bank of Japan's (BOJ) governor and deputy governor. Kan, after the meeting with Prime Minister Yukio Hatoyama, BOJ Governor Masaaki Shirakawa and BOJ Deputy Governor Hirohide Yamaguchi, said the government wanted to keep communicating with the central bank to end deflation and ensure an economic recovery. Meanwhile, South Korea's central bank left its key interest rate at a record low at 2% on Friday

Investors will be eyeing preliminary first quarter gross domestic product data for Asian countries next week.

Trading in US index futures indicated that the Dow could gain 15 points at the opening bell on Friday, 9 April 2010.

US stocks snapped a two-day losing streak on Thursday after retailers delivered their best sales numbers in a decade, reinvigorating confidence in recovery in the world's biggest economy. Major retail chains reported a record 9.1% jump in March same-store sales -- beating the forecast for a 6.3% gain. Stocks had a weak start after a disappointing report on initial jobless claims, which rose against an expectation of a marginal drop. The Dow Jones industrial average gained 29.55 points, or 0.27% to 10,927.07. The Standard & Poor's 500 Index rose 3.99 points, or 0.34% to 1,186.44. The Nasdaq Composite Index added 5.65 points, or 0.23% to 2,436.81.

Federal Reserve Chairman Ben Bernanke said on Thursday the central bank's decisive response to the financial crisis prevented another Great Depression.

Closer home, food prices accelerated for the second straight week in late-March, strengthening expectations of a hike in key policy rates when the Reserve Bank of India (RBI) reviews its policy on 20 April 2010. The food price index rose 17.70% in the 12 months to 27 March 2010, higher than an annual rise of 16.35% in the previous week, data showed on Thursday. The fuel price index rose an annual 12.71%, a tad below the previous week's reading of 12.75%, while the primary articles index was up 14.50% year-on-year.

The Reserve Bank of India (RBI) unexpectedly raised rates in March by 25 basis points as headline inflation continued to remain above its perceived comfort zone of 5% for the fourth straight month.

The chief statistician Pronab Sen on Wednesday said the RBI would have to further tighten monetary policy if prices continue to rise. He has said inflation could cross 10% in March, higher than Febuary's reading of 9.89% and then ease. The government will officially announce the inflation data for the month of March on 14 April 2010.

The world's second fastest growing economy, is expected to grow 8.5% in the current fiscal year that began 1 April 2010, and accelerate to 9% in the next. The speedy recovery of Asia's third-largest economy has raised concerns of a possible surge in capital inflows.

The forecast for the southwest monsoon for 2010 is the next major trigger for the market. Good rains this year after last year's drought will boost farm output and rural incomes. But another monsoon failure will add to inflationary pressure which in turn may hamper the current strong economic rebound. The June-September monsoon season is important for India as about 60% of the country's farmlands are rain-fed and more than half of the workforce is employed in the agriculture sector.

Tokyo-based Research Institute for Global Change has predicted normal monsoon rains in India for the current year. Agriculture secretary P K Basu said in a media interview on Monday, 5 April 2010, that early signs indicate normal monsoon rains this year. The Indian Meteorological Department (IMD) issues a monsoon forecast, usually in the second half of April after considering weather observations in different parts of the world and extrapolating statistical data.

A weakening El Nino is a positive sign for the monsoon, Ajit Tyagi, director general at the India Meteorological Department, said on 18 March 2010. The cyclical heating of the Pacific Ocean known as El Nino will continue to fade, US forecasters said last month. The weather event, which occurs every four to seven years, brings more rain to South America and less precipitation to Asia.

But abnormally hot weather and lower than expected rains are reportedly raising the spectre of India facing another water shortage in the coming kharif season, reports suggest. Rains have been 66% lower than normal in March. Temperature has been 4 to 7 degrees above normal, making it the hottest March in almost a decade report said.

The BSE 30-share Sensex was up 221.02 points or 1.25% to 17,935.42 as per provisional figures. The Sensex rose 257.07 points at the day's high of 17,971.47 in mid-afternoon trade. The index opened almost unchanged at 17,715.16, which was also the day's low so far.

The S&P CNX Nifty was up 58.50 points or 1.11% to 5363.30 as per provisional figures.

The BSE Mid-Cap index was up 0.93% and the BSE Small-Cap index was up 1.28%.

BSE clocked turnover of Rs 4300 crore, lower than Rs 4809.18 crore on Thursday, 8 April 2010.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1836 shares advanced as compared with 1048 that declined. A total of 107 shares remained unchanged.

Among the 30-member Sensex pack, 22 rose while the rest of them fell.

Reliance Industries (RIL) rose 1.96% to Rs 1125.90 on expectations of strong Q4 March 2010 results. The stock today recovered from Thursday's 2.19% slide. Reliance Industries' promoter entities have acquired shares worth Rs 113.57 crore through off-market transactions, the company said on Wednesday. Five promoters, however, have sold shares of the company worth Rs 78.03 crore through off-market transactions, the filing said.

RIL is producing 63-64 million standard cubic metres a day (mmscmd) of gas from the D6 block off India's east coast, executive director P.M.S. Prasad said on Tuesday. The company is producing 21,000 barrels per day of oil from the block, he added.

Capital goods pivotals rose on renewed buying. India's top power equipment maker by sales Bharat Heavy Electricals (Bhel) rose 2.88%. The stock hit a 52-week high of Rs 2,570 in intraday trade today. As per recent reports the company plans to re-enter wind turbine manufacturing space in the next three months.

India's largest engineering and construction firm by sales Larsen & Toubro (L&T) rose 1.13%, after falling for the last two days. The company on Monday said it has received an order worth Rs 1,060 crore from Gujarat State Petroleum Corporation (GSPC) to build an offshore oil platform.

Among other capital goods stocks, SKF India, Punj Lloyd, ABB, BEML, Siemens, Praj Industries rose by between 0.33% to 2.88%.

Consumer durables stocks rose on hopes of rise in consumption on increased disposable income after finance minister Pranab Mukherjee hiked the personal income tax slabs in the union budget 2010-11. Gitanjali Gems, Videocon Industries, Titan Industries, Blue Star, Rajesh Exports rose by between 0.16% to 3.35%.

Auto stocks rose on robust March 2010 sales figures. Vehicle sales in India should grow 10-15% in the fiscal year to March 2011, an industry body said on Friday. In 2009/10, 1.23 crore vehicles were sold in the country, up 26.4% from the previous fiscal year, data from the Society of Indian Automobile Manufacturers (SIAM) showed.

India's largest commercial vehicle maker by sales Tata Motors rose 4.27% as company reported that the Land Rover brand had in March reported its best-ever monthly sales in the British market. Land Rover on Thursday reported sales of 11,300 units in March, up 67% over the same month last year. The stock was the top gainer form the Sensex pack.

The Tata Motors stocks had lost 2.41% on Thursday on reports one of its ultra-cheap Nano cars caught fire on Wednesday, 7 April 2010, perhaps due to a technical snag in its rear portion.

India's top small car maker by sales, Maruti Suzuki India was flat. The company said on Monday it has raised the price of its vehicles across different models due to higher input costs and expenses from the introduction of the new Bharat Stage IV emission norms.

India's second largest bike maker by sales Bajaj Auto rose 0.29%. Bajaj Auto will distance itself from the parent brand Bajaj and focus on just four motorcycle brands - Boxer, Discover, Pulsar and KTM - as well as the rear-engine three-wheeler brand, phasing out the rest, managing director Rajiv Bajaj was quoted by the media as saying on Thursday. India's leading bike maker by sales Hero Honda Motors rose 2.17%.

India's largest tractor maker by sales Mahindra & Mahindra rose 0.73%. As per recent reports the company has raised prices of utility vehicles due to a rise in input and fuel costs, and expenses associated with migrating to new emission norms.

From this month, 13 cities across the country have switched over to Bharat Stage IV emission norms. Following this, many carmakers, have increased the vehicle prices. With newer technology required for upgradation, auto companies had said they would have to pass on the increased cost to customers. In February, following the 2% increase in excise duty on all non-oil products to 10% in the Budget, auto players had hiked prices of vehicles by up to Rs 70,000.

Automobile firms are seen reporting strong Q4 results on a healthy volume growth. However, the sector is witnessing a headwind of rising input costs. Recently, Maruti Suzuki raised car prices due to a surge in input costs and shift to new emission norms from 1 April 2010. M&M, too, hike utility vehicles prices recently.

India's largest IT exporter by sales Infosys rose 0.77% on market talks it may announce a special dividend for the year ended March 2010 (FY 2010) when it unveils its Q4 March 2010 and FY 2010 results early next week. Infosys has declared special dividend every alternate year over the few years i.e. in FY 2004, FY 2006 and FY 2008. Infosys ADR rose 0.75% on Thursday.

The key focus is on Infosys' guidance for the year ending March 2011 (FY 2011). The company unveils its Q4 March 2010 and year-ended March 2010 (FY 2010) results on 13 April 2010. Market men expect a muted revenue and earnings guidance from the IT major after taking into account cross currency impact, planned employee addition, wage hike and higher taxes. The government hiked the minimum alternate tax (MAT) to 18% from 15% in the Union Budget 2010-2011.

Infosys is seen reporting about 1% to 2% growth in net profit in Q4 March 2010 over Q3 December 2009. The IT bellwether's revenue is seen rising 2% to 3% sequentially on the back of higher volume growth.

Banking stocks rose on a jump in credit growth. India's largest bank by net profit and branch network State Bank of India rose 0.31% after falling for the past three days. Chairman O.P. Bhatt said on Tuesday the bank may raise its lending and deposit rates in a couple of months. The state-owned bank will wait for the Indian central bank's monetary policy action to take a final call on interest moves, Bhatt said.

India's largest private sector bank by net profit ICICI Bank rose 1.82% after falling in the last two sessions. Its ADR fell 1.06% on Thursday. India's second largest private sector bank by net profit HDFC Bank rose 2.88% after declining 1.7% on Thursday. Its ADR was flat on Thursday.

India's largest mortgage finance firm by total income Housing Development Finance Corporation rose 4.53% after declining for last two days.

As per the latest fortnightly report released by the RBI, banks disbursed an additional Rs 1,15,548 crore in the 15 days up to 26 March 2010, almost 25% of the Rs 4,64,849 crore disbursed in the entire financial year. Thus, fourth quarter of FY 2010 accounted for 47% of the total loans disbursed during the entire FY 2010. The unusually high disbursals pushed the year on-year growth in credit to 16.7% at the end of the financial year. Banks typically step updisbursals in the last weeks of a quarter, even more so towards the end of the year, to meet targets. However, disbursals in the fortnight up to 26 March 2010 are high even by year-end standards, surpassing the Rs 79,500 crore disbursed in the last fortnight of FY 2009.

HEG rose 1.58% after the company said it will raise Rs 400 crore by share sales to fund expansion plans and meet working capital needs.

Tata Tea rose 1.70%, after the company's board approved forming of a joint venture with PepsiCo Inc for non-carbonated health beverages.

Daily Grey Market Premiums - Apr 9 2010

Company Name	Offer Price (Rs.)	Premium (Rs.)
Shree Ganesh Jewellery	260	Discount
Infrasoft Technology	145	8 to 10
Goenka Diamond & Jewellery	135	Discount

Daily News Roundup - Apr 9 2010

The Government has approved a follow on offer by SAIL to raise Rs160bn. (ET)

Tata Motors reported that the Land Rover sales in UK rose 67% to 11,300 units in March in UK. (ET)

Grasim Cement is planning to setp up a cement manufacturing facility in Tamil Nadu with an investment of Rs8bn. (BS)

ACC plans to ramp up its production capacity to 30mtpa from 26mtpa by the end of this year. (BS)

IOC has raised Rs13.5bn from sale of oil bonds in secondary markets. (FE)

Essar Energy aims to raise US$2.5bn through a share sale in London. (ET)

GVK Power and Infrastructure is likely to take management control of Bangalore International airport today. (ET)

Aban Offshore has bagged a contract to worth US$159mn from Brunel Shell Petroleum Sendirian Berhad for deployment of one of its rig. (ET)

Cipla has launched a copycat version of Bayers cancer medicine Nexavar at one tenth of price. (ET)

A subsidiary of Sun Pharmaceuticals has received a approval from USFDA to market bupropion hydrochloride anti depressant tablets. (ET)

Aurobindo Pharma has received a approval from USFDA to market venlafaxina hydrochloride anti depressant tablets. (ET)

Emaar MGF may raise Rs35bn through an IPO within 90days. (ET)

Jagran Prakashan is in talks with Midday Multi Media for a strategical alliance which may include a possible stake buy. (BS)

The city civil court in Banglore has directed Britannia to pay pensioners within two months. (BS).

Piramal Healthcare has received a fresh show cause notice from the National Pharmaceutical Pricing Authority for increasing prices of drugs over the allowed 10%. (BS)

IVR Prime Urban Developers has raised Rs630mn from selling land near Pune and Chennai. (BL)

Mr. Ananda Mukerji will step down as MD and CEO of FirstSource Solutions on July 27. (BL)

MphasiS is likely to acquire US based Fortify Infrastructure Services for US$15.5mn. (FE)


The Indian Government is likely to raise more then Rs450bn through sale of 3G and broadband wireless spectrum. (ET)

Government bans FDI in cigarette manufacturing. (BS)

Wholesale food inflation rises to 17.7% for the week ended March 27, 2010. (BS)

India’s Food subsidy bill has crossed Rs720bn in FY10, a 65% jump over previous year. (BS)

Government may allow truck and bus makers to freely import radial tyres. (BL)

Finance Ministry is likely to hand out another cash compensation package to public sector refiners. (BL)

The government has cleared high way construction work of a total cost of more then Rs43.5bn. (FS)

Settle down

The minute you settle for less than you deserve, you get even less than you settled for - Maureen Dowd.

It is time to settle down a bit after a day of unexpected weakness. Bulls may bounce back, tracking the overnight advance in the US. Wall Street managed to escape the Greek-related global selloff, as investors welcomed better than anticipated retail sales. Markets across Asia are stable with a few managing to hold in the green territory. We expect a higher start for the Indian market but things could turn choppy later on.

In case of a fresh fall, the NSE Nifty is likely to find support at 5200-5230. On the higher side, resistance may kick in at around 5400. Worries over European sovereign debt issues might continue to linger for a while. One also has to closely follow events in the US and elsewhere. Attention will soon shift to earnings, both here and abroad.

Crude oil is hovering around $85 per barrel and will pose serious threat if it rises further. The Rupee may appreciate further amid reports that China could soon allow more variation in the yuan. That could weigh on IT and other export-linked stocks. Talking of IT, reports suggest that Infosys is likely to declare a special dividend next week when it announces its Q4 and FY10 results.

Telecom stocks will be in focus as 3G auction kicks off today. The bidding is expected to last for a few days to a month or so. SAIL may remain depressed amid FPO-centric concerns. The latest IIP data will be out on April 12. The RBI will announce its annual policy on April 20. Shares of Shree Ganesh Jewellery will list on the bourses today.

FIIs were net buyers in the cash segment on Thursday at Rs622mn on a provisional basis. Local funds were net sellers of Rs936.2mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers of Rs3.02bn. On Wednesday, FIIs were net buyers of Rs4.18bn in the cash segment, as per the SEBI web site.

US stocks rose on Thursday as upbeat sales reports from retailers helped offset renewed concerns about Greece and other euro zone debt issues.

The Dow Jones Industrial Average advanced 30 points, or 0.3%, to 10,927.07. The S&P 500 index added 4 points or 0.3%, to 1,186.44. The Nasdaq Composite was up 6 points, or 0.2%, at 2,436.81. It matched Tuesday's 18-month high.

Treasury prices fell, raising the yield on the 10-year note to 3.90% from 3.86% late on Wednesday. The 10-year had risen as high as 4% Monday, an 18-month high. Treasury sold $13 billion in 30-year bonds in the afternoon, in the last of four auctions this week worth about $82 billion.

The dollar fell versus the euro and gained against the yen.

COMEX gold for June delivery fell 10 cents to settle at $1,152.90 per ounce.

US light crude oil for May delivery fell 46 cents to settle at $85.39 a barrel on the New York Mercantile Exchange.

Stocks fell in the morning, but managed to erase those losses and edge higher in the afternoon, led by financial shares. The KBW Bank index added 1.4%. The market was also vulnerable after finishing at 18-month highs on Tuesday.

The Dow, Nasdaq and S&P 500 have now risen in six of the last seven weeks. As of Thursday afternoon, the Dow is flat for the week, the Nasdaq and the S&P are both up.

Retail shares gained as well. A number of chain stores reported strong March sales thanks in part to the early Easter holiday and signs of improvement in the job market.

Sales at stores open a year or more, a retail metric known as same-store sales, rose 9.1% in March versus a year ago, according to Thomson Reuters. It was the biggest monthly gain since Thomson began keeping records in 2000, and surpassed the company's forecast for a gain of 6.3%.

But some companies warned that a strong March will chip away at April sales.

Separately, the number of Americans filing new claims for unemployment rose to 460,000 last week from a revised 442,000 the previous week, the Labor Department said. Economists had expected 435,000 claims, on average.

Continuing claims, a measure of those who have been receiving benefits for a week or more, fell to 4,550,000 from 4,681,000 the previous week. Economists thought continuing claims would fall to 4,630,000.

UAL's United Airlines and US Airways are reportedly talking about a merger again, according to several published reports. The two companies discussed teaming up previously in the last decade. UAL shares gained 7% and US Airways shares gained 12%. Other airlines rose as well.

European shares fell, with banks down sharply lower on mounting worries over Greece's ability to service its debt. The Stoxx Europe 600 index fell 0.9% to close at 266.28. Banks dropped across the board.

Declines were more severe for Greek banks with National Bank of Greece dropping 7.3% and Alpha Bank shedding 7.4%. The Greek ASE Composite Index dropped 3.1% to 1,925.82.

Of the main regional equity markets, the French CAC-40 index sank 1.2% to close at 3,978.46, the German DAX index lost 0.8% to end at 6,171.83 and the UK's FTSE 100 index settled 0.9% lower at 5,712.70.

The yield premium demanded by investors to hold 10-year Greek government bonds over German bunds rose hitting its highest level since the launch of the euro in 1999, before coming in slightly following remarks by European Central Bank President Jean-Claude Trichet.

The Bank of England and the European Central Bank left their respective interest rates on hold.

Trichet, in his monthly news conference, said default was "not an issue" for Greece and said the standby aid pledge agreed to by euro-zone leaders last month marked a "serious commitment" that shouldn't be taken lightly.

After reaching dizzying heights upwards of 18,000 levels in the previous trading session, the BSE Sensex stumbled largely due to weak global markets. Stocks across the globe came under pressure amid fresh worries over Greeks financial condition. Part of the selling at higher levels could also be attributed to jitters surrounding high valuations. In addition, a spate of headwinds like elevated inflation, impending rise in interest rates and a fragile global economy played spoilsport.

"With Greece financial woes intensifying, market players preferred to book some profit ahead of the eventful results season kicking off next week", says Amar Ambani VP Research India Infoline.

Offloading was seen across the board. The Oil & Gas, Metals and the Bank stocks were among the major losers which dragged the BSE Sensex and NSE Nifty index over 300 and 90 points fro their respective 52-week highs. In addition, advance-decline ratio turned in favor of the bears for the first time in three days. Out of total 2957 stocks on the BSE, 1678 stocks declined as against 1198 advancing stocks while, 81 remained unchanged.

Finally, the BSE Sensex lost 256 points to end at 17,714 and NSE Nifty fell 70 points to close at 5,304. Among the 30 components of Sensex, 19 ended in the positive terrain and 11 were in the red.

Asia markets ended in the red, the Nikkei in Japan slipped 1.1%, Australia's S&P/ASX edged lower by 0.6%. Shanghai SE Composite ended lower by 0.3% and Hang Seng index in Hong Kong was down 0.3%.

European indices as well were under pressure, the DAX in Germany slipped 1%, the CAC 40 index in France was down 1% and the FTSE in the UK slipped 1.1%.

Coming back to India, among the BSE sectoral indices, the BSE Oil & Gas index was top loser, the index fell 2%, followed by BSE Metal index down 1.9% and Bank index down 1.6%. Even the Mid-Cap and the Small-Cap index ended in the red.

On the other hand, BSE Consumer Durables index gained 2.2% and BSE Realty index added 0.6%.

Outside the frontline indices, the big losers in the broader market were Central Bank, Idea, IRB Infra and Bharat Forge. On the other hand, losers included Jain Irrigation, PNB, Ispat Ind and LITL.

Kotak Mahindra Bank which replaced the Cement major Grasim Industries ended marginally lower by 0.2% at Rs783. On the other hand, shares of Grasim slipped 1.7% to end at Rs2846.

Shares of Sun Pharma slipped by 1.4% to end at Rs1773. The company announced that USFDA has granted its subsidiary an approval for its Abbreviated New Drug Application (ANDA) to market a generic version of GlaxoSmithKline’s Wellbutrin SR® Extended Release tablets.

Shares of Moser Baer edged higher by 0.5% to end at Rs75 after the company announced the commissioning of its largest Thin Film solar farm with an installed capacity of 1 MW at Chandrapur in Maharashtra. It has been set up using amorphous silicon Thin Film technology which is best suited for the Indian climatic conditions and is connected to the 33 KVA local grid. The project will give much better returns (Rs/kWh) to the investors as compared to other technologies available in the country.

Shares of Aptech surged by over 3% to end at Rs175 after the company announced that it would offer 1.7mn shares at Rs216 each to Enam Securites Pvt and 18 other buyers. That’s a 27% premium from yesterday’s closing price. The scrip opened at Rs172 it touched an intra-day high of Rs185 and a low of Rs171.5 and recorded volumes of over 0.94mn shares on BSE.

Aban Offshore announced that a contract has been signed with Brunel Shell Petroleum Sendirian Berhad for the deployment of the jack-up rig Deep Driller 8 offshore Brunei for firm period of 4 years plus four optional periods of 1 year each. The estimated revenues from the firm period of the deployment is about US$159mn (equivalent to Rs7.16bn). The deployment is likely to commence during the third quarter of calendar year 2010.

Shares of Aban Offshore hit a high of Rs1269 post the announcement however ended flat at Rs1246.

Shares of United Spirits ended flat at Rs1336. The company yesterday announced that it has crossed the milestone of clocking a sales volume of 100mn cases for the fiscal year ended March 31, 2010. This achievement makes United Spirits the world’s second-largest spirits company by volumes, dislodging Paris-headquartered Pernod Ricard.

Gold drops for first time in six sessions

Prices turn pale as dollar inches up

Precious metal prices ended lower for first time in six days on Thursday, 08 April 2010. Prices fell as the dollar firmed up following worse than expected economic data on initial claims.

Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.

On Thursday, gold for June delivery ended at $1,152.9 an ounce, lower by $0.1 (0.1%) an ounce on the New York Mercantile Exchange. Last week, gold ended higher by 1.8%. In FY 2010, gold touched a high of $1,154 in January. For the month of March, gold slid 0.4%. For the first quarter of this year, gold rose by 1.7%, its sixth quarterly rise. On a year to date basis, gold is higher by 5%.

On Thursday, May Comex silver futures ended lower by 9 cents (0.5%) at $17.3 an ounce. For the month of March, silver ended higher by 5%. For the first quarter of this year, silver rose by 3%. On a year to date basis, silver is higher by 6.4%.

In the currency market on Thursday, the dollar firmed up following renewed concerns about Greece and its ability to manage its finances. The dollar index, which measures the strength of the dollar against basket of six other currencies rose by almost 0.1%. The dollar index gained about 0.7% in March and rallied 4% during the first quarter. The dollar index has gained 5.4% this year till date.

The Labor Department in US reported on Thursday, 08 April 2010 that the number of people applying for unemployment benefits rose 18,000 to a seasonally adjusted 460,000 in the week ended 3 April. Market was expecting the figure to be around 442,000.

The four-week average of initial claims, a better gauge of employment trends than the volatile weekly number rose 2,250 to 450,250. The report detailed that initial claims are down almost 30% from the same period of the prior year.

Gold had ended FY 2009 higher by 24%. Silver futures had ended 2009 up 50%. The dollar index had lost 4.2% against its counterparts last year.

Last year, after hitting a low at $807.30 per ounce on 15 January 2009, gold futures rallied almost 51% to hit an all-time high at $1217.40 per ounce during early December of 2009 but fell from those levels at the end. Silver futures had hit a low at $10.42 on 15 January 2009 and hit a high at $19.30 per ounce on 2 December 2009. Like gold, silver also ended lower than its all time high level.

At the MCX, gold prices for June delivery closed lower by Rs 23 (0.13%) at Rs 16,765 per ten grams. Prices rose to a high of Rs 16,806 per 10 grams and fell to a low of Rs 16,692 per 10 grams during the day's trading.

At the MCX, silver prices for May delivery closed Rs 179 (0.64%) lower at Rs 27,450/Kg. Prices opened at Rs 27,603/kg and fell to a low of Rs 27,268/Kg during the day's trading.