Markets end flat on F&O expiry day

The market edged lower in volatile trade due to expiry of April 2007 derivative contracts, which expired today. Sensex heavyweights, Reliance Industries and ICICI Bank, weakened in mid-afternoon trade, in contrast to their earlier firm trend.

The sensex closed at 14228.88 up by 11 points ,while Nifty ended at 4177.85 up by 10 points.

ICICI Bank shed 0.5% to Rs 957, and off the session’s high of Rs 994.30.Grasim rose 2% to Rs 2495 in volatile trade.Bajaj Auto rose 2.5% to Rs 2499 whereas Hero Honda dropped 1.3% to Rs 678.ONGC dropped 2.3% to Rs 950, on profit-taking, after a recent surge.

Reliance Q4 net profit up 20.3% at Rs 2,853 crore

Reliance Industries has once again come out with surprising quaterly result wherein the company posted Q4 net profit of Rs 2853 crore versus Rs 2502 crore, up 20.3%, YoY.

Its Q4FY07 net turnover was at Rs 25895 crore versus Rs 24542 crore, YoY and the Q4 GRM hits USD 13/bbl versus USD 11.30/bbl in previous quarter of same fiscal. Its Q4 EPS was at Rs 20.50 and Q4 EBITDA Margin was at 18.1%.

The company posted refining margin in Q4 at 10.8% versus 8.2%, YoY. Its Petchem margin in the corresponding quarters were at 10.7% versus 12.1%, YoY. Q4 Petchem revenues for the company was up 48.2% at Rs 10,670 Crore and Refining revenues was also up 37.5% at Rs 29,069 crore. Its other expenditure in Q4 was at Rs 2434 crore versus Rs 3102 crore, YoY.

Markets pare gains

The market surged in early trade tracking firm global markets, and on good rollover of the April futures contracts to the May 2007 series and on data showing strong FII inflow.But now the markets are left with modest gains in early-afternoon trade.

At 13.00 pm the Sensex is trading at 14305, 88 points up,while nifty is trading at 4193 ,26 points up.

Reliance Industries (RIL) rose 1.4% to Rs 1623.50. The stock also hit a high of Rs 1624.80, which an all-time high for the counter. The stock extended gains ahead of Q4 results, which are scheduled today. Six brokerages expect 2.8 - 9.9% growth in RIL’s net profit in Q4 March 2007, between Rs 2571.30 crore and Rs 2749.50 crore, compared to Rs 2502 crore in Q4 March 2006. They expect 3.57 - 20% growth in net sales, between Rs 25419.80 crore and Rs 29450.40 crore, compared to Rs 24542 crore in Q4 March 2006.

Top gainers on the Sensex are Tata Motors, ICICI Bank, Dr Reddys Labs.Top losers on the Sensex are Hero Honda, Guj Ambuja Cem, HDFC.Top gainers on the Nifty are MTNL, Dr Reddys Labs, Tata Motors.

Markets end stable

The markets ended higher today after rallying hard on Tuesday on the back of no negative surprises from the credit policy. Initial trade was sluggish in line with the rest of the Asia. However, the markets took a U turn post lunch and moved back into the green. In broader markets, the midcap and smallcap index outperformed frontline indices, which gave the market reasonably good breadth. Turnover was also higher ahead of the F&O expiry day.The rupee continued to rally adding pressure to technology stocks.

The Sensex ended up 81.05 points, or 0.57%, at 14217.77. The Nifty gained 25.50 points, or 0.62%,to end at 4167.3.

Ranbaxy, Cipla, Hero Honda and Grasim were the top gainers on the BSE while Infosys, Tata Steel, Satyam, GAIL, Zee Entertainment led the losers pack.Index heavyweight Reliance Industries (RIL) advanced 1.11% to Rs 1598.It had recovered from a low of Rs 1560, and had surged to a high of Rs 1605.15.IT stocks came under selling pressure. Infosys Technologies lost 1.85% to Rs 2020 and was the top loser.Satyam Computer dropped 1.67% to Rs 467.Bharti Airtel (down 1.33% to Rs 862), NTPC (down 1% to Rs 156.80) and L&T (down 1.20% to Rs 1683) slipped.

Markets lacklustre

After a rally on tuesday 24 april the markets were down a bit in the opening trade.Today volatility is expected to remain high ahead of expiry of the April 2007 derivative contracts on Thursday (26 April 2007).At present the markets are trading weak due to selling pressure in IT stocks.

At 12.55 pm the sensex is trading 62 points down at 14073,while the Nifty index is 17 points down at 4123.

IT stocks are among top losers as the rupee slipped below Rs 41 level. However, the midcap and smallcap stocks have outperformed the frontline indices.Top gainers on the Sensex are Ranbaxy Labs up 2.25%, Tata Motors up 1.63% and ACC up 1.46%.Top losers on the Sensex are Satyam down 2.2%, Infosys down 2.1% and Tata Steel down 1.3%.Top losers on the Nifty are HCL Tech down 3.35% and Zee Entertain down 3.34%.

Index heavyweight Reliance was trading at Rs 1,571.50 down 0.57% from its previous close of Rs 1,580.45.Tech major Infosys was trading at Rs 2,017.00 down 2% from its previous close of Rs 2,058.15.Cigarette major ITC was trading at Rs 156.85 up 0.26% from its previous close of Rs 156.45.

Markets end firm,sensex above 14 K

The market surged as investors put cash to use after the Reserve Bank of India (RBI) in its monetary policy announced earlier today kept all policy rates -- the CRR, repo, reverse repo and bank rates -- unchanged.

Speculative buying, as well as short-covering in the derivatives aided the surge, especially in banking shares.

PSU banks vaulted. Stocks from other interest rate sensitive sectors, namely, auto, housing finance and real estate looked up. Reliance Industries (RIL) and Bharti Airtel struck all-time highs. But IT shares slipped with the rupee rising to a fresh nine-year high against the dollar, soon after the central bank opted to hold short-term rates steady.

The Sensex’s provisional closing was 14,144.09, a gain of 215.76 points, and its highest closing in two months since 21 February 2007.The provisional closing of Nifty was 4,141.20, a gain of 56.10 points.

Among private sector banks, ICICI Bank rose 3% to Rs 947, and HDFC Bank gained 2.4% to Rs 1011.90.Housing finance firms advanced after the central bank lowered a risk weightage on housing loans up to 20 lakh to 50% from 75%. RBI said the reduction was a temporary measure. HDFC gained 2.6% to Rs 1714.90.

Car major Maruti Udyog gained amid volatility in afternoon trade, when it announced Q4 March 2007 results. The stock surged 4.3% to Rs 801. Maruti Udyog (MUL) today reported 24% growth in net profit in Q4 March 2007, at Rs 449 crore against Rs 361 crore in the corresponding quarter a year ago.

Other rate sensitive auto shares too nudged higher. Tata Motors gained 3.9% to Rs 746, Mahindra & Mahindra gained 1.7% to Rs 744, and Bajaj Auto advanced 1.6% to Rs 2449.

Bharti Airtel gained 4% to Rs 875. It struck a high of Rs 882, which is a lifetime high for the scrip. The company on Monday announced the pan-India launch of comprehensive telecom and networking solutions for small and medium businesses.

Reliance Industries rose nearly 2% to Rs 1583. The stock struck a high of Rs 1588, which is a record high for the scrip.

Oil exploration major, ONGC, gained 1.7% to Rs 949.65, tracking firm global crude oil prices.

Markets trade with modest gains

The market recovered from an initial dip caused by weak Asian markets. But caution prevailed ahead of the Reserve Bank of India (RBI)’s monetary policy review at 12:00 IST.At present the markets have moved up a bit and are trading with modest gains on account of buying seen in select auto, bank and cement stocks.

At 12 pm the sensex is trading 128 points up at 14057,while Nifty is up by 36 points at 4121.75.

Tata Motors, SBI, Gujarat Ambuja and Maruti Udyog are the top gainers on Sensex.BHEL, Reliance Communication and Dr Reddy's Lab are among the major losers on Sensex.

Index heavyweight Hindustan Lever was trading at Rs 203.10 up 0.45% from its previous close of Rs 202.20.Index heavyweight Reliance was trading at Rs 1,557.50 up 0.22% from its previous close of Rs 1,554.10.Tech major Infosys was trading at Rs 2,061.75 down 0.28% from its previous close of Rs 2,067.55.Cigarette major ITC was trading at Rs 156.45 up 0.03% from its previous close of Rs 156.40.

Markets end flat

The markets consolidated and ended on an extremely flat note ahead of the credit policy.The markets were in great nick at the start of the session, but pared gains in the second half of trading, as profit-booking emerged at the higher levels.

The sensex closed at 13928.33,up by 30 points ,while Nifty closed at 4085.10,up by just 1.55 points.

Three massive block deals of 93.21 lakh shares each, struck in the Gujarat Ambuja Cements (GACL) counter, at an average Rs 116.05 per share on BSE were a salient feature of opening trade. The stock was down 0.61% to Rs 114.75, on total volumes of 3.03 crore shares. Undoubtedly, it was the top-traded counter on BSE with a turnover of Rs 352.55 crore.

Tata Steel surged 4.71% to Rs 559.50 and was the top-gainer. It had advanced to a high of Rs 560, in intra-day trade.REL (up 2.10% to Rs 521.75), Hindalco (up 0.80% to Rs 147.85) and Satyam Computers (up 0.85% to Rs 480.50) were the other gainers.

Reliance Communications advanced 1.62% to Rs 463.80, on expectations of strong earnings growth, driven by a robust rise in the subscriber base and an increased penetration of value-added services. Reliance Communications will announce its results on 30 April 2007

Bharti Airtel, however, was down 0.95% to Rs 837.55, after striking an all-time high of Rs 867.80. Bharti Airtel unveils its Q4 results on 27 April 2007.

Index heavyweight Reliance Industries (RIL) was up 1.10% to Rs 1558.It had advanced to a high of Rs 1560, while its low was at Rs 1527.

Markets trade flat

The markets started the week upbeat as buying continued but then it slipped into red and again regained from that level and at present is trading flat with little gains.

At 12.15 pm the sensex is trading at 13950 ,up by 53 points while Nifty is trading at 4095 up by 12 points.

Tata Steel was the top-gainer, up 2.51% to Rs 547.75.HDFC (up 1.97%), Reliance Communications (up 1.87%), and Bharti Airtel (up 1.83%) were the other gainers.Index heavyweight Reliance Industries (RIL0 was up 0.57% to Rs 1550.HDFC Bank was the top-loser, down 0.83% to Rs 987.Tech major Infosys was trading at Rs 2,070.90 up 0.76% from its previous close of Rs 2,055.25.Cigarette major ITC was trading at Rs 156.75 down 2.4% from its previous close of Rs 160.60.

Wipro buckles despite strong results

Software major Wipro advanced 1.44% to Rs 587.50, after its net profit for Q4 March 2007 increased 11.84% on a sequential basis. It also eased from a high of Rs 600, struck in early trade.

Wipro reported a net profit of Rs 856 crore for Q4 March 2007, as compared to Rs 765 crore for Q3 December 2007, a growth of 11.84%. Its revenues increased 8.89% to Rs 4333 crore from Rs 3979 crore.Global IT revenues rose 7.25% to Rs 3084 crore compared to Rs 2875.5 crore in the earlier quarter. Wipro posted Q4 BPO revenues of Rs 263.7 crore and added 44 new clients.

Wipro's Q4 Global IT operating profit margin (OPM) stood at 27.9% versus 25.4% on a Q-o-Q basis and BPO operating profit-margin stood at 24.69%.

For the year ended March 2007, the group posted a net profit of Rs 2942.10 crore compared to Rs 2067.40 crore for the year ended March 2006. Total revenues increased from Rs 10625.80 crore for the year ended March 2006 to Rs 15000.80 crore for the year ended March 2007.

For the quarter ending June 2007, Wipro expects to post revenues from Global IT services business of around $711 million.

Results boost Satyam Computer

Satyam Computer jumped 4.61% to Rs 468.50, on posting 16.92% rise in sequential net profit for Q4 March 2007.

Satyam Computer Services reported a net profit of Rs 394 crore in fourth quarter ended March 2007 compared to Rs 337.23 crore in the third quarter ended December 2006, a sequential growth of 16.92%. Its revenues increased 7.09% to Rs 1779 crore from Rs 1,661.12 crore.

For FY-2007, Satyam's net profit jumped 40.12% to Rs 1375.93 crore from Rs 981.93 crore in the previous year. Its revenues rose 35.31% to Rs 6484 crore (Rs 4792.59 crore).

For the year ended March 2007, the group posted a net income of $ 298.4 million compared to $ 249.4 million for the year ended March 2006. Revenues have increased from $ 1096.3 million for the year ended March 2006 to $ 1461.4 million for the year ended March 2007.

Satyam Computer Services has given revenue growth guidance of 20.1 - 22% to Rs 7793 - Rs 7916 crore for FY-2008, and EPS growth of 19.26 - 21.1% to Rs 25.32 - Rs 25.73.

Markets scaling new highs

The market surged in opening trade, led by Satyam Computer surged and Wipro as both of them reported strong Q4 March 2007 results just before the start of trading. A recovery in the Asian markets after Thursday’s fall also aided the early surge, as the Sensex scaled its highest level in almost two months. Reliance Industries (RIL) struck a new high above Rs 1500.

At 12.15 pm sensex is trading 260 points up at 13879,while Nifty is trading at 4071,up by 73 points.

Satyam Computer jumped 5% to Rs 471.60, on reporting 38% year-on- year rise in net profit in the March 2007 quarter, at Rs 394 crore.

Wipro gained 2.4% to Rs 593, after reporting 44% year-on-year growth in net profit in the March 2007 quarter to Rs Rs 861 crore as per US GAAP. It also forecast strong growth on more outsourcing and higher billing rates.

Reliance Industries (RIL) rose 0.8% to Rs 1505. The stock hit a high of Rs 1515, which is a new all-time high for the stock. RIL board meets on 26 April to consider Q4 March 2007 and FY 2007 results.

Telecom shares extended their recent rally on continued strong growth in new subscriptions. Reliance Communications gained 2% to Rs 444 and Bharti Airtel gained 1.7% to Rs 831. Both were successful in widening their subscriber-bases in March 2007.

The key data due at 12:00 IST today is that on weekly inflation. Wholesale price inflation is seen at 5.79% for the 12 months to 7 April 2007, higher than an annual rise of 5.74% a week earlier.

Markets end in negative territory

The markets ended in the negative territory with marginal losses tracking its Asian peers.But the loses were curtailed as late buying emerged.

The BSE sensex ended at 13619 52 points down while Nifty ended at 3997 down by 14 points.Global markets underwent a steep correction. All European as well as Asian indices were trading with losses.

Cement major ACC was down 4.16% to Rs 782.75, despite reporting a surge of 54.5% in net profit for Q1 March 2007. ACC was the top loser, clocking volumes of 8.07 lakh shares. The cement firm reported a surge in net profit in the March 2007 quarter to Rs 363.75 crore from Rs 235.42 crore in the March 2006 quarter. Net sales surged 26.1% to Rs 1674.83 crore from Rs 1327.52 crore.

HDFC (down 2% to Rs 1563.50), Bajaj Auto (down 2.08% to Rs 2445), Bhel (down 1.82% to Rs 2507.50) and ONGC (down 1.49% to Rs 892) were the other losers.

Frontline software stocks slipped on profit-booking. Infosys (down 1.82% to Rs 2040), Wipro (down 0.38% to Rs 584), Satyam Computers (down 2.56% to Rs 449.80) and TCS (down 0.16% to Rs 1244.95) dropped.Index heavyweight Reliance Industries (RIL) rose 0.24% to Rs 1490.

Larsen & Toubro gained 0.39% to Rs 1666, on reports that the company had plans for facilities in China.Gujarat Ambuja Cements was the top-gainer, up 1.81% to Rs 115. State-run State Bank of India (SBI) gained 1.70% to Rs 1053.Cigarette major ITC advanced 1.24% to Rs 159.Auto counter Hero Honda (up 1.10% to Rs 656) and Maruti Udyog (up 1.47% to Rs 779) were the other gainers.ICICI Bank moved higher by 1.52% to Rs 910.55.

Markets cut loses

The markets opened on a very weak note with heavy gap down on account of extremely negative cues from the Asian markets. Technology and metal stocks are the hardest hit counters in the opening trade.

But now the markets have made a recovery ,but are still trading in red.At 11.50 pm the sensex is trading 51 points down at 13620,while Nifty is trading at 3999.80 down by 11 points.

Top gainers on the Sensex are Guj Ambuja Cem at Rs 114.35 up 1.24%, Hero Honda at Rs 651.90 up 0.47% and Ranbaxy Labs at Rs 341.50 up 0.43%.

Top losers on the Sensex are HDFC at Rs 1,555 down 2.49%, Infosys at Rs 2,039.70 down 1.84% and Larsen at Rs 1,633.05 down 1.59%.

The major March 2007 quarter result today is that of cement major, ACC. The firm is expected to unveil strong numbers on the back of firm prices. The stock was down 0.46% to Rs 812.80, on a volume of 1.54 lakh shares.

Japanese shares led Asian stock markets lower on Thursday, with exporters nursing hefty falls after local currencies strengthened and investors worried that Chinese economic data could spark turbulence.

China postponed its announcement about the latest economic data from Thursday morning to the afternoon, which sparked speculation that it could be an attempt to blunt the market impact of an exceptionally strong batch of data. Strong data may lead to another rise in interest rates. The Shanghai Composite Index had dropped 3.3% by mid-morning before recovering to stand down 1.75% in hectic trade. Japan’s Nikkei was down 2% and Hong Kong’s Hang Seng was down 1.49%.

Markets close in green

The markets ended in green but were off day's high as some profit booking set in during the final hour of trade. Selling pressure was witnessed by auto, FMCG and select metal stocks. Pharma, banking & oil & gas index outperformed the frontline indices. Even the midcap and smallcap index ended higher than the Sensex.

Sensex close up 65.15 points or 0.48% at 13672.19, and the Nifty up 26.65 points or 0.67% at 4011.6.

Tata Steel dropped 3% to Rs 511.60,on concerns over equity dilution of 31%.Index heavyweight Reliance Industries rose 0.6% to Rs 1485.Telecom stocks advanced on strong growth in new subscription additions in March 2007. Bharti Airtel rose 1.7% to Rs 813 and Reliance Communications gained 0.5% to Rs 435.Dabur India rose 5.32% to Rs 99.05. HCL Tech jumped 6.6% to Rs 322, after reporting strong Q3 March 2007 numbers on completion of trading on Tuesday. ONGC gained 1.6% to Rs 905.50. Recently, the company had unveiled its expansion plans.Dish TV closed 11 % down at Rs 101.40.

Sensex at two-month zenith

The market firmed up further in afternoon trade, as telecom scrips extended early gains and ONGC edged up. Index heavyweight Reliance Industries (RIL) hit a record high.

At 13.56 pm the sensex is trading at 13707.17 almost 100 points up,while Nifty is up by 37 points at 4022.

Top gainers on the Sensex are NTPC, Bhati Airtel, Hindalco, ACC and top gainers on the Nifty are HCL Tech, Sterlite Ind, Sun Pharma and Zee Entertainment.Top losers on the Sensex are Tata Steel, Infosys, Bajaj Auto, BPCL and HPCL .

Telecom shares edged up on continued strong growth in new subscription additions. Bharti Airtel rose 2.3% to Rs 818 and Reliance Communications gained 2% to Rs 441.80. Both firms reported healthy addition to its subscriber-base in March 2007.

Index heavyweight Reliance Industries rose 1% to Rs 1419. The stock hit a high of Rs 1495 which is a lifetime high for the scrip. The stock has surged this month after chairman Mukesh Ambani had said on Monday that petrochemicals cycle has not yet peaked.

Markets gain momentum

The markets opened on optimistic note today after yesterday's breather and have inched up on back of some buying seen in the banking, pharma, consumer durable stocks. All the major indices are trading in green except metals which is in moderate red.

At 11.55 pm the Sensex is trading at 13726.03 119 points up,while Nifty is trading at 4026.50 with a gain of 41.55 points.(Analysts expect 4025-4040 as a crucial resistance zone for Nifty)

Top gainers on the Sensex are Hindalco at Rs 146.50 up 2.23%, BHEL at Rs 2,580.95 up1.54% and Ranbaxy Labs at Rs 341.40 up 1.40%.

Top losers on the Sensex are Tata Steel atRs 500.50 down 5.32%, Bajaj Auto at Rs 2,530 down 0.71% and Infosys at Rs 2,074.40 down 0.35%.

Dish TV was hovering at Rs 103.80 on BSE. The stock debuted at Rs 120, which was also its high so far. Dish TV also hit a low of Rs 100. Early volumes in the scrip were a huge 57.3 lakh shares on BSE. Stock exchanges have set Rs 115 as a base price of Dish TV for calculating 20% daily circuit filter for the first day of trading of the scrip.

HCL Tech Q3 net rises 15.7% to Rs 331.8cr

HCL Technologies has announced its third quarter results. The company reported net profit of Rs 331.8 crore (Rs 3.31 billion) in the third quarter versus Rs 286 crore (Rs 2.86 billion) in the previous quarter, a growth of 15.7%.(Consolidated, US GAAP)

Its revenue was up 7.6% at Rs 1,577 crore (Rs 15.77 billion) from Rs 1,465 crore (Rs 14.65 billion). (Cons, QoQ, US GAAP).Net profit margin increased to 21.04% from 19.5% in the second quarter.

HCL Technologies has added 1,832 employees versus 1865 employees in second quarter and 26 new clients in third quarter.

Company's IT services revenue stood at USD 312.7 million. Among IT services, core software revenue increased by 8% to USD 262.4 million and infrastructure services revenue up by 8.2% at USD 50.2 million, quarter-on-quarter.Its BPO services revenue was at USD 49.7 million (QoQ).HCL Tech's Q3 EBITDA was at Rs 366.7 crore (Rs 3.66 billion). EBITDA margin improved to 23.25% versus 22.11% (QoQ).

According to Reapreturns estimates its Q3FY07 net profit was expected to be at Rs 290.32 crore versus Rs 286 crore QoQ.During the same quarters, the company was anticipated to post a net revenue of Rs 1596.95 crore versus Rs 1465 crore QoQ.

Markets in red again

The market was under pressure from sellers in late-afternoon trade. Frontline software scrips and a select few heavyweights led the fall. Volatility was also a key feature of today's trade.

The Sensex closed down 88.54 points, or 0.65% at 13607.04, while the Nifty lost 19.80 points, or 0.49% to end at 3993.55.

ACC, Bajaj Auto, Reliance Energy, Gujarat Ambuja Cement, HPCL, BPCL and Dabur India were top gainers on indices.

Satyam, Tata Motors, Cipla, Sterlite Ind, TCS, Infosys and Suzlon Energy were top losers on indices.

Markets trade weak,IT stocks drag

The markets opened weak very much in line with its Asian peers which also opened modestly positive but were trading weak in its mid trade. It opened in green but slipped in red within few minutes of trade amid selling seen in the technology stocks.

The markets are trading weak on account of selling pressure seen in IT stocks followed by pharma and FMCG. However, providing support at lower levels are select oil & gas, cement and metal stocks.

At 12.35 pm the Sensex is trading at 13641.04 down by 54 points ,while the Nifty index is trading at 3998 down by 15 points.

Gujarat Ambuja Cement, ACC, Reliance Energy, HPCL, BPCL and Dabur India are top gainers on indices.Satyam, TCS, Infosys and Suzlon Energy are top losers on indices.

Index heavyweight Hindustan Lever was trading at Rs 214.70 up 0.47% from its previous close of Rs 213.70.Index heavyweight Reliance was trading at Rs 1,468.00 up 0.55% from its previous close of Rs 1,460.00.Tech major Infosys was trading at Rs 2,075.40 down 2.49% from its previous close of Rs 2,128.30.Cigarette major ITC was trading at Rs 157.35 down 0.82% from its previous close of Rs 158.65.

Fantastic close for markets

A rally in global markets and reports that India’s monsoon will be good this year, boosted the bourses. Nifty hit the 4000 level and the Sensex struck its highest level in a month & a half. Index heavyweight Reliance Industries (RIL) struck an all-time high, aiding the surge in key indices.

Sensex closed up 311.50 points or 2.33% at 13695.58, and the Nifty up 96.00 points or 2.45% at 4013.35.

Tata Steel jumped 4.4% to Rs 534, ahead of its board meeting on 17 April 2007, to consider the proposal for raising equity funds to finance its investment in a special purpose vehicle (SPV) for the acquisition of Corus Group.

FMCG giant Hindustan Lever (HLL) gained 3% to Rs 213.70, on reports that the annual June-September monsoon rains were expected to be close to 100% of the long-term average this year. The Meteorological Department is likely to announce its first official forecast for 2007, later this week.

Buying was also conspicuous in cement shares, which are closely linked to rural demand. ACC gained 4.7% to Rs 783.90, Grasim rose 3.8% to Rs 2375 and Gujarat Ambuja Cements advanced 3.5% to Rs 112.40.Reliance Industries (RIL) rose 3.7% to Rs 1464.Oil exploration major ONGC surged 3.6% to Rs 903.75. IT shares extended Friday’s gains. Wipro gained 3.5% to Rs 587.50, Infosys rose 1.9% to Rs 2127 and i-flex solutions gained 4% to Rs 2336. Infosys, on Friday (13 April), gave a strong guidance for FY 2008 in dollar terms.TCS rose 1.2% to Rs 1279, ahead of its Q4 results due later today.Cigarette major ITC rose 3.3% to Rs 158, on reports that the FMCG giant plans to invest about Rs 15,000 crore in the next 5 - 7 years in hotels, agri-business and FMCG to transform itself into a diversified corporate conglomerate.

Telecom shares rose on continued strong growth in new subscriptions in March 2007. Bharti Airtel gained 2.8% to Rs 803, and Reliance Communications added 3.6% to Rs 436.70.

Nifty crosses 4,000

The S&P CNX Nifty crossed the 4,000 mark hurdle, as fresh buying emerged for the index's pivotals in the afternoon.

At 14:22 IST the Nifty was trading 81 points higher, at 3,999.15.It had surged to an intra-day high of 4,001.60, while its intra-day low is at 3,920.50.The all-time high for the NSE Nifty is 4,245.30.

Suzlon (up 7.58%), ZEE Entertainment (up 5.41%), ACC (up 3.46%), Wipro (up 3.18%), and Grasim (up 3.17%), were the top-five gainers from the Nifty basket.

RIL strikes all-time high

Reliance Industries (RIL) rose 2.2% to Rs 1443. The stock hit a high of Rs 1447, which is a lifetime high for the counter.Reliance Industries sees robust demand for petrochemicals over the next 12-18 months, its chairman, Mukesh Ambani, said on Monday. The petrochemicals cycle has not peaked as yet, he added.

Meanwhile, RIL has allotted 12 crore warrants on a preferential basis to entities belonging to the promoter group, entitling the holders to apply for an equivalent number of fully paid-up equity shares of Rs 10 each at Rs 1402 per share, within 18 months from the date of issue.

Markets trading strong

The market surged in opening trade, with the Sensex extending Friday’s 270-point surge. Broad-based gains in Indian ADRs on Friday, and firm Asian markets took the benchmark Sensex to its highest level in 1-½ months. IT, telecom, banking and cement shares nudged higher.

The markets have gained some more points and is trading very strong on account of buying interest witnessed across the sectors.At 11.35 am the Sensex is up 229 points at 13613.13 while Nifty is up 66 points at 3983.80.

TCS rose ahead of its Q4 results, which are scheduled today. The stock rose nearly 3% to Rs 1298. ONGC gained 2.6% to Rs 893, after a newspaper reported that the company planned a public offering to part-finance a planned Rs 18000 crore refinery-cum-petrochemicals complex, after the exit of the project's co-owner, IL&FS.

Banking stocks extended recent gains on reports that the credit-deposit ratio of the banking sector had hit an all-time high of 74.13% as at end FY 2007. State Bank of India (SBI) rose 1.8% to Rs 1018, ICICI Bank gained 1.3% to Rs 884 and HDFC Bank rose 1.4% to Rs 993.80.

Markets surge on Infy results

The markets opened firm in the opening trade as infosys unveiled its results.Led by the Infosys results the markets have surged further.

At 12.31 pm sensex is trading 13389.91 ,up by 276 points and Nifty is at 3911 , up by 81 points.

Infosys Technologies advanced 1.63% to Rs 2076.90.Satyam Computers (up 2.19%), TCS (up 1.42%), and Wipro (up 1.25%) had advanced.

Index heavyweight, Reliance Industries (RIL), was down 0.14% to Rs 1385.75.HDFC was the top-loser, down 0.63% to Rs 1527.50, on a volume of 79,100 shares. A block deal of 75,204 scrips was executed in the counter on BSE, at Rs 1532.90, in opening trade.HLL (down 0.39%) and Grasim (down 0.30%), were the other losers.

So finally jet and sahara merge

Ending months of acrimony and legal disputes, Jet Airways today struck a deal to buy out Air Sahara for Rs 1,450 crore after clearance by a three-member arbitration panel.

“They (Jet and Sahara) have signed an agreement by which Jet takes over all the shares of Sahara for a price of Rs 1450 crores. Rs 500 crore was already paid, Rs 400 crore on or before April 20; the balance in equal annual instalments, payable from March 31, 2008, 2009, 2010, 2011, which will be interest-free. These are the important parts of the transaction, and we have informed the stock exchange,” Jet’s counsel, Harish Salve announced before the eager media today.

For more details click here

Today we had posted a post regarding the Jet-Sahara meger and advice for the investors.Check it out here

Global weakness affects domestic equities

Concerns of a further rise in US interest rates hit global equity markets and domestic bourses, which have been closely tracking global bourses in recent months, were no exception. After an initial sharp fall, the market made a good intra-day rebound by early-afternoon trade, only to be brutally cut short.

The Sensex closing was 13,105.85, a fall of 77.39 points.While the Nifty closed at 3829.85 with a fall of 32 points.

Infosys led gain in IT shares ahead of the announcement of Q4 March 2007 results by the IT bellwether on Friday (13 April). Infosys gained 2.3% to Rs 2040, while Satyam Computer gained 1% to Rs 446.

TCS rose 1.1% to Rs 1204. As per a report, Tata Sons is considering a $1 billion-plus overseas equity offering in Tata Consultancy Services to fund acquisitions. The offer may take place in six months and include the sale of new shares, a newspaper report said.

Oil exploration major ONGC plunged 3.4% to Rs 850.Tata Steel lost 3.2% to Rs 495. Ranbaxy shed 3% to Rs 334.45

Markets recovering from lower level

The market drifted lower in opening trade, tracking mostly weak global markets.The markets are trading weak but have recovered from some of the loses.

At 12.10 pm the BSE sensex is trading at 13140.70 down by 42 points,while the Nifty index is trading at 3845.55 down by 17.10 points.

Index heavyweight Hindustan Lever was trading at Rs 206.25 up 0.44% from its previous close of Rs 205.35.Index heavyweight Reliance was trading at Rs 1,382.10 down 0.35% from its previous close of Rs 1,387.00.Tech major Infosys was trading at Rs 2,023.20 up 1.55% from its previous close of Rs 1,992.35.Cigarette major ITC was trading at Rs 158.75 down 1.09% from its previous close of Rs 160.50.Refinery major HPCL was trading at Rs 252.85 up 0.04% from its previous close of Rs 252.75.

Asian stocks fell on Thursday (12 April), with Japan's Nikkei posting one of the biggest declines as technology shares slid, dented by concern about the economic outlook for the United States and a rise in oil prices. Minutes of the US Federal Reserve's March meeting, released on Wednesday, hinted at a need for further interest rate increases in the US to fight inflation. Japan’s Nikkei was down 1%. Key benchmark indices in Hong Kong, Singapore, and Taiwan were down between 0.11 - 0.86%.

US stocks fell on Wednesday, as markets faced up to reality that the Federal Reserve may raise interest rates again to quash inflation. The Dow Jones industrial average fell 89.23 points, or 0.71%, to 12,484.62. The Standard & Poor's 500 Index slid 9.52 points, or 0.66%, to 1,438.87. The Nasdaq Composite Index lost 18.30 points, or 0.74%, to 2,459.31.

Rising US interest rates do not bode well for emerging markets, since cash in emerging markets may become a casualty as a result.

Markets end flat

The market, which saw high volatility throughout the day’s trading session, finally settled little changed.

The 30-shares BSE Sensex was up 1.34 points to 13,190.88, as per provisional closing.Nifty ended 14 points up at 3862.65.

Aluminum and copper major Hindalco Industries jumped 5% to Rs 143, on high volumes of 16.88 lakh shares and was the top gainer.

India’s largest private sector steel manufacturer Tata Steel followed with gain of 3.42% to Rs 512.50 on high volumes of 26.01 lakh shares. It had surged to a high of Rs 519. There are reports that it is likely to launch a rights issue of nearly Rs 3,500 crore to part-finance its $12.15 billion acquisition of Anglo-Dutch steelmaker Corus Group, payment for which is to be made today. The issue may be priced at around Rs 400 a share. The Tata Steel stock advanced close to 17% in the past one week, anticipating such a move from the company. If approved, this will be the third rights issue by Tata Steel in the last 22 years. The company issued 1:3 rights offer in 1988 and 2:5 offer in 1993.

Bhel (up 1.33% to Rs 2496), Bharti Airtel (up 1.43% to Rs 775), and Cipla (up 1.20% to Rs 236.20), were the other gainers.

IT bellwether Infosys Technologies was down 0.41% to Rs 1190, after striking a high of Rs 2038, ahead of its Q4 March 2007 results, due on Friday, 13 April 2007. Infosys’ FY 2008 guidance will be the next major trigger for the market.

Cement stocks witnessed renewed selling. ACC (down 2.08%), Gujarat Ambuja Cements (down 2.29%), and Grasim (down 0.70%), declined.FMCG major HLL slipped 1.77% to Rs 205.15

Markets rangebound

The markets are rangebound and are hovering around its previous close.

At 14.10 pm IST, the Sensex is up 28 points at 13217.72, and the Nifty up 20 points at 3868.90.

The midcap and smallcap indices have outperformed the frontline indices and the breadth is in favour of advances.

Tata Steel, BHEL, Bharti Airtel, Cipla are the gainers on Sensex.HLL, Dr Reddy's Lab, Ranbaxy, Gujarat Ambuja Cement are the top losers on indices.

Index heavyweight Hindustan Lever was trading at Rs 204.00 down 2.32% from its previous close of Rs 208.85.Index heavyweight Reliance was trading at Rs 1,385.00 up 0.23% from its previous close of Rs 1,381.85.Tech major Infosys was trading at Rs 2,002.95 up 0.24% from its previous close of Rs 1,998.10.Cigarette major ITC was trading at Rs 160.90 up 0.66% from its previous close of Rs 159.85.

Markets trading firm

The markets opened on a firm note as buying continued for the third day.The markets have gained some more points and are trading firm on account of buying seen across the sectors. All the major indices are trading in green led by metals, IT and Cap good index. Market breadth is 4:1 in favour of advancing stocks.

At 11.12 pm the sensex is trading 63 points up at 13252,while Nifty is trading 19 points up at 3867.50.

Top gainers on the Nifty are Tata Steel at Rs 515.25 up 3.96%, MTNL at Rs 158.85 up 3.05% and Suzlon Energy at Rs 1,021.40 up 2.89%.

Top losers on the Nifty are HDFC at Rs 1,580 down 1.68%, HLL at Rs 206 down 1.32% and GAIL at Rs 285.90 down 1.09%.

Markets swinging between red and green

The markets opened firm in the morning but then slipped into the red.The markets are trading with extreme volatility and swinging between red and green since opening today. Banking, IT and consumer durables indices are down whereas the metals, FMCG and auto index are holding up.

At 11.17 pm the Sensex is trading 43 points down at 13133 while Nifty index is trading 9 points down at 3834.20.

Cigarette major ITC was the top-gainer, up 1.71% to Rs 158.Tata Motors advanced 1.51% to Rs 714.Four block deals of 2.53 lakh shares were struck at an average Rs 708.37 per share.Gujarat Ambuja Cements (up 1.20%), REL (up 0.63%) and Tata Steel (up 0.73%) were the other gainers.

Index heavyweight Reliance Industries was down 0.40% to Rs 1378.50.Dr Reddy’s was the top-loser, down 1.46% to Rs 719.70.

Markets closed on friday 6th april

The markets will remain closed on Friday (6 April 2007) on account of Good Friday.

Third straight day of gains

The markets advanced for the third straight day, backed by firm buying interest for shares from metal, banking and cement sectors.

The 30-shares BSE Sensex settled 69.31 points or 0.54% higher at 12856.08.The S&P CNX Nifty closed with a gain of 18.75 points (0.50%), at 3,752. The Nifty April 2007 futures settled at 3,711, a sharp discount of 41 points over the spot closing.

Tata Steel was the top gainer, up 5.75 % to Rs 463.40.HDFC (up 2.20% to Rs 1529.90), ICICI Bank (up 2.02% to Rs 837.10) and REL (up 2% to Rs 497.10) were the other gainers.
Index heavyweight RIL was down 0.60% to Rs 1355 on 3.50 lakh shares.

State run oil exploration major Oil and Natural Gas Corporation (ONGC) rose 0.10% to Rs 848 after reports that it has entered into service contracts for development of 14 onshore marginal fields with M/s Hydrocarbon Resources Development, M/s Deep Industries, M/s B G Shirke Construction Technology, M/s KEI - RSOS Maritime and M/s Shiv Vani Oil and Gas Exploration. By this process, ONGC has initiated action to put about 96% reserves of marginal fields on production in the XI plan period.

Guj Ambuja Exports locked at 20% upper circuit

Gujarat Ambuja Exports is locked at 20% upper circuit on the Nifty. The share jumped 16.54% to Rs 30.30 on high early volumes of 88041 shares, after the company fixed share buyback at a maximum price of Rs 38 per share.

It had touched an intraday high of Rs 31.20 and an intraday low of Rs 30.There were pending buy orders of 58 shares, with no sellers available.It is trading with volumes of 34,333 shares, compared to its five-day average of 14,856 shares, an increase of 131.11%.Yesterday the share closed up 0.39% at Rs 26.

Markets pull back amid volatile trade

The markets slipped in the opening trade, as selling emerged, after two straight days of rally.But markets have managed to pull back from its days low, but is still trading flat amid volatility . Auto and pharma stocks are trading firm, however, banking, IT and oil & gas stocks are still under selling pressure.

At 11.35 pm the Sensex is up 25.96 points at 12812.73,while Nifty is up 8.60 points at 3741.85.

Top gainers on the Sensex are Cipla at Rs 234.10 up 2.14%, HDFC at Rs 1,522 up 1.65% and ACC at Rs 726 up 1.62%.

Top losers on the Sensex are Wipro at Rs 542.25 down 1.26%, ONGC at Rs 838.90 down 0.98% and Infosys at Rs 1,973.50 down 0.97%.

Markets end higher for 2nd day!!

The markets ended higher for the second straight session on the back of buying seen in scrips across sectors. The rally was inline with Asian markets. Capital goods, power, pharma and metal stocks were among the major gainers. Select auto stocks were under pressure.BHEL and NTPC continued the uptrend and were the top gainers and the other gainers were HDFC and Zee Entertainment.

Sensex closed up 162.19 points or 1.28% at 12786.77, and the Nifty up 42.60 points or 1.15% at 3733.25.

Index heavyweight Reliance Industries (RIL) gained 1.6% to Rs 1364, on reports that it was planning to set up two gas-based projects.

PSU power equipment major Bhel surged 4% to Rs 2349, extending gains from Tuesday's reported 42% growth in provisional net profit for the year ended 31 March 2007.

Housing finance major, HDFC, gained 5% to Rs 1495. The scrip had declined 6.3% in the past two days, after raising the lending rate by 75 basis points following a hike in a short-term rate by the Reserve Bank of India (RBI).

Banking scrips advanced ahead of the weekly inflation data, which is due to on Thursday. ICICI Bank gained 1.6% to Rs 817.50 and State Bank of India rose 0.5% to Rs 931.80. India's wholesale price inflation rate is expected at 6.29% for the 12 months to 24 March 2007, falling from an annual rise of 6.46% a week earlier. The data will be released on Thursday (5 April), instead of on Friday. Stock exchanges will remain closed for a public holiday on Friday.

Exit from Nifty impairs Jet Airways

Jet Airways slipped 1.41% to Rs 624.50, after being excluded from the coveted Nifty index from today.The Jet Airways counter clocked volumes of 1.78 lakh shares, after slipping to a low of Rs 618.

The S&P CNX Nifty, which comprises of 50 scrips, has its constituents reviewed at periodic intervals based on market capitalisation.Index funds, which invest a majority of funds in index stocks, generally are seen shuffling their portfolio, to abide with the index basket.

Oriental Bank of Commerce (OBC) slipped 0.40% to Rs 177.75, and was also scrapped from the Nifty index along with India’s largest private sector airliner.

Sterlite Industries and Reliance Petroleum (RPL) replaced the two stocks.

Over the past few months, Jet Airways has seen its share of the domestic market slip on rising competition from newly-launched discount carriers, but is adding overseas routes and expects half its revenue to come from overseas operations by March 2009. Jet Airways, with a fleet 60 aircraft, will expand it to 89 by March 2009. It will add more routes in Southeast Asia and launch US services in August.

RIL firms up

Reliance Industries gained 1.40% to Rs 1360, on reports that it was planning to set up two gas-based projects.The Reliance Industries (RIL) stock clocked volumes of 2.70 lakh shares on BSE.

The projects will have a generation capacity of 1100 Mw each for captive use, will supply five million cubic meters per day (MMSCMD) of gas for the new Uran project (1,040 mw) and develop a city gas distribution network in Maharashtra.

The power will be supplied to RIL’s malls, shopping chain and other establishments. RIL has appealed to the government to organise necessary land for these projects, preferably in Pune, Solapur, Osmanabad and Latur. RIL will procure gas from the Krishna Godavari basin.

However, reports did not disclose RIL’s plan to take over the LNG facility with a capacity of 5 million tonnes per annum at the Ratnagiri project, previously the site for the Dabhol power project.

Further, RIL has assured of providing 5 MMSCMD of gas for the new Uran project, which was planned by the Maharashtra State Power Generation Company (MahaGenco).

Market loses grip

The market surged in opening trade, led by banking, IT and telecom shares. Firm global markets, overnight decent-to-strong gains in Indian ADRs on Tuesday and a drop in oil prices lifted the market at the onset of the session. However, cement scrips retreated after the government scrapped import duty on cement.But slowly the markets are losing grip,on back of selling pressure seen in the AUTO and IT stocks.

At 11.45 pm the sensex is trading 129 points up at 12753.60 ,while the Nifty 50 index is trading 36 points up at 3726.95.

Gujarat Ambuja Cements shed 3.4% to Rs 101.75, Grasim shed 1.8% to Rs 2065 and ACC shed 1.6% to Rs 693. The government abolished countervailing duty (CVD) of 16% and an additional customs duty of 4% on portland cement with immediate effect. "Government expects cement manufacturers, in the larger interest of consumers and for checking inflation, will take appropriate measures for moderating cement prices," a finance ministry statement said on Tuesday.

IT shares edged higher, tracking overnight gains in ADRs of IT pivotals. Satyam Computer rose 2% to Rs 468, after its ADR surged nearly 5% on Tuesday to $23.25. Wipro rose 2% to Rs 545, after its ADR gained 4.3% to $15.93 on Tuesday. Infosys rose 0.8% to Rs 1981; its ADR rose 3.7% to $51.69 on Tuesday.

Trading ends with a bang

The market, which picked up steam in the early-afternoon session of trades, held firm during the later part of the day, as buying continued at the higher levels.

The 30-share BSE Sensex jumped 166.07 points, at 12,621.44, as per a provisional closing.Nifty closed 57 points up at 3690.65.

PSU power equipment major Bhel spurted 4.85% to Rs 2258, after its net profit rose 42% in FY 2007, to Rs 2385 crore from Rs 1679 crore in FY 2006, as per provisional figures. The provisional turnover rose 28.7% in FY-2007 to Rs 18702 crore from Rs 14525 crore than a year ago. Bhel was the top-gainer.

NTPC advanced 4.41% to Rs 153.80.Hero Honda advanced 3.39% to Rs 661.

Wipro advanced 3.42% to Rs 536, after investing Rs 375 crore at the Pune facility, ramping up capacity from 6,300 to 17,000 seats. The facility focusses on developing solutions for banking, insurance, and telecom industries.

Infosys Technologies advanced 2.33% to Rs 1966, while TCS rose 1.28% to Rs 1204 and Satyam Computers moved 2.62% higher, at Rs 458.

Tata Steel rose 1.16% to Rs 429, after completing its £6.2 billion (US$12 billion) acquisition of Corus Group. Tata Steel paid 608 pence per ordinary share in cash.

Index heavyweight Reliance Industries (RIL) gained 1.90% to Rs 1338.50, on a volume of 8.41 lakh shares. It had advanced from a low of Rs 1309.55, to a high of Rs 1346.

Markets advance

The markets opened firm, as buying resumed after a sharp 617-point plunge on Monday. The markets are still trading in green with significant gains on account of selective buying seen in IT, FMCG and capital good stocks.

At 12.32 pm the sensex is trading 133 points up at 12588,while Nifty is trading 42 points up at 3675.

Bhel was the top-gainer, up 2.40% to Rs 2205.The company will declare provisional earnings figures today.HLL (up 1.86% to Rs 199.30), NTPC (up 1.77% to Rs 149.90), and Infosys (up 1.51% to Rs 1950) were the other gainers.Index heavyweight Reliance Industries (RIL) was up marginally by 0.04% to Rs 1314.

Cipla was the top-loser, down 1.77% to Rs 221.75.Bajaj Auto lost 1.46% to Rs 2266, while HDFC declined 1.45% to Rs 1411.95.

Market cracks as RBI turns on the screws

The market tumbled, as the Sensex fell below the 12,500 mark today. Selling was spread over the entire breadth of the market, irrespective of sectors. The shares continued to drift downward on account of the Reserve Bank of India's decision to hike the cash reserve ratio and repo rate last Friday, after trading. Index heavyweights suffered a sharp fall today. Banking, auto, construction, steel, and real estate shares were at the forefront of the decline. However, sugar shares stood tall among the ruins.

The sensex closed at 12455 , down by 616 points while Nifty closed at 3633 down by 187 points.

Private banking major ICICI Bank lost 5.70% to Rs 804.50, on raising the benchmark-lending rate by 100 basis points to 15.75%, effective 1 April 2007. ICICI Bank also raised its floating reference rate for consumer loans, including home loans, by 100 basis points to 12.75%, with immediate effect.

Yes Bank (1.99% to Rs 137.90) also raised its prime lending rate (PLR) by 75 basis points, to 14.75%. Interest rate sensitive auto shares were also hit on concerns that a rise in lending rates will rein in demand. Adding to the woes of auto scrips, were sluggish-to-weak March 2007 sales report by Bajaj Auto (down 5.15% to Rs 2300.60), Hero Honda (down 6.68% to Rs 639.55) and TVS Motors (down 4.45% to Rs 56.95).

Tata Motors shed 8.04% to Rs 669.25, and Maruti Udyog (MUL) dropped 8.09% to Rs 753.40. Mahindra & Mahindra (M&M) dropped 8.31% to Rs 715.30.

Relentless selling drags sensex nearly 500 points

The markets have slipped deeper in the red on sustained selling pressure in scrips across sectors led by auto, banking and capital good stocks.At 14.00 pm the sensex is trading at 12566, down by 505 points and Nifty is trading at 3665 down by 156 points.

All stocks of the BSE Sensex, with the exception of Ranbaxy Laboratories, were mired in the red.Ranbaxy Laboratories was up 1.53% to Rs 358, after saying on Monday it would conduct tests for a new compound to treat respiratory inflammation. In February 2007, Ranbaxy Laboratories had announced a research and development pact with GlaxoSmithKline. Ranbaxy said on Monday, it will be responsible for subsequent tests of the new compound and clinical studies, while GSK would have the option to commercialise it.

Panic selling continues: Sensex, Nifty down nearly 3%

The markets opened weak in the morning ,following a surprise hike in the short-term repo rate and the cash reserve ratio (CRR) by the Reserve Bank of India (RBI) after trading hours on Friday (30 March). The RBI move comes at a time, when there uncertainty already prevailed about the market’s direction.

The markets are trading under pressure on the back of panic selling being witnessed across the sectors since morning.At 11.40 pm the sensex is trading at 12679,392 points down,while Nifty is trading 121 points down at 3699.

Maruti Udyog (MUL) dropped 5.77% to Rs 772.40, State Bank of India (SBI) fell 5.62% to Rs 937.10, Tata Motors eased 5.44% to Rs 688.15, and Bajaj Auto was down 4.92% to Rs 2306.Infosys (down 1.32%), Tata Steel (down 1.51%), TCS (down 1.53%) and Dr Reddy’s Labs (down 1.0.69%) were the other losers.

Index heavyweight Reliance Industries (RIL) was down 1.43% to Rs 1348, on a volume of 72,044 shares. Reliance Industries and Gujarat State Petronet have signed a gas transportation agreement to transport 11 MSMCMD of natural gas from Bhadbhut in Bharuch, to the company's refinery and petrochemical complex in Jamnagar. The agreement, valid for 15 years, has an option to increase the volumes of gas up to 14 MSCMD. The transportation of gas will commence in the second quarter of 2008.