Nifty April 2008 futures at discount

Turnover in F&O segment rises


Nifty April 2008 futures were at 4690.30, at a discount of 19.35 points as compared to spot closing of 4709.65.

The NSE's futures & options (F&O) segment turnover was Rs 33,143.36 crore, which was higher than Rs 32,302.80 crore on Monday, 7 April 2008.

Orchid Chemicals & Pharmaceuticals April 2008 futures were at discount at 237.50 compared to the spot closing of 240.10.

Reliance Capital April 2008 futures were at discount at 1223 compared to the spot closing of 1224.80.

Essar Oil April 2008 futures were at discount at 226.30 compared to the spot closing of 227.60.

In the cash market, the S&P CNX Nifty lost 51.55 points or 1.08% at 4709.65.

Sensex sheds 169 points as L&T tumbles

The market lost ground today giving up yesterday's gains tracking weakness in Asian and European stocks. Larsen & Toubro and Wipro were major losers from the Sensex pack. Bharat Heavy Electricals and Bharti Airtel were major gainers from Sensex pack. Reliance Energy recovered from lower level.

The 30-share BSE Sensex ended down 169.46 points or 1.08% at 15,587.62. At the day’s low of 15,479.42, Sensex lost 277.66 points in mid-morning trade. Sensex rose 13.08 points at the day's high of 15,770.40 , at the onset of the trading session.

The broader based S&P CNX Nifty was down 51.55 points or 1.08% at 4,709.65. Nifty April 2008 futures were at 4690.30, at a discount of 19.35 points as compared to spot closing of 4709.65.

Asian and European stocks dropped today as news a possible capital injection at the largest US savings and loan company Washington Mutual Inc failed to eliminate concerns about more bank writedowns. In Asia, key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were down by between 0.65% to 1.79%. European markets were weak. France’s CAC, Germany’s DAX and UK’s FTSE 100 were down by between 0.87% to 1.31%.

US stocks were little changed on Monday, 7 April 2008, as rising oil prices stoked fears that corporate profits will suffer, overshadowing optimism the credit crisis is easing on news that Washington Mutual Inc was close to securing a $5 billion investment.

BSE clocked a turnover of Rs 5,127 crore compared to a turnover of Rs 4,969.92 crore on Monday, 7 April 2008.

The NSE's futures & options (F&O) segment turnover was Rs 33,143.36 crore, which was higher than Rs 32,302.80 crore on Monday, 7 April 2008.

Capital goods, IT, metal and oil & gas stocks declined. However BSE Mid-Cap and Small-Cap indices rose.

The market breadth was positive: on BSE 1393 shares advanced as compared to 1,210 that declined. 69 shares remained unchanged.

The BSE Mid-Cap index was up 0.6% to Rs 6,383.02 and BSE Small-Cap index rose 0.47% to 7,814.17.

BSE Capital Goods index (down 1.78% to 12,528.84) BSE Metal index (down 1.93% to 13,544.58), BSE IT index (down 1.69% to 3,685.07), underperformed Sensex.

BSE Bankex (up 0.62% to 7,952.81), BSE Consumer Durables index (up 0.32% to 3,926.27), BSE Power index (down 0.04% to 3,005.48), BSE HealthCare index (down 0.12% to 3,936.03), BSE PSU index (down 0.4% to 7,240.22), BSE Auto index (down 0.42% to 4,415.37), BSE FMCG index (down 0.5% to 2,372.64), BSE Oil & Gas index (down 0.83% to 10,462.87), BSE Realty index (down 0.98% to 7,410.22) outperformed Sensex.

India's largest engineering and construction firm by sales Larsen & Toubro lost 5.09% to Rs 2,581.30 even as company said it had bagged four orders worth Rs 1687 crore. The orders are for water supply projects, sinter plant and cold roll mill and a coal handling plant.

However, India’s largest power equipment maker by sales Bharat Heavy Electricals rose 4.67% to Rs 1,712.75.

Metal stocks declined. Steel Authority of India (down 6.14% to Rs 157.55), National Aluminium Company (down 3.55% to Rs 432.45), Tata Steel (down 3.39% to Rs 656.30), Hindalco Industries (down 1.53% to Rs 170.30) edged lower.

IT stocks declined. Wipro (down 4.6% to Rs 414), Tata Consultancy Services (down 1.64% to Rs 885.30), Infosys (down 2.07% to Rs 1,461.30) and Satyam Computer Sevices (down 0.71% to Rs 429.10) edged lower.

Oil & Gas stocks declined. ONGC (down 0.65% to Rs 1,011.25), Reliance Petroleum (down 1.57% to Rs 168.75), Cairn India (down 0.35% to Rs 227.25) edged lower.

India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries declined 1.02% to Rs 2,381.25. It recovered from its lows of Rs 2,358.60. A consortium of Reliance Industries (RIL) has reportedly discovered oil in Yemen. The discovery in Block 9 in Qarn Qaymah 2 well is considered to be significant, and RIL is in process of evaluating the viability.

Jaiprakash Associates (down 4.48% to Rs 221.55), Ranbaxy Laboratories (down 2.71% to Rs 470.75), Grasim Industries (down 2.56% to Rs 2,560.40), Hindustan Unilever (down 2.02% to Rs 247.90), Maruti Suzuki India (down 1.91% to Rs 744.20), and NTPC (down 2.12% to Rs 186.55) edged lower from the Sensex pack.

ICICI Bank (up 0.49% to Rs 813.25), DLF (up 0.68% to Rs 621.25), Bharti Airtel (up 1.25% to Rs 828.60), HDFC (up 0.13% to Rs 2,309.50), State Bank of India (up 0.09% to Rs 1,674.80), HDFC Bank (up 0.09% to s 1,304.30) edged higher from Sensex pack.

Orchid Chemicals and Pharmaceuticals clocked the highest volume of 2.05 crore shares on BSE. Reliance Natural Resources (1.14 crore shares), Sita Shree Food Poducts (1.06 crore shares), Indiabulls Securities (76.55 lakh shares) and Reliance Petroleum (71.28 lakh shares) were other volume toppers in that order.

Orchid Chemicals and Pharmaceuticals clocked the highest turnover of Rs 478.05 crore on BSE. Bharat Heavy Electricals (Rs 264.07 crore), Larsen & Toubro (Rs 226.74 crore), Reliance Power (Rs 207.53 crore) and Reliance Capital (Rs 203.91 crore) were other turnover toppers in that order.

The next major trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

As regards Q4 March 2008 results, Morgan Stanley expects 23% growth in net earnings of 104 out of 108 firms in its Indian coverage universe in Q4 March 2008 over Q4 March 2007.

Good results are expected from the telecom sector on the back of strong growth in new subscribers additions. Infrastructure and engineering firms, too, are seen reporting decent numbers in Q4 March 2008 on the back of healthy order book positions. The performance of auto firms is likely to be sluggish due to muted volume growth and rise in input costs.

A depreciation of the rupee against the dollar is likely to drive good results from the IT sector on a sequential basis in Q4 March 2008 over Q3 December 2007, though the focus here is on guidance for the year ending March 2009 from IT bellwether Infosys Technologies. Infosys guidance will give investors a sense of the effect of the weakening US economy on technology spending by companies there.

Sensex had jumped 413.96 points or 2.7% at 15,757.08 on Monday, 7 April 2008, on positive cues from the Asian markets.

BSE Bulk Deals to Watch - Apr 7-8 2008

Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
8/4/2008 532166 ALK SECURITI JITENDRA HARIVANSH JOSHI B 262000 17.79
8/4/2008 532166 ALK SECURITI NAMDEO H MORE S 262100 17.79
8/4/2008 531223 ANJANI SYNTH JITENDRA HARIVANSH JOSHI B 105400 32.45
8/4/2008 531223 ANJANI SYNTH NAMDEO H MORE S 105400 32.45
8/4/2008 531881 ARVIND CHEM GAURAV VINIMAY PVT LTD B 82381 42.05
8/4/2008 532946 BANG KUNDAN LEASING AND FINVEST PVT. LTD. B 100000 153.91
8/4/2008 532946 BANG MARUTI SECURITIES LTD S 123159 153.58
8/4/2008 512624 CHANDRIK TRA ISABELLE TRADERS LTD S 50000 3.20
8/4/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN B 1195260 6.51
8/4/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN S 1195260 6.47
8/4/2008 531137 GEMSTONE INV HEMANT MADHUSUDAN SHETH B 75000 15.00
8/4/2008 532951 GSS AMERICA B K SHAH CO B 99352 454.63
8/4/2008 532951 GSS AMERICA JRK MERCHANDISE PVT LTD S 82162 473.34
8/4/2008 532951 GSS AMERICA B K SHAH CO S 99288 455.34
8/4/2008 516078 JUMBO BAG LT VINAY BHASIN B 50000 49.40
8/4/2008 523810 KALE FILMS PARIMAL J.MEHTA B 350000 2.34
8/4/2008 523810 KALE FILMS DIAMANT INVESTMENT AND FINANCE S 882018 2.32
8/4/2008 524699 KILBUR CHEMI RAM KUMAR KAKANI S 43276 37.04
8/4/2008 526169 MULTIBASE 1 RAJESH DOULATRAM BHATIA B 195191 49.25
8/4/2008 526169 MULTIBASE 1 MADHAV EDU AND RESERCH INSTITUTE INDIA PVT.LTD. S 195000 50.00
8/4/2008 524372 ORCHID CHEM LATIN MANHARLAL SEC PVT LTD B 1244989 230.63
8/4/2008 524372 ORCHID CHEM H.J.SECURITIES PVT.LTD. B 425217 235.19
8/4/2008 524372 ORCHID CHEM LATIN MANHARLAL SEC PVT LTD S 1244933 230.85
8/4/2008 524372 ORCHID CHEM H.J.SECURITIES PVT.LTD. S 425217 235.38
8/4/2008 532961 SITA SHREE ASSET ALLIANCE SEC PVT LTD B 166353 39.00
8/4/2008 532961 SITA SHREE N D NISSAR B 201697 38.23
8/4/2008 532961 SITA SHREE H.J.SECURITIES PVT.LTD. B 137378 40.07
8/4/2008 532961 SITA SHREE ASTUTE COMMODITIES AND DERIVATIVES PVT LTD B 157798 39.42
8/4/2008 532961 SITA SHREE KETAN H MAMANIYA B 113152 38.98
8/4/2008 532961 SITA SHREE ASSET ALLIANCE SEC PVT LTD S 166353 38.97
8/4/2008 532961 SITA SHREE N D NISSAR S 201697 38.25
8/4/2008 532961 SITA SHREE H.J.SECURITIES PVT.LTD. S 137378 40.15
8/4/2008 532961 SITA SHREE ASTUTE COMMODITIES AND DERIVATIVES PVT LTD S 219868 39.65
8/4/2008 532961 SITA SHREE KETAN H MAMANIYA S 113152 39.01
8/4/2008 504375 SOFTBPO GLOB ANJU ADVISORY SERVICES PVT. LTD S 2500 124.76
8/4/2008 532948 TULSI EXTRU GOPAL TRADERS B 70000 84.29
8/4/2008 532948 TULSI EXTRU GOPAL TRADERS S 70000 89.12
8/4/2008 532765 USHER AGRO JITENDRA PARSHURAM MAYEKAR S 133492 177.55
7/4/2008 531137 GEMSTONE INV HEMANT MADHUSUDAN SHETH B 100200 14.88
7/4/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI S 150000 15.00
7/4/2008 532951 GSS AMERICA MATRIX EQUITRADE PVT LTD B 82288 484.75
7/4/2008 532951 GSS AMERICA MATRIX EQUITRADE PVT LTD S 82288 485.84
7/4/2008 531663 INTENS AIR S RASIKLAL TALAKCHAND SHAH B 42290 2.25
7/4/2008 524372 ORCHID CHEM MATRIX EQUITRADE PVT LTD B 677769 199.29
7/4/2008 524372 ORCHID CHEM MATRIX EQUITRADE PVT LTD S 677769 199.44
7/4/2008 532961 SITA SHREE A A DOSHI SHARES AND BROK B 199554 43.32
7/4/2008 532961 SITA SHREE MATRIX EQUITRADE PVT LTD B 1731639 42.48
7/4/2008 532961 SITA SHREE SHAILESH M. NISSAR B 136208 42.60
7/4/2008 532961 SITA SHREE NAMAN SEC AND FIN PVT LTD B 377560 43.52
7/4/2008 532961 SITA SHREE SWATI ATUL REGE B 150000 42.53
7/4/2008 532961 SITA SHREE DIPAK R RATHOD B 205305 40.98
7/4/2008 532961 SITA SHREE DEEPAK S CHHEDA B 794828 43.08
7/4/2008 532961 SITA SHREE AMIT M GALA B 446951 42.88
7/4/2008 532961 SITA SHREE COSMO INVESTMENT B 125003 43.80
7/4/2008 532961 SITA SHREE CHIMANLAL MANEKLAL SEC.PVT.LTD B 488389 43.64
7/4/2008 532961 SITA SHREE MATRIX EQUITRADE PVT LTD S 1731639 42.61
7/4/2008 532961 SITA SHREE SHAILESH M. NISSAR S 136208 42.65
7/4/2008 532961 SITA SHREE NAMAN SEC AND FIN PVT LTD S 324557 43.13
7/4/2008 532961 SITA SHREE SWATI ATUL REGE S 150000 42.90
7/4/2008 532961 SITA SHREE DIPAK R RATHOD S 190305 43.66
7/4/2008 532961 SITA SHREE DEEPAK S CHHEDA S 794828 43.10
7/4/2008 532961 SITA SHREE AMIT M GALA S 446951 43.03
7/4/2008 532961 SITA SHREE CHIMANLAL MANEKLAL SEC.PVT.LTD S 488389 43.64
7/4/2008 532961 SITA SHREE A A DOSHI SHARES AND BROK S 189054 43.63
7/4/2008 532948 TULSI EXTRU NAMAN SEC AND FIN PVT LTD B 69491 83.33
7/4/2008 532948 TULSI EXTRU NAMAN SEC AND FIN PVT LTD S 69491 83.00

NSE Bulk Deals - Apr 8 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,70425,450.59,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH CO KETAN BHAILAL SHAH,BUY,109621,455.47,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,69730,449.03,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,MICRO MANAGEMENT LTD.,BUY,196762,435.00,-
08-APR-2008,HINDDORROL,Hindustan Dorr-Oliver Ltd,PACIFIC CORPORATE SERVICES LTD,BUY,220000,100.00,-
08-APR-2008,OILCOUNTUB,Oil Country Tubular Ltd,UNITED STEEL ALLIED INDUSTRIES PRIVATE LIMITED,BUY,400000,60.90,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,DINESH MUNJAL,BUY,498833,232.61,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,DYNAMIC EQUITIES PVT. LTD.,BUY,437139,229.60,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,GENUINE STOCK BROKERS PVT LTD,BUY,697224,231.85,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,LATIN MANHARLAL SECURITIES PVT. LTD.,BUY,476632,234.60,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,P R B SECURITIES PRIVATE LTD,BUY,1816764,231.36,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,BUY,1172018,233.81,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,TRANSGLOBAL SECURITIES LTD.,BUY,973458,232.71,-
08-APR-2008,PHILIPCARB,Phillips Carbon Black,PACIFIC CORPORATE SERVICES LTD,BUY,153063,157.00,-
08-APR-2008,SITASHREE,Sita Shree Food Products,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,147285,39.16,-
08-APR-2008,SITASHREE,Sita Shree Food Products,BALASO VITTHAL SHINDE,BUY,317234,37.41,-
08-APR-2008,SITASHREE,Sita Shree Food Products,KHANDWALA TRADELINK CO,BUY,200756,38.62,-
08-APR-2008,SITASHREE,Sita Shree Food Products,NISSAR BROTHERS,BUY,236866,39.60,-
08-APR-2008,SITASHREE,Sita Shree Food Products,PASHUPATI CAPITAL SERVICES PVT. LTD.,BUY,127814,38.69,-
08-APR-2008,SITASHREE,Sita Shree Food Products,PRAKASH K SHAH SHARES & SECURITIES PVT. LTD,BUY,145343,38.39,-
08-APR-2008,SITASHREE,Sita Shree Food Products,R.M. SHARE TRADING PVT LTD,BUY,251859,38.80,-
08-APR-2008,SITASHREE,Sita Shree Food Products,SANJAY BHANWARLAL JAIN,BUY,280545,38.47,-
08-APR-2008,SITASHREE,Sita Shree Food Products,SREYASHKUMAR MAHESHBHAI PATEL,BUY,114539,37.87,-
08-APR-2008,SITASHREE,Sita Shree Food Products,TRANSGLOBAL SECURITIES LTD.,BUY,239662,38.41,-
08-APR-2008,TULSI,Tulsi Extrusions Limited,SHRI BRIJ SECURITIES PVT.LTD.,BUY,88978,87.25,-
08-APR-2008,TULSI,Tulsi Extrusions Limited,SREYASHKUMAR MAHESHBHAI PATEL,BUY,90515,84.25,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,70424,450.66,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH CO KETAN BHAILAL SHAH,SELL,109613,456.38,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,69730,449.35,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,MICRO MANAGEMENT LTD.,SELL,22780,434.48,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,SHUAA CAPITAL PSC,SELL,216140,435.07,-
08-APR-2008,HINDDORROL,Hindustan Dorr-Oliver Ltd,IVORY CONSULTANTS PVT LTD.,SELL,217000,100.00,-
08-APR-2008,OILCOUNTUB,Oil Country Tubular Ltd,NAVMEE SECURITIES PRIVATE LIMITED,SELL,400000,60.90,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,DINESH MUNJAL,SELL,498833,232.79,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,DYNAMIC EQUITIES PVT. LTD.,SELL,437139,229.60,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,GENUINE STOCK BROKERS PVT LTD,SELL,697224,231.99,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,LATIN MANHARLAL SECURITIES PVT. LTD.,SELL,476688,234.94,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,P R B SECURITIES PRIVATE LTD,SELL,1816764,231.40,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,SELL,1172018,234.29,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,TRANSGLOBAL SECURITIES LTD.,SELL,973450,232.81,-
08-APR-2008,PHILIPCARB,Phillips Carbon Black,IVORY CONSULTANTS PVT LTD.,SELL,153000,157.00,-
08-APR-2008,SITASHREE,Sita Shree Food Products,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,176786,39.61,-
08-APR-2008,SITASHREE,Sita Shree Food Products,BALASO VITTHAL SHINDE,SELL,277234,39.87,-
08-APR-2008,SITASHREE,Sita Shree Food Products,KHANDWALA TRADELINK CO,SELL,210756,38.47,-
08-APR-2008,SITASHREE,Sita Shree Food Products,NISSAR BROTHERS,SELL,236866,39.60,-
08-APR-2008,SITASHREE,Sita Shree Food Products,PASHUPATI CAPITAL SERVICES PVT. LTD.,SELL,127814,38.46,-
08-APR-2008,SITASHREE,Sita Shree Food Products,PRAKASH K SHAH SHARES & SECURITIES PVT. LTD,SELL,145470,38.26,-
08-APR-2008,SITASHREE,Sita Shree Food Products,R.M. SHARE TRADING PVT LTD,SELL,251859,38.50,-
08-APR-2008,SITASHREE,Sita Shree Food Products,SANJAY BHANWARLAL JAIN,SELL,280545,38.37,-
08-APR-2008,SITASHREE,Sita Shree Food Products,SREYASHKUMAR MAHESHBHAI PATEL,SELL,114539,40.54,-
08-APR-2008,SITASHREE,Sita Shree Food Products,TRANSGLOBAL SECURITIES LTD.,SELL,244662,38.37,-
08-APR-2008,STEELTUBES,Steel Tubes of India Ltd,RAMESH CHAND GUPTA,SELL,99802,3.99,-
08-APR-2008,TULSI,Tulsi Extrusions Limited,SHRI BRIJ SECURITIES PVT.LTD.,SELL,88978,87.25,-
08-APR-2008,TULSI,Tulsi Extrusions Limited,SREYASHKUMAR MAHESHBHAI PATEL,SELL,90515,86.08,-

Market drifts lower on weak global cues

The market lost ground today giving up yesterday's gains tracking weakness in Asian and European stocks. Larsen & Toubro and Wipro were major losers from the Sensex pack. Bharat Heavy Electricals and Bharti Airtel were major gainers from Sensex pack. Reliance Energy recovered from lower level.

The key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were down by between 0.65% to 1.79%. European markets were weak. France’s CAC, Germany’s DAX and UK’s FTSE 100 were down by between 0.95% to 1.3%.

The 30-share BSE Sensex provisionally ended down 194.04 points or 1.23% at 15,563.04. At the day’s low of 15,479.42, Sensex lost 277.66 points in mid-morning trade. Sensex rose 13.08 points at the day's high of 15,770.40 , at the onset of the trading session.

BSE clocked a turnover of Rs 5,127 crore compared to a turnover of Rs 4,969.92 crore on Monday, 7 April 2008.

The broader based S&P CNX Nifty was down 58.75 points or 1.23% at 4,702.45 as per the provisional figures.

Capital goods, IT, metal and oil & gas stocks declined. However BSE Mid-Cap and Small-Cap indices rose. The market breadth was positive

The market breadth was positive: on BSE 1384 shares advanced as compared to 1,217 that declined. 69 shares remained unchanged.

The BSE Mid-Cap index was up 0.51% to Rs 6,377.07 and BSE Small-Cap index rose 0.48% to 7,815.43.

Capital goods stocks declined. Larsen & Toubro lost 5.29% to Rs 2,576.10 even as company said it had bagged four orders worth Rs 1687 crore. The orders are for water supply projects, sinter plant and cold roll mill and a coal handling plant.

Suzlon Energy declined 1.31% to Rs 290.40. However, India’s largest power equipment maker by sales Bharat Heavy Electricals rose 4.67% to Rs 1,712.75.

Metal stocks declined. Steel Authority of India (down 6.14% to Rs 157.55), National Aluminium Company (down 3.55% to Rs 432.45), Tata Steel (down 3.39% to Rs 656.30), Hindalco Industries (down 1.53% to Rs 170.30) edged lower.

IT stocks declined. Wipro (down 4.6% to Rs 414), Tata Consultancy Services (down 1.64% to Rs 885.30), Infosys (down 2.07% to Rs 1,461.30) and Satyam Computer Sevices (down 0.71% to Rs 429.10) edged lower.

Oil & Gas stocks declined. ONGC (down 0.65% to Rs 1,011.25), Reliance Petroleum (down 1.57% to Rs 168.75), Cairn India (down 0.35% to Rs 227.25) edged lower.

India’s largest private sector company in terms of market capitalisation and oil refiner Reliance Industries declined 1.02% to Rs 2,381.25. It recovered from its lows of Rs 2,358.60. A consortium of Reliance Industries (RIL) has reportedly discovered oil in Yemen. The discovery in Block 9 in Qarn Qaymah 2 well is considered to be significant, and RIL is in process of evaluating the viability.

Jaiprakash Associates (down 4.48% to Rs 221.55), Ranbaxy Laboratories (down 2.71% to Rs 470.75), Grasim Industries (down 2.56% to Rs 2,560.40), Hindustan Unilever (down 2.02% to Rs 247.90), Maruti Suzuki India (down 1.91% to Rs 744.20), and NTPC (down 2.12% to Rs 186.55) edged lower from the Sensex pack.

ICICI Bank (up 0.49% to Rs 813.25), DLF (up 0.68% to Rs 621.25), Bharti Airtel (up 1.25% to Rs 828.60), HDFC (up 0.13% to Rs 2,309.50), State Bank of India (up 0.09% to Rs 1,674.80), HDFC Bank (up 0.09% to s 1,304.30) edged higher from Sensex pack.

The next major trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

As regards Q4 March 2008 results, Morgan Stanley expects 23% growth in net earnings of 104 out of 108 firms in its Indian coverage universe in Q4 March 2008 over Q4 March 2007.

Good results are expected from the telecom sector on the back of strong growth in new subscribers additions. Infrastructure and engineering firms, too, are seen reporting decent numbers in Q4 March 2008 on the back of healthy order book positions. The performance of auto firms is likely to be sluggish due to muted volume growth and rise in input costs.

A depreciation of the rupee against the dollar is likely to drive good results from the IT sector on a sequential basis in Q4 March 2008 over Q3 December 2007, though the focus here is on guidance for the year ending March 2009 from IT bellwether Infosys Technologies. Infosys guidance will give investors a sense of the effect of the weakening US economy on technology spending by companies there.

Sensex jumped 413.96 points or 2.7% at 15,757.08 on Monday, 7 April 2008, on positive cues from the Asian markets.

Sensex rallies, closes below 15,800

Today, the market recovered from the last session’s losses and rose in tune with the global market indices. Trading in a positive territory throughout the trading session, the Sensex opened 47 points higher from its last close at 15,390 and registered steady upmove, before selective profit-taking capped the gains by early noon trades. While the market re-grouped thereafter, unabated buying towards the mid hours of the trading session triggered a massive rally, which propelled the index to an intra-day high of 15,852, up 509 points from the Friday’s close. The Sensex finally signed off the session with gains of 414 points at 15,757, while the Nifty moved up 114 points to close at 4,761.

The market breadth was positive. Of the 2,684 stocks traded on the BSE, 1,556 stocks advanced, 1,074 stocks declined and 54 stocks ended unchanged.

The BSE Bankex index (up 4.14%) led the sectoral indices followed by the BSE FMCG index (up 4%), the BSE Metal (up 2.76%), the BSE Oil & Gas index (up 2.60%), the BSE CD index (up 2.52%), the BSE HC index (up 2.47%) and the BSE Teck index (up 2.04%). Remaining indices gained 1% each.

Leading the uptrend, ICICI Bank surged 5.97% at Rs750, Ranbaxy Laboratories rose 5.59% at Rs483.85, Jaiprakash Associates jumped by 4.84% at Rs231.95, HUL soared 4.74% at Rs353, ITC added 4.73% at Rs210.30, Wipro moved up 4.42% at Rs433.95, Bharti Airtel scaled up 4.42% at Rs818.40 and SBI was up 4.24% at Rs1673. Other notable gainers include RIL, TCS, Grasim Industries, Tata Motors, Tata Steel, Hindalco Industries and DLF, while Ambuja Cement, Maruti Suzuki and Reliance Energy were the laggards.

Among the Bankex gainers, Union Bank, Bank of India, ICICI Bank, IOB, Axis Bank, Bank of Baroda, Punjab National Bank, State Bank of India and Canara Bank flared up 4-8% each.

Dalal Street Investment at Rs2091.80, Gujarat Foils at Rs109.75, Filatex Fashion at Rs35.20, Sel Manufacturing at Rs396.40 and Sita Shree at Rs46.65 touched their all-time highs on the BSE.

Over 3.79 crore Sita Shree shares changed hands on the BSE followed by IB Securities (1.51 crore shares), RNRL (1.24 crore shares), Ispat Industries (1.18 crore shares), RPL (1.07 crore shares) and Orchid Chemical (1.05 crore shares).

Gold and silver rise

Gold and silver prices rise as crude prices once again soars


Bullion metals rose substantially higher on Monday, 07 April, 2008 after other commodities also rose across the board. Higher inflation concerns from US economy’s overall health increase the precious metals’ demand as a hedge against inflation. Silver prices also rose for the day.

Today precious metals gained despite dollar closing higher for the day against its rivals. 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. On the other hand, a lower dollar pushes up precious metal prices as their demand lessens as it becomes cheaper for traders holding other currencies.

Comex Gold for June delivery today rose $13.6 (1.5%) to close at $926.8 ounce on the New York Mercantile Exchange. Last week, gold prices lost 2.5%. Earlier last week, prices had dropped below $900 for the first time in six weeks. On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce.

This year, gold prices have gained 11% for the till date. For first quarter prices gained 10.7%. In January, prices gained 11%, the highest monthly gain since April 2006. For February, it gained 6%. But in March, prices succumbed and fell by 5.5%.

Comex Silver futures for May delivery rose 36.5 cents (2.1%) to $18.12 an ounce. Silver has gained 20.7% in 2008 till date. Silver gained 16% in Q1. In January this year itself, prices climbed 14%. In February, it gained another 15%. For March, it ended lower by 13%. The metal had climbed 16% in FY 2007. The metal also has gained for seven straight years.

In the currency market today, the dollar held overnight gains against most major counterparts as the U.S. stock market extended an overseas rally. The dollar index, which tracks the performance of the greenback against other currencies, gained 0.4% to 72.21.

In the energy market today, crude oil rose $2.86 (2.7%) a barrel in New York to settle at $109.09/barrel.

Gold has traditionally been used as a safe-haven asset against rising inflation. Investor sentiments are boosted by the fact that gold and silver are alternate sources of good investment in the face of declining dollar and rising energy prices. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.

Gold witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record. The Fed reduced federal funds rate three times in FY 2007. In 2006, silver had jumped 46% while gold gained 23%. Gold has tripled in five years as investment demand has soared and mine supplies have remained low.

At the MCX, gold prices for June delivery closed higher by Rs 105 (0.9%) at Rs 11,951 per 10 grams. Prices rose to a high of Rs 12,015 per 10 grams and fell to a low of Rs 11,790 per 10 grams during the day’s trading.

At the MCX, silver prices for May delivery closed Rs 312 (1.3%) higher at Rs 23,473/Kg. Prices opened at Rs 23,237/kg and rose to a high Rs 23,599/Kg during the day’s trading.

Crude gains

Prices gain more than $5 in just last two sessions


Crude prices rallied strongly on Monday, 07 April, 2008 as members of Organization of Petroleum Exporting Countries (OPEC) hinted that the cartel will not raise production in the coming months. Prices ended at highest level today since it had touched $112 on 17 March, 2008. Last Friday also, crude had gained more than $2. With today, crude gained more than $5 in just two sessions.

Crude-oil futures for light sweet crude for May delivery closed at $109.09/barrel (higher by $2.86/barrel or 2.7%) on the New York Mercantile Exchange. Crude prices are 77% higher on a yearly basis. For the year, crude is up by 14.7% till date. It touched a high of $111.8 on 17 March, 2008 but had slipped thereafter.

Last week, crude ended marginally higher by 60 cents as against last week’s previous close at $105.62.

As per Qatar's minister of state for energy and industry affairs, The Organization of Petroleum Exporting Countries is trying to stabilize oil prices that are being led higher by speculation and political events in producing and consuming nations.

In the currency market today, the dollar held overnight gains against most major counterparts as the U.S. stock market extended an overseas rally. The dollar index, which tracks the performance of the greenback against other currencies, gained 0.4% to 72.21.

Brent crude oil for May settlement today rose $2.24 (2.1%) to $107.14 on the London-based ICE Futures Europe exchange. The London benchmark rose 54% in FY 2007, the most since 1999 when prices more than doubled.

Natural gas rises 5% due to forecasts for cool weather in April

Natural gas futures advanced on forecasts for cool weather in April that would slow rebuilding of stockpiles. Rising crude-oil prices also pushed gas higher. Natural gas for May delivery rose 46.9 cents (5%) to $9.791 per million British thermal units.

Against this backdrop, Gasoline for May delivery settled at a record $2.7835 a gallon in New York, an increase of 2.68 cents, or 1%. Heating oil for May delivery rose 9.22 cents (3.1%) to settle at $3.0843 a gallon.

U.S. pump prices are following futures higher. As per AAA, the nation's largest motorist organization, gasoline prices, averaged nationwide, rose 1.5 cents to a record $3.339 a gallon.

Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude’s biggest yearly gain in five years.

At the MCX, crude oil for April delivery closed at Rs 4,350/barrel, higher by Rs 123 (2.9%) against previous day’s close. Natural gas for April delivery closed at Rs 391.1/mmbtu, higher by Rs 17.1/mmbtu (4.6%

Quarterly Preview

Quarterly Preview

FMCG Sector

FMCG Sector

Jubilant Organosys

Jubilant Organosys

India Strategy

India Strategy

Eveninger - April 7 2008

Eveninger - April 7 2008

Market zooms on heavyweight buying

The Sensex opened with a positive gap of 47 points at 15,390, but dropped to a low of 15,321 in morning deals. Sustained buying in heavyweights, thereafter, saw the index log gains, and move up to a high of 15,852 in noon deals - an intra-day gain of over 500 points.

The Sensex finally closed with a gain of 414 points (2.7%) at 15,757.

The BSE Bankex and the FMCG index gained over 4% each at 7904 and 2384, respectively.

The market breadth was bullish - out of over 2,600 scrips traded, over 1,500 logged gains today.

INDEX GAINERS

ICICI Bank advanced nearly 6% to Rs 809. Ranbaxy was up over 5% at Rs 484. Jaiprakash Associates moved up nearly 5% to Rs 232.

HUL and ITC were up over 4% each at Rs 253 and Rs 210, respectively.

Reliance added over 3% at Rs 2,406. SBI was up over 4% at Rs 1,673.

Wipro, TCS, Satyam, Bharti and Tata Steel also finished with gains today.

MOST ACTIVE COUNTERS

Reliance Capital was the most active counter with a turnover of Rs 229 crore followed by Orchid Chemicals (Rs 204 crore), Reliance Petroleum (Rs 183 crore), BHEL (Rs 182 crore) and Reliance (Rs 168 crore).

Valueline April 2008

Valueline April 2008