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Thursday, April 29, 2010
Fed soothes PIGS oink; markets rebound
Today's major news
Food inflation eases to 16.61%
Biocon net profit jumps 200% in Q4, the stock surges 2.93%
Oriental Bank of Commerce Q4 net profit shoots up 75% yoy, the stock closes 3.02% higher
Click here for more stories
Global signals
European stocks bounces back after two day’s fall on the back of mostly positive earnings and word from the US Federal Reserve that it would keep interest rates near zero for an extended period. FTSE 100 (London) was trading 0.70% higher.
Among major Asian indices, all the indices closed in the negative territory except Straits Times and Jakarta Composite. Japan's Nikkei was closed today. SGX Nifty closed 29 points higher.
US stock futures signals strong start on the Wall Street on Thursday on Federal Reserve’s move. Investors will focus on earnings of Exxon Mobile, Motorala, Procter & Gamble (P&G) and Colgate Palmolive.
Indian indices
Domestic indices bounced back from yesterday’s severe fall and retraced almost half of its losses. The market snapped the two-day losing streak, as global indices rose on optimism about a likely bailout of Greece, US Federal Reserve keeping interest rates steady and easing of inflation numbers back home lifted sentiments, which led to a positive closing of expiry of April F&O contracts.
The key benchmark index, Sensex, opened mere 2 points up at 17382 (the day’s low) and then the bulls came in action on the back of strong global cues. In the last hour, buying in heavyweights like Reliance Industries and ICICI Bank helped Sensex hit the day’s high of 17533. At finishing line, Sensex closed at 17503, higher by 123 points and Nifty shut at 39 points up at 5254.
Market sentiment
The number of advancing shares was almost twice than that of declining shares. Of the 2,988 stocks traded on the BSE, 1,910 stocks advanced, whereas 975 stocks declined. Hundred and three closed unchanged
Sectoral & stock screening
Out of the 13 sector indices on the BSE, BSE FMCG (down 0.96%), BSE HC (slid 0.34%), BSE IT (sheds 0.25%) and BSE TECk (declined 0.18%) closed in negative. The remaining nine indices ended higher. Among gainers, BSE Realty surged the most by 1.96%, followed by BSE CD that rose by 1.69% for the day
The gainers’ for the day were — Corporation Bank top the gainers list, surged by 8.29%, followed by Jet Airways that rose by 7.97% and Cummins India that increased by 7.96%.
The losers’ for the day were — Ultratech Cement that slid 5.19%, followed by Marico that declined 4.45%, and Indian Overseas Bank that closed 3.31% lower
Viewing volumes
Anil Dhirubhai Ambani group company Reliance Natural Resources saw highest trading on second straight day with over 0.78 crore shares changing hands on the BSE, followed by realty major Unitech (0.59 crore shares), industrial finance company IFCI (0.56 crore shares), sugar major Shree Renuka Sugars (0.49 crore shares) and wind turbine major Suzlon Energy (0.40 crore shares)
Nifty May 2010 futures at discount
Turnover declines
Nifty May 2010 futures were at 5246.90 at a discount of 7.25 points compared to spot closing of 5,254.15. Turnover in NSE's futures & options (F&O) segment was Rs 1,25,435.85 crore, lower than Rs 1,46,788.34 crore on Wednesday, 28 April 2010. The near-month April 2010 derivatives contracts expired today, 29 April 2010.
State Bank of India May 2010 futures were at discount at 2273 compared to the spot closing of 2285.
Larsen & Toubro May 2010 futures were at discount at 1595 compared to the spot closing of 1597.
Suzlon Energy May 2010 futures were near spot price at 68.30 compared to the spot closing of 67.95.
In the cash market, the S&P CNX Nifty rose 38.70 points or 0.74% at 5,254.15.
Greek woes hit Asia ahead of weekend
Regional benchmarks end mostly lower as worries intensify after Spain's credit rating gets slashed
Asian stocks mostly fell, extending their recent rout, after credit rating downgrades of Greece and Portugal spurred concern's regarding Europe's debt. The worries were intensified yesterday after Standard & Poor's cut Spain's credit rating to AA from AA+. Asian markets contrasted with the overnight session in the U.S. where stocks ticked higher after the Federal Open Market Committee issued a generally upbeat statement at the conclusion of its monthly meeting. The FOMC statement reiterated the Federal Reserve's commitment to extremely low interest rates, as any move toward tighter monetary policy in the U.S. may crimp the undergoing economic recovery.
Meanwhile, a Euro zone/IMF aid package for Greece will be worth 100 to 120 billion euros over three years, according to IMF Managing Director Dominique Strauss-Kahn, a member of German parliament for the opposition Greens said, as per the media reports. This is higher than the earlier projected 45-60 billion euros. Juergen Trittin, a parliamentary leader for the Greens, brief the media yesterday that the German lawmakers were told Greece should be taken off the market de facto for three years. Also, the International Monetary Fund and the European Central Bank rejected a demand from some German lawmakers that banks be included in a rescue package for Greece.
The Australian market ended in negative territory, dragged down by banks and financials after ANZ Bank reported lower than expected profit for the first half. Positive closing on Wall Street in the previous session following positive comments from Federal Reserve failed to enthuse the markets as resource stocks also joined the list of declines on weak commodity prices. The benchmark S&P/ASX200 Index slipped 37.20 points, or 0.77% to close at 4,786, while the All-Ordinaries Index ended at 4,816, representing a loss of 38.10 points, or 0.78%.
On economic front, a report released by the Australian Property Monitors, or APM, revealed that median house prices in the country grew 3.1% quarter-over-quarter to A$542,000 in the March quarter, lower than the 4.8% increase reported for the preceding fourth quarter of 2009. APM said strong population growth, rising incomes, and falling unemployment were offsetting the impact of the Reserve Bank of Australia's interest rate hikes and were continuing to push up house prices. The report further noted that, on a yearly basis, house prices surged 16.2% in the March quarter - the fastest pace in six years. This follows a 12.1% increase in the December quarter.
Selling intensified in Chinese stocks as financials, property and manufacturing stocks continued to lead rout. China's Shanghai Composite dropped 1.1 % at the close, reversing earlier gains. Hong Kong's Hang Seng Index also fell 0.8 %.
In other markets, South Korea's Kospi index sank 0.3 %, New Zealand's NZX 50 Index rose 0.1 %, while Philippines's PSEi escalated 0.37% or 12.22 points to 3,297.00. Japanese markets were closed for a national holiday.
In Mumbai, equity markets bounced back after falling in early moves as upbeat economic assessment and falling food prices augured supportive. At the close, the benchmark 30-share index, BSE Sensex added 116.13 or 0.67% at 17,496.21 with 20 components registering rise. Meanwhile, the broad based NSE Nifty climbed by 39.10 or 0.75% at 5,254.55 with 30 components posting rise. India's annual food price inflation eased slightly on lower prices of select grains and vegetables while fuel price inflation went up, maintaining an upside pressure on the wholesale price index. The food price index rose 16.61 % in the 12 months to April 17, lower than an annual rise of 17.65 % in the previous week, government data showed on Thursday.
The EUR/USD exchange rate hit a low of 1.3184 in Asian trade, reflecting ongoing concerns about debt levels in several European countries. There are continuing worries over whether Germany will approve aid to Greece ahead of a critical late-May deadline. Although the EUR/USD recovered slightly to trade above 1.3200, holding up above it would be critical.
In commodities, West Texas Intermediate crude for June delivery rose above $84 per barrel as investors covered some of their recent shorts amid worries that the gasoline demand would supportive oil prices in days to come. US Crude stockpiles grew despite a 3.1-%age-point increase in refinery utilization to 89% of capacity. Inventories at the key delivery point for Nymex crude in Cushing, Okla., rose by 500,000 barrels to 34.6 million barrels. The commodity was last see quoting at $84.11, up 89 cents from the previous close after hitting a high of $84.45 per barrel.
Jaypee Infratech IPO subscribed 82%
Receives bids for 18.29 crore shares
The initial public offer (IPO) of infrastructure development firm Jaypee Infratech received bids for 18.29 crore shares compared to 22.17 crore shares on offer. The IPO was subscribed 82% by 16:00 IST on the first day of the issue today.
The company has set Rs 102-117 per share price band for its initial public offer. Retail investors will be allotted shares at a discount of up to 5% to the issue price that will be determined as per the book-building route. The issue closes on 4 May 2010.
The IPO is a combination of fresh issue of equity shares aggregating up to Rs 1650 crore and an offer for sale 6 crore equity shares by Jaiprakash Associates.
Jaypee Infratech is engaged in the development of the 165-kilometer Yamuna Expressway (access controlled concrete pavement expressway) connecting Greater Noida and Agra. The project which includes development of 5 integrated townships along the expressway, is scheduled to be completed by 2011.
Small-cap, mid-cap indices outshine Sensex as market recovers from two-day slide
The key benchmark indices rebounded after a two-day slide, tracking gains in European stocks and higher US index. The BSE 30-share Sensex rose 123.39 points or 0.71%, up close to 125 points from the day's low and off close to 30 points from the day's high. The market breadth was strong. Most Asian stocks declined.
Interest rate sensitive banking, auto and realty shares rose on renewed buying. Metal stocks advanced on bargain hunting, reversing a two-day fall. But, fast moving consumer goods (FMCG) pivotals declined on fears profitability in the forthcoming quarters could be under pressure due to higher input and advertising costs. IT pivotals saw mixed trend. Index heavyweight Reliance Industries (RIL) rose amid a bout of volatility in the second half of the trading session.
The market was volatile as traders rolled over positions in the derivatives segment from the April 2010 series to the May 2010 series ahead of the near-month April 2010 contracts. The April-2010 derivatives contracts expired today. The market pared gains after a firm opening. It moved in a range in morning trade. The market was further off the day's high in mid-morning trade. The market struck a fresh intraday high in early afternoon trade. The market came off the higher level later. The market surged to the day's high in late trade.
NSE's volatility index India VIX lost 6.78% to 21.19. The index had jumped 14.68% to 22.73 on Wednesday, 28 April 2010, when debt worries in the euro zone spooked world markets. 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.
From a recent high of 17,745.28 on Monday, 26 April 2010, the Sensex lost 365.20 points or 2.05% to 17,380.08 on Wednesday, 28 April 2010, as debt worries in the euro zone rattled world equities.
Food price index rose 16.61% in the year to 17 April 2010, data released by the government today showed. The rise in food prices inflation was slower than an annual rise of 17.65% in the previous week. But, fuel price inflation quickened. The fuel price index rose 12.69% in the year to 17 April 2010 a year ago, faster than the previous week's 12.45% rise. The primary articles index was up 13.55% in the year to 17 April 2010.
The Q4 March 2010 corporate earnings announced so far have been good. The combined net profit of a total of 499 companies rose 28.1% to Rs 31286 crore on 33.6% rise in sales to Rs 271074 crore in the quarter ended March 2010 over the quarter ended March 2009.
The government today kicked off its disinvestment programme for the fiscal year March 2011 with the initial public offering (IPO) of the state-run SJVN. The government plans to raise Rs 1000 crore through the IPO, and is offloading 10% of its stake in the company.
European shares edged higher after the US Federal Reserve at the end of a two-day policy meeting on interest rates said it would keep rates near zero for an extended period. The key benchmark indices in Germany, UK and France rose by between 0.53% to 0.8%.
Asian stocks edged lower in volatile trade. Key benchmark indices in South Korea, Taiwan, China and Hong Kong were down by between 0.32% and 1.10%. But, the key benchmark indices in Singapore and Indonesia rose 0.76% to 0.81%. Japanese markets were closed for the Showa Day Holiday, and will remain closed Monday-Wednesday next week for local holidays.
US markets edged higher in volatile trade on Wednesday, 28 April 2010, after the US Federal Reserve offered a more upbeat view of the US economy and employment prospects giving some relief to investors worried about possible debt defaults in Europe. Stocks had declined earlier in the day after Standard & Poor's downgraded its debt rating on Spain, a day after its downgrades on Greece and Portugal.
The US Federal Reserve after a two-day policy meeting that concluded on Wednesday, 28 April 2010, left interest rates unchanged. The Fed retained its pledge to keep interest rates low for an extended period because of low inflation and high unemployment. The Fed has kept interest rates near zero since December 2008.
The Standard & Poor's cut its ratings on Spain to AA from AA+ saying a longer-than-expected period of low growth could undermine efforts to cut the budget deficit.
Trading in US index futures indicated that the Dow could rise 33 points at the opening bell on Thursday, 29 April 2010.
Back home, the Congress-led United Progressive Alliance government sailed through a trial of strength in parliament on Tuesday, 27 April 2010, by winning the cut motion demanded by opposition parties against an unpopular hike in fuel and fertiliser prices with smaller parties giving it a leg up to achieve a surprisingly strong victory. However, major reforms may take a backseat for the some time to come as there is a stiff resistance by the opposition on fears it may hurt the poor.
On the macro front, the latest data showed infrastructure sector output jumped 7.2% in March 2010 from a year earlier, higher than an upwardly revised rise of 4.7% in February 2010.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon 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. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India 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 RBI at its annual policy review, last week, 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.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, 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.
The BSE 30-share Sensex rose 123.39 points or 0.71% to 17,503.47. The index rose 152.78 points at the day's high of 17,532.86 in late trade. The Sensex rose 2.01 points at the day's low of 17,382.09 in early trade.
The S&P CNX Nifty gained 38.70 points or 0.74% to 5254.15.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1926 shares advanced as compared with 1002 that declined. A total of 93 shares remained unchanged.
The total turnover on BSE amounted to Rs 4232 crore, lower than Rs 4780.99 crore on Wednesday, 28 April 2010.
The BSE Mid-Cap index rose 1.08% and the BSE Small-Cap index rose 1.29%. Both these indices outperformed the Sensex.
Most of the sectoral indices on BSE rose. BSE Realty index (up 1.96%), Consumer Durables index (up 1.69%), Bankex (up 1.62%), Metal index (up 1.14%), Oil & Gas index (up 1.1%), Auto index (up 0.92%), outperformed the Sensex.
BSE FMCG index (down 0.96%), Healthcare index (down 0.34%), IT index (down 0.25%), Teck Index (down 0.18%), Capital Goods index (up 0.31%), PSU index (up 0.43%), Power index (up 0.69%), underperformed the Sensex.
From the 30 share Sensex pack, 19 stocks rose while the rest fell.
Interest rate banking shares edged higher on expectations of a strong growth in lending in a rebounding economy. India's largest private sector bank by net profit ICICI Bank rose 2.86%. It was the top gainer from the Sensex pack.
India's biggest commercial bank in terms of branch network State Bank of India rose 1.73%, extending recent strong gains triggered by brokerage upgrades on the counter. A prominent foreign brokerage reportedly raised its rating on the stock to 'neutral' from 'sell'. Another foreign brokerage has reportedly predicted a re-rating of the counter on the back of an expected lending growth.
India's second largest private sector bank by net profit HDFC Bank rose 0.55% to Rs 1978.95. The stock staged a sharp pullback from day's low of Rs 1948.
India's top mortgage lender by total income Housing Development Finance Corporation (HDFC) gained 0.72% to Rs Rs 2830.75 after the company said its board will consider share-split proposal on 3 May 2010. However, the stock was off sharply from day's high of Rs 2868.90.
Interest rate sensitive auto stocks were mixed. India's largest car maker by sales Maruti Suzuki India rose 1.36% on bargain hunting after a recent steep slide. The stock had declined 7.80% four trading days to Rs 1271.05 on 28 April 2010 from a recent high of Rs 1378.65 on 22 April 2010 as the company's profit margin declined in Q4 March 2010.
India's largest commercial vehicle maker by sales Tata Motors surged 2.61%. India's largest tractor maker by sales Mahindra & Mahindra (M&M) fell 0.12%, reversing early gains.
India's top bike maker by sales Hero Honda Motors fell 0.67%. However, India's second largest bike maker by sales Bajaj Auto rose 0.4%
Realty shares gained on renewed buying. DLF, Sobha Developers, HDIL, Unitech, Orbit Corporation and Indiabulls Real Estate rose by between 0.28% to 4.15%.
Index heavyweight Reliance Industries (RIL) rose 1.74% to Rs 1034.70 on bargain hunting after a recent slide. The stock rebounded from day's low of Rs 1019. The company said on Wednesday it had discovered oil in one of its exploration blocks in the Cambay basin on India's western coast, the block in which it holds 100% controlling interest. This is its fourth oil discovery in the region.
India's top dam builder by sales Jaiprakash Associates rose 1.09% as the initial public offer (IPO) of its infrastructure unit Jaypee Infratech opened for bidding today. Jaiprakash Associates is offering 6 crore shares of Jaypee Infratech through the IPO which also includes fresh issue of shares by Jaypee Infratech.
India's largest private sector utility firm by sales Reliance Infrastructure rose 0.9%. As per reports its unit Reliance Cementation is planning to set up a Rs 1500 crore cement plant in Karnataka.
Metal stocks rose on bargain hunting, reversing a two-day fall. India's largest non-ferrous metal firm by sales Sterlite Industries surged 1.31% after its ADR rose 1.55% on Wednesday.
India's largest private sector steelmaker by sales Tata Steel rose 1.33% on reports its overseas unit Corus will raise prices of structural sections used in the construction industry by 80 pounds ($122.2) a tonne on all deliveries from 30 May 2010. The rise is driven by the continued increases in raw material costs and rising demand for structural sections in the UK and Europe.
Hindalco Industries, NMDC, JSW Steel, Hindustan Zinc, Steel Authority of India rose by between 0.08% to 4.86%.
Fast moving consumer goods (FMCG) pivotals declined on fears profitability in the forthcoming quarters could be under pressure due to higher input and advertising costs. India's largest FMCG company by sales Hindustan Unilever lost 2.31%. India's largest cigarette company by sales ITC shed 0.98%.
IT pivotals saw mixed trend. India's largest information technology services provider by sales, TCS, lost 1.49%. India's third largest IT exporter by sales, Wipro fell 0.17% with the stock falling for the third straight day.
India's second largest IT exporter by sales, Infosys rose 0.21%, with the stock snapping last three days' losses.
The partially convertible rupee was trading at 44.51/52 per dollar, stronger than its close of 44.64/65 per dollar on Wednesday. A firm rupee adversely affects operating profit margin of IT firms as the sector derives a lion's share of revenue from exports.
Tea stocks rose on firm global commodity prices. Tata Tea, Dhunseri Tea, McLeod Russel, Jayshree Tea rose by between 0.78% to 11.84%.
UltraTech Cement fell 5.19% as net profit declined 26.1% to Rs 228.54 crore in Q4 March 2010 over Q4 March 2009. The company announced the result during market hours today.
With regard to the outlook for the current year, UltraTech said a significant capacity addition during the last fiscal year year with the possible addition of around 30 mtpa in the year ending March 2011 may lead to a surplus scenario. Capacity utilisation is expected to be around 80%. These factors are likely to put pressure on cement prices. However, the company expects cement demand to grow 10% in the long term on the back of government's thrust on infrastructure and housing sectors.
Infrastructure stocks gained on reports the government may allow infrastructure firms to refinance part of their domestic debt through cheaper overseas borrowings. Larsen & Toubro, Hindustan Construction Company, Nagarjuna Construction Company and Punj Lloyd rose by between 0.44% to 3.35%.
India's largest mobile services provider by sales Bharti Airtel rose 0.76%. Consolidated net profit as per US accounting standards declined 8% to Rs 2055 crore on 2% growth in total revenue to Rs 10056 crore in Q4 March 2010 over Q4 March 2009. The result was announced during trading hours on Wednesday. Chairman & Managing Director Sunil Bharti Mittal said at the time of announcing the Q4 results that Bharti Airtel continues to be strongly positioned in India despite a hyper competitive market.
Cals Refineries clocked the highest volume of 1.83 crore shares on BSE. FCS Software (1.65 crore shares), Visa Steel (1.53 crore shares), Sanraa Media (84 lakh shares) and Adani Power (83.28 lakh shares) were the other volume toppers in that order.
State Bank of India clocked the highest turnover of Rs 113.21 crore on BSE. Adani Power (Rs 102.69 crore), MSK Projects (Rs 101.90 crore), Reliance Industries (Rs 92.24 crore) and Dr Reddy's Laboratories (Rs 84.47 crore) were the other turnover toppers in that order.
BSE Bulk Deals to Watch - Apr 29 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
29/4/2010 504646 Bhagwati Auto L R S PORTFOLIO & ADVISORY SERVICES PVT LTD B 16318 33.60
29/4/2010 590061 Brushman India SICPA INDIA LTD S 89576 8.30
29/4/2010 500083 Century Extr BHARAT SHANKAR PHAPALE S 236007 11.85
29/4/2010 532858 Decolight Cerm ARCHANA KETANCHALISHZAR B 105000 11.82
29/4/2010 523736 Dhunseri Tea SEJALBEN S BHIKADIA B 64308 174.22
29/4/2010 517973 DMC Intl ATUL MITTAL B 175700 20.94
29/4/2010 517973 DMC Intl BHARAT GUPTA B 128003 21.10
29/4/2010 517973 DMC Intl J A FINANCIAL AND MANAGEMENT CONSULTANTS PVT LTD B 141795 20.98
29/4/2010 517973 DMC Intl OURS TRADING AND HOLDINGS PRIVATE LIMITED B 304720 20.94
29/4/2010 517973 DMC Intl KAPIL GUPTA B 293064 21.07
29/4/2010 517973 DMC Intl SHARK COMMUNICATION PVT LIMITED B 234010 20.96
29/4/2010 517973 DMC Intl BP FINTRADE PRIVATE LIMITED B 145215 21.10
29/4/2010 517973 DMC Intl ATUL MITTAL S 176000 21.01
29/4/2010 517973 DMC Intl J A FINANCIAL AND MANAGEMENT CONSULTANTS PVT LTD S 128995 21.09
29/4/2010 517973 DMC Intl OURS TRADING AND HOLDINGS PRIVATE LIMITED S 304720 20.99
29/4/2010 517973 DMC Intl KAPIL GUPTA S 337000 21.09
29/4/2010 517973 DMC Intl SHARK COMMUNICATION PVT LIMITED S 287345 21.00
29/4/2010 517973 DMC Intl BP FINTRADE PRIVATE LIMITED S 150210 21.08
29/4/2010 531144 EL Forge MULTI STOCK BROKING PRIVATE LIMITED B 43153 33.80
29/4/2010 532818 Evinix Accss MANISH RATILAL SHAH B 637424 4.29
29/4/2010 532818 Evinix Accss MANISH RATILAL SHAH S 637424 4.03
29/4/2010 532022 Filatex Fash SANJU KABRA B 100350 11.27
29/4/2010 532022 Filatex Fash SHYAM VINOD KUMAR S 50000 11.27
29/4/2010 532857 Glory Polyfilms TRANSGLOBAL SECURITIES LTD. B 276236 24.58
29/4/2010 532857 Glory Polyfilms TRANSGLOBAL SECURITIES LTD. S 294230 24.44
29/4/2010 513059 GS Auto KHIMRAJ SONAJEE BAGRECHA B 51991 32.97
29/4/2010 531134 Harringtons NAMASI VAYAMRAJ KUMAR S 40000 57.86
29/4/2010 511682 IFL Promoters OURS TRADING AND HOLDINGS PRIVATE LIMITED B 49473 20.86
29/4/2010 511682 IFL Promoters DMC INTERNATIONAL LTD B 38068 21.15
29/4/2010 511682 IFL Promoters OURS TRADING AND HOLDINGS PRIVATE LIMITED S 48550 21.14
29/4/2010 511682 IFL Promoters DMC INTERNATIONAL LTD S 58212 21.07
29/4/2010 519248 JVL Agro Inds MAVERICK INVESTMENT SOLUTION PVT LTD B 52801 192.39
29/4/2010 532283 Kaashyap Tech RAJASTHAN GLOBAL SECURITIES LTD B 3000000 0.61
29/4/2010 531784 Kadamb Constr TILOK CHHABRA S 100000 52.73
29/4/2010 590084 KANCO ENTER GIRISH GULATI B 77516 10.62
29/4/2010 532758 KEW Inds ASHOK CHINUBHAI SHAH S 83321 13.93
29/4/2010 513693 KIC Metaliks PILOT CONSULTANTS PRIVATE LIMITED S 32573 117.53
29/4/2010 532067 Kilpest India RAJESH NAVLANI B 35000 13.55
29/4/2010 530145 Kisan Mouldings J V STOCK BROKING PRIVATE LIMITED B 46557 56.80
29/4/2010 530145 Kisan Mouldings J V STOCK BROKING PRIVATE LIMITED S 46557 57.58
29/4/2010 508306 Ledo Tea M. D. BHOOLA & CO B 4373 88.45
29/4/2010 508306 Ledo Tea M. D. BHOOLA & CO S 4373 88.79
29/4/2010 509011 Livingroom Life SAURAV GUPTA S 7742 50.29
29/4/2010 532553 MSK Projects GENUINE STOCK BROKERS PVT. LTD. B 249507 195.36
29/4/2010 532553 MSK Projects TRANSGLOBAL SECURITIES LTD. B 171898 193.60
29/4/2010 532553 MSK Projects OPG SECURITIES P LTD B 254994 194.80
29/4/2010 532553 MSK Projects SHIKAGO TRADE&INVESTMENT PVT LTD B 200000 180.25
29/4/2010 532553 MSK Projects SHILPA STOCK BROKER PRIVATE LIMITED B 500000 180.00
29/4/2010 532553 MSK Projects ASHOKA FINSTOCK LTD B 116366 191.36
29/4/2010 532553 MSK Projects GENUINE STOCK BROKERS PVT. LTD. S 249507 195.33
29/4/2010 532553 MSK Projects TRANSGLOBAL SECURITIES LTD. S 171898 193.23
29/4/2010 532553 MSK Projects SUBHKAM VENTURES (I) PRIVATE LIMITED S 700000 180.07
29/4/2010 532553 MSK Projects OPG SECURITIES P LTD S 254994 194.91
29/4/2010 532553 MSK Projects ASHOKA FINSTOCK LTD S 116366 191.48
29/4/2010 531083 Nihar Info ARIHANT KLOCKER MARKETING PVT LTD B 50000 4.04
29/4/2010 531083 Nihar Info GANAPATHI RAJU KANUMURI S 84600 4.05
29/4/2010 531496 Omkar Overseas ABHAY DATTATRAY JAVLEKAR S 30000 70.83
29/4/2010 512097 Oregon Comm J M SONI CONSULTANCY B 8523 273.59
29/4/2010 512097 Oregon Comm KRUNAL GOPALDAS RANA B 8876 274.77
29/4/2010 512097 Oregon Comm DHIRENKUMAR DHARAMDAS AGARWAL B 11588 275.01
29/4/2010 512097 Oregon Comm KRUPA SANJAY SONI B 44970 276.34
29/4/2010 512097 Oregon Comm KRUPASANJAY SONI B 35595 275.59
29/4/2010 512097 Oregon Comm SANJAYJETHALAL SONI B 10250 274.70
29/4/2010 512097 Oregon Comm NEHALBHAI PRATAPBHAI RATHOD B 5495 274.19
29/4/2010 512097 Oregon Comm JAYBHAI ARVINDBHAI DHAMECHA B 6679 274.91
29/4/2010 512097 Oregon Comm NARESH CHAND JAIN B 6447 274.40
29/4/2010 512097 Oregon Comm PRAVINBHAI DADUJI THAKOR B 5500 275.00
29/4/2010 512097 Oregon Comm CHETANKUMAR KANTILAL SHAH B 5000 274.70
29/4/2010 512097 Oregon Comm J M SONI CONSULTANCY S 8523 277.02
29/4/2010 512097 Oregon Comm BHAVESH SHANTILAL TRIVEDI S 27662 275.19
29/4/2010 512097 Oregon Comm KRUPASANJAY SONI S 23853 275.57
29/4/2010 512097 Oregon Comm PARESH RAMJIBHAI CHAUHAN S 6450 275.11
29/4/2010 512097 Oregon Comm NEHALBHAI PRATAPBHAI RATHOD S 5575 275.15
29/4/2010 512097 Oregon Comm JAYBHAI ARVINDBHAI DHAMECHA S 6679 275.35
29/4/2010 512097 Oregon Comm NARESH CHAND JAIN S 7447 275.99
29/4/2010 512097 Oregon Comm JIGESH AMRUTLAL HIRANI S 17232 274.53
29/4/2010 512097 Oregon Comm VIPUL VIRENDRAKUMAR PATEL S 11300 274.91
29/4/2010 531816 Panoramic Univ BHAVISH DHIRAJLAL KHAKHKHAR B 253124 295.40
29/4/2010 531816 Panoramic Univ NIRAJ HARSUKHLAL SANGHAVI B 102306 290.54
29/4/2010 531816 Panoramic Univ BHAVISH DHIRAJLAL KHAKHKHAR S 253124 294.07
29/4/2010 531816 Panoramic Univ NIRAJ HARSUKHLAL SANGHAVI S 102306 293.99
29/4/2010 531816 Panoramic Univ DAMINI INFOTECH PVT LTD S 150000 290.06
29/4/2010 532606 Parekh Alum SMART EQUITY BROKERS PRIVATE LIMITED B 110103 242.11
29/4/2010 532606 Parekh Alum OPG SECURITIES P LTD B 113209 244.36
29/4/2010 532606 Parekh Alum SMART EQUITY BROKERS PRIVATE LIMITED S 110103 242.25
29/4/2010 532606 Parekh Alum OPG SECURITIES P LTD S 113209 244.49
29/4/2010 531467 Polypro Fibrils GEETA AJAY SHAH B 30000 42.00
29/4/2010 533178 PRADIPOVERS GENUINE STOCK BROKERS PVT. LTD. B 206835 91.86
29/4/2010 533178 PRADIPOVERS GENUINE STOCK BROKERS PVT. LTD. S 206835 91.91
29/4/2010 503873 Priyadarshini Spn HARISH CHERUKURI B 65000 40.37
29/4/2010 503873 Priyadarshini Spn PRADEEPKR AGGARWAL B 57138 39.90
29/4/2010 509839 Punjab Wool SUSHMA RANI PUNNI S 78652 7.41
29/4/2010 517522 Rajratan Global TARUNKUMAR G BRAHMBHATT B 31584 239.91
29/4/2010 517522 Rajratan Global NSB SECURITIES PRIVATE LIMITED B 40000 238.69
29/4/2010 517522 Rajratan Global TARUNKUMAR G BRAHMBHATT S 34736 238.70
29/4/2010 517522 Rajratan Global DISHA DHARMENDRA MADHANI S 22384 241.55
29/4/2010 511144 Saya Housing KALPANA PRAFUL JHAVERI S 15000 2.79
29/4/2010 511144 Saya Housing PASCHIM INDUSTRY LTD S 19150 2.80
29/4/2010 530433 Shiva Fert MANSI SHARE & STOCK ADVISORS PRIVATE LIMITED B 66502 91.85
29/4/2010 530433 Shiva Fert BHARAT HARISHCHANDRA KOTHARI B 50000 91.85
29/4/2010 530433 Shiva Fert HITESH SHASHIKANT JHAVERI B 45000 91.85
29/4/2010 530433 Shiva Fert VIVEK LAKSHMINATH MEHROTRA B 50000 91.85
29/4/2010 530433 Shiva Fert AASHKA CONSTRUCTION PRIVATE LIMITED B 270000 91.85
29/4/2010 530433 Shiva Fert BP FINTRADE PRIVATE LIMITED B 93313 91.85
29/4/2010 530433 Shiva Fert BHAGWANDAS GILDA S 250000 91.85
29/4/2010 530433 Shiva Fert MANGALADEVI SURENDRA MALIWAL S 55000 91.85
29/4/2010 530433 Shiva Fert SURENDRAKUMAR SHIVPRASAD MALIWAL S 114800 91.85
29/4/2010 530433 Shiva Fert SARITA RAJESH MALIWAL S 50000 91.85
29/4/2010 530433 Shiva Fert SUSHILA LADHA S 120000 91.85
29/4/2010 530433 Shiva Fert CHITLANGE MEGHA S 95000 91.85
29/4/2010 530651 Softech Inf SHANTABEN PATEL B 27500 31.75
29/4/2010 530651 Softech Inf BHARATKUMAR INDUBHAI MEVADA S 30000 31.75
29/4/2010 531645 Southern Ispat MAJESTIC SALES PROMOTION PVT LTD B 110000 21.68
29/4/2010 526133 Supertex Inds PARESH RAMJIBHAI CHAUHAN B 1000000 4.35
29/4/2010 526133 Supertex Inds PARAMESHWAR EXPORTS PRIVATE LIMITED B 699204 4.25
29/4/2010 526133 Supertex Inds SHYAM SUNDAR MISHRA S 903083 4.35
29/4/2010 523455 Techtran Poly KRISHNA TRIPURANENI B 60000 25.93
29/4/2010 523455 Techtran Poly DHARMENDRA JAIN S 149871 27.84
29/4/2010 519152 Vadilal Enter RAVIRAJ DEVELOPERS LIMITED B 5573 127.53
29/4/2010 519152 Vadilal Enter BP FINTRADE PRIVATE LIMITED B 6740 129.24
29/4/2010 519152 Vadilal Enter RAVIRAJ DEVELOPERS LIMITED S 8443 125.98
29/4/2010 519152 Vadilal Enter DARSHAN FINANCIAL SERVICES PRIVATE LIMITED S 5900 128.13
29/4/2010 519152 Vadilal Enter ATRUN FISCAL PVT LTD S 7466 126.50
29/4/2010 519152 Vadilal Enter BP FINTRADE PRIVATE LIMITED S 6530 127.74
29/4/2010 530369 Vamshi Rubber ASHOK KUMAR BILGAIYAN B 48784 52.36
29/4/2010 530369 Vamshi Rubber ASHWANI JINDAL B 25000 53.71
29/4/2010 530369 Vamshi Rubber ASHOK KUMAR BILGAIYAN S 48784 53.46
29/4/2010 532093 Venkat Pharma JYOTI PORTFOLIO LIMITED B 25963 4.76
29/4/2010 532093 Venkat Pharma RAMAIAH PADALA S 25000 4.75
29/4/2010 530961 Vikas Globalone MAHAK VYAPAAR PRIVATE LIMITED B 75000 30.20
29/4/2010 530961 Vikas Globalone LEENA GUPTA S 75000 30.20
29/4/2010 530477 Vikram Thermo DHEERAJKUMAR LOHIA B 22289 21.17
29/4/2010 530477 Vikram Thermo VIPUL G MOTA B 20510 22.10
29/4/2010 530477 Vikram Thermo DHEERAJKUMAR LOHIA S 23289 22.21
29/4/2010 532721 Visa Steel VISA INFRASTRUCTURE LIMITED B 15000000 43.25
29/4/2010 532721 Visa Steel VISA MINMETAL AG S 15000000 43.25
29/4/2010 530091 Zyden Gentec ANJU DHARMENDRA MADHANI B 225000 2.28
29/4/2010 530091 Zyden Gentec DEEPAK REAL ESTATEDEVE. I. P.L S 400000 2.27
* B - Buy, S - Sell
NSE Bulk Deals to Watch - Apr 29 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
29-APR-2010,CENTEXT,Century Extrusions Limite,BHARAT SHANKAR PHAPALE,BUY,507100,11.55,-
29-APR-2010,FCSSOFT,FCS Software Solutions Li,PRUDENTIAL STOCK & SECURITIES LTD,BUY,4632593,4.51,-
29-APR-2010,FCSSOFT,FCS Software Solutions Li,SHEETAL MANUBHAI SHETH,BUY,4103700,4.50,-
29-APR-2010,GLORY,Glory Polyfilms Limited,KHAKHKHAR BHAVISH DHIRAJLAL,BUY,294892,24.64,-
29-APR-2010,GLORY,Glory Polyfilms Limited,SAAKSHI SHARES PVT.LTD.,BUY,357943,24.95,-
29-APR-2010,GLORY,Glory Polyfilms Limited,TRANSGLOBAL SECURITIES LTD.,BUY,280081,24.33,-
29-APR-2010,KALECONSUL,Kale Consultants Limited,JMP SECURITIES PVT LTD,BUY,98756,123.84,-
29-APR-2010,KALECONSUL,Kale Consultants Limited,MANISH VRAJLAL SARVAIYA,BUY,96955,118.34,-
29-APR-2010,KALECONSUL,Kale Consultants Limited,RATNABALI CAPITAL MARKETS LTD.,BUY,68995,115.90,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,DINESH MUNJAL(HUF),BUY,218698,195.46,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,GENUINE STOCK BROKERS PVT LTD,BUY,388190,195.17,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,GREAT FINTRADE PVT.LTD.,BUY,300000,180.75,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,MARWADI SHARES AND FINANCE LIMITED,BUY,126850,191.95,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,SHRI VIDYA SAGAR INVESTMENT / PATODI ARPIT,BUY,126000,196.82,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,TRANSGLOBAL SECURITIES LTD.,BUY,165135,192.15,-
29-APR-2010,PANORAMUNI,Panoramic Universal Limit,KHAKHKHAR BHAVISH DHIRAJLAL,BUY,128326,293.47,-
29-APR-2010,PARAL,Parekh Aluminex Limited,M/S.LAXMI CAP BROKING PVT LTD,BUY,50037,246.07,-
29-APR-2010,CENTEXT,Century Extrusions Limite,BHARAT SHANKAR PHAPALE,SELL,91865,11.71,-
29-APR-2010,CENTEXT,Century Extrusions Limite,EPOCH SYNTHETICS PRIVATE LIMITED,SELL,500000,11.55,-
29-APR-2010,FCSSOFT,FCS Software Solutions Li,PRUDENTIAL STOCK & SECURITIES LTD,SELL,4632593,4.54,-
29-APR-2010,FCSSOFT,FCS Software Solutions Li,SHEETAL MANUBHAI SHETH,SELL,3403700,4.50,-
29-APR-2010,GLORY,Glory Polyfilms Limited,KHAKHKHAR BHAVISH DHIRAJLAL,SELL,268380,24.53,-
29-APR-2010,GLORY,Glory Polyfilms Limited,SAAKSHI SHARES PVT.LTD.,SELL,287943,24.60,-
29-APR-2010,GLORY,Glory Polyfilms Limited,TRANSGLOBAL SECURITIES LTD.,SELL,282080,24.43,-
29-APR-2010,KALECONSUL,Kale Consultants Limited,JMP SECURITIES PVT LTD,SELL,86311,115.65,-
29-APR-2010,KALECONSUL,Kale Consultants Limited,MANISH VRAJLAL SARVAIYA,SELL,96955,118.93,-
29-APR-2010,KALECONSUL,Kale Consultants Limited,RATNABALI CAPITAL MARKETS LTD.,SELL,12500,123.00,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,DINESH MUNJAL(HUF),SELL,218698,195.83,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,GENUINE STOCK BROKERS PVT LTD,SELL,388190,195.32,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,MARWADI SHARES AND FINANCE LIMITED,SELL,126850,192.19,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,SHRI VIDYA SAGAR INVESTMENT / PATODI ARPIT,SELL,120508,194.22,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,SUBHKAM VENTURES (I) PRIVATE LIMITED,SELL,300000,180.75,-
29-APR-2010,MSKPROJ,MSK Projects (India) Limi,TRANSGLOBAL SECURITIES LTD.,SELL,163635,192.65,-
29-APR-2010,PANORAMUNI,Panoramic Universal Limit,KHAKHKHAR BHAVISH DHIRAJLAL,SELL,128326,292.06,-
29-APR-2010,PARAL,Parekh Aluminex Limited,M/S.LAXMI CAP BROKING PVT LTD,SELL,72792,246.34,-
April 2010 derivatives expiry may keep market volatile; inflation data eyed
The market is likely to see a flat-to-positive start after US stocks ended higher on Wednesday, 28 April 2010. Trading in S&P CNX Nifty index futures on the Singapore stock exchange indicate that the Nifty could rise 10.50 points at the opening bell. Stocks may exhibit high volatility during the day as traders roll over positions in the derivatives segment from the April 2010 series to the May 2010 series ahead of the expiry of the near-month April 2010 contracts today, 29 April 2010.
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, 29 April 2010.
The Q4 March 2010 corporate earnings announced so far have been good. The combined net profit of a total of 441 companies rose 28.70% to Rs 29125 crore on 36.40% rise in sales to Rs 249959 crore in the quarter ended March 2010 over the quarter ended March 2009.
Asian stocks were trading mixed. The market sentiment was cautious as investors remained concerned about sovereign-debt troubles in Europe. The key benchmark indices in Hong Kong, Japan, South Korea, Taiwan and Indonesia were down by between 0.04% to 2.57%. But, the key benchmark indices in China and Singapore rose 0.28% to 0.51%
US markets edged higher in volatile trade on Wednesday, 28 April 2010, after the US Federal Reserve hinted to signs of strength in the economy, giving some relief to investors worried about possible debt defaults in Europe. Earlier, stocks had declined after the rating firm Standard & Poor's downgraded its debt rating on Spain, a day after its downgrades on Greece and Portugal.
The Dow Jones Industrial Average gained 53.28 points, or 0.48%, to 11,045.27. The Standard & Poor's 500 Index rose 7.65 points, or 0.65%, to 1,191.36 and the Nasdaq Composite index added 0.26 points, or 0.01%, to 2,471.73.
The US Federal Reserve after a two-day policy meeting that concluded on Wednesday, 28 April 2010 left interest rates unchanged. The Fed offered a more upbeat view of the US economy and employment prospects. The Fed retained its pledge to keep interest rates low for an extended period because of low inflation and high unemployment. The Fed has kept interest rates near zero since December 2008.
Back home, the Congress-led United Progressive Alliance government sailed through a trial of strength in parliament on Tuesday by winning the cut motion demanded by opposition parties against an unpopular hike in fuel and fertiliser prices with smaller parties giving it a leg up to achieve a surprisingly strong victory. Prime Minister Manmohan Singh's government was backed by 289 MPs in the 545-strong Lok Sabha, while the opposition managed 201 votes. Two parties walked out on the vote, adding to abstentions. However, major reforms may take a backseat for the some time to come as there is a stiff resistance by the opposition on fears it may hurt the poor.
On the macro front, the latest data showed infrastructure sector output jumped 7.2% in March 2010 from a year earlier, higher than an upwardly revised rise of 4.7% in February 2010.
The Indian Meteorological department (IMD) expects normal rainfall in the June-September monsoon season this year. Rainfall is likely to be 98% of the long-term average, the IMD said on 23 April 2010. Good monsoon rains would help raise farm output, boost rural incomes and lower food inflation. The south west monsoon 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. The quantum of rainfall in the crucial sowing month of July and distribution of rainfall during the monsoon season holds key.
The Reserve Bank of India 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.
In its half-yearly World Economic Outlook, the International Monetary Fund (IMF) has pegged India's GDP growth at 8.75% in calendar 2010 and 8.5% in calendar 2011. According to the IMF, 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.
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 key benchmark extended losses for the second straight day on Wednesday, 28 April 2010 as world stocks reeled from rating downgrades on Greece and Portugal. The BSE 30-share Sensex fell 310.54 points or 1.76% to 17380.08 and The S&P CNX Nifty declined 92.90 points or 1.75% at 5,215.45.
As per provisional figures on NSE, foreign funds sold shares worth Rs 131.13 crore and domestic funds bought shares worth Rs 324.10 crore on Wednesday, 28 April 2010.
Jaypree Infra - Mandhana Industries - Tarapur Transformers - Grey Market Premiums
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Talwalkars Better Value Fitness Ltd. | 123 to 128 | 23 to 24 |
| Nitesh Estate | 54 to 56 | Discount |
| Tarapur Transformers | 65 to 75 | 3.25 to 3.50 |
| Mandhana Industries Ltd. | 120 to 130 | 4.50 to 5.50 |
| Tara Health Foods | 180 to 190 | 3 to 4 |
| Sutlaj Jal Vidhut Nigam (SJVNL) | 23 to 26 | 0.50 / 0.60 (Paisa) |
| Jaypee Infra | 102 to 117 | Discount |
Indian indices may open firm; F&O expiry eyed
Headlines for the day:
SEBI drops legal option on ULIPS
Govt mulls 100% FDI in defence
Events for the day:
Major corporate action
F&O Expiry for the month of April
Weekly inflation to be announced today
SJVN IPO opens today
Results: Andhra Bank, Ultratech Cement, Cadila Healthcare
For more events, log on to Sharekhan.com
Pre-market report
Global signals
The European shares fell on Wednesday, with banks weak as worries over the fiscal health of euro zone peripheral countries intensified after Standard & Poor's downgraded its debt rating on Spain by one notch.
The US stocks rose on Wednesday, led by financial companies including J.P. Morgan Chase and Bank of America and energy giant Exxon Mobil, as the Federal Reserve maintained its easy-money stance, saying it would keep interest rates near zero for an extended period.
In today's trade, the Asian markets were trading on a positive note, except Kospi index. At the time of writing this report, SGX Nifty was trading 6 points higher. The Janpanese market (Nikkei 225 index) is closed today on account of Showa day.
Indian markets
Global equities, yesterday, slid on fears that S&P downgrading Greece’ and Portugal’s debt ratings will catch contagion, and India was no exception.
On Federal Reserve's move on keeping the interest rates near zero for an extended period, most of the Asian indices were trading in green, while European markets closed in negative territory on the back of worries over euro zone's debt problems. However, following the positive Asian cues, the Indian market is likely to open gap-up. Going in to the session, the market is expected to remain volatile owing to the F&O expiry for April series and weekly inflation readings, which are to be announced later today.
Commodity cues
In the commodity space, the crude oil prices turned higher Wednesday after the Fed announced it would keep rates low, with the Nymex light crude oil for the May series rose by $0.78 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 down by $0.01 to a troy ounce respectively.
Daily trend of FII/MF investment in equities
On April 28, 2010, the FIIs were the net buyers of the Indian stocks to the tune of Rs160 crore, whereas the domestic mutual funds, on April 26, 2010, were the net sellers of the stocks to the tune of Rs28.80 crore.
Chambal Fertilisers and Chemicals
We recommend a ‘sell' in the stock of Chambal Fertilisers and Chemicals from a short-term trading perspective. The stock is in a medium-term correction from the peak of Rs 74.2 recorded on February 19. The counter-trend rally from March 16 low of Rs 57.1 halted on Tuesday and the sharp 3 per cent cut received in the last trading session has resulted in a evening star pattern in the daily candlestick chart that is a top reversal pattern. That the rally could retrace less than 61.8 per cent of the previous down-move also underlines the negative outlook for this stock for the near-term.
The 10-day rate of change oscillator reversed lower on Wednesday and is nearing the zero line in the bullish zone denoting sagging momentum. The relative strength index in the daily chart is also reversing lower in the bullish zone implying that the short-term uptrend could be over. The stock could decline to Rs 62.3 or Rs 61 in the upcoming sessions. Short-term traders can therefore sell the stock with the stop at Rs 65.
via BL
Daily News Roundup - Apr 29 2010
RIL has made a fourth oil discovery in the Cambay basin in Gujarat. (BS)
AT&T has sold 7% stake in Tech Mahindra for Rs6.6bn; LIC buys 6%. (BS)
Tata Group and Actis to form US$2bn JV for building roads over 5 years. (ET)
NTPC to invest Rs400bn in three coal base power project in Madhya Pradesh. (ET)
NTPC and Coal India enters into a JV for coal block acquisitions. (BL)
Royal Dutch Shell is no longer in exclusive talks with Essar Oil for sale of its refineries in UK and Germany. (ET)
Suzlon’s European division forms JV with Volkswind to accelerate growth in Bulgaria. (ET)
Punj Lloyd bags an order for the Cuddalore refinery of Nagarjuna Oil. (ET)
US investment fund Bravia Capital Partners has proposed to invest US$40mn into SpiceJet. (ET)
Suven Lifescience granted patents in India and New Zealand. (BL)
Tata Africa will soon start vehicle assembly plant in Nigeria in the next 2-3 years. (ET)
Sebi has decided against filing a joint application before a court to resolve its dispute with Irda over Ulips. (BS)
Infrastructure companies may soon be able to re-finance part of domestic debt through borrowing overseas. (ET)
Government mulls 100% FDI in defence. (BS)
All India 3G bid has reached Rs89.14bn at the end of 16th day of auction. (ET)
Mines Ministry seeks windfall tax to curb illegal iron-ore mining. (BS)
India’s sugar production is likely to rise by 28% to 22.7mn tons in 2010-11 according to US Department of Agriculture. (BS)
Tobacco exports grew 29% yoy to Rs43.7bn in FY10. (BS)
IT spending in India is likely to grow by 14% to Rs67bn in 2010 says Gartner. (ET)
Food inflation to decline in coming months says FM. (ET)
CERC raise overdrawal charges to 12.25/unit. (ET)
Relief rally likely
"Stability itself is nothing else than a more sluggish motion." - Michel de Montaigne.
Some semblance of stability has returned to the global markets though Europe continues to be rattled by concerns that the debt problems of PIIGS group could linger on for a while and might spread to other parts of the region. Meanwhile, ratings agency S&P downgraded Spain's credit rating and said the outlook is negative. Incidentally, the Greek market was one of the few indices to rise in Europe after its regulator banned short selling for two months.
In the US, the Fed left key rates steady and didn’t make any change in its language. The Fed said that the US economy continues to strengthen and the labor market is beginning to improve. The Fed’s rate action and commentary helped Wall Street post a modest advance. Asian markets are mixed but relatively stable. Japanese market is shut today.
We expect a steady start on Indian bourses. After a sharp fall there is always a chance of a rebound. But the F&O expiry and uncertainty over the emerging financial situation in Europe may continue to haunt the bulls. Aggressive buying should be avoided till the near-term turbulence is over. The market will be volatile and we advise you to focus on stock centric action after doing proper due diligence.
Results Today: Andhra Bank, Ashok Leyland, BASF India, Bata India, Biocon, Cadila, Ceat, CESC, HCL Infosystems, Hexaware, Indiabulls Real Estate, ING Vysya Bank, IOB, KEC International, Mahindra Holidays, MRF, OBC, Parsvnath Developers, Shriram Transport, Siemens, Thomas Cook, UltraTech, UB Holding and United Phosphorus.
FIIs were net sellers of Rs1.31bn on Wednesday on a provisional basis. Local funds were net buyers of Rs3.24bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers of Rs9.94bn. On Tuesday, FIIs were net buyers of Rs1.6bn in the cash segment, as per the SEBI web site.
US stocks managed to end marginally higher on Wednesday, with the Dow Jones Industrial Average reclaiming the 11,000 mark after the Federal Reserve said that economic activity is picking up, and that it will hold a key short-term interest rate steady for an extended period of time. The broader market was mixed as investors considered European debt problems and a string of quarterly earnings reports.
The Dow gained 53 points, or 0.5%, to end at 11,045.27. The 11,000 level has psychological meaning, but is not a key technical level for traders.
The S&P 500 index added 7 points, or 0.7%, closing above 1,185, a key support level. The Nasdaq Composite was barely changed at 2,471.73.
The dollar gained versus the euro and the yen. The euro turned lower after the Spain rating cut.
US light crude oil for June delivery rose 78 cents to settle at $83.22 a barrel on the New York Mercantile Exchange.
COMEX gold for June delivery rose $9.60 to settle at $1,171.80 per ounce.
Treasury prices fell, raising the yield on the 10-year note to 3.77% from 3.69% on Tuesday. Prices had rallied on Tuesday as stocks slumped, with investors seeking safety in government debt.
For every stock on the decline more than two were on the rise on the New York Stock Exchange, where nearly 1.4 billion shares traded hands.
Financial stocks led the S&P 500 higher, getting a lift from some earnings reports, a stalled debate on a bank-reform bill.
US stocks had surged more aggressively in the first 90 minutes after the Fed announcement but gave up bigger gains late in the session.
Stocks had struggled earlier as earnings news competed against euro zone debt worries after Standard & Poor's cut Spain's rating, one day after lowering Portugal's debt rating and cutting Greece's rating to junk. The downgrades pummeled US stocks on Tuesday and also dragged on international markets on Wednesday.
The Fed policymakers offered a positive take on the US economy and promised no change in interest rates for the foreseeable future. The central bank held the fed funds rate steady at historic lows near zero, as expected, and also said that conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.
Once again, Federal Reserve Governor Thomas M. Hoenig dissented, objecting to the "extended period" phrase on worries about inflationary concerns. The bankers also talked up the economy, saying activity has strengthened, the labor market is starting to improve and household spending has picked up a bit, but not enough to drive inflation.
Greece is facing a May 19 deadline for refinancing about $11.4 billion in debt and investors are worried it could default. Although Greece has gotten the approval to access over $53 billion in loans from the European Union and the International Monetary Fund, the funds have not yet been made available.
Some of the worries surrounding Greece partly subsided on reports that the loan package could be increased to as much as $160 billion. Additionally, Germany - the largest of the 16 euro zone countries - said its portion of the initial loan package could be approved by the end of next week.
The cost of insuring Greek debt dropped from record highs hit on Wednesday morning, and the euro bounced back versus the dollar after falling to a one-year low.
Dow Chemical reported higher quarterly sales and earnings that topped estimates, as higher pricing boosted global sales. Shares gained almost 6%.
Defense contractors General Dynamics and Northrop Grumman both reported higher quarterly earnings that topped estimates.
AOL reported quarterly earnings and revenues that fell from a year ago and missed expectations, as the company contended with dwindling sales and a weakening subscriber base. Shares fell 14.5%.
After the close, Hewlett-Packard said it was buying smartphone maker Palm in a $1.2 billion all-cash deal that values Palm at $5.70 per share. The deal puts an end to months of takeover rumors regarding the struggling company, a leader in the handheld device market that has struggled amid the rise of smartphones.
European shares extended declines at the end of a tumultuous session after S&P downgraded sovereign credit rating of Spain. After Tuesday's 3.1% slide, the Stoxx Europe 600 index dropped 1.3% to 258.24. S&P downgraded Spain's credit rating to AA from AA+ with a negative outlook. S&P had cut Greece's rating to below investment grade and also had sliced Portugal's rating on Tuesday.
A German lawmaker said that Greece may receive up to 120 billion euros of aid over three years. The IMF and the EU have said they will lend 45 billion euros to Greece, though that assistance has yet to materialize. Some say the aid will arrive in time for Greece to pay off 8.5 billion euros due May 19. The Greek ASE Composite index rose 0.6% to 1,707.35 as the Greek securities regulation banned short selling.
The IBEX 35 however dropped 3% to 10,167.00 in Madrid. The French CAC-40 index declined 1.5% to 3,787.00, the German DAX index lost 1.2% to 6,084.34 and the UK's FTSE 100 index fell 0.3% to 5,586.61.After escaping the global rout on Tuesday, it was time for Indian markets to join the worldwide meltdown as ratings downgrade of Greece and Portugal spark fears of a wider financial crisis in the Eurozone.
"The turmoil in the international markets continued unabated amid growing concerns of sovereign debt problems in parts of Europe. In addition, the earnings season has been a mixed one, with many blue chips such as RIL, ICICI Bank, Maruti and Bharti Airtel missing the consensus estimates which further accelerated sell-off on the Indian bourses", says Amar Ambani, Vice President Research IIFL.
The BSE Sensex lost 311 points to end at 17,380 and NSE Nifty slipped 93 points to close at 5,215. Among the 30 components of Sensex, 25 ended in the negative terrain and only SBI, Sun Pharma, HUL and ACC managed to end in the green.
Markets across the US, Europe and Asia witnessed sharp losses after Standard & Poor's cut Greece's debt rating to junk and downgraded Portugal's rating by two notches. Markets in Asia ended in the red; the Nikkei in Japan ended lower by 2.5%, Australia's S&P/ASX was down 1.1%, the Hang Seng index in Hong Kong was down 1.5% and Shanghai SE Composite ended lower by 0.3%.
On the other hand, European indices were trading with negative bias, the DAX in Germany was down 1.5%, the CAC 40 index in France was down 1.5% and the FTSE in the UK was down 0.5%.
All the BSE sectoral indices ended in the red, the BSE Realty index was top loser, the index lost 3.5%, followed by BSE Oil & Gas index down 2.8% and Metal index down 2.2%. Even the Mid-Cap and the Small-cap index lost 1.6% and 2% respectively.
Outside the frontline indices, the big losers in the broader market were GMR Infra, Concor, Bajaj Holding, RCF and Indian Hotels. On the other hand, gainers included RNRL, Cummins, BOB and Piramal Healthcare.
Gujarat NRE Coke announced that the board of directors of the Company will meet on April 29, 2010, to consider allotment of 11% Secured Redeemable Non Convertible Debentures not exceeding Rs2.5bn along with warrants not exceeding Rs2.5bn on Qualified Institutional Placement (QIP) basis.
The stock pared all its gained and ended lower by 1.3%. The scrip opened at Rs88.7 it touched an intra-day high of Rs88.8 and a low of Rs86.5 and recorded volumes of over 0.92mn shares on BSE.
Shares of Tech Mahindra declined by 4.4% to end at Rs770 after AT&T sold ~8.6mn shares, or 7% of its equity to Life Insurance Corp in two block deals on NSE. In late March this year, AT&T had picked up an 8.07% stake in Tech Mahindra from the Indian promoters in return for a certain amount of business over a period.
It had bought about 9.87mn shares in an off-market transaction at about Rs162 per share. An agreement signed between the two companies in May 2005 gave AT&T the option to purchase shares in Tech Mahindra if it met certain revenue targets.
REpower Systems AG Рin which Suzlon Energy is a majority shareholder with over 90 per cent holding Рtogether with Deutsche Offshore-Testfeld und Infrastruktur-GmbH (DOTI) and additional project partners, inaugurated the first German offshore wind farm project - alpha ventus, on April 27, in the presence of the Federal Minister for the Environment Dr. Norbert R̦ttgen.
The stock ended lower by 2.2%. The scrip opened at Rs69.9 it touched an intra-day high of Rs69.95 and a low of Rs68.5 and recorded volumes of over 3.6mn shares on BSE.
Dabur India gained 1.2% to end at Rs180 after the company posted a net profit of Rs1.35bn for the quarter ended March 31, 2010 as compared to Rs1.04bn for the quarter ended March 31, 2009. Total Income increased from Rs7.40bn for the quarter ended March 31, 2009 to Rs8.63bn for the quarter ended March 31, 2010.
Suven Life Sciences advanced by 1.2% to Rs31.45 after the company announced that the New Zealand Patent Office issued a Patent 548743 and the India n Patent Office has issued a patent 238017 to their New Chemical Entities (NCSs) for the treatment of disorders associated with Newrodegenerative diseases and these Patents are valid until 2024 and 2025 respectively.
Balrampur Chini Mills ended lower by 1.5% to Rs82.25. The company posted a net profit of Rs275.5mn for the quarter ended March 31, 2010 as compared to Rs661.9mn for the quarter ended March 31, 2009. Total Income increased from Rs3.57bn for the quarter ended March 31, 2009 to Rs4.71bn for the quarter ended March 31, 2010.
Mixed end for precious metals again
Gold ends at highest level since December
Precious metal prices ended mixed with gold ending higher on Wednesday, 28 April 2010 at Comex. News that S&P downgraded Spain's credit rating took stocks sharply lower in late morning trade at Wall Street on Wednesday, 28 April 2010 and pushed yellow metal higher. The news comes just one day after they downgraded the ratings of both Portugal and Greece. The same strengthened the dollar vis a vis the euro once again. Silver prices dropped.
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 Wednesday, gold for June delivery ended at $1,171.8 an ounce, higher by $9.6 (0.8%) an ounce on the New York Mercantile Exchange. This was the highest closing for gold since December. Last week, gold ended higher by 1.5%. 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 6.7%.
On Wednesday, May Comex silver futures ended lower by 7 cents (0.4%) at $18.1 an ounce. Last week, silver lost 2.9%. 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 6.1%.
In the currency market on Wednesday, the dollar index, which measures the strength of the dollar against basket of six other currencies fell by 0.4%. Spain's downgrade comes on top of months of worry over Portugal and Greece's fiscal position and concerns that other countries in the periphery of the euro zone might also be suffering from the same ailments.
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 higher by Rs 167 (0.98%) at Rs 17,104 per ten grams. Prices rose to a high of Rs 17,139 per 10 grams and fell to a low of Rs 16,938 per 10 grams during the day's trading.
At the MCX, silver prices for May delivery closed Rs 48 (0.17%) higher at Rs 27,607/Kg. Prices opened at Rs 27,630/kg and rose to a high of Rs 27,769/Kg during the day's trading.
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