Greaves Cotton, ICICI Bank, NIIT Technologies, TRF

Greaves Cotton, ICICI Bank, NIIT Technologies, TRF

NSE Bulk Deal Watch - Jan 21 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
21-JAN-2008,AIRDECCAN,Deccan Aviation Limited,RELIANCE CAPITAL TRUSTEE CO LTD,BUY,1158118,208.52,-
21-JAN-2008,APTECHT,Aptech Limited,OHM STOCK BROKER PRIVATE LIMITED,BUY,500000,235.00,-
21-JAN-2008,AUROPHARMA,Aurobindo Pharma Ltd.,S.A.C. INTERNATIONAL EQUITIES LLC,BUY,334000,379.90,-
21-JAN-2008,JHS,JHS Svendgaard Laboratori,NANDA NIKHIL,BUY,64800,60.02,-
21-JAN-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,BNP PARIBAS ARBITAGE,BUY,370000,206.83,-
21-JAN-2008,SARLAPOLY,Sarla Performance Fibers,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,48437,175.03,-
21-JAN-2008,APTECHT,Aptech Limited,MINDSET TECHNOLOGIES PVT. LTD.,SELL,340000,234.97,-
21-JAN-2008,EDUCOMP,Educomp Solutions Limited,OPPENHEIMER DEVELOPING MARKETS FUND,SELL,96273,4472.39,-
21-JAN-2008,HCLTECH,HCL Technologies Ltd.,MORGAN STANLEY INVESTMENT MANAGEMENT INC,SELL,4947399,261.85,-
21-JAN-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,MORGAN STANLEY DEAN WITTER MAURITIUS COMPANY,SELL,350700,210.89,-
21-JAN-2008,SARLAPOLY,Sarla Performance Fibers,SATIDHAM INDUSTRIES PVT. LTD,SELL,66000,175.05,-
21-JAN-2008,SRF,SRF Ltd.,LEHMAN BROTHERS ASIA LTD A/C LB INDIA HOLDINGS CAYMAN II LTD,SELL,361500,135.82,-
21-JAN-2008,TATAMETALI,Tata Metaliks Ltd,VIJAY KUMAR,SELL,195032,139.53,-

1000 pt fall for ... DOW ?

Tuesday could bring a 1,000 point drop on the Dow, especially if markets in Asia and Europe repeat their Monday performances tomorrow. China's big Hang Seng index fell 5.5% to 23,818. The percentage drop in Shanghai was a bit less.

Europe markets have also been off over 5% most of the day with the German DAXX and French CAC 40 leading the way. Huge multinational Siemens (SI) has fallen as much as 7.3%. French financial services giant AXA (AXA) has been off almost 8%.

More here

Eveninger - Jan 21 2008

Eveninger - Jan 21 2008

Nifty January 2008 futures at discount

Turnover in F&O segment increases

Nifty January 2008 futures were at 5203, at discount of 5.80 points as compared to spot closing of 5208.80.

The NSE's futures & options (F&O) segment turnover was Rs 82,241.65 crore, which was higher than Rs 72,852.64 crore on Friday, 18 January 2008.

Reliance Communication January 2008 futures were at discount, at 604, compared to the spot closing of 613.35.

NTPC January 2008 futures were at discount, at 202.45, compared to the spot closing of 205.80.

State Bank of India January 2008 futures were at premium, at 2199.70, compared to the spot closing of 2196.15.

In the cash market, the S&P CNX Nifty lost 496.5 points or 8.70% at 5208.80.

Valuenotes - uploading malware - dangerous site ??

Google seems to think so

The owners of Valuenotes should contact Google and find if there is a issue with their site! If you use their site, do let them know about it!

Lesson - When you read things like these , you should exit stocks immediately

As global investors dump stocks in a flight to safety that has whipped gold prices to a series of record highs, Indians are doing just the opposite.

In a nation that buys a third of the world's gold output, even bullion dealers are selling the stuff in hopes of a seventh year of stock market gains, a trend that could cause gold's record run to above $900 an ounce this year to stumble.

Far removed from gloomy global peers who are bracing for a US recession, Indians increasingly see limited upside for gold after last year's rise of more than 30 per cent, and are ready to shift more of their savings from jewellery toward a stock market that notched up over 40 per cent gains for three years running.

"I, myself, have sold gold and invested in the equity market," Pawan Choksi, a bullion dealer based in Ahmedabad, told Reuters. "I am restructuring my portfolio."

"Who will take a chance with gold at these levels?" he said. "Maybe there will be a correction."

Earlier this decade, most Indians preferred gold to a share market that they viewed as dominated by speculators and saddled with companies that had dubious earnings potential.

The shift, though slow, is already taking its toll on gold.

Imports by India fell as much as a fifth last year and are likely to tumble again this year if prices stay high, says Suresh Hundia, president of the Bombay Bullion Association.

"Imports have virtually come to a standstill in the last 20 days because of the high prices," he told Reuters Tuesday.

Bullion analysts are, for the moment, maintaining a bullish stance, with many expecting the spot price to test the $1,000 an ounce watershed before year's end as the falling dollar and US economic doom and gloom add to gold's allure.

But the prospect of another 10 per cent gain is not luring many buyers into the jewellery shops in New Delhi's famous Karol Bagh, where some banners scream "Sale" at a time when demand usually is high because of marriages in January and February.

"Demand! Where is the demand?" says Ravi Sood, partner of Kidarsons Jewellers, his eyes sweeping over a near-empty shop as a lone customer huddled in a corner took apart some old jewellery to assess its value.

"Only those who are in desperate need because of a marriage in the family are buying," he said. "Even then they bring a bagful of old gold to exchange so that their budget does not go haywire."

Stock Market Appeal

Gold jewellery has a long tradition in India as an auspicious gift for Indian marriages, and a lifetime saving for brides, while the share market was regarded with some trepidation.

But a record-breaking run by India's stock market has elevated its profile in society, with new blue chips, huge share offerings and the rapid growth of mutual funds elevating investor confidence along the way.

Analysts say gains may be checked this year by the risk of a US recession and a slowdown in the influx of foreign funds, although most still see another positive year and there appears to be little waning in retail appetite.

Tuesday, the initial public offering of billionaire Anil Ambani's Reliance Power raised $3 billion, the most ever for an Indian IPO, in under 60 seconds.

Mutual fund holdings, seen as a good barometer of retail investment, are estimated to have accounted for 4.8 per cent of household financial savings in the fiscal year that ended last March, up from only 0.4 per cent two years earlier.

"Gone are the days when fly-by-night companies could float an initial public offering," said Prithvi Haldea, managing director of Prime Database, an expert on India's primary share market. "Almost every IPO in 2007 got listed at a premium."

Indian IPOs raised a record $8.3 billion last year and are expected to nearly double that this year, according to Thomson Financial data.

Gold, in comparison, looks a little less lustrous.

"Everybody and anybody is entering equities as penny stocks worth five to ten rupees are also rallying and going up to 20 to 40 rupees," said Krishna Kumar Nathani, managing director of Indiabullion.com, a local consultancy.

"You are getting 100 to 200 per cent in a month's time on shares," he said. "I have never made 100 per cent in gold in such a short time."

Via Reuters

Sensex - best performer to top loser!

It was atrocious day for the market with selling seen across the globe. Following the weak global cues and unwinding pressure in the domestic space displayed the free fall picture. Almost all the technical and psychological levels were broken with no support from anywhere. Realty, metals, power, and Auto?s and midcaps collapsed, ended with huge losses. Markets were halted for a while in this meltdown and resumed later but managed to recover 700 points from the days lows. Sensex crashed around 2060 points, the largest fall in a single day and tumbled to a low with high volatility as investors feared following weak global cues amid terror of the US recession. Midcap and small caps ended down over 10% which is recorded as worst performance in the life time. Today was biggest ever fall for the markets. All Asian markets ended in deep red and the European indices are witnessing a same trend.

Sensex ended down by 1408 points at 17605.35. Weighing on the Sensex were losses in Rel Energy (1776.05,-16 percent), ACC (727.6,-16 percent), Bajaj Auto (2064.3501,-15 percent), NTPC (205.65,-14 percent) and RCVL (612.9,-13 percent). Losses are restricted by gains in .

Edelweiss Capital came out with healthy 3rd quarter numbers. Reported net profit of Rs 95 cr for the quarter ended December 2007 as against Rs 31 cr in same quarter of last year. Net sales went up by 228% at Rs 323 cr Vs Rs 98.5 cr. Operating profit jumped at Rs 145 cr from Rs 49.8 cr and operating profit margin was down at 44.89% Vs 50.57%. I-banking segment grown by 80% YoY, institutional equities grown 120% YoY. The Investment Banking business has successfully closed 24 transactions in 9 months. 1/3 rd revenues from arbitrage, 18% from interest, 40% from fee and commission. The total average daily volumes for Edelweiss Securities have grown from Rs 1,800 cr in FY07 to Rs 4,500 cr for the current year. The stock ended down despite good performance in the quarter number which was struck in the panic selling market.

Mumbai-based apparel maker Kewal Kiran Clothing Company engaged in manufacturing and marketing of ready to wear apparels. The company?s brands include Killer, Lawman, and Integriti. Today reported 40% increase in net profit to Rs 5 cr for the quarter ended December 2007 as against Rs 3.6 cr in the same quarter, last year. Net sales for the quarter climbed 35.44% to Rs 42.74 cr as compared to Rs 31.56 cr in the corresponding quarter, a year ago. Total income surged 34% to Rs 45 cr as against Rs 33.52 cr in the same quarter, a year ago. The earnings per share (EPS) for the quarter rose 40.48% to Rs 4.13 as compared with December 2006 quarter. Recently the company has raised Rs 81 cr for its capital expenditure requirements which involve setting up new manufacturing facilities, expansion of distribution network by opening additional exclusive outlets, building corporate office and to meet general corporate purposes. This quarter numbers were not in line the market expectation despite good sales seen in the killer brand KKCL could not maintain the margins at both EBIDTA and Net profits levels. Stock traded at lower circuit levels.

Technically Speaking: Markets traded extremely weak with heavy bouts of selling seen throughout the day. Indices made intraday high of 18,919 and low of 16,951. Turnover for the day was around Rs 9000 cr. The breath has been in favor of Declines Vs Advances.

Our Sensex target of 17,600 was met today which we mentioned past one week. Sensex is heading towards 15,700. On the higher side resistance likely to be at 17,800 and 18,100, however 17,150 is a support level. We advice better to be in cash for time being.

BSE Bulk Deals to Watch - Jan 21 2008

Deal Date	Scrip Code	Scrip Name	Client Name	Deal Type *	Quantity	Price **
21/1/2008	532935	ARIES AGRO	PACE FINCAP PRIVATE LIMITED	B	70176	190.43
21/1/2008	532935	ARIES AGRO	PACE FINCAP PRIVATE LIMITED	S	70732	192.57
21/1/2008	505506	AXON INFOTEC	AVINASH ARVIND JAGUSHTE	S	5324	65.09
21/1/2008	530427	CHOKSI IMAG	NIRMAL INVESMENTS	S	20000	27.64
21/1/2008	503673	CMM BROADCAS	MANMOHAN DAMANI HUF	S	36751	7.23
21/1/2008	522163	DIAMON CABLE	RELIANCE AMC ACCOUNT PMS	S	85543	501.21
21/1/2008	500147	FLAP PROD EQ	PHOTON INFOTECH PRIVATE LTD	B	33601	450.17
21/1/2008	500147	FLAP PROD EQ	MINGEL ZAV TUSCANO	S	26000	464.44
21/1/2008	512493	GARNET INTL	NICKUNJ G SHAH	B	101701	91.29
21/1/2008	530343	GENUS POWER	TALMA CHEMICALS INDS. PVT. LTD.	B	300000	727.00
21/1/2008	530343	GENUS POWER	PRISM IMPEX PVT LTD	S	100000	752.00
21/1/2008	532857	GLORY POLY	MAVI IMPEX LTD	B	313200	96.99
21/1/2008	532857	GLORY POLY	AXIOM IMPEX INTERNATIONAL LIMITED	S	300000	96.82
21/1/2008	532758	KEW INDUSTR	SUDIP A PATEL	B	70250	46.64
21/1/2008	532758	KEW INDUSTR	BLISS INVESTMENT CONSULTANCY	S	70000	46.56
21/1/2008	532092	KIRTI FINVES	AYODHYAPATI INVESTMENT PVT LTD	B	323378	1.98
21/1/2008	532092	KIRTI FINVES	AYODHYAPATI INVESTMENT PVT LTD	S	323378	2.00
21/1/2008	532852	MCD HOLDING	RUANNE CUNNIFF AND GOLD FARB INC ACACIA PARTERSLP	B	84638	335.38
21/1/2008	531500	RAJESH EXPOT	JM FINANCIAL MF . .	B	331520	711.06
21/1/2008	500357	RAMA PAPER	SUSAMMA MATHEW	S	71850	27.14
21/1/2008	526407	RIT PRO IND	SANJEEV ARORA	B	70000	134.14
21/1/2008	526407	RIT PRO IND	SANJEEV ARORA	S	57135	134.14
21/1/2008	531645	SOUTHERN ISP	NORTH DELHI CONSTRUCTION AND INVESTMENT PVT LTD	B	40000	39.09
21/1/2008	532765	USHER AGRO	MAVI INVESTMENT FUND LTD	B	200000	218.49
18/1/2008	505506	AXON INFOTEC	ANJANI VANIJYA PRIVATE LIMITED	B	50000	75.50
18/1/2008	500045	BELLA STE AL	SETU SECURITIES PVT LTD	B	1925002	9.92
18/1/2008	500045	BELLA STE AL	SETU SECURITIES PVT LTD	S	1699980	9.93
18/1/2008	531671	BISLERI GUJ	SETU SECURITIES PVT LTD	S	426632	7.29
18/1/2008	532751	EASUNREYRL	BLACKSTONE ASIA ADVISORS A C THE INDIA FUND INC	S	206325	317.00
18/1/2008	532927	ECLERX	MATRIX EQUITRADE PVT LTD	B	95199	422.68
18/1/2008	532927	ECLERX	MATRIX EQUITRADE PVT LTD	S	95199	423.04
18/1/2008	522017	FLUIDOMAT LT	AASIA MANAGEMENT CONSULTANCY PVT LTD	S	30000	28.76
18/1/2008	532414	IKF TECHNO	SETU SECURITIES PVT LTD	S	2070002	15.20
18/1/2008	532606	PAREKH ALUM	EYEBALLS MEDIA MARKETING PVT LTD	B	109585	230.00
18/1/2008	532606	PAREKH ALUM	KAMLESH KANUNGO	S	140000	235.00
18/1/2008	532606	PAREKH ALUM	DIMPLE KANUNGO	S	83000	235.00
18/1/2008	532606	PAREKH ALUM	EYEBALLS MEDIA MARKETING PVT LTD	S	109585	235.00
18/1/2008	531646	RFL INTERNAT	HEENA NAYAN DOSHI	B	35000	2.76
18/1/2008	512499	SHALIMAR PRO	ENCA FINLEASE LTD.	B	176190	3.05
18/1/2008	532765	USHER AGRO	CHITRA JITENDRA MAYEKAR	S	107023	208.61
18/1/2008	505930	VISHAL MELL.	ELECTRA FINANCIAL SERVICES LTD	B	17800	72.70
17/1/2008	500045	BELLA STE AL	SETU SECURITIES PVT LTD	B	1715002	9.59
17/1/2008	531671	BISLERI GUJ	SETU SECURITIES PVT LTD	B	535000	7.45
17/1/2008	517973	DMC INTER	SFS INFINITE LTD	S	20000	35.83
17/1/2008	532414	IKF TECHNO	SETU SECURITIES PVT LTD	B	2135002	15.15
16/1/2008	531190	A V COTTEX I	MONA MONGA	B	33000	32.15
16/1/2008	531223	ANJANI SYNTH	ASHA B AGRAWAL	B	70000	55.50
16/1/2008	531223	ANJANI SYNTH	SANJU MANOHAR BADHIYE	S	39775	55.05
16/1/2008	531223	ANJANI SYNTH	MANOHAR PUNDLIKRAO BADHIYE	S	50000	55.50
16/1/2008	505506	AXON INFOTEC	AS VANIJYA PRIVATE LIMITED	B	20500	67.75
16/1/2008	505506	AXON INFOTEC	ANITA VYAPAAR PRIVATE LIMITED	B	22000	67.51
16/1/2008	531127	ENRICH INDUT	ROBINSON WORLDWIDE TRADE LIMITED	S	121897	4.00
16/1/2008	531863	GEEKAY FINAN	C R RAJESH NAIR	B	45025	72.30
16/1/2008	531863	GEEKAY FINAN	SIGRUN REALTIES LTD	S	45000	72.30
16/1/2008	508976	SPANC TELESY	STUPENDORS TRADERS PRIVATE LIMITED	B	170000	243.50

US Housing Bubble, Is India a Bubble too ?

It is perhaps a good time to read, reflect and understand


Now, lets think about India, Are we in a India Bubble ? Is the India bubble going to burst too ? Real Estate bubble, homes without infrastructure, how are we insulated, isn't our domestic growth powered by the money that IT folks get and are pumping?

Sound off, leave a comment !

Also, do leave your comment on What did you do today ?

(PS: I am not bearish on the markets)

Blood

It was one trading day that investors will take a long time to forget. Fears of recession in the US becoming a reality saw global indices tumble. The worst to get affected in this mayhem was the Indian market.

The bears went berserk on Dalal Street creating panic to such an extent that trading in Bombay Stock Exchange’s benchmark Sensex was halted briefly.

The moment trading resumed, the index recovered some lost ground. According to dealers, “government funds are trying to bring in some stability to the already crumbling market.”

Sensex saw the biggest absolute fall in history by falling 2062 points intra-day. It closed at 17,605.35, down 1408.35 points or 7.4 per cent. It fell to a low of 16,951.50.

National Stock Exchange’s Nifty plummeted 8.7 per cent or 497 points to close at 5208.80. It slumped to a low of 4977.10.

NTPC, down 15.07%, was the worst hit, followed by Reliance Energy (down 14.79%), ACC (14.53%), ACC (14.53%), Reliance Communications (13.84%), Grasim Industries (13.19%) and DLF (9.62%).

Bucking the trend, Satyam Computer posted nearly 5 per cent gains after the IT major reported a 29 per cent rise in consolidated third-quarter net profit on continued growth in sales and said it expects a 45-45.2 per cent increase in revenue growth in 2008 over 2007.

The company’s net profit for its fiscal third quarter ended December 31 rose to Rs 434 crore from Rs 337 crore reported a year earlier

It's the biggest folks!

Date Close Prv Cls Chg % Chg

21-Jan-08 17605.40 19013.70 (1,408.35) (7.4)

18-May-06 11391.43 12217.81 (826.38) (6.8)

17-Dec-07 19261.35 20030.83 (769.48) (3.8)

18-Oct-07 17998.39 18715.80 (717.43) (3.8)

18-Jan-08 19013.70 19700.80 (687.12) (3.5)

Saare Zameen Par

After having a deep negative opening for the day, the markets tumbled down further with heavy losses. It was the worst trading session the investors would have seen in their lifetime history. For the first time ever, markets broke all the important technical and psychological levels and witnessed an intraday fall of more then 2000 points. BSE was shut for a brief period of time, however it resumed trading immediately. Later Sensex recovered 700 points from its day''s low. Among major sectors, Metal, Oil & Gas, Realty and Capital Goods suffered badly. Even the Small Caps and Mid Caps were the most hit as they faced heavy selling pressure across the counters. The BSE Sensex touched an intraday high of 18,919.57 and low of 16,951.50. On the closing bell, the Sensex ended lower by 1,408.35 points at 17,605.35 and NSE Nifty fell by 496.50 points to close at 5,208.8. The BSE Mid Cap and Small Cap closed with heavy losses of 1,011.72 points and 1,248.79 points at 7,881.99 and 10,911.66 respectively.

BSE Metal index stood as the top loser by losing 2295.42 points to close at 14,963.38. Scrips that slipped are Jindal Steel (85.28%) on the back of stock split, Ispat Inds (27.13%), Maharashtra Seamless (23.04%), Sesa Goa (22.18%), Jindal Stainless (17.84%) and Gujarat NRE (16.08%).

BSE Oil & Gas index also slipped by 1505.58 points to close at 11,089.33. Scrips that dropped are Essar Oil (31.55%), RNRL (23.21%), IOC (18.11%), RPL (17.53%), Aban Offshore (14.48%) and HPCL (12.61%).

BSE Capital Goods index fell by 1245.81 points to close at 17,087.82. Scrips that plunged are Suzlon Energy (80.75%) due to stock split, Praj. Inds (19.10%), Lakshmi Machine (16.40%), Kir Oil Eng (15.83%).

BSE Bankex index slipped by 790.40 points to close at 10,582.01. Scrips that fell are Cent. Bank Of Punjab (18.69%), Andhra bank (14.29%), Kotak Bank (14.28%).

BSE Auto index dropped by 483.21 points to close at 4,664.53 as Ashok Leyland (20.41%), Escorts Ltd (20.30%), TVS Motors (19.64%).

Bears strike back, drag Sensex to17,600

The Sensex recorded one of the biggest crash of the year and nose-dived over 2,000 points or 12% during intra-day trades, making India the worst performing markets in the Asian region. The heavy downfall in the market was triggered mainly by the weakness in global indices and the offloading of equities by foreign institutional investors (FIIs) in the past few sessions in the domestic market. The mood was extremely bearish since the early trades. After resuming 94 points lower over its last close at 18,920, the Sensex witnessed a major sell-off as the trading progressed. A major correction in metal, realty, oil, public sector and power stocks saw the Sensex plunge deep into the red in late trades and slump below the 17,000 mark to touch the intra-day low of 16,951, down 12.16%. The Sensex, however, recovered towards the close and pared some of its losses to finally sign off the session with a loss of 7.41% or 1,408 points at 17,605. The Nifty crumbled 8.61% or 491 points to close at 5,214.

All the sectoral indices were hammered. Among the major losers, the BSE Metal Index dropped by 13.30%, the BSE Realty Index shed 12.83%, the BSE Oil & Gas Index declined by 11.95%, the BSE Power index slipped 10.94% and the BSE PSU index fell 10.67%. In the broader market, losers outnumbered gainers by 19.26:1. Of the 2,811 stocks traded 2,657 stocks declined, 139 stocks advanced and 15 stocks remained unchanged.

All the 30 stocks in the Sensex basket ended with steep losses. Among the major losers Reliance Energy tanked 16.38% at Rs1,776, ACC slumped 15.85% at Rs728, Bajaj Auto tumbled 15.21% at Rs2,064, NTPC crashed 14.15% at Rs206 and Reliance Communications lost 12.71% at Rs613. Hindalco at Rs166, DLF at Rs904, Grasim at Rs3,025, Reliance Industries at Rs2,544 and Tata Motors at Rs654 also crashed by 9-10% each. Other front-line stocks also shed around 5-8% each.

Over 2.75 crore RNRL shares changed hands on the BSE followed by Ispat Industries (2.55 crore shares), Reliance Petroleum (2.46 crore shares), Tata Teleservices (1.52 crore shares) and IFCI (1.48 crore shares).

Valuewise, Reliance Industries registered a turnover of Rs663 crore followed by RNRL (Rs491 crore), Reliance Energy (Rs466 crore), Reliance Petroleum (Rs456 crore) and Reliance Capital (Rs340 crore).

Carnage on the street; Sensex tanks 1408 points

The market extended losses for sixth straight day in highly volatile trade led by setback in stocks across the globe. Both the niche indices cracked below key physcological levels. The BSE Sensex registered its biggest single day point fall.

The sharp fall was triggered by setback in global markets, selling by foreign institutional investors and margin calls after a proposed US stimulus package failed to soothe fears the US will tip into recession.

The 30-share BSE Sensex declined 1408.35 points or 7.41% to 17,605.35, its biggest single-day point fall on a closing basis. The market came-off lower level after trading was briefly halted after the steep fall. The Sensex hit a low of 16,951.50 in late-afternoon trade. At the day’s low, the Sensex had declined 2062.22 points, the biggest intra-day fall in Sensex ever.

On a closing basis, Sensex’s previous biggest single day point fall was on 18 May 2006, when it had plunged 826 points or 6.75% to 11,391 spooked by a government circular on taxing investment gains and heavy FII selling.

The broader CNX S&P Nifty declined 496.50 or 8.70% to 5,208.80. It had slipped to low of 4,977.10 in late trade. Nifty January 2008 futures settled at 5,203, a discount of 5.80 points as compared to spot closing of 5,208.80

With today’s fall, the BSE Sensex has eroded 3601.42 points or 16.98% from a record high of 21,206.77 hit on 10 January 2008.

Small and mid-cap stocks were battered brutally. The BSE Mid-Cap index tumbled 1011.72 points or 11.38% to 7,881.99 while BSE Small-Cap index slipped 1248.79 points or 10.27% to 10,911.66. Both these indices underperformed the Sensex

All the sectoral indices on BSE registered steep losses. BSE FMCG Index (down 5.62% at 2,173.21), Bankex (down 6.95% to 10,582.01), BSE Capital Goods index (down 6.80% at 17,087.82), BSE IT index (down 5.73% to 3,573.25), outperformed the Sensex.

BSE Power Index (down 10.94% at 3,828.81), BSE Auto index (down 9.39% at 4,664.53) and BSE Realty (down 12.83% to 10,479.87), BSE Metal index (down 13.30% at 14,963.38), BSE PSU index (down 10.67% to 8,629.40), BSE Health Care index (down 8.03% at 3,701.62), BSE Oil and Gas index (down 11.95% at 11,089.33), BSE Consumer Durables index (down 8.43% to 5,351.63), BSE TecK index (down 7.58% to 3,214.54), underperformed the Sensex.

The market breadth was extremely weak. On BSE, 2658 a declined as compared to just 140 that rose. A total of 14 shares remained unchanged.

BSE clocked a turnover of Rs 9299 crore as compared to Rs 8,801.38 crore on Friday, 18 January 2008.

Turnover in NSE’s futures & options segment advanced to Rs 82241.65 crore by as compared to Rs 72852.64 crore on Friday, 18 January 2008.

All the members of 30-share BSE Sensex pack settled with losses.

India’s second biggest power utility company in terms of net profit Reliance Energy plunged 16.38% to Rs 1,776.05. It was the top loser from Sensex pack.

ACC (down 14.53% to Rs 739), NTPC (down 15.20% to Rs 203.15), Reliance Communications (down 13.84% to Rs 605), DLF (down 10.15% to Rs 903.70), Hindalco Industries (down 10.32% to Rs 165.95) and Bajaj Auto (down 15.21% to Rs 2064.35), collapsed.

ICICI Bank, the country’s largest private sector bank in terms of net profit, declined 5.80% to Rs 1,173.20. ICICI Bank reported 35.2% rise in net profit to Rs 1230.21 crore on 32.50% rise in operating income to Rs 10338.36 crore in Q3 December 2007 over Q3 December 2006. The results were announced on Saturday, 19 January 2008. Meanwhile, ICICI Securities (I-Sec), the broking and investment-banking arm of ICICI Bank, is set to hit the market in six months.

India’a largest private sector firm by market capitalization and oil refiner Reliance Industries was down 9.12% to Rs 2,544.20.

India’s largest pharma company in terms of sales, Ranbaxy Laboratories which held firm in early trade, also succumbed to selling pressure later in a weak market. It declined 6.06% to Rs 363.20. The company today said it had settled terms with GlaxoSmithKline on a possible patent litigation for a generic version of the firm's Imitrex tablets. Under the terms of the settlement, Ranbaxy may sell a generic version, sumatriptan succinate tablets, in multiple strengths in the United States from December 2008, it said in a statement to the BSE.

India’s largest telecom services provider in terms of market capitalisation, Bharti Airtel slipped 5.22% to Rs 828.25. It signed a $150 million six-year agreement with global IT major IBM for implementation of IT systems to launch differentiated services in broadband, media, IPTV and DTH segments.

India’s fourth largest software services exporter, Satyam Computers advanced 4.67% to Rs 390, and was the lone gainer from 30-member Sensex pack. The company reported 28.58% rise in net profit to Rs 433.63 crore on 35.58% rise in total income to Rs 2266.05 crore in Q2 September 2007 over Q2 September 2006.

Satyam Computer for fiscal 2008, under US GAAP, expects revenue between $2,119 million and $ 2,122 million, implying a growth rate of 45% to 45.2% over fiscal 2007. Seperately, the company said it has entered into a definitive agreement to acquire Bridge Strategy Group, a Chicago based management consulting firm.

India's biggest oil explorer in terms of market capitalisation Oil & Natural Gas Corporation (ONGC) slipped 7.89% to Rs 1,114.05. The company posted 6.46% fall in net profit to Rs 4366.54 on 1.75% fall in total income to Rs 15983.81 crore in Q3 December 2007 over Q3 December 2006.

Among side counters, Wire & Wireless India (down 31% to Rs 51.20), IVR Prime (down 29.16% to Rs 255.35), Parsvnath Developers (down 28.85% to Rs 292.80), Essar Oil (down 31.55% to Rs 185.75), Bajaj Hindustan (down 28.08% to Rs 197.85), and Sasken Communications (down 28.54% to Rs 197.40), tumbled.

Reliance pack dominated turnover charts on BSE. Reliance Industries was the top traded counter on BSE with total turnover of Rs 663.60 crore followed by Reliance Natural Resources (Rs 491.70 crore), Reliance Energy (Rs 466.40 crore), Reliance Petroleum (Rs 456.80 crore) and Reliance Capital (Rs 340.50 crore).

Reliance Natural Resources was the volume topper on BSE with total volume of 2.75 crore shares followed by Ispat Industries (2.55 crore shares), Reliance Petroleum (2.47 crore shares), Tata Teleservices (Maharashtra) (1.53 crore shares) and IFCI (1.49 crore shares).

Power Finance Corporation declined 10% to Rs 208.75. It reported 50% rise in net profit to Rs 320.49 on 36.70% rise in operating income to Rs 1300.56 crore in Q3 December 2007 over Q3 December 2006.

Mahindra & Mahindra Financial Services slipped 12.11% to Rs 278.05 following its plans to sell 1.09 crore shares at Rs 380 per share to TPG-Axon (Mauritius) and Standard Chartered Private Equity (Mauritius).

Idea Cellular tumbled 11.53% to Rs 120.25. It posted 108.6% spurt in net profit to Rs 237.19 in on 48.80% rise in total income to Rs 1708.09 crore in Q3 December 2007 over Q3 December 2006.

Indian markets today underperformed their global peers. European markets, which opened after Indian markets, were in red. Key indices in United Kingdom (down 2.17% to 5,773.80), France (down 2.88% to 4,945.5) and Germany (down 3.06% to 7,090.38) declined.

Asian markets extended early losses. Hong Kong's Hang Seng (down 5.49% at 23,818.86), South Korea's Seoul Composite (down 2.95% at 1,683.56), Taiwan's Taiwan Weighted (down 0.91% at 8,110.20), China’s Shanghai Composite (down 5.14% to 4,914.43), and Japan’s Nikkei 225 index (down 3.86% to 13,325.98), edged lower

The Dow Jones industrial average lost 59.91 points, or 0.49%, at 12,099.30, its lowest close in 10 months. The Standard & Poor's 500 Index was down 8.06 points, or 0.6%, at 1,325.19, a 16-month low. The Nasdaq Composite Index lost 6.88 points, or 0.29%, at 2,340.02, a 10-month low.

US president George Bush on Friday, 18 January 2008, called for a package of tax cuts and other measures totaling around 1% of US gross domestic product, or up to $150 billion, after weak recent reports on employment, retail sales, factory activity, and housing construction this month suggested the United States -- the world's largest economy --may be heading into recession. Under consideration in the package announced by Bush are ideas like tax rebates, incentives for businesses, and extensions of unemployment insurance.