Good Evening - Friday 20th April, 2007

Subdued trend in Asian markets pushed key indices down 1% today. Key Asian markets fell 1-2% as the dollar weakened against regional currencies, reducing the value of exports in the U.S. Shares here were down across-the-board on profit booking. At 10:33AM, Sensex was 13531.50, down 140.69 points or 1.0%. Nifty was at 3975.70, down 36.50 points or 0.9%. CNX Midcap was down 0.3% and S&P CNX 500 Index down 0.8%. On BSE, declines outnumbered advances 2:1 in morning. Technological companies were major laggards on bourses. BSE IT Index, down 2%, was the worst hit among BSE indices. Appreciation of rupee by over 9% between Aug 2006 and Apr 2007 has severely eroded profitability of exporters. Technology companies get 60% of their revenue from overseas. HDFC, down 2% at Rs 1,561, was the worst hit on Nifty. Advanta India, which is a supplier of agronomic seed, listed at Rs 665 on NSE against the issue price of Rs 640. The share was up 38% at Rs 885 despite the weak broad market. Wednesday, Reserve Bank of India barred foreign funds from buying more shares of Advanta India as the combined holding of foreign portfolio investors stood at the limit of 24%. Ambuja Cements, up 2% at Rs 115, was the top Nifty gainer as the company's Jan-Mar earnings Monday are expected to beat expectations. In the mid trading session, weak Asian markets, and uncertain dollar outlook, kept sentiment subdued in Indian equities. Metals and technology shares suffered the most. Chinese market fell 7% today after the government delayed a report on economic growth that could show further interest rate hikes may be needed. Sensex was at 13524.28, down 147.91 points or 1.1%. Nifty was at 3965.50, down 46.10 points or 1.1%. Losses in SBI were erased as its follow-on public issue, due Aug-Sep, is likely to be at 10-15% premium to the market price. The worst hit in the Nifty were Zee Entertainment Enterprises, down 4.5%, and Bajaj Auto, down 2.6%. ACC shares fell 3% to Rs 793 despite the company reporting 54.5% rise in Jan-Mar net profit to Rs 3.63 bn, slightly higher than analysts' estimates of 3.56 bn. Demand for bank shares and light short covering towards the end of the session lifted key indices from their lows. Sensex ended at 13619.70, down 52.49 points, from Wednesday. Nifty closed at 3997.65, down 13.95 points. The worst-hit was ACC, down 4%, after the cement major detailed its Jan-Mar earnings today. Satyam Computer Services ended 3% down, while Bharat Heavy Electricals shed 2%. Information technology shares ended down on concerns that an appreciating rupee against the dollar may hit revenue from U.S. The No. of Scrips Value (Crs.) Advances 435 4132 Declines 626 4057 Unchanged 26 6 Total 1087 8195 top Nifty gainer was SBI, up 2%, as its chairman said the bank is planning a follow-on public issue around Aug-Sep. Tech stocks ended down with exception. Infosys was down at Rs 2039.90 with volumes of Rs 323.61 crs, Satyam was down at Rs 447.80 with volumes of Rs 201.80 crs, TCS was down at Rs 1242.90 with volumes of Rs 98.05 crs, and Tech Mahindra closed up at Rs 1509.10 with volumes of Rs 89.98 crs. Pharma stocks ended positive with exception. Glenmark was up at Rs 681.10 with volumes of Rs 71.53 crs, Ranbaxy closed marginally up at Rs 340.70 with volumes of Rs 38.85 crs, Sun Pharma was up at Rs 1157.80 with volumes of Rs 28.74 crs, and Dr Reddy closed down at Rs 709.70 with volumes of Rs 23.55 crs. Banking stocks showed mixed trend. In the Public Sector banks SBI closed up at Rs 1053.25 with volumes Rs 227.19 crs & Bank of India closed down at Rs 186.85 with volumes Rs 88.45 crs. In the private sector ICICI Bank closed up at Rs 905.15 with volume of Rs 91.57 crs & UTI Bank closed down at Rs 464.60 with volumes of Rs 42.37 crs. Auto Stocks ended negative with exception. Tata Motors closed down at Rs 713.10 with volumes of Rs.108.67 crs & M&M closed down at Rs 733.90 with volumes of Rs 57.46 crs. While in the 2 wheeler segment stocks, Baja Auto closed down at Rs 2446.30 with volumes of Rs 37.90 crs & Hero Honda closed marginally up at Rs 657.15 with volumes of Rs 7.23 crs. Cement Stocks witnessed negative trend with exception. ACC closed down at Rs 788.75 with volumes of Rs 136.96 crs, GACL closed up at Rs 113.60 with volumes of Rs 67.71 crs, India Cement closed down at Rs 170.95 with volumes of Rs 55.37 crs and Birla Jute closed down at Rs 222.70 with volumes of Rs 2.48 crs. Nifty ended at 4012 up by 27 points.