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Wednesday, February 06, 2008
EMAAR - issue flops, IPO Grading flops too ..
Lackluster response from investors to initial public offering (IPO) of Emaar MGF Land, a joint venture between one of the world`s leading real estate companies, Emaar Properties PJSC of Dubai, and MGF Development of India, forced the company to extend closing date to February 11, supposed to close today. The company also lowered floor price to Rs 530 as against Rs 540. Now the revised offer price is between Rs 530 to Rs 630 a share. IPO received only 60% subscription till 4.00 pm today.
The issue has been assigned an IPO grading of 4 out of a possible 5 by the rating agency, Credit Analysis and Research (CARE), which reflects `Above Average` fundamentals of the company. The equity shares are proposed to be listed on Bombay Stock Exchange of India (BSE) and National Stock Exchange (NSE).
Emaar MGF commenced its operations in India in February 2005 with the mission of being a real estate development company striving to develop and deliver unique integrated lifestyle and work place environments and planned developments. The primary business is the development of properties in the residential, commercial, retail and hospitality sectors.
In addition, it has also identified healthcare, education and infrastructure as business lines for future growth. Its operations span across various aspects of real estate development, such as land identification and acquisition, project planning, designing, marketing and execution.
Midcapmania Short Term calls - Feb 6 2008
Indraprastha Medical Corporation Ltd - A risk free buy
by Uttam Saraf
Disclaimer - DP doesn't vouch for these calls
Midcapmania Multibaggers - Feb 6 2008
Buy Stone India @ 133.85 for a target of 270+ in medium term ( It is today the undisputed leader in locomotive brake systems and has a huge range of mechanical and electrical products for the railroad industry. Further it has fallen hard almost 50% from the highs made before this blood bath)
By Uttam Saraf
Disclaimer - DP doesn't vouch for these recommendations. Please do due research before investing
BSE Bulk Deals to Watch - Feb 6 2008
Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
6/2/2008 500463 AVAYA GLOBAL SHREE CAPITAL SERVICES LTD S 95128 229.55
6/2/2008 505506 AXON INFOTEC ANMOL FINANCE COMPANY B 17000 59.97
6/2/2008 505506 AXON INFOTEC CHIRAG SECURITIES B 12000 59.95
6/2/2008 505506 AXON INFOTEC SANTOSH KUMAR KEJRIWAL SECURITIES PRIVATE LIMITED S 25000 60.00
6/2/2008 505506 AXON INFOTEC PARAS KUMAR JAIN S 16000 60.00
6/2/2008 500045 BELLA STE AL JMP SECURITIES PVT. LTD. S 2536702 6.84
6/2/2008 512332 BIRLA CAP PARI STOCK TRADING PVT. LTD B 200000 12.52
6/2/2008 512332 BIRLA CAP AYODHYAPATI INVESTMENT PVT. LTD B 267860 12.55
6/2/2008 512332 BIRLA CAP AMRUT SECURITIES LTD B 100000 12.52
6/2/2008 512332 BIRLA CAP NIRVED TRADERS PVT LTD S 450000 12.48
6/2/2008 532719 BL KASHYAP GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD B 327184 1750.00
6/2/2008 532719 BL KASHYAP J P M S L AC COPTHALL MAURITIUS INVESTMENT LTD S 327184 1750.00
6/2/2008 509486 CAPRIHAN IND BSMA LTD B 100000 75.00
6/2/2008 531682 CAT TECHNOL PRABHUDAS LILLADHER PVT. LTD. B 379425 10.08
6/2/2008 531682 CAT TECHNOL JMP SECURITIES PVT. LTD. B 565000 10.37
6/2/2008 531682 CAT TECHNOL SARFARAZKHAN SARVARKHAN PATHAN B 1536826 10.24
6/2/2008 531682 CAT TECHNOL PRABHUDAS LILLADHER PVT. LTD. S 359424 10.20
6/2/2008 531682 CAT TECHNOL JMP SECURITIES PVT. LTD. S 540000 10.42
6/2/2008 531682 CAT TECHNOL SARFARAZKHAN SARVARKHAN PATHAN S 1617316 10.16
6/2/2008 512624 CHANDRIK TRA GALA FINANCE AND INVESTMENT LTD S 32400 4.75
6/2/2008 526033 CRYSTAL SOFT RICHLINE FINVEST PVT LTD B 26404 9.97
6/2/2008 526033 CRYSTAL SOFT RICHLINE FINVEST PVT LTD S 51055 9.50
6/2/2008 532271 CYBERMAT INF EDELWEISS ESTATES P LTD B 629300 11.79
6/2/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. B 581604 11.50
6/2/2008 532271 CYBERMAT INF JMP SECURITIES PVT. LTD. B 989284 11.31
6/2/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN B 3120324 11.54
6/2/2008 532271 CYBERMAT INF EDELWEISS ESTATES P LTD S 625540 11.35
6/2/2008 532271 CYBERMAT INF PRABHUDAS LILLADHER PVT. LTD. S 535104 11.65
6/2/2008 532271 CYBERMAT INF JMP SECURITIES PVT. LTD. S 1026746 11.47
6/2/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN S 3120324 11.61
6/2/2008 531863 GEEKAY FINAN JOHN VAS B 30050 71.08
6/2/2008 508918 GREYCELLS EN PRIME SECURITIES LTD B 24000 164.00
6/2/2008 500183 HIM FUTR COM JMP SECURITIES PVT. LTD. S 3039753 28.65
6/2/2008 532240 INDIA NIPP E SHREE CAPITAL SERVICES LTD S 74461 151.50
6/2/2008 532926 JYOTHY LAB JYOTHI LABORATORIES LIMITED S 74020 800.00
6/2/2008 531784 KADAMB CONST BAI SAROJ S 30000 45.75
6/2/2008 512413 KHAITAN WVG VINAY SUDERSHAN GUPTA B 10000 64.68
6/2/2008 500256 LOK HOUSI CO MERRILL LYNCH CAPITAL MARKETS ESPANA S A SV B 349150 229.38
6/2/2008 515093 MADHAV MAR G SURBHI BAJORIA S 64145 70.00
6/2/2008 500264 MAFATLA INDU BHAMRIBAI BHAVARLAL JAIN B 25108 57.70
6/2/2008 526169 MULTIBASE 1 BSMA LTD B 100000 42.50
6/2/2008 531996 ODYSSEY CORP VINAY SUDERSHAN GUPTA S 30000 33.96
6/2/2008 532675 PRITHVI INFO PRADEEP PASARI B 100000 326.47
6/2/2008 530047 RAI SH REK M C S BUILDWELL PVT LTD B 25000 63.50
6/2/2008 532106 REI AGRO LIM CREDIT SUISSE SINGAPORE LIMITED B 235000 1025.00
6/2/2008 532106 REI AGRO LIM RAJAT FINVEST S 235000 1025.00
6/2/2008 532031 SARANG CHEMI MILAN DEVENDRAPRASAD PANDYA B 23353 5.00
6/2/2008 531703 TRIBHVAN HSG GIRRAJ ESTATE PVT LTD S 28500 29.00
Infy drops 6% as market tanks on global cues
The Sensex opened with a huge negative gap of 416 points at 18,247 on weak global cues, and plunged to a low of 17,936 - down 727 points from the previous close - in morning deals.
The index recovered soon, but moved in a range of 18,000-18,200 for most part of the trading session. The Sensex finally ended with a loss of 524 points (2.8%) at 18,139.
The NSE Nifty was down 161 points (2.9%) at 5,323.
The BSE market breadth was negative - out of 2,817 stocks traded, 1,473 declined, 1,304 advanced and 40 were unchanged today.
BIG LOSERS...
Satyam slumped 6.7% to Rs 409, and Wipro plunged 6.5% to Rs 425. Infosys dropped over 6% to Rs 1,511, and TCS was down over 5% at Rs 901.
Hindalco and Maruti shed nearly 5% each to Rs 173 and Rs 830, respectively. ONGC dropped 4.4% to Rs 1,027.
Bharti Airtel slipped nearly 4% to Rs 900. ICICI Bank and HDFC declined over 3% each to Rs 1,153 and Rs 2,976, respectively.
ITC, BHEL and Bajaj Auto dropped 2.7% each to Rs 200, Rs 2,029 and Rs 2,339, respectively.
Reliance and Mahindra & Mahindra slipped around 2.5% each to Rs 2,552 and Rs 664, respectively.
Grasim, Tata Motors and NTPC also slipped around 2.5% each to Rs 2,900, Rs 736 and Rs 218, respectively.
SBI, Larsen & Toubro and Hindustan Unilever declined nearly 2% each to Rs 2,183, Rs 3,781 and Rs 205, respectively.
BUCKING THE TREND...
Reliance Energy ended with a gain of 1.5% at Rs 2,056. Reliance Communications was up Rs 5 at Rs 682.
MOST ACTIVE COUNTERS
Reliance Natural Resources topped the value chart with a turnover of Rs 735.60 crore followed by Reliance Petroleum (Rs 243 crore), Reliance Energy (Rs 242.50 crore), Reliance Capital (Rs 239 crore) and Reliance Communications (Rs 210.60 crore).
Reliance Natural Resources led the volume chart with trades of around 4.70 crore shares followed by Ispat Industries (3.40 crore), Nagarjuna Fertilisers (2.45 crore), IFCI (2.06 crore) and Tata Teleservices (1.51 crore).
Post Market Commentary - Feb 6 2008
The market closed on a deep red note on the back of heavy selling pressures across the sectoral indices. Backed by the unfavoring weak cues from the global markets, the domestic market opened with heavy losses. The market struggled throughout the trading session and was unable to recover from the initial fall as the cautious prevailed in the market. The Small Caps and Mid Caps also joined the benchmark indices as they also faced the selling pressures. The BSE Sensex closed lower by 523.67 points at 18,139.49 while NSE Nifty fell by 161.35 points to close at 5,322.55. The BSE Mid Cap and Small Cap indices closed lower by 100.55 points and 53.97 points at 7,970.74 and 10,412.81 respectively.
BSE Metal index closed lower by 604.35 points at 16,189.46. Scrips that fell are Sterlite Inds (5.77%), Nalco (5.75%), SAIL (4.90%), Hindalco (4.89%), Jindal Steel (4.46%) and Tata Steel (2.24%).
BSE Realty index fell by 256.14 points to close at 10,415.09. Losers are Unitech (5.47%), HDIL (4.31%), Omaxe (3.79%), Sobha Dev (2.03%), DLF (2.27%), Purvankara (1.32%).
BSE Oil & Gas index closed lower by 254.66 points at 11,160.83. Scrips that dropped are Essar Oil (4.99%), ONGC (4.41%), Reliance Inds (2.44%), Cairn (1.94%) and RPL (1.72%).
BSE HealthCare index closed up by 62.39 points at 3,769.45 as Opto Circuit (4.34%), Divi''s lab (3.03%), Lupin (2.76%), Dr Reddy''s lab (2.68%), Sun Pharma (2.31%) and Cadila (2.28%) closed in red.
BSE Auto index dropped by 124.62 points to close at 4,900.05. Losers are Maruti Suziki (4.83%), Cummins Ind (3.40%), Apollo Tyres (3.31%), Escorts (3.19%), Tata Motors (2.55%) and M&M (2.42%).
BSE Bankex index fell by 247.59 points to close at 10,690.01. Scrips that fell are Kotak bank (4.70%), PNB (4.16%), BOB (3.63%), BOI (3.60%), Federal bank (3.37%), ICICI bank (3.11%).
BSE IT index closed lower by 226 points at 3,813.82 as Satyam (6.74%), Wipro (6.45%), Infosys (6.25%), TCS (5.15%), Aptech (4.87%), Mphasis (4.23%) and HCL Tech (4.21%) closed lowe
Sensex tanks on US recession fears
Market continued to reel under heavy selling pressure and the benchmark Sensex tanked over 700 points by afternoon as the US Federal Reserve official's remarks amplifying fears of an economic recession in the US swiped global markets. The major Asian indices like the Hang Seng, the Nikkei index and the Straits Times index shed 3-5% each, thereby adding pressure on the domestic indices. However, selective buying at lower levels towards the close saw the Sensex recover over 200 points form the day's low. But, extensive correction in heavyweight, information technology, consumer durables and metal stocks kept the market in the negative territory. The Sensex finally ended the session at 18,139, down 524 points, while the Nifty shed 161 points and closed at 5,323.
All the sectoral indices had a weak outing. The BSE IT index dropped over 5.59% and the BSE CD index slipped 4.55%, while the BSE Metal index and the BSE Teck index were down over 3% each. The market breadth was negative. Of the 2,818 stocks traded on the BSE, 1,299 stocks advanced, 1,477 stocks declined and 42 stocks ended unchanged.
Most of the index heavyweights ended in the red. Among the IT pack Satyam Computer was the major loser and tumbled by 6.74% at Rs409, while Wipro at Rs425, Infosys at Rs1,511 and TCS at Rs901 slumped around 5-6% each. Among the other major losers Hindalco dropped 4.89% at Rs173, Maruti Suzuki lost 4.83% at Rs830, ONGC fell 4.41% at Rs1,027 and Bharti Airtel declined by 3.80% at Rs900. Reliance Energy, however, bucked the downtrend and gained 1.48% at Rs2,056. Reliance Communications was marginally up at Rs682.
Over 4.69 crore RNRL shares changed hands on the BSE followed by Ispat Industries (3.40 crore shares), Nagarjuna Fertilisers (2.45 crore shares), IFCI (2.06 crore shares) and Tata Teleservices (1.51 crore shares).
Valuewise, RNRL clocked a turnover of Rs735 crore on the BSE followed by Reliance Petroleum (Rs243 crore), Reliance Energy (Rs242 crore), Reliance Capital (Rs239 crore) and Reliance Communications (Rs210 crore).
Market melts in global heat
Weak Asian markets cast their shadow on the Indian bourses today. Selling pressure was witnessed in consumer durables, IT, metal and auto stocks.
An unexpected contraction in the service sector in the US once again sparked fears the economy may sink into recession, hitting Asian stocks.
The 30-share BSE Sensex declined 523.67 points or 2.81% at 18,139.49. Sensex hit a high of 18,274.15 in mid-morning trade. At the day's high, Sensex was down 389.01 points. Sensex touched a low of 17,936.01 in initial trade. At day’s low it shed 727.15 points.
The broader CNX S&P Nifty was down 161.35 points or 2.94% at 5,322.55.
The BSE Mid-Cap index was down 1.25% at 7,970.74, while the BSE Small-Cap lost 0.52% at 10,412.81.
The market breadth was weak: on BSE 1,298 advanced as compared to 1,484 that declined. 31 stocks remained unchanged. 28 out of 30 Sense stocks were in red.
BSE clocked a turnover of Rs 6289 crore compared to Tuesday (5 February 2008)'s Rs 5340 crore.
Nifty February 2008 futures were at 5280, at a discount of 42.55 points as compared to spot closing of 5322.55.
The NSE's futures & options (F&O) segment turnover was Rs 42,234.95 crore, which was higher than Rs 31,121.35 crore on Tuesday, 5 February 2008.
BSE IT index (down 5.59% to 3,813.82), BSE Consumer Durables index (down 4.55% to 4,943.30), BSE Metal index (down 3.6% to 16,189.46) underperformed Sensex
BSE Auto index (down 2.48% to 4,900.05), BSE Bankex (down 2.26% to 10,690.01), BSE Capital Goods index (down 2.07% to 16,571.65), BSE FMCG index (down 2% to 2,189.40), BSE Healthcare index (down 1.33% to 3,719.22), BSE Oil & Gas index (down 2.23% to 11,160.83), BSE Power index (down 1.82% to 3,880.65) and BSE Realty index (down 2.4% to 10,415.09) outperformed Sensex.
Today’s sharp fall on the bourses was despite a boost in liquidity in the secondary markets as investors have started getting refund of excess application money in Reliance Power IPO. It, however, remains to be seen how much money from Reliance Power IPO refunds actually comes to the secondary market in the light of immense volatility witnessed on the bourses last month.
Reliance Power, which raised a record $3 billion in its initial share sale in January 2008, said on Friday, 1 February 2008, it had begun refunding excess application money to investors. The initial public offer had received bids for $190 billion.
Software services exporters declined for a second day in a row due to a gloomy economic outlook in the United States, which contributes to more than half of their revenue. Satyam Computer Services (down 6.74% to Rs 408.65), Wipro (down 6.45% to Rs 425), Infosys (down 6.25% to Rs 1,510.60) and Tata Consultancy Services (down 5.15% to Rs 900.55) edged lower.
Metal stocks declined. Sterlite Industries (down 5.77% to Rs 788.05), National Alluminium Company (down 5.75% to Rs 390.05), Hindalco Industries (down 4.89% to Rs 173.05), Steel Authority of India (down 4.9% to Rs 221.15) and Tata Steel (down 2.24% to Rs 799.45) edged lower.
Consumer Durables stocks declined. Rajesh Exports (down 9.48% to Rs 136), Titan Industries (down 8.07% to Rs 1,144.20), Videocon Industries (down 3.47% to Rs 430.85) and Blue Star (down 1.97% to Rs 485) edged lower.
Auto stocks skidded. Maruti Suzuki India (down 4.83% to Rs 830.25), Tata Motors (down 2.55% to Rs 736.25), Bajaj Auto (down 2.69% to Rs 2,339.45), Mahindra & Mahindra (down 2.42% to Rs 664.05) and Hero Honda Motors (down 1.31% to Rs 717.25) edged lower.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries fell 2.44% at Rs 2,552.05. As per reports, Reliance Industries (RIL) two wells in D6 block in the Krishna Godvari (KG) basin have hit a technical snag. The loss to wells runs into about $175 million. RIL executive, however, said the snags have been rectified and that the problems would not delay production of natural gas from the D6 block.
India’s largest private sector bank by assets ICICI Bank fell 3.11% to Rs 1,152.85.
India’s largest engineering & construction firm by revenue Larsen & Toubro fell 1.93% to Rs 3,780.60.
India's second largest power utility firm by revenue Reliance Energy rose 2,056.35.
Reliance Communications rose 0.68% to Rs 681.60. Reliance Communications (RCom) is reprotedly set to test-launch its direct to home (DTH) services Big TV this week, before a full commercial launch in March this year. According to reports, the company is investing $250 million in the first phase for the launch and has already placed orders for over 2 million set-top boxes to cater to the launch. The target is to get 50% share of the new customers who join the DTH club.
Reliance Natural Resources clocked highest volume of 4.69 crore shares on BSE. Ispat Industries (3.4 crore shares), Nagarjuna Fertilisers and Chemicals (2.45 crore shares), IFCI (2.06 crore shares) and Tata Teleservicess Maharashtra (1.51crore shares) were other volume toppers on BSE in that order.
Reliance Natural Resources clocked the highest turnover of Rs 735.65 crore on BSE. Reliance Petroleum (Rs 243.13 crore), Reliance Energy (Rs 242.65 crore), Reliance Capital (Rs 239.09 crore) and Reliance Communications (Rs 210.65 crore) were other turnover toppers on BSE in that order.
In Asia, key indices in Hong Kong, Japan and Singapore were down by 3.5% to 5.40%. Stock markets in South Korea, Taiwan, and China were closed for the Lunar New Year holidays.
European markets turned strong after weak opening. France’s CAC 40 (up 0.47% to 4,799.22), Germany’s DAX (up 0.26% to 6,782.61) and UK’s FTSE 100 (up 0.08% to 5,872.70) edged higher.
US stocks suffered their biggest drop in nearly a year on Tuesday, 5 February 2008, after data showed the worst monthly contraction in the services sector since the last US recession and Standard & Poor's warned it could cut bank credit ratings.
The Dow Jones industrial average plunged 370.03 points, or 2.93%, at 12,265.13. The Standard & Poor's 500 Index lost 44.18 points, or 3.2%, at 1,336.64. The Nasdaq Composite Index tumbled 73.28 points, or 3.08% at 2,309.57. The Dow and S&P 500 had their biggest drops since 27 February 2007.
Oil prices extended their decline to hover at $88 a barrel as the weak US economic data reinforced fears that the world's largest economy is on the brink of a recession.
Weak market breadth
The market remained weak in afternoon trade on weak global cues. An unexpected contraction in the service sector in the US once again sparked fears the economy may sink into recession, hitting Asian stocks.
At 13:22 IST, the 30-share BSE Sensex was down 583.25 points or 3.13% at 18,077.91. Sensex hit a high of 18,274.15 in mid-morning trade. At the day's high, Sensex was down 389.01 points for the day. Sensex touched a low of 17,936.01 in initial trade. At day’s low it shed 727.15 points.
The broader CNX S&P Nifty was down 182.35 points or 3.33% at 5,301.55.
The BSE Mid-Cap index was down 1.81% at 7,924.95, while the BSE Small-Cap was down 1.35% at 10,325.15.
The market breadth was weak: on BSE 963 advanced as compared to 1,726 that declined. 39 stocks remained unchanged.
Consumer Durables stocks declined. Rajesh Exports (down 8.99% to Rs 136.75), Titan Industries (down 6.4% to Rs 1,165), Videocon Industries (down 2.88% to Rs 433.50) and Blue Star (down 1.77% to Rs 486) edged lower.
Software services exporters declined for a second day in a row due to a gloomy economic outlook in the United States, which contributes to more than half of their revenue. Satyam Computer Services (down 5.98% to Rs 412), Wipro (down 5.48% to Rs 429.65), Infosys (down 5.91% to Rs 1,516.50) and Tata Consultancy Services (down 5.31% to Rs 899) edged lower.
Metal stocks extended losses in early afternoon trade. Sterlite Industries (down 6.49% to Rs 780.75), National Alluminium Company (down 5.75% to Rs 391.80), Hindalco Industries (down 4.67% to Rs 173.45), Steel Authority of India (down 4.11% to Rs 223) and Tata Steel (down 2.53% to Rs 797.10) edged lower.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries fell 2.9% at Rs 2,540.20. As per reports, Reliance Industries (RIL) two wells in D6 block in the Krishna Godvari (KG) basin have hit a technical snag. The loss to wells runs into about $175 million. RIL executive, however, said the snags have been rectified and that the problems would not delay production of natural gas from the D6 block.
India’s largest private sector bank by assets ICICI Bank fell 3.01% to Rs 1,153.65.
India’s largest engineering & construction firm by revenue Larsen & Toubro fell 2.21% to Rs 3,772.
India’s largest telecom services provider by market share Bharti Airtel slumped 5.53% to Rs 884.20.
Reliance Communications declined 1.66% to Rs 665.75. Reliance Communications (RCom) is reprotedly set to test-launch its direct to home (DTH) services Big TV this week, before a full commercial launch in March this year. According to reports, the company is investing $250 million in the first phase for the launch and has already placed orders for over 2 million set-top boxes to cater to the launch. The target is to get 50% share of the new customers who join the DTH club.
In Asia, key indices in Hong Kong, Japan and Singapore were down by 3.49% to 5.40%. Stock markets in South Korea, Taiwan, and China were closed for the Lunar New Year holidays.
US stocks suffered their biggest drop in nearly a year on Tuesday, 5 February 2008, after data showed the worst monthly contraction in the services sector since the last US recession and Standard & Poor's warned it could cut bank credit ratings.
The Dow Jones industrial average plunged 370.03 points, or 2.93%, at 12,265.13. The Standard & Poor's 500 Index lost 44.18 points, or 3.2%, at 1,336.64. The Nasdaq Composite Index tumbled 73.28 points, or 3.08% at 2,309.57. The Dow and S&P 500 had their biggest drops since 27 February 2007.
Oil prices extended their decline to hover at $88 a barrel as the weak US economic data reinforced fears that the world's largest economy is on the brink of a recession.
As per provisional data, FIIs bought shares worth a net Rs 311.78 crore on Tuesday, 5 February 2008. Local funds sold shares worth a net Rs 135.16 crore on that day.
FIIs were net buyers to the tune of Rs 62.24 crore in the futures & options segment on Tuesday, 5 February 2008. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 139.06 crore and bought index options worth Rs 276.26 crore. They were net sellers of stock futures to the tune of Rs 344.24 crore and sold stock options worth Rs 8.84 crore.
Morning Call - Feb 6 2008
Market Grape Wine :
In House :
Nifty at a supp of 5431 and 5391 with resis at 5510 and 5570
Cash: Sell Tatamotor below 755 with a TGT of 720 and a SL of 763
Sell SAIL below 233 with a TGT of 222 and a SL of 235.50
F&O: Sell ACC below 774 with a TGT of 755 and a SL of 781
Sell CANBANK below 315 with a TGT of 300 and a SL of 321
Out House :
Markets at a support of 18118 & 17786 levels with resistance at 18686 & 18786 levels .
Buy : RIL at dips
Buy : INFY at dips
Buy : SBIN at dips
Buy : JPASSO at dips
Buy : IBullsReal
Buy : SKumar & Aban at dips
Buy : Geship
Buy : BajaHind & Balrampur
Buy : JSW & Sail at dips
Dark Horse : Sail , IBullreal ,Geship , Aban , , RIL , Sbin , & ITC
Domestic bourses may track weak global equities
The market is likely to edge lower as Asian markets tumbled after another recessionary piece of US economic data sent Wall Street shares down nearly 3% on Tuesday, 5 February 2008.
Strong domestic liquidity may cap the downside. Liquidity may get a boost from huge refunds that investors are getting from Reliance Power IPO though it remains to be seen how much money comes to secondary market in the light of immense volatility witnessed on the bourses last month. Reliance Power, which raised a record $3 billion in its initial share sale in January 2008, said on Friday, 1 February 2008, it had begun refunding excess application money to investors. The initial public offer had received bids for $190 billion.
It also remains to be seen if the strong domestic liquidity will offset selling by FIIs. FIIs sold shares worth a huge Rs 13035.70 crore last month amid ongoing credit crisis in the US and in the backdrop of US recession fears looming large.
As per provisional data, FIIs bought shares worth a net Rs 311.78 crore on Tuesday, 5 February 2008. Local funds sold shares worth a net Rs 135.16 crore on that day.
FIIs were net buyers to the tune of Rs 62.24 crore in the futures & options segment on Tuesday, 5 February 2008. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 139.06 crore and bought index options worth Rs 276.26 crore. They were net sellers of stock futures to the tune of Rs 344.24 crore and sold stock options worth Rs 8.84 crore.
Even if the US goes into the recession, it may not impact India’s economic growth in a big way given that domestic demand is a key driver of the Indian economy. India’s economy is expected to post strong growth for a long period due to favourable demographics. Moreover a healthy investment cycle will continue to support India’s growth through a self-perpetuating cycle of income creation, savings and investment.
Corporate earnings growth remains decent. Deutsche Bank expects 20% compounded annual growth rate in earnings of 30-Sensex firms during the period from FY 2007 (year ended 31 March 2007) to FY 2009 (year ending 31 March 2009).
In Asia, key benchmark indices in Hong Kong, Japan and Singapore were down by between 3.5% to 5.6%. US stocks suffered their biggest drop in nearly a year on Tuesday, 5 February 2008, after data showed the worst monthly contraction in the services sector since the last US recession and Standard & Poor's warned it could cut bank credit ratings.
The Dow Jones industrial average plunged 370.03 points, or 2.93%, at 12,265.13. The Standard & Poor's 500 Index lost 44.18 points, or 3.2%, at 1,336.64. The Nasdaq Composite Index tumbled 73.28 points, or 3.08% at 2,309.57. The Dow and S&P 500 had their biggest drops since 27 February 2007.
Grey Market - OnMobile Global, EMAAR MGF and more..
Reliance Power 450 160 to 170
Emaar MGF 540 to 630 25 to 30
J. Kumar Infraprojects 110 Discount
Cords Cable Ind. 135 4 to 5
KNR Construction 170 Discount
Onmobile Global 440 15 to 18
Bang Overseas 207 12 to 15
Shriram EPC 290 to 330 Discount
IRB Infrastructure Developers 185 to 220 25 to 30
Wockhardt Hospital 225 to 260 4 to 5
Manjushree Extrusion 45 Discount
Tulsi Extrusions 80 to 85 8 to 10
SVEC Construction 85 to 95 5 to 8
Pre Market Watch - Feb 6 2008
The Indian Market is likely to have a negative opening due to weak cues from the global markets. On Tuesday, the market closed with marginal gains after struggling a lot throughout the trading session. The market opened on a negative note backed by unfavoring cues from the global markets but managed to recover from the initial fall but unable to sustain at higher levels due to profit booking across the counters and finally closed with little gains. A lot of volatility was witnessed during the trading session and the investors took calculated steps in booking their positions. However, the Small Caps and Mid Caps out performed the benchmark indices as most buying was seen from these baskets. The BSE Sensex closed marginally higher by 2.84 points at 18,663.16 while NSE Nifty closed up by 20.4 points at 5,483.90.We expect that the market will remain cautious during the trading session.
On Tuesday, the US market closed in deep red. The Dow Jones Industrial Average (DJIA) closed lower by 370.03 points at 12,265.13. S&P 500 index dropped by 44.18 points to close at 1,336.64 and NASDAQ fell by 73.28 points to close at 2,309.57
Indian ADRS ended in negative. In technology sector, Infosys fell by 6.65% along with Satyam by 6.46%, Wipro by 6.22%. In banking sector, HDFC bank and ICICI bank dropped by (5.54%) and (4.47%) respectively. MTNL decreased by (5.23%).
The major stock markets in Asia are trading weak. Hang Seng is trading lower by 1327.49 points at 23,481.21 along with Japan''s Nikkei trading down by 567.34 points at 13,178.16 and Singapore Starit Times trading at 2,931.21 down by 107.21 points.
The FIIs on Tuesday stood as net buyer in equity. The gross equity purchased was Rs8,300 Crore while the gross equity sold stood at Rs4,489.30 Crore. Therefore, the net investment of equity reported was Rs3,810.70 Crore.
Today, Nifty has support at 5,262 and resistance at 5,510 and BSE Sensex has support at 17,706 and resistance at 18,748.
IRB Infrastructure Developers Allotment - Subscription Details
| Sr.No. | Category | No. of times of total meant for the category | ||
| 1 | Qualified Institutional Buyers (QIBs) | 6.4215 | ||
| 1(a) | Foreign Institutional Investors (FIIs) | |||
| 1(b) | Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | |||
| 1(c) | Mutual Funds | |||
| 1(d) | Others | |||
| 2 | Non Institutional Investors | 1.5577 | ||
| 2(a) | Corporates | |||
| 2(b) | Individuals (Other than RIIs) | |||
| 2(c) | Others | |||
| 3 | Retail Individual Investors (RIIs) | 0.9897 | ||
| 3(a) | Cut Off | |||
| 3(b) | Price Bids | |||
| 4 | Employee Reservation | 0.9432 | ||
| 4(a) | Cut Off | |||
| 4(b) | Price Bids |
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