Markets gain after lacklustre trades

After opening 61 points above its previous close the market jumped immediately to touch another all-time high of 14907 on the back of buying in pharma, telecom and capital goods stocks. However, lack of buying support in index pivotals and selling in technology stocks dragged the Sensex into the red and the index touched its intra-day low of 14791.The market remained lacklustre thereafter and hovered around its previous close in the afternoon. The late round of buying thereafter saw the Sensex recover its early losses and end the session with the a gain of 74 points at 14880. The Nifty closed the session at 4359, up two points.

Surprisingly the breadth of the market was negative. Of the 2,676 stocks that traded on the BSE, 1,441 stocks declined, 1,185 stocks advanced and 50 stocks ended unchanged. Among the sectoral indices the BSE Metal index moved up by 1.17% at 10785 followed by the BSE FMCG index (up 0.77% at 1863) and the BSE Auto index (up 0.71% at 4838).

The cement stocks witnessed strong buying interest. ACC soared 8.98% at Rs1,023, Gujarat Ambuja Cement rose 4.46% at Rs130 and Grasim was up 1.35% at Rs2,739. Among the other major gainers Tata Steel shot up by 2.61% at Rs616, Cipla jumped 2.29% at Rs218, NTPC added 2.17% at Rs155, ICICI Bank gained 1.98% at Rs985, Tata Motors moved up by 1.45% at Rs698 and HLL was up 1.44% at Rs197. However, ONGC slipped 1.62% at Rs874, Wipro lost 1.20% at Rs509 and SBI was down 1.20% at Rs1,563.

Metal stocks notched up significant gains during the day. Panchmahal Steel surged 9.99% at Rs197, Shree Precoated Steel scaled up 4.99% at Rs343, Southern Iron & Steel rose 4.78% at Rs29, Binani Industries jumped 4.58% at Rs215, JSW Steel added 2.91% at Rs638, Madras Aluminum gained 2.84% at Rs540 and Mahindra Ugin Steel was up 2.60% at Rs93.

Over 1.21 crore IFCI shares changed hands on the BSE followed by Vishal Retail (1.14 crore shares), Reliance Natural Resources (71.14 lakh shares), Silverline Industries (63.65 lakh shares) and Bellary Steels (50.88 lakh shares).

Value-wise Vishal Retail registered a turnover of Rs854 crore on the BSE followed by ACC (Rs144 crore), Indiabulls Real Estate (Rs135 crore), Reliance Industries (Rs106 crore) and SBI (Rs103 crore).

Record closing high for Sensex, Nifty

The market edged higher for the fifth straight trading session today, 4 July 2007, on firm global markets, steady progress of monsoon, and on lower inflation. Shares from the metal, cement and sugar sectors saw buying, while IT pivotals were offloaded.

The BSE 30-share Sensex rose 73.73 points or 0.50% at 14,880.24, an all time closing high. The barometer index opened higher at 14,848.16 and surged to strike a record high of 14,906.93 at 10:01 IST as buying intensified. But it came off the higher level to touch a low of 14,790.75 by 10:56 IST, a fall of 15.76 points for the day. It recovered later in volatile trade. The Sensex oscillated in a range of 116 points for the day.

The S&P CNX Nifty settled 1.75 points or 0.04% higher at 4,359.30, an all time closing peak. It hit an all-time high of 4,386.45 in intra-day trade. The index touched a low of 4,342.

The Nifty July 2007 futures settled at 4,356, a slight discount of 3.30 points as compared to spot closing.

Sensex has gained 449 points or 3.11% in 5 trading sessions at current 14,880.24, from its close of 14,431.06 on 27 June 2007. The barometer index is now just 119.76 points points away from the psychologically important 15000 mark.

The market breadth, which was strong in the opening session on BSE, turned negative by mid-morning trade: 1,445 shares declined as compared to 1,219 that advanced, while 68 remained unchanged.

The total turnover on BSE amounted to Rs 4742 crore, as against Rs 4948 crore on Tuesday, 3 July 2007. The NSE F&O turnover was at Rs 34,125.16 crore as compared to Rs 33917.80 crore on Tuesday, 3 July 2007.

The BSE Mid-Cap index was down 0.05% to 6,645.65, after striking an all-time high of 6,686.14. The BSE Small-Cap index also hit an all-time high of 7,895.65. It settled with gain of 0.12% to 7,855.66

Among the Sensex pack, 18 advanced while the rest declined.

Cement stocks surged ollowing reports that cement firms have hiked prices by Rs 3-Rs 5 per 50-kilogram bag across India effective today. Cement major ACC surged 7% to Rs 1004, on 14.40 lakh shares, after striking an intra-day high of Rs 1047. It was the top gainer from the Sensex pack.

Ambuja Cements (up 4.50% to Rs 130), Grasim (up 1.45% to Rs 2742), UltraTech Cement Company (up 4.72 % to Rs 926), and India Cements (up 3.51% to Rs 215) were the other gainers from the cement sector.

The ongoing monsoon season, generally considered as slack season for cement companies, failed to dampen monthly sales of cement companies. ACC's cement dispatches stood at 1.70 million tonnes in June 2007, up 9.67% from 1.55 million tonnes in June 2006. It produced 1.70 million tonnes of cement compared to 1.53 tonnes last year, a rise of 11%.

Private sector banking major ICICI Bank rose 2.46% to Rs 989.95 following reports that the department of industrial policy and promotion has approved ICICI Bank's plan to sell a 24% stake in ICICI Financial Services. ICICI Bank had recently said that its plant to sell stake in ICICI Financial Services to foreign investors was unlikely to get go ahead from the Foreign Investment Promotion Board (FIPB).

Metal stocks gained on fresh buying. The BSE Metal Index rose 1.17% to 10,785.05, and was the top gainer among the sectoral indices on BSE. Tata Steel (up 2.74% to Rs 617.15), Sail (up 1.50% to Rs 132), and JSW Steel (up 3.23% to Rs 639.95) edged higher. JSW Steel registered a growth of 26% in crude steel production in Q1 June 2007.

Index heavyweight Reliance Industries (RIL) advanced from a low of Rs 1,705, to strike a high of Rs 1,731. It settled 0.43% higher to Rs 1,712.80, on 6.19 lakh shares. The Committee of Secretaries (CoS), which met on 2 July 2007 to decide on the issue of gas pricing from RIL’s D6 fields in the Krishna-Godavari (K-G) basin, has asked the power and fertiliser ministries to present their views before the committee on 5 July 2007. No decision was taken in the meeting even as the petroleum ministry pitched for a market-determined price of gas produced from NELP blocks.

Shares from the auto pack edged higher on hopes that interest rates may soften. Around 50-75% of the sales of auto companies are derived from loans given by banks and financial institutions. The BSE Auto Index rose 0.71% to 4,837.65.

Tata Motors (up 1.17% to Rs 696), Maruti Udyog (up 0.75% to Rs 790) and Bajaj Auto (up 0.80% to Rs 2115) edged higher from the auto pack.

Oil exploration major ONGC was the top loser from the Sensex pack. The stock was down 1.79% to Rs 872 on volume of 1.93 lakh shares

IT pivotals slipped as the rupee hovered near one-month high at 40.55/56 against the US currency in late morning deals on Wednesday, 4 July 2007. Wipro (down 1.30% to Rs 508.50), Infosys (down 0.62% to Rs 1935), and TCS (down 0.95% to Rs 1117.10) edged lower from the IT pack. The BSE IT Index declined 0.77% at 4,841.64

Vishal Retail settled at Rs 752.20, a huge premium of 178.51% over the IPO price of Rs 270. The scrip touched a high of Rs 809 and low of Rs 423.25. It debuted at Rs 472.50. On BSE, 1.14 crore shares were traded in the counter.

Indus Fila (up 13.51% to Rs 210.50), Madhucon Projects (up 13% to Rs 244), Nahar Spinning (up 10% to Rs 93), Ceat (up 8% to Rs 171.90), and Arvind Mills (up 6.99% to Rs 48.20) surged from the small-cap and mid-cap segments.

Shares from the sugar sector were in demand on recent reports that the goverment may announce sops for the sugar sector. Bajaj Hindusthan (up 2.26% to Rs 167.50), Sakthi Sugars (up 1.65% to Rs 86.15), Balrampur Chini Mills (up 2.63% to Rs 75.90) and Shree Renuka Sugars (up 1.19% to Rs 648) advanced.

Bharat Earth Movers (BEML) galloped 6.11% to Rs 1,240 following strong response to its follow-on public issue that closed on Tuesday, 3 July 2007. The FPO of BEML was subscribed 30 times, on the back of a whopping 63.33 times subscription in the qualified institutional buyers (QIB) segment.

Jyoti Structures jumped 3.88% to Rs 196.95 after 5 lakh shares changed hands in the counter in a block deal on BSE at Rs 190 each, in opening trade. The company’s equity capital is Rs 16.14 crore, with 8.07 crore outstanding shares of a face value of Rs 2 each.

Dabur Pharma lost 1.64% to Rs 75.10 after 50 lakh shares (constituting 3.19% of company’s equity), changed hands in a single block deal at Rs 76 each on NSE. The company’s equity capital is Rs 15.67 crore, with 15.97 crore outstanding shares of a face value of Rs 1 each.

IFCI slumped 4.93% to Rs 59.80 after the National Stock Exchange (NSE) banned building fresh positions in the derivatives contracts in IFCI as 95% of market wide limit had reached in the stock. Trading in IFCI derivatives contracts will only be allowed to reduce positions

Similarly, Nagarjuna Fertilizers & Chemicals slipped 2.74% to Rs 23 after the NSE banned building fresh positions in the derivatives contracts in the stock as 95% of market wide limit had reached in the stock.

Ansal Properties & Infrastructure declined 4% to Rs 310.20 after it signed an agreement with Fortis Healthcare for setting up medicity in Uttar Pradesh. The project is likely to be completed in about seven years. It will have an 800-bed ultra-modern hospital comprising medical, dental and nursing colleges along with other facilities for paramedical and technical training.

Ess Dee Aluminium rose 0.65% to Rs 484.60 after its board today, 4 July 2007, approved raising up to $150 million and increasing foreign institutional investment limit to 49%.

Asian stock markets rose today, 4 July 2007, with South Korea's benchmark KOSPI index hitting a fresh record high after stocks such as Hyundai Motor rose, while broader sentiment was lifted by fresh US takeover talk.

Hang Seng (up 0.30% to 22,218.55), Nikkei 225 (up 0.10% to 18,168.79), Seoul Composite (up 1.82% to 1,836.28), and Taiwan Weighted (up 0.81% to 9,068.98), gained

China’s Shanghai Composite was down 2.14% to 3,816.65

All the European indices were trading higher, except Netherlands (down 0.052%).

On Wall Street, the blue-chip Dow Jones Industrial Average edged up 0.3%, while the tech-laden Nasdaq Composite Index added 0.5%. Deal news again contributed to the gains, with news of a takeover of fast-food chain Wendy's International Inc.

Oil prices struck a 10-month high above $73 a barrel on Tuesday, 3 July 2007, on strong summer driving demand in the US. London Brent crude, seen as the best price gauge of the global oil market, settled up 30 cents to $72.93 a barrel after rising to $73.10 earlier, the highest since 25 August 2006.

Realty major DLF debuts on the bourses on Thursday, 5 July 2007. DLF had priced its IPO at Rs 525 per share. The IPO was subscribed 3.47 times. Each share has a face value of Rs 2. The National Stock Exchange (NSE) has also included DLF in the futures and options segment with lot size of 400 shares.

Get independence from indices

A statistician made a few calculations and discovered that since the birth of our nation (America) more lives had been lost in celebrating independence than in winning it. ~Curtis Billings

It's 4th of July and as America wakes later to celebrate their independence, the Indian markets have enough reasons to celebrate. The markets have scaled to a new high and flirting with 15k would be next on the itinerary of the bulls. But does it really matter whether the Sensex is above or just below that? The fact that there are no major obstacles, barring high crude oil prices, makes their task that much easier. Still, we would advocate some caution as the bears are not going to be sitting quiet either.

After a brief hiatus in June, when the key indices hardly moved, the bulls seem to have found renewed vigour. The past few days have been pretty good in terms of volume and FII inflows. The strong response to some of the recent issues also augers well for the markets. Inflation cooling off to 4% is a big relief. And, if there is no fuel price hike as Mr. Deora claims, there are less chances of any immediate monetary tightening from the RBI. That should cheer up the bulls further.

What will however will be watched keenly is the upcoming quarterly results for any signs of a slowdown in earnings growth. IT sector, which has a substantial weightage in the key indexes, would set the tone for the earnings season. Having said that, these shares have already taken enough beating in the past few days on the back of the surge in the rupee versus the dollar. The old economy companies are likely to keep the momentum going as far as results are concerned.

Today, we expect another positive opening, as most global markets gained overnight and majority of Asian markets are also trading up this morning. But, there may be some cooling later in the day in the form of routine profit booking. The US markets will be shut today for the Independence Day holiday. So, tomorrow we won't have any cues from Wall Street.

FIIs were net buyers to the tune of Rs4.45bn (provisional) in the cash segment yesterday. Local institutions offloaded stocks worth Rs1.7bn. In the F&O segment, foreign funds pumped in Rs13.04bn yesterday. On Monday, FIIs were net buyers of Rs2bn in the cash segment. Mutual Funds were net sellers of Rs2.21bn in the cash segment.

Shares of Vishal Retail will get listed on the bourses today. The company has set an issue price of Rs270 per share. The premium in the grey market has been pegged at around Rs300.

Akruti Nirman, which was recommended as by us in yesterday's DMS, shot up by 20%. The real estate company is announcing its results for the fourth quarter and the year ended March 2007.

Bharti Airtel could be a star performer today as Temasek has picked up a 4.99% stake in the company.

Indus Fila's Board will meet today to review its expansion plans and discuss the proposed business plans.

ICICI Bank could gain today as the Department of Industrial Policy and Promotion (DIPP) has given a green light to its proposal of roping in foreign investors in the proposed new subsidiary. 

L&T has been in the thick of things of late and might have the legs to go further ahead. The engineering major is setting up two new subsidiaries for its power and shipbuilding businesses. It may also unlock value by listing these arms in future.

Britannia Industries will be in the limelight as US-based Kraft Foods has bought the biscuit business of its French partner Grope Danone, except in India and Latin America. This is because the Wadia Group and Danone are yet to settle their differences. 

India Foils, which was locked in the 10% upper circuit yesterday, might rise further. A financial daily reports that Anil Agarwal-promoted Vedanta Resources is considering selling the country's largest aluminium foils maker. Also watch out for Ess Dee Aluminium, which is a competitor to India Foils.

Gitanjali Gems is likely to be in action as the jewellery maker has reported an 87% jump in its bottomline for FY07.

US stocks posted solid gains for the third straight session on Tuesday, as investors welcomed more acquisition news ahead of the July 4 holiday.

The Dow Jones Industrial Average was up 41.87 points or0.3% at 13,577.30 and the broader Standard & Poor's 500 index gained 5.44 points or 0.4% to 1,524.87. The tech-heavy Nasdaq Composite index rose 12.65 points or 0.5% to 2,644.95, closing at a fresh six-year high.

European shares gained. The pan-European Dow Jones Stoxx 600 index rose 0.9% to 395.71. The UK's FTSE 100 added 0.68% to 6,635.10, the German DAX advanced 1.16% to 8,050.64 and the French CAC-40 climbed 0.71% to 6,069.84.

Asian stocks rose for a fifth day today. The Morgan Stanley Capital International Asia-Pacific Index added 0.3% to 156.11 at 10:46 a.m. in Tokyo, taking its five-day gain to 3.4%.

Japan's Nikkei 225 Stock Average rose 0.3%. All markets open for trading advanced, except Singapore and the Philippines. China's CSI 300 Index swung between gains and losses.

Markets ended wit gains for fourth straight trading session as bulls settled on a new peak, given strong cues from International markets and all round buying in scrip's across the sectors lifted the benchmark Sensex, the NSE Nifty index and CNX mid-Cap index to close at a new all high. In this historic trading session markets witnessed support from the frontline stocks like Bharti Airtel, Reliance Industries, ICICI Bank and SBI. Also the broader market i.e. the BSE Mid-Cap and the BSE Small Cap index also participated in the rally. Finally, the 30-share Sensex gained 142 points to close at 14806. NSE-50 Nifty further added 43 points to close at 4357.

Bharti Airtel surged by over 3.5% to Rs866 after the company announced that monthly India Mobile user additions to cross 7mn and also in talks with Ericsson for additional Expansion order. The scrip touched intra-day high of Rs877 and a low of Rs837 and recorded volumes of over 15,00,000 shares on NSE.

Valecha Engineering rallied by over 7.5% to Rs273 after the Board of Directors of the company announced that they would consider Bonus issue on July, 30. The scrip touched intra-day high of Rs280 and a low of Rs258 and recorded volumes of over 2,00,000 shares on NSE.

Ashok Leyland edged higher 0.7% to Rs37 after the company announced that they have signed an accord with Alteams, Finland. The scrip touched intra-day high of Rs38 and a low of Rs37 and recorded volumes of over 34,00,000 shares on NSE.

Diamond Cables surged nearly by 8%t o Rs197 after the company announced that they would acquire stake in Apex Group. The scrip touched intra-day high of Rs199 and a low of Rs181 and recorded volumes of over 3,00,000 shares on NSE.

Glenmark edged lower by 0.6% to Rs668 after the company secured USFDA approval Terbinafine Tablets. The scrip touched intra-day high of Rs682 and a low of Rs666 and recorded volumes of over 1,00,000 shares on NSE.

FMCG stocks were back in action led by gains in the index heavy weight HLL as the scrip gained by over 3%t o Rs194, Tata Tea was up by 1.3% to Rs865, ITC gained 1.5% to Rs156 and Colgate added 3% to Rs382.

Capital God stocks also ended with strong gains. ABB gained by 1.5% to Rs1126, BHEL was up by 1.2% to Rs1546, and Siemens advanced by 1.5% to Rs1408 and L&T added 1.2% to Rs2261.

Banking stocks recorded smart gains. Heavy weight SBI surged by 3% to Rs1581, ICICI Bank gained by 1.7% to Rs966 and HDFC Bank added 0.2% to Rs1150. Bank of Baroda, PNB and Syndicate Bank were the major gainers among the Mid-Cap stocks.

Metal stocks continued to shine brightly as JSW Steel has advanced by 2.5%t o Rs620, Sterlite Industries gained by 1.3% to Rs606, SAIL was up by 1.5% to Rs130 and Tata Steel added 1.2% to Rs600.

IT stocks also gained momentum despite the Indian rupee strengthened against the US Dollar. Satyam Computer surged 1.5% to Rs473, Wipro was up by 0.6% to Rs515 and Infosys gained 0.3% to Rs1947. Moser Baer, NIIT Ltd and Mastek were the major gainers among the Mid-Cap stocks.

Major bulk Deals:

Deutsche Secs has sold Educomp; Goldman Sachs has picked up Gayatri Projects from Citigroup; Franklin Templeton MF has purchased Geojit Financial; Merrill Lynch has bought Jayant Agro; Kotak PMS has sold Kamat Hotels; Bear Stearns has picked up Karuturi Networks; Kotak PMS has bought MIC Electronics; HDFC MF has purchased MM Forgings; Merrill Lynch has bought Nagarjuna Construction; Citigroup has picked up Nitco Tiles; ABN AMRO Bank has sold Orchid; Sundaram BNP MF has sold Spentex and ABN AMRO Bank has sold SREI Infrastructure.

Insider Trades:

Asian Paints Limited: Shri Ashwin Choksi, Chairman of Asian Paints has purchased 5000 equity shares of the company on 27th June 2007.

Vakrangee Softwares Limited: Goldman Sachs Investments (Mauritius) I Limited ("GSIMI") from market has purchased 717936 equity shares of Vakrangee Softwares on 25th June 2007.

Lower Circuit:

Swan Mills, GMR Industries and Morepen Labs.

Upper Circuit:

Deeps Inds, Mukta Arts, Akruti Nirman, PBA Infra, RMCL, RIIL, Agro Tech, Unity Infra, UB, Piramyd Retail, Bihar Tubes and McNally Bharat.

Delivery Delight (Rising Price & Rising Delivery):

Bank of Baroda, Bharti Airtel, BRFL, Centurion Bank, Century Textiles, Cipla, Colgate, Corporation Bank, Crompton Greaves, Escorts, Gujarat Ambuja, Himachal Futuristic, Jaiprakash Associates, L&T, Orchid Chemicals and SREI Infrastructure.

Abnormal Delivery:

Bata India Ltd, RIIL, Rico Auto, Titan Industries Ltd, TV TODAY, Nitco Tiles Ltd, Aarti Industries, Tulip IT, Tata Tea and Avaya Global.

Major News & Announcements:

RBI's YV Reddy says economy to grow at 8.5% in FY07

Sun Pharma to raise as much as Rs35bn selling securities overseas

Shree Ashtavinyak to raise $50mn selling convertible Bonds

Gujarat Ambuja June production at 1.41mn tons and June sales at 1.38mn tons

Diamond Cables to by Strategic stake in Apex Group

Glenmark secures USFDA approval Terbinafine Tablets

L&T to pay Rs2 per share in special dividend

Ashok Leyland in accord with Alteams, Finland

Bharti says monthly India Mobile user additions to cross 7mn

Elecon Engineering gets Rs577mn order from BHEL

Aurobindo Pharma gets US approval for Terbinafine HCL Tablets

Bharti Airtel signs pact with Nokia Siemens for a US$900mn

Morning Call

In House :

Nifty at a support of 4330 and 4295 levels with resistance at 4390 &
4422 levels

Buy : Kesoram above 454.5 target 470 s/l of 448

Buy : MahSeamles above 664.5 target 680 s/l of 657

Buy : Positional buy ADLABS in the range of 550 and 560 target of 700
to 750 levels mid term

Buy : PatelEngg

Buy : FedBank & BOI

Buy : ParsvNath short covering

Out House :

Markets at a support of 14515 & 14646 levels with resistance at 14848
& 14919 levels .

Buy : RIL & & RelCap

Buy : Moser & PunjLLOYD

Buy : M&M & Maruti

Buy : Century & JPAsso

Buy : IDBI & IFCI

Buy : Ibulls , Unitech & Ibullsreal

Buy : SBIN & Kotak

Buy : ParsVnath & IOlBroad bullet

Dark Horse : IDBI , MoserBaer , Century , Parsvnath , IBulls ,
IFCI , Unitech & YesBank

Bullet for the Day : Pantaloon , SBIN & Skumar with strict stop loss

Intraday Stock Ideas

NIFTY (4358) Supp 4332 Res 4382

BUY Bharti Airtel (867) SL 861
Target 877, 880

BUY Patel Eng (448) SL 443 
Target 456, 459

BUY IVRCL Infra (395) SL 391
Target 403, 406

SELL GTL (220) SL 224 
Target 212, 210

SELL Cadila (369) SL 374 
Target 360, 358 

Automobiles, Economy

Automobiles, Economy

Rumor Mill - DLF Grey Market Premium

We hear from reliable sources that DLF grey market premium is now around 30 rs (from the earlier 22)

Disclaimer: Don't blame us if it changes overnight

Ashok Leyland, Patel Engineering

Ashok Leyland, Patel Engineering

Citigroup - India Technicals

Citigroup in their daily technical report,

Nifty — The index opened on a positive note and moved toward 4347 in the morning trade, after which it retraced most of its day's gain toward the close. The index ended the day down 4 points.


Resistance — The index is facing resistance around the 4363 “All-Time High;” Intraday it posted a high at 4347 but retraced most of the day's gain toward the close. Intraday rise will face resistance around the 4347 level.

Support — The index has support around 4296, the breakout level of its previous mid-week consolidation band. Intraday dips should find support around 4296. Lower support is around the 10 dma at 4271.

Conclusion — Intraday dips should find support around the 4296 level.

Trading Calls

Buy IVRCL Infrastructure with stop loss of Rs 340 for a target of Rs 460.
Buy Dredging Corp with stop loss of Rs 500 for a short-term target of Rs 583.
Buy Era Construction with stop loss of Rs 370 for a target of Rs 475.

Allied Digital Services IPO Analysis

Allied Digital Services IPO Analysis

EXCLUSIVE - Equibrain Report - July 3 2007

EXCLUSIVE - Equibrain Report - July 3 2007
(Customize for your own stocks - Contact Aditya (details inside PDF)

Market may remain firm

The market is likely to extend gains tracking firm global equities. The barometer index BSE Sensex rose 14 points on Monday, 2 July 2007 to a record closing high of 14664.26. The sentiment has been lifted by data, on Friday 29 June 2007, showing fall in inflation to a 14-month low.

As per provisional data, FIIs were net buyers to the tune of Rs 95 crore on Monday, 2 July 2007. Domestic institutions were net sellers to the tune of Rs 87 crore on that day.

The next major trigger for the market is Q1 June 2007 result of IT bellwether Infosys which is on Wednesday, 11 July 2007. A Q1 results preview by Citigroup states that downward revision in EPS guidance for FY 2008 (year ending 31 March 2008) by Infosys cannot be ruled out given a surge in the rupee against the dollar in Q1 June 2007. Citigroup, however, expects an upward revision in revenue guidance in dollar terms from the IT bellwether.

Asian shares forged ahead on Tuesday, 3 July 2007, led higher by energy companies as oil and base metals rose, but the dollar sagged on expectations that US rates will remain steady while borrowing costs rise elsewhere.

US stocks rallied on Monday, 2 July 2007, on a fresh bout of takeover activity, as Canada's largest telephone company, BCE Inc. agreed to a US$32.6 billion buyout. On Wall Street, blue-chip stocks and the Nasdaq Composite Index both rose about 1%.

Telecom, GMR Infrastructure, Automobiles

Telecom, GMR Infrastructure, Automobiles

Emkay - EMCO

Emkay - EMCO