Greece’ fisc health put brakes on bulls

Today's major news

IRDA-SEBI agree to settle row over ULIPs at HLCC

Food inflation inches up to 17.65%

ACC’ Q1 net profit up at Rs405.13 crore; the stock was down 1.30%

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Global signals

European stocks that opened flat turned negative, as banking stocks fell after Greece’s deteriorating financial position made rounds. As of writing this report, FTSE 100 (London) was trading 0.74% lower.

All the major Asian indices except Jakarta Composite (Malaysia), Straits Times (Singapore) and Sensex (India) closed in red. SGX Nifty closed 7 points higher.

US stock futures point towards a marginally higher opening at the Wall Street on Thursday. Earnings of Microsoft will be in focus and investors keep a close watch on US President Brack Obama’s speech that talks of new rules for the Wall Street.

Indian indices

The market ended third day higher witnessing a vitriolic session today— swinging 370 points—on buying in heavyweights such as Reliance Industries and State Bank of India.

What started as a dull session, with the Sensex starting off mere four points higher and sliding into red immediately, turned swashbuckling, as bulls charged to push the index more than 300 points higher on the back of continuous buying in heavyweights such as Reliance Industries, State Bank of India and Tata Motors and on speculation that Indian Metrological Department will have good news about the arrival of monsoon (scheduled for tomorrow). In the process, the bulls brushed aside food Inflation reading that rose to 17.65% for the week ended April 10. However, selling pressure in the last hour and news of deteriorating financial position of Greece gripped market, trimming the gains with the Sensex ending the session merely 101 points higher and Nifty 24 points higher.

Market sentiment

Advancing and trailing shares had an even split, mostly. On BSE, where 1,493 stocks advanced, 1,401 stocks declined. Hundred and three stocks closed unchanged.

Sectoral & stock screening

Oil & Gas and auto stocks witnessed some investor interest with the BSE Oil & Gas and BSE Auto up by 1.25% and 0.90% respectively. After surging for two days in a row, realty stocks were under pressure on profit booking and the sector index, BSE realty, was down by 1.34% for the day.

The picks of the day were State Bank of India (up 5.58%), Rashtriya Chemicals and Fertilisers (higher 4.51%) and UCO Bank (up 4.26%).
The losers’ list included IRB Infrastructure (down 3.94%) followed by Madras Cements (2.92% lower) and HDIL that shed 2.72%.

Viewing volumes

India’s second largest realty developer Unitech was the most actively traded share on third day in a row with over 0.56 crore shares changing hands on the BSE, followed by UCO Bank (0.44 crore shares), steel maker Ispat Industries (0.43 crore shares), wind turbine major Suzlon Energy (0.34 crore shares) and industrial finance company IFCI (0.27 crore shares).

Turnover spurts

Nifty April 2010 futures at discount

Nifty April 2010 futures were at 5,257.55, at a discount of 11.80 points to spot closing of 5269.35. Turnover in NSE's futures & options (F&O) segment spurted to Rs 1,45,808.60 crore from Rs 69,740.94 crore on Wednesday, 21 April 2010.

State Bank of India April 2010 futures were at discount at 2211.70 compared to the spot closing of 2215.

Reliance Industries April 2010 futures were near spot price at 1075.35 compared to the spot closing of 1075.85.

Tata Steel April 2010 futures were at premium at 653 compared to the spot closing of 652.

In the cash market, the S&P CNX Nifty rose 24.45 points or 0.47% at 5,269.35

BSE Bulk Deals to Watch - Apr 22 2010

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
22/4/2010 530093 Ace India PATANGI TRADE & HOLDINGS PRIVATE LIMITED B 20000 38.20
22/4/2010 532759 Atlanta VAIKUNTAM REALTY PVT LTD B 87000 255.72
22/4/2010 532989 Bafna Pharma USHA S 100000 42.00
22/4/2010 531591 Bampsl Sec KAUSHALYA GARG B 824220 1.59
22/4/2010 531591 Bampsl Sec PRAKASHCHAND GUPTA B 826100 1.51
22/4/2010 531591 Bampsl Sec NARENDRA KUMAR AGRAWAL B 452110 1.51
22/4/2010 531591 Bampsl Sec PRAKASHCHAND GUPTA S 916000 1.59
22/4/2010 531591 Bampsl Sec BHAGWAN SAHAI KHANDELWAL S 1000000 1.50
22/4/2010 531591 Bampsl Sec CHETAN KHANDELWAL S 500000 1.52
22/4/2010 524606 Beryl Drugs ABHIRATI TRADING PRIVATE LTD S 30000 12.67
22/4/2010 511607 Birla Shloka DEVKANT SYNTHETICS INDIA PVT. B 100000 75.50
22/4/2010 511607 Birla Shloka SAAKSHI SHARES PVT LTD S 75000 75.42
22/4/2010 500083 Century Extr BHARAT SHANKAR PHAPALE B 448457 12.11
22/4/2010 500083 Century Extr BHARAT SHANKAR PHAPALE S 757751 12.15
22/4/2010 523200 Classic Diam INNOVISION SECURITIES PRIVATE LIMITED B 237880 24.54
22/4/2010 517973 DMC Intl BHARAT GUPTA B 136000 18.54
22/4/2010 517973 DMC Intl ANJANA GUPTA B 218800 18.19
22/4/2010 517973 DMC Intl OURS TRADING AND HOLDINGS PRIVATE LIMITED B 248261 18.28
22/4/2010 517973 DMC Intl KAPIL GUPTA B 252978 18.27
22/4/2010 517973 DMC Intl J V STOCK BROKING PRIVATE LIMITED S 122178 18.32
22/4/2010 517973 DMC Intl LALESHWAR KUMAR RAUT S 234669 18.25
22/4/2010 517973 DMC Intl OURS TRADING AND HOLDINGS PRIVATE LIMITED S 248550 18.32
22/4/2010 517973 DMC Intl KAPIL GUPTA S 276978 18.27
22/4/2010 526703 Ecoplast MMD SECURITIES PVT LTD B 20003 26.65
22/4/2010 526703 Ecoplast BP FINTRADE PRIVATE LIMITED B 18004 26.65
22/4/2010 526703 Ecoplast SANJAY NATVARLAL DESAI S 24267 26.68
22/4/2010 526703 Ecoplast BP FINTRADE PRIVATE LIMITED S 32843 26.65
22/4/2010 526614 Expo Gas PARMATMA INVESTMENTS PVT LTD B 68821 23.20
22/4/2010 532768 FIEM Inds KANCHAN CHHABRA S 82705 119.15
22/4/2010 532022 Filatex Fash SOBHA CHAND BHANSALI B 103500 11.46
22/4/2010 532022 Filatex Fash PRABHAT SETHIA S 140171 11.43
22/4/2010 533189 GOENKA DIAM SUPAGI ENGINEERS PVT LTD B 200000 106.63
22/4/2010 533189 GOENKA DIAM RAJESH NANUBHAI JHAVERI B 237656 109.82
22/4/2010 533189 GOENKA DIAM SAHAR VYAPAR PRIVATE LIMITED B 317103 107.78
22/4/2010 533189 GOENKA DIAM RAJESH NANUBHAI JHAVERI S 237656 108.35
22/4/2010 533189 GOENKA DIAM ANTIQUE FINANCE PRIVATE LIMITED S 200000 108.50
22/4/2010 533189 GOENKA DIAM SAHAR VYAPAR PRIVATE LIMITED S 317103 108.60
22/4/2010 530853 Hipolin DEEPAK BAWEJA B 17621 55.85
22/4/2010 530853 Hipolin DEEPAK BAWEJA S 17621 56.29
22/4/2010 511682 IFL Promoters DMC INTERNATIONAL LTD S 28000 18.44
22/4/2010 532100 Indo City Info ANIL BANWARILAL JAIN B 97117 4.03
22/4/2010 532100 Indo City Info SUDESH RAMAVTAR SHARMA S 75000 4.04
22/4/2010 514034 JBF Inds DHANANJAYA MONEY MANAGEMENT SERVICES PVT LTD B 340672 155.92
22/4/2010 514034 JBF Inds DHANANJAYA MONEY MANAGEMENT SERVICES PVT LTD S 330689 156.09
22/4/2010 590079 JOONKTOLLEE PACIFIC CORPORATE SERVICES LTD B 5500 172.00
22/4/2010 590079 JOONKTOLLEE ASHOK FINSTOCK LTD. S 5501 172.00
22/4/2010 531784 Kadamb Constr SANTOSH VISHRAM GHADSHI B 95000 54.85
22/4/2010 530255 KAY Power BAMPSL SECURITIES LTD B 79851 17.46
22/4/2010 530255 KAY Power KAUSHALYA GARG S 80000 17.38
22/4/2010 513693 KIC Metaliks SKYLIGHT SUPPLIERS PRIVATE LIMITED B 50000 95.04
22/4/2010 513693 KIC Metaliks PR VYAPAAR PRIVATE LIMITED B 200000 95.02
22/4/2010 513693 KIC Metaliks CARWIN MERCANTILES PRIVATE LTD S 50000 95.05
22/4/2010 513693 KIC Metaliks SHAIL INVESTMENTS PRIVATE LIMITED S 93511 95.05
22/4/2010 532067 Kilpest India SUNIL BHANDARI S 103987 18.00
22/4/2010 532067 Kilpest India REKHA BHANDARI S 116151 18.29
22/4/2010 508306 Ledo Tea VEENA SHANTILAL GANDHI B 7500 95.95
22/4/2010 508306 Ledo Tea M. D. BHOOLA & CO B 5000 95.84
22/4/2010 508306 Ledo Tea BHOOLA SECURITIES B 6500 95.79
22/4/2010 508306 Ledo Tea VEENA SHANTILAL GANDHI S 6934 95.14
22/4/2010 508306 Ledo Tea M. D. BHOOLA & CO S 5000 96.26
22/4/2010 508306 Ledo Tea BHOOLA SECURITIES S 6500 96.05
22/4/2010 514450 Mahalaxmi Rub RATNA RAHULKUMAR PAREKH S 83000 157.85
22/4/2010 514450 Mahalaxmi Rub AMITA ANAND PAREKH S 77000 157.85
22/4/2010 514450 Mahalaxmi Rub MAMTAA SURANA S 58000 157.85
22/4/2010 505324 Manugraph India SANTSU FINANACE AND INVESTMENTS LTD. B 175000 54.26
22/4/2010 505324 Manugraph India MANU ENTERPRISES LTD. B 225000 54.10
22/4/2010 505324 Manugraph India SANATMANILAL SHAH S 400000 54.17
22/4/2010 523828 Menon Bearings ASHOK CHINUBHAI SHAH B 65327 62.24
22/4/2010 523828 Menon Bearings INNOVISION SECURITIES PRIVATE LIMITED B 127267 60.04
22/4/2010 523828 Menon Bearings INNOVISION SECURITIES PRIVATE LIMITED S 127267 61.99
22/4/2010 531834 Natura Hue Chem VIBHUTI DAS S 44900 15.01
22/4/2010 531496 Omkar Overseas BHUTIYA HITESH KANABHAI B 29010 73.30
22/4/2010 531496 Omkar Overseas BHUTIYA HITESH KANABHAI S 30000 70.08
22/4/2010 512097 Oregon Comm J M SONI CONSULTANCY B 18916 227.51
22/4/2010 512097 Oregon Comm SANJAY JETHALAL SONI B 16473 226.86
22/4/2010 512097 Oregon Comm BHAVESH SHANTILAL TRIVEDI B 9591 229.71
22/4/2010 512097 Oregon Comm PRAKASH KISHANCHAND HUF B 5350 222.55
22/4/2010 512097 Oregon Comm PARESHRAMJI BHAI CHAUHAN B 17000 234.98
22/4/2010 512097 Oregon Comm PATEL VIPUL B 10000 225.58
22/4/2010 512097 Oregon Comm PARSHARTI INVESTMENT LIMITED B 5864 221.78
22/4/2010 512097 Oregon Comm DEVENDRAKUMAR BABULAL GOYAL B 5000 222.10
22/4/2010 512097 Oregon Comm VIPUL VIRENDRAKUMAR PATEL B 15800 231.49
22/4/2010 512097 Oregon Comm SHWETA KIRAN POWAR S 15000 224.65
22/4/2010 512097 Oregon Comm J M SONI CONSULTANCY S 18916 226.98
22/4/2010 512097 Oregon Comm KRUNAL GOPALDAS RANA S 4932 227.91
22/4/2010 512097 Oregon Comm DHIRENKUMAR DHARAMDAS AGARWAL S 5360 227.15
22/4/2010 512097 Oregon Comm KRUPA SANJAY SONI S 17833 230.84
22/4/2010 512097 Oregon Comm SANJAY JETHALAL SONI S 15939 227.91
22/4/2010 512097 Oregon Comm PRAVINBHAI DADUJI THAKOR S 5385 221.35
22/4/2010 512097 Oregon Comm KRUPA SANJAY SONI S 16357 224.71
22/4/2010 512097 Oregon Comm SANJAY JETHALAL SONI S 12000 228.47
22/4/2010 523483 Pacific Inds PACIFIC CORPORATE SERVICES LTD B 12319 265.00
22/4/2010 523483 Pacific Inds ASHOK FINSTOCK LTD. S 12190 265.00
22/4/2010 530923 Passari Cellu MEENA RATHI B 50000 44.04
22/4/2010 530923 Passari Cellu MANORANJITHAM SMANORANJITHAM S S 28000 44.04
22/4/2010 531467 Polypro Fibrils STATUS EQUITY AND FINANCE PVT S 47689 40.75
22/4/2010 532387 Pritish Nandy ASSET ALLIANCE SECURITIES PVT. LTD B 83740 35.25
22/4/2010 532387 Pritish Nandy INNOVISION SECURITIES PRIVATE LIMITED B 326121 35.61
22/4/2010 532387 Pritish Nandy BP FINTRADE PRIVATE LIMITED B 118307 35.29
22/4/2010 532387 Pritish Nandy ASSET ALLIANCE SECURITIES PVT. LTD S 83740 35.39
22/4/2010 532387 Pritish Nandy INNOVISION SECURITIES PRIVATE LIMITED S 326121 35.29
22/4/2010 532387 Pritish Nandy BP FINTRADE PRIVATE LIMITED S 118301 35.83
22/4/2010 503873 Priyadarshini Spn HARISH C B 75000 33.93
22/4/2010 509839 Punjab Wool SUSHMA RANI PUNNI S 135854 8.37
22/4/2010 517522 Rajratan Global BHAWARLAL PUSARAM MAHESHWARI B 41299 229.62
22/4/2010 517522 Rajratan Global BHAWARLAL PUSARAM MAHESHWARI S 40899 228.35
22/4/2010 590077 Ranklin Sol SATYANARAYANA VARAPRASAD GARIKIPATY B 37510 67.88
22/4/2010 532918 Rathi Bars RAJESH PANDURANG MUNDADA B 100000 17.60
22/4/2010 532918 Rathi Bars SHILPA MILIND DESAI S 94465 17.57
22/4/2010 533083 RISHABHDEV CHIRAG SHASHIKANT TANNA B 168199 10.69
22/4/2010 533083 RISHABHDEV BHAVISH DHIRAJLAL KHAKHKHAR B 187516 10.74
22/4/2010 533083 RISHABHDEV CHIRAG SHASHIKANT TANNA S 168130 10.65
22/4/2010 533083 RISHABHDEV SAAKSHI SHARES PVT LTD S 207264 10.60
22/4/2010 533083 RISHABHDEV BHAVISH DHIRAJLAL KHAKHKHAR S 187196 10.68
22/4/2010 512359 Rotam Comm KRUPA SANJAY SONI B 5800 109.30
22/4/2010 512359 Rotam Comm SANJAY JETHALAL SONI B 7000 109.30
22/4/2010 512359 Rotam Comm J M SONI CONSULTANCY S 9079 109.30
22/4/2010 523116 Sanco Trans VEBA PRIVATE LTD B 11315 344.10
22/4/2010 533056 SARK SYS SWETA TIBREWALA B 80000 33.20
22/4/2010 533056 SARK SYS SEETHEPALLI NIRMALA S 69050 33.20
22/4/2010 530651 Softech Inf BHARATKUMAR INDUBHAI MEVADA B 23800 39.63
22/4/2010 513515 SR Inds DHEERAJ KUMAR LOHIA S 60000 7.87
22/4/2010 531373 Suave Hotels ACHALA ELECTRICALS PRIVATE LIMITED B 59489 26.98
22/4/2010 531373 Suave Hotels KAMAL PODDAR HUF S 75324 26.23
22/4/2010 530735 Super Bakers SHITAL AGRAWAL B 18588 6.30
22/4/2010 570001 TATAMOTORS-DVR-A-ORDY HDFC MUTUAL FUND AC HDFC BALANCED FUND B 750000 559.99
22/4/2010 570001 TATAMOTORS-DVR-A-ORDY TATA SONS LIMITED S 755000 560.03
22/4/2010 521228 Tatia Global ANOOP JAIN B 206922 22.15
22/4/2010 521228 Tatia Global MARU SECURITIES PVT LTD B 125000 22.15
22/4/2010 521228 Tatia Global MANOJ JAIN S 400000 22.15
22/4/2010 523301 TCPL Pack GAURAV DOSHI B 42807 55.34
22/4/2010 523301 TCPL Pack SANJAY MITTRA S 64414 52.95
22/4/2010 590093 TRIMURTHI DR DHIRAJLAL V SANGHVI HUF B 352801 4.10
22/4/2010 590093 TRIMURTHI DR SHOBHA IMTIYAZ DESAI S 500000 4.16
22/4/2010 519152 Vadilal Enter BP FINTRADE PRIVATE LIMITED B 5464 127.53
22/4/2010 519152 Vadilal Enter GAURAV DOSHI S 5000 129.22
22/4/2010 519152 Vadilal Enter BP FINTRADE PRIVATE LIMITED S 9714 126.90
22/4/2010 532389 Valecha Engr AJMERA SHARES TRADING PRIVATE LIMITED B 129184 209.71
22/4/2010 532389 Valecha Engr RAJESH GOPALKRISHNA RATHI B 208724 209.82
22/4/2010 532389 Valecha Engr SPS SHARE BROKERS PRIVATE LIMITED B 150120 209.42
22/4/2010 532389 Valecha Engr AJMERA SHARES TRADING PRIVATE LIMITED S 129184 208.98
22/4/2010 532389 Valecha Engr RAJESH GOPALKRISHNA RATHI S 208724 209.35
22/4/2010 532389 Valecha Engr SPS SHARE BROKERS PRIVATE LIMITED S 150120 209.11
22/4/2010 509055 Visaka Inds RAMESHS HRICHAND DAMANI B 85000 150.52
22/4/2010 509055 Visaka Inds VIGILANCE SECURITY SERVICE PVT LTD S 105000 150.76
* B - Buy, S - Sell

NSE Bulk Deals to Watch - Apr 22 2010

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
22-APR-2010,ATLANTA,Atlanta Limited,VAIKUNTAM REALTY PVT LTD,BUY,113000,256.19,-
22-APR-2010,BRANDHOUSE,Brandhouse Retails Limite,BLUE PEACOCK SECURITIES PVT LT,BUY,100684,54.57,-
22-APR-2010,CENTEXT,Century Extrusions Limite,BHARAT SHANKAR PHAPALE,BUY,1040174,12.10,-
22-APR-2010,ESSDEE,Ess Dee Aluminium Limited,BLACKSTONE ASIA ADVISORS LL.. A/C A/C INDIA FUND INC,BUY,500000,438.00,-
22-APR-2010,ESSDEE,Ess Dee Aluminium Limited,Gandiv Investment Pvt Ltd,BUY,8000,449.10,-
22-APR-2010,FIEMIND,Fiem Industries Limited,KANCHAN CHHABRA,BUY,124436,119.02,-
22-APR-2010,FIEMIND,Fiem Industries Limited,RAMAN KUMAR GULATI,BUY,204989,119.40,-
22-APR-2010,GMRINDS,GMR Industries Limited,RAMAN KUMAR GULATI,BUY,173036,119.80,-
22-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,RAJESH NANUBHAI JHAVERI,BUY,346221,109.95,-
22-APR-2010,HANUNG,Hanung Toys and Textiles,SARANG RAKESH WADHAWAN,BUY,155001,257.00,-
22-APR-2010,NORBTEAEXP,Norben Tea & Exp Ltd.,DINESHBHAI C PATEL,BUY,60000,17.65,-
22-APR-2010,NORBTEAEXP,Norben Tea & Exp Ltd.,SHREY SECURITIES PVT LTD,BUY,65076,18.50,-
22-APR-2010,NORBTEAEXP,Norben Tea & Exp Ltd.,VIJIT SHARES AND COMMODITIES PVT.LTD.,BUY,80087,18.48,-
22-APR-2010,PAEL,PAE Limited,APM FINANCIAL CONSULTANTS PVT. LTD.,BUY,75063,52.44,-
22-APR-2010,PAEL,PAE Limited,M G L HOLDINGS Pvt Ltd.,BUY,51679,48.88,-
22-APR-2010,PNC,Pritish Nandy Comm. Ltd.,BP FINTRADE PRIVATE LIMITED,BUY,118329,35.19,-
22-APR-2010,PNC,Pritish Nandy Comm. Ltd.,PACE FINCAP PRIVATE LIMITED,BUY,493234,35.09,-
22-APR-2010,SASKEN,Sasken Commu Techno Ltd,ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LTD A/C PMS,BUY,365000,190.73,-
22-APR-2010,TATAMTRDVR,Tata Motors DVR 'A' Ord,HDFC MUTUAL FUND AC HDFC BALANCED FUND,BUY,1250000,559.97,-
22-APR-2010,VALECHAENG,Valecha Engineering Limit,AASHKA CONSTRUCTION PVT LTD,BUY,85776,208.47,-
22-APR-2010,VISAKAIND,Visaka Industries Ltd.,RARE ENTERPRISES,BUY,100000,151.75,-
22-APR-2010,ZODJRDMKJ,Zodiac JRD- MKJ Ltd,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,BUY,28916,40.50,-
22-APR-2010,BRANDHOUSE,Brandhouse Retails Limite,BLUE PEACOCK SECURITIES PVT LT,SELL,358036,56.85,-
22-APR-2010,CENTEXT,Century Extrusions Limite,BHARAT SHANKAR PHAPALE,SELL,309031,12.15,-
22-APR-2010,CENTEXT,Century Extrusions Limite,SUVRIDHI CAPITAL MARKETS LIMITED,SELL,1140939,12.10,-
22-APR-2010,ESSDEE,Ess Dee Aluminium Limited,Gandiv Investment Pvt Ltd,SELL,205140,438.03,-
22-APR-2010,ESSDEE,Ess Dee Aluminium Limited,VOLRADO VENTURE PARTNERS,SELL,200000,438.04,-
22-APR-2010,FIEMIND,Fiem Industries Limited,KANCHAN CHHABRA,SELL,124436,116.65,-
22-APR-2010,FIEMIND,Fiem Industries Limited,RAMAN KUMAR GULATI,SELL,238254,117.88,-
22-APR-2010,GMRINDS,GMR Industries Limited,RAMAN KUMAR GULATI,SELL,97578,122.79,-
22-APR-2010,GMRINDS,GMR Industries Limited,SATABDI INVESTMENT PVT LTD,SELL,120000,121.72,-
22-APR-2010,GOENKA,Goenka Diamond&Jewels Ltd,RAJESH NANUBHAI JHAVERI,SELL,346221,107.02,-
22-APR-2010,HANUNG,Hanung Toys and Textiles,SARANG RAKESH WADHAWAN,SELL,1,256.45,-
22-APR-2010,MSKPROJ,MSK Projects (India) Limi,MELCHIOR INDIAN OPPORTUNITIES FUND LIMITED,SELL,295000,174.32,-
22-APR-2010,NORBTEAEXP,Norben Tea & Exp Ltd.,SHREY SECURITIES PVT LTD,SELL,20051,18.50,-
22-APR-2010,NORBTEAEXP,Norben Tea & Exp Ltd.,VIJIT SHARES AND COMMODITIES PVT.LTD.,SELL,63020,18.09,-
22-APR-2010,PAEL,PAE Limited,APM FINANCIAL CONSULTANTS PVT. LTD.,SELL,49063,52.78,-
22-APR-2010,PAEL,PAE Limited,M G L HOLDINGS Pvt Ltd.,SELL,51679,50.28,-
22-APR-2010,PNC,Pritish Nandy Comm. Ltd.,BP FINTRADE PRIVATE LIMITED,SELL,118329,35.56,-
22-APR-2010,PNC,Pritish Nandy Comm. Ltd.,PACE FINCAP PRIVATE LIMITED,SELL,493234,34.95,-
22-APR-2010,RSSOFTWARE,R. S. Software (I) Ltd.,PRABIR GHOSH,SELL,55000,52.19,-
22-APR-2010,SASKEN,Sasken Commu Techno Ltd,CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED,SELL,211756,190.40,-
22-APR-2010,SPICEMOBIL,Spice Mobiles Limited,SURENDRA NARAINDAS SAJNANI,SELL,600000,60.35,-
22-APR-2010,TATAMTRDVR,Tata Motors DVR 'A' Ord,TATA SONS LIMITED,SELL,1245000,560.01,-
22-APR-2010,VALECHAENG,Valecha Engineering Limit,AASHKA CONSTRUCTION PVT LTD,SELL,95518,209.18,-
22-APR-2010,VISAKAIND,Visaka Industries Ltd.,ARUDRA ROOFINGS LTD,SELL,116000,152.38,-
22-APR-2010,ZODJRDMKJ,Zodiac JRD- MKJ Ltd,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,SELL,36727,40.16,-

Post Market Summary - Apr 22 2010

Benchmark indices closed with gains of about half a percent after sharp intraday swings. Sensex gained 101 points to close at 17573 while Nifty ended at 5269, up 24 points. Broader market however, underperformed today, as depicted by BSE Mid-cap and Small-cap indices which came off from the higher levels to end almost flat. Turnover shot up to Rs. 1.67 lakh crore versus Rs. 8820 cr. yesterday. Food inflation for the week ended April 10 came in at 17.65% versus 17.22% for the previous week. Fuel price index rose 12.45% as against 12.43% while Primary article inflation stood at 14.44% versus 13.88%. Banking giant SBI shot up more than 5% on the back of reports that RBI may give some banks more time to meet the 70% provision coverage ratio which they are scheduled to achieve by September 2010. Heavyweight Reliance gained nearly 2% ahead of its quarterly results due tomorrow. European markets were down about a percent as worries about Greek debt persisted. US stock indices futures were lower by about half a percent ahead of data on Producer Price Index, Existing home sales and Jobless claim.



BSE Realty and Metal indices were the top losers among the sectoral indices, shedding 1.3% and 0.6% respectively while Oil & Gas and Auto indices gained 1.2% and 0.9% respectively. SBI and SAIL were the top gainers among the Nifty stocks, putting on 5.2% and 3% respectively while Tata Steel and Sun Pharma lost the most, down 2.5% and 2.4% respectively. BSE advance-decline ratio stood at 1.1:1.

Talwalkars IPO subscribed 90% by day two

Gets bids for 54.58 lakh shares as against 60.50 lakh shares on offer

The initial public offer (IPO) of Talwalkars Better Value Fitness, an operator of fitness centers, was subscribed 0.90 times on the second day of its opening. The issue received bids for 54.58 lakh shares, as against 60.50 lakh shares on offer.

The price band for the IPO is set at Rs 123 - Rs 128 per share. The IPO remains open for bidding between 21 and 23 April 2010. The offer consists of a fresh issue of 60.50 lakh shares of the face value Rs 10 each. Ratings agency CARE has assigned 'IPO Grade 3' to the issue.

Out of the issue proceeds, around Rs 50 crore are to be used for setting up of additional health clubs, Rs 20 crore for repaying certain unsecured loans and remaining for meeting the issue related expenses.

The company owns one of the largest and oldest fitness chains in India. The company (as of December 2009) owned 37 health clubs and operated 14 more through franchisee route across 24 cities in 11 states across the country. The company's health clubs offer a suite of standardised services like gym, spa, aerobics and health counselling under the brand name 'Talwalkars'.

Greece guts most Asian markets

Traders prefer to lock in gains from increase in the previous session amid fears of a possible default by debt-ridden nation

Asian stocks failed to extend the yesterday's rebound today, hurt by selling in resources and property stocks as more worries about Greece's debt crisis eroded confidence in a world recovery. The markets shrugged off calls for upbeat global GDP growth and instead focused on the fact that the extra yield investors demand to hold Greek 10-year bonds instead of German bunds climbed to a record 530 basis points. The 10-year Greece bonds were yielding above 8% -a fresh high since Greece joined the euro in 2000. Traders preferred to lock in gains from the increase in the previous session and preferred to move to the sidelines amid fears of a possible default by debt-ridden Greece. Major Asian markets sank as much as 1-1.50% after ending the previous session up.

The global economy is expected to grow more than initially estimated in 2010, led by growth in emerging and developing economies, the International Monetary Fund said in its latest report, upwardly revising its outlook. The global lender now sees world economic growth of 4.2% this year, better than the 3.9% expansion predicted in January. Growth is expected to nudge up to 4.3% next year. The global economy contracted by 0.6% in 2009, as world trade slumped and credit froze up. However, this did not help turn the sentiments around as Asian equities followed a lackluster day in U.S. markets, where strong earnings results from big names like Apple Inc. and Boeing Co. weren't enough to drive the entire market ahead.

The stock market in Japan ended in negative territory amid fresh concerns about debt crisis in Greece and lack of cues for buying in the market. Mixed closing on Wall Street in the previous session and weak trading across other markets in the region also impacted market sentiment. The benchmark Nikkei 225 Index dropped 140.96 points, or 1.27%, to 10,949, while the broader Topix index of all First Section issues was down 8.90 points, or 0.90%, to 978.

On the economic front, a report released by the Ministry of Finance revealed that the country posted a trade surplus of 948.9 billion yen in March, higher than the revised trade surplus of 649.6 billion yen reported for February. According to the report, exports surged an annual 43.5% to 6.004 trillion yen - after the 45.3% annual gain a month earlier.

Aussie market snapped 2-day gains and ended in negative territory on Thursday dragged down by mining stocks and banks following drop in commodity prices in the international market. Concerns about China tightening its monetary policy measures further to cool off its economy. The benchmark S&P/ASX200 Index declined 46.90 points or 0.95% to close at 4,907, while the All-Ordinaries Index ended at 4,937, down 43.70 points, or 0.88%.

On economic front, a report released by the Australian Bureau of Statistics revealed that new vehicle sales in the country fell a seasonally adjusted 2.7% month-on-month in March to 83,200 vehicles, compared to a 1.9% fall in the previous month.

China's stocks fell today, led by banks and developers, on speculation the government will intensify measures to curb the property market amid calls that the overheated hosing market could be in a swoon from hereon. The Shanghai Composite Index dropped 33.79, or 1.1 percent, to 2,999.48 at the close, the fifth decline in six days. The CSI 300 Index fell 1.1 % to 3,201.54.

In Mumbai, benchmark index for Indian equities ended higher than its previous close though they came down from its intra-day highs. The 30-scrip sensitive index of the Bombay Stock Exchange (BSE), which opened at 17,476.48 points, closed at 17,573.99 points, 101.43 points or 0.58 % higher than its previous close at 17,472.56 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,269.35 points, a gain of 0.47 %from its previous close at 5,244.9 points. Energy, auto and banking scrips saw buying, while realty and metal stocks came under selling pressure

On Wednesday, the Dow rose 7.86, or 0.1 percent, to 11,124.92, its third straight advance. However, the broader Standard & Poor's 500 index slipped 1.23, or 0.1 percent, to 1,205.94.

Elsewhere today, Hong Kong's main stock index shed 0.3 %to 21,454.94, South Korea's Kospi lost 0.5 %to 1,739.52 while the Manila stocks rose nearly 1% on upbeat assessment from the IMF.

In currencies, the dollar snapped to a high near 1.3300 as investors waited for clarity on Greece fiscal situation and a bearish undercurrent in risky assets helped the greenback. Oil prices rose toward the end of the session in Asia but faltered yet again as an intraday upswing above $84 was unsustainable. The light sweet crude oil futures for June delivery slipped from a high of $84.07 a barrel in electronic trading and currently trade at $83.04, down 64 cents per barrel from previous close.

Pivotals help Sensex score gains for the third day in a row

Volatility ruled the roost as the key benchmark indices came sharply off the higher level in the last one hour of trade. The late slide materialised soon after a sharp surge in mid-afternoon trade that was driven by rally in pivotals such as State Bank of India (SBI), Reliance Industries (RIL) and Tata Motors. The BSE 30-share Sensex rose 101.43 points or 0.58%, off close to 205 points from the day's high and up close to 165 points from the day's low.

Volatility in world stocks triggered volatility on the domestic bourses. European shares moved into the red from green after the Eurostat statistics agency said Greece's budget deficit may be revised upwards on uncertainties over issues including off-market swaps. US index futures dropped after the news.

The market breadth, indicating the overall health of the market, weakened substantially in late trade when compared to a strong breadth in mid-afternoon trade. IT, realty and metal stocks fell. Index heavyweight Reliance Industries pared intraday gains. India's biggest commercial bank in terms of branch network State Bank of India (SBI) jumped on reports of brokerage upgrades on the stock. FMCG stocks also rose.

Intraday volatility was high. The market recovered soon after an initial slide caused by weak Asian stocks. The market weakened once again but recovered shortly thereafter. The market surged in mid-morning trade with the Sensex hitting a fresh intraday high. The market trimmed gains in early afternoon trade. The market hit a fresh intraday high in afternoon trade as European stocks rose in early trade. The market extended gains in mid-afternoon trade. A steep slide was witnessed in late trade as European stocks faltered on worries over Greece's financial position.

NSE's volatility index jumped 6.76% to 20.53, after a steep slide in the preceding two trading sessions. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days. The index is calculated based on the S&P CNX Nifty options prices.

The latest data showed the annual food and fuel inflation ticked higher. The food price index rose 17.65% in the year to 10 April 2010. The fuel price index rose 12.45% and the primary articles index rose 14.14% in the year to 10 April 2010, the latest government data showed.

On the flip side, in its half-yearly World Economic Outlook, the IMF on Wednesday pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. The IMF said domestic demand in India will strengthen as the labour market improves, and investment is expected to be boosted by strong corporate profitability, rising business confidence and favourable financing conditions.

Its World Economic Outlook forecasts for global growth nudged up to 4.2% in 2010. The global economy is recovering from recession more quickly than expected but rescue efforts have worsened public finances, and if not reined in, will lead to a debt explosion, the IMF said on Wednesday.

Emerging market economies like China and India are leading the upturn, it said, with 2010 growth expected to be nearly three times as fast as that in advanced economies. The IMF forecast growth in emerging and developing economies would rise to 6.3% this year and 6.5% next year.

Bank shares led European markets lower in volatile trade on Thursday as investors worried about Greece's financial position. Credit Suisse's stock declined after posting earnings. The key benchmark indices in UK, France and Germany were down by between 0.82% and 1.15%.

Asian stocks fell on Thursday as several major US firms issued disappointing profit outlooks, casting doubts on the strength of a global recovery, and as investors grew impatient for action on Greece's debt crisis. The key benchmark indices in China, Hong Kong, Japan, South Korea and Taiwan fell by between 0.15% to 1.27%. But, key benchmark indices in Indonesia and Singapore rose by between 0.44% to 0.47%.

Japan's exports jumped 43.5% in March 2010 from a year earlier as demand for the nation's cars and gadgets increased helped by recovering global economy.

US index futures fell in volatile trade. Trading in US index futures indicated that the Dow could fall 39 points at the opening bell on Thursday, 22 April 2010.

US stocks finished little changed on Wednesday as disappointing outlooks from healthcare companies offset strong earnings from Morgan Stanley. The Dow Jones industrial average edged up 7.86 points, or 0.07%, at 11,124.92. The Standard & Poor's 500 Index dipped 1.23 points, or 0.10%, to 1,205.94. The Nasdaq Composite Index inched up 4.30 points, or 0.17%, to 2,504.61.

Back home, the focus is on the fourth quarter corporate results of India Inc and outlook provided by management for the current year. The combined net profit of a total of 123 companies rose 29.7% to Rs 9532 crore on 22.8% rise in sales to Rs 64688 crore in the quarter ended March 2010 over the quarter ended March 2009.

Indian stocks rose for a third day in a row today after the Reserve Bank of India (RBI) raised interest rates on Tuesday, 20 April 2010, by less than some economists had expected and forecast inflation will slow. From a recent low of 17400.68 on 19 April 2010, Sensex has risen 173.31 points or 0.9% in the last three trading sessions. The RBI said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.

The RBI said there is need to move in a calibrated manner in the direction of normalising its policy instruments given that the economic recovery is firmly in place. The central bank said it has to do a fine balancing act and ensure that while absorbing excess liquidity, the government borrowing programme is not hampered. Notwithstanding lower budgeted government borrowings for FY 2011, fresh issuance of securities will be 36.3% higher than in the previous year, the central bank said.

The RBI said the economy is recovering rapidly from a slowdown but inflationary pressures, which were triggered by supply side factors, are now developing into a wider inflationary process. The central bank said there in uncertainty about the shape and pace of ongoing global economic recovery.

The central bank expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand. The quick rebound of the Indian economy in the year ended March 2010 (FY 2010) despite the failure of monsoon rainfall suggests that the Indian economy has become resilient, the RBI said. Growth in FY 2011 is expected to be more broad-based than in FY 2010. Prime Minister Manmohan Singh has pegged India's GDP growth at 8.25% for FY 2011.

The monsoon holds key. 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) will issue its first monsoon forecast for the south west monsoon on Friday, 23 April 2010. A weakening El Nino is a positive sign for the monsoon, Ajit Tyagi, director general at the India Meteorological Department, had said on 18 March 2010.

The BSE 30-share Sensex rose 101.43 points or 0.58% to 17,573.99. The Sensex rose 305.78 points at the day's high of 17,778.34 in mid-afternoon trade. The index fell 64.54 points at the day's low of 17,408.02 in early trade.

The S&P CNX Nifty rose 24.45 points or 0.47% to 5269.35.

The BSE Mid-Cap index fell 0.07%. The BSE Small-Cap index rose 0.07%. Both the indices underperformed the Sensex.

Sectoral indices on BSE were mixed. BSE Oil & Gas index (up 1.25%), Auto index (up 0.9%), Bankex (up 0.75%), and FMCG index (up 0.72%), outperformed the Sensex. Consumer Durables index (up 0.51%), PSU index (up 0.41%), IT index (up 0.06%), Capital Goods index (down 0.07%), Healthcare index (down 0.13%), Power index (down 0.23%), Metal index (down 0.61%), and Realty index (down 1.34%), underperformed the Sensex.

The market breadth, indicating the overall health of the market, weakened substantially in late trade when compared to a strong breadth in mid-afternoon trade. On BSE, 1,496 shares advanced as compared with 1,402 that declined. A total of 103 shares were unchanged.

From the 30 share Sensex pack, 15 stocks rose while the rest declined.

BSE clocked turnover of Rs 4980 crore, higher than Rs 4669.93 crore on Wednesday, 21 April 2010.

India's biggest commercial bank in terms of branch network State Bank of India jumped 5.58% on reports a prominent foreign brokerage has raised its rating on the stock to 'neutral' from 'sell'. The stock was the top gainer form Sensex pack. Another foreign brokerage has reportedly predicted a re-rating of the counter on the back of an expected strong lending growth.

India's largest private sector bank by net profit ICICI Bank fell 0.89%, reversing early gains. India's second largest private sector bank by net profit HDFC Bank fell 0.09%.

Axis Bank fell 1.09% after the stock surged in the past two trading sessions on the back of strong Q4 results. Net profit jumped 31.54% to Rs 764.87 crore in Q4 March 2010 over Q4 March 2009. The result was announced during market hours on Tuesday, 20 April 2010.

The Reserve Bank of India (RBI) on Wednesday said a private sector bank must obtain RBI's approval for an initial public offer (IPOs). The central bank said the issue price for an IPO should be based on merchant banker's recommendation. All preferential issues would also require prior approval of RBI. Pricing of preferential issues by listed banks may be as per Sebi formula, while for unlisted banks the fair value may be determined by a chartered accountant or a merchant banker, RBI said in a notification.

Private sector banks also need to approach RBI for prior in principle approval in case of a Qualified Institutional Placement (QIP). Banks need to approach RBI along with details of the issue once the bank's board approves the proposal of raising capital through this route. The RBI also said allotment of shares to the investors under a QIP would be subject to compliance with Sebi guidelines on QIPs and RBI guidelines dated 3 February 2004.

Once the allotment process under QIP is complete, the banks would also be required to furnish complete details of the issue to RBI for seeking post facto approval. This would be irrespective of whether any acquisition results in shareholding of 5% or more of the paid up capital of the bank.

India's largest mortgage finance firm by total income Housing Development Finance Corporation (HDFC) rose 1.05%, reversing early fall. The company, last week, launched a Dual Rate Product-2 (DRHL-2) in which home loan interest rates will be fixed rate at 8.25% annually up to 31 March 2011, 9% for the period between 1 April 2011 and 31 March 2012, and the applicable floating rate for the balance term. The offer is for loan application made before 30 April 2010 and at least part-disbursement taken before 30 June 2010.

Index heavyweight Reliance Industries (RIL) rose 2.03% to Rs 1075.55. But, the stock came off the day's high of Rs 1093.90. The stock was the third major gainer form the Sensex pack. RIL is seen reporting strong Q4 March 2010 results on the back of higher gas output from the prolific Krishna-Godavari basin. RIL announces Q4 results on Friday, 23 April 2010.

Cement major ACC fell 1.3% after consolidated net profit declined 1.6% to Rs 392.88 crore in Q1 March 2010 over Q1 March 2009. The result was announced during trading hours today.

India's largest engineering and construction firm by sales Larsen & Toubro (L&T) fell 0.05%, with the stock falling for the second straight day. The company, recently received an order worth Rs 1,060 crore from Gujarat State Petroleum Corporation (GSPC) to build an offshore oil platform.

But, India's largest power equipment maker by sales Bharat Heavy Electricals rose 0.13%.

Realty shares fell on profit taking after a relief rally in the past two days that was triggered by the Reserve Bank of India keeping the risk weightage on loans to commercial real estate sector unchanged at its annual monetary policy review on Tuesday 20 April 2010. Sobha Developers, Omaxe, Housing Development & Infrastructure, Peninsula Land and DLF fell between 0.37% to 5.59%. A section of the market was expecting the Reserve Bank of India to raise the risk weightage on loans to commercial real estate to prevent asset bubbles.

Unitech fell 1.69%, with the stock giving up some of the previous days gains. The stock had risen 2.46% on Wednesday after the board of directors at a meeting held on 20 April 2010 approved demerger of non-core operations comprising of telecommunications, hotels, special economic zones, logistics, transmission towers and others into a separate entity called Unitech Infra. For every one share of Unitech, the shareholders will get one share of Unitech Infra, which will be listed at a later date.

The board also approved the amalgamation of two wholly owned subsidiaries, Aditya Properties and Unitech Holdings, with Unitech. The board also approved hiving off the shares and investments held in Unitech's telecommunications business to a wholly-owned subsidiary of Unitech Infra.

IT stocks fell in volatile trade. India's third largest software services exporter by sales Wipro fell 0.26% to Rs 702.95. The stock hit high of Rs 714.80 and a low of Rs 698.05. The company will announce its Q4 result on Friday, 23 April 2010. India's second largest software exporter by sales, Infosys Technologies, was flat at Rs 2718.05. The stock hit high of Rs 2760 and a low of Rs 2696.

India's largest information technology services provider by sales, TCS fell 0.08% to Rs 785.30. The stock hit high of Rs 793.40 and a low of Rs 781.25. The company posted 9.7% growth in consolidated net profit as per Indian accounting standards to Rs 2,001 crore on 1.17% rise in revenues to Rs 7738 crore in Q4 March 2010 over Q3 December 2009. The result was announced after the market hours on Monday 19 April 2010.

At the time of announcing the results, TCS chief executive officer and managing director N Chandrasekaran said the company's sales and execution machine is primed and the company has laid a solid platform for growth. There is a significant traction for TCS' strategy of full services which together with TCS' global engagement model positions the company well for accelerated growth, Chandrasekaran said.

HCL Technologies rose 1.79%, extending Wednesday's 8.32% rally triggered by strong Q3 March 2010 results. Consolidated net profit as per US accounting standards rose 15.9% to Rs 344 crore on 1.4% growth in revenue to Rs 3075.70 crore in Q3 March 2010 over Q2 December 2009. The company announced the result before trading hours on Wednesday, 21 April 2010. During Q3 March 2010, HCL Technologies won 13 new deals, both outsourcing and transformational in nature from diverse verticals across US, Europe and Asia.

FMCG stocks rose on expectation of good Q4 results. Hindustan Unilever ITC, Nestle India, Tata Tea rose by between 0.65% to 2.09%.

Metal stocks fell after LMEX, a gauge of six metals traded on the London Metal Exchange, fell 0.82% on Wednesday, 21 April 2010. JSW Steel, Hindustan Zinc, National Aluminum Company, Hindalco Industries fell by between 0.25% to 1.67%.

India's largest private sector steel maker by sales Tata Steel fell 1.83%. The company said recently its sales in the year ended on 31 March 2010 rose 18% from a year ago to 6.17 million tonnes.

Rate sensitive auto stocks rose on expectations of strong Q4 result. Vehicle sales in India should grow 10-15% in the fiscal year to March 2011, an industry body said on 9 April 2010. 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 top small car maker by sales, Maruti Suzuki India rose 0.26%, with the scrip gaining for the third straight day. The company raised prices of its vehicles across different models early this month due to higher input costs and expenses from the introduction of the new Bharat Stage IV emission norms.

India's largest tractor maker by sales Mahindra & Mahindra was flat. Mahindra & Mahindra said on 16 April 2010 that it is buying out Renault's stake in a joint venture that makes the Logan sedan. The Renault name and logo will continue to be used on the Logan till the end of calendar 2010, the company said in a statement.

India's second largest bike maker by sales Bajaj Auto rose 0.88%, with the scrip gaining for the third straight day. Bajaj Auto on Friday, 16 April 2010 said it has raised its stake in KTM Power Sports AG, Europe's second largest motorcycle maker.

Motorbike maker Hero Honda Motors rose 1.19%, with the scrip gaining for the third straight day. Net profit jumped 48.8% to Rs 598.81 crore on 19.6% rise in total income to Rs 4191.81 crore in Q4 March 2010 over Q4 March 2009. The company announced the results after trading hours on Monday 19 April 2010.

At the time of announcing the Q4 results, Hero Honda managing director and CEO Pawan Munjal said factors like movement in commodity prices, inflation and interest rate scenario will play a crucial role in the growth and profitability of the two-wheeler industry, going ahead. He said Hero Honda has set ambitious milestones for the current year after vehicle sales surpassed the company's target in the year ended March 2010 (FY 2010).

He said the company is looking forward to a series of defining initiatives in the year ending March 2011 (FY 2011), including aggressively expanding geographical reach, building on production capacities and augmenting strong brand portfolio.

India's largest commercial vehicle maker by sales Tata Motors gained 3.34%, with the scrip gaining for the third straight day. The company said on Thursday 15 April 2010 that its global vehicle sales rose 39% to 101,712 units in March 2010 over March 2009. This includes sales of UK-based Jaguar and land Rover brands that rose 43% to 23,538 vehicles in March 2010 over March 2009.

Most carmakers increased vehicle prices from 1 April 2010 after 13 cities across the country switched over to Bharat Stage IV emission norms. Earlier in February 2010, 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.

FCS Software clocked the highest volume of 2.08 crore shares on BSE. Cals Refineries (1.22 crore shares), Birla Power Solutions (93 lakh shares), Mangalore Chemicals & Fertilisers (61 lakh shares) and Unitech (56 lakh shares) were the other other volume toppers in that order.

State Bank of India clocked the highest turnover of Rs 361.04 crore on BSE. Tata Motors (Rs 181.82 crore), Reliance Industries (Rs 143.45 crore), ARSS Infra (Rs 117.65 crore) and Tata Steel (Rs 109.78 crore) were the other turnover toppers in that order.

Nitesh Estates IPO Analysis

Nitesh Estates was incorporated in the year 2004 and is a ISO 9001:2008 certified company, with prime interest in the development of residential projects in Bengaluru. The company is also developing a hospitality project in Bengaluru and a residential and an office project in Kochi. The company plans to diversify into the development of shopping malls and is expanding its geographic reach beyond its primary market of Bengaluru to Chennai, Goa and Hyderabad. Its residential projects include multi-unit apartment buildings targeted at high-income and middle-income customers. It is currently developing its first hospitality project, the first ‘Ritz-Carlton' brand hotel in India, on Residency Road in the central business district of Bengaluru.

Since its incorporation the company has developed three residential projects in Bengaluru with a combined saleable area of 0.55 million square feet. The completed projects are the Nitesh Long Island (a built-to-suit premium corporate residential project) that was developed for ITC near Bellary Road, Nitesh Wimbledon Park (a premium residential project, located on Race Course Road) and Nitesh Mayfair (a premium residential project, located on Lavelle Road) Most of the projects of the company are developed through the joint-development model with the land owners as a result of which the upfront cost of land acquisition and project financing costs are lower unlike other real estate companies where the upfront land acquisition cost is high owing to acquisition of freehold or leasehold interest in the land. This model also enables the company to efficiently deploy its capital in development expenses as well as other expansions.

The company is currently developing 7 projects (5 projects in Bengaluru and 2 projects in Kochi) with a developable area of 5.31 million square feet and a total saleable area of 2.09 million square feet. The company has 4 more projects in the pipeline with a total saleable area of 1.55 million square feet. The projects currently under development are the Nitesh Hyde Park (a residential project in the middle-income segment with 537 residential units, located at Bannerghatta road, Bengaluru), Nitesh Forest Hills (a residential project in the middle-income segment with 284 residential units, located in Whitefield, Bengaluru), Nitesh Flushing Meadows (a residential project in the middle-income segment with 200 residential units, located in Whitefield, Bengaluru), Nitesh Columbus Square (a residential project in the middle-income segment with 390 residential units, located near Bellary Road, Bengaluru), Nitesh Wimbledon Gardens (a residential project in the middle-income segment with 672 residential units, located at Airport-Seaport road in Kochi), Nitesh Wimbledon Gardens (an office project, located at Airport-Seaport road in Kochi) and the ‘Ritz-Carlton' brand hotel with 281 keys. Further the company also has nearly 132.62 acres of land parcel in Bengaluru, Kochi and Hyderabad available for future development on which various residential, office and mixed use utilities would be developed.

The company's financial investors include among others AMIF (ADCB Macquarie Infrastructure Fund), which holds 14.4% of the pre-Issue equity share capital of the company. Citi Property Investors holds 74.0% of the equity share capital of Nitesh Residency, the SPV developing the ‘Ritz-Carlton' brand hotel in Bengaluru. HDFC AMC, through its portfolio management services division, recently subscribed to 10.1% of the equity share capital of the subsidiary, Nitesh Housing, whose current portfolio includes four of the company's ongoing projects, one of the forthcoming projects and two of the land parcels available for future development.

The company plans to tap the capital market in order to raise Rs 405 crore with an issue of equity shares of face value of Rs 10 at a price band of Rs 54 to Rs 56. About 30% of QIB Portion of the issue will be allocated to Anchor Investors on a discretionary basis before the issue opens. The proceeds form the issue would be utilized to acquire further joint development rights, fund the company's subsidiaries and the associate companies for repayment/prepayment of their loans, redemption of debentures, finance ongoing projects and repay certain loans of the company.

Strengths

The company's major strength is the development of the project through joint-development (JDA) mode. The company need not have to purchase the land outright for development. The company enters in JDA with the landowners where only a small upfront is paid besides the sharing of future revenue from such joint-developments or a portion of the developed area with the landowners. Such arrangement will allow the company to be asset light at the same time will provide financial leverage to deploy available capital efficiently there reducing project financing.

The company's major focus now is the residential segment of the real estate, especially the middle income housing segment, where the impact of real estate slowdown has been benign compared to the other segments like commercial and retail. Besides the residential segment has seen improvement during the recent past especially in the mid income group. This bodes well for the company as there is a shortage of supply to cater to the middle-income housing niche.

The company has a strong brand name in its primary market of Bengaluru and has already exhibited strong execution capabilities through the projects that it has completed. Also most of the under going projects are at city centers where there is a shortage and the price risk is limited.

Weaknesses

The JDA, through which the company undertakes its projects, may prove to be detrimental in case the counterparties violate such arrangements. There is strong incentive for them to violate the agreement in an inflationary scenario where the land price appreciates significantly. This may result in expensive disputes for the company. Also, the failure on the part of the company to sign JDA for its upcoming projects may delay its future growth.

The company has experienced negative cash flows during the past 3 financial years as well as the 9 month period ended December 2009. Also for the nine-month period ended December 2009 the company had negative operating margins. The company did not make any income from property development during the nine-month period ended December 2009 as well as the financial year ended March 2009 and March 2008. The income during this period is the income from contractual activity from Nitesh Garden Enclave project.

The consolidated debt in the company's book as on December 2009 is Rs 194 crore and the pre issue debt-equity ratio is 2.8, which is significantly higher in a scenario where the company follows an asset light model. In the absence of seamless cash flow the servicing of debt will be difficult.

Valuation

Un-consolidated sales for the nine-month period ended December 2009 stood at Rs 47.84 crore while the net profit during this period was Rs 7.21 crore. The profit is mainly due to Rs 18 crore profits on sale of stake in one of the subsidiaries to HDFC AMC. The consolidated income from operation during the nine-month period ended December 2009 stood at Rs 48.46 crore, while the total income including the other income of Rs 18.11 crore stood at Rs 66.57 crore. Higher tax expenses resulted in the company posting a consolidated net loss of Rs 1.33 crore during the nine-month period ended December 2009.

The annualized unconsolidated EPS during this period stands at Rs 0.7 on post-issue likely equity on the offer price band of Rs 54 at the lower level and Rs 56 at the upper level. The P/E works out to 82-83.4 times at the offer price band. The company is not directly comparable to any of the listed real estate players due to its unique model. The company's enterprise value per million sq ft on the saleable area under construction and forthcoming/ pipeline is Rs 266 crore to Rs 270 crore. On the other hand, the enterprise value per million sq ft of HDIL and DB Realty is Rs 340 crore and Rs 395 respectively, but they have significant amount of land bank with them.

Sesa Goa - 4QFY10 Result Update

Sesa Goa reported 4QFY10 results, which are above our estimates. Net sales stood at Rs28.2bn (yoy up 79%, qoq up 36.3%), EBITDA stood at Rs15bn (yoy up 103.1%, qoq up 45.1%) and PAT stood at Rs12.1bn (yoy up 121.5%, qoq up 46.6%). Sesa reported EPS of Rs14.5. During the quarter, Sesa reported iron ore sales volume of 7.4mt (yoy up 47.2%, qoq up 8.6%). This includes volumes from Dempo of 1.8mt. For full year FY10, the company reported volumes of 20.5mt including 3.67mt of Dempo (around 37% over FY09 incl Dempo and around 14% excluding Dempo). The average realization during the quarter was USD66/t (yoy up 30%, qoq up 21.9%). During the quarter, Sesa reported EBITDA margins of 53.4% (yoy up 634bps, qoq up 324bps). The increase was mainly on account of higher realizations. During FY10, Sesa sold around 80% of the iron ore on spot basis and balance on contract basis.

Recnt news of China imposing ban on traders from importing importing iron ore below 60% Fe content and ongoing mining issues in Orissa and Karnataka has proved to be an overhang on the stock in the past few trading sessions with China’s ban playing a major role. However, there is no proper official clarification available on the same. We feel, there cannot be a complete blanket ban on imports by China. Hence, we remain positive on the long term growth story of Sesa and expects it to achieve volume guidance of 50mt by FY13E. As on 31st Mar ‘10, Sesa has cash balance of Rs69.5bn (ex-inter corporate deposit of Rs10bn to Vedanta Aluminium). At the CMP of Rs456, the stock is trading at 8.1x FY11E EPS of Rs56.5 and at 7.5x FY12E EPS of Rs60.6. On EV/EBITDA basis, the stock is trading at 4.6x FY11E EV/EBITDA and at 3.6x FY12E EV/EBITDA; while on P/B basis, the stock is trading at 3.3x FY11E book value and at 2.1x FY12E book balue. We maintain BUY on the stock with target price of Rs550 (5x FY12E EV/EBITDA).

HCL Tech Q3FY10 Result Update ; Delivers better than expectations

HCL Tech reported revenues of US$ 685 mn (+5.1% QoQ), at the top end of peers reported till date with IMS continuing to drive growth at 15% QoQ and core S/w growth also picking up at 4.2% sequentially. BPO continues to be sluggish with revenues declining by ~10% sequentially and we do not see a sharp recovery in BPO’s business prospects either.EBITDA margins declined by ~130 bps QoQ to 19% (V/s expectations of ~100 bps decline) and we would not be too worried despite concern on the same from some quarters of the street as operational improvements on the Apps and the IMS segment continue to take care of the BPO transition

We upgrade FY11/12 earnings estimates by ~5.2%/4.6% to Rs 26.3/Rs 29.9 (V/s Rs 25/28.6 earlier) as we now build in a FY11/12 revenue growth of 19.7%/18.8% ( V/s 15.6%/17% earlier). Retain ACCUMULATE with a revised target price of Rs 430 (V/s Rs 400 earlier). Valuation discount at ~30%+ given decent operational show and improving prospects continue to tilt us towards a case for sharp out performance V/s peers.

Daily Call - Apr 22 2010

US markets closed absolutely flat after yo-yoing between positive and negative territory. Gains on account of strength in Apple and Boeing were negated by weakness in healthcare, financial and energy stocks. European markets however corrected about a percent on the back of lingering concerns over Greek debt.

Our markets could not sustain morning gains and closed almost flat after encountering stiff resistance around previous day’s high. Nifty gained more than the Sensex as Nifty component HCL Tech surged more than 8% after reporting strong quarterly results. Rate sensitive sectors, i.e. Realty and Banking outperformed while heavyweight Reliance continued to be a drag on the index. Mid-cap and Small-cap stocks outperformed smartly for the second consecutive day. Near term outlook on the market remains negative and will remain so until we see a resumption of higher-top higher-bottom formation on the daily chart. Individual stocks however can continue to outperform.

As mentioned in yesterday’s report 5280-5300 is likely to act as a strong supply area on the upside while 5160 is the immediate support. ACC and Ambuja Cements will be announcing their quarterly earnings today among others.

Market may snap gains

The market may snap last two days' gains on weak Asian stocks. The government will unveil data on some wholesale price indices for the year through 10 April 2010 viz. the food price index, the primary articles index and the fuel price index at about 12:00 IST today, 22 April 2010. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicated that the Nifty could fall 30.50 points at the opening bell.

Asian stocks fell for the first time in three days on Thursday, led by mining companies and Japanese exporters, after commodity prices declined and the yen strengthened. The key benchmark indices in China, Hong Kong, Indonesia, Japan, South Korea, Singapore and Taiwan fell by between 0.38% to 1.88%.

Japan's exports jumped 43.5% in March from a year earlier as demand for the nation's cars and gadgets increased helped by recovering global economy.

US stocks finished little changed on Wednesday as disappointing outlooks from healthcare companies offset strong earnings from Morgan Stanley. The Dow Jones industrial average edged up 7.86 points, or 0.07%, at 11,124.92. The Standard & Poor's 500 Index dipped 1.23 points, or 0.10%, to 1,205.94. The Nasdaq Composite Index inched up 4.30 points, or 0.17%, to 2,504.61.

In economic data, on the housing front, mortgage applications bounced back from three-month lows last week as buyers rushed to take advantage of the federal-tax credit before it expires and refinancing picked up.

The global economy is recovering from recession more quickly than expected but rescue efforts have worsened public finances, and if not reined in, will lead to a debt explosion, the IMF said on Wednesday. Its World Economic Outlook forecasts for global growth nudged up to 4.2% in 2010. Emerging market economies like China and India are leading the upturn, it said, with 2010 growth expected to be nearly three times as fast as that in advanced economies. The IMF forecast growth in emerging and developing economies would rise to 6.3% this year and 6.5% next year.

Back home, the focus is on the fourth quarter corporate results and outlook provided by management for the current year. The combined net profit of a total of 108 companies rose 30.9% to Rs 8714 crore on 23.9% rise in sales to Rs 58391 crore in the quarter ended March 2010 over the quarter ended March 2009. ACC, Ambuja Cements, Sterlite Technologies, Zensar Technologies, Tata Sponge Iron, Strides Arcolab, Rallis India, Indiabulls Power among others will announce their January-March 2010 quarter result today.

Stocks rose in the past two trading sessions after the Reserve Bank of India (RBI) raised interest rates on Tuesday, 20 April 2010, by less than some economists had expected and forecast inflation will slow. The RBI said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted. A 25 basis points hike in the cash reserve ratio (CRR) with effective from 24 April 2010 will suck out excess liquidity of Rs 12500 crore from the banking system.

The RBI said there is need to move in a calibrated manner in the direction of normalising its policy instruments given that the economic recovery is firmly in place. The central bank said it has to do a fine balancing act and ensure that while absorbing excess liquidity, the government borrowing programme is not hampered. Notwithstanding lower budgeted government borrowings for FY 2011, fresh issuance of securities will be 36.3% higher than in the previous year, the central bank said.

The RBI said the economy is recovering rapidly from a slowdown but inflationary pressures, which were triggered by supply side factors, are now developing into a wider inflationary process. The central bank said there in uncertainty about the shape and pace of ongoing global economic recovery.

The central bank expects India's economy to expand 8% in the year ending March 2011 (FY 2011) with an upward bias, assuming a normal monsoon this year and sustenance of good performance of the industrial and services sectors on the back of rising domestic and external demand. The quick rebound of the Indian economy in the year ended March 2010 (FY 2010) despite the failure of monsoon rainfall suggests that the Indian economy has become resilient, the RBI said. Growth in FY 2011 is expected to be more broad-based than in FY 2010. Prime Minister Manmohan Singh has pegged India's GDP growth at 8.25% for FY 2011.

The monsoon holds key. 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, had said on 18 March 2010.

The key indices settled marginally higher on Wednesday, 21 April 2010, extending previous day's gains after the Reserve Bank of India (RBI) raised interest rates on Tuesday, 20 April 2010, by less than some economists had expected and forecast inflation will slow. The BSE 30-share Sensex rose 11.98 points or 0.07% to 17,472.56.

As per provisional figures on NSE, foreign funds bought shares worth Rs 82.96 crore and domestic funds bought shares worth Rs 25.25 crore on Wednesday.

According to the data from the stock exchanges, FII inflow totaled Rs 1424.95 crore this month (till 21 April 2010), much lower than a robust inflow of Rs 14792.31 crore in March 2010

Latest Grey Market Premiums - Apr 22 2010

Company Name	Offer Price (Rs.)	Premium (Rs.)
Talwalkars Better Value Fitness Ltd.	123 to 128	23 to 24
Nitesh Estate	54 to 56	9 to 10
Tarapur Transformers	65 to 75	5 to 6
Sutlaj Jal Vidhut Nigam (SJVNL)	--	2 to 2.50
Mundhan India Ltd.	120 to 130

Axis Bank, Sesa Goa, TCS, Cement Sector

Axis Bank, Sesa Goa, TCS, Cement Sector

Morning Notes - Apr 22 2010

Morning Notes - Apr 22 2010

Indian equities may open lower

Headlines for the day:

R-Infra hits out at Tata Power

IOC to market bio-lubricant next year

M&M starts work on electric two-wheelers

Events for the day:

Major corporate action

Weekly inflation to be announced today
Ex-date for stock split from Rs10 to Re1 of Tatia Global
Results: ACC, Nestle India, Ambuja Cements, MahinFin
For more events, log on to Sharekhan.com

Pre-market report

Global signals

The European shares fell on Wednesday, led by banking stocks on investor concerns over how Greece will finance its debt as talks to hammer out details of a potential aid plan began.

The US stocks finished little changed on Wednesday as disappointing outlooks from healthcare companies offset strong earnings from Morgan Stanley and Apple Inc.

In today's trade, the Asian markets were trading in a negative territory. At the time of writing this report, SGX Nifty was trading 26 points lower.

Indian markets

After two days of gains, the market may open lower owing to the fairly negative global cues. Following into the session, weekly inflation along with the earnings of the companies may decide the course of the day. The FIIs inflow is a concern and their activity needs to be closely watched. The Sensex is currently trading at 21.09 times the earnings of its underlying 30 stocks earnings on TTM basis. This shows that the Sensex is currently trading above its fair valuation, thus we might not see much movement in the index levels. However, investment in the good value stocks can be considered.

Commodity cues

In the commodity space, the crude oil prices fell amid choppy trading on Wednesday after the government's inventory report dimmed trader hopes that demand is finally rebounding, with the Nymex light crude oil for the May series down by $0.17 per barrel, whereas in the metals space, the Comex Gold for the May series rose by $9.60 and the Comex Silver for the May series was up by $0.26 to a troy ounce respectively.

Daily trend of FII/MF investment in equities

On April 21, 2010, the FIIs were the net buyers of the Indian stocks to the tune of Rs32.50 crore, whereas the domestic mutual funds, on April 19, 2010, were the net buyers of the stocks to the tune of Rs101.90 crore.

Daily News Roundup - Apr 22 2010

TCS has announced a global engineering service partnership with Rolls-Royce. (ET)

L&T Power, a subsidiary of L&T, to ramp up boiler, turbines, generators and balance of plant business from 4,000mw to 6,000mw by 2012. (BL)

Unitech to list demerged infra division by December 2010. (BS)

Videocon Industries may sell its 26% stake in the telecom ventures to foreign investors. (ET)

Glenmark has won a favorable legal verdict in US over a cholesterol drug case with Merck. (ET)

Goldman Sachs fraud case not to hit business says TCS. (ET)

Unitech Infra the demerged arm of Unitech will bid for infrastructure projects in road, power and airports. (ET)

Orient Green Power a subsidiary of Shriram EPC files DRHP for an IPO. (ET)

Zee Entertainment board approves acquisition of INX media’s general entertainment channel 9X. (BS)

Sundaram Finance Group to buy BNP Paribas’s 49.9% stake in their mutual fund JV. (ET)

Aditya Birla Financial Services to launch real estate fund to raise Rs10bn. (ET)


India is expected to grow at 8.75% in CY2010 and 8.5% in CY2011 says IMF. (ET)

RBI may give some banks more time to meet the 70% provision coverage ratio. (ET)

RBI has asked private banks to take its approval for all QIPs and preferential issues. (ET)

RBI tightens loan securitization rules for banks. (ET)

Airport Authority of India plans to levy development fee at non-metro airports. (ET)

Centre wheat purchases are up 13.6% up to April 20th 2010. (ET)

3G spectrum bids are up 90% to Rs663bn on the 10th day of auction. (ET)

Telecom panel to decide on BSNL listing says Telecom minister. (ET)

RBI will relax the 25% ceiling on classifying bonds in the held-to-maturity category if the investment is in infrastructure bonds. (BS)

Bank credits grow by 8.26bn during the fortnight ended April 9th, a 17% yoy growth. (BS)

2010 south-west monsoon is expected to be near normal says the India Meteorological Department. (BL)

NPAs of public sector banks grew by 23% between March-December 2009. (BL)

Watch the volatility

Never does nature say one thing and wisdom another. Juvenal, Satires.

As far as the market is concerned, the wise thing to do right now is to stay guarded amid heightened volatility and uncertainty. Talking of nature, reports suggest that monsoon this year is going to be "near normal" due to receding El Nino conditions. The first official monsoon forecast from IMD will be out later today. A significant improvement in rains from last year’s near disaster will go a long way in addressing some concerns on inflation. A healthy farm sector growth will also lift the overall economic growth. As of now, one can only keep one’s fingers crossed.

Coming to today’s outlook, the start will be a little weak as Asian markets are mostly in the red. US stocks finished nearly unchanged while the lingering worries over Greece’s financial state dragged down European indices. The US dollar rose for a fifth consecutive session as Greek bond yields jumped to new record high, weighing on the euro. We continue to advocate caution as the market will remain rangebound and sideways. Valuations too are not all that compelling barring few exceptions and fund flows have been easing of late. Mid-cap and Small-cap counters may continue to outperform frontline peers but one must be extremely careful while dealing with these stocks.

Results Today: ACC. Ambuja Cements, Escorts, Gujarat Gas, Indiabulls Power, M&M Financials, Nestle India, Rallis India, Sasken, Sterlite Technologies, Strides Arcolab, Tata Sponge, Wipro and Zensar.

FIIs were net buyers of just Rs829.6mn on Wednesday on a provisional basis. Local funds were net buyers of Rs252.5mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs4.73bn. On Tuesday, FIIs were net buyers of Rs325mn in the cash segment, as per the SEBI web site.

US stocks edged higher on Wednesday as better than anticipated earnings from Apple and Boeing offset indifferent results from Yahoo and a couple of pharma companies. Weakness in the financial space also weighed on the sentiment despite good results by Morgan Stanley and Wells Fargo.

The Dow Jones Industrial Average added 8 points, or less than 0.1%, to end at 11,124.92. The S&P 500 index finished flat at 1,205.93, and the Nasdaq Composite index rose 4 points, or 0.2%, to close at 2,504.61.

The dollar edged higher against the euro but remained weak versus the Japanese yen and the UK pound.

The price of oil fell 17 cents to settle at $83.68 a barrel. Wednesday marked the first day of the June contract.

COMEX gold for June delivery prices rose $9.60 to settle at $1,148.20 an ounce.

Treasury prices were higher, with the yield on the benchmark 10-year note at 3.78%.

Decliners led advancers by a slight margin on the New York Stock Exchange, where 1.2 billion shares traded. Composite volume topped 5.9 billion.

Stocks finished Tuesday's session in positive territory, thanks to better-than-expected earnings from Goldman Sachs and several consumer companies.

Late on Tuesday, Apple posted a record quarter that blew past Wall Street's estimates. Apple shares ended more than 6.1% higher.

Yahoo also delivered earnings that beat expectations, but its sales came in below estimates. Shares closed down 4.9%.

Morgan Stanley said it swung to a $1.8 billion profit in the first quarter before the bell, as strong trading revenue boosted the Wall Street firm's latest results. Shares of Morgan ended 4.2% higher.

Wells Fargo reported a $2.5 billion profit before the bell, beating Wall Street expectations. The company said that credit conditions have "turned the corner" from the weakness of the financial crisis. Still, Wells shares fell almost 2% by the end of trading.

Overall, the finance sector ended 10.8% higher.

Merck & Co. Inc. shares fell 3.7%, the worst performer on the Dow average.

Abbott Laboratories shares were off 2.4% after the health-care-products company reported a lower first-quarter profit.

Gilead Sciences shares dropped 9.6%, making it the worst S&P 500 performer, after the HIV-drug developer issued a weaker-than-expected 2010 financial forecast.

Moody's Corp. shares lost 5.3% after a congressional panel probing the financial crisis subpoenaed the credit-ratings agency for failing to comply with a request for information.

AT&T beat estimates on a boost from strong sales of Apple's iPhone. Boeing's profit and revenue dropped amid fewer airplane deliveries. McDonalds' earnings rose above predictions as sales rose across all its markets, especially Europe and Asia. United Technologies also beat estimates.

Chrysler announced that it earned its first operating profit since exiting bankruptcy on June 10, 2009. The profit follows nearly $4 billion of losses logged by the automaker during that time.

Starbucks and other major names reported results after the bell. The coffee chain handily beat profit and sales estimates, and the company lifted 2010 guidance. Shares were up 2% in after-hours trade.

In other company news, General Motors announced that it had made a final payment of $5.8 billion late Tuesday to the U.S. and Canadian governments, paying off the last of its $6.7 billion in loans.

European stocks ended lower, as losses in the banking space offset strong earnings from both sides of the Atlantic. The Stoxx Europe 600 index declined 0.6% to close at 268.23, reversing course after having gained 1.4% in Tuesday's session.

The French CAC-40 index lost 1.2% to settle at 3,977.67, the UK's FTSE 100 index fell 1% to close at 5,723.43 and the German DAX index ended 0.5% lower at 6,230.38.

Greek banks fell again, with Alpha Bank shares losing 5.2% and Piraeus Bank dropping 3.3%. The ASE Composite Index lost 1.3% to close at 1,936.43. Losses came amid renewed concerns over how the government will finance its debt.

Greek government bond yields rose to fresh highs, as the cost of insuring the government's debt against default also reached record levels.

Greece on Wednesday began talks with its counterparts in the euro region, the International Monetary Fund (IMF) and the European Central Bank on what steps are needed for it to secure a $61 billion emergency aid package.

Indian stock benchmarks erased some of the early gains to finish nearly flat at the end of a choppy day of trade. The Indian market witnessed a follow through rally in the opening trades, buoyed by the overnight advance on Wall Street. However, as the day wore on, bulls turned a bit shaky and pared some of their gains. The key indices fell gradually from their intra-day highs, led by profit booking in the index heavyweights like Reliance Industries, L&T, BHEL and Infosys.

On the other hand, the mid-cap and the small-cap stocks maintained their tempo. Both the broader market indices outperformed the benchmark stock indexes, adding 1% and 1.5% respectively.

"Market players remained cautious as many headwinds like spike in non-food inflation, volatile crude oil prices and fiscal deficit continue to remain important issues to solve. Technically too, the key indices are facing some resistance", says Amar Ambani, Vice President Research IIFL.

The BSE Sensex gained 12 points to end at 17,472 and NSE Nifty gained 15 points to close at 5,245. Among the 30 components of Sensex, 20 ended in the positive terrain and 10 were in the red.

Markets in Asia ended in the green; the Nikkei in Japan was up 1.8%, Australia's S&P/ASX was up by 0.6%. However the Hang Seng index in Hong Kong was down 0.5%. However, and Shanghai SE Composite ended flat.

On the other hand, European indices were trading with negative bias, the DAX in Germany was down 0.2%, the CAC 40 index in France was down 0.3% and the FTSE in the UK was down 0.6%.

Coming back to India, among the BSE sectoral indices, the BSE Realty index was top gainer, the index gained 1.7%, followed by BSE Banking index up 1.25% and Auto index up 1.1%.

Even the Mid-Cap and the Small-cap index ended in the green, they added 1% and 1.5% respectively.

Outside the frontline indices, the big gainers in the broader market were Godrej Industries, Yes Bank, Jet Airways and Opto Circuits. On the other hand, losers included Cadila Health, Hindustan Copper and Castrol India.

Shares of Unitech surged by over 2.5% to end at Rs85.5 after over 20mn equity shares of the company changed hands in multi days. The trades were reportedly done between an average price of Rs86-87 per share. The company approved separating its infrastructure and telecommunications units. MD Sanjay Chandra was quoted as saying that the company expects the demerger of its infrastructure unit to take four to six months and Unitech Infra Ltd. may be listed on bourses by the end of the year, Chandra added.

For every one share held in Unitech Ltd, shareholders will get one share of the new firm Unitech Infra Ltd, to be listed on the stock exchanges.

Unitech Infra will house the property firm's infrastructure businesses including telecoms, management of amusement parks, construction business, hotels, special economic zones. The company also announced that its board approved constituting a committee to explore potential local and overseas acquisitions.

Orchid Healthcare, the US arm of Orchid Chemicals has received USFDA approval for generic modafinil, according to reports. The US regulator has approved Orchid's generic modafinil oral tablets of strength 100 mg and 200 mg. Modafinil is an analeptic drug that stimulates the central nervous system, and is for the treatment of symptoms of fatigue and excessive daytime sleepiness in narcolepsy.

The stock gained by 2.5% to end at Rs157. The scrip opened at Rs155 it touched an intra-day high of Rs158 and a low of Rs154 and recorded volumes of over 0.2mn shares on BSE.

Shares of SpiceJet surged by 1.5% to end at Rs58.65 after reports stated that the low-cost carrier is looking to raise "around" US$75mn selling shares to select investors. The scrip opened at Rs58.4 it touched an intra-day high of Rs59.8 and a low of Rs58.4 and recorded volumes of over 2.5mn shares on BSE.

Shares of Binani Cement shot up by over 8% to end at Rs85.6 after the company announced that it will consider a plan to buy back shares on April 23. The scrip opened at Rs80 it touched an intra-day high of Rs87 and a low of Rs80 and recorded volumes of over 1.1mn shares on BSE.

Shares of Shiva Cement shot up by over 9% to end at Rs9 after the board of directors are planning to meet on April 29, 2010, to consider the proposal for setting up 25 MW Captive Power Plant. The board is also planning to allot 10mn equity share warrants to promoter group at a price of Rs11/-.

Crude ends marginally lower

Prices drop as crude and gasoline inventories rise

Crude oil prices ended marginally lower at Nymex on Wednesday, 21 April 2010. Prices dropped after energy department reported unexpected rise in crude and gasoline inventories for last week. Better than expected earning reports at Wall Street tried to curtail crude's losses.

On Wednesday, crude-oil futures for light sweet crude for June delivery closed at $83.68/barrel (lower by $0.17 or 0.2%). Last week, crude ended lower by 1.2%. For the month of March, crude rose 5.1%. For the first quarter of this year, crude rose by 5.5%. Year to date, crude is higher by 4.2%.

Prices are still very much lower as compared to 3 July, 2008 settlement of $145.29 a barrel and an intraday high of $147.27 on 11 July, 2008, an all-time high. However, oil has also gained nearly 155% from a December 2008 nadir. That day prices settled at $33.87 a barrel following an intraday low of $32.40.

On Wednesday, EIA reported larger-than-expected jumps in oil and gasoline inventories for last week. The report detailed that crude oil inventories rose 1.9 million barrels in the week ended 16 April. Gasoline stockpiles rose 3.6 million barrels versus expectations of a 100,000-barrel gain. Distillate stockpiles added 2.1 million barrels, also above expectations of 840,000 barrels.

Among earning reports at Wall Street, Boeing, McDonald's and United Technologies - all bested earnings expectations for the latest quarter. Fellow Dow component AT&T also reported an upside earnings surprise. Apple reported an upside earnings surprise after the prior session's close. These earning reports tried to put a brake on crude's drop.

Among other energy related products on Wednesday, June heating oil closed up 2 cents, or 1.1%, to $2.23 a gallon.

On Wednesday, natural gas for June delivery fell 2 cents, or 0.6%, to $4.04 per million British thermal units, and the front-month May contract slid 2 cents, or 0.5%, to $3.96 per million British thermal units.

Crude ended FY 2009 higher by 78%, the highest yearly gain since 1999. It reached a high of $82 earlier in October 2009 and hit a low of $33.98 on 12 February 2009. Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.

At the MCX, crude oil for April delivery closed lower by Rs 13 (0.34%) at Rs 3,740/barrel. Natural gas for April delivery closed at Rs 178.1/mmbtu, higher by Rs 1.9 (1.07%).