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Monday, April 28, 2008
Sensex down as market looks for RBI Policy
In a choppy trade, the Bombay Stock Exchange benchmark Sensex closed lower by 110 points as funds and investors turned cautious ahead of the RBI`s Credit Policy and the US Fed decision on interest rate.
The Sensex, which gained nearly 405 points on Friday, turned weak and lost 110.02 points at 17,015.96 as market players adjusted their positions before the Reserve Bank of India`s meeting on Credit Policy tomorrow.
Foreign funds were also cautious before the US Federal Reserve meeting on interest rate. The Fed is scheduled to meet on April 29-30.
The key-index touched the day`s high of 17,271.56 and low of 16,978.89 points.
The downward trend was checked at some levels as Reliance Power, Reliance Natural and Reliance Energy gained on attractive quarterly results.
The wide-based National Stock Exchange index Nifty also fell by 22.05 points at 5,089.65, after touching the day`s high of 5,147.45 and low of 5,079.15 points.
NSE Bulk Deal Watch - Apr 28 2008
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
28-APR-2008,GEOMETRIC,Geometric Limited,VINAMRA UNIVERSAL TRADERS PVT.LTD.,BUY,366719,59.00,-
28-APR-2008,LICHSGFIN,LIC Housing Finance Ltd,MIRAE ASSET MANAGEMENT CO LTD,BUY,572732,347.33,-
28-APR-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,BUY,3788505,52.75,-
28-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,SURESH U.TREVADIA,BUY,329490,240.24,-
28-APR-2008,SITASHREE,Sita Shree Food Products,AMBIT SECURITIES BROKING PVT. LTD.,BUY,116685,57.91,-
28-APR-2008,SITASHREE,Sita Shree Food Products,DIPAK RAMANBHAI RATHOD,BUY,169191,58.41,-
28-APR-2008,SITASHREE,Sita Shree Food Products,MAHESH CHAND MITTAL,BUY,100000,57.69,-
28-APR-2008,SITASHREE,Sita Shree Food Products,MANOJ NANDKISHOR TEKRIWAL,BUY,243947,59.53,-
28-APR-2008,SITASHREE,Sita Shree Food Products,V J PATEL INVESTMENT,BUY,134250,59.94,-
28-APR-2008,VISESHINFO,Visesh Infotecnics Limite,HONEY BEE SECURITIES LIMITED,BUY,2500,17.50,-
28-APR-2008,CHI,CHI Investments Limited,HSBC GLOBAL INVESTMENT FUNDS A/C HSBC GLOBAL INVESTMENT FUND,SELL,109618,82.36,-
28-APR-2008,CHI,CHI Investments Limited,MERILL LYNCH CAPITAL MARKETS ESPANA S A SV,SELL,65000,87.33,-
28-APR-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,SELL,3788505,52.79,-
28-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,SURESH U.TREVADIA,SELL,329490,240.41,-
28-APR-2008,SITASHREE,Sita Shree Food Products,AMBIT SECURITIES BROKING PVT. LTD.,SELL,116685,57.90,-
28-APR-2008,SITASHREE,Sita Shree Food Products,DIPAK RAMANBHAI RATHOD,SELL,169191,60.25,-
28-APR-2008,SITASHREE,Sita Shree Food Products,MAHESH CHAND MITTAL,SELL,148000,58.97,-
28-APR-2008,VISESHINFO,Visesh Infotecnics Limite,HONEY BEE SECURITIES LIMITED,SELL,227500,17.51,-
BSE Bulk Deals to Watch - Apr 28 2008
Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
28/4/2008 531881 ARVIND CHEM GAURAV VINIMAY PVT LTD B 160177 43.81
28/4/2008 505506 AXON INFOTEC EUREKA STOCK AND SHARE BROKING SERVICES LTD S 5391 39.19
28/4/2008 532946 BANG MARUTI SECURITIES LTD B 91389 202.20
28/4/2008 530545 COSCO INDIA NAVENDU INVESTMENT CO PVT LTD S 23000 29.59
28/4/2008 532271 CYBERMAT INF EDELWEISS ESTATES PRIVATE LIMI B 730859 7.16
28/4/2008 532271 CYBERMAT INF EDELWEISS ESTATES PRIVATE LIMI S 781397 7.06
28/4/2008 532823 EURO CERAMIC RAMESH UTTAMCHAND RAMCHANDANI B 280836 155.00
28/4/2008 532318 GEMINI COMMU AYODHYAPATI INVESTMENT PVT LTD B 113327 251.80
28/4/2008 532318 GEMINI COMMU AYODHYAPATI INVESTMENT PVT LTD S 113327 251.30
28/4/2008 530701 GOMTI FINLEA HANUMAN LAMINATES PVT. LTD S 60100 3.63
28/4/2008 530701 GOMTI FINLEA MAHARASHTRA LAMINATES LTD. S 24000 3.89
28/4/2008 530777 INFRA INDUST VIRAL PRAFUL JHAVERI B 100010 6.35
28/4/2008 516078 JUMBO BAG LT VINAY JAIN S 39770 46.69
28/4/2008 530955 KAILASH FICO ABHA TRADEFIN PVT LTD S 99000 31.68
28/4/2008 531602 KOFF BR PICT UNIVERSAL CREDIT B 51000 20.93
28/4/2008 519560 NEHA INTERNA SANGITA KALPESH CHAWALLA B 50000 62.00
28/4/2008 524570 PODDAR PIGME GUJARAT FLUOROCHEMICALS LIMITE S 148500 30.79
28/4/2008 531374 SAAG RR INFR ANGEL INFIN PRIVATE LIMITED B 90500 61.35
28/4/2008 531374 SAAG RR INFR ASTUTE COMMODITIES AND DERIVATIVES PVT LTD B 72125 61.31
28/4/2008 531374 SAAG RR INFR ANGEL INFIN PRIVATE LIMITED S 90692 61.39
28/4/2008 531374 SAAG RR INFR ASTUTE COMMODITIES AND DERIVATIVES PVT LTD S 94956 61.39
28/4/2008 507894 SCHABLONA IN FOOT FAD PVT LTD S 20000 20.10
28/4/2008 532961 SITA SHREE KASHISH FINSTOCK B 177689 58.53
28/4/2008 532961 SITA SHREE N D NISSAR B 241793 58.11
Sensex sheds 110 points ahead of RBI policy review
The market snapped last two day’s rally to end in the red. The 30-share BSE Sensex fell below 17,000 level in late trading before once again regaining that level shortly. Investors were cautious ahead of central bank’s monetary policy meet tomorrow, 29 April 2008. Capital goods, IT and oil & gas stocks slipped. European markets which opened after Indian market were in the green.
Among interest rate sensitive stocks, while banking shares edged lower, realty and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was negative.
The 30-share BSE Sensex lost 110.02 points or 0.64% to 17,015.96. The market had moved in a narrow range, moving between positive and negative zone in early afternoon trade. A bout of volatility was witnessed earlier in the day. The market had opened on a firm note extending last week's rally. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 16,978.89 in late trade. At day’s low Sensex fell 147.09 points.
The BSE clocked a turnover of Rs 5511 crore as compared to Rs 6060.58 crore on Friday, 25 April 2008.
The NSE's futures & options (F&O) segment turnover was Rs 25,459.22 crore, which was lower than Rs 33,831.87 crore on Friday, 25 April 2008.
The broader based S&P CNX Nifty was down 22.05 points or 0.43% at 5,089.65. Nifty May 2008 futures were at 5117, at a premium of 27.35 points as compared to spot closing of 5089.65.
The market breadth was negative on BSE with 1295 shares advancing as compared to 1374 that declined. 71 remained unchanged.
The BSE Mid-Cap index rose 0.16% to 7067.40 while BSE Small-Cap index declined 0.21% to 8,709.82.
BSE Metal index (down 0.71% to 15624.22), BSE IT index (down 0.9% to 4026.74), BSE Oil & Gas index (down 1.08% to 11430.02) and BSE Capital Goods index (down 1.2% to 13755.04) undrperformed Sensex.
BSE Consumer Durables index (up 1.87% to 4460.65), BSE PSU index (up 0.53% to 7878.78), BSe HealthCare index (up 0.32% to 4,215.91), BSE Realty index (up 0.22% to 8,168.07), BSE Power index (down 0.15% to 3,304.59) and BSE FMCG index (down 0.28% to 2,400.22), BSE Auto index (down 0.57% to 4,577.20) and BSE Bankex (down 0.58% to 8,816.54) outperformed Sensex
As per the provisional figure, Foreign institutional investors (FII) sold shares worth Rs 38.33 crore today, 28 April 2008 and domestic funds sold shares worth Rs 166.61 crore.
Capital goods stocks declined. Larsen & Toubro (down 0.86% to Rs 2,945.75), and Suzlon Energy (down 3.75% to Rs 278.45) edged lower. India’s largest electric equipment maker by sales Bharat Heavy Electricals was flat at Rs 1,867.
Oil & gas stocks were mostly in the red. Reliance Industries (down 1.24% to Rs 2,592.05), ONGC (down 0.72% to Rs 1,047.40), Reliance Petroleum (down 0.41% to Rs 193.95), BPCL (down 0.56% to Rs 391.40) and GAIL India (down 1.83% to Rs 436.90) edged lower. However, Indian Oil (up 1.88% to Rs 445) and HPCL (up 2.32% to Rs 253.35) edged higher.
New York crude oil futures hit a new record of $119.93 a barrel on Monday 28 April 2008, pushed higher as a refinery strike closed the BP PLC (BP)- operated Forties pipeline, which moves about 7,00,000 barrels of oil a day, or 40% of the UK's oil production.
Oil marketing firms Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are making losses on retail sale of petrol and diesel as they are not allowed to pass on the rise in oil prices to retail consumers.
Consumer durables stocks rose. Titan Industries (up 6.38% to Rs 1,190.80), Lloyd Electric (up 3.65% to Rs 113.50), Videocon Industries (up 0.6% to Rs 378.95) edged higher.
IT stocks declined. Wipro (down 1.82% to Rs 457.70), Infosys (down 1.27% to Rs 1,664.95), Satyam Computer Services (down 0.37% to Rs 442.95) and Tata Consultancy Services (down 0.76% to Rs 883) edged lower.
Realty stocks rose. Unitech rose 1.61% to Rs 293.50. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.
Anant Raj Industries (up 8.01% to Rs 296.10) and DLF (up 0.06% to Rs 668.55) edged higher. However, Indiabulls Real Estate declined 2.56% to Rs 540.80. If the interest rates move up further, the cost of capital for new as well as ongoing realty projects will increase. The real estate market is already witnessing a slowdown and this will compound the problem.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 2.31% to Rs 894.95. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.38% to Rs 1517.95. However India’s largest commercial bank State Bank of India declined 0.77% to Rs 1,736.65.
India’s largest tractor maker by sales Mahindra & Mahindra declined 0.08% to Rs 635.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities.
India’s largest car maker by sales Maruti Suzuki India declined 1.68% to Rs 724.90. India's biggest motorcycle maker by market share Hero Honda Motors rose 1.34% to Rs 818.15.
India' s largest truck maker by sales Tata Motors declined 0.86% to Rs 633.60.
Metal stocks were mixed. Sesa Goa surged 5.91% to Rs 3,707. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. But Tata Steel (down 3.19 % to Rs 777.70), Steel Authority of India (down 0.82% to Rs 175.75), Hindalco Industries (down 1.48% to Rs 186.20) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.52% to Rs 439.50. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.63% to Rs 857.90. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.
Reportedly, the government is planning duty rejig to cool steel prices. Government is set to remove import duty on pig iron, mild steel, metcoke and levy 10% export duty on bars, rods, HR coils, HR sheets, HSM plates, CR coils, CR sheets, galvanised steel products, pipes and tubes. Besides, export duty of 10% is likely to be imposed on semi-finished products like pig iron, sponge iron, steel and iron scraps, reports suggest.
Jaiprakash Associates (up 2.22% to Rs 251.15), Reliance Communications (up 1.34% to Rs 584.80), HDFC (up 0.96% to Rs 2719.75), NTPC (up 0.18% to Rs 192.95) edged higher from Sensex pack.
Cipla (down 4.08% to Rs 215.15), Ambuja Cement (down 1.26% to Rs 113.35), ACC (down 2.04% to Rs 766.80), Hindustan Unilever (down 1.02% to Rs 247.20) edged lower from Sensex pack.
India’s second largest power utility firm by sales Reliance Energy rose 4.95% to Rs 1,426.10. The company’s net profit rose 35.33% to Rs 1084.63 crore on 14.08% rise in total income to Rs 7501.2 crore in FY 2008 over FY 2007.
Reliance Natural Resources clocked the highest volume of 2.4 crore shares on BSE. Nagarjuna Fertilisers and Chemicals (1.59 crore shares), IFCI (1.14 crore shares), Ispat Industries (1.07 crore shares) and Indiabulls Securities (97.9 lakh shares) were the other volume toppers in that order.
Reliance Natural Resources clocked the highest turnover of Rs 304.54 crore on BSE. Reliance Energy (Rs 257.66 crore), Reliance Capital (Rs 173.89 crore), Reliance Industries (Rs 158.17 crore) and Orchid Chemicals & Pharmaceuticals (Rs 140.62 crore) were the other turnover toppers in that order.
European markets opened strong. France’s CAC 40, Germany’s DAX and UK’s FTSE 100 were up by between 0.45% to 1.01%.
Asian markets were mixed. Indices in Hong Kong, Japan, Singapore, Taiwan were up by between 0.22% to 0.53%. China’s Shanghai Composite was down 2.33% and Singapore’s Seoul composite was down 0.08%.
After witnessing a battering in the last three months, the market has staged a comeback in the past few days on the back of good Q4 results and on firm global markets. Buying by domestic institutions has supported the market. The BSE Sensex gained 2316.49 points or 15.64% to 17,125.98 on 25 April 2008 from a recent low of 14,809.49 touched on 17 March 2008. However, it is still off substantially from its all time high of 21,206.77 hit on 10 January 2008.
The next two-three days may see the market remain in a wait and watch mode because of important events. RBI is set to unveil annual monetary policy review on Tuesday, 29 April 2008. Given the high inflation, the central bank may hike key rates. The stock market has factored in a 25 basis points hike in short term rates by RBI.
Meanwhile, the two-day discussion on Finance Bill 2008-09 begins in Lok Sabha today. The Finance Bill will be passed in Lok Sabha tomorrow, 29 April 2008.
The two-day US Federal Reserve policy meeting ends on Wednesday, 30 April 2008. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure.
Meanwhile, good news for India is that as per the latest 2008 US-India Business Council (USIBC) survey, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable. USIBC, formed in 1975 at the request of the Government of India and the US Government to advance US-India commercial ties, is hosted under the aegis of the US Chamber of Commerce. The US Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
The Dow Jones Industrial Average and S&P 500 rose on Friday, 25 April 2008, after signs that American Express Co was holding its own amid the economic slowdown, but Microsoft Corp's weak profit forecast pulled down the Nasdaq. American Express said its quarterly profit fell, but the results beat expectations and the company affirmed its full-year earnings forecast, lifting its shares 5.7% and helping to boost the Dow. Higher oil prices underpinned the market's rise by lifting shares of oil services companies nearly 2% after a cargo ship chartered by the US military fired warning shots at two small boats in the Gulf.
The Dow Jones industrial average rose 42.91 points, or 0.33%, to end at 12,891.86. The Standard & Poor's 500 Index gained 9.02 points, or 0.65%, to 1,397.84. But the Nasdaq Composite Index fell 5.99 points, or 0.25%, to 2,422.93.
Post Market Commentary - Apr 28 2008
The Indian market closed in the negative territory after facing the volatility throughout the trading session. The market opened on a strong note tracking the firm cues from the global markets but was unable to sustain at higher levels and kept on moving between the positive and negative territory. Also, the RBI’s monetary policy review which is scheduled tomorrow and US Fed’s policy meeting on April 30 led the investors to take cautious approach through out the trading session. The market breadth was weak as 1374 stocks closed in red while 1295 stocks closed in green.
The BSE Sensex closed lower by 110.02 points at 17,015.96 and NSE Nifty fell by 22.05 points to close at 5,089.65. The BSE Mid Caps closed up by 11.19 points at 7,067.40 while Small Cap closed lower by 17.90 points at 8,709.82.
Major losers from the BSE are Siemens (9.87%), Spice Tele (4.45%), Cipla (4.08%), Infra Dev Fin (3.83%), Suzlon Energy (3.75%) and Indus Ind Bank (3.63%).
Gainers from the BSE are LIC Housing Finance (11.60%), Bharat Ele (7.39%), Deccan Aviation (6.48%), Titan inds (6.38%), Pantaloon Retail (5.98%), Sesa Goa (5.91%), Lanco Infra (5.48%).
The Capital Goods index dropped by 166.83 points to close at 13,755.04. Major losers are Siemens (9.87%), Suzlon Energy (3.75%), Alstom Projects (2.77%), ABB (1.65%), Crompton Greaves (1.54%), L&T (0.86%), Lakshmi Machines (0.79%).
The Metal index dropped by 110.96 points to close at 15,624.22. Losers are Welspun Guj (3.51%), Tata Steel (3.19%), Jindal Stainless (2.37%), Ispat inds (2.30%), Nalco (1.52%), Hindalco inds (1.48%) and JSW Steel (1.12%).
The Bankex index fell by 51.24 points to close at 8,816.84 as Karnataka bank (2.97%), Canara bank (2.68%), ICICI bank (2.31%), Federal bank (1.83%), Yes bank (0.94%), SBI (0.77%) closed in red while Kotak bank (3.11%), Union bank (2.02%) and IOB (2.15%) closed in green.
The Oil & Gas index slipped by 124.57 points to close at 11,430.02. Scrips that fell are Essar Oil (3.10%), Gail India (1.83%), Aban Offshore (1.45%), Reliance inds (1.24%), RPL (0.41%) and RNRL (0.28%).
The Realty index closed marginally higher by 18.30 points at 8,168.07. Gainers are Anant Raj inds (8.01%), Mahindra Life (4.83%), Ansal Infra (2.40%), Unitech (1.61%), Akruti City (1.52%).
Sensex sheds 110 points
The Sensex opened in positive territory on firm Asian markets and buying interest in cement, sugar and banking stocks. However the Sensex came off its high on substantial selling in heavyweights, CG and oil & gas stocks and slipped into red. After wiping out the early gains of 146 points, the market remained weak throughout the session. The Sensex slipped further in the afternoon on reports of a rise in the inflation rate and touched a low of 16,979, down 293 points from the day's high. There was buying at lower levels and the Sensex managed to pare some losses towards the close and end the session at 17,016, down 110 points. The Nifty shed 22 points and closed at 5,090.
Among the draggers of the index, Cipla shed 4.08% at Rs215.15, Tata Steel slumped 3.19% at Rs777.70, ICICI Bank declined 2.31% at Rs894.95, ACC lost 2.04% at Rs766.80, Maruti dipped 2.02% at Rs722.35, Wipro dropped 1.82% at Rs457.70, Hindalco slipped by 1.48% at Rs186.20, Infosys faltered 1.27% at Rs1,664.95 and Ambuja was down 1.26% at Rs113.35. However, Reliance Energy rose 4.95% at Rs1,426.10, Jaiprakash Associates raised 2.22% at Rs251.15, Reliance Communications moved up 1.34% at Rs584.80 and HDFC Bank was nearly up a per cent at Rs1,517.95.
All the 13 sectoral indices bar the four ended in red. The BSE CG index was the major loser and dropped 1.20% at 13,755 followed by the BSE Oil & Gas (down 1.08% at 11,430), the BSE IT index (down 0.90% at 4,063) and the BSE Metal index (down 0.71% at 15,624). The breadth of the market ended weak. Of the 2,469 stocks traded on the BSE, 1,374 stocks declined, 1,295 stocks advanced and 71 stocks ended unchanged.
CG stocks declined sharply. Siemens tumbled 9.87% at Rs580.65, Kisloskar Brothers dropped 5.53% at Rs287.20, Suzlon Energy lost 3.75% at Rs278.45, Elecon slipped by 2.77% at Rs170.35 and Kirloskar OIL shed 2.66% at Rs108. ABB, Crompton Greaves, L&T and Lakshmi Machine were down around 1% each.
Over 2.44 crore RNRL shares changed hands on the BSE followed by Nagarjuna Fertilisers & Chemicals (1.59 crore shares), IFCI (1.14 crore shares), Ispat Industries (1.07 crore shares) and IB Securities (1.07 crore shares).
Trading Calls - Reliance Communications, Bharti Airtel
Buy Reliance Communication with a stop loss of Rs 525 with resistance at Rs 610 and Rs 633
Buy Bharti Airtel with a stop loss of Rs 840 with resistance at Rs 950 and Rs 1012
Market may extend gains
The initial batch of Q4 March 2008 results have been good with the exception of Tata Consultancy Services (TCS). ICICI Bank on Saturday, 26 April 2008, reported 39% growth in net profit to Rs 1149.84 crore on 22.3% growth in total income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
After witnessing a battering in the last three months, the market has staged a comeback in the past few days on the back of good Q4 results and on firm global markets. Buying by domestic institutions has supported the market. The BSE Sensex gained 2316.49 points or 15.64% to 17,125.98 on 25 April 2008 from a recent low of 14,809.49 touched on 17 March 2008. However, it is still off 4080.79 points or 19.24% from its all time high of 21,206.77 hit on 10 January 2008.
The next two days may see the market remain in a wait and watch mode because of important events. RBI is set to unveil annual monetary policy review on Tuesday, 29 April 2008. Given that the high inflation, the central bank may hike key rates. The stock market has factored in a 25 basis points hike in short term rates by RBI.
Meanwhile, the two-day discussion on Finance Bill 2008-09 begins in Lok Sabha today. The Finance Bill will be passed in Lok Sabha tomorrow, 29 April 2008.
As per provisional data, FIIs bought shares worth a net Rs 313.09 crore on Friday, 25 April 2008. Domestic funds sold shares worth a net Rs 75.47 crore on that day.
FIIs were net buyers of Rs 1,222.79 crore in the futures & options segment on Friday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 672.32 crore and bought index options worth Rs 452.66 crore. They were net buyers of stock futures to the tune of Rs 53.64 crore and bought stock options worth Rs 44.16 crore
Meanwhile, good news for India is that as per the latest 2008 US-India Business Council (USIBC) survey, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable. USIBC, formed in 1975 at the request of the Government of India and the US Government to advance US-India commercial ties, is hosted under the aegis of the US Chamber of Commerce. The US Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
The Dow Jones Industrial Average and S&P 500 rose on Friday, 25 April 2008, after signs that American Express Co was holding its own amid the economic slowdown, but Microsoft Corp's weak profit forecast pulled down the Nasdaq. American Express said its quarterly profit fell, but the results beat expectations and the company affirmed its full-year earnings forecast, lifting its shares 5.7% and helping to boost the Dow. Higher oil prices underpinned the market's rise by lifting shares of oil services companies nearly 2% after a cargo ship chartered by the US military fired warning shots at two small boats in the Gulf.
The Dow Jones industrial average rose 42.91 points, or 0.33%, to end at 12,891.86. The Standard & Poor's 500 Index gained 9.02 points, or 0.65%, to 1,397.84. But the Nasdaq Composite Index fell 5.99 points, or 0.25%, to 2,422.93.
Asian stocks were mostly in green today. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore, and Taiwan were up by between 0.07% to 1.27%.
Morning Call - Apr 28 2008
Market Grape Wine :
In House :
Nifty at a support of 5010 and 5060 resist of 5143 and 5185
Sensex at a support of 16968 and 16810 resist of 17200 and 17340
Cash:
Buy: century textile above 810 tgt of 832 with a SL of 801
Buy: Balaampurchini above 102 tgt of 109 with a SL 99
F&O:
Buy: Lichousing above 315 tgt of 334 with a SL of 308
Sell: Essaroil below 282 tgt of 266 with a SL of 289
Out House :
Markets at a support of 16786 & 17017 and resistance at 17272 & 17474 levels .
Buy : RPL & RPower
Buy : RIL
Buy : LKP & IOL
Buy : Tisco
Buy : BombayDye & UBulls
Buy : GujNRE
Buy : Coreproject ( bullet )
Buy : HDIL & Unitech
Buy : Bhel & BEL
Dark Horse : LT , HDIL, IBull , CORE, RIL , RPOWER & RPL
R
Today's Pick - MTNL
We recommend a buy in Mahanagar Telephone Nigam from a short-term perspective. From the charts of Mahanagar Telephone Nigam, we see that the stock has been trending up from its 52-week low of Rs 92 (touched on March 24). The positive divergence in the daily momentum indicator had supported the stock and aided its upward reversal. During the current up move, the stock crossed over 21- and 50-day moving averages one after other. We notice that there is an increase in volume over the past two weeks. The daily moving average convergence and divergence had displayed a positive divergence and it is on the verge of entering the positive territory. The daily momentum indicator is featuring the bullish region and the weekly momentum indicator has entered the neutral region from the bearish zone.
Our short-term outlook for the stock is bullish. We expect the stock to move up to our price target of Rs 128 in the short-term. Investor with short-term perspective can buy the stock while keeping the stop-loss at Rs 106.
Trading Calls - Apr 28 2008
Nifty (5112) Sup 5060 Res 5180
Buy Bharti (922) SL 914
Target 940, 945
Buy ONGC (1055) SL 1045
Target 1080, 1085
Buy RNRL (124) SL 120
Target 130, 132
Buy M&M (634) SL 627
Target 648, 653
Sell Patni (250) SL 255
Target 240, 238
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