The US selloff on Friday had the Asian markets tanking in early morning trades. This had the markets open on a weaker note. Investors have been nervously sitting on worries that US is headed for a recession. Indices traded ranged manner throughout the day. Selected stocks in FMCG, Capital goods and Power provided some support at the lower levels. However IT pivotal were weak on fears of a very weak US economy which could affect business near term. Small cap and Mid cap indices outperformed the index heavy weights. Asian markets recovered some of the lost gains but ended in red, European indices started off in red.
Sensex ended up by 6 points at 15596.83. It was helped up by gains in ITC (184.5,+4 percent), Guj Ambuja (144.6,+3 percent), Ranbaxy (418.8,+2 percent), NTPC (191.15,+2 percent) and Rel Energy (864.25,+2 percent). Restricting the gains were TCS (1046.95,-3 percent), Wipro (466.95,-2 percent), ONGC (832.1,-2 percent), Infosys (1871.5,-2 percent) and Satyam (442.25,-2 percent).
We had a note on Navneet Publication. The company seems headed the Educomp way. It has managed to develop content which it has already sold to 20 schools in Gujarat. The e-content for Maharashtra is slated to be online by November. This e-initiative should change the face of the company from being a laid back one to one that is leveraging its position in the Education space using all available media. Do read the note and decide wether its ready for a rerating.
We had a note on Dhanus Technologies, the IPO has opened for subscription today. Clearly its overpriced and the promoters are leaving nothing on the table. The risks for the busniess are high and the business of Fleet Trac which we like is too fledgling to get this kind of valuation. Best to avoid this one is what we suggest.
Easun Reyrolle Manufacturer of the key elements that go into a substation transformers, tap changers, switchgear and power protection control and automation systems has reported that board has decided to raise long term funds upto Rs 245.42 crore for its expansion and diversification plans in the country and abroad. The GDR / fund raising plans had the stock up backed by the company's expansion plans. The stock ended up 10%.
Technically speaking: Markets traded narrow ranged with a smart recovery. Sensex touched intraday high of 15626 and low of 1363. Support is seen at 15,350 and Resistance is at 15,695 levels. Overall market turnover stood good at Rs 4026 Cr. Market breadth was in favor of Advances, where the Advances stood at 1682, while Declines were 1083. Technically Sensex remains upward biased unless it breaks 15270. Thats the level to watch out for. On the upper side Sensex needs to quickly create a new high.. else it will be termed as a weak bounce.
Sensex ended up by 6 points at 15596.83. It was helped up by gains in ITC (184.5,+4 percent), Guj Ambuja (144.6,+3 percent), Ranbaxy (418.8,+2 percent), NTPC (191.15,+2 percent) and Rel Energy (864.25,+2 percent). Restricting the gains were TCS (1046.95,-3 percent), Wipro (466.95,-2 percent), ONGC (832.1,-2 percent), Infosys (1871.5,-2 percent) and Satyam (442.25,-2 percent).
We had a note on Navneet Publication. The company seems headed the Educomp way. It has managed to develop content which it has already sold to 20 schools in Gujarat. The e-content for Maharashtra is slated to be online by November. This e-initiative should change the face of the company from being a laid back one to one that is leveraging its position in the Education space using all available media. Do read the note and decide wether its ready for a rerating.
We had a note on Dhanus Technologies, the IPO has opened for subscription today. Clearly its overpriced and the promoters are leaving nothing on the table. The risks for the busniess are high and the business of Fleet Trac which we like is too fledgling to get this kind of valuation. Best to avoid this one is what we suggest.
Easun Reyrolle Manufacturer of the key elements that go into a substation transformers, tap changers, switchgear and power protection control and automation systems has reported that board has decided to raise long term funds upto Rs 245.42 crore for its expansion and diversification plans in the country and abroad. The GDR / fund raising plans had the stock up backed by the company's expansion plans. The stock ended up 10%.
Technically speaking: Markets traded narrow ranged with a smart recovery. Sensex touched intraday high of 15626 and low of 1363. Support is seen at 15,350 and Resistance is at 15,695 levels. Overall market turnover stood good at Rs 4026 Cr. Market breadth was in favor of Advances, where the Advances stood at 1682, while Declines were 1083. Technically Sensex remains upward biased unless it breaks 15270. Thats the level to watch out for. On the upper side Sensex needs to quickly create a new high.. else it will be termed as a weak bounce.
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