Religare Enterprises IPO

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Religare Enterprises IPO

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Mundra Port and Special Economic Zone

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Mundra Port and Special Economic Zone

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Empee Distilleries

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Empee Distilleries

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Mundra Port & Special Economic Zone

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Mundra Port & Special Economic Zone

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Market fails to surpass 20,000

<DIV>The market went into a correction mode quickly after the opening bell, but recovered despite weak global cues. The market witnessed the pre-Fed rate cut rally today. The Sensex slipped below the 19,750 mark in early trades before a bout of buying support saw it rebound almost to touch the 20,000 mark by afternoon trades. However, sustained selling in information technology, capital goods, and FMGG stocks saw the index slide sharply and slip into the red again. The Sensex remained volatile thereafter but with a positive bias. The index finally wrapped up the session at 19,838, up 54 points, while the Nifty added 32 points and closed at 5,901.<BR><BR>The market breadth was positive. Of the 2,817 stocks traded on the Bombay Stock Exchange (BSE), 1,403 stocks advanced, 1,349 stocks declined and 65 stocks ended unchanged. The sectoral indices were largely positive. Among the sectoral indices the Metal led the upsurge with gains of 3.37% at 17,885 followed by the BSE Bankex index (up 1% at 10,703) and the BSE Oil & Gas index (up 1.15% at 11,658). However, the BSE CG index, the BSE FMCG index, the BSE IT index, the BSE Realty index, and the BSE Teck index closed in a negative territory.<BR><BR>Reliance energy was the leading gainer and soared 4.34% at Rs1,867. Ranbaxy advanced 2.94% at Rs427, NTPC moved up by 2.33% at Rs239, ONGC jumped 2.32% at Rs1,248, HDFC Bank shot up by 2.15% at Rs1,653, M&M added 1.90% at Rs755 and Hindalco was up 1.50% at Rs196. Among the laggards, HLL dropped 5.21% at Rs208, L&T shed 1.81% at Rs4,245, BHEL declined by 1.55% at Rs1,613 and Maruti Suzuki lost 1.32% at Rs1,074.<BR><BR>Over 2.82 crore Reliance Natural Resources shares changed hands on the BSE followed by Tata Teleservices (2.78 crore shares), Reliance Petroleum (2.31 crore shares), Nagrjuna Fertilisers (1.20 crore shares) and Power Grid Corporation (1.17 crore shares).<BR><BR>Reliance Industries registered a turnover of Rs648 crore on the BSE followed by Reliance Energy (Rs352 crore), Reliance Communication (Rs221 crore), Tata Consultancy Services (Rs168 crore) and Hindustan Lever Ltd (Rs147 crore).</DIV>

Market fails to surpass 20,000

The market went into a correction mode quickly after the opening bell, but recovered despite weak global cues. The market witnessed the pre-Fed rate cut rally today. The Sen…

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Crude prices not far from $100

<DIV><FONT face=Verdana size=2> <P class=bgcaption1>Prices close above $93 for the first time ever as production curtailed at Mexico </P> <P> <SCRIPT language=Javascript> <!-- function ArtTable(TSNo,SectionName,SubSectionName,Heading,Caption,Dt,Tm) { TableWin = window.open('ViewRelTables.asp?TSNo='+TSNo+'&SectionName='+SectionName+'&SubSectionName='+SubSectionName+'&Heading='+Heading+'&Caption='+Caption+'&Date='+Dt+'&Time='+Tm, 'TableWin','height=400,width=580,scrollbars=yes,status=0,top=100,left=80, status=no,alwaysRaised=0,channelmode=0,fullscreen=0,hotkeys=1,menubar=0,resizable=1,titlebar=0,toolbar=0,z-lock=0'); if (window.focus) TableWin.focus(); } --> </SCRIPT> </P> <P>Crude oil prices closed above $93/barrel for the first time ever today, Monday, 29 October 2007. Price rose today after dollar hit a new all-time low against the euro and Gulf of Mexico announced that it has to cut production due to poor weather conditions. </P> <P>For the day ending Monday, 29 October, 2007, crude-oil futures for light sweet crude for December delivery closed at $93.53/barrel (higher by $0.87/barrel or 0.9%) on the New York Mercantile Exchange. Prices rose to $93.8/barrel today earlier in the day during intraday trading. Prices are up 52% on a yearly basis. </P> <P>Mexico's state-owned Petroleos Mexicanos, one of the largest crude suppliers to the U.S, said that it halted production of 600,000 barrels a day due to bad weather. The company plans to resume production in a couple of days. </P> <P>Tensions between Turkey and Iraq over Kurdish militants as well as over Iran's nuclear program also helped drive oil prices higher. </P> <P>In the currency market today, the dollar index, which tracks the U.S. unit against a basket of major currencies, was down 0.1%, with the euro earlier touching record highs at $1.4437. As usual, dollar also dropped on speculation that Federal Reserve might be going for another interest rate cut day after tomorrow. </P> <P><B>Petroleum products at strongest levels</B> </P> <P>Natural gas advanced in New York, following crude oil, after Mexico shut a fifth of its production. Gas for November delivery rose 5.1 cents (0.7%) to settle at $7.269 per million British thermal units. </P> <P>Against this backdrop, November heating oil reached $2.472 a gallon before ended the session at $2.4646, and November reformulated gasoline rose to $2.3335 a gallon before closed at $2.3274. </P> <P>At the MCX, crude oil for October delivery closed at Rs 3637/barrel, higher by Rs 42 (1.1%) against previous day's close. Natural gas closed at Rs 312.9/mmtbu as against previous close of Rs 306.6/mmtbu, higher by Rs 6.3/ mmtbu. </P> <P>OPEC has planned to boost daily oil production by 500,000 barrels. OPEC's production target is 27.2 million barrels a day, beginning 1 Nov. OPEC, has decided to raise their daily output by 500,000 barrels per day, starting 1 November. </P> <P>Attacks on oil facilities in Middle East and tight supplies from OPEC have bolstered crude prices this year. As per the U.S. Energy Information Administration, tight global energy supplies are expected to keep energy prices high through 2008. </P></FONT></DIV>

Crude prices not far from $100

Prices close above $93 for the first time ever as production curtailed at Mexico Crude oil prices closed above $93/barrel for the first time ever today, Monday, 2…

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Mukesh Ambani Richest!

<DIV>Billionaire Mukesh Ambani on Monday became the richest person in the world, surpassing American software czar Bill Gates, Mexican business tycoon Carlos Slim Helu and famous investment guru Warren Buffett, courtesy the bull run in the stock market.<BR><BR>Following a strong share price rally on in his three group companie, India's most valued firm Reliance Industries, Reliance Petroleum and Reliance Industrial Infrastructure Ltd, the net worth of Mukesh Ambani rose to $63.2 billion (Rs 2,49,108 crore).<BR><BR>In comparison, the net worth of both Gates and Slim is estimated to be slightly lower at around $62.29 billion each, with Slim leading among the two by a narrow margin. <BR><BR>Warren Buffett, earlier the third richest in the world, also dropped one position with a net worth of about $56 billion.<BR><BR>Ambani's wealth of about Rs 2,49,000 crore includes about Rs 2,10,000 crore from RIL (50.98 per cent stake), Rs 37,500 crore from RPL (37.5 per cent) and Rs 2,100 crore from RIIL (46.23 per cent).<BR><BR>Slim's wealth has been calculated on the basis of his stake in companies like America Movil (30 per cent), Carso Global (82 per cent), Grupo Carso (75 per cent), Inbursa (67 per cent), IDEAL (30 per cent) and Saks Inc (10 per cent).<BR><BR>According to information available with the US and Mexican stock exchanges where these companies are listed, Slim currently holds shares worth a total of $62.2993 billion, with more than half coming from Latin American mobile major America Movil. Slim is closely followed by Gates with a net worth of $62.29 billion currently. <BR><BR>Earlier last month, US business magazine Forbes had named Gates as the richest American with a net worth of $59 billion, calculated as on August 30. The magazine had said that a movement of two dollars in the share price for Microsoft, the world's biggest software maker, could "add or subtract a billion dollars" from his wealth.<BR><BR>Since August-end, Microsoft's share price has risen by $6.58 (based on yesterday's closing on Nasdaq at $35.03), which results into a gain of $3.29 billion in Gates' wealth based on Forbes assumption.<BR><BR>Besides a stake in Microsoft, Gates' wealth also includes the commission and license fees earned by him and gains through his shares in an investment holding company that invests across the market.<BR><BR>Gates is followed by Buffett at the fourth place in the league of the world's richest with a net worth of $55.9 billion through his holding in his investment vehicle Berkshire Hathaway and in other companies. At the end of August, Buffett's wealth stood at $52 billion, as per the Forbes magazine. Berkshire Hathaway's share price has gained by about 7.5 per cent since then.<BR><BR>Earlier on September 26, Ambani had overtaken steel czar Lakshmi Mittal to become the richest Indian in the world.<BR><BR>Mittal currently ranks as the fifth richest in the world with a net worth of $50.9 billion through his 44.79 per cent stake in world's biggest steel maker ArcelorMittal.<BR><BR>While most of Mittal's wealth comes from his steel empire, though he has also spread his wings into businesses like oil and real estate, those of Ambani and Gates are mostly through petrochemicals and software respectively. However, Buffett and Slim are making money from investments across a host of sectors.</DIV>

Mukesh Ambani Richest!

Billionaire Mukesh Ambani on Monday became the richest person in the world, surpassing American software czar Bill Gates, Mexican business tycoon Carlos Slim Helu and famous…

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Market may scale new high

<DIV>The market is expected to head higher and reach all-time high, following strong global cues. US markets settled on a firm note on Friday, 26 October 2007, while Asian markets were trading higher today, 29 October 2007.<BR><BR>The Sensex surged 472.28 points or 2.52% at 19,243.17, an all-time closing high, on Friday, 26 October 2007. It hit an all-time high of 19,276.45 in late trade. It surged 1,683.19 points or 9.59% to post biggest weekly gain in six-and-half years to settle at 19,243.17 in the week ended Friday, 26 October 2007.<BR><BR>The broader based S&P CNX Nifty jumped up 133.35 points or 2.39% at 5,702.30, a record closing high on Friday, 26 October 2007. It surged 487 points or 9.33% to 5,702.30 in the week ended Friday, 26 October 2007. Nifty hit record high of 5736.80 on 18 October 2007.<BR><BR>However, cautiousness may prevail ahead of the Reserve Bank of India's (RBI) mid-term review of annual policy due on Tuesday, 30 October 2007 and US Federal Reserve's meeting on Wednesday, 31 October 2007 on interest rates. High volatility cannot be ruled out.<BR><BR>As per reports, some bankers and economists expect a marginal cut in key short-term rates, while others feel that RBI might not do so in the face of inflationary expectations looming large due to surging global oil prices. Analysts speculate that Fed would cut rates by 25 basis points.<BR><BR>Asian markets advanced today, 29 October 2007, following a spurt on Wall Street on Friday, 26 October 2007, with Hang Seng and South Korean indices hitting record highs. Hong Kong's Hang Seng (up 4.77% at 31,278.87), Japan's Nikkei (up 1.18% at 16,700.79), Taiwan's Taiwan Weighted (up 1.53% at 9,778.84), South Korea's Seoul Composite (up 1.53% at 2,059.19), and Straits Times (up 0.66% at 3,796.49), edged higher.<BR><BR>US markets advanced on Friday, 26 October 2007 as strong earnings from Microsoft Corp. and an optimistic outlook from Countrywide Financial Corp. outweighed investor concerns about the economy.<BR><BR>The Dow Jones industrial average gained 134.78 points, or 0.99%, to 13,806.70. The S&P 500 index gained 20.88 points to 1,535.28, and the technology-dominated Nasdaq Composite index advanced 53.33 points, or 1.94%, to 2,804.19.<BR><BR>As per provisional data, FIIs sold shares worth a net Rs 1237.35 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 965.96 crore on Friday, 26 October 2007.<BR><BR>US crude oil futures jumped more than $1 a barrel to surpass $93 for the first time on Monday, 29 October 2007, supported by news of a halt to one-fifth of Mexico's oil output as well as the weak US dollar and geopolitical tension. It was up $1.28 a barrel at $93.14.<BR><BR>Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.07% in the week ended 13 October 2007 compared with the week ended 6 October 2007, data released on Friday, 26 October 2007 showed.</DIV>

Market may scale new high

The market is expected to head higher and reach all-time high, following strong global cues. US markets settled on a firm note on Friday, 26 October 2007, while Asian market…

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Stock Alerts

<DIV>Reliance Industries (RIL) is reportedly in talks to acquire some manufacturing facilities from Arvind Mills, mainly in the denim segment. The report suggests the proposed acquisition is part of RIL's increased focus on the apparel business.<BR><BR>Power Grid Corporation of India is reportedly in the race to acquire a 10% interest in the sole transmission company of the Philippines.<BR><BR>Oil and Natural Gas Corporation (ONGC) is reportedly planning an initial public offer of ONGC Petro-additions (OPaL), the special purpose vehicle formed for the Rs 13,500 crore petrochemical complex at Dahej in Gujarat.<BR><BR>Blackstone is reportedly considering to back out of the race for acquiring 26% stake in IFCI. This will leave seven contenders in race for the strategic stake. As per reports, the reason behind Blackstone opting out of race was that the IFCI stock had run up in the recent past.<BR><BR>State Bank of India (SBI) has reportedly begun its due diligence to buy a small or medium size bank in South Africa. The South African bank, Capitec has an asset of around $350 million (Rs 1,400 crore) and 280 branches is a potential target, the report added.<BR><BR>Promethean India, a part of the Promethean private equity group UK, has reportedly acquired 8% stake in Nitco Tiles through participatory notes (P-notes). Promethean India has applied for a foreign institutional investor (FII) licence in India and hopes to get it soon with the Securities and Exchange Board of India (Sebi) liberalising the norms.<BR><BR>Following companies will declare September 2007 ended results today: BHEL, HDFC, Mahindra & Mahindra, Maruti Suzuki, Sterlite, Punjab National Bank, HPCL, Indian Overseas Bank, Jet Airways, Tata Tea, ABG Shipyard, Adani Enterprises, Aegis Logistics, Akruti Nirman, Alpa Laboratories, Bank Of India, Centurion Bank Of Punjab, EID Parry, Fortis Healthcare, GMR Industries, Hanung Toys, Hinduja TMT, House Of Pearl Fashions, ICRA, Indiabulls Real Estate, Ind-Swift Laboratories, IPCA Laboratories, Jagran Prakashan, JP Hydro, Jet Airways, Kalpataru Power, Karur Vyasa Bank, Kernex Microsystems, Lanco Industries, MphasiS, MRPL, Sical Logistics, Sobha Developers, SREI Infrastructure, Sundaram Fasteners, Tata Tea, Titan Industries, Torrent Power and United Phosphorous<BR><BR>The board of EID Parry India will meet today, 29 October 2007 for the purpose of considering the proposal for buy back of equity shares.<BR><BR>The board of Blue Star will meet today to consider merger of four investment companies viz. Admo Holdings, Sunag Investments, Sunashad Investments and Mohan T Advani Finance into Blue Star.<BR><BR>Foreign institutional investors (FIIs) were net sellers of equity worth Rs 1237.35 crore on Friday, 26 October 2007, while domestic institutional investors bought Rs 965.96 crore of equity on that day, according to provisional data released by NSE.</DIV>

Stock Alerts

Reliance Industries (RIL) is reportedly in talks to acquire some manufacturing facilities from Arvind Mills, mainly in the denim segment. The report suggests the proposed ac…

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Crude kisses $92

<DIV> Prices cross $92 for the first time ever after USA imposes fresh sanctions against Iran<BR><BR>Crude-oil future prices for sweet light crude for December delivery which had ended at $86.95/bbl last week (19 October) finished $4.91 (5.6%) higher this week (26 October) at $91.86/bbl. Worries over energy supplies and tensions in the Middle East propelled the crude market to a new peak during this week.<BR><BR>Oil also rose because the U.S. dollar declined against the euro on speculation the Federal Reserve will cut interest rates next week. Prices are 52% higher on a y-o-y basis.<BR><BR>As per this week's inventory report by the Energy Department, crude supplies dropped by 5.3 million barrels to 316.6 million barrels in the week ending 19 October. U.S. crude-oil stockpiles for the week were 5% higher than the five-year average for the period. Market was expecting a build up in crude and gasoline inventories instead.<BR><BR>Gasoline stocks fell by 2 million barrels to 193.8 million barrels and distillate stocks declined by 1.8 million barrels to 134.5 million barrels. Refinery activity declined from 87.3% to 87.1%.<BR><BR>OPEC has said previously that a falling dollar justified higher prices because oil- producing countries sell crude oil in dollars and often buy goods in euros.<BR><BR>OPEC has planned to boost daily oil production by 500,000 barrels. OPEC's production target is 27.2 million barrels a day, beginning 1 Nov. OPEC, has decided to raise their daily output by 500,000 barrels per day, starting 1 November.<BR><BR>On Friday, 26th October, oil rose above $92 a barrel for the first time in New York after the U.S. accused Iran's military of supporting terrorism and announced new sanctions on the country that holds the world's second-biggest oil reserves. It touched $92.22/barrel during intra day trading. On Thursday, USA announced new sanctions against Iran.</DIV>

Crude kisses $92

 Prices cross $92 for the first time ever after USA imposes fresh sanctions against IranCrude-oil future prices for sweet light crude for December delivery which had ended a…

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Religare Enterprises IPO Analysis

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Religare Enterprises IPO Analysis

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Grey Market - Religare, Allied Computer, Varun, SVPCL

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Grey Market - Religare, Allied Computer, Varun, SVPCL

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Religare Enterprises: Invest at cut-off

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Religare Enterprises: Invest at cut-off

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Precious metals shine as crude soars

<DIV><FONT face=Verdana size=2> <P class=bgcaption1>Gold prices at highest level in past twenty-seven years as dollar plunges </P> <P> <SCRIPT language=Javascript> <!-- function ArtTable(TSNo,SectionName,SubSectionName,Heading,Caption,Dt,Tm) { TableWin = window.open('ViewRelTables.asp?TSNo='+TSNo+'&SectionName='+SectionName+'&SubSectionName='+SubSectionName+'&Heading='+Heading+'&Caption='+Caption+'&Date='+Dt+'&Time='+Tm, 'TableWin','height=400,width=580,scrollbars=yes,status=0,top=100,left=80, status=no,alwaysRaised=0,channelmode=0,fullscreen=0,hotkeys=1,menubar=0,resizable=1,titlebar=0,toolbar=0,z-lock=0'); if (window.focus) TableWin.focus(); } --> </SCRIPT> </P> <P>It was a shining time for the bullion metals at Comex on Friday, 26 October, 2007 with gold prices and silver prices rising. A new all-time-low dollar against the euro and all time high crude prices sent precious metals to their new high levels. </P> <P>Gold has traditionally been used as a safe-haven asset against rising inflation. Investor sentiments are boosted by the fact that gold and silver are alternate sources of good investment in the face of declining dollar and rising energy prices. Rising crude increases inflationary pressures. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment. </P> <P>Comex Gold for December delivery rose $16.5.5 (2.1%) to close at $787.5 an ounce on the New York Mercantile Exchange today. Earlier in the day, it rose to a high of $789/ounce. It was the highest price after a record $873 on 21 January, 1980. Before today, prices reached a 27-year high of $776.90 last Friday (19 October). </P> <P>Comex Silver futures for December delivery rose 37.5 cents (2.7%) to $14.28 an ounce. The metal has climbed 10% this year. </P> <P>In the currency market today, the dollar was lower against most major currencies except for the yen. Dollar was dragged down by surging oil prices today. The euro traded at $1.4383 after earlier rising to $1.4392. Crude oil closed at $92/barrel today after trading on fresh Middle East tensions between Iran and Iraq. </P> <P>The dollar index, which tracks the performance of the greenback against a basket of other major currencies, fell 0.3% at 77.04. </P> <P>As usual, dollar also dropped on speculation that Federal Reserve might be going for another interest rate cut in this year. </P> <P>In recent times, the weakening of dollar have continued to affect the price of the metal. Dollar had been witnessing a free fall since Federal Reserve cut interest rates by half percentage point. The U.S. currency has lost almost 8.3% against the euro this year. </P> <P>Gold prices have jumped 15% during the third quarter and it is the most since 1999. The yellow metal has climbed 23% this year. Since the last rate cut, prices have gone up by almost 7%. </P> <P>At the MCX, gold prices for December delivery closed at Rs 9978 per 10 grams. The closing price is Rs 150 (1.5%) higher as against previous closing price. Prices rose to a high of Rs 9987 per 10 grams and fell to a low of Rs 9834 per 10 grams during the day's trading. </P> <P>At the MCX, silver prices for December delivery closed Rs 317 (1.7%) higher at Rs 18,684/Kg. Prices opened at Rs 18,390/kg and rose to a high of Rs 18,698/Kg during the day's trading. </P></FONT></DIV>

Precious metals shine as crude soars

Gold prices at highest level in past twenty-seven years as dollar plunges It was a shining time for the bullion metals at Comex on Friday, 26 October, 2007 with g…

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Interest rate expectations from credit policy

<DIV>The next review of the credit policy for 2007-08 is expected on October 30. With moderate inflation, the expectations of a decrease in interest rates are high. Interest rates hikes for the past couple of years have put pressure borrowers. Recently, the Finance Minister had asked banks to take a soft line on interest rates. The wholesale price index inflation has come down significantly.<BR><BR>The growth in loans has moderated, and there is a slight rolling over in the economic activity. These are the desired outcomes of the tight monetary policy that the RBI has followed. As of now, the prime lending rate (PLR) of banks varies between 12.75 and 13.5 percent. Inflation is hovering around five percent. Other countries have substantially lower interest rates. China has a negative real interest of 2.64 percent. South Korea's real interest rate is three percent.<BR><BR>Thailand's is 1.45 percent and Malaysia's is 1.72 percent. The rupee's continuing upward march is throwing up problems for exporters. Despite billions of dollar of buying, the central bank is unable to stop the rise of the rupee against the dollar. The RBI's forex reserves are now more than $12 billion. The liquidity arising from forex intervention is being mopped up immediately with MSS bonds. However, the fiscal cost of this is becoming unbearable. Servicing these bonds will add well over Rs 10,000 crores to Government expenditure. The fund flows through the foreign institutional investor (FII) route has continued unabated.<BR><BR>The recent reigning in of the participatory note (PN) route may slow down the funds flow through this route. The surge in capital inflows has prompted the RBI to accelerate the pace of intervention in the foreign exchange market and the consequent scaling up of sterilisation through the market stabilisation scheme (MSS), restrictions on capital inflows through external commercial borrowing (ECB), the restricted use of PNs and liberalisation of capital outflows. Despite aggressive intervention, the rupee has kept appreciating. The issue of liquidity overhang continues to pose a challenge for the RBI in containing inflationary pressures. <BR><BR>All-time high global crude oil prices, global food shortages and the escalating domestic consumer price indices indicate a build-up in inflationary expectations. The enhanced MSS programme is also proving to be inadequate in absorbing excess liquidity meaningfully. The reverse repo auctions continue to attract large amounts of over Rs 300 billion.<BR><BR>The equity markets are demonstrating fair signs of resilience. FII inflows' share in accretion to forex reserves has averaged only 40 percent. So, a hike in the cash reserve ratio (CRR) appears inevitable. The CRR is a blunt and a direct instrument to impound liquidity to contain inflationary pressures largely emanating from higher than desired M3 growth. One alternative is to open the reverse repo window. This will come at a cost for borrowers. The other option is to increase the CRR.<BR><BR>While this could be the preferred solution, it could force up lending rates as banks try to recover the loss of interest on the CRR. While taking a decision on whether to reduce interest rates or not, the RBI will be guided by the inflation situation and expectations. Global crude oil price hikes are going on. Crude has touched nearly $80. It is to be noted that high interest rates are taking a toll on the economy. The corporate sector is already feeling the pinch. There is a strong demand and visible case for reduction in interest rates.<BR><BR>The hard work done to control inflation has started yielding results. The RBI cannot afford to undo these efforts. The primary instrument which may be used to control liquidity in the system would be the CRR. This would draw out excess liquidity from the system. Also, with reduced funds, interest rates may not be brought down by the banks. On the contrary, they may have to stay at the present levels. An increase in interest rates is unlikely.</DIV>

Interest rate expectations from credit policy

The next review of the credit policy for 2007-08 is expected on October 30. With moderate inflation, the expectations of a decrease in interest rates are high. Interest rate…

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Sensex regains 19K level; ends with a new high

<DIV>The benchmark Sensex regained 19,000 points level on the Bombay Stock Exchange on Friday on aggressive buying by funds, discounting the market regulator's move yesterday's to restrict foreign funds inflow, and closed at a new peak of over 19,243 points.<BR><BR>The Sensex, which had plummeted in past few sessions from record 19,000 points level, bounced back by 472.28 points to 19,243.17, another record peak set in today's trade, surpassing the previous closing record set on October 15.<BR><BR>It touched the day's high of 19,276.45 and a low of 18,629.53 points.<BR><BR>Similarly, the wide-based National Stock Exchange index shot up by 133.35 points at 5702.30, after touching a high of 5716.90 and a low of 5513.35 points.<BR><BR>Marketmen said the trading activity picked up in later half of the day after the Finance Minister P Chidambaram said moves to restrict foreign investment in stocks yesterday were aimed at slowing capital flows from overseas that have caused a spurt in shares and the currency.<BR><BR>Capital goods stocks were the star performers as the segment index gained 1226.02 points at 18,540.15 followed by Bank segment index by 349.42 points at 10273.53.</DIV>

Sensex regains 19K level; ends with a new high

The benchmark Sensex regained 19,000 points level on the Bombay Stock Exchange on Friday on aggressive buying by funds, discounting the market regulator's move yesterday's t…

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Record closing high for Sensex, Nifty

<DIV>The market surged on renewed buying interest in index pivotals following healthy rollover of derivative positions from October 2007 to November 2007 on Thursday, 25 October 2007. Cash market turnover on BSE was just under Rs 9,000 crore. Global cues were mixed.<BR><BR>The Sensex surged 472.28 points or 2.52% at 19,243.17, an all-time closing high. It had opened marginally higher at 18,823.66 and slipped to low of 18,629.53 during the day. It hit an all-time high of 19,276.45 in late trade. At the day's high of 19,276.45, Sensex had gained 505.56 points for the day.<BR><BR>Its previous all-time high was 19,198.66 struck on 18 October 2007.<BR><BR>The broader based S&P CNX Nifty jumped up 133.35 points or 2.39% at 5,702.30, a record closing high. Nifty hit an intra-day high of 5,716.90 during the day. Its all time high is at 5736.80, which it had struck on 18 October 2007. The Nifty November 2007 futures settled at 5716, a premium of 13.70 points as compared to spot closing<BR><BR>The market shrugged off concerns arising from possible FII sales after market regulator Securities & Exchange Board of India put restrictions on issue of participatory notes (PN) after trading hours on Thursday, 25 October 2007 and directed some exiting PN positions to be wound up within 18 months. The market regulator has put in place a set of regulations to clamp down excessive inflows through participatory notes (PN). The regulator affirmed that sub-accounts would not be allowed to issue PNs and that FIIs will have to unwind PNs with derivatives as underlying in 18 months. Sebi further allowed both regulated and unregulated pension funds, endowments, university funds and charitable trusts to register as FIIs.<BR><BR>PNs are issued by FIIs registered in India to unregistered overseas investors. Registered FIIs buy Indian securities and issue the notes based on the underlying asset.<BR><BR>While announcing rules to curb issue of participatory notes (PNs) by FIIs, the market regulator Securities & Exchange Board of India (Sebi) has also made it clear that PNs can now be issued only to foreign entities which are 'regulated' in their respective jurisdiction and not to those that are merely 'registered' in the jurisdiction as was the norm earlier. This will mean that many hedge funds that are not regulated in their home country will find it difficult to invest in the Indian market.<BR><BR>The Reserve Bank of India's (RBI) mid-term review of annual policy due on 30 October 2007 and US Federal Reserve's meeting on 31 October 2007 on interest rates, will be key events that will drive the market in the near term.<BR><BR>The market breadth was strong on BSE: 1,706 scrips advanced as compared to 1037 that declined while 63 remained unchanged. 23 of the 30 members of the Sensex pack were trading with gains.<BR><BR>The BSE Mid-Cap index was up 2.19% to 7,920.66 while the BSE Small-Cap index gained 1.96% to 9,549.62. Both these indices underperformed the Sensex.<BR><BR>Most of the indices on BSE posted gains. Bankex (up 3.52% to 10,273.53), BSE Capital Goods Index (up 7.08% at 18,540.15), BSE PSU index (up 3.93% to 9,227.41), and BSE Oil and Gas Index (up 2.80% at 11,103.46), outperformed the Sensex.<BR><BR>BSE Realty (up 2.18% to 10,020.75), BSE Metal Index (up 1.95% at 16,744.56), BSE Consumer Durables index (up 0.62% to 5,234.25), BSE Auto Index (up 2.06% at 5,616.97), BSE FMCG Index (down 0.28% at 2,128.74), BSE Health Care Index (up 1.38% at 3,885.95), BSE IT Index (up 1.16% at 4,635.58), BSE TecK index (up 0.46% to 3,980.74), were underperformers.<BR><BR>The total turnover on BSE amounted to Rs 8968 crore as compared to Rs 8,456.76 crore yesterday, 25 October 2007.<BR><BR>The NSE F&O turnover was Rs 73836.74 crore as compared to Rs 103930.17 crore yesterday, 25 October 2007<BR><BR>India's largest engineering and construction company Larsen & Toubro (L&T) galloped 12.40% to Rs 3885 on 11.55 lakh shares. It hit an all time high of Rs 3898 today. It was the top gainer from Sensex pack. L&T posted 72.95% rise in net profit to Rs 348.02 crore on 43.54% rise in total income to Rs 5,523.27 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today, 26 October 2007.<BR><BR>India's largest bank in terms of net profit State Bank of India vaulted 7.53% to Rs 2091. It hit an all time high of Rs 2104.45. After market hours on 23 October 2007, SBI Life Insurance Company posted net profit of Rs 14.09 crore for the first half year ended 30 September 2007 on the back of 80% increase in its total premium collection. A 74:26 joint venture between the State Bank of India and Cardif, a BNP Paribas company, it manages assets over Rs 6000 crore.<BR><BR>Bharat Heavy Electricals (Bhel), the nation's largest power equipment maker in terms of sales soared 6.35% to Rs 2434.70 in anticipation of robust set of results from the company. It will announce its Q2 September 2007 results on 29 October 2007.<BR><BR>India's largest power generation company by sales, NTPC advanced 2.38% to Rs 228.45. As per reports it is planing to acquire overseas coal blocks with a mining capacity of around 20 million tonnes per annum (mtpa).<BR><BR>Oil & Natural Gas Corporation (ONGC), the country's largest oil exploration company by net sales advanced 4.12% to Rs 1159.95. As per reports, ONGC which reported gas discoveries on the east coast of India early this year, is planning to sell up to 60% stake in the block to Petrobras of Brazil and State Hydro of Norway.<BR><BR>Auto stocks gained on fresh buying. Tata Motors (up 1.98% to Rs 809), Mahindra & Mahindra (up 3.82% to Rs 802), and Maruti Suzuki India (up 1.38% to Rs 1175.10), were the other gainers from Sensex pack.<BR><BR>India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rebounded sharply from day's low of Rs 2610 to hit a high of Rs 2710. It settled 2.42% higher at Rs 2691.10 on 13.52 lakh shares.<BR><BR>World's sixth largest steel maker, Tata Steel pared gains from its 52-week high of Rs 1048.80 struck in early trade today. It ended with 0.62% gain to Rs 995. Tata Steel's net profit rose 8.11% to Rs 1,190.83 crore on 11.41% rise in total income to Rs 4,879.41 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during market hours today, 26 October 2007.<BR><BR>Shares of Bajaj Auto, the country's second largest bike manufacturer by sales were up marginally by 0.30% to Rs 2503.05. TVS Motor Company jumped 4.32% to Rs 56.80. TVS has reportedly filed a Rs 250 crore defamation suit against Bajaj Auto in the Bombay High Court. This is in reaction to Bajaj's allegation that TVS had infringed the latter's patented DTSi (digital twin spark plug ignition) technology. TVS Motor Company gained 1.93% to Rs 55.30<BR><BR>Bharti Airtel, the country's largest listed cellular services provider by total subscribers retraced sharply from day's high of Rs 1044.90. It settled with a loss of 2.66% to Rs 992.80 on 3.77 lakh shares. It was the top loser from Sensex pack<BR><BR>India's largest cigarette maker in terms of sales ITC slipped from day's high of Rs 190.75. It closed 1.40% lower to Rs 180.30. It posted 13.42% rise in net profit to Rs 770.87 crore on 18.2% rise in total income to Rs 3,481.63 crore in Q2 September 2007 over Q2 September 2006. The results were announced during the market hours today, 26 October 2007.<BR><BR>Hindustan Unilever (down 1.34% to Rs 217.55), and Ranbaxy Laboratories (down 1.15% to Rs 424.80), were the other losers from Sensex pack<BR><BR>Among side counters, Electrosteel Castings (up 20% to Rs 60.35), Engineers India (up 20% to Rs 726.35), Hind National Glass (up 18.79% to Rs 900), Disa India (up 20% to Rs 1934.20), and OCL India (up 16.47% to Rs 274.75), surged<BR><BR>Tata Steel was the top traded counter on BSE with total turnover of Rs 457.63 crore followed by Larsen & Toubro (Rs 433.33 crore), Reliance Petroleum (Rs 404.76 crore), Reliance Industries (Rs 362.53 crore), and Reliance Natural Resources (Rs 272.20 crore), in that order<BR><BR>Bharat Forge jumped 6.67% to Rs 335.90 on posting 8.94% rise in net profit to Rs 67.74 crore on 25.23% rise in total income to Rs 588.48 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today, 26 October 2007.<BR><BR>Educomp Solutions lost 0.53% to Rs 3400. The company today said its net profit jumped 128.14% to Rs 13.62 crore on 63.41% increase in sales to Rs 44.94 crore in Q2 September 2007 over Q1 June 2007.<BR><BR>Kotak Mahindra Bank gained 5.93% to Rs 1,030.90 on reporting 116.6% rise in net profit to Rs 75.38 crore on 99.68% rise in total income to Rs 714.16 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today, 26 October 2007.<BR><BR>Deccan Chronicle Holdings eased sharply from day's high of Rs 220. It closed lower by 0.22% to Rs 203.25 after its board approved a buyback of shares at a maximum price of Rs 250 per share. The board also agreed for private placement of up to 24% in subsidiary Sieger Solutions with a floor enterprise value of Rs 1500 crore and ceiling of Rs 1800 crore.<BR><BR>Idea Cellular slumped 8.55% to Rs 139 after it reported an average revenue per user (ARPU) of Rs 288 per month in Q2 September 2007, which was lower by Rs 32 from Rs 320 in Q1 June 2007. The decline in ARPU was due to lower minutes of use (MOU) and lower revenue per minute (RPM).<BR><BR>i-flex Solutions rose 2% to Rs 1582 on posting 31.58% rise in net profit to Rs 76.58 crore on 13.13%rise in sales to Rs 435.17 crore in Q2 September 2007 over Q1 June 2007. The company announced the results during the market hours today, 26 October 2007.<BR><BR>PTC India galloped 9.15% to Rs 115.70 on reports that private equity firms Goldman Sachs and Macquarie Bank are eyeing 40% stake in the investment arm of the company - PTC Financial Services (PFS). The deal is expected to be in the region of Rs 120 crore.<BR><BR>Sical Logistics soared 7.53% to Rs 247 after Reserve Bank of India allowed foreign institutional investors to buy up to 49% of the paid up capital of the company.<BR><BR>India Infoline spurted 11.51% to Rs 1107. It is reportedly looking at a Rs 200 crore private-equity funding for its recently started consumer finance subsidiary. The deal is expected to be concluded this quarter.<BR><BR>Jaiprakash Associates moved up 12.92% to Rs 1352.90. Recent reports suggest that the company, which is India's biggest builder of dams, plans to combine its hydroelectric and coal-fired plants into a single company, giving it the flexibility to raise prices and meet demand.<BR><BR>India's wholesale price index rose 3.07% in 12 months to 13 October 2007, matching the previous week's rise which was the smallest in five years, government data released today afternoon showed. The annual inflation rate was 5.46% during the corresponding week of the previous year.<BR><BR>October 2007 derivatives contracts expired yesterday, 25 October 2007. Rollovers were healthy and in-line with the previous two months. As per market data, marketwide rollover of derivative positions from the October 2007 series to the November 2007 series was 84%, while the Nifty rollover was 71%.<BR><BR>Marketwide rollover of derivatives positions from September 2007 to October 2007 was 84% while that of August 2007 contracts to September 2007 contracts was 82.30%. Nifty rollover for September 2007 to October 2007 was 71% and that of August 2007 contracts to September 2007 was 70%.<BR><BR>European markets were trading mixed. Key benchmark indices in United Kingdom (up 0.18% to 6,588.10), and Germany (up 0.02% to 7,934.34) rose while France CAC 40 index slipped 0.09% to 5,755.74.<BR><BR>Asian markets were trading higher today, 26 October 2007. Hong Kong's Hang Seng (up 1.84% at 30,405.22), Japan's Nikkei (up 1.36% at 16,505.63), Taiwan's Taiwan Weighted (up 0.66% at 9,631.51), Straits Times (up 1.74% at 3,771.55) and South Korea's Seoul Composite (up 2.60% at 2,028.06) edged higher.<BR><BR>US markets ended slightly lower yesterday, 25 October 2007, as investors were uneasy about the credit markets and record-high oil prices and took little solace from reports on new home sales and durable goods orders. The Dow Jones Industrial Average slipped 3.33 points, or 0.02%, to 13,671.92. The Standard & Poor's 500 index lost 1.48 points, or 0.10%, to 1,514.40, while the Nasdaq Composite Index lost 23.90 points, or 0.86%, to 2,750.86.<BR><BR>Crude oil prices surged to all-time high of $91.10 a barrel in early trade on Friday, 26 October 2007 bolstered by supply concerns during the northern Hemisphere winter and growing political tensions in Middle East. NYMEX crude for December delivery which had hit a record high of $91.10 barrel, was up 31 cents at $90.77.</DIV>

Record closing high for Sensex, Nifty

The market surged on renewed buying interest in index pivotals following healthy rollover of derivative positions from October 2007 to November 2007 on Thursday, 25 October …

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P-Notes regulations to stay

<DIV>Sticking to the draft participatory notes (P-Note) regulations, Securities and Exchange Board of India (SEBI) on Thursday, announced that sub-accounts cannot issue participatory notes (PNs) and that FIIs have to unwind offshore derivative instruments (ODI) positions in 18 months. The regulator has also fixed September 30 as the date for calculating asset under custody for P-Notes. The rules approved by the board come into effect from October 25.<BR><BR>According to the new ruling, sub-accounts -- vehicles set up by registered FIIs to issue P-notes -- to wind up their positions altogether, although FIIs may apply to register proprietary sub-accounts. The Board has also approved the move wherein pension funds can register as FIIs, SEBI Chairman M. Damodaran told a news conference on Thursday.<BR><BR>Further issuance of P-notes by sub-accounts had been stopped with immediate effect, but proprietary, corporate sub-accounts could continue to do so till registration, he said. Those already registered as FIIs have been cleared, he added.<BR><BR>Indices ended on a firm note on Thursday ahead of the outcome of the crucial SEBI meet on the participatory note issue. Second rung stocks also participated in the rally. Metal shares were the biggest gainers among sectors.<BR><BR>According to SEBI, P-notes affect the transparency of inflows. It wants foreign portfolio investors to register so it knows the source of funds coming into the country. The finance minister has said India is also trying to moderate inflows to avoid a stock market bubble. India, the world's fastest-growing major economy after China, has battled a surge of foreign capital this year, which has pushed the rupee to its strongest against the dollar since 1998 and helped power the stock market to a series of record highs. SEBI wants FIIs to wind up existing P-notes on underlying derivatives over 18 months and restrict the issuance of new P-notes on cash positions.</DIV>

P-Notes regulations to stay

Sticking to the draft participatory notes (P-Note) regulations, Securities and Exchange Board of India (SEBI) on Thursday, announced that sub-accounts cannot issue participa…

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Sensex ends on positive third day in row

<DIV><FONT face=Verdana size=2> The Sensex posted gains consecutively for the third straight sessions, as investors flocked blue-chip shares, inspired by robust set of results posted by them for the quarter ended September 2007. All this came on the back of volatility, which is expected to remain high ahead of the expiry of October 2007 derivatives contracts on Thursday, 25 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The Sebi's board meet tomorrow 25 October 2007 to take a decision on proposals regarding P-notes, Reserve Bank of India's (RBI) mid-term review of annual policy due on 30 October 2007 and US Federal Reserve's meeting on 31 October 2007 on interest rates, will be key events that will drive the market in the near term.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>After swinging between positive and negative zones, the market closed with marginal gains. Earlier today, 24 October 2007, the market opened with a bang on continued buying interest in blue-chip stocks tracking firm global markets. But later it slipped in the red on selling pressure.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The market staged a comeback in late-afternoon trade to post decent gains. But fresh selling dragged it lower. The market breadth, however, was strong throughout trading.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>European markets were trading higher, while Asian markets ended lower.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The BSE 30-share Sensex closed higher by 20.07 points, or 0.11% to 18,512.91. It opened with a 235.06-point upward gap at 18,727.90 and rallied further to strike an intra-day high of 18,832.49, before slipping to a low of 18,317.17. The broad market index moved in a band of 515.32 points for the day's trading session.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The Sensex is now 685.75 points away from its all-time high of 19,198.66 struck on 18 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The broader based S&P CNX Nifty outperformed its rival index BSE Sensex, as it rose 22.45 points or 0.41% at 5,496.15, powered by exclusive Nifty stocks of Reliance Petroleum (up 6.01% to Rs 178.95), and Tata Power (up 3.18% to Rs 1057.60).</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The Nifty October 2007 futures settled at 5466, a sharp discount of 30.15 points as compared to spot closing.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The BSE Mid-Cap index was up 1.25% to 7,650.69 and the BSE Small-Cap index gained 1.17% to 9,242.38. Both these indices outperformed the Sensex.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Sectoral indices on BSE displayed mixed trend. Bankex (up 1.07% to 9,665.67), BSE Capital Goods Index (up 2% at 17,112.32), BSE Metal Index (up 2.47% at 15,772.94), BSE Consumer Durables index (up 2.98% to 5,124.67), BSE FMCG Index (up 0.33% at 2,135.45), BSE PSU index (up 0.28% to 8,775.61), and BSE Realty (up 2.01% to 9,760.53), outperformed the Sensex.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>BSE Health Care Index (up 0.04% at 3,853.90), BSE Oil and Gas Index (down 0.03% at 10,736.91), BSE Auto Index (down 0.89% at 5,404.26), BSE IT Index (down 1.18% at 4,580.23), BSE TecK index (down 1.11% to 3,930.33), were underperformers.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Eighteen of the 30 members of the Sensex pack declined, while the rest gained. The market breadth was strong on BSE: 1,532 scrips had advanced as compared to 1,175 that declined, while 50 remained unchanged.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The total turnover on BSE at the end of the session amounted to Rs 7968 crore as compared to Rs 7418 crore yesterday, 23 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The NSE F&O turnover spiked to Rs 107495.25 crore as compared to Rs 97393.15 crore yesterday, 23 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Reliance Energy, the country's second largest power utility company by sales, extended early gains and was up 8.75% to Rs 1656.50 on 36.66 lakh shares. It was the top gainer from the Sensex pack. The stock's rise follows chairman Anil Ambani's briefing to the media after market hours yesterday, 23 October 2007, that Reliance Power will be valued nearly two times its holding company, Reliance Energy, after the mega initial public offer. In its prospectus, Reliance Power has said that it would dilute 11.5% of the post-issue equity.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's leading bank by net profit State Bank of India jumped 5.03% to Rs 1904.05. After market hours yesterday, 23 October 2007, SBI Life Insurance Company posted net profit of Rs 14.09 crore for the first half year ended 30 September 2007 with an 80% increase in its total premium collection.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>SBI Life Insurance has become the first private sector life insurance company to make profit. A 74:26 joint venture between the State Bank of India and Cardif, a BNP Paribas company, it manages assets over Rs 6000 crore.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's fourth largest software services exporter Satyam Computer Services retracted sharply from the day's high of Rs 489.65. It settled 0.25% lower to Rs 460.60. Before market hours yesterday, 23 October 2007, the company reported a rise in net profit by 7.19% to Rs 417.15 crore on a 10.75% increase in sales to Rs 1948.24 crore in Q2 September 2007 over Q1 June 2006. The company revised upwards earning as well revenue guidance for FY 2008 (year ending 31 March 2008), both in rupees and dollars.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Other IT pivotals were not spared either. Infosys (down 2.31% to Rs 1839), TCS (down 1.79% to Rs 1045.10), and Wipro (down 1.46% to Rs 485) declined.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's largest engineering company by sales Bharat Heavy Electricals (Bhel) slipped 1.06% to Rs 2270 on profit booking after it had jumped 11.82% to Rs 2300 yesterday, 23 October 2007. Bhel said on Monday, 22 October 2007, that due to some unavoidable circumstances, the meeting of its board of directors to consider Q2 September 2007 results, scheduled to be held on 25 October 2007, is postponed to 29 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Larsen & Toubro (L&T), the nation's largest engineering and construction company by sales, rose 2.06% to Rs 3399.70. It had surged 7.69% to Rs 3336 yesterday, 23 October 2007. On 18 October 2007, L&T said it won four orders worth Rs 452 crore for projects in Andhra Pradesh</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Metal stocks firmed up on fresh buying. Hindalco Industries (up 1.86% to Rs 188.45), Jindal Saw (up 3.29% to Rs 610), and Tata Steel (up 1.95% to Rs 912.90) were the gainers from the metal pack.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's biggest power generation firm by revenue NTPC advanced 1.75% to Rs 221.15 on reports it form a joint venture with an Indonesian coal producer to ensure fuel supplies for its projects.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rebounded in the green. It settled 0.25% higher at Rs 2608 on 10.99 lakh shares. It had hit an intra-day high of Rs 2651 in early trade. It had also slipped to a low of Rs 2540.25. As part of restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>India's largest oil exploration company by market capitalisation Oil and Natural Gas Corporation slumped 3.69% to Rs 1102, off its day's low of Rs 1083. It was the top loser from the Sensex pack. The stock had surged 4.28% to Rs 1144.80 yesterday, 23 October 2007, on reports its joint venture firm ONGC-Mittal Energy had acquired a 30% participating interest in an exploration block in the Caspian Sea, Turkmenistan.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Auto stocks were under selling pressure. Tata Motors (down 2.41% to Rs 777), Mahindra & Mahindra (down 1.84% to Rs 760), Bajaj Auto (down 1.93% to Rs 2475), edged lower.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Shares from the Reliance group dominated the turnover charts on BSE. Reliance Energy was the top traded counter on BSE with turnover of Rs 593.96 crore, followed by Reliance Petroleum (Rs 368.37 crore), Reliance Industries (Rs 286.60 crore), and Reliance Communications (Rs 284.47 crore).</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Among the noteable small- and mid-cap winners, BL Kashyap & Sons (up 20% to Rs 1449), Bhuruka Gases (up 20% to Rs 24.90), Hercules Hoists (up 20% to Rs 5182.60), AVT Natural Products (up 20% to Rs 105.40), and Fairfield Atlas (up 20% to Rs 67.55) surged.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Real-estate stocks gained on fresh buying on speculation that the Reserve Bank of India (RBI) may keep interest rates unchanged in its mid-term review of annual policy due on 30 October 2007. Earlier the street was expecting a 50 basis-point hike. 100 basis points equals 1%.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Shares from real estate pack advanced on fresh buying. Prominent gainers included Akruti Nirman (up 4.26% to Rs 986), Anant Raj Industries (up 5.85% to Rs 305), HDIL (up 2.18% to Rs 676.10), Mahindra Gesco (up 5.29% to Rs 571.85), and Indiabulls Real Estate (up 13.23% to Rs 633.75).</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Blue Star galloped 20% at Rs 362.15 after its net profit jumped nearly 150% to Rs 45.97 crore on a 45.72% increase in sales to Rs 547.77 crore in Q2 September 2007 over Q2 September 2006. The results were declared during market hours today.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Castrol India rose 6.85% to Rs 288 on posting a 59.65 % rise in net profit to Rs 54.22 crore on a 3.56% rise in total income to Rs 439.7 crore in Q3 September 2007 over Q3 September 2006.The company announced the results during market hours today, 24 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Cairn India soared 6.73% to Rs 204.65 on speculation that UK-based BP Plc may take over its parent Cairn Energy Plc. On successful takeover of parent, the acquirer will have to make a mandatory open offer for a 20% stake in the Indian arm.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Novartis India jumped 12.66% to Rs 327.40. Its net profit grew 70.1% to Rs 30.39 crore on 14.3% rise in sales to Rs 147.88 crore in Q2 September 2007 over Q2 September 2006. The company declared results during market hours today, 24 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Rolta India moved up 9.76% to Rs 650.35. Earlier on 22 October 2007, the board of directors of the company had approved the proposal for issuing one bonus share for every one share held in the company</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Suzlon Energy rose 9.63% to Rs 1,908.75. The company said on Tuesday (23 October 2007), that it would split its shares and list its Belgium-based group company Hansen Transmissions International NV on the London Stock Exchange.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Pidilite Industries soared 10.85% to Rs 182.50 after it reported a 69.06% rise in net profit to Rs 56.3 crore on a 19.21% increase in sales to Rs 377.2 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after trading on 23 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Union Bank of India rose 2.83% to Rs 159.90 on reporting 42.03% rise in net profit to Rs 275.78 crore on 31.21% rise in sales to Rs 2,525.65 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during market hours today, 24 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>MIC Electronics slipped 5.42% to Rs 505. It posted net profit of Rs 9.84 crore in Q1 September 2007 on sales of Rs 75.43 crore. The company was listed on the exchanges on 12 January 2007. Therefore, comparable figures are not available. The company announced the numbers before market hours today, 24 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Siemens gained 3% to Rs 1708 after it bagged a Rs 330-crore order from Tata Steel for providing power distribution network solutions for its greenfield steel plant at Kalinganagar, Orissa. The contract is to be executed by end of 2009.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>GMR Infrastructure scaled up 1.86% to Rs 158.90 after GMR Hyderabad International Airport, 63% controlled by the company, entered into a joint venture with Brussels (Belgium)-based Sabena Flight Academy (SFA) to set up a modern aviation academy at Hyderabad. SFA is one of Europe's oldest and most respected pilot training academies and trains more than 300 cadre pilots every year. The company announced the joint venture after market hours yesterday, 23 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Firstsource Solutions edged higher by 2.51% to Rs 73.60 after its board approved raising up to $275 million through foreign currency convertible bonds. The company made the announcement after market hours yesterday, 23 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Britannia Industries jumped 4.82% to Rs 1471.05 after its net profit surged 128.8% to Rs 48.50 crore on a 19.9% rise in sales to Rs 658.80 crore in Q2 September 2007 over Q2 September 2006. The company declared the Q2 September 2007 results after market hours yesterday, 23 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>PTC India vaulted 5.40% to Rs 106.50 on posting a 31.79% rise in net profit to Rs 11.4 crore on a 11.76% jump in sales to Rs 1473.61 crore in Q2 September 2007 over Q2 September 2006.The company announced the results during market hours today, 24 October 2007. It also recommended a hike in the limit for holdings by foreign institutional investors (FIIs) to 60% of its equity capital from the present limit of 40%.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Punjab Tractors declined 0.80% to Rs 216.35 after it posted a 4.64% fall in net profit to Rs 9.8 crore on an 8.97% erosion in sales to Rs 206.9 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after market hours on 23 October 2007.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>European markets reversed early losses to post marginal gains today, 23 October 2007. Key benchmark indices from United Kingdom (up 0.44% to 6,542.70), Germany (down 0.12% to 7,833.47), and France (up 0.10% to 5,710.57), slipped</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Asian markets reversed early gains to slide in the red today, 24 October 2007. Taiwan Weighted (down 0.63% at 9,442.62), South Korea's Seoul Composite (down 0.75% at 1,93.46), Hong Kong's Hang Seng (down 0.15% at 29,333.53), Singapore's Straits Times (down 1.25% at 3,649.12) and Japan's Nikkei (down 0.56% at 16,358.39), declined</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Market regulator Securities Exchange Board of India (Sebi), after trading hours on Monday, 22 October 2007, provided partial breather to foreign institutional investors (FIIs) on the proposed restrictions in the use of participatory notes and said it would speed up regulatory clearance for foreigners keen to invest transparently. The minimum networth criterion for a foreign individual investor, who intends to invest directly, is set at $50 million, reports suggested.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>On 16 October 2007, Sebi had proposed curbs on issuance of offshore derivative instruments (ODIs), also known as participatory (P) notes, based on assets under management of FIIs and prohibited sub-accounts of FIIs from issuing P notes. Its board would meet on 25 October 2007 to take a decision on these proposals.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Wall Street shares ended with a spurt yesterday, 23 October 2007, as investors uneasy about the economy were reassured by solid earnings from blue chips including Apple and American Express Company. The Dow Jones Industrial Average surged 109.26 points, or 0.81%, to 13,676.23. The Standard & Poor's 500 index rose 13.26 points, or 0.88%, to 1,519.59 while the Nasdaq Composite index gained 45.33 points, or 1.65%, to 2,799.26.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>New York's main futures contract, light sweet crude for delivery in December, was down 37 cents at $84.90 a barrel, more than five dollars below the record high of $90.07 struck on Friday, 19 October 2007. Brent crude for December delivery slipped 30 cents to $82.55, off its all-time peak of $84.88 hit on Thursday, 18 October 2007</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The Sensex had posted its biggest ever-single day point gain of 878.85 points, or 4.99%, to settle at 18,492.84 on Wednesday, 23 October 2007. The broad market index's previous biggest single-day point gain was on 9 October 2007, when it had jumped 788.85 points, or 4.51%, to 18,280.24.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The broader S&P CNX Nifty had scaled up 289.70 points, or 5.59%, to 5,473.70, on 23 October 2007. </FONT></DIV>

Sensex ends on positive third day in row

 The Sensex posted gains consecutively for the third straight sessions, as investors flocked blue-chip shares, inspired by robust set of results posted by them for the quart…

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India now $4 trillion economy

<DIV>India's economy, which swelled close to a trillion dollars last year, is actually worth four trillion dollars when measured in terms of purchasing power parity (PPP) and accounts for 6.3 per cent of the global economy, Finance Minister P Chidambaram said on Wednesday.<BR><BR>At market prices GDP has increased from $20 billion in 1950-51 to $912 billion in 2006-07 and is expected to cross a trillion dollars in the current year, he said, delivering a speech 'India's Socio-Economic Agenda: Development with Democracy' at the Norwegian Nobel Institute in Oslo.<BR><BR>PPP is a measure of the purchasing power of different currencies and the average cost of goods and services between countries.<BR><BR>The Finance Minister is on three-day visit to Norway. Claiming that Indian growth was no more a jobless growth story, he said since 2003-04 the average growth rate has increased further to 8.6 per cent and has seen over one crore jobs added annually.<BR><BR>During 1999-2000 to 2004-05, India added about 12 million people to its workforce each year. In this period, the rate of growth of employment was 2.9 per cent per year, he said.<BR><BR>India, after China, is the fastest growing economy of the world, and together with Brazil, Russia and China is the locomotive driving world growth, said Chidambaram.<BR><BR>Expressing the government's commitment for inclusive growth, he said the proportion of people living below the poverty line in India has declined from 51.3 per cent in 1977-78 to about 22 per cent in 2004-05.<BR><BR>Earlier, he met his Norwegian counterpart Kristin Halvorsen and the Norwegian Minister of Environment and International Development. Both the countries also decided to step up their bilateral and economic relations.</DIV>

India now $4 trillion economy

India's economy, which swelled close to a trillion dollars last year, is actually worth four trillion dollars when measured in terms of purchasing power parity (PPP) and acc…

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Crude continues to drop

<DIV><FONT face=Verdana size=2> <P class=bgcaption1>Prices ease further and fall back to almost $85/barrel </P> <P> <SCRIPT language=Javascript> <!-- function ArtTable(TSNo,SectionName,SubSectionName,Heading,Caption,Dt,Tm) { TableWin = window.open('ViewRelTables.asp?TSNo='+TSNo+'&SectionName='+SectionName+'&SubSectionName='+SubSectionName+'&Heading='+Heading+'&Caption='+Caption+'&Date='+Dt+'&Time='+Tm, 'TableWin','height=400,width=580,scrollbars=yes,status=0,top=100,left=80, status=no,alwaysRaised=0,channelmode=0,fullscreen=0,hotkeys=1,menubar=0,resizable=1,titlebar=0,toolbar=0,z-lock=0'); if (window.focus) TableWin.focus(); } --> </SCRIPT> </P> <P>Crude prices continued to drop today as traders speculated that Middle East tension between Turkey and Iraq had eased. Price also continued to drop after market expected that tomorrow's weekly inventory report on crude and fuel products are expected to show a climb in inventories for week ended 19 October. </P> <P>For the day ending Tuesday, 23 October, 2007, crude-oil futures for light sweet crude for December delivery closed at $85.27/barrel (lower by $0.75/barrel or 0.9%) on the New York Mercantile Exchange. Prices are up 45% on a yearly basis. Last Friday (19 October) price had peaked to $90.02/barrel after dropping later in the day. </P> <P>Natural gas in New York fell on anticipation that outlook for mild weather will limit demand. Gas for November delivery fell 13 cents (1.9%) to settle at $6.761 per million British thermal units. </P> <P>Against this backdrop, November reformulated gasoline ended down 2.45 cents at $2.1089 a gallon and November heating oil closed down 1.10 cents at $2.2998 a gallon. </P> <P>Last week, prices continued to climb up on concern that Turkey's military may attack Kurdish bases in Iraq, which has the world's third-largest oil reserves. Since 2003, due to US invasion of Iraq, shipments of oil from northern Iraq to Turkey have been cut for most of the time because of attacks on pipelines. The problems gave birth to concerns that this might lead to slowing down of shipments as peak season is commencing and would call for more demand for meeting the peak heating demand. </P> <P>At the MCX, crude oil for October delivery closed at Rs 3367/barrel, lower by Rs 64 (1.9%) against previous day's close. Natural gas closed at Rs 295.5/mmtbu as against previous close of Rs 301.7/mmtbu, lower by Rs 6.2/ mmtbu. </P> <P>OPEC planned to boost daily oil production by 500,000 barrels. OPEC's production target is 27.2 million barrels a day, beginning 1 Nov. OPEC, has decided to raise their daily output by 500,000 barrels per day, starting 1 November. </P> <P>Attacks on oil facilities in Middle East and tight supplies from OPEC have bolstered crude prices this year. As per the U.S. Energy Information Administration, tight global energy supplies are expected to keep energy prices high through 2008. </P> <P>Energy Department will come out with the weekly inventory report on fuel and fuel products for week ended Friday, 19 October tomorrow morning at Washington at 10.30 E.T. </P></FONT></DIV>

Crude continues to drop

Prices ease further and fall back to almost $85/barrel Crude prices continued to drop today as traders speculated that Middle East tension between Turkey and Iraq …

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Reliance Power IPO awaiting Sebi nod: ADAG

<DIV><FONT face=Verdana size=2></FONT> </DIV> <DIV><FONT face=Verdana size=2></FONT> </DIV> <DIV> <DIV><FONT face=Verdana size=2><STRONG>VISIT <A href="http://ipoanalysis.blogspot.com/">http://ipoanalysis.blogspot.com/</A></STRONG></FONT></DIV></DIV>

Reliance Power IPO awaiting Sebi nod: ADAG

    VISIT http://ipoanalysis.blogspot.com/…

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NSE F&O Cues: Nifty Oct sheds 15 lakh shares in OI, at 10-pt discount; net sell by FIIs in Nifty Futures Rs 17 Cr

<DIV><FONT face=Verdana size=2>Marketwide rollover was at 24% and Nifty rollover was at 35%. Nifty October sheds 15 lakh shares in OI while Nifty November added 29 lakh shares in OI. Nifty October was at 10-point discount while November was at 28-point discount. Nifty OI Put-Call Ratio was flat at 1.13. Nifty Puts and Calls added 6 lakh shares each in OI. Nifty 5000 Put added 3.1 lakh shares in OI; Nifty 5200 Call added 2.6 lakh shares in OI; Stock Futures added 51 lakh shares in OI.<BR></FONT></DIV> <DIV><FONT face=Verdana size=2> <P><SPAN style="FONT-SIZE: 100%; FONT-FAMILY: georgia"><SPAN style="FONT-WEIGHT: bold">FIIs IN F&O</SPAN><BR>On Oct 22, net sell by the FIIs in Nifty Futures were Rs 17 crore while net buy in Stock Futures were Rs 59 lakh and net buy in Nifty Options were Rs 385 crore.<BR><BR></SPAN></P> <P style="FONT-FAMILY: georgia"><SPAN style="FONT-SIZE: 100%">NSE F&O Cues:</SPAN></P> <P style="FONT-FAMILY: georgia"> <TABLE style="WIDTH: 94pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=126 border=0 str=""> <COLGROUP> <COL style="WIDTH: 77pt" width=103> <COL style="WIDTH: 17pt" width=23></COLGROUP> <TBODY> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; WIDTH: 77pt; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=103 height=17 str="Rollovers "><SPAN style="FONT-SIZE: 100%">Rollovers </SPAN></TD> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 17pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" width=23 str="% "><SPAN style="FONT-SIZE: 100%">% </SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 str="S Kumars "><SPAN style="FONT-SIZE: 100%">S Kumars </SPAN></TD> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">66</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17><SPAN style="FONT-SIZE: 100%">Aban Offshore</SPAN></TD> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">63</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17><SPAN style="FONT-SIZE: 100%">India Cements</SPAN></TD> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">40</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 str="Allahabad Bank "><SPAN style="FONT-SIZE: 100%">Allahabad Bank </SPAN></TD> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">42</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 str="SBI "><SPAN style="FONT-SIZE: 100%">SBI </SPAN></TD> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">40</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17><SPAN style="FONT-SIZE: 100%">Arvind Mills</SPAN></TD> <TD class=xl22 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">40</SPAN></TD></TR></TBODY></TABLE></P> <TABLE style="WIDTH: 157pt; FONT-FAMILY: georgia; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=209 border=0 str=""> <COLGROUP> <COL style="WIDTH: 92pt" width=122> <COL style="WIDTH: 65pt" width=87></COLGROUP> <TBODY> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; WIDTH: 92pt; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" width=122 height=17 str="Total OI Change "><SPAN style="FONT-SIZE: 100%">Total OI Change<SPAN> </SPAN></SPAN></TD> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext; WIDTH: 65pt; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" width=87 str="Lakh Shares "><SPAN style="FONT-SIZE: 100%">Lakh Shares </SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 str="Power Grid "><SPAN style="FONT-SIZE: 100%">Power Grid </SPAN></TD> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">48</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17><SPAN style="FONT-SIZE: 100%">Reliance Comm</SPAN></TD> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">18</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 str="IFCI "><SPAN style="FONT-SIZE: 100%">IFCI </SPAN></TD> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">13</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 str="TTML "><SPAN style="FONT-SIZE: 100%">TTML<SPAN> </SPAN></SPAN></TD> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">13</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 str="IDBI "><SPAN style="FONT-SIZE: 100%">IDBI </SPAN></TD> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">12</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 str="MTNL "><SPAN style="FONT-SIZE: 100%">MTNL </SPAN></TD> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">11</SPAN></TD></TR> <TR style="HEIGHT: 12.75pt" height=17> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 12.75pt; BACKGROUND-COLOR: transparent" height=17 str="SAIL "><SPAN style="FONT-SIZE: 100%">SAIL </SPAN></TD> <TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-TOP: windowtext; BORDER-LEFT: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent" align=right num=""><SPAN style="FONT-SIZE: 100%">9</SPAN></TD></TR></TBODY></TABLE><SPAN style="FONT-SIZE: 100%; FONT-FAMILY: georgia"><BR></SPAN></DIV></FONT>

NSE F&O Cues: Nifty Oct sheds 15 lakh shares in OI, at 10-pt discount; net sell by FIIs in Nifty Futures Rs 17 Cr

Marketwide rollover was at 24% and Nifty rollover was at 35%. Nifty October sheds 15 lakh shares in OI while Nifty November added 29 lakh shares in OI. Nifty October was at …

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Trading Spotlight

<DIV><FONT face=Verdana size=2>Gainers:<BR>India Glycol<BR>Stock up 9.8%; del vol of 72%<BR>NSE vol of 3.7 lakh shares Vs 10-day avg of 95 thousand shares</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Adani Enterprises<BR>Stock up 9.4%; del vol of 40%<BR>NSE vol of 3.5 lakh shares Vs 10-day avg of 5.7 lakh shares</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>GNFC<BR>Stock up 6.8%; del vol of 45%<BR>NSE vol of 2 lakh shares Vs 10-day avg of 3 lakh shares</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Yes bank<BR>Stock up 6.4%; del vol of 43%<BR>NSE vol of 21 lakh shares Vs 10-day avg of 12 lakh shares</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>HDFC<BR>Stock up 6%; del vol of 83%<BR>NSE vol of 14 lakh shares Vs 10-day avg of 15 lakh shares</FONT></DIV> <DIV> </DIV><FONT face=Verdana size=2> <DIV><BR>Losers:<BR>Bank of Rajasthan<BR>Stock down 7.7%; del vol of 70%<BR>NSE vol of 10 lakh shares Vs 10-day avg of 10.6 lakh shares</DIV> <DIV> </DIV> <DIV>NIIT Tech<BR>Stock down 7.3%; del vol of 58%<BR>NSE vol of 10 lakh shares Vs 10-day avg of 12 lakh shares</DIV> <DIV> </DIV> <DIV>Gujarat NRE Coke<BR>Stock down 5.5%; del vol of 64%<BR>NSE vol of 19 lakh shares Vs 10-day avg of 39 lakh shares</DIV> <DIV> </DIV> <DIV>Tech Mahindra<BR>Stock down 5.4%; del vol of 69%<BR>NSE vol of 2.6 lakh shares Vs 10-day avg of 3 lakh shares</DIV> <DIV> </DIV> <DIV>Educomp<BR>Stock down 5.3%; del vol of 49%<BR>NSE vol of 1.4 lakh shares Vs 10-day avg of 1.6 lakh shares</FONT></DIV>

Trading Spotlight

Gainers:India GlycolStock up 9.8%; del vol of 72%NSE vol of 3.7 lakh shares Vs 10-day avg of 95 thousand shares   Adani EnterprisesStock up 9.4%; del vol of 40%NSE vol of 3…

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Fund Action

<DIV><FONT face=Verdana size=2>ICICI Bank<BR>DB Int Asia buys 66 lakh shares @ Rs 1050/sh (NSE) (0.6% stake)<BR>ABN Amro sells 49.6 lakh shares @ Rs 1050/sh (NSE)<BR>DB Int Asia buys 15.26 lakh shares @ Rs 1047/sh (BSE)<BR>Goldman Sachs sells 15.26 lakh shares @ Rs 1047/sh (BSE)</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Ambuja Cement<BR>Holderind Inv buys 4.88 cr shares @ Rs 148.8/sh (3.2% stake)<BR>Notz Stucki sells 99.7 lakh shares @ Rs 149/sh (0.7% stake)<BR>The Master Trust Bk Of Japan sells 80 lakh shares @ Rs 149/sh (0.5% stake)<BR>Recent Fund Action<BR>Holdering Inv bought 6 cr shares @ Rs 154/sh (3.95% stake) on 21st Sept<BR>Radha Madhav Inv sold 3.9 cr shares @ Rs 154/sh on 21st Sept<BR>RKBK Fiscal Services sold 2.1 cr shares @ Rs 154/sh on 21st Sept</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Mc Dowell Holding<BR>DB Int Asia buys 8.71 lakh shares @ Rs 204.4/sh (7.2% stake)<BR>JPMSL Copthall sells 2.7 lakh shares @ Rs 203/sh (2.2% stake)<BR>CLSA Mauritius sells 6 lakh shares @ Rs 205/sh (4.9% stake)</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>HDFC<BR>DB Int Asia buys 1 lakh shares @ Rs 2345/sh<BR>Goldman Sachs sells 1 lakh shares @ Rs 2345/sh</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>United Breweries<BR>DB Int Asia buys 12 lakh shares @ Rs 348.5/sh<BR>JPMSL Copthall 12 lakh shares @ Rs 348.5/sh</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>United Breweries (Holdings)<BR>DB Int Asia buys 55 .24 lakh shares @ Rs 918.4/sh (9.3% stake)<BR>CLSA Mauritius sells 27.41 lakh shares @ Rs 937/sh (4.6% stake)<BR>Citigroup Global sells 27.82 lakh shares @ Rs 900/sh (4.7% stake)</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Champagn Indage<BR>DB International Asia buys 10.21 lakh shares @ Rs 683.5/sh (8.4% stake)<BR>JPMSL Copthall Inv sells 1.5 lakh shares @ Rs 680.5/sh (1.2% stake)<BR>CLSA Mauritius sells 5.71 lakh shares @ Rs 684/sh (4.7% stake)<BR>Goldman Sachs sells 3 lakh shares @ Rs 684/sh (2.5% stake)</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Panyam Cement<BR>CLSA buys 1 lakh shares @ Rs 90/sh (0.6% stake)<BR>Merrill Lynch Capital sells 1 lakh shares @ Rs 90/sh (0.6% stake)</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Radico Khaitan<BR>DB International Asia buys 36.64 lakh shares @ Rs 180/sh (3.8% stake)<BR>CLSA sells 36.64 lakh shares @ Rs 180/sh (3.8% stake)</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Sical Logistics<BR>UBS Securities Asia sells 4 lakh shares @ Rs 205/sh</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Welspun India<BR>Welspun Trading buys 8.61 lakh shares @ Rs 62.5/sh (NSE/BSE)</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Genus Overseas Electronic<BR>Prism Impex sells 1 lakh shares @ Rs 523/sh<BR>Himatsingka Seide<BR>Morgan Stanley sells 10 lakh shares @ 110.5/sh (NSE/BSE)</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Man Aluminium<BR>SBI MF sells 38 thousand shares @ Rs 40.5/sh<BR>Tata MF sells 72 thousand shares @ Rs 37/sh<BR>Principle Trustee sells 74 thousand shares @ Rs 40.76/sh</FONT></DIV>

Fund Action

ICICI BankDB Int Asia buys 66 lakh shares @ Rs 1050/sh (NSE) (0.6% stake)ABN Amro sells 49.6 lakh shares @ Rs 1050/sh (NSE)DB Int Asia buys 15.26 lakh shares @ Rs 1047/sh (B…

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US stocks rebound after early losses as bargain hunters step in

<DIV><FONT face=Verdana size=2>US stocks closed higher after a roller coaster session. Stocks rallied late in the session as bargain hunters stepped in despite economic concerns and worries about global credit markets. Reassuring earnings from Merck & few other companies provided support. The financial sector got support after Bear Stearns got a $ 1 billion investment from China's Citic securities. The energy sector was a notable laggard again as oil prices dipped 1.2%.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Volume on the New York Stock Exchange came to nearly 1.4 billion, as advancing stocks outran those declining 9 to 7. On the Nasdaq, nearly 2 billion shares were exchanged, and advancing issues topped decliners 3 to 2.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The Dow rose 44.95, or 0.33%, to 13,566.97, after falling more than 100 points early in the session. Broader stock indicators finished higher, with tech stocks leading. The S&P 500 index rose 5.70, or 0.38%, to 1,506.33, and the technology-dominated Nasdaq composite index rose 28.77, or 1.06%, to 2,753.93. The Russell 2000 index of smaller companies climbed 11.29, or 1.41%, to 810.08.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Indian ADRs end strong; MTNL rises more than 10%</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The Indian ADRs had a good day as the US market sentiment improved. All of the ADRs managed to end in the green, led by MTNL, which was up more than 10%.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>In the technology pack, Infosys Technologies was up 1.91% at $ 49.65, Patni Computers was up 3.79% at $ 22.71, Satyam Computers was up 3.77% at $ 26.98, while Wipro ended the day 1.87% higher at $ 15.23.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>In the non-technology pack, HDFC Bank was up 2.87% at $ 108.68, VSNL was up 5.73% at $ 25.30, ICICI Bank was up 5.06% at $ 56.11, MTNL was up 10.21% at $ 8.85, Tata Motors was up 0.36% at $ 19.37, Dr Reddy's Lab was up 1.41% at $ 15.82 and Sterlite was up 2.65% at $ 20.55.</FONT></DIV>

US stocks rebound after early losses as bargain hunters step in

US stocks closed higher after a roller coaster session. Stocks rallied late in the session as bargain hunters stepped in despite economic concerns and worries about global c…

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Crude witnesses major drop

<DIV> Crude prices drop on profit taking as November contract expires<BR><BR>After going up by 6% last week, crude oil prices slipped today and settled below $88/barrel. Prices eased as dollar strengthened against most of its rival currencies. Prices also eased on reports of a cease fire in Turkey. Profit-taking was another reason for the rise in price, especially given that the November front-month crude contract expired at the end of today's session.<BR><BR>For the day ending Monday, 22 October, 2007, crude-oil futures for light sweet crude for November delivery closed at $87.56/barrel (lower by $1.04/barrel or 1.2%) on the New York Mercantile Exchange. Last Friday price had peaked to $90.02/barrel after dropping later in the day.<BR><BR>Natural gas declined in New York on unseasonably warm weather, ample inventories and concern U.S. economic growth may slow. Gas for November delivery fell 15 cents (2.1%) to settle at $6.891 per million British thermal units.<BR><BR>November heating oil slipped 1.97 cents to end at $2.3109 a gallon and November reformulated gasoline dropped 3.53 cents to $2.1334 a gallon.<BR><BR>Last week, prices continued to climb up on concern that Turkey's military may attack Kurdish bases in Iraq, which has the world's third-largest oil reserves. Since 2003, due to US invasion of Iraq, shipments of oil from northern Iraq to Turkey have been cut for most of the time because of attacks on pipelines. The problems gave birth to concerns that this might lead to slowing down of shipments as peak season is commencing and would call for more demand for meeting the peak heating demand.<BR><BR>At the MCX, crude oil for October delivery closed at Rs 3432/barrel, higher by Rs 3 (0.08%) against previous day's close. Natural gas closed at Rs 301.7/mmtbu as against previous close of Rs 305.9/mmtbu, lower by Rs 4.2/ mmtbu.<BR><BR>OPEC planned to boost daily oil production by 500,000 barrels. OPEC's production target is 27.2 million barrels a day, beginning 1 Nov. OPEC, has decided to raise their daily output by 500,000 barrels per day, starting 1 November.<BR><BR>Attacks on oil facilities in Nigeria have curtailed shipments and tight supplies from OPEC have bolstered crude prices this year. As per the U.S. Energy Information Administration, tight global energy supplies are expected to keep energy prices high through 2008.</DIV>

Crude witnesses major drop

 Crude prices drop on profit taking as November contract expiresAfter going up by 6% last week, crude oil prices slipped today and settled below $88/barrel. Prices eased as …

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Post Market Commentary

<DIV>The market ended the day mixed, as Nifty closed in red and Sensex managed to close in green. The weakness in the opening session was attributed to the weak global cues. High volatility and lot of choppiness was witnessed during the session as most of the investors did intraday trading. Selective buying was seen in cement, power, capital goods, banking and FMCG stocks, whereas Realty, IT, telecom, metal and consumer durables were under heavy selling pressure. 50% of the key BSE indices ended with marginal gains and rest of the others like IT, Metal, Oil & Gas and Realty index closed in red. The benchmark index Sensex registered marginal growth of 54.01 points to close at 17,613.99, whereas Nifty closed at 5,184 down by 31.30 points. Overall, the market breath was flat for the day as 1345 stocks advanced while 1340 stocks declined on BSE. Further, BSE Midcap and BSE Smallcap closed marginally high by 24.83 points and 51.15 points at 7,263.41 & 8,851.47 respectively.<BR><BR>The Oil and Gas index ended with the loss of 162.48 points to close at 10,079.97 as Reliance (2.29%), RPL (0.47%), HPCL (1.50%), Gail (1.64%) and ONGC (0.93%) closed in negative.<BR><BR>BSE IT index also stood in the red territory for the day as it ended with the loss of 66.74 points to close at 4,619.17. The draggers are Tech Mahindra down by (4.87%), TCS (2.92%), Satyam (2.52%) and Rolta India by (1.74%).<BR><BR>The Reality index slipped by 59.42 points to close at 8,994.22. Drifting it down are Ansal Infrastructure (3.4%), Shobha Developers (3.32%), Anant Raj (2.69%), DLF (2.00%), Mahindra Ges (1.86%) and Unitech Ltd (1.75%).<BR><BR>BSE Bankex managed to closed with the gain of 191.54 points to close at 9029.09 . Scrips surged are Yes Bank (6.65%), ICICI Bank (3.74%), SBI Bank (2.70%), and Union Bank (2.49%).<BR><BR>BSE Capital goods also closed at 15,568.76 with a gain of 139.47 points. Pushing it up are Lakshmi Machinery Work Ltd (3.43%), Larsen & Toubro (2.47%), and Kalpat Power (2.24%)</DIV>

Post Market Commentary

The market ended the day mixed, as Nifty closed in red and Sensex managed to close in green. The weakness in the opening session was attributed to the weak global cues. High…

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High volatility ahead

<DIV><FONT face=Verdana size=2>The week started on a positive note and the rally continued till Tuesday. On Wednesday, the markets witnessed a sharp correction following the Sebi's proposal to curb FII inflows through participatory notes (PNs).</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>On the weekly chart, the Nifty has seen a reversal, which indicates a sell signal. Technically, the Nifty crossover above 5,300 is bullish.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The long-term support for the Nifty is at 5,000 and it is 17,000 for the Sensex. If the Nifty breaks the 5,000 level, it can then correct downwards to 4,869 and further below to 4,664.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Post-correction there may be a rally again, with the Sensex zooming past 19,500 and the Nifty breaching the 5,750 level.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The implied volatility of the Nifty has increased to 49 per cent from 39 per cent, while the cost of carrying for the Nifty as well as for most other index stocks has turned negative. A derivatives analyst at Emkay Share expects high volatility in the next session.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Volumes in the market continue to remain on the higher side of the band with huge volatility. This indicates wariness among traders. The Nifty futures added 7.3 lakh shares in open interest with an increase in the cost of carrying.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>This indicates that long positions are being created, which can further fuel volatility in the market.</FONT></DIV>

High volatility ahead

The week started on a positive note and the rally continued till Tuesday. On Wednesday, the markets witnessed a sharp correction following the Sebi's proposal to curb FII in…

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Market Cues: Global markets slide led by fall in US mkts; Dow ended down 367 pts at 13522; Nasdaq down 74 pts at 2725; EMs: Brazil down 3.7%

<DIV><FONT face=Verdana size=2>Global markets slide led by the fall in the US markets. SEBI says that, on Oct 18, FIIs net buy in equity were $ 31.2 million. SEBI had earlier reported the provisional sell figure of about $ 300 million for Oct 18. MFs net sell in equity were Rs 265.5 crore. NSE F&O OI was down Rs 2,397 crore at Rs 94,617 crore.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>On Global front, US markets fell the most in 2 months; concerns about credit problems. Earnings heighten the concern about health of financial markets and economy. Dow ends down 367 points at 13522 and Nasdaq was down 74 points at 2725. Wall St sectors: Energy (-4.3%), Financial (-2.9%), Industrials (-2.9%). Fed Funds Futures pricing in a near 100% probability of 25 bps rate cut. US 2-year treasury notes rise most since the Sep 11, 2001. US 10-year note jumped 28 ticks, lowering its yield to 4.38%. CBOE Volatility Index was up 24.11% at 22.96. Top 5 US banks' profit totaled $ 18.7 billion for quarter, lowest in almost 4 years.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>In Asia, Asian stocks slide on poor US cues, iShares MSCI EM Index down 4.28%. In emerging markets, Brazil was down 3.7% while Russia was up 0.3%. Crude oil was down almost 1% at $ 87.72/bbl. In currency market, Yen rose to 6-week high Vs dollar as G-7 shows concern about global growth . It appreciated by 1.10% to 113.82/$.</FONT></DIV>

Market Cues: Global markets slide led by fall in US mkts; Dow ended down 367 pts at 13522; Nasdaq down 74 pts at 2725; EMs: Brazil down 3.7%

Global markets slide led by the fall in the US markets. SEBI says that, on Oct 18, FIIs net buy in equity were $ 31.2 million. SEBI had earlier reported the provisional sell…

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Asian indices fall sharply on a sell off on Wall Street; Stronger Yen drags down Japanese exporter shares

<DIV><FONT face=Verdana size=2>Early on Monday, Asian indexes fell sharply in the wake of a sell-off on Wall Street, with Japanese stocks also hurt by a stronger Yen that dragged down big exporters.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>In Tokyo, the Nikkei 225 average sank 3% to 16,308.42 and the broader Topix index lost 2.7% at 1,548.53. South Korea's Kospi tumbled 3.7% to 1,896.85, Singapore's Straits Times index lost 2.6% at 3,650.94, Australia's S&P/ASX 200 declined 2% at 6,574.90 and New Zealand's NZX 50 index slipped 0.1% to 4,316.31. China's Shanghai Composite fell 1.8% at 5,713.08 and Taiwan's Weighted index dropped 2.8% at 9,341.54.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>iShare MSCI India ETF is down 3.5% and iPath MSCI India Index is down 5%. Among the emerging markets, Brazil was down 3.7%, Russia up 0.3%, Philippines down 3.9%. Yen rose to a 6-week high vs dollar as G-7 showed concerns about global growth. Yen appreciated by 1.10% at 113.82.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Crude oil for November delivery fell as much as 84 cents to $ 87.76/bbl. The contract settled at 87 cents to $ 88.60 a barrel on Friday. The contract had hit a record high of $ 90.02/bbl on Friday before retreating.</FONT></DIV>

Asian indices fall sharply on a sell off on Wall Street; Stronger Yen drags down Japanese exporter shares

Early on Monday, Asian indexes fell sharply in the wake of a sell-off on Wall Street, with Japanese stocks also hurt by a stronger Yen that dragged down big exporters.   In …

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Black Friday on Black Monday anniversary; Dow falls 360 points on renewed credit concerns

<DIV><FONT face=Verdana size=2>Friday, the 19th marked the 20th anniversary of the 1987 stock market crash, otherwise known as Black Monday- and stocks on Wall Street seemed to want to live up to that. Disappointing earnings, near record-oil prices, continuing credit problems and underlying fears that the worst is ahead for the economy brought the market down sharply. Citigroup, Bank of America and JP Morgan Chase led financial shares to their worst week since 2002. Energy producers dropped the most in two years.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Sentiment took further hit when Standard & Poor's downgraded another batch of residential mortgage-backed securities, adding to investor unease about credit quality. Two-year treasury notes rallied the most since September 2001 as investors sought the safety of government debt. After touching $ 90.07 overnight, light, sweet crude fell 87 cents to settle at $ 88.60 on the New York Mercantile Exchange.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The Dow fell 366.94, or 2.64%, to 13,522.02. The Dow was down for the fifth straight session and for the week was off 4.05%. For the year, the blue chip index is now up 8.5%. The Standard & Poor's 500 index fell 39.45, or 2.56%, to 1,500.63, and the Nasdaq composite index dropped 74.15, or 2.65%, to 2,725.16. For the week, the S&P 500 fell 3.92% and the Nasdaq fell 2.87%.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>Indian ADRs plunge; Sterlite down 10%, VSNL down more than 7%</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>The weakness in the US and India markets extended to the Indian ADRs as well. All of them ended in the red. Sterlite led the losers, down more than 10%. In the technology pack, Infosys Technologies was down 1.58% at $ 48.72, Patni Computers was down 1.13% at $ 21.88, Satyam Computers was down 3.06% at $ 26, while Wipro ended the day 4.11% lower at $ 14.95.</FONT></DIV> <DIV> </DIV> <DIV><FONT face=Verdana size=2>In the non-technology pack, HDFC Bank was down 1.98% at $ 105.65, VSNL was down 7.36% at $ 23.93, ICICI Bank was down 1.09% at $ 53.41, MTNL was down 5.53% at $ 8.03, Tata Motors was down 2.23% at $ 19.30, Dr Reddy's Lab was down 2.26% at $ 15.60 and Sterlite was down 9.53% at $ 20.02.</FONT></DIV>

Black Friday on Black Monday anniversary; Dow falls 360 points on renewed credit concerns

Friday, the 19th marked the 20th anniversary of the 1987 stock market crash, otherwise known as Black Monday- and stocks on Wall Street seemed to want to live up to that. Di…

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Index Outlook

<DIV><FONT face=Verdana size=2><STRONG><FONT face="Times New Roman" size=3>Sensex (17559.9) </FONT></STRONG> <P>Investors in the Indian stock markets were subjected to a horrendous week caused by the flip-flop statements emanating from the governing authorities. If the intention of our policymakers is to arrest the rally in stocks, then why turn turtle at the first sign of a crash and issue 'assuaging' statements that only add to the confusion?</P> <P>Despite the wild gyrations in the Sensex last week, our medium term view is unaffected. We had expected the Sensex to consolidate in the band between 17000 and 19000 for a few weeks before the uptrend resumes. The Sensex did not stray too far from this band last week. Our medium term trend deciding level of 16910 has also not been breached yet. We move the medium term support a little lower to 16550 now. The Sensex is not expected to fall below this level in the medium term. However, if it does, then the next target would be 15851.</P> <P>As per e-wave counts, the sharp falls and recoveries of last week could be the fourth and fifth wave from the 12316. Completion of an impulse move from 12316 will usher in a fourth wave of a larger degree that can keep the index oscillating wildly in the band between 16550 and 20000. </P> <P>That does not sound so alarming. But the need for caution stems from the fact that the rapid increase in the Sensex over the last two months has brought the index very close to its long-term targets. The second target for the fifth wave from 2003 low falls at 20031. We have almost achieved that level. What follows now can be the final stages of the bull market that can be intensely volatile. </P> <P>For the week ahead, the Sensex would get support from the band between 17200 and 17100. A bounce from these levels will take the index to 17817, 17980 or 18445. A rally above the third resistance will take the Sensex to a new high again. Fall below 17100 will make the Sensex fall towards 16554. Both traders as well as investors are advised to stay out of the markets until the volatility subsides. Use rallies to pare your short-term positions in stocks.</P><B>Nifty (5215.3) </B> <P>Nifty achieved our medium term target of 5739 in the early part of last week before crashing to an intra week low of 5102.</P> <P>The Nifty has medium term support at 5087 and then at 4910. The medium term outlook for the index will turn negative only if it falls below 4910. The preferred view is a sideways move between 4900 and 5800 for a few weeks before the next wave up unfolds. But a move below 4900 will take the Nifty to 4400.</P> <P>For the week ahead, supports will be at 5070 and then at 4910. If these supports hold, the index can rally higher to 5291, 5343 or 5493. </P><B>Global Cues </B> <P>After the blow-off rally in the equities, it is the turn of crude now. Nymex crude prices rising above $90 on Friday has caused considerable consternation among the investor community that is now re-working the implications of the crude prices at the three-figure mark. As per E-wave counts, Nymex crude is currently charting the fifth wave of the move that commenced in 1998. The last leg of this wave has the minimum target of $127. The near term targets are $94 and then $103. The ascent in crude will continue as long as it remains above $84.</P>Friday's crash in US markets has wreaked havoc with the medium term outlook for the Dow Jones Industrial average. The index could fall further towards 13100 over the next two weeks. But a fall below the August low of 12500 is needed to signal that the long-term trend has reversed in this index. The S&P 500 too is signalling the commencement of a medium term correction though the Nasdaq is relatively unaffected.</FONT></DIV>

Index Outlook

Sensex (17559.9) Investors in the Indian stock markets were subjected to a horrendous week caused by the flip-flop statements emanating from the governing authorities. If t…

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Markets likely to continue wobble

<DIV>The stock markets may well remain wobbly as they head into a new week, carrying over last week's confusion surrounding the proposed curbs on participatory notes (P-note). A a video conference between the Securities and Exchange Board of India and leading foreign investors after close of trade on Monday may, however, provide much-needed clarity and, hopefully, bring stability back to the markets, dealers said.<BR><BR>P-notes, an offshore derivative instrument which has Indian stocks as underlying, are issued by FIIs to anonymous overseas investors. More than 30% of the capital inflows into the country's capital markets are through the P-note route.<BR><BR>Dealers said they anticipate further slide in stock prices judging by the recent frenzied rise in prices that made several stocks "excessive". Cues from the US, where the Dow lost 367 points on Friday, are also negative.<BR><BR>Proposals to curb rising inflows into stock markets through P-notes triggered a sell-off in the stock markets last week. Sensex, which had gained 36% since the lows of mid-August, corrected nearly 8% after hitting a record 19051.<BR><BR>Also, if the dollar continues to fall, one could see more inflows as foreign investors buy shares in India as a hedge against the US currency. The rupee closed at 39.74 against the dollar on Friday, down 0.06%. The currency has appreciated 10% since late 2006.<BR><BR>Second quarter results announced by many companies this week have not been very stunning, though they are in line with market expectations. Reliance Industries, India's most valuable company, posted 28% increase in net profit. However, software companies bore the brunt of the strong rupee as Infosys results failed to keep up with expectations'of analysts. The upcoming week will see other IT majors such as HCL and Satyam along with heavyweights Tata Steel and ITC announcing their results.<BR><BR>Sebi, at its board meeting on Thursday, will decide how to curb the $88 billion P-note investments. Foreign investors unwound Rs 14,000 crore worth exposures into stocks and derivative positions in the last three days. With the markets already absorbing the pain, some commentators expect Sebi to go ahead with the P-note move.<BR><BR>Deepak Parekh, chairman, HDFC, welcomed the P-note curb proposals, saying the huge inflows through the instrument were a cause of concern. "The BPO industry is operating at margins of 10-15%, which are pretty thin. Further, rupee appreciation will render several people jobless," he told reporters on the sidelines of a seminar on Friday.<BR><BR>Sashi Bhushan, head of equities at IL&FS Investsmart said: "There is some more pain left for the market. We will see stability at 16000-16500 levels. We could see some buying coming at those levels."<BR><BR>Market participants also fear that margin calls may get triggered on Monday, if there is further unwinding of positions by FIIs. Margins calls are triggered when brokerage houses (and stock exchanges, in extreme situations) unwind their clients leveraged exposures in the market to meet margin requirements when prices fall sharply.</DIV>

Markets likely to continue wobble

The stock markets may well remain wobbly as they head into a new week, carrying over last week's confusion surrounding the proposed curbs on participatory notes (P-note). A …

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