India Strategy - July 25 2008
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Thursday, July 31, 2008
Wednesday, July 30, 2008
BSE Bulk Deals to Watch - July 30 2008
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
30/7/2008 590059 BIHAR TUBES APL INFRASTRUCTURE PRIVATE LIM B 1545000 156.75
30/7/2008 590059 BIHAR TUBES RAJASHTHAN GLOBAL SECURITIES LTD S 1600000 156.75
30/7/2008 533006 BIRLA COTSYN N D NISSAR B 765355 11.03
30/7/2008 533006 BIRLA COTSYN H.J.SECURITIES PVT.LTD. B 1329331 9.90
30/7/2008 533006 BIRLA COTSYN ADARSH FINVEST PRIVATE LTD B 1090500 9.77
30/7/2008 533006 BIRLA COTSYN N D NISSAR S 765355 11.03
30/7/2008 533006 BIRLA COTSYN H.J.SECURITIES PVT.LTD. S 1329331 9.89
30/7/2008 533006 BIRLA COTSYN JATIA FINANCE LTD S 864870 9.27
30/7/2008 500078 CAMP ALLI PR SUMARU ENTERPRISES PRIVATE LTD B 55000 85.55
30/7/2008 532836 GREMAC INFRA MAVI INVESTMENT FUND LTD S 150000 88.01
30/7/2008 531084 INDOCASTLE M INDOCITY INFOTECH LTD S 52700 13.95
30/7/2008 512185 IOL NET COM JAROLI VINCOM PVT LTD B 170000 80.54
30/7/2008 530885 JAISAL SECUR VENUGOPAL REDDY S B 25000 37.49
30/7/2008 530885 JAISAL SECUR CANOS TRADING PVT LTD. S 20000 37.50
30/7/2008 500277 MIDINDI INDU ALKEN MANAGEMENT AND FINANCIAL S B 90064 2.97
30/7/2008 532606 PAREKH ALUM PIONEER NIRMAN INDIA PRIVATE L B 147559 142.38
30/7/2008 514300 PIONER EMBRO ANAND YOGESH SHARES AND CONSULTANCY PVT LTD B 68500 45.72
30/7/2008 514300 PIONER EMBRO GOPAL TRADERS S 65173 45.75
30/7/2008 500302 PIRAMA HEALT THE SWASTIK SAFE DEPOSIT B 1390000 315.00
30/7/2008 500302 PIRAMA HEALT URVI ASHOK PIRAMAL S 1390000 315.00
30/7/2008 531646 RFL INTERNAT KANAK B MEHTA B 26000 0.70
30/7/2008 500389 SILVERLINE T APEX SECURITIES B 466923 19.00
30/7/2008 500389 SILVERLINE T SHALANI DHOOP PVT LTD B 454232 19.02
30/7/2008 500389 SILVERLINE T APEX SECURITIES S 247123 18.97
30/7/2008 500389 SILVERLINE T BSMA LTD S 950000 18.82
30/7/2008 500389 SILVERLINE T SHALANI DHOOP PVT LTD S 495578 19.02
30/7/2008 504398 SJ CORP LTD RAMESH D. PATEL B 2500 446.80
30/7/2008 504398 SJ CORP LTD SURBHI DHANANJAYA DESAI S 1500 446.80
30/7/2008 504398 SJ CORP LTD DHANANJAYA SUSHILCHANDRA DESAI S 1000 446.80
30/7/2008 517224 SUJANA UNIV S V ENTERPRISES B 1046170 11.22
30/7/2008 517224 SUJANA UNIV S V ENTERPRISES S 1046170 10.90
30/7/2008 532887 SUJANATOWER LIVE STAR MARKETING PVT LTD S 220000 75.00
30/7/2008 507785 TAINWA CHE P BHAGWANDAS HASHMATRAI MELWANI S 200000 13.01
30/7/2008 524394 VIMTA LABS L QUEST PORTFOLIO SERVICES P.LTD. B 200000 47.20
30/7/2008 524394 VIMTA LABS L DHARAMSHI BROKING PVT.LTD. S 200000 47.20
30/7/2008 517498 WEBEL SL ENE S L AGARWAL B 40000 232.00
30/7/2008 517498 WEBEL SL ENE GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 40000 232.00
NSE Bulk Deals to Watch - July 30 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
30-JUL-2008,ADHUNIK,Adhunik Metaliks Limited,CLEARWATER CAPITAL PARTNERS INVESTMENTS LTD.,BUY,610000,113.73,-
30-JUL-2008,ALEMBICLTD,Alembic Limited,MERRILL LYNCH INTERNATIONAL LTD,BUY,3075323,42.00,-
30-JUL-2008,BAJAJHLDNG,Bajaj Holdings & Invs Ltd,SANRAJ NAYAN INVESTMENTS PRIVATE LIMITED,BUY,2500000,394.99,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,ADROIT FINANCIAL SERVICES PVT LTD,BUY,1796580,10.91,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,AYODHYAPATI INVESTMENT PVT.LTD,BUY,608900,10.38,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,615966,10.35,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,NISSAR BROTHERS,BUY,1341622,10.90,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,PRAKASH & CO,BUY,1406962,11.01,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,PRASHANT JAYANTILAL PATEL,BUY,1341755,11.40,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,SS CORPORATE SECURITIES LIMITED,BUY,769282,11.43,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,TRANSGLOBAL SECURITIES LTD.,BUY,3706899,10.77,-
30-JUL-2008,CRISIL,CRISIL Limited,CLSA (MAURITIUS) LIMITED,BUY,122816,3605.00,-
30-JUL-2008,FIRSTWIN,First Winner Industries L,MLJ FOODS PVT LTD,BUY,91200,120.81,-
30-JUL-2008,FIRSTWIN,First Winner Industries L,SCB CORPORATION PROP SUNIL BAMCHA,BUY,150003,124.15,-
30-JUL-2008,FIRSTWIN,First Winner Industries L,TRANSGLOBAL SECURITIES LTD.,BUY,190627,118.96,-
30-JUL-2008,GODFRYPHLP,Godfrey Phillips Ltd.,CLSA (MAURITIUS) LIMITED,BUY,72556,1299.00,-
30-JUL-2008,GRANULES,Granules India Limited,KRISHNA PRASAD CHIGURUPATI,BUY,326565,53.00,-
30-JUL-2008,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,6798535,25.78,-
30-JUL-2008,PIONEEREMB,Pioneer Embroideries Limi,ANAND YOGESH SHARES AND CONSULTANCY PVT LTD,BUY,68500,44.82,-
30-JUL-2008,ADHUNIK,Adhunik Metaliks Limited,ABN AMRO BANK N.V. LONDON BRANCH,SELL,643276,111.83,-
30-JUL-2008,ALEMBICLTD,Alembic Limited,FIDELITY TRUSTEE COMPANY PRIVATE LIMITED A/C FIDELITY EQUITY,SELL,3203976,42.01,-
30-JUL-2008,BAJAJHLDNG,Bajaj Holdings & Invs Ltd,T. ROWE PRICE INTERNATIONAL A/C NEW ASIA FUND,SELL,1412549,395.00,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,ADROIT FINANCIAL SERVICES PVT LTD,SELL,1796580,10.85,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,AYODHYAPATI INVESTMENT PVT.LTD,SELL,1132900,10.67,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,BHAGYANAGAR METALS LIMITED,SELL,700000,12.15,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,615966,10.39,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,NISSAR BROTHERS,SELL,1341622,10.91,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,PRAKASH & CO,SELL,1406962,11.25,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,PRASHANT JAYANTILAL PATEL,SELL,1341755,11.43,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,SATI SALES PVT LTD,SELL,2030000,12.17,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,SS CORPORATE SECURITIES LIMITED,SELL,769282,10.24,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,TRANSGLOBAL SECURITIES LTD.,SELL,3701599,10.81,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,UKS OIL (P) LIMITED,SELL,731097,12.25,-
30-JUL-2008,BIRLACOT,Birla Cotsyn (India) Limi,VICKY RAJESHBHAI JHAVERI,SELL,1374012,10.10,-
30-JUL-2008,CRISIL,CRISIL Limited,CALYON,SELL,122816,3605.00,-
30-JUL-2008,FIRSTWIN,First Winner Industries L,MLJ FOODS PVT LTD,SELL,91200,126.50,-
30-JUL-2008,FIRSTWIN,First Winner Industries L,SCB CORPORATION PROP SUNIL BAMCHA,SELL,223003,121.07,-
30-JUL-2008,FIRSTWIN,First Winner Industries L,TRANSGLOBAL SECURITIES LTD.,SELL,190627,119.02,-
30-JUL-2008,GODFRYPHLP,Godfrey Phillips Ltd.,CALYON,SELL,72556,1299.00,-
30-JUL-2008,GRANULES,Granules India Limited,GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD,SELL,324075,53.00,-
30-JUL-2008,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,6798535,25.81,-
30-JUL-2008,PIONEEREMB,Pioneer Embroideries Limi,GOPAL TRADERS,SELL,71826,44.77,-
No new gas connections
Faced with mounting losses, Indian Oil Corp, the nation's largest fuel retailer, has 'temporarily' stopped giving new domestic cooking gas (LPG) connections, a move that has led a wait list of over 2 lakh.
"We have not bought new cylinders for almost one year now due to cash crunch (and so) we do not have equipment to give new connections," IOC Chairman Sarthak Behuria told reporters here.
IOC loses Rs 338.53 on sale of every 14.2 kg LPG cylinder and its daily loss on sale of the domestic fuel is about Rs 33 crore.
"We do not have working capital to service new consumers. So temporarily we have stopped issuing new connections," Behuria said. "Consumers are welcome to enrol but we have not given new connections since April."
Behuria said the move has led to a wait list of over two lakh consumers. "These are difficult times. We are faced with huge working capital shortage."
IOC, which has 56 per cent of the over 9.8 crore LPG consumers in the country, is projected to lose Rs 1,21,015 crore on sale of petrol, diesel, domestic LPG and kerosene in the current fiscal as government has not allowed it to raise retail prices in line with rise in cost.
The company also also resorted other measures to shore up its working capital including asking dealers to pay for supplies in advance and stopping consumer credits.
"We are also trying to restrict diversion (of domestic LPG) for commercial use," Behuria said.
The subsidised domestic LPG cylinder often finds way to hotels and restaurants and industries and automobiles who are supposed to use market priced gas.
Post Session Commentary - July 30 2008
The domestic market rebounded from yesterday’s losses to close with heavy gains on sustained buying over the ground led by favorable global cues and drop in crude oil prices. Indian market opened higher following positive global cues as crude declined to three month lows. Crude oil prices dropped by $2.54 to close at $122.19 a barrel on the NYMEX. Further, market traded sharply higher without any sign of weakness for through out of trading session. The interest rate sensitive like Bank and Real Estate shares, who were the major laggards yesterday made a smart come back in today session to conclude the day with hefty gains. NSE Nifty gained around 3% and ended above 4,300 mark. BSE Sensex closed with gains of more than 3% and ended above 14,200 level. The sharp rise was due to the heavy buying activities over the counters across all indices except FMCG stocks. Out of which, Bank and Reality indices rallied to close with a gain of more than 5%. Along with this, the Metal, Capital Goods, Oil & Gas, IT and Power stocks also witnessed heavy buying from these baskets. The market breadth was strong as 1784 stocks closed in green while 857 stocks closed in red and 83 stocks remained unchanged.
The BSE Sensex closed higher by 495.67 points at 14,287.21 and NSE Nifty ended up by 127.35 points at 4,317.20. The BSE Mid Caps closed with gains of 92.43 points at 5,581.01 and Small Cap ended up by 96.59 points 6,927.60. The BSE Sensex touched intraday high of 14,322.67 and intraday low of 14,002.19.
Gainers from the BSE are HDFC (7.99%), Tata Steel (7.83%), Tata Power (6.92%), Reliance Infra (6.90%), HDFC Bank Ltd (6.18%), Reliance Infra (10.36%), Sterlite In (5.13%), SBI 4.97%), Tata Motors (4.91%) and Wipro Ltd (4.90%).
Among the Sensex 30 pack 28 stocks closes in green and only two closed in red. Losers from the BSE are NTPC Ltd (4.23%) followed by ITC Ltd (1.11%).
The Metal index closed up by 568.34 points at 12,698.70. Gainers are Jindal Steel (8.92%), Tata Steel (7.83%), Hindustan Zinc (6.77%), Sterlite In (5.13%), NMDC Ltd (5.00%), and Gujarat Nre C (3.81%).
The BSE Bank index closed higher by 323.02 points at 6,522.62. Major gainers are Axis Bank (9.60%), Bank of Baroda (9.24%), Union Bank (6.69%), HDFC Bank Ltd (6.18%), Bank of India (5.37%), PNB (4.97%), ICICI Bank Ltd (4.59%), and Yes Bank (4.52%).
The BSE Capital Goods index gained 307.77 points to close at 11,628.37. Major gainers are Punj Lloyd (11.88%), Reliance Industrial Infra (5.00%), Walchand Ind (5.00%), BHEL (4.83%), Crompton Greaves (4.45%) and Jyoti Struct (3.95%).
The Oil & Gas index ended up by 304.17 points at 9,607.74. As Reliance Natural Resources (11.15%), BPCL (6.03%), IOC (5.16%), Reliance (3.74%), Gail India (3.37%) and Cairn India (3.37%) closed in positive territory.
The BSE Reality index ended higher by 244.17 points at 5,041.88. As Indiabulls Real (13.48%), Anant Raj (6.98%), Ansal Infra (5.72%), DLF Ltd (3.98%), Akruti City (3.88%), Unitech Ltd (3.41%), and Pheonix Mill (2.95%) closed in positive territory.
The BSE FMCG index lost 3.06 points to close at 2,133.22. Major losers are REI agro Ltd (4.78%) and ITC Ltd (1.11%).
Sensex garners 496 points on strong global cues, fall in oil
Rally in global equities and fall in oil prices aided a rebound on the domestic bourses today. Bulls struck back with vengeance as the market recouped most of yesterday (29 July 2008)’s losses caused by further monetary tightening by the Reserve Bank of India. Sensex gained more than 525 points at the day's highs hit in late trade. The barometer index BSE Sensex breached 14,000 mark in early trade and the market remained firm throughout the day.
Reliance Industries (RIL) surged. Banking stocks bounced back from yesterday (29 July 2008)’s steep fall. Metal, IT and realty and power shares also gained. Except BSE FMCG index all the other sectoral indices on BSE gained. HDFC, Tata Steel rose more than 7.5% while Tata Power Company and Reliance Infrastructure rose more than close to 7% each. The market breadth was strong as buying was witnessed across the board.
New York's main contract, light sweet crude for September 2008 delivery slumped $2.54 to $122.19 a barrel on the New York Mercantile Exchange yesterday, 29 July 2008.
The 30-share BSE Sensex jumped 495.67 points or 3.59% at 14,287.21. The index gained 531.13 points at the day’s high of 14,322.67, hit in late trade. The index gained 210.65 at the day’s low of 14,002.19 at the onset of the trading session.
The broader based S&P CNX Nifty jumped 123.70 points or 2.95% at 4,313.55. Nifty July 2008 futures were at 4330, at a premium of 16.45 points as compared to spot closing of 4313.55.
The barometer index BSE Sensex is down 5,999.78 points or 29.57% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6,919.56 points or 32.62% away from its all-time high of 21,206.77 struck on 10 January 2008.
The BSE clocked a turnover of Rs 5,273 crore today as compared to a turnover of Rs 5,103.03 crore yesterday, 29 July 2008. NSE's futures & options (F&O) segment turnover was Rs 58,543.91 crore, which was lower than Rs 64,804.21 crore on Tuesday, 29 July 2008. July 2008 derivatives contracts will expire tomorrow, 31 July 2008.
The BSE Mid-Cap index was rose 1.68% to 5,581.01 and the BSE Small-Cap index was up 1.41% to 6,927.08. Both these indices underperformed Sensex.
BSE Bankex (up 5.21% to 6,522.62), BSE Realty index (up 5.09% to 5,041.88), BSE Metal index (up 4.69% to 12,698.70), BSE IT index (up 3.72% to 3,722.09) outperformed Sensex.
BSE FMCG index (down 0.14% to 2,133.22), BSE Consumer Durables index (up 1.04% to 3,659.20), BSE HealthCare (up 1.81% to 4,207.91), BSE PSU index (up 2.49% to 6,676.91), BSE Capital Goods index (up 2.72% to 11,628.37), BSE Auto index (up 2.79% to 3,672.86), BSE Power index (up 3.25% to 2,554.22), BSE Oil & Gas (up 3.27% to 9,607.74), BSE Teck index (up 3.28% to 3,030.52) underperformed Sensex.
The market breadth was strong on BSE with 1,784 shares advancing as compared to 857 that declined. 83 remained unchanged.
As per the provisional figures on BSE, foreign institutional investors sold shares worth Rs 628.47 crore while domestic funds bought shares worth Rs 672.12 crore today, 30 July 2008.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 3.74% to Rs 2,163.20.
Bank stocks recovered from Tuesday's steep fall caused by further monetary tightening by the Reserve Bank of India at its quarterly policy review. HDFC Bank (up 6.18% to Rs 1,092.50), ICICI Bank (up 4.59% to Rs 635.30) and State Bank of India (up 4.97% to Rs 1,386.65) edged higher.
Realty stocks surged. Indiabulls Real Estate (up 13.48% to Rs 299.65), DLF (up 3.98% to Rs 490.70) and Unitech (up 3.41% to Rs 162.15) edged higher.
Metal stocks rose. Tata Steel (up 7.83% to Rs 630.05), Steel Authority of India (up 3.58% to Rs 136.05), Hindalco Industries (up 0.65% to Rs 140.15) and Sterlite Industries (up 5.13% to Rs 622.45) edged higher.
IT stocks gained. Satyam Computer Services (up 3.12% to Rs 380.20), Wipro (up 4.9% to Rs 422.45), Infosys (up 4.07% to Rs 1,602.60) and Tata Consultancy Services (up 3.76% to Rs 838.60) edged higher.
Power stocks rose. Tata Power Company (up 6.92% to Rs 1,115.50), Reliance Infrastructure (up 6.9% to Rs 970.80), Reliance Power (up 5.77% to Rs 163.05) edged higher.
HDFC (up 7.99% to Rs 2,273.95), Bharat Heavy Electricals (up 4.83% to Rs 1,668.95), Bharti Airtel (up 3.99% to Rs 809.95), were major gainers from Sensex pack.
India’s largest truckmaker by sales Tata Motors rose 4.91% to Rs 416.30. The company today reported 30.13% fall in net profit to Rs 326.11 crore on 17.88% rise in total income to Rs 7,244.05 crore in Q1 June 2008 over Q1 June 2007.
India’s largest tractor maker by sales Mahindra & Mahindra rose 2.66% to Rs 513.50. The company’s net profit fell 16.66% to Rs 159.3 crore on 25.99% rise in total income to Rs 3331.8 crore in Q1 June 2008 over Q1 June 2007. The company's board approved acquisition of all the business assets of Kinetic Motor Company (KMCL), a two-wheeler company for Rs 110 crore.
Power generation major NTPC fell 4.23% to Rs 170.90. On Tuesday, 29 July 2008, NTPC reported 27.1% fall in net to Rs 1726.53 crore on 5.87% growth in total income to Rs 10256.70 crore in Q1 June 2008 over Q1 June 2007.
India’s largest motorbike maker by sales Hero Honda Motor rose 6.27% to Rs 782.30. On Tuesday, the company reported 44% surge in profit after tax to Rs 272.87 crore on 16% growth in turnover to Rs 2890.25 crore.
Birla Cotsyn clocked the highest volume of 5.2 crore shares on BSE. Reliance Natural Resources (3.88 crore shares), IFCI (94.94 lakh shares), Ispat Industries (91.81 lakh shares), Reliance Petroleum (82.98 lakh shares) were the other volume toppers in that order.
Reliance Natural Resources clocked the highest turnover of Rs 374.84 crore on BSE. Reliance Capital (Rs 233.86 crore), Larsen & Toubro (Rs 178.11 crore), Reliance Industries (Rs 166.52 crore) and Housing Development Finance Corporation (Rs 145.42 crore) were the other turnover toppers in that order.
US stocks surged overnight, benefiting from a steep drop in oil prices and an unexpected rise in US consumer confidence after Merrill Lynch's announcement of yet another write-down and capital-raising exercise, raising hopes that the turning point in the year-long credit crisis was close. The Dow Jones Industrial Average rose 266.48 points, or 2.39 per cent, at 11,397.56, the Standard & Poor's 500 Index gained 28.82 points, or 2.33 per cent, at 1,263.19 and the Nasdaq Composite Index rose 55.40 points, or 2.45 per cent, at 2,319.62.
Asian markets were trading higher today, 30 July 2008. Japan's Nikkei, Hong Kong's Hang Seng, Taiwan's Taiwan Weighted, Singapore's Straits Times and South Korea's Seoul Composite were up by between 0.67% to 2.04%. China's Shanghai Composite fell 0.7%.
European markets edged higher. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 were up by between 0.63% to 1.29%.
In the near term, the domestic bourses may remain volatile ahead of expiry of futures & options contracts for July 2008 series on Thursday, 31 July 2008. As per reports, marketwide rollover of positions from July 2008 series to August 2008 series stood at 44%, while that of Nifty was 48%, as of Tuesday 29 July 2008.
The market had slumped yesterday, 29 July 2008 after the Reserve Bank of India (RBI) raised cash reserve ratio (CRR) by 25 basis points and repo rate by 50 basis points at quarterly review of the monetary policy. The 30 share BSE Sensex plunged 557.57 points or 3.89% at 13,791.54 and the broader based S&P CNX Nifty was down 142.25 points or 3.28% at 4,189.85, on that day. The tone of the monetary policy was extremely hawkish.
Market likely to see strong opening
Strong global cues and a fall in crude oil prices below $122 per barrel may trigger a strong opening in early trade today, 30 July 2008. New York's main contract, light sweet crude for September delivery slumped $2.54 to $122.19 a barrel on the New York Mercantile Exchange yesterday, 29 July 2008.
In the near term, the market trend is likely to dictated by slew of events like expiry of futures & options contracts on Thursday, 31 July 2008. Besides, the progress of the monsoon and corporates quarterly numbers will also be keenly watched.
Among the frontline companies, Mahindra & Mahindra, Tata Motors, Suzlon Energy, Unitech and ITC will declare their June 2008 quarterly results.
Volatility may remain high ahead of the expiry of futures & options contracts for July 2008 series on Thursday, 31 July 2008. As per reports, marketwide rollover of positions from July 2008 series to August 2008 series stood at 44%, while that of Nifty was 48%, as of Tuesday 29 July 2008.
Asian markets were trading higher today, 30 July 2008. China's Shanghai Composite rose 0.55% or 15.72 points at 2,866.03, Japan's Nikkei gained 1.19% or 156.26 points at 13,315.71, Hong Kong's Hang Seng added 1.66% or 369.18 points at 22,627.18, Taiwan's Taiwan Weighted advanced 0.64% or 44.83 points at 7,059.30, Singapore's Straits Times was up 1.01% or 29.11 points at 2,915.67 and South Korea's Seoul Composite surged 0.65% or 10.20 points at 1,577.40
Wall Street shares surged overnight, benefiting from a steep drop in oil prices and an unexpected rise in US consumer confidence after Merrill Lynch's announcement of yet another write-down and capital-raising exercise raising hopes that the turning point in the yearlong credit crisis was close.
The Dow Jones Industrial Average rose 266.48 points, or 2.39 per cent, at 11,397.56, the Standard & Poor's 500 Index gained 28.82 points, or 2.33 per cent, at 1,263.19 and the Nasdaq Composite Index rose 55.40 points, or 2.45 per cent, at 2,319.62.
Back home, the key benchmark indices slumped sharply yesterday, 29 July 2008 after the Reserve Bank of India (RBI) raised cash reserve ratio (CRR) by 25 basis points and repo rate by 50 basis points at quarterly review of the monetary policy. The 30 share BSE Sensex plunged 557.57 points or 3.89% at 13,791.54 and the broader based S&P CNX Nifty was down 142.25 points or 3.28% at 4,189.85, on that day.
The barometer index BSE Sensex is down 6,495.45 points or 32.01% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 7,415.23 points or 34.96% away from its all-time high of 21,206.77 struck on 10 January 2008.
As per the provisional figures foreign institutional investors (FII)'s sold shares worth Rs 538.27 crore while domestic funds sold shares worth Rs 254.59 crore yesterday 29 July 2008.
Foreign institutional investors (FIIs) were net sellers of Rs 1939.47 crore in the futures & options segment on 28 July 2008. They were net sellers of index futures to the tune of Rs 1166.31 crore and bought index options worth Rs 81.46 crore. They were net sellers of stock futures to the tune of Rs 883.85 crore and purchased stock options worth Rs 29.22 crore.
The Reserve Bank of India (RBI) yesterday 29 July 2008, raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation, now running close to 12%, and dampen inflationary expectations. The RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%. The central bank left its reverse repo and bank rates unchanged. The tone of the monetary policy was extremely hawkish.
Morning Call - July 30 2008
In House :
Nifty at a support at 4164 and 4075 with resistance at 4275 and 4330.
Cash: Buy RNRL above 89.50 target 94 with S/L 87.45
Cash: Buy CHAMBAL FERT above 71 target 76 with S/L 68.50
Future: Buy APTECH above 188 targets 200 with S/L 182.
Future: Buy TATA STEEL above 587 targets 605 with S/L 576.
Out House:
Markets at a support of 13786 & 13636 levels with resistance at 14041 & 14241 levels .
Buy : INFY & TCS
Buy : Adalbs & Relinfra
Buy : Sail & SesaGoa
Buy : Relcap
Buy : LNT
Buy : ITC & HLL
Buy : SBIN & IciciBank
Buy : Aftekinfo & IFCI
Buy : Core project
Dark Horse : Aftek , Wipro , Adalbs , SBIN , LNT , Core & INFY
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