Markets settle with modest gains amid volatility

The markets ended marginally in green off day's high ahead of the Fed meet announcement. Selective buying was seen in power, bank, real estate stocks. Action was seen in the midcap space as the index is up nearly 1% and the smallcap index is giving it good company up 1.5%.Market is eyeing Fed's crucial decision on rate cut, anayst are expecting a 25 bps rate cut.

Sensex was up 54.48 points or 0.28% at 19837.99, and the Nifty up 31.90 points or 0.54% at 5900.65.

Reliance Communications (RCom) rose 0.44% to Rs 770.50. RCom's net profit rose 73.53% to Rs 801.24 crore on 17.27% rise in total income to Rs 3,329.21 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today.

Shares of India's largest aluminium producer Hindalco Industries surged 1.45% to Rs 196 after it reported 7.56% rise in net profit to Rs 642.80 crore on 6.83% growth in total income to Rs 5069.50 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today.

Hindustan Unilever (HUL) declined 5.23% to Rs 207.55 and was the top loser from Sensex pack. The company's net profit declined 21.63% to Rs 408.06 crore on 9.72% rise in total income to Rs 3,470.49 crore in Q3 September 2007 over Q3 September 2006. The company said the results are not comparable to the extent of amalgamation of Modern Foods (India) and its subsidiary with the company. HUL announced the results during the market hours today.

Tata Motors rose 2.82% to Rs 790. Tata Motor's net profit rose 19.27% to Rs 526.84 crore on 1.09% rise in total income to Rs 6,743.31 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today.

Capital goods stocks declined after yesterday’s surge on profit booking. Bharat Heavy Electricals (down 1.3% to Rs 2,620), Larsen & Toubro (down 1.97% to Rs 4,240.20) and Suzlon Energy (down 0.38% to Rs 1,973) edged lower.

IT stocks declined as the Indian rupee inched towards a 9-½ year high on expectations foreigners will keep buying local shares and in anticipation of a US rate cut later in the day. Infosys (down 0.82% to Rs 1,836.10), Satyam Computer services (down 0.49% to Rs 477.10) and Wipro (down 0.98% to Rs 504.70) edged lower.

India's largest software services exporter Tata Consultancy Services (TCS) slipped 1% to Rs 1,037.Metal stocks climbed. Tata Steel (up 0.66% to Rs 904.50),Sterlite industries (up 0.44% to Rs 1,023) and Hindalco Industries (up 1.45% to Rs 196) edged higher.

India's second largest power utility by revenue Reliance Energy jumped 4.46% to Rs 1,869 and was the top gainer from Sensex pack. India's largest drug maker by sales Ranbaxy laboratories (up 3.01% to Rs 427.35) edged higher.India’s biggest oil exploration firm by market capitalisation Oil and Natural Gas Corporation rose 2.21% to Rs 1,246.45.

India’s top listed cellular services provider by market capitalisation Bharti Airtel moved up 1.33% to Rs 1,013 after it reported a surge in net profit in Q2 September 2007 over Q2 September 2006. Bharti Aritel reported 82% rise in net profit to Rs 1619.15 crore on 44.94% rise in sales to Rs 6059.89 crore in Q2 September 2007 over Q2 September 2006. The results were announced during market hours today, 31 October 2007.

India’s largest private sector entity in terms of market capitalisation and oil refiner Reliance Industries was up 0.45% to Rs 2782.90.HDFC Bank (up 2.39% to Rs 1,657) and NTPC (up 2.27% to Rs 239.25) edged higher.Cipla declined 1.27% to Rs 178.80.

Markets trading with moderate gains

The markets opened strong today after yesterdays losses on the back of good buying seen in telecom, power, cap goods and auto stocks. Cues from the Asian markets were not very encouraging today and the US markets had closed in red yesterday.The markets are still in green trading steady with moderate gains.

At 12.11 hrs IST, the Sensex is up 110.61 points or 0.56% at 19894.12, and the Nifty up 64.80 points or 1.10% at 5933.55.

IT stocks declined after the Indian rupee inched towards a 9-½ year high on expectations foreigners will keep buying local shares and in anticipation of a US rate cut later in the day. Infosys (down 1.42% to Rs 1,825), Satyam Computer services (down 1.29% to Rs 473.25) and Wipro (down 1.61% to Rs 501.50) edged lower.

Tata Consultancy Services (TCS) slipped 1.57% to Rs 1033 on high early volumes of 14.02 lakh shares, after three block deals were executed in early trade on BSE at discount to the then ruling market price.

Banking stocks recovered. ICICI Bank (up 2.04% to Rs 1,266), State Bank of India up 2.85% to Rs 2,120.90) and HDFC Bank (up 0.42% to Rs 1,625) edged higher. Bank stocks had lost ground yesterday when the Reserve Bank of India (RBI), during trading hours, announced a hike in banks’ cash reserve ratio (CRR) at its monetary policy review.

Realty stocks gained. DLF (up 1.8% to Rs 980.50),Unitech (up 3.03% to Rs 385.75) and Indiabulls Real Estate (up 0.14% to Rs 979.10) edged higher.

Metal stocks climbed. Tata Steel (up 1.83% to Rs 915),Sterlite industries (up 6.23% to Rs 1,085), Steel Authority of India (up 1.13% to Rs 264) and Hindalco Industries (up 0.36% to Rs 193.60) edged higher.

Reliance Energy jumped 5.13% to Rs 1880.95 and was the top gainer from Sensex pack. Its board yesterday, 30 October 2007, approved a proposal to transfer its infrastructure projects to a separate wholly owned subsidiary.

India's largest drug maker by sales Ranbaxy laboratories (up 4.13% to Rs 432) edged higher.India's largest engineering and construction company in terms of revenue Larsen & Toubro declined 0.88% to Rs 4,285.India's biggest power generation firm National Thermal Power Corporation in terms of revenue rose 3.12% to Rs 241.25. It hit an all-time high of Rs 243 today.

India’s biggest oil exploration firm by market capitalisation Oil and Natural Gas Corporation rose 1.42% to Rs 1,236.85 after it reported good Q2 results. ONGC's net profit rose 22.10% to Rs 5097.48 crore on 9.60% rise in net sales to Rs 15413.92 crore in Q2 September 2007 over Q2 September 2006. The results were announced after market hours on Tuesday, 30 October 2007.

India’s top listed cellular services provider by market capitalisation Bharti Airtel moved up 2.1% to Rs 1020.70 after it reported a surge in net profit in Q2 September 2007 over Q2 September 2006. Bharti Aritel reported 82% rise in net profit to Rs 1619.15 crore on 44.94% rise in sales to Rs 6059.89 crore in Q2 September 2007 over Q2 September 2006. The results were announced during market hours today, 31 October 2007.

Reliance Communications (RCom) rose 1.97% to Rs 781.90. A total of five brokerages expect a between 57.3% to 76.6% growth in RCom's consolidated net profit to between Rs 1104.80 crore to Rs 1240.20 crore in Q2 September 2007 compared to net profit of Rs 702.30 crore in Q2 September 2006. They expect a between 32.2% to 38.1% growth in revenue to between Rs 4,660.80 crore to Rs 4868.90 crore compared to revenue of Rs 3525.98 crore in Q2 September 2006.

India’s largest private sector entity in terms of market capitalisation and oil refiner Reliance Industries was up 0.99% to Rs 2798.

CRR hike triggers profit taking

The market plunged deep in red in late trade in what was a choppy trade today. Earlier, the market had staged a solid recovery after an initial fall in early afternoon trade that was triggered by the Reserve Bank of India’s raising cash reserve ratio (CRR) by a steep 50 basis points to 7.5%, at its mid-term review of the annual monetary policy announced at 12:00 IST today. RBI kept interest rates unchanged. Contrary to some expectations, interest rates may not soften in the near term.

Sensex was down 194.16 points or 0.97% at 19783.51, and the Nifty down 37.15 points or 0.63% at 5868.75.

Auto stocks declined sharply. Mahindra & Mahindra (down 7.2% to Rs 739), Maruti Suzuki India (down 8.28% to Rs 1,090.05), Hero Honda Motors (down 2.61% to Rs 724.95), Tata Motors (down 4.98% to Rs 766.50) and Bajaj Auto (down 0.68% to Rs 2,485) edged lower.

Banking majors declined as the Reserve Bank of India raised CRR by a steep 50 basis points to 7.5%, in a bid to suck out excess liquidity in the banking system. ICICI Bank (down 1.27% to Rs 1,233.50) and HDFC Bank (down 1.14% to Rs 1,620) and State Bank of India (down 2.98% to Rs 2,054.70) edged lower. CRR deposits with the RBI earn zero interest for the banks.

IT majors edged lower. Infosys (down 0.51% to Rs 1,851.15), Tata Consultancy Services (down 1.77% to Rs 1,049.50) , Satyam Computer Services (down 0.71% to Rs 478.40) edged lower. Wipro (up 0.13% to Rs 510.30) edged higher.

India’s largest telecom services provider Bharti Airtel (up 0.47% to Rs 999.35) edged higher. Dr. Reddy’s Laboratories rose 0.87% to Rs 617.

India's second biggest power utility in terms of revenue Reliance Energy (REL) was up nearly 4.37% to Rs 1,797.05 and was the top gainer from Sensex pack. REL said today that it will transfer its road, rail, real estate and other infrastructure projects to a separate unit.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 1.9% to Rs 2,774 .It hit a low of Rs 2,746 so far.

Capital goods stocks extended gains today. Bharat Heavy Electricals (Bhel) rose 1.5% to Rs 2,651.30. It hit an all time high of Rs 2,750 today. Net profit of Bharat Heavy Electricals (Bhel) rose 91.01% to Rs 687.66 crore on 18.68% rise in total income to Rs 3965.36 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.

India's biggest engineering & construction firm by revenue Larsen & Toubro rose 0.95% to Rs 4,318. It hit an all time high of Rs 4,470 today. Suzlon Energy however declined 0.8% to Rs 1,982.

Housing Development Finance Corporation, India's biggest dedicated housing finance firm, declined 2.17% to Rs 2,752.10. It hit an all time high of Rs 2,965 today. Net profit of Housing Development Finance Corporation rose 75.64% to Rs 646.39 crore on 30.54% rise in total income to Rs 1888.60 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.

Among side counters, Parle Software (up 20% to Rs 695.50), Siemens Medical (up 20% to Rs 1,110.60), Mangalore Refinery and Petrochemicals (up 22.76% to Rs 78.20), Celestial Labroratories (up 17.55% to Rs 59.95) edged higher.

Tata Teleservices (Maharashtra) drops on NSE bar on derivatives

Tata Teleservices (Maharashtra) slipped 3.47% to Rs 45.85 after the National Stock Exchange (NSE) banned building fresh derivatives positions in the stock as the 95% market wide position was reached yesterday, 29 October 2007.

On BSE, 3.14 crore shares of the scrip were traded. The stock had an average daily volume of 1.43 crore shares on BSE in past one quarter.The scrip had touched a high of Rs 48.70, a record high for the stock. Its low for the day so far is at Rs 45.50. The stock had hit a 52-week low of Rs 16.75 on 13 December 2006.

The scrip had underperformed the market in the one month to 29 October 2007, gaining 9.20% as against the Sensex's 15.54% gain. It however outperformed the market in the past three months, soaring 69.64% against the Sensex's 31.13% rise.

The mid-cap telecom services provider’s equity share capital is Rs 1867.18 crore. Face value per share is Rs 10.Tata Teleservices (Maharashtra) (TTML), a subsidiary of the group's flagship telecom company Tata Teleservices (largest shareholder in the company with 38.44% holding), provides telecommunication services in Goa and Maharashtra including Mumbai.

The company reported a net loss of Rs 28.43 crore in Q1 June 2007 as against net loss of Rs 112.59 in Q1 June 2006. Net sales rose 21.47% to Rs 393.34 crore in Q1 June 2007 over Q1 June 2006.

Markets trade flat unaffected by credit policy

The markets opened on strong note today on account of heavy buying witnessed in the capital goods and banking stocks, but gave up all its gains and were trading flat.The markets seem to be unaffected by the the new credit policy with a bit of volatility but no turbulence, as the credit policy is largely inline with street expectations. In the new credit policy, repo rate and reverse repo is left unchanged and CRR has been hiked by 50 bps maintaing the GDP forecast at 8.5%. The rupee has appreciated at 39.38 against the dollar.

CRR hike is largely a liquidity management tool than used for signalling any interest rate changes. The policy has largely managed the status quo, say experts.

At 12.05 hrs IST, the Sensex is down 53.37 points or 0.27% at 19924.30, and the Nifty up 12.25 points or 0.21% at 5918.15.

Auto stocks declined the most. Mahindra & Mahindra (down 4.31% to Rs 762.50), Maruti Suzuki India (down 4.52% to Rs 1,134.75), Hero Honda Motors (down 0.87% to Rs 737.90) edged lower. However, Tata Motors (up 0.73% to Rs 814) and Bajaj Auto (up 0.01% to Rs 2,502.15) edged higher.

Banking majors gained marginally. State Bank of India (up 0.29% to Rs 2,124) and HDFC Bank (up 1.3% to Rs 1,664) edged higher. However, ICICI Bank declined 1.07% to Rs 1,236.

India's largest oil exploration firm in terms of revenue, ONGC rose 0.92% to Rs 1,250. It hit an all time high of Rs 1,260 today.

India's second biggest power utility in terms of revenue Reliance Energy (REL) was up nearly 3% to Rs 1770. It was the top gainer from Sensex pack. REL said today that it will transfer its road, rail, real estate and other infrastructure projects to a separate unit.

Among other ADAG group firms Reliance Capital rose 4.19% to Rs 1,931.90 while Reliance Natural Resources rose 3.73% to Rs 114.10.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) declined 2% to Rs 2,771.

Capital goods stocks extended gains today. Bharat Heavy Electricals (Bhel) rose 2.41% to Rs 2,675. It hit an all time high of Rs 2,750 today. Net profit of Bharat Heavy Electricals (Bhel) rose 91.01% to Rs 687.66 crore on 18.68% rise in total income to Rs 3965.36 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.

Larsen & Toubro rose 0.46% to Rs 4,288.10. It hit an all time high of Rs 4,470 today. Suzlon Energy however declined 0.95% to Rs 1,979.

HDFC Bank (up 1.4% to Rs 1,661.70) and Bharti Airtel (up 0.64% to Rs 1,001) edged higher.

ACC (down 2.01% to Rs 1,060), Tata Consultancy Services (down 1.43% to Rs 1,053.10) edged lower.

Housing Development Finance Corporation declined 1.14% to Rs 2,776. It hit an all time high of Rs 2,965 today. Net profit of Housing Development Finance Corporation rose 75.64% to Rs 646.39 crore on 30.54% rise in total income to Rs 1888.60 crore in Q2 September 2007 over Q2 September 2006. The company announced the results after the market hours on 29 October 2007.

All time high close for mkts: Sensex hits 20,000

Sensex hit 20,000 mark in late trade after remaining range-bound close to this mark for most of the afternoon trade after an initial surge. Reliance Industries surged to all-time high in afternoon trade. Expectations that the US Federal Reserve would cut interest rates this week and that it will ease monetary policy further in the coming months, boosted the bourses today.

Sensex was up 734.50 points or 3.82% at 19977.67, and the Nifty up 203.60 points or 3.57% at 5905.90.The Sensex achieved the journey of 1,000 points from 19,000-20,000 in ten trading sessions. Sensex had first crossed 19,000 mark on 15 Otober 2007.

Oil & gas stocks surged. India's largest oil exploration firm ONGC rose 7.27% to Rs 1,240. It hit an all time high of Rs 1,252.95 today.

Reliance Industries (RIL) rose 5.15% to Rs 2,830.95. It hit an all time high of Rs 2,844 today. RIL is reportedly in talks to acquire some manufacturing facilities from Arvind Mills, mainly in the denim segment.Reliance Petroleum (up 9.85% to Rs 222) and GAIL India (up 1.73% to Rs 414.10) edged higher.

India's biggest dedicated housing finance firm HDFC rose 9.9% to Rs 2,820. It hit an all time high of Rs 2,838 in late trade today.

Maruti Suzuki India rose 1.67% to Rs 1,199.30. The stock came off higher level. It had hit all-time high of Rs 1,252 earlier during the day. Maruti Suzuki India’s net profit rose 26.94% to Rs 466.5 crore on 33.74% rise in total income to Rs 4,735.83 crore in Q2 September 2007 over Q2 September 2006. The results hit the market during trading hours today.

Capital goods stocks rose sharply. India's biggest power equipment maker in terms of revenue Bharat Heavy Electricals rose 7.66% to Rs 2,614. It hit an all-time high of Rs 2,697.90 ahead of its results today. India's biggest engineering & construction firm by revenue Larsen & Toubro surged 10.27% to Rs 4,275. It hit an all-time high of Rs 4,300 today. Suzlon Energy (up 2.57% to Rs 2,029) edged higher.

India's biggest power generation firm National Thermal Power Corporation rose 1.81% to Rs 232.80. It hit an all-time high of Rs 240 today. Net profit of NTPC rose 30.64% to Rs 1925.50 crore on 17.66% rise in sales to Rs 8016.90 crore in Q2 September 2007 over Q2 September 2006. The results were announced on Saturday, 27 October 2007.

Banking majors surged. State Bank of India rose 1.63% to Rs 2,118. It hit an all time high of Rs 2,179.70 today. State Bank of India's net profit rose 36.04% to Rs 1611.42 crore on 33.42% rise in total income to Rs 13658.22 crore in Q2 September 2007 over Q2 September 2006. The results were announced on Saturday, 27 October 2007.

HDFC Bank rose 5.96% to Rs 1,638.25. It hit an all time high of Rs 1,660 today. ICICI Bank rose 5.28% to Rs 1,247. It hit an all time high of Rs 1,265 today.

Grasim Industries rose 1.52% to Rs 3,830. It hit an all-time high of Rs 4,074 today. The Aditya Birla Group company on Saturday, 27 October 2007 said it registered a 47.90% jump in net profit to Rs 499.78 crore on 25.30% rise in net sales to Rs 2519.23 crore in Q2 September 2007 over Q2 September 2007.

World’s sixth largest steel maker Tata Steel declined 9.12% to Rs 900.25 and was the top loser from Sensex pack. The stock turned ex-rights from today.

Tata Motors (down 0.81% to Rs 803.85),Bajaj Auto (down 0.42% to Rs 2,505), Cipla (down 0.38% to Rs 184.30) and TCS (down 0.28% to Rs 1,067) edged lower.

Mahindra & Mahindra was flat at Rs 801.85. Mahindra & Mahindra’s net profit declined 26.01% to Rs 285.94 crore on 12.02% rise in total income to Rs 2,871.54 crore in Q2 September 2007 over Q2 September 2006. The company announced the results during the market hours today.

Markets surge: Nifty hits 5,900, Sensex eyeing 20K

It is yet another day of strength for the markets as they have scaled new peaks. Sensex is eyeing the 20,000 mark and Nifty has hit 5,900 levels scoring over a double century. Strength is seen coming from all quarters. Cues from Asia and rest of the equity markets were robust which has helped in such a rally.

At 12.05 hrs IST, the Sensex is up 734 points at 19977, and the Nifty up 209 points or 3.57% at 5911.

Reliance Industries (RIL) rose 2.67% to Rs 2,766. RIL is reportedly in talks to acquire some manufacturing facilities from Arvind Mills, mainly in the denim segment. The proposed acquisition is part of RIL’s increased focus on the apparel business.

Reliance Energy rose 4.9% to Rs 1,751.80.

Capital goods stocks rose sharply. Bharat Heavy Electricals rose 7.33% to Rs 2,610.10. It hit an all-time high of Rs 2,619.90 ahead of its results today. Larsen & Toubro rose 5.86% to Rs 4,104. It hit an all-time high of Rs 4,149.90 today. Suzlon Energy (up 3.34% to Rs 2,013) edged higher.

Metal stocks also surged. Steel Authority of India (up 3.23% to Rs 271.35), Hindalco Industries (up 2.32% to Rs 198.15) and Sterlite Industries (up 3.6% to Rs 990) edged higher. Tata Steel declined 6.96% to Rs 921.70 and was the lone loser from Sensex pack. The stock today turned ex-rights.

HDFC Bank rose 5.59% to Rs 1,632.50. It hit an all time high of Rs 1,660 today. ICICI Bank rose 5.11% to Rs 1,245. It hit an all time high of Rs 1,265 today.

National Thermal Power Corporation rose 4.26% to Rs 238.50. It hit an all-time high of Rs 240. Net profit of NTPC rose 30.64% to Rs 1925.50 crore on 17.66% rise in sales to Rs 8016.90 crore in Q2 September 2007 over Q2 September 2006.

State Bank of India rose 1.99% to Rs 2,126.90. It hit an all time high of Rs 2,173 today. State Bank of India's net profit rose 36.04% to Rs 1611.42 crore on 33.42% rise in total income to Rs 13658.22 crore in Q2 September 2007 over Q2 September 2006. The results were announced on Saturday, 27 October 2007.

Grasim Industries rose 3.16% to Rs 3,892. It hit an all time high of Rs 4,074. The Aditya Birla Group company on Saturday, 27 October 2007 said it registered a 47.90% jump in net profit to Rs 499.78 crore on 25.30% rise in net sales to Rs 2519.23 crore in Q2 September 2007 over Q2 September 2007.

Hedge funds may find it difficult to invest in India after new norms

Pension funds allowed entry

While announcing rules to curb issue of participatory notes (PNs) by FIIs, the market regulator Securities & Exchange Board of India (Sebi) on Thursday, 25 October 2007, announecd that PNs can now be issued only to foreign entities which are ‘regulated’ in their respective jurisdiction and not to those that are merely ‘registered’ in the jurisdiction as was the norm earlier. This will mean that many hedge funds that are not regulated in their home country will find it difficult to invest in the Indian market.

Sebi has banned fresh issuance of PNs with derivatives as underlying and it has also directly winding up such PNs in 18 months, besides putting curbs on such issue of PNs in the spot market.

Sebi also changed the eligibility criteria for certain categories of investors that do not qualify as FIIs but want to register with the regulator directly. These entities include pension funds, foundations, endowments, university funds and charitable trusts or societies, which do not come under any regulatory authority in their respective countries.

Sebi has also drawn up what it calls “broad-based criteria” for PN holders that want to register as FII. Such entities should have at least 20 investors and no single investor can hold more than 49 per cent (instead of 10 per cent at present). With this relaxation, many new investors will be eligible for registration.

In another significant step towards removing procedural problems, the regulator said FII and sub-account registrations will be allowed in perpetuity

Sebi also said that it will consider the track record of individual fund managers instead of the fund for registration. This is because funds with a track record of less than one year were earlier not eligible for registration as FIIs.

Sensex hits all time high

The bulls have got more heady and have surged to make new records. Sebi's decision on P Notes seems to have gone well with the markets. Cues from Asia were encouraging with most of the Asia is in green. Strength is coming in from all quarters and the breadth is looking very smart.

Sensex is up nearly 500 points and has hit a new high crossing the previous high of 19,999. Metals, L&T, SBI have pushed the markets to new highs. Sensex is up 450 points and Nifty is up 130 points. Apart from the Sensex even the midcap and smallcap indices have hit anew high.

At 1.05 hrs IST, the Sensex is up 501.98 points or 2.67% at 19272.87, and the Nifty up 132.90 points or 2.39% at 5701.85.

India’s largest engineering and construction company Larsen & Toubro (L&T) galloped 11.20% to Rs 3840 on 8.31 lakh shares. It hit an all time high of Rs 3880 today. It was the top gainer from Sensex pack. L&T posted 72.95% rise in net profit to Rs 348.02 crore on 43.54% rise in total income to Rs 5,523.27 crore in Q2 September 2007 over Q2 September 2006.

India’s largest bank in terms of net profit State Bank of India vaulted 5.99% to Rs 2059.70. It hit an all time high of Rs 2082.90. After market hours on 23 October 2007, SBI Life Insurance Company posted net profit of Rs 14.09 crore for the first half year ended 30 September 2007 on the back of 80% increase in its total premium collection. A 74:26 joint venture between the State Bank of India and Cardif, a BNP Paribas company, it manages assets over Rs 6000 crore.

Bharat Heavy Electricals (Bhel), the nations largest power equipment maker in terms of sales soared 4.40% to Rs 2390 in anticipation of robust set of results from the company. It will announce its Q2 September 2007 results on 29 October 2007.

Shares from auto pack were in demand. Mahindra & Mahindra (up 3.26% to Rs 797.70), Bajaj Auto (up 0.29% to Rs 2503), Tata Motors (up 2.11% to Rs 810) and Maruti Suzuki India (up 2.15% to Rs 1184), edged higher.

Satyam Computers (up 3% to Rs 473.80), and ACC (up 2.86% to Rs 1091.50), were the other gainers from Sensex pack.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rebounded sharply from day’s low of Rs 2610 to hit a high of Rs 2701. It was now up 1.75% at Rs 2674 on 8.48 lakh shares.

India’s largest FMCG company by sales, Hindustan Unilever extended early fall and was now down 1.36% to Rs 217.50 on 1.30 lakh shares. It was the top loser from Sensex pack

India’s largest cigarette maker in terms of sales ITC slipped from day’s high of Rs 190.75. It was now down 0.46% to Rs 182. It posted 13.42% rise in net profit to Rs 770.87 crore on 18.2% rise in total income to Rs 3,481.63 crore in Q2 September 2007 over Q2 September 2006. The results were announced during the market hours today, 26 October 2007.

Dr. Reddy's (down 0.91% to Rs 609), Wipro (down 0.67% to Rs 493), and Cipla (down 0.56% to Rs 185.70), were the other losers from Sensex pack

Idea Cellular slumped 6.71% to Rs 141.80 after it reported an average revenue per user (ARPU) of Rs 288 per month in Q2 September 2007, which was lower by Rs 32 from Rs 320 in Q1 June 2007. The decline in ARPU was due to lower minutes of use (MOU) and lower revenue per minute (RPM).

Sensex extends gains for fourth straight session

The market settled on a firm note on buying in index pivotals. However, trade was choppy towards the fag end of the day ahead of today's expiry of October 2007 derivatives contracts. European markets and Asian markets were trading with gains today, 25 October 2007. Total cash market turnover on BSE was just under Rs 8000 crore mark.

The Securities Exchange Board of India (Sebi)’s board meets today, 25 October 2007, to take a decision on recently announced proposals. It may be recalled that on 16 October 2007, Sebi had proposed curbs on issuance of offshore derivative instruments (ODIs), also known as participatory (P) notes, based on assets under management of FIIs and prohibited sub-accounts of FIIs from issuing P notes.

The Sensex gained 257.98 points or 1.39% at 18,770.89.The broader based S&P CNX Nifty was up 60.30 points, or 1.10%, to 5,556.45, as per provisional closing.

Tata Steel retraced from its 52-week high of Rs 1003 struck earlier today. It settled 7.93% higher to Rs 988 on 26.80 lakh shares. It was the top gainer from Sensex pack.

Auto stocks gained on fresh buying. Maruti Suzuki India (up 1.90% to Rs 1140), Bajaj Auto (up 0.76% to Rs 2499), Mahindra & Mahindra (up 1.59% to Rs 772), and Tata Motors (up 1.08% to Rs 783) rose.Shares of top banks surged. ICICI Bank advanced 3.40% to Rs 1135 and State Bank of India gained 0.91% to Rs 1925.30.

India’s largest engineering and construction company by net sales, Larsen & Toubro gained 1.39% to Rs 3450. The stock hit an all time high of Rs 3510 on BSE today.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) rebounded sharply from day’s low of Rs 2594 to hit a high of Rs 2667.10. It settled 0.58% higher at Rs 2624.70 on 11.15 lakh shares.

India’s third largest pharma company by sales, Cipla slumped 5.10% to Rs 186.60 on 11.08 lakh shares after it reported 5.73% rise in net profit to Rs 190.62 crore 25.01% rise in total income to Rs 1140.21 crore in Q2 September 2007 over Q2 September 2006.

Dr. Reddy's Laboratories,slipped 1.80% to Rs 618.60 after it reported a 4.5% fall in consolidated net profit to Rs 267 crore in Q2 September 2007 over Q2 September 2006.

ACC (down 1.39% to Rs 1063.10), and ITC (down 0.65% to Rs 183.50), were the other losers.

Maytas Infra shines on debut

The stock debuted at Rs 480, a premium of 29.7% over the IPO price. The scrip hit a low of Rs 480 and high of Rs 565 in early trade. On BSE, 5.2 lakh shares changed hands in the counter.

The company had priced the IPO at the top end of the Rs 320-370 price band.

The current price of Rs 551.10 discounts its consolidated year ended March 2007 EPS of Rs 9, by a PE multiple of 61.2. At the IPO price of Rs 370, the PE multiple was 41.11, based on the consolidated year ended March 2007 EPS of Rs 9.

The IPO had ended on 4 October 2007 with 67.86 times subscription. The qualified institutional buyers (QIBs) category was subscribed 99.40 times. The non-institutional investors category was subscribed 35.84 times. The retail investors category was subscribed 15.41 times.

Maytas Infra is a Hyderabad-based construction and infrastructure development company. Its business includes undertaking construction contracts and infrastructure development involving identifying, sourcing, developing, and operating projects in infrastructure sectors.

Maytas Infra reported a consolidated net profit of Rs 52.90 crore on sales of Rs 772.71 crore in year ended March 2007.End June 2007, the order book was Rs 3589.32 crore. This is about 4.6 times consolidated revenue in the year ending March 2007 (FY 2007).

Markets showing some gains

The market opened on a flat note but showed some strength on selective buying in index pivotals. Global cues were mixed. US markets edged lower on Wednesday, 24 October 2007. Asian markets posted gains today, 25 October 2007. Market breadth was strong on BSE.

At 11:28 IST, the Sensex was up 107.45 points, or 0.57%, to 18,617.75. It had opened marginally higher at 18,519.23 and rose to strike an intra-day high of 18,639.05. Sensex hit a low of 18,459.51 so far during the day.

Metal stocks dominated gainers on fresh buying.Tata Steel jumped 4.11% to Rs 953 on 6.58 lakh shares. The stock hit 52-week high of Rs 954.70 today.India’s largest aluminium maker by sales, Hindalco Industries rose 3.36% to Rs 195.45.

ICICI Bank (up 1.41% to Rs 1113.10), Bharat Heavy Electricals (up 0.88% to Rs 2292.25), and Bharti Airtel (up 1.48% to Rs 1000.85), were the other gainers.

India’s largest bank in terms of net profit State Bank of India rose 1.78% to Rs 1941.90. After market hours on 23 October 2007, SBI Life Insurance Company posted net profit of Rs 14.09 crore for the first half year ended 30 September 2007 on the back of 80% increase in its total premium collection. A 74:26 joint venture between the State Bank of India and Cardif, a BNP Paribas company, it manages assets over Rs 6000 crore.

Reliance Industries (RIL) rebounded sharply from day’s low of Rs 2594. It was now up 1.71% at Rs 2654 on 3.46 lakh shares.

Cipla slumped 3.36% to Rs 190 after it reported 5.73% rise in net profit to Rs 190.62 crore 25.01% rise in total income to Rs 1140.21 crore in Q2 September 2007 over Q2 September 2006.

Dr. Reddy's Laboratories, slipped 2.35% to Rs 615.15 after it reported a 4.5% fall in consolidated net profit to Rs 267 crore in Q2 September 2007 over Q2 September 2006. Dr. Reddy's total revenue at Rs 1267 crore was 37% below last year's Rs 2004 crore that included Rs 781 crore of one-time gains from exclusive marketing rights for two drugs.

India’s largest oil exploration company by market capitalisation Oil and Natural Gas Corporation slumped 2.52% to Rs 1080. As per recent reports, its joint venture firm ONGC-Mittal Energy had acquired a 30% participating interest in an exploration block in the Caspian Sea, Turkmenistan.

HDFC Bank (down 1.58% to Rs 1483), and Wipro (down 1.10% to Rs 481.20), were the other losers.

Markets turn red on profit booking

Opening on an upbeat note on continued buying interest in blue-chip stocks tracking firm global markets, the benchmark BSE Sensex surged over 18,800 points in opening trade. But it retracted sharply on selling pressure amid a bout of volatility. The market breadth was strong.

At 11.40 am, the Sensex is down 96.57 points or 0.52% at 18396.27, and the Nifty down 15.30 points or 0.28% at 5458.40.

Reliance Energy,surged 5.31% to Rs 1604.The stock surged after chairman Anil Ambani informed media that Reliance Power will be valued nearly two times its holding company, Reliance Energy, after the mega initial public offer. In its prospectus, Reliance Power has said that it would dilute 11.5% of the post-issue equity.

Satyam Computer Services gained 3.78% to Rs 479.25.Bharti Airtel gained 2.15% to Rs 1027. The stock climbed up on value buying after a sharp recent fall, hit by on concerns that the launch of nationwide GSM services by rival Reliance Communications would eat into its market share.

Meanwhile, Reliance Communications rose 1.01% to Rs 763.10. On Friday, 19 October 2007, it got the government's nod to launch nationwide GSM-based cellular services from the Department of Telecom (DoT).

ACC (up 2.35% to Rs 1090.15), HDFC (up 2% to Rs 2617), and Tata Steel (up 2.31% to Rs 916.10) were the other gainers from the Sensex pack.

Reliance Industries (RIL) expanded 0.15% to Rs 2605.50 on 1.85 lakh shares. It hit an intra-day high if Rs 2651 in early trade. As a part of a restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.

India’s largest cigarette manufacturer ITC lost 0.62% to Rs 183.90 on 76,266 shares. It was the top loser from the Sensex pack.Dr Reddy’s (down 0.46% to Rs 632) and ONGC (down 0.63% to Rs 1137) were the other losers.

Sensex ends up over 850 pts; biggest single day point gain

After taking a small pause the bulls are back again and back with style. The markets opened strong and the bulls gradually took it higher making it the biggest ever gain for the Sensex closing near the high point of the day. The rise was incredible and ferrocious with Sensex adding around 900 points and Nifty up nearly 300 points. Volume has been extremely impressive on account of broad base participation by the investors.

Sensex was up 878.85 points or 4.99% at 18492.84, and the Nifty up 288.30 points or 5.56% at 5472.30.

Television media reports in mid-afternoon trade that the market regulator Securities & Exchange Board of India (Sebi) has cleared proposals allowing foreign individual investors to invest on Indian bourses aided the surge in the second half of the trading session. The minimum networth criteria for a foreign individual investor who intends to invest directly is set at $50 million, television reports suggest.

India's largest private sector entity by market capitalisation and oil refiner Reliance Industries (RIL) galloped 7.52% to Rs 2595 on 11.59 lakh shares. As a part of a restructuring exercise, RIL has reportedly decided to hive off Reliance Fresh into a separate company, Ranger Farm, for single point accountability. Reliance Fresh sells food, fruits and vegetables and consumer products.

Battered Reliance Energy and Bharti Airtel made a strong comeback. Reliance Energy, the country’s second largest power utility company in terms of sales surged 12.28% to Rs 1538.25 on 26.78 lakh shares. The stock gained on value buying after it had plunged 28.06% to Rs 1370 in past one week to 22 October 2007.

India’s largest listed cellular services provider by sales, Bharti Airtel gained 7.08% to Rs 993. The stock had slipped 16.41% to Rs 927.65 in the past one week to 22 October 2007, hit by on concerns that the launch of nationwide GSM services by rival Reliance Communications would eat into its market share.

Meanwhile Reliance Communications rose 4.80% to Rs 755. On Friday, 19 October 2007, it got nod to launch nationwide GSM-based cellular services from Department of Telecom (DoT).

India’s largest engineering company by sales, Bharat Heavy Electricals (Bhel) jumped 11.82% to Rs 2300.Larsen & Toubro (L&T), the nation's largest engineering and construction company by sales, surged 7.69% to Rs 3336. On 18 October 2007, L&T said it won four orders worth Rs 452 crore for projects in Andhra Pradesh.NTPC (up 9.36% to Rs 218.40), Hindustan unilever (up 4.15% to Rs 215), Cipla (up 7.30% to Rs 193.40), and Tata Steel (up 6.97% to Rs 895.70), were the other gainers.Banking heavyweights ICICI Bank (up 3.36% to Rs 1098), HDFC Bank (up 6.75% to Rs 1465), and State Bank of India (up 5.27% to Rs 1803), also rallied.

IT pivotals underperformed the market. India’s top software services exporter TCS lost 0.98% to Rs 1063.90 on 4.49 lakh shares. It was the top loser.Infosys (down 0.38% to Rs 1879.55), and Wipro (down 0.56% to Rs 492) underperformed the market. The Indian rupee firmed against the dollar. It was hovering at 39.64, as compared to yesterday’s (22 October 2007) close of 39.88.

India’s fourth largest software services exporter Satyam Computer Services gained 3.49% to Rs 464.10 after hitting day’s high of Rs 469. Its net profit rose 7.19% to Rs 417.15 crore on 10.75% rise in sales to Rs 1948.24 crore in Q2 September 2007 over Q1 June 2006. The company declared the results before market hours today, 23 October 2007. The company revised upwards earnings as well revenue guidance for FY 2008 (year ending 31 March 2008), both in rupee terms and dollar terms.

Satyam Computer Services signed an agreement with Fujitsu Services to provide IT services to Reuters as part of a 10-year, $1 billion internal information systems transformation programme. It also announced that entering into a definitive agreement to acquire 100% stake in Nitor Global Solutions ("NITOR") of the UK, a niche consulting firm providing Infrastructure Management Services (IMS), for up to British pound (GBP) 2.76 million ($ 5.5 million) in cash.

Among side counters, LIC Housing Finance (up 20.50% to Rs 272.50), Bank of India (up 23.79% to Rs 318.70), Hercules Hoists (up 20% to Rs 4318.85), Reliance Capital (up 15.84% to Rs 1768.15), and Mercator Lines (up 15.83% to Rs 98.40), surged.

Good result, stock split power Suzlon Energy

Suzlon Energy surged 13% to Rs 1,791.05 at 11:32 IST after reporting 40.27% rise in net profit in Q2 September 2007 over Q2 September 2006.

Suzlon Energy’s net profit rose 40.27% to Rs 355.58 crore on 32.39% rise in total income to Rs 1,718.73 crore in Q2 September 2007 over Q2 September 2006. The company made this announcement during the market hours today, 23 October 2007.

The company also said that board of directors has proposed stock split of face value of Rs 10 to face value of Rs 2.The company’s order book position stands at Rs 16,328.04 crore comprising of Rs 1988.88 crore of domestic orders and Rs 14,339.16 crore of export orders.

Also company's wholly owned subsidiary Hansen Transmissions International NV, Belgium, a leading global gearbox and drive train designer, manufacturer and supplier to the wind turbine and other selected industries, is contemplating a possible offering of shares to institutional investors and subsequently a possible listing of shares on the London Stock Exchange.

Suzlon's board also approved issuance of equity shares/foreign currency convertible bonds/global depository receipts/American depository receipts/any other financial instruments convertible into or linked to equity shares to an extent of Rs 5000 crore.

Suzlon Energy provides customers with total wind power solutions.

Markets northbound: Rel Energy, L&T, ABB surge

The markets are trading near the highest point putting on more weight on account of increased buying in index pivotals. The bounce back has been phenomenal, Sensex is up over 600 points and Nifty has also scored a double century gaining over 200 points.

Realty, metal, power and capital goods stocks surged. All the key BSE indices are in green with significant gains and the market breadth was also very good.Capital goods index is up over 6%, followed by metal, oil & gas and realty indices are up over 4%. Pressure is seen on select ITand auto pivotals.

At 13.03 hrs IST, the Sensex is up 646.89 points or 3.67% at 18260.88, and the Nifty up 220.45 points or 4.25% at 5404.45.

Power and capital goods stocks have rebounded and Suzlon is up 13% o the back of strong quarterly numbers. Reliance Energy is up over 6% and BHEL, ABB & L&T are also up over 6%.

Rupee was quoting at 39.69 against a US dollar. Volume has been extremely impressive on account of broad base participation by the investors.

Top gainers on the Sensex are Bharti Airtel at Rs 987.20 up 6.42%, Reliance Energy at Rs 1,454.80 up 6.19% and BHEL at Rs 2,168.80 up 5.44%.Top gainers on the Nifty are Reliance Energy at Rs 1,455 up 6.40%, Bharti Airtel at Rs 986.85 up 6.08% and Unitech at Rs 324.30 up 6.05%.

Top losers on the Nifty are HDFC at Rs 2,540 down 0.74%, BPCL at Rs 339.80 down 0.6% and Hero Honda at Rs 754 down 0.48%.

Markets trading weak

The markets opened in green but on flat note,following weak Asian and US markets. Though it recovered for a brief period, it once again sunk into red, only to bounce back. Reliance Industries extended gains. Banking stocks declined. The market breadth was weak.

At 11.15 hrs IST, the Sensex is down 69.39 points at 17777.54, and the Nifty down 1.75 points at 5209.05.

Reliance Energy had risen 4.26% to Rs 1,512.20 and was the top gainer among the Sensex pack. It hit an all-time high of Rs 1,530.

Bharti Airtel (up 1.78% to Rs 986.10), Reliance Industries (up 1.03% to Rs 2,418.20), Ranbaxy Laboratories (up 0.83% to Rs 442.25) and Bajaj Auto (up 0.75% to Rs 2,560) were the other gainers among the Sensex pack.

Banking stocks declined, ICICI Bank was down 2.48% to Rs 1,061 and was the top loser among the Sensex pack. HDFC Bank (down 1.49% to Rs 1,410.20),State Bank of India (down 0.49% to Rs 1,900) had edged lower.

HDFC (down 2.09% to Rs 2,540),Tata Motors (down 1.445 to Rs 778.30) and Infosys (down 1.4% to Rs 1,973.45 ) were the other losers among the Sensex pack.

Most of the Asian markets, which opened before the Indian markets, were in red today. These included Hong Kong’s Hang Seng (down 0.95% to 27,225.72.), Taiwan's Taiwan Weighted (down 0.66% to 9,635.57) and Japan's Nikkei (down 0.78% at 17,066.24). However, Singapore's Straits Times (up 0.33% to 3,767.09) had edged higher.

American markets ended in red on Wednesday, 3 October 2007. The Dow Jones Industrial Average index declined 79.26 to 13,968.05 points and Nasdaq 17.68 points to 2,729.43 after selloff in tech stocks and fears of weak job data.