Thursday, November 15, 2007
It was a good day for the midcaps and smallcaps, but the largecaps seemed to be a bit tired after yesterday's run-up. The BSE benchmark Sensex closed at 19,784, down 144 points from the previous close. Nifty shut shop at 5912, down 25 points. But BSE Midcap and Smallcap indices ended the day on a good note, up 1.6% and 1.9% respectively. The CNX Midcap index closed over 2%. Market breadth was positive throughout the trading session today.
The Sensex ended the day at 19,761 (provisional), down 167 points from the previous close. Nifty closed at 5902 (provisional), down 35 points.
The Nifty needs to go and stay at 6000 for sometime, to move further up to 6500, says Ashwani Gujral, technical analyst, on CNBC-TV18. On the downside, it has good support at 5500, he adds. A good amount of profit booking might come in at these levels, so 6000 seems to be a resistance for the Nifty, he says.
The Nifty needs to go and stay at 6000 for sometime, to move further up to 6500, says Ashwani Gujral, technical analyst, on CNBC-TV18. On the downside, it has good support at 5500, he adds. A good amount of profit booking might come in at these levels, so 6000 seems to be a resistance for the Nifty, he says.
The market is witnessing slight profit booking today, after a huge run up yesterday. The Sensex is at 19,847, down 82 points from the previous close. Nifty is flat at 5937. But the BSE Midcap and Smallcap indices are holding on to their gains and are up 1.4% and 1.9% respectively. Some profit booking is seen in banking and capital goods stocks. Market breadth is positive, with 835 advances against 306 declines on the NSE.
The Sensex may be somewhere between 20,000 and 21,000 by December-end, says Ajay Bagga, CEO, Lotus India Asset Management Company, on CNBC Awaaz. Technology was one of the laggards in the bull run seen this year and the BSE It index has given -15% returns over the past one year, he says. But he suggests one can start accumulating good stocks from this space, as they can give good returns in the coming 6-12 months.
The Sensex may be somewhere between 20,000 and 21,000 by December-end, says Ajay Bagga, CEO, Lotus India Asset Management Company, on CNBC Awaaz. Technology was one of the laggards in the bull run seen this year and the BSE It index has given -15% returns over the past one year, he says. But he suggests one can start accumulating good stocks from this space, as they can give good returns in the coming 6-12 months.
Following the stupendous run yesterday, the markets opened with modest loss today on the back of weak cues from the global markets. Market breadth was positive with over 550 stocks on the advancing side and about 300 stocks on the decline side.
At 9:56 am, Sensex was down 94 points at 19834 and Nifty was down 1 points at 5937. major gainers in the opening move were Hindalco, L&T, BHEL, Tisco, Tata Motors, Rel Energy, ONGC, Bharti, Airtel and Essar Oil.
Asian markets were trading lower. Hong Kong's Hang Seng plunged 0.53% or 153.32 points at 29,012.69, Taiwan's Taiwan Weighted fell 0.21% or 18.53 points at 8,924.40, Singapore's Straits Times tumbled 0.62% or 22.03 points at 3,502.88, South Korea's Seoul Composite was down 0.30% or 5.95 points at 1,966.63. However, Japan's Nikkei rose 0.34% or 52.53 points at 15,552.09.
US markets: The Dow fell 76.08 points, or 0.57%, to 13,231.01. Broader stock indicators also fell. The Standard & Poor's 500 index lost 10.47 points, or 0.71%, to 1,470.58, while the Nasdaq composite index tumbled 29.33 points, or 1.10%, to 2,644.32.
At 9:56 am, Sensex was down 94 points at 19834 and Nifty was down 1 points at 5937. major gainers in the opening move were Hindalco, L&T, BHEL, Tisco, Tata Motors, Rel Energy, ONGC, Bharti, Airtel and Essar Oil.
Asian markets were trading lower. Hong Kong's Hang Seng plunged 0.53% or 153.32 points at 29,012.69, Taiwan's Taiwan Weighted fell 0.21% or 18.53 points at 8,924.40, Singapore's Straits Times tumbled 0.62% or 22.03 points at 3,502.88, South Korea's Seoul Composite was down 0.30% or 5.95 points at 1,966.63. However, Japan's Nikkei rose 0.34% or 52.53 points at 15,552.09.
US markets: The Dow fell 76.08 points, or 0.57%, to 13,231.01. Broader stock indicators also fell. The Standard & Poor's 500 index lost 10.47 points, or 0.71%, to 1,470.58, while the Nasdaq composite index tumbled 29.33 points, or 1.10%, to 2,644.32.
Top Five Gainer's
Top Five Loser's
| Company | Price (Rs) | % Change |
| + Rashtriya Chem&Fert. | 72.10 | +19.97 |
| + HMT Ltd. | 104.00 | +19.95 |
| + National Alumini | 421.85 | +14.71 |
| + HDFC Bank | 1,749.10 | +10.81 |
| + Finolex Industri | 80.00 | +10.42 |
Top Five Loser's
| + Nestle India | 1,380.00 | -3.88 |
| + Asahi India Glass | 97.10 | -2.71 |
| + Jet Airways | 820.25 | -2.56 |
| + Aventis Pharma Ltd. | 975.05 | -2.39 |
| + Titan Ind Ltd. | 1,560.15 | -2.36 |
Wednesday, November 14, 2007
The day, undoubtedly, belonged to the bulls! Positive global cues pushed the market back towards its earlier highs today. The broad based rally was mainly led by the largecaps, but midcaps and smallcaps contributed too. The Sensex ended the day at 19,929, up 893 points or 4.7% from the previous close. Nifty shut shop at 5938, up 243 points or 4.3%. The 50-share index touched an intra-day high of 5950 today. BSE Midcap and Smallcap indices gained over 2% each. Top Sensex gainers included HDFC Bank, ICICI Bank, Hindalco, Reliance Industries and Wipro.
The Sensex might face some resistance at 20,800-20,900 and this is where short term traders can book profits, says Rahul Mohindar, technical analyst, on CNBC-TV18. He is positive about the key indices and says if one has to take fresh positions now, do so with strict stoplosses.
The Sensex had the biggest intra-day gain ever today, moving up nearly 950 points. The BSE 30-share index touched an intra-day high of 19,987 today. All 30 stocks of the index were up, the biggest gainers being HDFC Bank, Hindalco, ICICI Bank, Infosys, ONGC, Reliance Industries and Wipro.
The Sensex might face some resistance at 20,800-20,900 and this is where short term traders can book profits, says Rahul Mohindar, technical analyst, on CNBC-TV18. He is positive about the key indices and says if one has to take fresh positions now, do so with strict stoplosses.
The Sensex had the biggest intra-day gain ever today, moving up nearly 950 points. The BSE 30-share index touched an intra-day high of 19,987 today. All 30 stocks of the index were up, the biggest gainers being HDFC Bank, Hindalco, ICICI Bank, Infosys, ONGC, Reliance Industries and Wipro.
India has taken a sensible approach in managing capital flows, says Fraser Howie of CLSA, on CNBC-TV18. The PN curb may see short term slowdown in flows, but is good for the long term, he says. In fact, investors are still interested in India, despite PN issues, he adds.
The Sensex is up 736 points from the previous close, at 19,771. Nifty is at 5901, up 206 points. Metals, capital goods, oil & gas and banking stocks continue to be market leaders. But the breadth has weakened slightly, with 989 advances against 204 declines on the NSE.
If Dish TV can cross Rs 75-76, then one will see a new momentum in the counter, says Simi Bhaumik, technical analyst, on Zee Business. Once it crosses this level, it can go up to Rs 85-90, she adds. One can also enter the stock at current or slightly lower levels from here, keeping a stoploss of Rs 55-56, she says.
The Sensex is up 736 points from the previous close, at 19,771. Nifty is at 5901, up 206 points. Metals, capital goods, oil & gas and banking stocks continue to be market leaders. But the breadth has weakened slightly, with 989 advances against 204 declines on the NSE.
If Dish TV can cross Rs 75-76, then one will see a new momentum in the counter, says Simi Bhaumik, technical analyst, on Zee Business. Once it crosses this level, it can go up to Rs 85-90, she adds. One can also enter the stock at current or slightly lower levels from here, keeping a stoploss of Rs 55-56, she says.
The market is not only holding on to its gains, but adding to it. The Sensex is up 718 points, at 19,760. Nifty is at 5896, up 201 points from the previous close. The BSE Bankex is up 4.6%, led by HDFC Bank, HDFC and ICICI Bank. BSE Metal, Oil & Gas, IT and Capital Goods indices are all trading over 3% each. Market breadth is still positive, with 1013 advances against 167 declines on the NSE.
The government may issue bonds worth Rs 4,000 crore to fertiliser companies this month, reports CNBC-TV18. Fertiliser stocks are up on this news; Chambal Fertlisers, up 5.3%, Deepak Fertilisers, up 3.8%%, Nagarjuna Fertilisers, up 4.7%, Coromandel Fertilisers, up 8%, RCF, up 13% and FACT, up 10%.
Bartronics looks very strong on the charts, says MB Singh, technical analyst, on NDTV Profit. It can go up to Rs 330-350 in the next 6-8 months, he adds. The stock is currently trading at Rs 231, up 8.3% on the BSE.
The government may issue bonds worth Rs 4,000 crore to fertiliser companies this month, reports CNBC-TV18. Fertiliser stocks are up on this news; Chambal Fertlisers, up 5.3%, Deepak Fertilisers, up 3.8%%, Nagarjuna Fertilisers, up 4.7%, Coromandel Fertilisers, up 8%, RCF, up 13% and FACT, up 10%.
Bartronics looks very strong on the charts, says MB Singh, technical analyst, on NDTV Profit. It can go up to Rs 330-350 in the next 6-8 months, he adds. The stock is currently trading at Rs 231, up 8.3% on the BSE.
The bulls seem to be all charged today! The market is holding on to its gains, with firm breadth. The Sensex is currently at 19,565, up 529 points from the previous close. The 30-share index touched an intra-day high of 19,625 in trade so far. Nifty is at 5852, up 157 points. All BSE sectoral indices are trading in the positive terrain. Market breadth is extremely positive, with 1,012 advances against 138 declines on the NSE.
A good level to enter Punj Lloyd would be Rs 475-480, says Gaurang Shah of Geojit Financial Services, on Zee Business. In another 8-12 months, the stock can go up to Rs 665 or even over Rs 700, he adds. It is currently trading at Rs 510.20, up 2% on the BSE.
Expect FY08 growth to be close to 9%, said P Chidambaram, Finance Minister, addressing a Microinsurance Conference, reports NDTV Profit. India is witnessing unprecedented growth rates, he adds.
A good level to enter Punj Lloyd would be Rs 475-480, says Gaurang Shah of Geojit Financial Services, on Zee Business. In another 8-12 months, the stock can go up to Rs 665 or even over Rs 700, he adds. It is currently trading at Rs 510.20, up 2% on the BSE.
Expect FY08 growth to be close to 9%, said P Chidambaram, Finance Minister, addressing a Microinsurance Conference, reports NDTV Profit. India is witnessing unprecedented growth rates, he adds.
Markets Strong. Time to Book Profits!!
The markets are still trading firm and the capital good, metal and banking stocks continue to be in the limelight today. However, all the BSE indices were trading in green with significant gains. Market breadth is till very strong on both NSE and BSE.
Top gainers on the Nifty are PNB at Rs 585.10 up 6.64%, Reliance Petroleum at Rs 229.80 up 5.87% and Bharti Airtel at Rs 878 up 5.24%.
Top losers on the Nifty are BPCL at Rs 354.35 down 2.06%, HPCL at Rs 253.30 down 2.05%.
Most active shares on NSE were Reliance Petro at Rs 229.80 with 22,795,495 shares, Reliance at Rs 2,772 with 1,549,154 shares and Reliance Natural at Rs 173.60 with 21,632,196 shares.
Mkts surge on strong global cues; bank, IT, metals up
The markets are trading strong following gap up opening on the back of strong cues from the global markets. All the key BSE indices were trading strong led by banking, metals and IT stocks. Market breadth was extremely strong and the volume impressive.
At 11 am, the Sensex is up 498.42 points or 2.62% at 19533.90, and the Nifty up 143.60 points or 2.52% at 5839. About 2254 shares have advanced, 728 shares declined, and 83 shares are unchanged.
Rupee was quoting at 39.34 against a US dollar. On NSE the advance decline ratio was in favour of advancing side. Over 950 stocks were up and about 150 stocks were declining.
Top gainers on the Sensex are Tata Steel at Rs 869.90 up 4.44%, Bharti Airtel at Rs 868.00 up 4.19% and ICICI Bank at Rs 1,222.35 up 3.93%.
Top losers on the Sensex are HUL at Rs 200.05 down 0.17%.
BSE IT index was up nearly 3% today and the major gainers were Infosys at 1,684 up 3.47%, TCS at 976.90 up 2.94% and Tech Mahindra at 1,051.70 up 2.49%.
Most active shares on BSE are Reliance Natural at Rs 174.50 with 3,618,502 shares, Reliance Petro at Rs 223.50 with 1,943,540 shares and Ispat Industries at Rs 46.05 with 6,625,531 shares.
Mkts open with huge gap up; Infy, ICICI Bank, RCom surge
The markets opened with a huge gap up on account of strong cues from the global markets. Broad based buying was seen in the early trade led by the capital goods, technology, metals and bank stocks.
At 9:56 am, Sensex was up 568 points at 19604 and Nifty was up 157 points at 5852. Major gainers in the early trade were Rel Comm, Rel Petroleum, Infosys, Bharti, TCS, ICICI Bank, Hindalco, NTPC, RIL, TCS and Wipro.
Asian markets surged today, boosted by a strong rebound on Wall Street overnight. Hong Kong's Hang Seng surged 3.41% or 948.36 points at 28,751.71, Japan's Nikkei gained 1.84% or 278.82 points at 15,405.45, Taiwan's Taiwan Weighted rose 2.8% or 244.29 points at 8,971.50, Singapore's Straits Times advanced 1.62% or 56.39 points at 3,531.86 and South Korea's Seoul Composite was up 1.48% or 28.67 points at 1,961.56.
US markets: The Dow rose 319.54 points, or 2.46%, to 13,307.09. The Standard & Poor's 500 index jumped 41.86 points, or 2.91%, to 1,481.04, and the Nasdaq composite index gained 89.52 points, or 3.46%, to 2,673.65.
Top gainers on the Nifty are PNB at Rs 585.10 up 6.64%, Reliance Petroleum at Rs 229.80 up 5.87% and Bharti Airtel at Rs 878 up 5.24%.
Top losers on the Nifty are BPCL at Rs 354.35 down 2.06%, HPCL at Rs 253.30 down 2.05%.
Most active shares on NSE were Reliance Petro at Rs 229.80 with 22,795,495 shares, Reliance at Rs 2,772 with 1,549,154 shares and Reliance Natural at Rs 173.60 with 21,632,196 shares.
Mkts surge on strong global cues; bank, IT, metals up
The markets are trading strong following gap up opening on the back of strong cues from the global markets. All the key BSE indices were trading strong led by banking, metals and IT stocks. Market breadth was extremely strong and the volume impressive.
At 11 am, the Sensex is up 498.42 points or 2.62% at 19533.90, and the Nifty up 143.60 points or 2.52% at 5839. About 2254 shares have advanced, 728 shares declined, and 83 shares are unchanged.
Rupee was quoting at 39.34 against a US dollar. On NSE the advance decline ratio was in favour of advancing side. Over 950 stocks were up and about 150 stocks were declining.
Top gainers on the Sensex are Tata Steel at Rs 869.90 up 4.44%, Bharti Airtel at Rs 868.00 up 4.19% and ICICI Bank at Rs 1,222.35 up 3.93%.
Top losers on the Sensex are HUL at Rs 200.05 down 0.17%.
BSE IT index was up nearly 3% today and the major gainers were Infosys at 1,684 up 3.47%, TCS at 976.90 up 2.94% and Tech Mahindra at 1,051.70 up 2.49%.
Most active shares on BSE are Reliance Natural at Rs 174.50 with 3,618,502 shares, Reliance Petro at Rs 223.50 with 1,943,540 shares and Ispat Industries at Rs 46.05 with 6,625,531 shares.
Mkts open with huge gap up; Infy, ICICI Bank, RCom surge
The markets opened with a huge gap up on account of strong cues from the global markets. Broad based buying was seen in the early trade led by the capital goods, technology, metals and bank stocks.
At 9:56 am, Sensex was up 568 points at 19604 and Nifty was up 157 points at 5852. Major gainers in the early trade were Rel Comm, Rel Petroleum, Infosys, Bharti, TCS, ICICI Bank, Hindalco, NTPC, RIL, TCS and Wipro.
Asian markets surged today, boosted by a strong rebound on Wall Street overnight. Hong Kong's Hang Seng surged 3.41% or 948.36 points at 28,751.71, Japan's Nikkei gained 1.84% or 278.82 points at 15,405.45, Taiwan's Taiwan Weighted rose 2.8% or 244.29 points at 8,971.50, Singapore's Straits Times advanced 1.62% or 56.39 points at 3,531.86 and South Korea's Seoul Composite was up 1.48% or 28.67 points at 1,961.56.
US markets: The Dow rose 319.54 points, or 2.46%, to 13,307.09. The Standard & Poor's 500 index jumped 41.86 points, or 2.91%, to 1,481.04, and the Nasdaq composite index gained 89.52 points, or 3.46%, to 2,673.65.
The market opened with a huge gap up on Wednesday. The Sensex is currently at 19,604, up 568 points from the previous close. Nifty is at 5857, up 162 points. All BSE sectoral indices are trading in the positive terrain. The BSE IT index is up 3%, along with the BSE Metal index.
Market openeing was in line with expectations and international cues, says Sandeep Wagle, Chief technical analyst with Angel Broking, on NDTV Profit. If the Sensex closes above 19,600 and shows similar strength for the next couple of days, then a new high, either on the Sensex or the Nifty, can be expected this week, he says. But if profit booking takes place, then the market may take a month or so to make a new high, he adds.
Market openeing was in line with expectations and international cues, says Sandeep Wagle, Chief technical analyst with Angel Broking, on NDTV Profit. If the Sensex closes above 19,600 and shows similar strength for the next couple of days, then a new high, either on the Sensex or the Nifty, can be expected this week, he says. But if profit booking takes place, then the market may take a month or so to make a new high, he adds.
Tuesday, November 13, 2007
Top Five Gainer's
Top Five Loser's
| Company | Price (Rs) | % Change |
| + Chambal Fertilis | 52.55 | +12.17 |
| + Welspun Gujarat | 409.45 | +11.45 |
| + Dredging Corpora | 1,120.80 | +10.00 |
| + Syndicate Bank | 102.95 | +9.64 |
| + Alstom Projects Ind. | 974.05 | +9.14 |
Top Five Loser's
| + National Fertili | 69.20 | -5.14 |
| + Guj. Mineral Dev | 590.80 | -3.92 |
| + Wipro Ltd | 441.05 | -3.59 |
| + Apollo Tyres | 35.15 | -3.30 |
| + Mahi. & Mahi | 708.30 | -2.75 |
It was a good day for the market today! A little volatile in the morning, it got better towards the afternoon; of course, aided by the positive political news. The Sensex closed above 19,000, at 19,035, up 298 points from the previous close. Nifty shut shop at 5695, up 78 points. Capital goods, banking, metals, realty and power stocks gained the most. Top Sensex gainers included NTPC, HDFC Bank and L&T, while losers inclued Wipro, M&M and Hindalco.
MRPL still has a lot of momentum, says Anil Maghnani, technical analyst, on NDTV Profit. So buy the stock on dips, he suggests. The stock closed at Rs 96.75, down 2.5% on the BSE.
The Nifty may touch 6200 by early December, says Amitabh Chakraborty, President (Equity), Religare Securities, on CNBC-TV18. Intra-day movement of 600-700 point is something that the market should be ready for now, he adds.
MRPL still has a lot of momentum, says Anil Maghnani, technical analyst, on NDTV Profit. So buy the stock on dips, he suggests. The stock closed at Rs 96.75, down 2.5% on the BSE.
The Nifty may touch 6200 by early December, says Amitabh Chakraborty, President (Equity), Religare Securities, on CNBC-TV18. Intra-day movement of 600-700 point is something that the market should be ready for now, he adds.
The bulls staged a strong comeback helping markets close with hefty gains. The day started flat with buying seen in midcaps and smallcaps but moved ahead with heavy buying seen in frontline banking, power, capital good stocks. Sensex was up 350 points and the Nifty has scored almost a century ending near 5,700 mark.
On the macroeconomic front, the positive trigger being the Left has given the nod to government to proceed negotitations with IAEA on Nuke deal.
Power stocks surged Areva T&D was up 20%, Alstom Projects up 10%, Voltamp Transformers up 8%, NTPC was up 7%, L&T up 5.6%, BHEL 4.5% and Tata Power was up 4%.
Heavies like SBI, HDFC Bank, L&T, Tata Steel Reliance Ind, NTPC were helping the markets trading higher.
Broader markets have held out their gains and both midcap and smallcap indices were up 2% each. However, the IT stocks were still under pressure.
Among the frontliners HDFC Bank was up over 6%, MTNL up over 4%, HDFC, SBI, Suzlon each up over 4%. ICICI Bank, Tata Steel, Tata Motors, Maruti were up over 3% each.
Syndicate Bank can move another 20-25% up, says Anil Maghnani, technical analyst, on NDTV Profit. The stock is at Rs 103.40, up 10% on the BSE.
On the macroeconomic front, the positive trigger being the Left has given the nod to government to proceed negotitations with IAEA on Nuke deal.
Power stocks surged Areva T&D was up 20%, Alstom Projects up 10%, Voltamp Transformers up 8%, NTPC was up 7%, L&T up 5.6%, BHEL 4.5% and Tata Power was up 4%.
Heavies like SBI, HDFC Bank, L&T, Tata Steel Reliance Ind, NTPC were helping the markets trading higher.
Broader markets have held out their gains and both midcap and smallcap indices were up 2% each. However, the IT stocks were still under pressure.
Among the frontliners HDFC Bank was up over 6%, MTNL up over 4%, HDFC, SBI, Suzlon each up over 4%. ICICI Bank, Tata Steel, Tata Motors, Maruti were up over 3% each.
Syndicate Bank can move another 20-25% up, says Anil Maghnani, technical analyst, on NDTV Profit. The stock is at Rs 103.40, up 10% on the BSE.
The Sensex has again climbed to 19,000 and is currently trading at 19,059, up 321 points from the previous close. Nifty is also slightly above 5700, at 5704, up 87 points.
The Nifty seems to be heading towards 5800-5850, if no towards new highs, says Rajat Bose, technical analyst, on CNBC-TV18. Unless the 50-share index does not fall below 5550, there is no reason to worry, he says.
In the coming two months, midcaps may outperform largecaps, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Return of retail confidence and uncertainity in global markets will see investments happening in midcaps, he explains. The BSE Midcap index is up 2.2% and BSE Smallcap index almost 2%.
The Nifty seems to be heading towards 5800-5850, if no towards new highs, says Rajat Bose, technical analyst, on CNBC-TV18. Unless the 50-share index does not fall below 5550, there is no reason to worry, he says.
In the coming two months, midcaps may outperform largecaps, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Return of retail confidence and uncertainity in global markets will see investments happening in midcaps, he explains. The BSE Midcap index is up 2.2% and BSE Smallcap index almost 2%.
The markets have moved into green andare trading near the high point of the day as some buying is seen at the lower levels. Bargain buying is seen in banking, power, capital good stocks. Sensex has inched above the 19,000 levels and the Nifty is hovering around the 5,700 levels.
Heavies like SBI, HDFC Bank, L&T, Reliance Ind, NTPC are helping the markets trading higher.
At 1:10 pm, the Sensex was up 291.65 points or 1.56% at 19028.92, and the Nifty up 85.60 points or 1.52% at 5702.70.
About 2060 shares have advanced, 916 shares declined, and 89 shares are unchanged.
Broader markets have held out their gains and both midcap and smallcap indices were up 2% each.
However, the IT and FMCG stocks are still under pressure. Market breadth is positive and the volume in the first half of trade was impressive.
Apart from frontliners like SBI and HDFC Bank midcaps like Vijaya Bank, Uco Bank, Syndicate are the other gainers in banking sector. The bankex is up 1.6%.
Among the frontliners HDFC Bank was up over 5%, MTNL up over 4%, HDFC, L&T, SBI, Suzlon, Tata Power, NTPC each up over 3%. ICICI Bank, Tata Steel, Tata Motors, Maruti are up over 2% each.
Top losers on the Nifty are Wipro at Rs 445 down 2.5%, ITC at Rs 175.10 down 2.07% and Mah and Mah at Rs 712 down 2.06%.
Most active shares on NSE were Reliance Natura at Rs 153.35, Reliance Petro at Rs 218.35 and Reliance at Rs 2,686.
In the IT counter, the major losers were Wipro at 457.45 down 2.74%, Infosys at 1,610 down 1.95%, I-Flex Solution down 1,400 down 1.90% and Mphasis at 277.05 down 1.51%.
Metals stocks were attracting buying and the major gainers were Jindal Steel at 11,712.10 up 8.98%, JSW Steel at 894 up 3.34%, JindalStainless at 163.40 up 3.06% and Jindal Saw at 772.80 up 2.39%.
Mkts turn volatile; IT stocks weak
The markets have turned volatile. Capital goods, power and metal stocks continue to trade strong, however the IT and FMCG stocks are still under pressure. Market breadth is positive and the volume in the first half of trade was impressive.
At 11.30 am, the Sensex is up 48.40 points or 0.26% at 18785.67, and the Nifty up 11.65 points or 0.21% at 5628.75. About 2026 shares have advanced, 957 shares declined, and 82 shares are unchanged. On NSE over 425 stocks were on the advancing side and around 350 stocks on the decline side.
Top gainers on the Nifty are Suzlon Energy at Rs 1,979 up 4.14%, HDFC at Rs 2,598 up 3.22% and Tata Power at Rs 1,257 up 2.72%.
Top losers on the Nifty are Wipro at Rs 445 down 2.5%, ITC at Rs 175.10 down 2.07% and Mah and Mah at Rs 712 down 2.06%.
Most active shares on NSE were Reliance Natura at Rs 153.35, Reliance Petro at Rs 218.35 and Reliance at Rs 2,686.
In the IT counter, the major losers were Wipro at 457.45 down 2.74%, Infosys at 1,610 down 1.95%, I-Flex Solution down 1,400 down 1.90% and Mphasis at 277.05 down 1.51%.
Market sees buying in metal, cap good stocks
The markets have gained some more points on the back of buying witnessed in the power, capital good and metal stocks. Midcap and smallcap have outperformed the large caps today. Banking and IT stocks are trading weak since opening today, however, power and capital good stocks are strong.
Market breadth was positive with over 830 stocks on the advancing side and only 245 stocks on the decline side. Rupee was quoting at 39.36 against a US dollar.
At 10.50 am, the Sensex is up 82.01 points or 0.44% at 18819.28, and the Nifty up 36.15 points or 0.64% at 5653.25. About 1965 shares have advanced, 1006 shares declined, and 94 shares are unchanged.
Top gainers on the Sensex are Hindalco at Rs 213.40 up 3.19%, Reliance Comm at Rs 710.30 up 2.23% and NTPC at Rs 258.40 up 1.93%.
Top losers on the Sensex are ICICI Bank at Rs 1,115.15 down 2.75%, Wipro at Rs 445 down 2.72% and HDFC Bank at Rs 1,448.05 down 1.86%.
Most active shares on NSE were Reliance Natura at Rs 153.35, Reliance Petro at Rs 218.35 and Reliance at Rs 2,686.
Metals stocks were attracting fresh buying and the major gainers were Jindal Steel at 11,712.10 up 8.98%, JSW Steel at 894 up 3.34%, JindalStainless at 163.40 up 3.06% and Jindal Saw at 772.80 up 2.39%.
Mkts open on flat note; Rel Comm, TCS, NTPC gain
The markets opened on flattish note today in line with its Asian peers. Asian markets were trading mixed. At 9:56 am, Sensex was down 56 points at 18681 and Nifty was up 7 points at 5624. Major gainers were Rel Comm, Hindalco, TCS, NTPC. However, Reliance, Sterlite, HDFC bank, ICICI Bank, Satyam, Infosys, BHEL, Rel Petroleum were trading down.
Asian indices were trading mixed today. Hong Kong's Hang Seng gained 0.51% or 140.50 points at 27,806.23, Taiwan's Taiwan Weighted rose 0.73% or 62.89 points at 8,733.50, South Korea's Seoul Composite advanced 0.17% or 3.20 points at 1,926.62, However, Japan's Nikkei fell 0.17% or 26.53 points at 15,170.56 and Singapore's Straits Times was down 0.55% or 19.36 points at 3,491.76.
US markets: The Dow fell 55.19 points, or 0.42%, to 12,987.55, after falling 4.06% last week. The Standard & Poor's 500 index fell 14.52 points, or 1%, to 1,439.18, while the Nasdaq composite index dropped 43.81 points, or 1.67%, to 2,584.13.
Market cues:
* FIIs net sell USD 71.1 million in equity on Nov 8, 9
* MFs net sell Rs 221.3 crore in equity on Nov 8
* MFs net buy Rs 3.7 crore in equity on Nov 9
* NSE F&O Open Interest up by Rs 759 crore at Rs 93,528 crore
* FM says no plans to introduce further measures to control capital flows
Heavies like SBI, HDFC Bank, L&T, Reliance Ind, NTPC are helping the markets trading higher.
At 1:10 pm, the Sensex was up 291.65 points or 1.56% at 19028.92, and the Nifty up 85.60 points or 1.52% at 5702.70.
About 2060 shares have advanced, 916 shares declined, and 89 shares are unchanged.
Broader markets have held out their gains and both midcap and smallcap indices were up 2% each.
However, the IT and FMCG stocks are still under pressure. Market breadth is positive and the volume in the first half of trade was impressive.
Apart from frontliners like SBI and HDFC Bank midcaps like Vijaya Bank, Uco Bank, Syndicate are the other gainers in banking sector. The bankex is up 1.6%.
Among the frontliners HDFC Bank was up over 5%, MTNL up over 4%, HDFC, L&T, SBI, Suzlon, Tata Power, NTPC each up over 3%. ICICI Bank, Tata Steel, Tata Motors, Maruti are up over 2% each.
Top losers on the Nifty are Wipro at Rs 445 down 2.5%, ITC at Rs 175.10 down 2.07% and Mah and Mah at Rs 712 down 2.06%.
Most active shares on NSE were Reliance Natura at Rs 153.35, Reliance Petro at Rs 218.35 and Reliance at Rs 2,686.
In the IT counter, the major losers were Wipro at 457.45 down 2.74%, Infosys at 1,610 down 1.95%, I-Flex Solution down 1,400 down 1.90% and Mphasis at 277.05 down 1.51%.
Metals stocks were attracting buying and the major gainers were Jindal Steel at 11,712.10 up 8.98%, JSW Steel at 894 up 3.34%, JindalStainless at 163.40 up 3.06% and Jindal Saw at 772.80 up 2.39%.
Mkts turn volatile; IT stocks weak
The markets have turned volatile. Capital goods, power and metal stocks continue to trade strong, however the IT and FMCG stocks are still under pressure. Market breadth is positive and the volume in the first half of trade was impressive.
At 11.30 am, the Sensex is up 48.40 points or 0.26% at 18785.67, and the Nifty up 11.65 points or 0.21% at 5628.75. About 2026 shares have advanced, 957 shares declined, and 82 shares are unchanged. On NSE over 425 stocks were on the advancing side and around 350 stocks on the decline side.
Top gainers on the Nifty are Suzlon Energy at Rs 1,979 up 4.14%, HDFC at Rs 2,598 up 3.22% and Tata Power at Rs 1,257 up 2.72%.
Top losers on the Nifty are Wipro at Rs 445 down 2.5%, ITC at Rs 175.10 down 2.07% and Mah and Mah at Rs 712 down 2.06%.
Most active shares on NSE were Reliance Natura at Rs 153.35, Reliance Petro at Rs 218.35 and Reliance at Rs 2,686.
In the IT counter, the major losers were Wipro at 457.45 down 2.74%, Infosys at 1,610 down 1.95%, I-Flex Solution down 1,400 down 1.90% and Mphasis at 277.05 down 1.51%.
Market sees buying in metal, cap good stocks
The markets have gained some more points on the back of buying witnessed in the power, capital good and metal stocks. Midcap and smallcap have outperformed the large caps today. Banking and IT stocks are trading weak since opening today, however, power and capital good stocks are strong.
Market breadth was positive with over 830 stocks on the advancing side and only 245 stocks on the decline side. Rupee was quoting at 39.36 against a US dollar.
At 10.50 am, the Sensex is up 82.01 points or 0.44% at 18819.28, and the Nifty up 36.15 points or 0.64% at 5653.25. About 1965 shares have advanced, 1006 shares declined, and 94 shares are unchanged.
Top gainers on the Sensex are Hindalco at Rs 213.40 up 3.19%, Reliance Comm at Rs 710.30 up 2.23% and NTPC at Rs 258.40 up 1.93%.
Top losers on the Sensex are ICICI Bank at Rs 1,115.15 down 2.75%, Wipro at Rs 445 down 2.72% and HDFC Bank at Rs 1,448.05 down 1.86%.
Most active shares on NSE were Reliance Natura at Rs 153.35, Reliance Petro at Rs 218.35 and Reliance at Rs 2,686.
Metals stocks were attracting fresh buying and the major gainers were Jindal Steel at 11,712.10 up 8.98%, JSW Steel at 894 up 3.34%, JindalStainless at 163.40 up 3.06% and Jindal Saw at 772.80 up 2.39%.
Mkts open on flat note; Rel Comm, TCS, NTPC gain
The markets opened on flattish note today in line with its Asian peers. Asian markets were trading mixed. At 9:56 am, Sensex was down 56 points at 18681 and Nifty was up 7 points at 5624. Major gainers were Rel Comm, Hindalco, TCS, NTPC. However, Reliance, Sterlite, HDFC bank, ICICI Bank, Satyam, Infosys, BHEL, Rel Petroleum were trading down.
Asian indices were trading mixed today. Hong Kong's Hang Seng gained 0.51% or 140.50 points at 27,806.23, Taiwan's Taiwan Weighted rose 0.73% or 62.89 points at 8,733.50, South Korea's Seoul Composite advanced 0.17% or 3.20 points at 1,926.62, However, Japan's Nikkei fell 0.17% or 26.53 points at 15,170.56 and Singapore's Straits Times was down 0.55% or 19.36 points at 3,491.76.
US markets: The Dow fell 55.19 points, or 0.42%, to 12,987.55, after falling 4.06% last week. The Standard & Poor's 500 index fell 14.52 points, or 1%, to 1,439.18, while the Nasdaq composite index dropped 43.81 points, or 1.67%, to 2,584.13.
Market cues:
* FIIs net sell USD 71.1 million in equity on Nov 8, 9
* MFs net sell Rs 221.3 crore in equity on Nov 8
* MFs net buy Rs 3.7 crore in equity on Nov 9
* NSE F&O Open Interest up by Rs 759 crore at Rs 93,528 crore
* FM says no plans to introduce further measures to control capital flows
Correction in the market is not over yet, says E Mathew, technical analyst, on CNBC-TV18. The market needs to do some base builiding, which may happen at around 5400, he says. Once base building is done, the market will again move up to cross 6000, he adds. So there's still some pain left and the level to watch out for is 5400, he says.
If the Sensex breaks the low it made on Monday, then it could go down to 17,000, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. Yesterday's low is a good support for the Sensex for now, he adds.
The market opened slightly higher Tuesday, was flat for a few seconds and has now fallen slightly. The Sensex is currently trading at 18,660, down 84 points from the previous close. Nifty is at 5592, down 24 points. Market breadth is positive, with 290 advances against 146 declines on the NSE.
If the Sensex breaks the low it made on Monday, then it could go down to 17,000, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. Yesterday's low is a good support for the Sensex for now, he adds.
The market opened slightly higher Tuesday, was flat for a few seconds and has now fallen slightly. The Sensex is currently trading at 18,660, down 84 points from the previous close. Nifty is at 5592, down 24 points. Market breadth is positive, with 290 advances against 146 declines on the NSE.
Monday, November 12, 2007
BSE has tied-up with US Futures Exchange for Sensex derivatives in the US, reports CNBC-TV18.
Trading in dollar-denominated Sensex Futures will start on February 22, 2008.
The NSE has done it in Singapore and now the BSE wants to list the index futures in the US. The BSE has tied up with the US Futures Exchange to list Sensex futures. Trading in these futures will start on February 22, and trading will be carried on for 23 hours a day, for five days in a week.
“The strategy is to see that while the Indian market is on, certain other markets have an overlap, but US would be closed. When you have interest trading, after the market has closed in India, that will provide liquidity. That is probably the uniqueness for this product. It will probably gain liquidity,’ said Rajnikant Patel, CEO of BSE.
But it remains to be seen whether this move will go the Nifty way or whether it will help BSE add that extra zing to its derivatives segment, which has been reeling under low volumes for a while now.
Trading in dollar-denominated Sensex Futures will start on February 22, 2008.
The NSE has done it in Singapore and now the BSE wants to list the index futures in the US. The BSE has tied up with the US Futures Exchange to list Sensex futures. Trading in these futures will start on February 22, and trading will be carried on for 23 hours a day, for five days in a week.
“The strategy is to see that while the Indian market is on, certain other markets have an overlap, but US would be closed. When you have interest trading, after the market has closed in India, that will provide liquidity. That is probably the uniqueness for this product. It will probably gain liquidity,’ said Rajnikant Patel, CEO of BSE.
But it remains to be seen whether this move will go the Nifty way or whether it will help BSE add that extra zing to its derivatives segment, which has been reeling under low volumes for a while now.
Top Five Gainer's
Top Five Loser's
| Company | Price (Rs) | % Change |
| + Neyveli Lignite | 194.70 | +16.52 |
| + Mangalore Refine | 99.20 | +14.42 |
| + I-Flex Solutions Ltd | 1,427.05 | +9.44 |
| + Mirc Electronics | 21.80 | +8.73 |
| + Welspun Gujarat | 367.40 | +8.52 |
Top Five Loser's
| + United Phosphorus | 314.70 | -6.05 |
| + Bank of India | 343.50 | -5.35 |
| + Asian Paints Ltd. | 983.00 | -4.99 |
| + Jet Airways | 784.00 | -4.96 |
| + ONGC | 1,179.50 | -4.78 |
The Indian stock market was the best performer among Asian markets today. Though it traded in the negative terrain throughout the day, it witnessed a strong pullback in the afternoon. The Sensex closed at 18,737, down 170 points from the previous close. Nifty shut shop at 5617, down 46 points. The NSE 50-share index touched an intra-day low of 5477 today. The BSE FMCG index was the only sectoral index to trade in the positive zone today, led by ITC (up 5.3%) and Hindustan Lever (up 2.9%). Top Sensex gainers included NTPC, SBI, Cipla, Hindalco and Ambuja Cements, while losers included ONGC, Bharti Airtel, HDFC Bank, Infosys and Satyam.
Mkts still in red but off lows: ONGC, BHEL plunge
The markets are still in red but have shown marginal recovery and are off day's low. European markets have opened flat to negative without any sharp cuts which has helped the markets to gain some ground.
Selling pressure is seen in scrips across sectors. This has been triggered by the weak cues from the global markets as US mkts ended in red on account of credit concern leading to the decline in the Asian peers.
However, frontliners that had seen a sharp run up have taken it on their chin have underperformed the broader markets. The midcap and smallcap indices are down nearly 2%. Market breadth has been extremely weak since opening today.
At 13.51 hrs IST, the Sensex is down 347.72 points or 1.84% at 18559.88, and the Nifty down 116.50 points or 2.06% at 5546.75.
About 992 shares have advanced, 1996 shares declined, and 77 shares are unchanged.
All the BSE sector indices are trading in red. Realty, metal, oil & gas, power stocks are the worst hit each down over 3%.
Top gainers on the Sensex are ITC up 4%, SBI up over 3%, Hindalco up 1.6% and HUL up 2%.
Top losers on the Sensex are ONGC down over 5%, BHEL & HDFC Bank down 5%, Bharti Airtel is down over 4% and Reliance Comm down over 3%.
Top losers on the Nifty are Sterlite Ind and Tata Power down over 5%.
Most active shares on NSE are Reliance at Rs 2,616 with 718,207 shares, Reliance Natural at Rs 140.15 with 12,275,766 shares and Reliance Petroleum at Rs 213.65 with 7,861,974 shares.
Mkts still in red but off lows: ONGC, BHEL plunge
The markets are still in red but have shown marginal recovery and are off day's low. European markets have opened flat to negative without any sharp cuts which has helped the markets to gain some ground.
Selling pressure is seen in scrips across sectors. This has been triggered by the weak cues from the global markets as US mkts ended in red on account of credit concern leading to the decline in the Asian peers.
However, frontliners that had seen a sharp run up have taken it on their chin have underperformed the broader markets. The midcap and smallcap indices are down nearly 2%. Market breadth has been extremely weak since opening today.
At 13.51 hrs IST, the Sensex is down 347.72 points or 1.84% at 18559.88, and the Nifty down 116.50 points or 2.06% at 5546.75.
About 992 shares have advanced, 1996 shares declined, and 77 shares are unchanged.
All the BSE sector indices are trading in red. Realty, metal, oil & gas, power stocks are the worst hit each down over 3%.
Top gainers on the Sensex are ITC up 4%, SBI up over 3%, Hindalco up 1.6% and HUL up 2%.
Top losers on the Sensex are ONGC down over 5%, BHEL & HDFC Bank down 5%, Bharti Airtel is down over 4% and Reliance Comm down over 3%.
Top losers on the Nifty are Sterlite Ind and Tata Power down over 5%.
Most active shares on NSE are Reliance at Rs 2,616 with 718,207 shares, Reliance Natural at Rs 140.15 with 12,275,766 shares and Reliance Petroleum at Rs 213.65 with 7,861,974 shares.
The Sensex seems to have decent support at 18,300, says Ambareesh Baliga of Karvy Stock Broking, on NDTV Profit. This kind of correction may last for the next 2-3 days, provided global markets dont fall much from here, he says. There is weakness in the medium term, as international flows may slow down in the next 4-6 months, he says. So the Sensex may drift towards 16,000 rather than 20,000 in the next few months, he adds.
Finance Minister P Chidambaram expects the Indian economy to grow at 8.5% in FY08, reports NDTV Profit. He is addressing the Economic Editors' Meet. Rising investment rate will sustain economic growth he says. Inflation is low because of curbs on oil prices, he says. The rupee gain versus dollar is on strong fundamentals, he adds. High growth in capital goods sector will continue, he says. India is expected to grow fastest among BRIC nations, he adds.
Finance Minister P Chidambaram expects the Indian economy to grow at 8.5% in FY08, reports NDTV Profit. He is addressing the Economic Editors' Meet. Rising investment rate will sustain economic growth he says. Inflation is low because of curbs on oil prices, he says. The rupee gain versus dollar is on strong fundamentals, he adds. High growth in capital goods sector will continue, he says. India is expected to grow fastest among BRIC nations, he adds.
European markets have opened almost flat. FTSE is trading slightly higher, while CAC and DAX are in the negative terrain. The market back home seems to be on the recovery path. The Sensex is currently at 18,541, down 366 points and Nifty at 5539, down 124 points from the previous close.
If Ambuja Cements can cross the resistance level of Rs 150-154, then it can go up to Rs 190-195, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. He recommends accumulating the stock at Rs 130-125 levels. It is currently trading at Rs 145.55, up 0.3% on the BSE.
If Ambuja Cements can cross the resistance level of Rs 150-154, then it can go up to Rs 190-195, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. He recommends accumulating the stock at Rs 130-125 levels. It is currently trading at Rs 145.55, up 0.3% on the BSE.
If Bajaj Hindusthan can trade above Rs 200, then it is likely to go further up, says Vijay Bhambwani, technical analyst, on CNBC-TV18. It has a target price of Rs 280, he adds. And if Balrampur Chini can sustain above Rs 85, then it has the potential to go up to Rs 125-130, he says. Bajaj Hindusthan is at Rs 227, up 6.2% and Balrampur Chini is at Rs 94.10, up 7.1% on the BSE.
If Europe opens weak today, then short Nifty in the afternoon, suggests Deepak Mohoni, technical analyst, on CNBC-TV18. Asian markets are witnessing a bad day, with Tokyo's Nikkei hitting the lowest level in 15 months and currently down 386 points. South Korea's Kospi has fallen 67 points, while Hong Kong's benchmark index Hang Seng is down a whopping 1108 points. Taking cues from its Asian peers, the market back home is also witnessing selling pressure across the board. The Sensex is down 481 points and Nifty down 159 points from the previous close.
The markets are trading extremely weak with deep cut on the back of heavy selling witnessed across the sectors in the early trade today. This has been mainly triggered by the weak cues from the global markets as US mkts ended in red on account of credit concern leading to the decline in the Asian peers.
Market breadth has been extremely weak since opening today. On NSE around 152 stocks were on the advancing side and over 956 stocks were on the decline side. Rupee was quoting at 39.33 against a US dollar. Yen has further appreciated and was trading at 109.96 against a USD.
At 11.10 hrs IST, the Sensex is down 446.14 points or 2.36% at 18461.46, and the Nifty down 135.50 points or 2.39% at 5527.75. About 974 shares have advanced, 2011 shares declined, and 80 shares are unchanged.
Top gainers on the Sensex are ITC at Rs 172.15 up 1.92%, Satyam at Rs 432.45 up 1.29% and HUL at Rs 195 up 0.91%.
Top losers on the Sensex are Reliance Comm at Rs 674.45 down 4.95%, BHEL at Rs 2,650 down 4.49% and Hindalco at Rs 193.20 down 4.45%.
Top gainers on the Nifty are ITC at Rs 172 up 1.90%, Satyam at Rs 431.75 up 1.23% and HUL at Rs 195.05 up 0.96%.
Top losers on the Nifty are Sterlite Ind at Rs 907 down 8.24%, Hindalco at Rs 191.50 down 5.43% and Tata Power at Rs 1,152 down 5.07%.
Most active shares on NSE are Reliance at Rs 2,616 with 718,207 shares, Reliance Natural at Rs 140.15 with 12,275,766 shares and Reliance Petroleum at Rs 213.65 with 7,861,974 shares.
Mkt open with huge gap down on weak global cues
The markets opened with huge cut today in line with its global peers. Asian markets plummeted along with US markets as credit worries persist in the US economy.
At 9:56 am, Sensex was down 448 points at 18459 and Nifty was down 142 points at 5520. Major losers in the opening trade were Rel Energy, Rel Petroleum, RIL, Sterlite, SAIL, BHEL, Hindalco, ICICI Bank.
Asian markets were trading weak. Hong Kong's Hang Seng plunged 3.06% or 881.85 points at 27,901.56, Japan's Nikkei fell 2.4% or 374.64 points at 15,208.78, Taiwan's Taiwan Weighted tumbled 2.91% or 260.80 points at 8,710.12, Singapore's Straits Times declined 2.72% or 97.85 points at 3,501.82 and South Korea's Seoul Composite was down 3.04% or 60.54 points at 1,929.93.
Market cues:
* All global markets weak on US cues
* First negative closing for benchmark indices on Mahurat trading in 9 years
* NSE F&O Open Interest down by Rs 242 crore on Diwali day at Rs 92,769 crore
Market breadth has been extremely weak since opening today. On NSE around 152 stocks were on the advancing side and over 956 stocks were on the decline side. Rupee was quoting at 39.33 against a US dollar. Yen has further appreciated and was trading at 109.96 against a USD.
At 11.10 hrs IST, the Sensex is down 446.14 points or 2.36% at 18461.46, and the Nifty down 135.50 points or 2.39% at 5527.75. About 974 shares have advanced, 2011 shares declined, and 80 shares are unchanged.
Top gainers on the Sensex are ITC at Rs 172.15 up 1.92%, Satyam at Rs 432.45 up 1.29% and HUL at Rs 195 up 0.91%.
Top losers on the Sensex are Reliance Comm at Rs 674.45 down 4.95%, BHEL at Rs 2,650 down 4.49% and Hindalco at Rs 193.20 down 4.45%.
Top gainers on the Nifty are ITC at Rs 172 up 1.90%, Satyam at Rs 431.75 up 1.23% and HUL at Rs 195.05 up 0.96%.
Top losers on the Nifty are Sterlite Ind at Rs 907 down 8.24%, Hindalco at Rs 191.50 down 5.43% and Tata Power at Rs 1,152 down 5.07%.
Most active shares on NSE are Reliance at Rs 2,616 with 718,207 shares, Reliance Natural at Rs 140.15 with 12,275,766 shares and Reliance Petroleum at Rs 213.65 with 7,861,974 shares.
Mkt open with huge gap down on weak global cues
The markets opened with huge cut today in line with its global peers. Asian markets plummeted along with US markets as credit worries persist in the US economy.
At 9:56 am, Sensex was down 448 points at 18459 and Nifty was down 142 points at 5520. Major losers in the opening trade were Rel Energy, Rel Petroleum, RIL, Sterlite, SAIL, BHEL, Hindalco, ICICI Bank.
Asian markets were trading weak. Hong Kong's Hang Seng plunged 3.06% or 881.85 points at 27,901.56, Japan's Nikkei fell 2.4% or 374.64 points at 15,208.78, Taiwan's Taiwan Weighted tumbled 2.91% or 260.80 points at 8,710.12, Singapore's Straits Times declined 2.72% or 97.85 points at 3,501.82 and South Korea's Seoul Composite was down 3.04% or 60.54 points at 1,929.93.
Market cues:
* All global markets weak on US cues
* First negative closing for benchmark indices on Mahurat trading in 9 years
* NSE F&O Open Interest down by Rs 242 crore on Diwali day at Rs 92,769 crore
Asian markets are down over 3%, compared to which Indian markets do not look so bad, says Ashwani Gujral, technical analyst, on CNBC-TV18. This shows the market strength. Around 5500 looks like a levels from which the market can bounce back to go up to 5700-5750, he adds. So long positions can be opened in the morning with a stoploss of 5500, he suggests.
The US subprime problem is not over yet, says Manishi Raychaudhuri of UBS Securities, on CNBC-TV18. Last Fed minutes hinted that the recent rate cut may last for sometime, and it seems the emerging market liquidity is being hurt by the possible stalling of Fed rate cut, he explains. But the houseview is that the Fed might cut rates till mid-2008, he adds.
The market is still moving south, though at a slower pace now. The Sensex is currently trading at 18,383, down 519 points from the previous fall. Nifty is at 5494, down 108 points. Market breadth is extremely weak, with 121 advances against 870 declines on the NSE.
The US subprime problem is not over yet, says Manishi Raychaudhuri of UBS Securities, on CNBC-TV18. Last Fed minutes hinted that the recent rate cut may last for sometime, and it seems the emerging market liquidity is being hurt by the possible stalling of Fed rate cut, he explains. But the houseview is that the Fed might cut rates till mid-2008, he adds.
The market is still moving south, though at a slower pace now. The Sensex is currently trading at 18,383, down 519 points from the previous fall. Nifty is at 5494, down 108 points. Market breadth is extremely weak, with 121 advances against 870 declines on the NSE.
Sunday, November 11, 2007
Buy Indraprastha Gas CMP Rs 141 Target Rs 165-180
Indraprastha Gas’ future growth prospects look bright on account of the sustained growth in CNG vehicles in the Delhi NCR driven by increased conversion of private four-wheelers and impressive growth in customers for piped natural gas (PNG). The potential for converting LCVs into using CNG is also another sweetener.
Company Background
Indraprastha Gas Ltd (IGL) is a joint venture between GAIL, BPCL and the Delhi state government. The company was incorporated to implement a compressed natural gas (CNG) expansion programme, and project for piped natural gas (PNG) for various applications in the domestic and commercial sector.
The company started operations in February 1999 by taking over the Delhi City Gas Distribution project from GAIL. The project took off with setting up of 9 CNG stations catering to approximately 1,500 cars. On the PNG front, the Delhi City Gas Distribution project provides natural gas through piped network to the national capital.
Investment Rationale
Court ruling to boost clean fuels
We believe the recent Supreme Court directive to the Haryana and Uttar Pradesh governments to speed up the setting up of CNG stations in selected cities is positive for IGL, which is on expansion mode. The company is likely to grow at over 10% per annum. It is also planning an aggressive marketing strategy for PNG by targeting LPG customers and commercial establishments.
Conversion to CNG likely in near-term
An ordinance is to be passed, subsequent to which all new light commercial vehicles (LCVs) will have to be compulsorily run on CNG. Further, existing vehicles that are over 8 years will also have to be converted to CNG. This move would boost demand for CNG significantly. Moreover, the prospects for private petrol vehicle converting to CNG are robust based on favourable economics. This argument will be further strengthened by the hardening crude prices, which is currently at over US$90 a barrel.
Business with significant entry barriers
IGL is the sole distributor of CNG and PNG in Delhi. To start a CNG and PNG business, a new entrant requires large investment in gas distribution network, several government approvals, gas allocation and land. Putting all these things at one place erects a very high entry barrier. With the entry barrier is significantly high in CNG and PNG business, IGL is likely to continue to enjoy the monopolistic status for the years to come.
Commonwealth games to boost demand
In order to prepare for the 2010 Commonwealth games, the Delhi government proposes to introduce new CNG buses in the private sector. IGL will be the major beneficiary of this move. The company is investing Rs 300 crore over FY08E-10E to expand its city gas and CNG infrastructure in Delhi. The expansion will increase the number of CNG outlets from the current 156 to 171 by FY08 end, including three new outlets in Greater Noida.
Geographic expansion
The Haryana and Uttar Pradesh governments have approved IGL’s plan to set up PNG and CNG distribution networks in 2006. However, the progress on these projects has not been fast, though it is picking up of late. The regions include Faridabad, Greater Noida and Ghaziabad in Uttar Pradesh, and Sonepat and Panipat in Haryana. Initially, the company plans to start up 3 of the 5 proposed CNG outlets by the end of 2007 at an investment of Rs 12 crore to Rs 20 crore. Based on this, and modest demand for piped gas from commercial and domestic segments, the company expects revenues from Greater Noida to start accruing from FY09.
Buy Reliance Energy CMP Rs 1838 Target Rs 1950-2000
Reliance Energy electrifies on buzz on winning bid for large power project
Reliance Energy electrifies on buzz on winning bid for large power project
The BSE Sensex was up 200.23 points, or 1.05%, to 19259.16. A special one-hour trading session to mark the beginning of the New Year Samvat year 2064 is being held today on the bourses. Trading began at 18:00 IST and will end at 19:00 IST.
On BSE, 4257 shares of the scrip were traded. The stock had an average daily volume of 17.99 lakh shares on BSE in past one quarter.
The scrip had touched a high of Rs 1909.90 and a low of Rs 1899.28 so far during the day. The stock had hit a 52-week high of Rs 2000 on 1 November 2007 and a 52-week low of Rs 448.20 on 5 March 2007.
The scrip had outperformed the market in the one month to 8 November 2007, adding 34.18% as against the Sensex's 8.96% gain. It had also outperformed the market in the past three months, soaring 136.36% against the Sensex's 24.50% rise.
India's second largest power utility by revenue has an equity capital of Rs 229.09 crore. Face value per share is Rs 10.
At the current price of Rs 1900, the scrip trades at a PE multiple of 43.41, based on Q2 September 2007 annualised EPS of Rs 43.76.
As per reports, Reliance Power, the subsidiary of the company, is set to bag the 4,000 mega watts (MW) Krishnapatnam ultra mega power project (UMPP) after emerging as the lowest bidder. The Anil Dhirubhai Ambani Group Company reportedly outbid Larsen & Toubro (L&T) and Sterlite Industries for the Andhra Pradesh-based Rs 16,000-crore project.
Reliance Power quoted a tariff of Rs 2.33 per unit for 25 years against L&Ts Rs 2.68 per unit bid. Sterlite quoted Rs 4.18 per unit, the report said.
The financial bids for the imported coal based project were opened by Power Finance Corporation (PFC) on Thursday, 8 November 2007. Reliance, L&T and Sterlite were the three firms in the fray.
Reliance Power has already bagged the Sasan ultra mega power plant project (UMPP) in Madhya Pradesh for a tariff of Rs 1.196 per unit. That project will also require an investment of over Rs 16,000 crore.
Reliance Energys net profit rose 34.2% to Rs 250.08 crore on 10% rise in sales to Rs 1541.73 crore in Q2 September 2007 over Q2 September 2006.
Reliance Energy is a private sector utility company. The group distributes nearly 21 billion units of power to consumers in Mumbai, Delhi, Orissa and Goa, across an area covering 1,24,300 squre kilo metres.
Buy Hindalco at Rs 190-195 Target Rs 210-215 CMP Rs 203. it will come down to Rs 190-195
Hindalco Industries gains ahead of amalgamation
The company made the announcement on Wednesday, 7 November 2007. Yesterday, 7 November 2007, the stocks ended 7.95% up at 203.65.
The BSE Sensex was down 43.90 points, or 0.23%, to 19015.03. A special one-hour trading session to mark the beginning of the New Year Samvat year 2064 is being held today on the bourses. Trading began at 18:00 IST and will end at 19:00 IST.
On BSE, 4.27 lakh shares of the scrip were traded. The stock had an average daily volume of 12.38 lakh shares on BSE in past one quarter.
The scrip had touched a high of Rs 211, its 52-week high. It hit a low of Rs 203.05 so far during the day. The stock had hit a 52-week low of Rs 125.25 on 7 March 2007.
The scrip had outperformed the market in the one month to 8 November 2007, galloping 26.06% as against the Sensex's 8.96% gain. It had also outperformed the market in the past three months, adding 25.83% against the Sensex's 24.50% rise.
India's largest aluminium producer has an equity capital of Rs 122.71 crore. Face value per share is Rs 1.
At the current price of Rs 205.50, the scrip trades at a PE multiple of 8.88, based on Q2 September 2007 annualised EPS of Rs 23.14.
Hindalco Industries net profit rose 7.6% to Rs 642.80 crore on 7% rise in sales to Rs 4959.70 crore in Q2 September 2007 over Q2 September 2006.
Hindalco is India's largest aluminium producer and is engaged in producing aluminium and semi-fabricated products.
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