Taking a break

Friends I am going on a vacation to India so i wont be posting market news for the next few days.I will try to post some recommendations for stocks as and when possible here.So keep checking and investing!!

Markets close with hefty gains

It was a good close for markets as they ended with some hefty gains. The markets opened flat and was trading in a tight range throughout but gained momentum during the final hour of trade.

Sensex closed up 197.98 points or 1.42% at 14127.31, and the Nifty up 50.65 points or 1.23% at 4170.95.

State Bank of India (SBI) jumped 5% to Rs 1288.ICICI Bank was up almost 4% to Rs 921. The private sector bank on Tuesday, 15 May 2007, filed a draft prospectus with Sebi to seek approval for raising Rs 17,500 crore through an equity issue in the domestic and overseas market.

HDFC Bank rose almost 2% to Rs 1030.30. Two large block deals were executed in the stock on two exchanges NSE and BSE: A block deal of 15.5 lakh shares at Rs 1,019.80 on NSE and another large block deal of 15.35 lakh shares at Rs 1,014 on BSE.

Reliance Industries rose 2.2% to Rs 1634.40, a lifetime closing high. RIL said on Tuesday, 15 May 2007, it had made two gas discoveries in separate blocks off the east and west coasts of the country. The commerciality of the above discoveries is currently under evaluation.

Tata Teleservices (Maharashtra) down on overload

Tata Teleservices (Maharashtra) (TTML) slumped 4.38% to Rs 27.30 after NSE barred fresh F&O positions in the counter.NSE said the TTML counter in the derivatives segment had crossed 95% of the marketwide position limit.The TTML counter saw volumes of 42.31 lakh shares on BSE

After market hours on 15 May 2007, TTML posted lower net loss of Rs 51.38 crore in Q4 March 2007 versus net loss of Rs 104.51 crore in Q4 March 2006. Net sales rose 23.90% to Rs 380.43 crore (Rs 307.10 crore).

TTML's lowered its net loss to Rs 316.09 crore in the year ending March 2007 versus net loss of Rs 493.81 crore in FY 2006. Net sales edged higher by 28.50% to Rs 1406.98 crore (Rs 1095.13 crore).

The Tata group has raised its stake in TTML from 65% in March 2006 to 68% in March 2007.TTML, a subsidiary of the group's flagship telecom company Tata Teleservices (largest shareholder in the company with 39.48% holding), provides telecommunication services in Goa and Maharashtra including Mumbai.

Market trades with moderate gains

The markets opened with modest gap up today on account of some buying seen in the sensex heavyweights like SBI, Reliance, ONGC and Infosys. The Asian markets were trading mixed today.At present the market is trading in green with moderate gains on account of buying seen in select bank, FMCG and metal stocks.

At 11.55 pm the sensex is trading at 14009.25 up by 80 points while Nifty is at 4137.75 up by 17 points.

Top gainers on the indices are SBI up 3.12%, Reliance Comm up 2.04% and HLL up 1.86%.Top losers on the Sensex are Hero Honda down 2.84%, Infosys down 0.79% and TCS down 0.7%.Top losers on the Nifty are HPCL down 2.58% and BPCL down 23%.

Index heavyweight Reliance was trading at Rs 1,609.60 up 0.74% from its previous close of Rs 1,597.85.Tech major Infosys was trading at Rs 1,957.00 down 0.79% from its previous close of Rs 1,972.55.Cigarette major ITC was trading at Rs 162.15 up 0.12% from its previous close of Rs 161.95.

State Bank of India (SBI) rose 1.3% to Rs 1243 after the Lok Sabha, on Tuesday, 15 May 2007, passed State Bank of India (Subsidiary Bank Laws) Amendment Bill, 2006. The amendment bill will allow SBI to reduce its stake in subsidiary banks to 51%, from the existing 55%.

Bhel extended Tuesday's (15 May 2007) gains. The stock was up 1.8% to Rs 2565. The stock had risen 2.5% to Rs 2518.90 on Tuesday. Bhel has set 1 June 2007 as record date for a liberal 1:1 bonus issue.

Two-wheeler makers slipped ahead of Q4 March 2007 results of Bajaj Auto scheduled on Thursday, 17 May 2007. Hero Honda lost 1% to Rs 690.45 and Bajaj Auto shed 0.6% to Rs 2617. Last week, Hero Honda had reported dismal Q4 March 2007 results.

Market closes with moderate losses

The markets had a sluggish day after rallying hard yesterday and ended in the red with modest losses. The markets did not get any support from global peers.Markets were highly volatile throughout the day’s trading session.

Sensex closed down 36.53 points or 0.26% at 13929.33, and the Nifty down 14.00 points or 0.34% at 4120.3.

Technology continues to struggle and couple of heavy weights dragged the markets down. Frontline IT pivotals stayed weak throughout the day’s trading session, as the rupee continued its upward march and was quoted at 40.83/84 against US currency in late morning deals on weak dollar overseas and sustained dollar selling by exporters, despite capital outflows.

Satyam Computers, down 2.24% to Rs 451.05, was the top loser.Wipro (down 1.89% to Rs 533.60), Infosys (down 1.66% to Rs 1969) and TCS (down 0.90% to Rs 1238) were not spared either.PSU oil exploration major ONGC lost 1.52% to Rs 893, while auto major Bajaj Auto declined 1.20% to Rs 2634.

Index heavyweight Reliance Industries (RIL) was down 1.48% to Rs 1596.45 ,following reports that it has got a tax benefit of Rs 376.17 crore in 2002-03 because of unreasonable concessions due to under-assessment by tax authorities, as per a report of the Comptroller and Auditor General (CAG) of India, which was tabled in Parliament on Monday, 14 May 2007.

State-run engineering major Bhel advanced 2.66% to Rs 2522, and was the top gainer. It plans to enhance its manufacturing capacity to 15,000 MW per annum with total investment of around Rs 3,200 crore during the Eleventh Plan (2007-2012).

Shares from the banking and financial pack witnessed buying interest on market rumors that CRR (cash reserve ratio) may be slashed by 50 basis points shortly. Private sector banking major ICICI Bank edged up 1.87% to Rs 886.30, while SBI gained 1.51% to Rs 1224 and HDFC Bank rose 1.44% to Rs 1010.10.

Reliance Natural Resources (RNRL) soared 5.70% to Rs 31.55 on huge volumes of 3.65 crore shares. It was included n F&O segment from 14 May.

Markets lacklustre

The markets opened quiet today with marginal losses in line with its Asian peers.At present the markets are lacklustre due to lack of buying interest in scrips. IT and capital good stocks are under pressure. However, buying is seen in select pharma and banking stocks.

At 12.35 pm the sensex is trading at 13925.17 down by 40 points while the Nifty 50 index is down by 21 points at 4112.60.

Index heavyweight Reliance was trading at Rs 1,613.60 down 0.45% from its previous close of Rs 1,620.90.Tech major Infosys was trading at Rs 1,980.00 down 1.11% from its previous close of Rs 2,002.20.Cigarette major ITC was trading at Rs 162.20 up 0.12% from its previous close of Rs 162.00.

Pharma major Ranbaxy Laboratories was the top gainer, up 1% to Rs 398.95 on 30,170 shares.ICICI Bank (up 0.91% to Rs 878), HDFC (up 0.83% to Rs 1694), and HDFC Bank (up 0.73% to Rs 1003.25) were the other gainers.

Wind turbine maker Suzlon Energy plunged 6.5% to Rs 1168 after reporting a 3.4% fall in consolidated net profit in Q4 March 2007 to Rs 359 crore. Consolidated total income jumped Rs 2962.27 crore, from Rs 1560.12 crore. Net profit moved up 13.7% to Rs 864.03 crore in the year ending March 2007, from Rs 759.50 crore in FY 2006. Total income soared to Rs 8082.23 crore, from Rs 3915.49 crore in FY 2006.

Refrigeration and cooling equipment firm Voltas gained 1.6% to Rs 98.45 on reporting a 405.30% growth in net profit in Q4 March 2007 to Rs 119.90 crore compared with net profit of Rs 23.73 crore in Q4 March 2006. Sales rose to Rs 721.35 crore, from Rs 513.92 crore. Net profit jumped to Rs 186.08 crore in the year ending March 2007, from Rs 70.49 crore in FY 2006. Sales were up to Rs 2400.55 crore, from Rs 1853.14 crore.

Markets end on a firm note

It was a good day for the markets as they traded strong and ended higher. There were no signs of volatility or weakness; the markets were riding on the back of strong Asian markets.The rally was also seen in midcap and smallcap stocks, which posted gains in line with frontline indices.

The Sensex closed up 169.70 points, or 1.23%, at 13965.86, and the Nifty up 57.65 points, or 1.41%, at 4,134.3.

SBI jumped 5% to Rs 1205.80.Tata Steel jumped4% to Rs 593. The stock has gained on renewed buying at lower level on expectation of strong Q4 March 2007 results. Tata Steel unveils Q4 results on 17 May 2007. FMCG giant Hindustan Lever advanced 4% to Rs 192.95 boosted by reports that the south-west monsoon is expected to hit the Kerala coast around 24 May 2007, one week earlier than the scheduled date of 1 June 2007.

The HLL stock had dropped 11.4% to Rs 185.45 in the fortnight ended 11 May 2007 after reporting a fall in net profit.Cement shares, too, got a boost from favourable reports of monsoon. Gujarat Ambuja Cements gained 4% to Rs 124.05, Grasim 2.5% to Rs 2490 and ACC 1.7% to Rs 865.Index heavyweight Reliance Industries rose 1.7% to Rs 1618.

Market range bound

The market surged at the onset of the trading session,tracking firm Asian markets, on prospects of political stability in Uttar Pradesh and strong Q4 March 2007 results.But a sharp fall in Dr Reddy’s Laboratories caused by an adverse ruling by a US court and slide in index heavyweight Infosys Technologies and Bajaj Auto pulled the market off the higher level in morning trade.And now the market is moving in a narrow range.

At 13.00 pm the sensex is trading at 13987 up by 191 points while Nifty is up by 65 points at 4142.55.

Top gainers on the Sensex are SBI up 4.55%, HLL at Rs 190 up 3.5% and Cipla up 2.8%. Top gainers on the Nifty are Reliance Petro up 6.49% and PNB up 4.41%.Top losers on the Sensex are Dr Reddys Labs down 3.9%, Hero Honda down 1.8% and Bajaj Auto down 1.7%.

Index heavyweight Reliance was trading at Rs 1,609.10 up 1.19% from its previous close of Rs 1,590.25.Tech major Infosys was trading at Rs 1,999.00 down 0.06% from its previous close of Rs 2,000.15.Cigarette major ITC was trading at Rs 163.45 up 0.86% from its previous close of Rs 162.05.

State Bank of India (SBI) gained almost 5% to Rs 1203 after it reported a 75% growth in net profit to Rs 1493.19 crore in Q4 March 2007, from Rs 853.29 crore in Q4 March 2006. The net interest income rose 22% to Rs 4320 crore. SBI's net profit was up 3% to Rs 4541.31 crore in the year ending March 2007.

Reliance Petroleum (RPL) amassed almost 5% to Rs 90.65. The stock rose on high early volume of 33.7 lakh shares on BSE. RPL had risen 7.7% on Friday, 11 May 2007, on heavy volume of 1.17 crore on BSE. Late last month, RPL had said it had made remarkable progress on all implementation fronts for its global sized, complex refinery coming up in a Special Economic Zone at Jamnagar in Gujarat with the overall project completion nearing 50%, in just 15 months since commencement of the project.

Market ends with moderate gains

The market ended the day with marginal gains amid an extremely volatile trading session. However, they outperformed its Asian and European peers. The markets picked up momentum in the noon with inflation numbers for the week ended April 28 coming in lower at 5.66% versus 5.77%. Also the manufacturing and industrial output numbers came in strong. The midcaps and smallcaps outperformed the frontline indices gving markets an even breadth on the back of large volume.

Sensex closed up 24.93 points or 0.18% at 13796.16, and the Nifty up 9.85 points or 0.24% at 4076.65.

Bajaj Auto rose 4.22% to Rs 2719, and was the top gainer from the pack, on its proposal to split the company into two.Index heavyweight Reliance Industries (RIL) rose 0.61% to Rs 1591.05, after recovering sharply from its low of Rs 1555.05.SBI (up 3.60% to Rs 1164), Reliance Communications (up 3.28% to Rs 480), and NTPC (up 2.71% to Rs 155.20) were the other gainers.Infosys (up 1.39% to Rs 2000), and TCS (up 2.47% to Rs 1260), MphasiS (up 2.25% to Rs 320), HCL Technologies (up 1.61% to Rs 330.35), and i-flex Solutions (up 1.49% to Rs 2350) were the other gainers from the pack.

ACC was the top loser, down 4.03% to Rs 840.HLL (down 1.84% to Rs 186.50), Grasim (down 2.58% to Rs 2425), and HDFC (down 1.49% to Rs 1655), declined.Maruti Udyog (MUL) slipped 0.20% to Rs 793.

Good inflation numbers perk up markets

The market opened on a weak note, gripped by intense selling, tracking weak global markets.However the market staged a solid intra-day rebound, and is now in positive zone as a strong set of India Industrial Production (IIP) and better-than-expected inflation data lifted the market beyond the 13,800 mark.

At 13.15 pm the Sensex is trading at 13810 up by 39 points while Nifty is at 4080 up by 14 points.

Banking and IT stocks are among the major gainers.Bajaj Auto, Infosys and Reliance Communication are among the top gainers.Among the major losers are ACC, HLL and HDFC are among the major losers.

Index heavyweight Reliance was trading at Rs 1,587.00 up 0.35% from its previous close of Rs 1,581.40.Tech major Infosys was trading at Rs 2,009.65 up 1.88% from its previous close of Rs 1,972.50.Cigarette major ITC was trading at Rs 161.50 down 1.19% from its previous close of Rs 163.45.

Late selloff pushes markets into red

Markets ended on a disappointing note after it spend better part of the day in the positive terrain.A sudden and sharp fall materialised on the bourses in the last two hours or so of trade. Caution ahead of the outcome of assembly poll results in Uttar Pradesh tomorrow, 11 May 2007, and subdued European markets pulled down domestic bourses lower in late trading from earlier strong gains.

The Sensex’s provisional closing was 13750.29, a fall of 31.22 points ,while closed at 4066 down by 12 points.

A host of Sensex constituents, ONGC, NTPC, Ranbaxy, Reliance Industries (RIL) and Reliance Energy (REL), came under selling pressure in the second half of the trading session. In contrast, two cement scrips,Grasim and ACC, and Hero Honda witnessed a late surge. Housing finance major HDFC survived late weakness on the bourses.

Oil exploration major ONGC lost 3% to Rs 882.NPTC, Ranbaxy, L&T, Reliance Industries, Bharti Airtel, Tata Motors and Reliance Energy dropped between 1% to 2%.

TCS shed 0.5% to Rs 1230.Car major Maruti Udyog shed 1.3% to Rs 792.

RCom connects with West Bengal

Reliance Communications (RCom) advanced 1.82% to Rs 472 on reports that it has bagged an e-governance project from the West Bengal government and signed a master service agreement with the state in this regard.

RCom is to set up 1,860 common service centres (CSC) across the state for providing government-to-government, government-to-business, business-to-business and business-to-consumer services. Without divulging the financial details of the project, the company said the project would benefit 26 lakh households in the state.

The business model will be on a built-own and operate basis.Each of the CSC would have a minimum of a one personal computer, voice-data-video communication. The CSCs would be managed by a village level entrepreneur as franchisee of RCom.RCom will provide training and support to village level entrepreneurs in setting up of the infrastructure.

Markets surge

Continuing yesterday's spectacular pullback from the days low on account of short covering, the markets opened on cheerful note today on the back of positive cues from global markets as the Federal Reserve didnot do anything to spook the markets. It has kept the benchmark rates unchanged at 5.25% as expected.

At 12.30 pm the Sensex is trading at 13954 ,up by 172 points while Nifty is up by 47 points at 4126.Metal, FMCG and banking stocks are among major gainers on the indices.

Top gainers on the indices were HDFC, Bajaj Auto, ITC are the top gainers on indices.
Ranbaxy, Tata Power, M&M, Sun Pharma are among the major losers on the indices.

Index heavyweight Reliance was trading at Rs 1,602.25 up 0.32% from its previous close of Rs 1,597.10.Tech major Infosys was trading at Rs 1,994.95 up 0.73% from its previous close of Rs 1,980.55.Cigarette major ITC was trading at Rs 165.95 up 3.27% from its previous close of Rs 160.70.

Markets end in green

It was not a bad session for the markets as they ended in green after spending most of the day in negative terrain. Recovery came in during the final hour of trade on the back of buying seen in banking, auto and metal stocks. SBI ended the day with a gain of over 4%. The other gainers were Hero Honda, Tata Steel and Reliance Enery. However the IT stocks continued to sulk and the BSE index index ended in red.

The government has not taken any decision to allow foreign direct investment (FDI) in the retail sector, Finance Minister P Chidambaram told the Rajya Sabha today.FDI was only permitted for cash-and-carry, wholesale and single brand retail.FDI inflow of $13.5 billion in 2006-07 was the highest-ever.If retained earning and swap deals were to be included, FDI would be $19 billion.

India’s largest commercial bank State Bank of India (SBI) advanced 3.85% to Rs 1123 and was the top gainer. The stock surged after market rumors that CRR may be slashed shortly. ICICI Bank (up 1.25% to Rs 852) and HDFC Bank (up 0.71% to Rs 997) were the other gainers from the banking space.

Bike maker Hero Honda followed with a gain of 3.46% to Rs 703.REL (up 2.81% to Rs 520), Tata Steel (up 2.11% to Rs 564.80), and Bajaj Auto (up 1.65% to Rs 2575), were the other gainers.Ranbaxy Laboratories gained 1.35% to Rs 393.95.

Markets witness volatility

The markets opened weak as profit booking continued for the 3rd straight session.The markets showed a recovery but slipped again into red as fresh selling emerged once again.

At 12.20 pm the sensex is trading at 13687 down by 78 points while Nifty is at 4052 down by 24 points.

Analysts feel that if the 13,300 level is breached then the Sensex could fall to 12,300-12,400. Similarly if 4030-4050 is breached, Nifty could fall to 3900.Also if the market corrects a bit more then there is a possibility of the bears getting more active which might see the pressure getting a bit extended.

Hero Honda, Tata Steel, ITC, Reliance Energy and GSK are among the top gainers on indices.TCS, ONGC, Ranbaxy and GAIL are among the top losers on the indices.

Index heavyweight Reliance was trading at Rs 1,581.25 down 0.78% from its previous close of Rs 1,593.65.Tech major Infosys was trading at Rs 1,980.00 down 1.12% from its previous close of Rs 2,002.35.Cigarette major ITC was trading at Rs 161.20 up 0.78% from its previous close of Rs 159.95.

Markets extend fall

The market extended its recent slide due to lack of buying support, as investors watched from the sidelines ahead of major local and global events scheduled later in the week. The Sensex lost over 100 points on the back of a fall in IT, telecom, banking shares, and two-wheeler makers. A slide in heavyweight Reliance Industries (RIL) also contributed to the fall of the barometer index. Subdued Asian and European stocks also were of not much help.

The 30-share BSE Sensex lost 113.79 points (0.82%), at 13,765.46.The S&P CNX Nifty lost 34.15 points (0.83%), to end at 4,077.

Telecom shares dipped on profit-taking. Bharti Airtel shed 1.5% to Rs 809.80 and Reliance Communications lost 1.3% to Rs 460.20. RIL shed 0.8% to Rs 1592, off an early high of Rs 1614.60.

Dabur India dropped 1.7% to Rs 94.80. The company today reported 31% growth in net profit in the March 2007 quarter at Rs 65.70 crore (Rs 50.22 crore). Net sales surged 33.6% to Rs 444.76 crore from Rs 332.69 crore.

Markets lacklustre

The markets opened subdued ,then gained but again pared gains due to weakness in IT pivotals.At present the market is lacklustre due to lack of buying interest. Selective buying is seen in metal, banking and capital good stocks. However IT pivotals continue to reel under pressure. It is absolutely flat in the midcap and smallcap space.

At 13.00 pm the sensex is trading at 13878 down by 1.50 points while nifty is at 4111 down by just 0.10 points.

An overnight fall in the ADRs and a rising rupee weighed on IT bellwether Infosys. The stock was down 1.1% at Rs 2015. On Monday, Infosys' ADR lost 3.6% to $51.92. Infosys enjoys 11% weightage in the benchmark Sensex.

Among other IT pivotals, TCS was down 0.5% to Rs 1270 and Wipro had shed 0.4% to Rs 552. The rupee was headed towards a nine-year high against the dollar on Tuesday. In early trade, the partially convertible rupee was at 40.755/765 per dollar, up from Monday's close of 40.87/89. The rupee’s surge is a cause of concern for IT firms, as it directly impacts their revenue and profits, a lion’s share of which is accounted for by exports.

Tata Steel, ACC, Grasim, SAIL and Nalco are among the gainers on the frontline indices.Hero Honda, Infosys, HDFC Bank and Zee Entertainment are among the top losers.

Index heavyweight Reliance was trading at Rs 1,608.10 up 0.17% from its previous close of Rs 1,605.45.Tech major Infosys was trading at Rs 2,020.00 down 0.92% from its previous close of Rs 2,038.80.Cigarette major ITC was trading at Rs 160.00 down 0.47% from its previous close of Rs 160.75.

Bears prevail upon bulls

The markets were extremely volatile throughout the day, as bulls and bears locked horns, with the latter emerging victorious.Despite a strong show in the first half, it lost its way in the second half. Heavy selling brought about the downfall.

The 30-share BSE Sensex lost 68.10 points, to settle at 13,866.17, as per a provisional closing while the Nifty 50 index lost just 6 points and ended at 4111.15.

IT major Wipro was the top-loser, down 2.36% to Rs 554.Other frontline IT pivotals were not spared either. Satyam Computers (down 2.15% to Rs 460.50) and Infosys Technologies (down 1.70% to Rs 2037) declined.

Dr Reddy’s (down 2% to Rs 705), Hindalco (down 2.29% to Rs 144.75) and Cipla (down 1.60% to Rs 214) were the other prominent losers.

On the other hand, Ranbaxy laboratories was the top-gainer, up 2.11% to Rs 390.Index heavyweight Reliance Industries (RIL) advanced 1.48% to Rs 1606.Hero Honda (up 1.02% to Rs 704.90), Bharti Airtel (up 0.64% to Rs 823), and ACC (up 0.46% to Rs 863) were among the other eminent gainers.

Rupee’s continued rise intimidates IT pivotals

Satyam Computers, Infosys and Wipro had lost 0.6 - 1.5%, following a rise in the rupee to a fresh nine-year high. Satyam Computer lost 1.5% to Rs 463.50, Infosys shed nearly 1% to Rs 2052 and Wipro lost 0.6% to Rs 563.90.

The rupee rose to a fresh nine-year high against the dollar on Monday, as the market tested how far the central bank would let it appreciate before intervening. By 9:14 IST, the partially convertible rupee was at 40.5450 per dollar, its highest level since May 1998, and gaining from Friday's close of 40.8450/8600.

The rupee’s surge is a cause of concern for IT firms, as it directly impacts their revenue and profits, a lion’s share of which is accounted for by exports. IT companies use the tool of hedging to mitigate risks associated with currency movements. TCS is said to have obtained a $1 billion hedge at a price range of Rs 43.50 - Rs 44. Infosys has a forex cover of $ 470 million. Satyam Computer has hedged a position of $ 460 million with a policy to hedge at least 50% position. Wipro has forward hedge contracts (options & futures) of $195 million at an exchange rate between Rs 44 – Rs 45.77.

The rupee’s rise comes just when investors had turned optimistic on IT stocks after Infosys’ strong FY 2008 guidance in dollar terms, putting to rest concerns of the impact of a slowdown in the US on India's IT sector.Meanwhile, the influential US non-farm payrolls data showed the world's biggest economy posted its slimmest gain in jobs in more than two years for April 2007.

IT Stocks Top Losers

The markets opened firm as buying continued for index pivotals especially for Reliance Industries on the first day of the week.But after a strong opening the markets pared gains due to profit booking at higher levels.

At 13.00 pm the Sensex is trading at 13983 up by 49 points while 'nifty is trading up by 17 points at 4134.

Top gainers on the Sensex are Ranbaxy Labs, HDFC, Hero Honda.Top losers on the Sensex are Satyam, Wipro, Infosys.Top gainers on the Nifty are BPCL, HPCL and Ranbaxy Labs.

Index heavyweight Reliance was trading at Rs 1,610.50 up 1.77% from its previous close of Rs 1,582.55.Tech major Infosys was trading at Rs 2,054.00 down 0.88% from its previous close of Rs 2,072.25.Cigarette major ITC was trading at Rs 160.80 down 0.16% from its previous close of Rs 161.05.

Markets subdued

The markets opened on a bullish note ,but gave away the gains and slipped into red due to lack of buying interest in index pivotals.

At 12 pm the sensex is trading at 14076 down by 2 points while nifty is at 4156 up by almost 6 points.

Top gainers on the Sensex are SBI up 2.47%, ACC up 1.68% and Cipla up 1.56%.Top losers on the Sensex are Reliance down 1.44%, Satyam down 1.14% and Bharti Airtel down 1.09%.
Top gainers on the Nifty are GAIL up 2.52%, SBI up 2.23% and Dabur India up 1.97%

Index heavyweight Reliance was trading at Rs 1,598.50 down 1.52% from its previous close of Rs 1,623.10.Tech major Infosys was trading at Rs 2,067.00 down 0.69% from its previous close of Rs 2,081.30.Cigarette major ITC was trading at Rs 161.80 down 0% from its previous close of Rs 161.80.

Markets overvalued

The Sensex, which was strong throughout the day, ended firm as buying continued for index pivotals, especially index heavyweight Reliance Industries (RIL), owing to a robust set of results from India Inc, rallying US markets, firm global markets and sustained buying from FIIs.

The Sensex was up 205.84 points, or 1.48%, at 14,078.21, while the Nifty up 62.95 points, or 1.54%, at 4,150.85.

Auto major Bajaj Auto (BAL) jumped 4.70% to Rs 2559.90, and was the top-gainer. BAL’s board meeting is scheduled on 17 May 2007, in Mumbai and as per reports is “very likely” to include the demerger proposal on its agenda. The proposal is intended to unlock value for shareholders by separting the manufacturing and financial assets of Bajaj Auto into two entities.

Hero Honda gained 2.69% to Rs 702, as bike sales improved in April. Gujarat Ambuja Cements (up 3.82% to Rs 122.45), and Ranbaxy laboratories (up 3.41% to Rs 384) were the other gainers.Index heavyweight Reliance Industries (RIL) advanced 3.97% to Rs 1622.10.Maruti Udyog (MUL) rose nearly 1.52% to Rs 815.30, after reporting 17% growth in car sales in April as it sold 48,652 vehicles compared to 41,574 vehicles sold in the same period last year.

HDFC Bank lost 2.35% to Rs 1002, and was the top-loser.FMCG major Hindustan Lever (HLL) declined 1.71% to Rs 196, while telecom services provider, Reliance Communications, slipped 1.38% to Rs 470.50.

Markets spurt

The markets opened on very strong note on the back of robust quaterly results.At present the markets are steady and continue to trade at higher level with hefty gains. The performance of broader markets is inline with the frontline indices. Auto, capital goods and oil & gas stocks are among the major gainers.Smallcaps and mid-caps are also contributing to the rally today.

At 12.55 pm the sensex is trading at 14065,up by 193 points while Nifty is trading up by 62 points at 4149.

Top gainers on the Sensex are Bajaj Auto, Hero Honda, L&T and BHEL.Top losers on the Sensex are HLL and HDFC Bank.Top gainers on the Nifty are PNB and SAIL.

Index heavyweight Reliance was trading at Rs 1,588.10 up 1.79% from its previous close of Rs 1,560.10.Tech major Infosys was trading at Rs 2,074.00 up 1.2% from its previous close of Rs 2,049.35.Cigarette major ITC was trading at Rs 161.25 up 0.78% from its previous close of Rs 160.00.

Market remains closed

Markets will remain closed on 1st May and 2nd May on account of Maharashtra Day & Buddha Poornima respectively.