Markets end with modest gains

The market settled with decent gains as buying emerged for index pivotals. IT pivotals led the rally along with index heavyweight Reliance Industries (RIL). Yet, weak global markets capped upside. On the flip side, value buying coupled with short covering provided support at lower level.

Sensex ended up 76.81 points or 0.52% at 14919.19, and the Nifty up 18.10 points or 0.42% at 4320.70.

Hindalco Industries advanced 3.10% to Rs 153 on 12.08 lakh shares.As per recent reports it plans to make inroads into supplies for the car market which has so far been dominated by steel manufacturers. Hindalco will soon make high-grade aluminium products for the body-in-white segment for cars.

Other metal counters, Tata Steel (up 0.50% to Rs 606), Hindustan Zinc (up 1.68% to Rs 697), and Sail (up 2.61% to Rs 153.35), also edged higher

IT pivotals made a comeback today, as rupee weakened against the dollar. Satyam Computers (up 2.10% to Rs 448), Infosys (up 1.72% to Rs 1880), TCS (up 0.13% to Rs 1027), and Wipro (up 0.13% to Rs 465.05) gained from IT pack. Rupee was hovering at 41.15 as against yesterday's close of 41.01/41.02.

Reliance Industries soared to a high of Rs 1890. It settled 2.80% higher to Rs 1884.25 on 8.15 lakh shares.Cipla was up 0.15% to Rs 170.55 on reports that company will replace all products with chlorofluorocarbons ahead of Montreal Protocol ban deadline.

ICICI Bank extended early fall. It lost 2.89% to Rs 858.20 on 11.72 lakh shares.The bank got a setback today, after the Reserve Bank of India made a strong case against intermediate holding companies to float holding companies for their insurance and mutual fund business. The regulator said any clearance for foreign investment in such a holding company by other regulators could be subject to “legal review”.

State Bank of India, the country’s largest bank in terms of net profit slipped to a low of Rs 1527 in early trade. However it recovered from lower levels and was now down 0.10% to Rs 1555.50.

India’s largest listed cellular services provider Bharti Airtel declined 0.34% to Rs 874. As per reports, the Telecom Regulatory and Development Authority (Trai) has alleged that the company had violated the national numbering plan that designates short codes and numbers for value-added services. It has asked the company to immediately discontinue some services.

Ranbaxy laboratories (down 1.51% to Rs 365.25), ACC (down 1.40% to Rs 1022.40), and ONGC (down 1.13% to Rs 808.90) were the other losers.

Markets trading quietly

The market posted marginal gains in opening trade. However it was volatile. Asian markets were mixed today, 28 August 2007. US markets closed lower on Monday, 27 August 2007.The markets have shown some strength and pulled back in green on the back of some buying coming in metal, pharma and realty sectors. However, banking stocks are still subdued.At 11.29 hrs IST, the Sensex is up 54.25 points or 0.37% at 14896.63, and the Nifty up 14.55 points or 0.34% at 4317.15.

India’s largest aluminium manufacturer Hindalco Industries advanced 3.44% to Rs 153.50 on 8.22 lakh shares.Other metal shares, Tata Steel (up 1.50% to Rs 612), Hindustan Zinc (up 2.70% to Rs 704), and Sail (up 1.98% to Rs 162), also edged higher

Reliance Industries was up 0.94% to Rs 1850 on 2.33 lakh shares. Reliance Industries (RIL) is reportedly entering into an alliance with Container Corporation of India (Concor), the country’s largest container train operator. Under the partnership, RIL will have access to several infrastructural facilities of Concor, including almost 60 terminals across the country. RIL intends to utilise these facilities as key warehousing points for Reliance Retail.

ICICI Bank lost 1.56% to Rs 871 on 3.73 lakh shares. It was the top loser from Sensex pack. The bank got a setback today, after the Reserve Bank of India made a strong case against intermediate holding companies to float holding companies for their insurance and mutual fund business. The regulator said any clearance for foreign investment in such a holding company by other regulators could be subject to “legal review”.

State Bank of India slipped to a low of Rs 1527 in early trade. However it recovered from lower levels and was now up 0.34% to Rs 1562.

Tata Motors (down 0.80% to Rs 671), and Bharti Airtel (down 0.25% to Rs 875), were the other losers.

Centurion Bank of Punjab rose 1.43% to Rs 39 after the private sector bank got Reserve Bank of India's approval for the merger of Lord Krishna Bank with it. The merger is effective from 29 August 2007 and Centurion will issue seven shares in itself for every five held in Lord Krishna, the bank said.

Mold-Tek Technologies was locked at upper limit of 5% at Rs 131.90 after its board approved to de-merge plastic business and merge Teck Men Tools with itself.

Swaraj Mazda rose 4.06% to Rs 333 after its board of directors approved rights issue of equity shares of upto Rs 120 crore.

Sensex gallops 418 points

It was a vey good trading session for the markets as they ended the day with phenomenal gains. The frontline indices closed with a gain of nearly 3%, sensex was upover 400 points and the Nifty up over 100 points.Sensex ended up 417.51 points or 2.89% at 14842.38, and the Nifty up 112.45 points or 2.68% at 4302.60.

Banking and financial shares dominated gainers. India’s largest bank by net profit State Bank of India jumped 6.60% to Rs 1563 on 7.23 lakh shares. It was the top gainer from the Sensex constituents.

SBI has started the consolidation process with its associate banks by deciding to merge its wholly-owned subsidiary State Bank of Saurashtra (SBS) with itself. SBS is the smallest of the seven associates banks. The boards of both SBI and SBS have given approval to the merger proposal on 25 August 2007.

ICICI Bank, the country’s largest private sector bank by net profit, advanced 5.85% to Rs 883 on high volumes of 12.11 lakh shares. The Reserve Bank of India on Friday, 24 August 2007, allowed foreign investors to purchase equity shares of the bank from the secondary markets in India as their holding had come down below the trigger limit of 74%.

India's largest private sector steel manufacturer Tata Steel gained 3.72% to Rs 604 on reports that it is targeting to more than double production by 2015. Tata Steel now has an annual production totaling 25.6 million tonnes. By 2015, Tata Steel hopes to add another 35 million tonnes to boost its worldwide annual production to 61.1 million tonnes.

India's largest thermal power generator by revenue NTPC was up 2.44% to Rs 167.80 on reports the government plans to sell 4.75% holding in the firm through follow-on public issue. The proposed sale is aimed at increasing the free float of NTPC's shares in the market and help improve the company's valuation.

India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) gained 3.41% to Rs 1835 on 6.60 lakh shares. RIL has reportedly ventured into construction business and will set up a Rs 450-crore pre-engineered building (PEB) facility in Gujarat. RIL has roped in Dubai-based Mammut Group as a joint venture partner for the plant, which is likely to be commissioned by end-2008.

SEL Manufacturing saw intense volatility today. It surged to a high of Rs 247.50, a rise of 13.06% from Friday’s (24 August 2007) close of Rs 218.90. It, however, ended with a 20% plunge to Rs 175.15 on high volumes of 1.34 crore shares, and was the top traded counter on BSE with turnover of Rs 295.02 crore

Markets stable with significant gains

The market opened with a spurt today, 27 August 2007, boosted by a rally on Wall Street on Friday, 24 August 2007, triggered by surprisingly strong data on home sales and durable goods. Also short covering ahead of the expiry of derivatives contracts for August 2007 series aided the market's spurt.The market extended early gains as buying momentum continued at higher levels, with all the sectoral indices on BSE advancing today, 27 August 2007.

At 12.25 pm, the Sensex is up 251.58 points or 1.74% at 14676.45, and the Nifty up 69.95 points or 1.67% at 4260.10.

Banking and financial shares dominated gainers. India’s largest bank by net profit State Bank of India surged 5.10% to Rs 1541.05. It was the top gainer from the Sensex constituent.SBI has started the consolidation process with its associate banks by deciding to merge its wholly-owned subsidiary State Bank of Saurashtra (SBS) with itself. State Bank of Saurashtra is the smallest of the seven associates banks. The boards of both SBI and SBS have given approval to the merger proposal on 25 August 2007, reports add.

ICICI Bank, the country’s largest private sector bank by net profit, advanced 4.70% to Rs 873.50. The Reserve Bank of India on Friday, 24 August 2007, allowed foreign investors to purchase equity shares of the bank from the secondary markets in India as their holding had come down below the trigger limit of 74%.

India’s largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) gained 2.27% to Rs 1814.475 on 3.09 lakh shares. RIL has reportedly ventured into construction business and will set up a Rs 450-crore pre-engineered building (PEB) facility in Gujarat. RIL has roped in Dubai-based Mammut Group as a JV partner for the plant, which is likely to be commissioned by end-2008.

India’s second largest bike maker Bajaj Auto (BAL) rose 1.64% to Rs 2268.15. As per reports it will stop production of vehicles at its Akurdi plant in Pune from 1 September 2007. BAL is expected to gain Rs 1000 per unit from shifting the production base as it gets sales tax benefits and other government concessions at Waluj.

Among the side counters, Acrow India (up 18.65% to Rs 216.95), Ganesh Housing (up 12.38% to Rs 405), Sanghi Industries (up 14.42% to Rs 93.25), DIL (up 12.47% to Rs 315), and Alfred Herbert (up 11.52% to Rs 168) had surged.

Market turns volatile

The market which opened on a firm note, slipped in the red on profit booking at higher levels. However it again recovered from lower levels and moved into the green, as buying resumed. The firm opening was because political worries eased after a key Left party on Wednesday, 23 August 2007, softened its stand regarding withdrawing support to the ruling coalition government at the centre.Though the domestic bourses bucked weak Asian markets, the market breadth turned negative.

At 12.10 pm, the Sensex is up 95.86 points at 14259.84, and the Nifty up 26.40 points at 4141.35.

State Bank of India, the country’s largest bank in terms of net profit advanced 2.43% to Rs 1449.50 on 2.91 lakh shares after the Parliament on Thursday, 23 August 2007 passed a bill to replace an ordinance enabling transfer of the Reserve Bank of India’s stake in State Bank of India to the Union Government.The SBI (Amendment) Bill, 2007 was approved by the Rajya Sabha by a voice vote on Thursday, while it got the Lok Sabha’s clearance on Tuesday, 21 August 2007.

A block deal had taken place in FII segment in SBI on NSE on Thursday, 23 August 2007, at Rs 1750, a premium of 23.70% over the ruling market price.

Reliance Energy (up 2% to Rs 720), Tata Motors (up 2.16% to Rs 635.55), Tata Steel (up 1.75% to Rs 570), and Bhel (up 1.35% to Rs 1684), were the other gainers from the Sensex pack.

Reliance Industries rose 0.72% to Rs 1755.10 on 2.37 lakh shares. The Empowered Group of Ministers, formed to look into pricing and utilisation of natural gas produced from new fields like the KG-D6 of RIL, is likely to hold its first meeting on 27 August 2007. RIL had proposed increase in gas price from $4.33 per million British thermal unit to $4.58, which was opposed by key consuming sectors like fertilizer and power.

HDFC Bank was the top loser.It lost 1.30% to Rs 1085.Infosys (down 1% to Rs 1790) and HDFC (down 0.35% to Rs 1901.80) were the other losers.

Mercator Lines (MLL), the Mumbai-based shipping company rose 3% to Rs 53.50 on reports that it is raising around $250 million in the largest-ever Indian offering in Singapore. It will offload 30% stake in its wholly-owned subsidiary Mercator Lines (Singapore) through the proposed IPO.

Market closes lower amid political nervousness

It was an extremely volatile session for the markets on the back of political unceratnityon Indo US nuke deal. There was extreme political nervousness after 1:00 pm which took markets in the red zone.

The Left has taken a hard stance. Central Committee describes Indo-US Nuke deal as 'unacceptable', Central Committee says Govt must not negotiate with IAEA for safeguards.

Sensex was down 84.68 points or 0.59% at 14163.98, and the Nifty down 38.20 points or 0.92% at 4114.95.

India’s third largest pharma company in terms of sales Cipla slumped 4% to Rs 168.50.Banking and financial shares came under selling pressure. State Bank of India (down 3.10% to Rs 1412.80, off the session’s high of Rs 1500), ICICI Bank (down 2.45% to Rs 826, off the session’s high of Rs 869), HDFC Bank (down 1.27% to Rs 1105, off day’s high of Rs 1159.70) ended in red.

Reliance Energy (down 2.60% to Rs 706) and ONGC (down 2.20% to Rs 791 were the other losers.

India’s top car maker Maruti Udyog advanced 2.39% to Rs 785.Cement stocks rose after Swiss cement major Holcim’s open offer to acquire an additional 20% stake in Ambuja Cement, India’s second largest cement producer by sales.ACC (up 2% to Rs 972), Ambuja Cement (up 1.15% to Rs 132), and Grasim Industries (up 0.85% to Rs 2749.95) ended higher.Switzerland's Holcim today said it had acquired a 3.9% additional stake in Ambuja Cements from the founding families at Rs 154 share, in a deal worth $220 million.

FMCG stocks ITC (up 2.27% to Rs 162) and Hindustan Unilever (up 1.43% to Rs 199) rose.

India's largest engineering and construction firm by sales Larsen & Toubro was up 0.89% to Rs 2405.50 after company won a repeat order for construction of two ships from Netherlands's RollDock BV (erstwhile Zadeko Shipmanagement CV) of The Netherlands valued at over $70 million.

Reliance Industries (RIL), the country’s top private sector entity by market capitalisation and oil refiner, slipped 1.73% to Rs 1737.80 on 9.92 lakh shares. It had moved in a range of Rs 1732.10– Rs 1809.95. As per reports, RIL will foray into solar power generation through pilot projects that will supply electricity to a few villages in Maharashtra. In the next 8-12 months, pilots will be launched in 38 villages in Maharashtra.

Mkts maintain its gains; Ambuja, HDFC top gainers

The market spurted in opening trade following firm Asian markets, boosted by the remarkable comeback staged by the US markets overnight. Cement stocks surged.The market stayed firm after opening with a spurt.Real estate stocks advanced in a firm market on fresh buying. The market held on its gains.

At 11.45 am, the Sensex is up 287.93 points or 2.02% at 14536.59, and the Nifty up 68.65 points or 1.65% at 4221.80.

Real-estate stocks advanced on fresh buying after the recent sharp fall. Ansal API (up 3.94% to Rs 257), Parsvnath Developers (up 4.49% to Rs 288), Unitech (up 3.2% to Rs 472.65), and Sobha Developers (up 3.20% to Rs 758.90) were up.

Housing Finance Development Corporation (HDFC), the country’s top mortgage lender jumped 4.66% to Rs 1990.

Bharti Airtel,gained 1.81% to Rs 863 on reports that it is looking to sell the management control of its passive infrastructure business, Bharti Infratel. As per reports, a clutch of private equity funds and Reliance Communications are in the race. Bharti Infratel is the largest tower infrastructure company in the country with over 40,000 towers.

ITC, the country’s biggest cigarette manufacturer, advanced 2.40% to Rs 162.20 on its plans to set up small-format stores in rural areas, on the lines of its existing hypermarket chain Choupal Sagar, by early next year. It also plans to raise the number of its fruit and vegetable outlets to about 200 in three years. ITC also plans to operate 50 of the Choupal Fresh stores by March 2008 in Hyderabad, Pune and Chandigarh.

India’s leading power equipment maker Bharat Heavy Electricals soared 2.71% to Rs 1712.20 after it bagged contracts worth Rs 6500 crore for setting up power project units, on Wednesday, 22 August 2007. The orders have been placed by Damodar Valley Corporation (DVC).

Reliance Industries (RIL), the country’s top private sector entity by market capitalisation and oil refiner, rose 1.47% to Rs 1794.50. As per reports, RIL will foray into solar power generation through pilot projects that will supply electricity to a few villages in Maharashtra. In the next 8-12 months, pilots will be launched in 38 villages in Maharashtra.

Three block deals of 23.07 lakh shares each were struck on the Bank of Maharashtra counter on BSE at average price of Rs 48.18 per share in opening trade. The stock rose 2.28% to Rs 49.25 on high volume of 69.46 lakh shares.

Market ends higher: Midcaps,smallcaps underperform

The markets ended in green amid a highly volatile session on the back of positive cues from Asia. Buying interest was seen in FMCG, metal and capital good stocks. However reeling under pressure were realty, auto and pharma stocks.The market saw series of wild swings in first half of the day amid negative bias & soared in the second half on value buying coupled with short covering.

Sensex ended up 259.55 points or 1.86% at 14248.66, and the Nifty up 78.25 points or 1.92% at 4153.15.

Reliance Energy, the country’s second largest power generation and distribution company in terms of sales jumped 5.92% to Rs 733.

India’s leading power equipment maker Bharat Heavy Electricals soared 4.69% to Rs 1665 after winning contracts worth Rs 6500 crore for setting up power project units. The orders have been placed by Damodar Valley Corporation (DVC).

India’s largest listed cellular operator, Bharti Airtel surged 4.22% to Rs 847.55 on reports it will double its tower capacity to 80,000 by March 2008 as it grows its network to reach more towns and cities across the country, while expanding in the metros. Currently it has 40,000 towers.

Shares from metal sector recovered from sharp recent fall that was triggered by falling metal prices on London Metal Exchange (LME). India’s largest private sector steel maker Tata Steel surged 3.96% to Rs 567.70.

India’s largest cigarette manufacturer ITC jumped 3.94% to Rs 158.20 on high volumes of 26.07 lakh shares. As per reports, ITC has taken over Australian agri-biotech company Technico Pty for an undisclosed sum as part of a strategy to strengthen its foods business. The deal was executed through its subsidiary Russell Credit, ITC, which recently launched its Bingo brand potato chips. Technico provides bulk potato supply chain management.

Reliance Industries, the country’s top private sector entity by market capitalisation and oil refiner rose 1.47% to Rs 1773 on 10.64 lakh shares. It had slipped to day’s low of Rs 1717

India’s third largest pharma company Cipla saw intense volatility. It rose 0.23% to Rs 177.60 on 11.20 lakh shares. The stock recovered sharply from day’s low of Rs 160.

India’s top truck maker Tata Motors lost 2.10% to Rs 621.State Bank of India (down 0.58% to Rs 1455.25) and HDFC (down 0.16% to Rs 1898.55), were the other losers.

News

Bharti Airtel connects gains on plan to boost rural reach
Bharti Airtel rose 4.09% to Rs 846.55 at 14:41 IST on reports it plans to double its number of telephone towers in a bid to increase its rural reach.

HCL Technologies hardens on plan to buy out US unit
HCL Technologies was up 1.52% to Rs 294.05 at 15:18 IST after it said it would acquire the balance 49% stake in HCL EAI Services Inc.

Markets turn volatile; realty, banks in pain

The markets turned extrmely volatile after firm opening and gained almost all of its gains on the bck of huge selling pressure seen in realty, banking, pharma, auto and consumer durable sectors. Nifty was trading below 200 daily moving average.

Mkts gave up its gains sharply on the heavy unwinding across the board and all the key BSE indices fell down in red except FMCG index. Market breadth also collapsed at rapid pace.

Rupee was trading at 40.99 against US dollar and Nifty future was trading at 18 points discount at 4056.At 11.32 am, the Sensex is up 22.15 points or 0.16% at 14011.26, and the Nifty up 32.50 points or 0.80% at 4107.40.

Top gainers on the Sensex are ITC at Rs 156.20 up 2.63%, BHEL at Rs 1,611 up 1.30% and Reliance at Rs 1,762 up 0.84%. Top losers on the Sensex are Cipla at Rs 170 down 4.06%, Wipro at Rs 437.40 down 2.1% and Satyam at Rs 409.80 down 1.6%.

Markets trading steady with significant gains

The market spurted in opening trade, boosted by firm Asian and the US markets.The markets are trading steady with significant gains. Realty, capital good, oil & gas stocks are still attracting attention. Oil & gas stocks are up mainly because of fall in crude prices.At 11.47 hrs IST, the Sensex is up 162.35 points or 1.09% at 15065.38, and the Nifty up 51.25 points or 1.18% at 4390.75.

Cement stocks ACC (up 2% to Rs 999), Ambuja Cements (up 2% to Rs 128.85), and Grasim (up 0.90% to Rs 2923) advanced on fresh buying.Reliance Energy, the country’s second largest power generation and distribution company in revenue, advanced 2.35% to Rs 759.95.

Wipro, the country’s third largest software exporter, gained 2% to Rs 466.95, after it announced after market hours on Monday, 6 August 2007, the acquisition of US-based, Nasdaq-listed outsourcing firm Infocrossing for approximately $600 million (around Rs 2430 crore) in an all-cash deal.

India’s largest private sector entity Reliance Industries gained 1.10% to Rs 1801.70.ICICI Bank, the country’s largest private sector bank, lost 0.80% to Rs 880.50 on 1.58 lakh shares.It was the top loser.

Provider of software solutions to airline and travel firms Kale Consultants rose 2% to Rs 93.50 on reports that it had acquired UK-based Zero Octa, a specialist provider of revenue management, integrity and audit software for airlines. The target company, with 2006 revenue of $6 million, employs about 600 people and has a large part of its operations located in India.

Markets weak but off days low

The market tumbled in opening trade tracking weak global cues.The markets are still trading weak but off days low. It is steady now after pullling back over 100 points from opening sharp knock on account of weak cues.At 12.35 hrs IST, the Sensex is down 330 points at 14807.93, and the Nifty down 95.20 points at 4307.25.

Real-estate stocks declined on fresh selling today, 6 August 2007.Unitech (down 3.93% to Rs 515.80), DLF (down 3.52% to Rs 581.10), Parsvnath Developers (down 3.27% to Rs 315.25) and Indiabulls Real Estate (down 4.91% to Rs 511.50) were the losers.

India’s largest pharma company by sales Ranbaxy Laboratories rose 1.75% to Rs 372.20.Hindalco Industries, the country’s biggest aluminium producer, slumped 3.55% to Rs 156.65.ICICI Bank (down 3% to Rs 888), Bhel (down 2.70% to Rs 1673.80), and Reliance Communications (down 2.69% to Rs 532.80) were the other losers.

India's largest private sector company Reliance Industries was down 1.68% to Rs 1771 . The stock recovered from its low of Rs 1752.10. As per reports, it plans to invest up to nearly $14 billion (Rs 56000 crore) in oil exploration and production business and laying transportation pipelines in the next two to three years.

State Bank of India, the country’s largest commercial bank, recovered sharply from its low of Rs 1592.60, and was now down 0.26% to Rs 1631.75.

Zuari Industries rose 0.12% to Rs 202, off its high of Rs 209, on entering into joint venture agreement with Israel Chemicals for establishment of water soluble NPK fertiliser plant with an initial capacity of 10,000 tonnes per year. Israel Chemicals (ICL) is a global group engaged in the development, manufacture and marketing of fertilisers, industrial products and metallurgy.

Videsh Sanchar Nigam lost 2.42% to Rs 438 on reports that the firm is planning to invest close $700 million in the submarine cable projects of a South African entity Infraco.

Markets end with moderate gains amid volatility

The market saw intense volatility throughout the day on alternate bouts of buying and selling. It was going strong till mid-afternoon trade, after which profit booking emerged at higher levels, dragging it lower.Most of the Asian markets stabilised after initial volatility while a majority of European indices were trading higher.Sensex ended up 49.93 points or 0.33% at 14985.70, and the Nifty up 10.50 points or 0.24% at 4356.35.

Tata Motors slipped 2.26% to Rs 652.Hero Honda Motors shed 1.36% to Rs 660 after it said on Wednesday, 1 August 2007, it sold 2,01,191 units in July 2007, down 14.5 % from 2,35,314 sold in June 2006. The announcement was made after trading hours.Bajaj Auto slipped 0.17% to Rs 2284 after India's second-biggest motorcycle maker’s vehicle sales in July 2007 fell 7% to 185,890 units over July 2006. Mahindra & Mahindra (M&M) declined 2.98% to Rs 673 despite its sales rising 46% in July 2007 to 19,163 units over July 2006.

However, Maruti Udyog rose 1.7% to Rs 835 on the back of a 24.8% rise in total vehicles sales to 57,909 vehicles in July 2007 over July 2006. The company sold 52,839 vehicles in the domestic market in July 2007, a rise of 18.33% over the same period last year.

India’s largest commercial bank State Bank of India jumped 2.95% to Rs 1594.It is holding talks with potential partners for its non-life insurance venture. It is also keeping options open for going alone in the general insurance business. SBI already has a foreign partner, Cardif SA of France, for its life insurance venture. It holds a 26% stake and the balance 74% is held by SBI. SBI also plans to set up a holding company to transfer its share holding in its insurance and asset management subsidiaries.ICICI Bank rose 0.86% to Rs 899.

Telecom pivotals Reliance Communications (up 2.34% to Rs 543), Bharti Airtel (up 1.95% to Rs 879.75) gained on bargain hunting.

Cement stocks showed strength on fresh buying. India’s second largest cement producer ACC advanced 2% to Rs 985. ACC's cement dispatches jumped 14.68% to 16.4 lakh tonnes in July 2007 over July 2006.Ambuja Cements gained 1.55% to Rs 131 after its cement dispatches rose 20% to 13.9 lakh tonnes in July 2007 over July 2006.

Reliance Energy (REL), India's second largest power generation and distribution company in terms of sales, rose 2.27% to Rs 754 on reports that it has emerged as the sole bidder for a Damodar Valley Corporation (DVC) power project in the Purulia district of West Bengal.

India’s largest private sector company Reliance Industries (RIL), which had surged to a high of Rs 1839, pared gains and managed to end just 0.18% higher at Rs 1801.25. As per reports, the government is likely to clear the price quoted by RIL for its gas from the Krishna-Godavari basin without seeking to control the price.

Battered real-estate stocks, worst hit in yesterday’s meltdown, made a comback today on bargain hunting. Unitech (up 3.82% to Rs 534), DLF (up 0.61% to Rs 588.15), Orbit Corporation (up 4.45% to Rs 334.40) and Indiabulls Real Estate (up 2.24% to Rs 511.85) ended higher.

Asian markets were trading mixed amid high volatility. Shanghai Composite (up 2.49% to 4,407.73), Nikkei 225 (up 0.67% to 16,984.11) and Taiwan Weighted (up 0.66% to 8,950.57) gained. Hang Seng (down 0.05% to 22,443.56), and Seoul Composite (down 0.18% to 1,853.07) slipped.

Markets slowly regaining strength

The markets were witnessing volatile movements in early trade tracking volatility in Asian markets. Asian markets had opened higher taking cue from overnight gains in US stocks but most of them slipped into the red later, on fresh selling.At 12.10 hrs IST, the Sensex is up 161.60 points at 15097.37, and the Nifty up 44.75 points at 4390.50.

IT stocks were subdued in firm market.Infosys (down 0.76% to Rs 1914.90), TCS (down 0.16% to Rs 1114), Satyam Computers (down 0.06% to Rs 470), and Wipro (down 0.65% to Rs 472.60), edged lower.

Cement stocks showed strength on fresh buying. India’s second largest cement producer ACC advanced 3.69% to Rs 1001.15.Ambuja Cements (up 3.50% to Rs 133.50), India Cements (up 5.99% to Rs 216) and Grasim (up 3% to Rs 2937) also edged higher.

India's top bus and truck maker Tata Motors slipped 2.13% to Rs 652.90 on 2.96 lakh shares. Its vehicle sales fell 6.6% in July 2007 to 42,098 units over July 2006. Sales of commercial vehicles dropped 3.8% to 20,705 units in July 2007 over July 2006. Exports fell 17% to 4,382 units.

HDFC Bank, the country’s second largest private sector bank in terms of net profit, slipped 1.07% to Rs 1149 while the country’s largest cigarette manufacturer ITC declined 0.65% to Rs 166.

India’s largest private sector company Reliance Industries (RIL), extended early gains, and was now up 1.75% to Rs 1829.20.

Nitco Tiles rose 1% to Rs 223 after the central bank approved raising foreign fund investment in the company to 49%. The Reserve Bank of India announced the approval yesterday, 1 August 2007.

IFCI surged 7.55% to Rs 56.35 on reports Citigroup, Lehman Brothers, BNP Paribas, Deutsche Bank and Barclays are interested in buying 26% in the financial services firm.

Northgate Technologies : Record Date for bonus issue

Northgate Technologies fixes Record Date for bonus issue
Northgate Technologies Ltd has informed that September 03, 2007 has been fixed as the Record Date for the purpose of issue of Bonus Shares in the ratio of 1:1.

Markets witness savage cut; Sensex, Nifty down 4%

It was an extremely disappointing day as Sensex saw its third biggest fall single day absolute fall. Both Sensex and Nifty were down over 4% each. Selling was seen in scrips across sectors.

The fall can be attributed to negative news flow on subprime motgage worries from the US. Asia also ended in deep red down between 3%-4%. Taiwan saw the highest fall and was down 4.3% followed by Seoul Comp, Jakarta Comp, Strait Times and Shanghai Comp.Europe opened in red, CAC and DAX were down nearly 2% each.

Sensex ended down 615.22 points or 3.96% at 14935.77, and the Nifty down 183.00 points or 4.04% at 4345.85.

India’s second largest cement producer ACC plunged 9.62% to Rs 958.Reliance Energy (down 7.11% to Rs 737), Ranbaxy Laboratories (down 5.33% to Rs 369.10) and Mahindra & Mahindra (down 4.83% to Rs 693.90) were the other major losers.

India’s largest truck maker Tata Morors slipped 4.65% to Rs 666.80.Bajaj Auto, the country’s second biggest two-wheeler manufacturer, shed 2.76% to Rs 2295 after its vehicle sales fell 7% to 1,85,890 units in July 2007 over July 2006.

Reliance Industries, the country’s largest private sector enterprise, lost 5.25% to Rs 1793 on 15.84 lakh shares. As per reports, RIL is among the 11 winners for oil and gas exploration blocks announced by the Australian government. RIL won the bid for an exploration licence in part of the Bonaparte Basin, off northern Australia. It proposes to spend A$29.8 million over the next six years. This includes the cost of drilling one well. Australia awards oil and gas exploration permits depending on the amount of work bidders pledge to carry out.

India's largest aluminium maker Hindalco Industries tumbled 6.41% to Rs 159.20 after said its net profit in the first quarter remained flat at Rs 602.9 crore due to a sharp fall in alumina prices and a customs duty cut that made imported products cheaper. Hindalco’s revenue rose 9% to Rs 4,677.9 crore in Q1 June 2007 over Q1 June 2006. Hindalco is expected to invest Rs 30000 crore over the next five years in various greenfield and brownfield expansion projects, including the Utkal Alumina project in Orissa.

India’s top small-car maker Maruti Udyog lost 2.13% to Rs 825. The company today, 1 August 2007, reported an 18% rise in sales in domestic market to 52,839 units in July 2007 over July 2006. It exported 5,070 units, up from 1,755 units in July 2006.

Though FMCG and pharma shares, considered as defensive sectors in times of steep market correction, declined, the fall in their prices was relatively low. Dr Reddy’s (down 1.85% to Rs 621.80), ITC (down 2.17% to Rs 167), Hindustan Unilever (down 2.47% to Rs 201), and Cipla (down 3% to Rs 184) edged lower.

Even as the market corrected sharply, Everonn Systems India settled at Rs 478.45 on BSE, a 241.75% premium over the offer price of Rs 140. The huge premium on listing was due to 131.47 times subscription of the IPO. The issue received total bids for 52.58 crore shares compared to total issue of 40 lakh shares.

The Everonn Systems India scrip debuted at Rs 245 on BSE and touched a high of Rs 560 and a low of Rs 245 during the day. About 71.77 lakh shares were traded on the counter on BSE. Everonn Systems India is a fully integrated knowledge management, education and training company.

Markets tumbling

The markets opened in red with a deep cut today on the back of extremely weak cues from the global markets. Broad based selling was seen in the opening trade led by banking, IT and cap good stocks.At 11.50 hrs IST, the Sensex is down 539 points at 15011.92, and the Nifty down 161 points at 4367.50.

HDFC, the country’s leading housing finance company slumped 4.34% to Rs 1929.Bharti Airtel (down 3.92% to Rs 868), HDFC Bank (down 3.52% to Rs 1156.40), Bhel (down 3.84% to Rs 1665), and ACC (down 3.48% to Rs 1023.10) were the other losers.

India’s largest truck maker Tata Morors slipped 3.55% to Rs 674.45 after it reported 22.2% rise in net profit to Rs 466.76 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 4.7% to Rs 6056.82 crore in Q1 June 2007 over Q1 June 2006.

Reliance Industries, the country’s largest private sector enterprise, lost 2.18% to Rs 1850 on 2.48 lakh shares.

Asian markets slipped in the red today, 1 August 2007, on Wall Street's decline. Nikkei tumbled 1.84% at 16,932.06.Singapore's Straits Times (down 2.56% at 3,456.80), Taiwan's Taiwan Weighted (down 3.40% at 8,971.58), Hang Seng (down 2.85% to 22,523.11) and South Korea's Seoul Composite (down 4.57% at 1,844.63) all slipped lower.

US tocks fell sharply on Tuesday (31 July 2007) as worries about the deteriorating US credit market flared up. The Dow slipped 146.32 points, or 1.10%, to 13,211.99 after being up as much as 140 points during the session. Broader stock indicators fell. The Standard & Poor's 500 index declined 18.64 points, or 1.26%, to 1,455.27, and the Nasdaq Composite index fell 37.01 points, or 1.43%, to 2,546.27.