Markets trading in green

The market opened with an upward gap and firmed up further in early trade after the US Federal Reserve slashed the key interest rate by 50 basis points on Wednesday, 30 January 2008. But the market could not sustain momentum and soon plunged deep into the red.

The markets have come off low's of the day and are trading in green on account of good amount of buying seen in oil & gas, banking, auto and IT stocks. Power and metal scrips are still trading under pressure.

At 13.00 hrs IST, the Sensex is up 246.87 points or 1.39% at 18005.51, and the Nifty up 75.55 points or 1.46% at 5243.15.

Oil & Natural Gas Corporation surged 5.35% to Rs 1022.90 on 1.50 lakh shares. It was the top gainer from Sensex pack. As per reports, the Director-General of Hydrocarbons (DGH) has conceded ONGC's demand for a drilling holiday on account of a global rig shortage.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 2.85% to Rs 2540 on 8.40 lakh shares. The stock recovered sharply from day’s low of Rs 2375.05.

India’s largest private sector bank in net profit ICICI Bank rose 0.65% to Rs 1192.45 while second largest private sector bank in net profit HDFC Bank rose 1.53% to Rs 1555.25

Hindustan Unilever (up 4.10% to Rs 204.65), Bharti Airtel (up 2.72% to Rs 875.50) and Tata Motors (up 2.35% to Rs 712.50) were the other gainers from Sensex pack.

IT pivotals were mixed. Infosys Technoliges (up 1.96% to Rs 1522) and TCS (up 1.20% to Rs 876.05) rose. However Satyam Computer (down 0.95% to Rs 391), and Wipro (down 0.75% to Rs 409), declined

India’s largest power generation company in terms of market capitalisation National Thermal Power Corporation rose 0.37% to Rs 202.50. The company said on Wednesday, 30 January 2008 it would invest about Rs 4375 crore ($1.1 billion) in setting up a power plant in north-east India.

India’s second largest bike manufacturer in terms of sales, Bajaj Auto rose 4.02% to Rs 2360, off day’s low of Rs 2230. Bajaj Auto yesterday, 30 January 2008 posted 5.32% fall in net profit to Rs 326.81 crore in Q3 December 2007 over Q3 December 2006

India’s largest private sector aluminium manufacturer in terms of sales, Hindalco Industries declined 3.75% to Rs 169.50, off day’s low of Rs 163.75. 7.06 lakh shares changed hands on the counter on BSE. It was the top loser from Sensex pack. Hindalco Industries’ net profit declined 16% to Rs 542 crore on 1.44% fall in total income to Rs 4646 crore in Q3 December 2007 over Q3 December 2006. The results were announced after trading hours yesterday, 30 January 2008.

DLF (down 2.12% to Rs 843.90), ITC (down 1.38% to Rs 196.65), and Tata Steel (down 1.17% to Rs 715), were the other losers from Sensex pack.

Simbhaoli Sugars rose 2.17% to Rs 40 after its board approved preferential issue of 31 lakh warrants at Rs 42.55 each.

National Fertilisers rose 2.52% to Rs 59 on posting 28.42% rise in net profit to Rs 47.03 crore on 8.01% rise in total income to Rs 1,179.87 crore in Q3 December 2007 over Q3 December 2006.

Indian Oil Corporation surged 6.89% to Rs 487 on reporting 16.7% rise in net profit to Rs 2090.69 crore on 15.89% rise in total income to Rs 65,404.84 crore in Q3 December 2007 over Q3 December 2006. The results were announced during trading hours today, 31 January 2008.

Markets post losses for a third day in a row

The market posted losses for third straight day in choppy trade tracking weak European and Asian markets. Marketmen refrained from making fresh commitments ahead of the crucial Federal Open Market Committee (FOMC) meeting on interest rates today, 30 January 2008 and expiry of January 2008 derivative contracts scheduled tomorrow, 31 January 2008.

Midcaps and smallcaps are still finding difficult to attract investors attention and both the indices closed with over 2% decline. Market breadth was negative through out the day and the volume was also not very impressive.

Sensex ended down 344.98 points or 1.91% at 17746.96, and the Nifty closed down 113.20 points or 2.14% at 5167.60.

Reliance Energy plunged 5.48% to Rs 1991.50 on 8.80 lakh shares. It was the top loser from Sensex pack

Shares from auto pack came under selling pressure. India’s second largest bike manufacturer in terms of sales, Bajaj Auto slipped 3.26% to Rs 2301, off day’s low of Rs 2211. Bajaj Auto posted 5.32% fall in net profit to Rs 326.81 crore in Q3 December 2007 over Q3 December 2006.

Hindustan Unilever (down 5.19% to Rs 195.50), Reliance Communications (down 4.80% to Rs 612), and Oil & Natural Gas Corporation (down 5.10% to Rs 967), were the other losers from the Sensex pack.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 4.19% to Rs 2467.80. A total of 5.19 lakh shares changed hands on the counter on BSE. The stock had hit a high of Rs 2582 in early trade. As per recent reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.

India’s largest private sector bank in terms of net profit ICICI Bank slipped 3.05% to Rs 1183.05. The stock moved in a range of Rs 1167.20 and Rs 1225

India’s largest listed real estate developer in terms of land bank DLF slipped 3.31% to Rs 854. The company today posted net profit of Rs 605.84 crore on total income of Rs 1,812.59 crore in Q3 December 2007. The company announced the results during market hours today 30 January 2008

State-run power equipment maker Bharat Heavy Electricals rose 1.36% to Rs 2079.90, and was the top gainer from Sensex pack. The company said on Tuesday, 29 January 008, it will invest Rs 736 crore ($187 million) in upgrading its boiler capacity in southern India by 2009

India’s largest cellular services provider in terms of market capitalisation Bharti Airtel rose 1.20% to Rs 860.50.Tata Steel (up 0.53% to Rs 720), and ACC (up 0.80% to Rs 798), were the other gainers from Sensex pack.

Essar Oil was the second most top traded counter on BSE with turnover of Rs 217.55 crore. The stock was down 6.56% to Rs 228.60. On Tuesday, the counter saw high volumes of 1.19 crore shares of which just 5.94% were meant for delivery.

As per reports, rollover of Nifty futures from January 2008 series to February 2008 series stood at 53% while marketwide rollover was 40%, till Tuesday, 29 January 2008.

Markets slip further on selling pressure

The market was trading slightly lower tracking weak Asian markets today. The market saw some volatility in early trade.The markets have lost further ground and were trading weak on the back of heavy selling pressure across the sectors led by the auto, banking, FMCG, power and oil & gas stocks.

At 1.20 pm, the Sensex is down 322.95 points or 1.79% at 17768.99, and the Nifty down 97.95 points or 1.85% at 5182.85.

Bajaj Auto slipped 4.82% to Rs 2264 on thin volumes of 9469 shares. It was the top loser from Sensex pack. Bajaj Auto unveils Q3 December 2007 results today.

Hindustan Unilever (down 4.44% to Rs 198), Reliance Energy (down 3.10% to Rs 2042), and ITC (down 2.61% to Rs 195.45), were the other losers from the Sensex pack.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 2.35% to Rs 2515.30. 2.06 lakh shares changed hands on the counter on BSE. As per recent reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.

India’s largest private sector steel manufacturer in terms of sales, Tata Steel rose 1.77% to Rs 728.85 on 3.56 lakh shares. It was the top gainer from Sensex pack.

India’s largest cellular services provider in terms of market capitalisation Bharti Airtel rose 1.10% to Rs 859.40. It posted 36.04% rise in net profit to Rs 1,419.84 crore on 41.46% rise in total income 41.46% to Rs 6,682.57 crore in Q3 December 2007 over Q3 December 2006. The company announced the results during market hours today, 30 January 2008.

India’s largest biggest software services exporter Tata Consultancy Services was down 0.02% to Rs 863.05. The company said on Wednesday one of its subsidiaries had won a 100 million pounds, or $200 million, outsourcing contract from Sun Life Financial.

State-run power equipment maker Bharat Heavy Electricals rose 1.32% to Rs 2081.40 after the company said it will invest Rs 736 crore ($187 million) in upgrading its boiler capacity in southern India by 2009, the company said on Tuesday. The capacity of boilers used for thermal or nuclear power generation, would be raised to 4,81,000 metric tonnes a year from 1,08,000 metric tonnes, it said in a statement.

DLF rose 0.77% to Rs 890 on posting net profit of Rs 605.84 crore on total income of Rs 1,812.59 crore in Q3 December 2007. The company announced the results during market hours today 30 January 2008

Adani Enterprises gained 0.58% to Rs 905 on reporting 226.2% surge in net profit to Rs 120.74 crore on 20.60% rise in net sales rose 20.6% to Rs 3166.42 crore in Q3 December 2007 over Q3 December 2006. The results were announced after trading hours on Tuesday, 29 January 2008.

Ashiana Housing rose 4.99% to Rs 423.45 after company fixed 22 February 2008 as the record date for the purpose of bonus issue in the ratio of five shares for every 2 shares held.

The market is likely to see volatile movements, as the Federal Open Market Committee (FOMC) will be announcing its decision regarding interest rates today, 30 January 2008. The decision will be announced after Indian markets are closed. Volatility is expected to remain high also due to expiry of January 2008 derivative contracts tomorrow, 31 January 2008.

As per reports, rollover of Nifty futures from January 2008 series to February 2008 series stood at 53% while marketwide rollover was 40%, till Tuesday, 29 January 2008.

Asian markets were trading weak today, 30 January 2008. Hong Kong's Hang Seng (down 1.90% at 23,830.56), Japan's Nikkei (down 1.48% at 13,278.44), Taiwan's Taiwan Weighted (down 0.43% at 7,543.50), Singapore's Straits Times (down 1.25% to 3,011.71), South Korea's Seoul Composite (down 3.35% at 1,583.35) and China’s Shanghai Composite (down 2.56% to 4,343.43) declined.

On Tuesday, 29 January 2008, US markets advanced on expectation that the Federal Reserve will slash interest rates in a meeting scheduled later during the day.

Markets witness weakness; RBI keeps rates unchanged

The market surged in opening trade following strong global cues. Asian markets which opened before Indian market were trading firm today. US markets ended with a spurt on Monday, 28 January 2008.The market wiped-off early gains to post losses after the Reserve Bank of India (RBI) today, 29 January 2008 left key rates – repo rate, reverse repo rate, bank Rate and cash reserve ratio unchanged. The market witnessed high volatility after the RBI decision.

Sensex fell below the psychological 18,000 level, but regained that level shortly as buying emerged at lower levels. Marketmen were expecting a 25 basis points repo rate cut by Reserve Bank of India today following a sharp cut in US interest rates last week.

At 12.10 pm, the Sensex is up 3.51 points or 0.02% at 18156.29, and the Nifty up 11.15 points or 0.21% at 5285.25.

Bajaj Auto declined 4.41% to Rs 2360. It had hit a high of Rs 2449 earlier in the day. It was the top loser from Sensex pack. Among other auto shares, Tata Motors (down 0.59% to Rs 710) and Mahindra & Mahindra (down 0.04% to Rs 686), and Maruti Udyog (down 4% to Rs 826), edged lower

State Bank of India (down 2.10% to Rs 2260, off day’s high of Rs 2350), ICICI Bank (down 4.20% to Rs 1220.25, off day’s high of Rs 1300), and HDFC Bank (down 3.85% to Rs 1524, off day’s high of Rs 1635) slipped.

India’s largest real estate developer DLF was up 0.50% to Rs 897. Omaxe (up 0.57% at Rs 318), Parsvnath Developers (up 0.61% at Rs 297.50), Sobha Developers (up 0.34% at Rs 760) rose

India’s largest cigarette manufacturer by sales, ITC gained 3.26% to Rs 202.75. It was the top gainer from Sensex pack. 6.06 lakh shares changed hands on the counter on BSE

Wipro (up 2.66% to Rs 417), Infosys Technologies (up 3.15% to Rs 1492.20), and Grasim (up 3.14% to Rs 3040), were other gainers from the Sensex pack.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 0.82% to Rs 2583.75, off day’s high of Rs 2622. 3.08 lakh shares changed hands on the counter in early trade on BSE. As per recent reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.

The market may see high volatility ahead of the expiry of January 2008 derivative contracts on Thursday, 31 January 2008.

Markets end in red but off day's low

The market staged a sharp recovery in late trade on buying in banking and auto shares and in index heavyweights Reliance Industries and L&T but ended in red at last.The market had declined sharply in afternoon trade due to fall in Asian markets. Volumes remained low for the second day in a row.

Sensex ended down 208.88 points or 1.14% at 18152.78, and the Nifty shut shop down 109.25 points or 2.03% at 5274.10.

Bajaj Auto advanced 6.22% to Rs 2405. It was the top gainer from Sensex pack. It swung in a wide range of Rs 2101 and Rs 2490 in the day.

Maruti Udyog (up 4.38% to Rs 866) and Mahindra & Mahindra (up 2.79% to Rs 693), also posted gains.

Banking shares though trading with losses, recovered from early lows, ahead of Reserve Bank of India (RBI)’s quarterly monetary policy review scheduled on Tuesday, 29 January 2008. India’s largest commercial bank in terms of net profit State Bank of India slumped 4.25% to Rs 2302.90. The stock hit a low of Rs 2200 in early trade.

HDFC Bank was down 1.96% to Rs 1570, off day’s low of Rs 1440 while ICICI Bank gained 1.17% to Rs 1274, off day’s low of Rs 1201. As per media reports, a sharp cut in US interest rates last week has increased the possibility of a 25 basis points repo rate cut by Reserve Bank of India.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 2.07% to Rs 2555.50. It moved in a range of Rs 2440 and Rs 2591. 4.91 lakh shares were traded on the counter on BSE. As per reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.

India’s largest private sector engineering company in terms of order book position Larsen & Toubro was down 1.55% to Rs 3830, off sharply from day's low of Rs 3675. It today reported 40.10% surge in net profit to Rs 481.79 crore on 53.48% rise in total income to Rs 6483.55 crore in Q3 December 2007 over Q3 December 2006. European markets opened lower.

Housing Development Finance Corporation (up 3.30% to Rs 2803), Reliance Energy (up 2.11% to Rs 2073), and ACC (up 2.55% to Rs 807.80), edged higher from the Sensex pack

India’s largest real estate developer DLF slipped 5.20% to Rs 896 on 2.78 lakh shares. It was the top loser from Sensex pack.

Ranbaxy Laboratories (down 5.10% to Rs 349.20), Bharti Airtel (down 4.87% to Rs 870.05), and Infosys Technologies (down 4.60% to Rs 1451), were the other losers from Sensex pack.

Markets trading weak ,with low volumes

The market plunged in opening trade tracking weak global markets. Asian markets extended early losses today, 28 January 2008. US markets settled weak on Friday, 25 January 2008.The markets have recovered marginally from the days low as there was some buying interest witnessed in the metal, oil, banking and FMCG stocks. Sensex and Nifty were still trading in deep red as the index heavyweights have shown no signs of recovery.

At 1:40 pm, the Sensex is down 651.73 points or 3.55% at 17709.93, and the Nifty down 215.65 points or 4.01% at 5167.70.

Banking shares were weak ahead of Reserve Bank of India (RBI)’s quarterly monetary policy review scheduled on Tuesday, 29 January 2008. India’s largest commercial bank in terms of net profit State Bank of India slumped 6.86% to Rs 2239.90. The stock hit a low of Rs 2200 in early trade. It was the top loser from Sensex pack. 1.59 lakh shares changed hands on the counter on BSE

Other banking shares, HDFC Bank (down 5.02% to Rs 1520.95), and ICICI Bank (down 2.72% to Rs 1225), also declined. As per media reports, a sharp cut in US interest rates last week has increased the possibility of a 25 basis points repo rate cut by Reserve Bank of India.

Reliance Communications (down 6.11% to Rs 627.75), DLF (down 5.53% to Rs 892.80), and Infosys Technologies (down 5.40% to Rs 1439), were the other losers from Sensex pack

India’s largest private sector engineering company in terms of order book position Larsen & Toubro was down 3.35% to Rs 3760. It reported 40.10% surge in net profit to Rs 481.79 crore on 53.48% rise in total income to Rs 6483.55 crore in Q3 December 2007 over Q3 December 2006. The results were announced during trading hours today, 28 January 2008.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) was down 4.72% to Rs 2486.50. It moved in a range of Rs 2440 and Rs 2590. 2.87 lakh shares were traded on the counter on BSE. As per reports RIL plans to foray in engineering, procurement and construction business to clock a turnover of Rs 5,000 crore in first year itself and double it in second year.

India’s largest dedicated housing finance company in terms of revenue Housing Development Finance Corporation lone gainer from Sensex pack. The stock rose 1.72% to Rs 2760, off sharply from day’s low of Rs 2610.20. It had hit a high of Rs 2795 in mid-morning trade.

Among the side counters, Bharat Electricals (down 13.48% to Rs 1629.90), Tantia Construction (down 10% to Rs 125), Yuken India (down 10% to Rs 214.10), India Infoline (down 10% to Rs 1220), and Era Construction (down 8.49% to Rs 715.20), declined

Welspun Gujarat Stahl Rohren declined 1.62% to Rs 488.85. As per reports it is in talks to acquire Remi Metals Gujarat, an integrated steel and seamless pipe maker, from the Saraf family.

Record gains on markets

It proved as the most eventful week on the stock markets. What started as a bloodbath on the street ended with a solid recovery. Taking their cue from firm global markets, share prices surged today with the Sensex registering its biggest ever single day rise in absolute terms on a closing basis.

Sensex closed up 1,139.92 points or 6.62% at 18361.66, and the Nifty up 349.90 points or 6.95% at 5383.35.

Reliance Industries (RIL) rose 4.60% to Rs 2605.India’s largest private sector bank by assets ICICI Bank surged 11.57% to Rs 1263.

India’s leading engineering and construction firm by revenue Larsen & Toubro jumped 9.95% to Rs 3890.40.

Among the Sensex gainers, Hindalco Industries surged 15.09% to Rs 175, Reliance Energy soared 11.74% to Rs 2029, NTPC spurted 9.67% to Rs 223.40, Bajaj Auto sprout 9.02% to Rs 2300 and Mahindra & Mahindra jumped 8.69% to Rs 680.

Markets surge in afternoon trade

The market surged in opening trade, tracking rally in Asian stocks. Most of the sectoral indices edged higher on BSE.The markets have surged and are trading at day's high on account of heavy buying seen in scrips across sectors. Sensex is trading well above 18,000 mark and has breached 18,100 with a hefty gain of 900 points. Nifty has breached 5,300 mark and is up nearly 300 points.

At 12.05 hrs IST, the Sensex is up 914.58 points or 5.31% at 18136.32, and the Nifty up 278.35 points or 5.53% at 5311.80.

Stocks rose in Asia today, 25 January 2008, buoyed up by several factors including strong corporate sentiment in Germany and a return of some confidence in the US economy after solid employment data and a congressional fiscal package. The Bush administration's fiscal package includes $150 billion of tax rebates and business incentives meant to prevent a slowdown in the country's economy.

India's wholesale price index rose 3.83% in the 12 months to 12 January 2008 marginally higher than the previous week's rise of 3.79%, government data showed on Friday, 25 January 2008. The annual inflation rate was 6.15% during the corresponding week of the previous year.

Meanwhile, all-India bank strike has prompted stock exchanges, BSE and NSE, to cancel clearing and settlement of trades, scheduled to be held today. Settlement of trades done on Wednesday, 23 January 2008, will be now done on Monday, 28 January 2008.

Reliance Industries (RIL) rose 3.75% to Rs 2584.

Among the Sensex gainers, Reliance Energy surged 10.91% to Rs 2014, ONGC soared 9.93% to Rs 1038, ICICI Bank climbed 10% to Rs 1245.85, Ranbaxy Laboratories flared up 7.31% to Rs 372.15, Mahindra & Mahindra moved up 6.53% to Rs 666.50 and Tata Motors gained 6.43% to Rs 704.

The BSE Metal index was up 5.24% to 14,965.50. National Aluminum Company (Nalco) surged 11.82% to Rs 429, JSW Steel soared 1.68% to Rs 980, Steel Authority of India (Sail) climbed 7.39% to Rs 215, Jindal Stainless flared up 6.61% to Rs 2070 and Tata Steel rose 6.20% to Rs 713.

The BSE Auto index was up 4.48% to 4,771.85. Escorts surged 9.14% to Rs 93.75, Hero Honda Motors jumped 6.33% to Rs 690, Bajaj Auto climbed 4.99% to Rs 2215, Apollo Tyre moved up 3.77% to Rs 46.80 and Maruti Suzuki India rose 3.44% to Rs 825.

Markets end with deep cut: Nifty closes below 5,100

It was an extremely volatile session for markets as they closed in deep red after opening on a robust note.

Sensex closed down 372.33 points or 2.12% at 17221.74, and the Nifty down 169.95 points or 3.27% at 5033.45.

Finance Minister P Chidambaram today said that some more measures would be taken to moderate capital inflows. He said there was a need to moderate some capital inflows without hurting the flow of capital that stimulates the economy.

Reliance Energy, the country’s largest power utility in terms of net profit declined 9.29% to Rs 1805. It was the top loser from Sensex pack. The stock moved in a wide range of Rs 1751.10 to Rs 2095.

India’s largest generation company in terms of net profit National Thermal Power Corporation (NTPC) slumped 8.81% to Rs 204 on profit booking. The stock had hit a high of Rs 229.90 in early trade. NTPC had surged 13.73% yesterday, 23 January 2008 on reports the company plans to invest Rs 1,729 crore for development of the Jharkhand coal mine.

India’a largest private sector firm by market capitalization and oil refiner Reliance Industries declined 2.75% to Rs 2484.70, off its early high of Rs 2640. 12.41 lakh shares changed hands on the counter on BSE

Hindalco (down 6.71% to Rs 150.05), Oil & Natural Gas Corporation (down 5.53% to Rs 937) and Wipro (down 6.05% to Rs 405) were the other losers from Sensex pack.

India’s largest dedicated housing finance company in terms of revenue Housing Development Finance Corporation gained 3.13% to Rs 2611. The stock swung wildly in band of Rs 2521 and Rs 2729. It was the top gainer from Sensex pack.

Satyam Computer Services (up 2.01% to Rs 401), ACC (up 1.56% to Rs 762), and Reliance Communications (up 1.10% to Rs 621.25),were the other gainers from Sensex pack

ICICI Bank, the country’s largest private sector bank in terms of net profit was down 1.37% to Rs 1135.05, off day’s high of Rs 1246. As pere reports, ICICI Securities, the investment banking and broking unit of ICICI Bank reportedly aims to raise up to $1 billion through a pre-IPO placement of shares.

India's biggest commercial bank State Bank of India rose 0.90% to Rs 2345. The bank unveils its Q3 December 2007 results today.

India’s largest FMCG company in terms of revenue Hindustan Unilever declined 3% to Rs 183.90. It was strong throughout the day, but slipped in late trade. It had touched high of Rs 202.90 during the day

There is a liquidity crunch in the secondary market at the moment with a lot of money tied up to the recently concluded mega Rs 11000-crore IPO of Reliance Power which was massively oversubscribed. The IPO was closed on Friday, 18 January 2008.

Markets sink into the red on sudden sell-off

The market surged for the second straight day on continued buying support for index pivotals. Majority of Asian markets were trading higher today, 24 January 2008 after US markets spurted yesterday, 23 January 2008.But the markets have slipped in red on increasing selling pressure in scrips across sectors. The markets are trading near the low points of the day.

At 13.03 hrs IST, the Sensex is down 187.30 points or 1.06% at 17406.77, and the Nifty down 86.15 points or 1.66% at 5117.25.

National Thermal Power Corporation (NTPC) slumped 7.47% to Rs 207 on profit booking. The stock had hit a high of Rs 229.90 in early trade. NTPC had surged 13.73% yesterday, 23 January 2008 on reports the company plans to invest Rs 1,729 crore for development of the Jharkhand coal mine.

Reliance Energy, the country’s largest power utility in terms of net profit declined 7.12% to Rs 1826.10. The stock moved in a wide range of Rs 1815 and Rs 2095 so far during the day

India’a largest private sector firm by market capitalization and oil refiner Reliance Industries declined 3.10% to Rs 2476, off its early high of Rs 2640. 7.59 lakh shares changed hands on the counter on BSE

DLF (down 3.83% to Rs 888.30), Oil & Natural Gas Corporation (down 5.74% to Rs 933.95) and ITC (down 2.08% to Rs 188.50) were the other losers from Sensex pack.

India’s largest multinational FMCG company in terms of net profit Hindustan Unilever gained 3.40% to Rs 196. It was the top gainer from Sensex pack

India’s largest dedicated housing finance company in terms of revenue Housing Development Finance Corporation gained 1.90% to Rs 2580. The stock swung wildly in band of Rs 2521 and Rs 2729.

ICICI Bank, the country’s largest private sector bank in terms of net profit was up 0.54% to Rs 1153, off day’s high of Rs 1246. As pere reports, ICICI Securities, the investment banking and broking unit of ICICI Bank reportedly aims to raise up to $1 billion through a pre-IPO placement of shares.

Polaris Software Lab tumbled 10.62% to Rs 76.95 after the company reported 7.08% rise in net profit to Rs 13.46 crore on 1.21% increase in sales to Rs 239.31 crore in Q3 December 2007 over Q2 September 2007.

Hindustan Zinc declined 11% to Rs 565 on reporting 41.2% fall in net profit to Rs 785 crore on 33.10% fall in net sales to Rs 1658 crore in Q3 December 2007 over Q3 December 2006

There is a liquidity crunch in the secondary market at the moment with a lot of money tied up to the recently concluded mega Rs 11000-crore IPO of Reliance Power which was massively oversubscribed. The IPO was closed on Friday, 18 January 2008.

Asian markets pared early gains today 24 January 2008. Japan's Nikkei (up 2.06% at 13,092.78), Singapore's Straits Times (up 2.66% at 3,063.05), Taiwan's Taiwan Weighted (up 1.47% at 7,517.05), South Korea's Seoul Composite (up 2.12% at 1,663) and China’s Shanghai Composite (up 0.31% to 4,717.34) registered gains.

China expects a mild slowdown in growth this year, the head of the National Bureau of Statistics said on Thursday, 24 January 2008, after reporting that annual GDP growth eased to 11.2% in the fourth quarter of 2007 from 11.5% in the third.

Markets strike back on Fed rate cut

The market surged today after a two-day rout on speculation more funds will move to emerging markets after an emergency 75 basis points announced by the US Federal Reserve on Tuesday, 22 January 2008. Despite the sharp spurt, the market breadth was negative on BSE.Trading was choppy throughout the day.

The BSE Sensex advanced 864.13 points or 5.17% to 17,594.07.The broader CNX S&P Nifty surged 304.10 points or 6.21% at 5,203.40.

Reliance Energy surged 16.76% to Rs 2004 after the company today said it had won a railway project worth Rs 2500 crore from the Delhi Metro Rail Corporation, in consortium with Spain's CAF. It was the top gainer from Sensex pack.

India’s largest generation company in terms of net profit National Thermal Power Corporation galloped 13.25% to Rs 222.75 on high volumes of 65.99 lakh shares. As per reports the company plans to invest Rs 1,729 crore for development of the Jharkhand coal mine.

IT pivotals saw value buying. Satyam Computers (up 10.25% to Rs 391), TCS (up 7.47% to Rs 859), Infosys (up 2.86% to Rs 1417), and Wipro (up 1.43% to Rs 435) logged gains.

Banking and financial shares surged on hopes of a rate cut from the Reserve Bank of India following the Fed rate cut. India’s largest dedicated housing finance company in terms of revenue Housing Development Finance Company surged 3.21% to Rs 2560.

ICICI Bank, the country’s largest private sector bank in terms of net profit, gained 4.89% to Rs 1179.70. State Bank of India, the country's largest bank in terms of net profit vaulted 8.56% to Rs 2344

HDFC Bank jumped 6.83% to Rs 1538. On Monday, 21 January 2008, HDFC Bank reported 45.2% rise in net profit to Rs 429.36 on on 59.70% rise in total income to Rs 3405.79 crore in Q3 December 2007 over Q3 December 2006.

Grasim Industries rose 4.77% to Rs 2996. The company during trading hours on Tuesday, 22 January 2008, reported 34.55% rise in net profit to Rs 553.79 crore on 15.93% rise in total income to Rs 2694.96 crore in Q3 December 2007 over Q3 December 2006.

India’a largest private sector firm by market capitalization and oil refiner Reliance Industries surged 8.48% to Rs 2558. 13.10 lakh shares changed hands on the counter on BSE

India's top commercial vehicles maker by sales Tata Motors rose 1.76% to Rs 669.80 on reports that the company has signed a development contract with Chrysler LLC for developing electric vehicles.

Shares from real estate shares galloped on hopes of a cut in interest rate by the Reserve Bank of India following a surprise rate cut from the US Federal Reserve yesterday, 22 January 2008.

Omaxe (up 41.91% to Rs 318.95), Peninsula Land (up 44.23% to Rs 104.05), Anant Raj Industries (up 20% at Rs 330), Parsvnath Developers (up 15.67% at Rs 291.90), Ansal Properties and Infrastructure (up 30.80% at Rs 292), Housing Development and Infrastructure (up 18% at Rs 1000), Unitech (up 12.49% at Rs 395) and DLF (up 6.60% at Rs 925) surged. The fortunes of real estate companies are directly linked with interest rates.

Reliance Natural Resoruces was the most active counter on BSE with turnover of Rs 465.92 crore followed by Reliance Petroleum (Rs 356.47 crore), Reliance Industries (Rs 330.60 crore), ICICI Bank (Rs 256.46 crore) and Reliance Energy (Rs 231.02 crore) in that order

Ispat Industries led the volume charts clocking total volumes of 3.46 crore shares followed by Reliance Natural Resources (3.44 crore shares), Reliance Petroleum (2.13 crore shares), Tata Teleservices (Maharashtra) (1.53 crore shares) and IFCI (1.49 crore shares) in that order.

Among the side counters, Sterlite Technologies (up 43.59% to Rs 226.80), Edelwiess Capital (up 35.10% to Rs 1159), Ispat Industries (up 33.53% to Rs 45), Polaris Software (up 33.03% to Rs 89), and Dena Bank (up 32.88% to Rs 68.50), surged

Markets trading near day's high: Biggest ever gain for Sensex

The market opened with a bang after seven straight days of fall as the sentiment was lifted by 75 basis points Fed funds rate cut announced on Tuesday, 22 January 2008. The market breadth was positive on BSE.The market surged further in mid-afternoon trade with the Sensex registering its biggest intra-day rise ever in absolute terms. Asian markets extended early gains. Also some short covering might have taken place.

At 1.37 hrs IST, the Sensex is up 1,120.97 points or 6.70% at 17850.91, and the Nifty up 400.40 points or 8.17% at 5299.70.

Wipro was the lone loser from Sensex pack. The stock slipped 1.50% to Rs 422, off its day’s low of Rs 400.

India's largest power generation company in terms of net profit National Thermal Power Corporation galloped 14.49% to Rs 225 on high volumes of 35.01 lakh shares. It was the top gainer from Sensex pack. As per reports the company plans to invest Rs 1,729 crore for development of the Jharkhand coal mine.

Bharat Heavy Electricals (up 13.04% to Rs 2244), Reliance Energy (up 13.68% to Rs 1951.10), and Reliance Communications (up 11.04% to Rs 628.25) extended early gains

ICICI Bank, the country’s largest private sector bank in terms of net profit, gained 5.54% to Rs 1188.20. State Bank of India, the country's largest bank in terms of net profit vaulted 7% to Rs 2310

Grasim Industries rose 4.30% to Rs 2975. The company during trading hours on Tuesday, 22 January 2008, reported 34.55% rise in net profit to Rs 553.79 crore on 15.93% rise in total income to Rs 2694.96 crore in Q3 December 2007 over Q3 December 2006.

HDFC Bank jumped 7.74% to Rs 1560. On Monday, 21 January 2008, HDFC Bank reported 45.2% rise in net profit to Rs 429.36 on on 59.70% rise in total income to Rs 3405.79 crore in Q3 December 2007 over Q3 December 2006.

India’a largest private sector firm by market capitalization and oil refiner Reliance Industries surged 8.10% to Rs 2548.90. 7.54lakh shares changed hands on the counter on BSE

Shares from real estate shares galloped on hopes of a cut in interest rate by the Reserve Bank of India following a surprise rate cut from the US Federal Reserve yesterday, 22 January 2008.

Omaxe (up 42.83% to Rs 321), Peninsula Land (up 35.92% to Rs 98), Anant Raj Industries (up 20% at Rs 330), Parsvnath Developers (up 19.16% at Rs 300.70), Ansal Properties and Infrastructure (up 27.57% at Rs 284.80), Housing Development and Infrastructure (up 26.22% at Rs 1070), Unitech (up 16.60% at Rs 407.80) and DLF (up 10.64% at Rs 960) surged. The fortunes of real estate companies are directly linked with interest rates.

Reliance Natural Resoruces was the most active counter on BSE with turnover of Rs 227.25 crore followed by Reliance Petroleum (Rs 219.84 crore), ICICI Bank (Rs 203.27 crore), Reliance Industries (Rs 192.14 crore) and Kotak Mahindra Bank (Rs 130.20 crore) in that order

The US Federal Reserve in a surprise move on Tuesday, 22 January 2008, cut Fed funds rate and discount rate by 75 basis points each. The Fed funds rate is now at 3.5%. It is the largest rate cut in one shot for the first time in 24 years. The US central bank's move followed two days of steep losses in Asian and European equities on worries that a deteriorating US economy would drag other regions down with it.

Asian markets extended early gains today, 23 January 2008. Hong Kong's Hang Seng (up 9.39% at 23,800.37), China’s Shanghai Composite (up 3.14% to 4,703.77), Japan's Nikkei (up 2.04% at 12,829.06), Singapore's Straits Times (up 4.29% at 2,989.60), and South Korea's Seoul Composite (up 1.15% at 1,627.56) advanced.

However, Taiwan's Taiwan Weighted slipped 2.29% at 7,408.40

The Dow Jones industrial average which was down 465 points at one point of time staged a solid intra-day rebound to close 128.11 points lower at 11,971.19 on Tuesday after the Fed rate cut. The Standard & Poor's 500 index, fell 14.69, or 1.11%, to 1,310.50, while the Nasdaq Composite index lost 47.75, or 2.04%, to 2,292.27.

Back home market suffered fall for the seventh straight day on Tuesday, 22 January 2008 triggered by selling by foreign institutional investors (FIIs), margin call and weak global markets. the BSE Sensex plunged 875.41 points or 4.97% to 16,729.94, on Tuesday 22 January 2008. At one point of time it was down 2273.93 points. But value buying and short covering helped the markets erase some of sharp losses. The S&P CNX Nifty lost 309.50 points or 5.94% to settle at 4,899.30, on Tuesday 22 January 2008.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 4265.19 crore on Tuesday, 22 January 2008, their highest single day outflow since they started investing in the market in 2001. Domestic institutional investors (DIIs) were net buyers of shares worth Rs 2278.71 crore on Tuesday, 22 January 2008.

FIIs were net buyers to the tune of Rs 7,669.88 crore in the futures & options segment on Tuesday, 22 January 2008. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 2,823.06 crore and sold index options worth Rs 137.26 crore. They were net buyers of stock futures to the tune of Rs 4,989.56 crore and sold stock options worth Rs 5.49 crore.

Buying from insurance firms and mutual funds has supported the market at declines in recent months. Insurance firms have been raising lots of funds through unit-linked insurance plans with high weightage for equity. The money is being pumped in the secondary market. It now remains to be seen whether the investors in a unit-liked insurance plan (ULIP) stick to a plan with high exposure to equity if the market continues to remain weak. Insurance companies provide ULIP investors an option to switch over to debt funds from equity funds with certain restrictions.

Fundamentals of the Indian economy remain strong. Corporate profits continue to grow at a good pace.

Meanwhile, Bhartiya Janata Party (BJP) has decided to take a measured approach to the crisis with no demand for the resignation of Finance Minister P Chidambaram, reacting to second sharp day of market meltdown on 22 January 2008. Instead, party president Rajnath Singh has asked party workers to wait at least for a week and allow the panic to die down.

Fed cuts rates by 75 bps

The US Federal Reserve has cut funds and discount rates by 75 bps, reports CNBC-TV18. It has cut the discount rate by 75 bps to 4% while the funds rate is now at 3.5%.

This is the first inter-meeting rate cut since September 17, 2001. "We are still not forecasting a recession this year," the Fed said.

US Treasury Secretary Henry Paulson said the rate cut shows that the Fed is nimble and is able to move quickly. "We continue to remain confident about the global economy. The US economy is resilient," Paulson said.

Job creation continues at a lower pace, he said. "American workers are the most productive anywhere in the world."

The Federal Reserve has stepped in with an emergency rate cut. The Fed has cut both the funds and discount rates by 75 bps. This comes as an attempt to limit the risks of a recession, after huge selling in global financial markets. It is the largest rate cut in one shot for the first time in 24 years.

The Fed said it is cutting these rates because of increased downside risks to growth, deterioration of broader markets, tightening of credit for businesses and households and because of data showing deeper correction in the housing market. The Fed said it expects inflation to soften and that risks to growth will remain. Hence, the Fed will remain ready to act.

Another day of sharp fall

The market tumbled for the second day in a row as margin calls created havoc on the bourses. Though the market ended sharply down, it came off lower level after a huge intra-day fall.

The BSE Sensex lost 801.52 points or 4.55% to 16,803.83, as per provisional closing.
The broader CNX S&P Nifty was down 290.05 points or 5.57% to 4,918.75, as per provisional closing.

Margin calls, both by brokers to investors and by exchanges to brokers, added to the selling pressure after a two-day carnage in share prices. Brokers would not let clients make new purchases until margins were topped up on existing trades, and the exchanges also called margins due from brokers.

India’s largest oil exploration company in terms of market capitalisation Oil & Natural Gas Corporation plunged 12.48% to Rs 975 on 7.48 lakh shares. It was the top loser from Sensex pack. The stock though recovered sharply from day’s low of Rs 850.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries was down 7.62% to Rs 2350.35, off sharply from day’s low of Rs 2120. 18.89 lakh shares were traded on the counter

ICICI Bank, the country’s largest private sector bank in terms of net profit, was down 3.68% to Rs 1130, off session's low of Rs 1005.55.

HDFC Bank slumped 3.13% to Rs 1470. It registered 45.2% rise in net profit to Rs 429.36 on on 59.70% rise in total income to Rs 3405.79 crore in Q3 December 2007 over Q3 December 2006. The results were announced after trading hours on Monday, 21 January 2008.

ITC (down 10.50% to Rs 182), Ambuja Cements (down 10.22% to Rs 114.15), and Hindalco Industries (down 11.42% to Rs 147), were the other losers from Sensex pack

Bharti Airtel surged 3.24% to Rs 855.10 and was the top gainer from Sensex pack. The stock recovered sharply from day’s low of Rs 700.

Infosys Technologies (up 2.14% to Rs 1420), Reliance Energy (up 1.35% to Rs 1800), and Bajaj Auto (up 0.75% to Rs 2080), were the other gainers from Sensex pack.

European markets staged a solid intra-day recovery on rumors of a concerted rate cut by the US Federal Reserve, the European Central Bank, the Bank of England. The FTSE 100 index of United Kingdom was up 0.15% to 5,586.80 after a sharp early fall. However France’s CAC 40 index was still down 0.54% to 4,718.99.

Hong Kong's Hang Seng (down 8.65% at 21,757.73), Japan's Nikkei (down 5.65% at 12,573.07), Taiwan's Taiwan Weighted (down 6.51% at 7,581.95), China's Shanghai Composite (down 7.22% to 4,559.71) and South Korea's Seoul Composite (down 4.43% at 1,609.02), declined.

US stock markets were closed on Monday, 21 January 2008 in observance of Martin Luther King Day.

As per provisional data, foreign institutional investors (FIIs) sold shares worth a net Rs 3296.73 crore, while domestic institutional investors (DIIs) were net buyers of shares worth Rs 3399.20 crore on Monday, 21 January 2008.

FIIs were net buyers to the tune of Rs 1,104.41 crore in the futures & options segment on Monday, 21 January 2008. They were net sellers of index futures to the tune of Rs 1,461.31 crore and bought index options worth Rs 374.46 crore. They were net buyers of stock futures to the tune of Rs 2,195.21 crore and sold stock options worth Rs 3.95 crore.

The US economy has been hit hard by rising defaults in the sub-prime mortgage sector in which Americans with bad credit records are struggling to pay back housing loans given to them during the housing boom.

Markets regain some of the losses

The market tumbled in opening trade extending Monday's huge fall on panic selling. Trading was halted as the 10% marketwide circuit filters were applied after the initial plunge. Trading resumed at about 10:55 IST after a one hour halt.

The market came off lower level in early afternoon trade. Volatility was high. Battered blue-chip stocks especially Reliance Industries, ICICI Bank and State Bank of India saw value buying at lower level. Also short covering might have emerged at lower levels after after a steep fall triggered by sharp setback in global markets, margin calls and heavy FII selling.

At 1.08 hrs IST, the Sensex is down 1,175.19 points or 6.68% at 16430.16, and the Nifty down 428.95 points or 8.24% at 4779.85.

Finance Minister P Chidambaram today said the fundamentals of the economy are strong and liquidity will not be a problem. Chidambaram said there was no reason at all to allow the worries of the Western world to overwhelm us. Our economy is very different from some developed economies which are facing some stress, he said.

The finance minister further stated that Reserve Bank of India as well as banks will provide enough liquidity to brokers and other market players, adding that liquidity will not be an issue.

Reliance Industries was down 6.26% to Rs 2384.95, off sharply from day’s low of Rs 2120. 9.53 lakh shares were traded on the counter

ICICI Bank, the country’s largest private sector bank in terms of net profit, was down 7.10% to Rs 1089.90, off session's low of R 1005.55. On Saturday, 12 January 2008, ICICI Bank reported 35.2% rise in net profit to Rs 1230.21 crore on 32.50% rise in operating income to Rs 10338.36 crore in Q3 December 2007 over Q3 December 2006. The results were announced on Saturday, 19 January 2008. Meanwhile, ICICI Securities (I-Sec), the broking and investment-banking arm of ICICI Bank, is set to hit the market in six months.

Reliance Energy was the top loser from Sensex pack. It tumbled 16.11% to Rs 1489.95 on 8.08 lakh shares. The stock recovered sharply from day’s low of Rs 1225

Mahindra & Mahindra (down 12.27% to Rs 590), ITC (down 11.97% to Rs 179), Reliance Communications (down 11.05% to Rs 545.10) and DLF (down 9.23% to Rs 820), all recovered from early lows but still were down sharply.

Sebi asks BSE to explain stopping trades

Securities and Exchange Board of India (Sebi) has asked for an explanation from the Bombay Stock Exchange (BSE) for the shutdown in trading just after 2.30 pm as the rules allow the circuit filter (or the maximum allowed swing) of 15% before stopping trading for one hour.

In a dramatic day’s developments, the BSE stopped trading for a brief period after 2.30 pm -- the first time since May 2006 - after the Sensex dived over 2,000 points amid speculations that the exchange closed trading after the circuit ceiling (the maximum allowed swing) was triggered.
"Sebi has asked for explanation from BSE," a Sebi official said.

The exchange spokesman explained: "It was only a technical snag. It was not a circuit filter. It was just a coincidence (that the shutdown occurred when the Sensex fell over 10%)."

As per rules, the circuit gets triggered only if the benchmarks fall (or rise) 15% after 2.30 pm or one-hour before the close. Before 2.30 pm, the trigger is 10%.

There was no such stoppage by the National Stock Exchange though its officials also asked brokerage houses to pay up the margin money so that they could continue trading unobstructed.

Reliance Power sets IPO price

At Rs Rs 450 a share

Anil Dhirubhai Ambani-led Reliance Power, whose initial public offer raised $3 billion within a minute of opening, has priced the IPO at the top end of the price band at Rs 450 per share, valuing the firm at $30 billion.

Reliance Power IPO had ended on 18 January 2008 with 73.04 times subscription. The IPO had mopped up bids for 1665.20 crore shares as against 22.80 crore shares on offer.

The qualified institutional buyers (QIBs) category was subscribed 82.61 times, the non institutional investors portion was subscribed 190.02 times and the retail portion was subscribed 14.87 times.

The company had set the price band between 405-450 per share. Retail investors were offered a discount of Rs 20 per share.

Rating agency Crisil assigned an above average 4-on-5 rating to the proposed initial public offer of Reliance Power. ICRA had assigned IPO Grade 4, indicating above average fundamentals, to the IPO. ICRA assigns IPO grading on a scale of 5 to 1, with Grade 5 indicating strong fundamentals and Grade 1 poor.

It is estimated that at this issue price the company's market cap will be anywhere around Rs 1.1 lakh crore, which will make it the biggest listed company within the Anil Ambani empire and among the top 10 stocks on the Bombay Stock Exchange.

The company plans to use the issue proceeds to fund subsidiaries to part-finance the construction and development costs of its projects under development and for general corporate purposes.

Black Monday again: Biggest ever point fall for mkts

It was a highly dramatic and scary day for markets as markets saw their biggest ever fall. It was the worst day of trading in our trading history as the pace of the fall was unnerving. We started weak and with heavy bouts of selling was seen during the day with Sensex and Nifty down almost 12% at one point of time. Sensex went below 17,000 mark during the course of the day and Nifty sub 5000 mark.

Sensex closed down 1,408.35 points or 7.41% at 17605.35, and the Nifty down 496.50 points or 8.70% at 5208.80.

Among the Sensex pack, ACC (down 14.53% to Rs 739), NTPC (down 15.20% to Rs 203.15), Reliance Communications (down 13.84% to Rs 605), and Reliance Energy (down 14.79% to Rs 1810), collapsed.

Among index heavyweights, Reliance Industries declined 8.55% to Rs 2560.85 and ICICI Bank slipped 5.26% to Rs 1180.

However India’s fourth largest software services exporter, Satyam Computers advanced 4.67% to Rs 390, and was the lone gainer from 30-member Sensex pack. The company reported 28.58% rise in net profit to Rs 433.63 crore on 35.58% rise in total income to Rs 2266.05 crore in Q2 September 2007 over Q2 September 2006.

Satyam Computer for fiscal 2008, under US GAAP, expects revenue between $2,119 million and $ 2,122 million, implying a growth rate of 45% to 45.2% over fiscal 2007. Seperately, the company said it has entered into a definitive agreement to acquire Bridge Strategy Group, a Chicago based management consulting firm.

Indian markets today underperformed their global peers. European markets, which opened after Indian markets, were in red. Key indices in United Kingdom (down 2.17% to 5,773.80), France (down 2.88% to 4,945.5) and Germany (down 3.06% to 7,090.38) declined.

Asian markets extended early losses. Hong Kong's Hang Seng (down 5.49% at 23,818.86), South Korea's Seoul Composite (down 2.95% at 1,683.56), Taiwan's Taiwan Weighted (down 0.91% at 8,110.20), China’s Shanghai Composite (down 5.14% to 4,914.43), and Japan’s Nikkei 225 index (down 3.86% to 13,325.98), edged lower

The Dow Jones industrial average lost 59.91 points, or 0.49%, at 12,099.30, its lowest close in 10 months. The Standard & Poor's 500 Index was down 8.06 points, or 0.6%, at 1,325.19, a 16-month low. The Nasdaq Composite Index lost 6.88 points, or 0.29%, at 2,340.02, a 10-month low.

US president George Bush on Friday, 18 January 2008, called for a package of tax cuts and other measures totaling around 1% of US gross domestic product, or up to $150 billion, after weak recent reports on employment, retail sales, factory activity, and housing construction this month suggested the United States -- the world's largest economy --may be heading into recession. Under consideration in the package announced by Bush are ideas like tax rebates, incentives for businesses, and extensions of unemployment insurance.

FIIs have pressed heavy sales in the recent trading sessions. As per provisional data, FIIs sold shares worth a net Rs 2146.92 crore on Friday. FIIs pulled out a net Rs 4465.60 crore in two trading sessions from 16 January 2008 and 17 January 2008.

FIIs sold index futures worth Rs 2455 crore on Friday. They sold index options worth a net Rs 138.42 crore. FIIs sold individual stock futures worth Rs 373.76 crore on that day. Domestic funds bought shares worth a net Rs 695.56 crore on Friday, as per provisional data.

Markets in a free fall

The market plunged in opening trade following weak global cues.The market witnessed free fall in early-afternoon trade on fresh selling. Margin calls might have accentuated the fall. The benchmark index BSE Sensex cracked below the physcological 18,000 level. Trading was volatile. All the 30-stocks from the Sensex pack suffered sharp losses.

At 1.19 hrs IST, the Sensex is down 1,128.92 points or 5.94% at 17884.78, and the Nifty down 343.85 points or 6.03% at 5361.45.

Reliance Communications plunged 10.15% to Rs 632.50. It was the biggest loser from Sensex pack.

ICICI Bank, the country’s largest private sector bank in terms of net profit, slumped 8.50% to Rs 1140.05. ICICI Bank reported 35.2% rise in net profit to Rs 1230.21 crore on 32.50% rise in operating income to Rs 10338.36 crore in Q3 December 2007 over Q3 December 2006. The results were announced on Saturday, 19 January 2008. Meanwhile, ICICI Securities (I-Sec), the broking and investment-banking arm of ICICI Bank, is set to hit the market in six months.

NTPC (down 9.41% to Rs 216.90), Reliance Energy (down 8.90% to Rs 1935.10), Cipla (down 7.80% to Rs 187.65), and Tata Steel (down 7.66% to Rs 722), were the other losers from Sensex pack.

India’a largest private sector firm by market capitalization and oil refiner Reliance Industries was down 5.41% to Rs 2648. 11.81 lakh shares changed hands on the counter.

India’s fourth largest software services exporter, Satyam Computer Services lost 2.98% to Rs 361.50, off sharply from its day’s low of Rs 330. The company reported 28.58% rise in net profit to Rs 433.63 crore on 35.58% rise in total income to Rs 2266.05 crore in Q2 September 2007 over Q2 September 2006.

Satyam Computer for fiscal 2008, under US GAAP, expects revenue between $2,119 million and $ 2,122 million, implying a growth rate of 45% to 45.2% over fiscal 2007. Seperately, the company said it has entered into a definitive agreement to acquire Bridge Strategy Group, a Chicago based management consulting firm.

India’s largest pharma company in terms of sales, Ranbaxy Laboratories which held firm in early trade, also succumbed to selling pressure. It declined 2.75% to Rs 376. The company today said it had settled terms with GlaxoSmithKline on a possible patent litigation for a generic version of the firm's Imitrex tablets. Under the terms of the settlement, Ranbaxy may sell a generic version, sumatriptan succinate tablets, in multiple strengths in the United States from December 2008, it said in a statement to the BSE.

Shares from real estate sector were hit hard. DLF (down 7.75% to Rs 927.80), Unitech (down 12.86% to Rs 413.80), Omaxe (down 21.55% to Rs 333), and Housing Development Infrastructure (down 20.58% to Rs 900.05), suffered sharp losses.

A margin call is triggered when shares that an investor had bought with borrowed money decrease in value. If the investor is not able to put up additional margin, the broker/financer will resort to sale of shares.

Markets pared gains

The market opened a tad higher than previous close but soon slipped into red as index heavyweight ICICI Bank fell sharply.The markets are trading flat amid choppiness giving up some of its gains. The cues from Asia were mixed with Shanghai and Taiwan ending lower.

At 14.39 hrs IST, the Sensex is up 41.01 points or 0.21% at 19909.12, and the Nifty up 38.35 points or 0.65% at 5974.10.

Top Sensex gainers were ITC (up 5.15% to Rs 219.55), Maruti Suzuki (up 5.57% to Rs 891, Bharat Heavy Electrical (up 3.35% to Rs 2386.30), Larsen & Toubro (up 3% to Rs 4109.70) and Bharti Airtel (up 2.68% to Rs 887.10).

The top Sensex losers were Ambuja Cements (down 1.91% to Rs 133.50), Ranbaxy Laboratories (down 1.53% to Rs 372.90), DLF (down 1.29% to Rs 1113), and HDFC Bank (down 1.54% to Rs 1650).

India’s largest software exporter by sales TCS fell 1.32% to Rs 932. TCS posted 6.7% rise in net profit as US accounting standards to Rs 1331 crore in Q3 December 2007 over Q2 September 2007. The results, which hit the market after trading hours on Wednesday, were in line with market expectations.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) fell 1.72% to Rs 3045. The stock recovered from the day’s low of Rs 3022.30. RIL reported 162.22% surge in net profit to Rs 8079 crore on 23.01% increase in total income to Rs 34831 crore in Q3 December 2007 over Q3 December 2006. The surge in net profit was due to one-off gains.

India’s largest private sector bank by assets ICICI Bank fell 1.46% to Rs 1349.15. The stock recovered from the day’s low of Rs 1333.41.

The BSE Capital Goods index was up 2.18% to 19,080.72. Thermax soared 4.71% to Rs 774, Siemens gained 4.62% to Rs 2005, Lakshmi Machine Works rose 2.98% to Rs 3000, and Praj Industries gained 2.37% to Rs 222.40.

Select PSU stocks moved up. The BSE PSU index was up 2.30% to 10,302.66. National Aluminum Company (Nalco) jumped 5.78% to Rs 443.50, Manglore Refineries & Petrochemicals (MRPL) flared up 5.01% to Rs 134.10, MMTC rose 5% to Rs 31,763.25, Rashtriya Chemicals & Fertilisers (RCF) moved up 4.97% to Rs 129.85 and BPCL climbed 4% to Rs 460.

Among the side counters, Bombay Dyeing & Manufacturing Company flared up 6.39% to Rs 953, Housing Development & Infrastructure galloped 6.26% to Rs 1400.20, Welspun Gujarat Stahl Rohren moved up 5.80% to Rs 529, D-Link (India) rose 5.59% to Rs 106.80 and Gujarat Mineral Development Corporation climbed 5.50% to Rs 487.

Markets reeling under pressure

The market opened with a negative gap mirroring weak global cues. Sensex fell below the 20,000-mark and Nifty moved below the 6,000-mark, witnessing heavy selling across the board.The markets continue to reel under pressure on susatined selling pressure in scrips across sectors.

At 1.10 hrs IST, the Sensex is down 435.08 points or 2.15% at 19816.01, and the Nifty down 145.85 points or 2.40% at 5928.40.

Reliance Industries fell 2.62% to Rs 3,077.India’s second largest software exporter by sales Infosys Technologies was down 0.11% to Rs 1,500.20 .ICICI Bank rose 0.12% to Rs 1,353. It came off from its highs of Rs 1,378.95.

Tata Consultancy Services (up 1.52% to Rs 952.50), Grasim Industries (up 0.87% to Rs 3,315), Bharti Airtel (up 1.13% to Rs 867), Cipla (up 0.46% to Rs 205.50) edged higher.

Reliance Communications declined 5.61% to Rs 733.90.HDFC Bank knocked off 6.45% to Rs 1,669.90.

Reliance Energy contracted 5.06% to Rs 2,244.85. The mega initial public issue of Anil Dhirubhai Ambani group's Reliance Power became the largest ever in India after over-subscription of more than 10.5 times on its opening day on Tuesday, 15 January 2008.

Capital goods stocks slipped. Larsen & Toubro (down 1.79% to Rs 3,989.50), Bharat Heavy Electricals (down 4.17% to Rs 2,314.85) and Suzlon Energy (down 3.04% to Rs 1,984) edged lower.

Realty stocks declined heavily in afternoon trade. Unitech (down 5.1% to Rs 493), Omaxe (down 7.07% to Rs 451.40) , DLF (down 3.74% to Rs 1,132), Indiabulls Real Estate (down 3.02% to Rs 718.25) edged lower.

Metal stocks extended losses in afternoon trade. Tata Steel (down 4.67% to Rs 812),Sterlite Industries (down 6.85% to Rs 919.90), Steel Authority of India (down 1.71% to Rs 238.55) and Hindalco Industries (down 4.4% to Rs 189.10) edged lower.

Power stocks declined further. Tata Power Company (down 5.45% to Rs 1,462), NTPC (down 4.74% to Rs 261) and Power Grid Corporation of India (down 3.06% to Rs 134.70) edged lower.

Markets decline sharply in late trade

The market fell sharply as heavyweights faced selling pressure. Bharti Airtel, Reliance Energy and ICICI Bank slumped.The slide on the bourses today is attributed to the liquidity drain from the secondary market as the large IPO of Reliance Power opened for subscription today, 15 January 2008. The IPO will close on 18 January 2008.

Sensex closed down 476.96 points or 2.30% at 20251.09, and the Nifty down 132.55 points or 2.14% at 6074.25.

eliance Industries fell 1.69% to Rs 3126. The company on Monday, 14 January 2008, announced yet another gas discovery in block KG OSN-2001/1 in the Krishna Godavari (KG) basin on the east coast of India.

India’s largest private sector bank by assets ICICI Bank fell 4.14% to Rs 1350.13.India’s largest engineering & construction firm by revenue Larsen & Toubro fell 2.44% to Rs 4065.

Reliance Energy slumped 5.78% to Rs 2331, Bharti Airtel slipped 5.62% to Rs 856.30, NTPC fell 4.54% to Rs 272, Reliance Communications declined 3.87% to Rs 774 and ITC gave away 3.36% to Rs 216.95.

Maruti Suzuki rose 1.53% to Rs 868, Tata Steel moved up 1.32% to Rs 850, Tata Motors 0.39% to Rs 768 and HDFC Bank climbed 0.11% to Rs 1789.90.

RIL strikes all-time high on new gas discovery

Reliance Industries rose 0.71% to Rs 3240 at 10:02 IST on BSE on reports that it has discovered gas in the Krishna Godavari offshore basin on the east coast of India.

The stock hit a high of Rs 3252.10, a record high for the stock. It touched a low of Rs 3216 so far during the day. The stock hit a 52-week low of Rs 1250 on 5 March 2007.

The large-cap scrip had outperformed the market over the past one month till 11 January 2008, gaining 10.43% as compared to the Sensex’s rise of 3.60%. It had outperformed the market in the past one quarter, advancing 21.87% as compared to the Sensex’s gain of 13.08%.

The company’s current equity is Rs 1453.65. Face value per share is Rs 10.The current price of Rs 3240 discounts Q2 September 2007 annualized EPS of Rs 110.10 by PE multiple of 29.42.

As per reports, Reliance Industries (RIL)'s latest discovery is in the shallow water of the Krishna Godavari basin. This is the company’s third gas discovery in the block. RIL holds 100% participating interest in this block and has christened the discovery as Dhirubhai-38.

RIL is still evaluating how commercial the latest discovery was and it had informed the upstream regulator about it.On 12 November 2007, RIL executed two production sharing contracts covering petroleum exploration activities in the Kurdistan region of Iraq.

RIL’s net profit rose 27.9% to Rs 3837 crore on 6.6% growth in net sales to Rs 32043 crore in Q2 September 2007 over Q2 September 2006. RIL unveils Q3 December 2007 results on Thursday, 17 December 2007.

Markets trading in red

The market slipped into the red shortly after a firm opening. ICICI Bank and Infosys Technologies declined. Realty and consumer durables stocks were in demand. Banking and IT stocks declined. Bharti Airtel declined for the second consecutive day.The market remained weak in the afternoon trade, though it had recovered from lower level led by minor recovery in Bharti Airtel and ICICI Bank.

At 1.22 hrs IST, the Sensex is down 231.85 points or 1.12% at 20496.20, and the Nifty down 49.85 points or 0.80% at 6156.95.

Reliance Industries fell 0.26% to Rs 3207, off session’s low of Rs 3168. The company on Monday, 14 January 2008, announced yet another gas discovery in block KG OSN-2001/1 in the Krishna Godavari (KG) basin on the east coast of India.

India’s largest listed cellular service provider by market share Bharti Airtel slumped 5.78% to Rs 854.05, off session’s low of Rs 845.90. The stock fell after rival company Reliance Communications was allocated Global System for Mobile (GSM) communications spectrum in 14 circles in India.

India’s largest private sector bank by assets ICICI Bank fell 3.76% to Rs 1355.47, off session’s low of Rs 1330.20.

Mahindra & Mahindra fell 2.20% to Rs 739, TCS declined 1.64% to Rs 945 and Ambuja Cements fell 1.81% to Rs 135.55.

Maruti Suzuki rose 2.17% to Rs 873.50, Tata Steel moved up 2.10% to Rs 856.80, Tata Motors flared up 1.11% to Rs 773.05, ONGC gained 0.25% to Rs 1294.50 and Bajaj Auto rose 0.14% to Rs 2462.

Among the volume toppers on BSE, Reliance Natural Resources rose 1.71% to Rs 225.80 on volume of 1.33 crore shares. Centurion Bank of Punjab gained 0.78% to Rs 71.05 on volume of 1.02 crore shares. Apollo Tyre fell 0.27% to Rs 55.20 on volume of 55.86 lakh shares. Ispat Industries moved up 0.52% to Rs 67.15 on volume of 55.62 lakh shares and Hindustan Motors rose 2.29% to Rs 80.75 on volume of 49.74 lakh shares.

Markets end lower

The market ended the volatile session in the red as index heavyweights ICICI Bank and Infosys Technologies drifted lower. Reliance Industries moved higher. NTPC soared. Bharti Airtel, Maruti Suzuki and Wipro slumped.

The 30-share BSE Sensex lost 99.40 points or 0.48% to 20728.05.The broader CNX S&P Nifty rose 6.70 points or 0.11% at 6206.80.

Reliance Industries (RIL) rose 3.03% to Rs 3223 on reports the company is venturing into synthetic fuels through a $6-8 billion project that will turn coal into oil. Globally, this is called coal-to-liquid, or CTL, technology. RIL aims to produce about 80,000 barrels of oil per day through the process. The Rs 30,000 crore project will consume about 30 million tonnes of coal annually, reports suggest.

Another reason for the upmove in the stock was expectations of strong Q3 December 2007 results. RIL unveils Q3 results on Thursday, 17 December 2007.

India’s largest private sector bank by assets ICICI Bank fell 3.47% to Rs 1390. The stock had surged last week on reports it plans to list four for its subsidiaries starting with its securities arm, ICICI Securities.

India's second largest software exporter by sales Infosys Technologies fell 3.15% to Rs 1530. Infosys Technologies on Friday, 11 January 2008, reported 11.9% growth in consolidated net profit as per Indian GAAP to Rs 1231 crore on 4% rise in sales to Rs 4271 crore in Q3 December 2007 over Q2 September 2007.

NTPC soared 5.33% to Rs 286.80, Bharat Heavy Electricals moved up 1.64% to Rs 2475, HDFC Bank gained 1.46% to Rs 1788, State bank of India rose 1.14% to Rs 2464.95 and Ranbaxy Laboratories gained 0.92% to Rs 399.

Bharti Airtel slumped 6.54% to Rs 905.50, Wipro slipped 5.36% to Rs 459.90, Maruti Suzuki skid 3.19% to Rs 870, Housing Finance Development Corporation (HDFC) fell 2.95% to Rs 2970.50 and TCS gave away 2.73% to Rs 962.05.

BSNL may enter capital mkt, plans 10% equity dilution

Bharat Sanchar Nigam is considering diluting up to 10% of its equity stake via IPO, reports agency sources. However the time frame of the IPO is not fixed.

The State-owned telecom firm is valued at over USD 100 billion. Company said the 10% equity dilution may give around Rs 200 billion. The IPO value may even get doubled to Rs 400 billion, depending on the market conditions at the time of IPO.

For the year 2006-2007 the revenue of the company stood at Rs 375.5 billion and net profit stood at Rs 78.05 billion.

The company is having a investment plan of Rs 150 billion for expanding its GSM mobile network across the nation.

SBI board okays Rs 167.36 bn Rights Issue

India`s biggest lender, State Bank of India announced that the central board of the bank today (Monday 14 Jan 08) decided to raise an aggregate amount of Rs 167,363.1 million including premium by way of Rights issue offer to government of India and to other eligible existing shareholders including GDR holders.

The board also approved to increase the issued capital of bank from Rs 5,263 million to Rs 6,500 million, in terms of Sec. 5 (2) of the SBI Act and to issue shares to employees of the bank under Employees Stock Purchase Scheme.

Further the board fixed the ratio for Rights issue at 1 share for every 5 shares held by the eligible shareholders as on the Record Date and price for Rights issue has been fixed at Rs 1,590 a share i.e. face value of Rs 10 each and a premium of Rs 1,580 a share.

Bharti Airtel slumps on fears of increased competition

Bharti Airtel declined 3.62% to Rs 931 at 11:25 IST on BSE after rival company Reliance Communications was allocated Global System for Mobile communications spectrum in remaining 14 circles in India.

The stock hit a high of Rs 970 and a low of Rs 927.50 so far during the day. It touched a 52 week high of Rs 1,149 on 10 October 2007 and a 52 week low of Rs 612 on 11 January 2007.

Shares of India’s top cellular services provider in terms of market share underperformed the market over the past one month till 11 January 2008 declining 2.23% compared to the Sensex’s rise of 3.60%. It also underperformed the market over the past one quarter, declining 9.68% compared to Sensex’s gain of 13.08%.

The company’s current equity share capital is Rs 1,897.84 crore. Face value per share is Rs 10.

The current market price of Rs 931 discounts its Q2 September 2007 annualised EPS of Rs 34.13, by a PE multiple of 27.27.

Reliance Communications (RCom) can now operate its Global System for Mobile communications (GSM) service in remaining 14 circles to join the league of 'National Footprint' with Bharti Airtel. RCoM is already operating GSM services in 8 circles of India. Meanwhile market leader in GSM segment Bharti Airtel presently operates in India's 22 circles and was granted additional spectrum in two circles on Friday, 11 January 2008.

Bharti Airtel's principal activity is to provide mobile telecommunication services in India. It also provides fixed-line, VSAT, Internet and broadband services.

The company’s net profit rose 82.3% to Rs 1619.15 crore on 44.9% rise in sales to Rs 6059.89 crore in Q2 September 2007 over Q2 September 2006.

Markets trading in red

The market slipped into red shortly after a firm open. Reliance Industries moved up. Reliance Communications rose.The market remained range bound in early afternoon trade. Reliance Industries held firm. State Bank of India and DLF edged higher.

At 12.10 pm, the Sensex is down 36.94 points or 0.18% at 20790.51, and the Nifty up 9.60 points or 0.15% at 6209.70.

Reliance Industries (RIL) was up 1.47% to Rs 3174 on reports the company is venturing into synthetic fuels through a $6-8 billion project that will turn coal into oil. Globally, this is called coal-to-liquid, or CTL, technology. RIL aims to produce about 80,000 barrels of oil per day through the process. The Rs 30,000 crore project will consume about 30 million tonnes of coal annually, reports suggest.

India’s largest commercial bank State Bank of India spurted 3.46% to Rs 2521 ahead of its board meeting today, 14 January 2008 to consider the bank’s planned rights issue to mobilise about Rs 16,700 crore before end-March this fiscal.

India’s largest real estate developer by market capitalisation DLF rose 2.09% to Rs 1221. Earlier on 11 January 2007, some reports suggested that DLF will soon come up with India’s first branded residential hotel with the Hilton Group in Goa. The 200-room hotel with 80 villas that will be sold out as vacation homes on lease-back basis, will be operational in three years. DLF plans to have six hotels on similar format in five years.

The BSE Metal index was up 1.20% to 18,976.31. Jindal Stainless rose 3.19% to Rs 208.85, Sterlite Industries flared up 1.19% to Rs 1034, Hindalco Industries moved up 0.79% to Rs 204, National Aluminum Company rose 0.67% to Rs 466.20 and Tata Steel gained 0.67% to Rs 859.

Select PSU stocks were in demand. UCO Bank soared 8.29% to Rs 76.45, Indian Overseas Bank spurted 6.69% to Rs 198.65, Indian Bank moved up 5.43% to Rs 210.80, Mangalore Refinery & Petrochemicals rose 5.17% to Rs 135.25, and Rashtriya Chemicals and Fertilisers climbed 5% to Rs 121.60.

Energy Development Company spurted 6.45% to Rs 295.60 after the power producer said it has signed agreements to develop five hydropower projects in the north-eastern state of Arunachal Pradesh.

India’s largest listed cellular service provider by market share Bharti Airtel declined 3.71% to Rs 929.95 after rival company Reliance Communications was allocated Global System for Mobile (GSM) communications spectrum in 14 circles in India.

India’s second largest listed telecom service provider by sales Reliance Communications rose 1.47% to Rs 805.15 after the company received additional spectrum to start GSM services in 14 circles.

MIC Electronics, which makes the light-emitting diode (LED) video display system, rose 2.44% to Rs 903 after the company today, 14 January 2008, said its board has approved buying a stake of up to 51% in a power electronics firm and up to 74% in an entertainment firm.

Civil engineering and construction firm Hindustan Construction Company rose 2% to Rs 234.20 on reports the company has emerged as the lowest bidder to construct the first strategic crude reserve in India. The company is likely to be awarded the contract this week, the reports added.

Markets trading in red

The market surged in early volatile trade. Reliance Industries inched up.The markets have slipped and are trading flat amid volatility. Select buying is seen in bank and oil stocks.

At 13.00 hrs IST, the Sensex is down 56.41 points at 20525.67, and the Nifty down 30 points at 6126.50.

Industrial output rose 5.3% in November 2007 from a year earlier, well below market expectations and sharply lower than an upwardly revised annual growth of 12% in October 2007, data showed on Friday. Manufacturing production rose 5.4% in November 2007 from a year earlier, compared with a provisional annual growth of 13.3% in October 2007.

Annual inflation, based on the wholesale price index (WPI), remained unchanged at 3.5% in the week ended 29 December 2007 compared with the week ended 22 December 2007. WPI was 5.89% in the corresponding week of the previous year.

Reliance Industries was up 2.67% to Rs 3,104.

Realty stocks declined. Parsvnath Developers (down 6.42% to Rs 464.90), DLF (down 0.28% to Rs 1,139), Indiabulls Real Estate (down 1.83% to Rs 718) edged lower.

Unitech rose 0.44% to Rs 519.85 after it said the Department of Telecommunications, Ministry of Communications & Information Technology, Government of India (DOT) issued letters of intent (LOIs) to 8 subsidiaries of the company for issuance of unified access services licences (UASL) in respect of all the 22 telecom circles across the country.

Tata Motors rose 1.21% to Rs 757.60. Keeping his promise, made four years ago, to deliver a “people’s car,” Tata Group Chairman Ratan Tata unveiled on Thursday the Rs.1-lakh car christened ‘Nano.’ The world’s cheapest car from the Tata Motors stable comes with a rear mounted all-aluminium two-cylinder 623 cc petrol engine, promises a mileage of 20 kilometer per litre, and meets all emission and safety standards.

HDFC (down 2.3% to Rs 3,057), Mahindra & Mahindra (down 2.62% to Rs 782.10), ACC (down 2.32% to Rs 916.75), Ambuja Cements (down 1.62% to Rs 139.50) edged lower.

Capital goods stocks declined. Larsen & Toubro (down 0.64% to Rs 4,180.20), Bharat Heavy Electricals (down 0.82% to Rs 2,422) and Suzlon Energy (down 3.01% to Rs 2,143) edged lower.

IT stocks were mixed. India’s second largest software exporter by sales Infosys Technologies declined 0.46% to Rs 1,594.80 after the company today reported stronger-than-expected growth in net profit in Q3 December 2007. Infosys’ consolidated net profit as per Indian GAAP rose 11.9% to Rs 1231 crore in Q3 December 2007 over Q2 September 2007. Sales rose 4% to Rs 4271 crore in Q3 December 2007 over Q2 September 2007.

Infosys has raised both earnings and revenue guidance for the year ending March 2008 (FY 2008). The company has forecast 18.6% growth in EPS in FY 2008 as per Indian GAAP at Rs 79.30. It has forecast a between 19.7% to 19.9% growth in revenue in FY 2008 as per Indian GAAP to between Rs 16627 crore to Rs 16657 crore.

As per US GAAP, the company has forecast 33.8% growth in consolidated earning per American depository share in FY 2008 at $1.98. The company has forecast a between 35% to 35.2% growth in revenue as per US GAAP in FY 2008 to between $4.17 billion to $4.18 billion.

India’s largest exporter of IT services by sales Tata Consultancy Services rose 0.24% to Rs 977. India's fourth largest IT exporter by sales Satyam Computer Services down 0.27% to Rs 419.

Wipro, India's third largest IT exporter in terms of sales declined 0.94% at Rs 483. The company on Thursday said its unit Wipro Infotech, had won a nine-year outsourcing contract Aircel Cellular.

Banking stocks rose. India’s largest private sector bank by assets ICICI Bank rose 5.47% to Rs 1,430.95. The stock rose for the second day in a row on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though board is yet to decide on securities arm listing.

HDFC Bank (up 0.88% to Rs 1,737.90) and State Bank of India (up 0.89% to Rs 2,430) edged higher.

FMCG stocks declined. ITC (down 1.23% to Rs 217) and Hindustan Unilever (down 3.34% to 221.15) edged lower.

Precision Pipes and Profiles Company was trading at Rs 133.80 on BSE, a discount of 9.9% over the IPO price of Rs 150. The stock debuted at Rs 160, a premium of 6.67% over the IPO price.

Aries Agro was trading at Rs 210 on BSE, a premium of 61.53% over the IPO price of Rs 130. The stock debuted at Rs 150, a premium of 15.38% over the IPO price.

PTC India rose 2.58% to Rs 155.30 after it decided to raise about Rs 1200 crore through an issue of 7.74 crore shares at Rs 155 each.

Geodesic Information Services rose 1.47% to Rs 225 after the software services firm said it plans to raise $125 million through issue of zero coupon, convertible overseas bonds.

Markets lose ground in broad-based decline

In a complete reversal of the trend, the market lost ground in late trade from an initial surge to a record high. The decline was across the board. Consumer durables, FMCG and metal stocks were the worst hit. ICICI Bank survived the fall.

Sensex closed down 287.70 points or 1.38% at 20582.08, and the Nifty down 115.05 points or 1.83% at 6156.95.

Policy meetings of European Central Bank (ECB) and Bank of England (BoE) are due later today. Analysts expect ECB to hold interest rates steady at 4% but see the BoE cutting rates due to weak consumption that has sparked fears of a slowdown in the economy. The next Fed rates decision is due on 30 January 2008. Fed is expected to cut rates by at least 25 basis points.

Reliance Industries shed 0.39% to Rs 3020.

India’s largest private sector bank by assets ICICI Bank galloped 3.48% to Rs 1356 on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though board is yet to decide on securities arm listing.

India’s second largest software exporter by sales Infosys Technologies fell 4.08% to Rs 1591.

Hindalco Industries slipped 4.56% to Rs 203, Tata Steel shed 4.10% to Rs 854, NTPC gave away 3.99% to Rs 266.10, Reliance Energy skid 4.06% to Rs 2461.25, and ACC fell 3.61% to Rs 935.

Markets pare gains; breadth turns negative

The market hit record high on opening, mirroring gains in the US market. Banking and auto stocks edged higher.The markets have given up some gains but are still trading in green. The market breadth has turned negative. Providing support at the lower levels are banking stocks. Select real estate, IT and auto stocks are trading strong. Midcap and smallcap indices are trading flat. FMCG and pharma stocks are trading little subdued. Most of the Asia ended lower barring Shanghai and Jakarta.

At 1.03 hrs IST, the Sensex is up 208.07 points or 1.00% at 21077.85, and the Nifty up 29.80 points or 0.48% at 6301.80.

Reliance Industries was up 1.32% to Rs 3072.India’s largest private sector bank by assets ICICI Bank jumped 5.78% to Rs 1386.20 on reports the bank will list at least 4 arms starting with ICICI Securities in next 6 months though board is yet to decide on securities arm listing.

India's top commercial vehicles maker by sales Tata Motors moved up 0.95% to Rs 777.80. Ratan Tata, chairman, Tata Motors, unveiled the People's (Rs 1 lakh) car today. The car has been christened Nano. The car would be commercially launched in the second half of 2008 and would be produced at the Singur plant in West Bengal. The car is powered by a 624 cc, 30 bhp engine. The car will deliver about 20 kilometers per litre (kpl) mileage. The company plans to launch the car in Africa, Latin America and South East Asia, as well.

DLF rose 1.64% to Rs 1188, Reliance Communication gained 1.35% to Rs 831.80, Infosys Technologies moved up 0.87% to Rs 1667, and Reliance Energy rose 0.77% to Rs 2585.10.

ACC fell 1.84% to Rs 952, Grasim Industries declined 1.88% to Rs 3386.10, Bharti Airtel fell 1.35% to Rs 959.40, and Tata Steel declined 1.57% to Rs 876.50.

The BSE FMCG index was down 1.51% to 2,452.98. ITC slipped 1.73% to Rs 224, Hindustan Unilever shed 1.41% to Rs 230.55, REI Agro fell 2.04% to Rs 952.25 and United Spirits gave away 2.71% to Rs 2035.

Among the side counters, Sobha Developers soared 8.07% to Rs 1020, Aditya Birla Nuvo climbed 4.87% to Rs 2427, Welspun Gujarat Stahl Rohren flared up 4.33% to Rs 470.20, Century Enka rose 4.12% to Rs 178 and United Phosphorous moved up 3.33% to Rs 403.

Sensex retraces from record high

The markets closed the day on a weak note with the broader markets seeing a sharp cut.
The market came sharply off higher level in late trade on a volatile day of trade. Earlier, the market had recovered from an initial slump to hit a record high in mid-afternoon trade. Capital goods, auto, metal, FMCG stocks declined. IT stocks rose. BSE Mid-Cap and Small-Cap indices underperformed Sensex.

Sensex closed down 3.55 points or 0.02% at 20869.78, and the Nifty down 15.85 points or 0.25% at 6272.00.

Reliance Communications (up 3.02% to Rs 828.60), HDFC (up 5.83% to Rs 3,243) and Grasim Industries (up 2.33% to Rs 3,480) edged higher.

India’s largest private sector firm by market capitalization and oil refiner Reliance Industries declined 0.67% to Rs 3,030.

Capital goods stocks declined. Bharat Heavy Electricals (down 2.22% to Rs 2,439), Larsen & Toubro (down 0.24% to Rs 4,322.50) and Suzlon Energy (down 1.26% to Rs 2,245) edged lower.

Auto stocks declined. Tata Motors (down 0.54% to Rs 770), Bajaj Auto (down 0.36% to Rs 2,529), Maruti Suzuki India (down 2.52% to Rs 916), Hero Honda Motors (down 0.3% to Rs 688.05) edged lower.

Mahindra & Mahindra declined 2.67% to Rs 807.90 after the company said Mahindra Holidays & Resorts India (MHRIL), a leisure hospitality provider offering family holidays, has finalised a 2% private placement deal with the State Bank of India for a consideration of around Rs 80 crore.

FMCG majors declined. ITC (down 1.6% to Rs 227) and Hindustan Unilever (down 0.4% to 233.70) edged lower.

Metal stocks declined. Tata Steel (down 0.43% to Rs 888), Steel Authority of India (down 0.78% to Rs 261.25), National Alluminium Company (down 0.5% to Rs 498) edged lower. Hindalco Industries (up 1.22% to Rs 211.50) and Sterlite Industries (up 0.73% to Rs 1,042.35) edged higher.

India’s largest private sector bank by assets ICICI Bank declined 1.73% to Rs 1,310.45.

IT stocks rose. Wipro (up 0.6% to Rs 490.85) Satyam Computer Services (up 0.8% to Rs 427.90) and Tata Consultancy Services (up 0.36% to Rs 994.10) edged higher. India’s second largest IT exporter by sales Infosys Technologies declined 0.4% to Rs 1,655.55.

NTPC (up 4.49% to Rs 277.15), HDFC (up 3.59% to Rs 3,174.25), RelianceCommunications (up 2.05% to Rs 820.80) and HDFC Bank (up 1.68% to Rs 1,745.10) edged higher.

ONGC (down 1.76% to Rs 1,298.65), Ranbaxy Laboretories (down 1.65% to rs 411.60) edged lower.

Markets trading in green amid volatility

The market started on a positive note but it soon slipped into the red in volatile trade. It came off from lower level later. Reliance Industries edged lower. IT and FMCG stocks gained. Metal stocks edged lower. BSE mid-cap and small-cap indices underperformed Sensex. The market breadth was weak on BSE.

The markets are trading weak amid volatility. Sensex and Nifty are experiencing tough resistance at 21,000 and 6,300 levels respectively. Heavy selling pressure was seen in the oil & gas, metal, auto power, capital good and realty stocks.

At 12:19 IST, the 30-share BSE Sensex was up 42.80 points or 0.21% to 20,920.13.The broader CNX S&P Nifty was up 8.2 points or 0.13% to 6,296.05.

Reliance Industries was down 0.28% to Rs 3,042.India’s largest private sector bank by assets ICICI Bank fell 1.87% to Rs 1,308.50.

Power stocks rose. NTPC (up 3.71% to Rs 275.10), Reliance Energy (up 0.88% to Rs 2,558.35) and Tata Power Company (up 0.49% to Rs 1,575) edged higher.

IT stocks rose. Infosys (up 1.15% to Rs 1,681.15), Wipro (up 1.56% to Rs 495.50) Satyam Computer Services (up 1.06% to Rs 429) and Tata Consultancy Services (up 0.25% to Rs 993.05) edged higher.

Consumer durables stocks rose. Blue Star (up 0.2% to Rs 516.50), Rajesh Exports (up 1.03% to Rs 894), Videocon Industries (up 0.69% to Rs 703), Titan Industries (up 3.62% to Rs 1,659.50) edged higher.

Capital goods stocks declined. Bharat Heavy Electricals (down 0.93% to Rs 2,471.10), Suzlon Energy (down 0.95% to Rs 2,251.95) edged lower. India's largest engineering and construction firm by sales Larsen & Toubro rose 0.98% to Rs 4,377. The stock came off session's low of Rs 4,290.

Realty stocks declined. DLF (down 0.92% to Rs 1,140), Unitech (down 0.39% to Rs 523), Indiabulls Real Estate (down 1.27% to Rs 765.25) and Parsvnath Developers (down 6.92% to Rs 512.15) edged lower.

Metal stocks rose. Tata Steel (up 0.75% to Rs 898.50), Sterlite Industries (up 0.99% to Rs 1,045), Steel Authority of India (up 0.82% to Rs 265.25), National Alluminium Company (up 1.65% to Rs 508.75) and Hindalco Industries (up 1.41% to Rs 211.90) edged higher.

India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.5% to Rs 1,742.10.

ACC (down 1.73% to Rs 968), Bharti Airtel (down 1.14% to Rs 963.05), ONGC (down 1.28% to Rs 1,305) edged lower.

Mahindra & Mahindra declined 0.73% to Rs 824 after the company said Mahindra Holidays & Resorts India (MHRIL), a leisure hospitality provider offering family holidays, has finalised a 2% private placement deal with the State Bank of India for a consideration of around Rs 80 crore.

TRF declined 0.83% to Rs 1,940 despite receipt of an order worth Rs 96.16 crore from Tata Projects for handing its coal handling plant.

Suzlon Energy declined 0.42% to Rs 2,264 after the company said its Chinese subsidiary had won two orders for the supply of a total 100 megawatts of turbines in China

Omnitech InfoSolutions rose 4.46% to Rs 220.05 after it said its board meet will meet on 14 January 2008, to consider fund raising activity by way of preferential allotment of shares/ warrants and/or by way of American depository receipts/global depository receipts/qualified institutional placement.

Software services firm Aztecsoft and MindTree Consulting rose on reports the former held exploratory merger talks with the latter. Aztecsoft rose 2.14% to Rs 95.40 and MindTree Consulting rose 1.85% to Rs 497.70.

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Markets end flat amid volatility

The markets ended the day flat amid a highly volatile session. After touching the 21,000 mark Sensex shed most of its gains. After a stellar performance in the past two weeks midcaps were looking tired and the midcap index ended deep red. This has gave markets negative breadth.

Sensex closed up 60.68 points or 0.29% at 20873.33, and the Nifty up 8.75 points or 0.14% at 6287.85.

Reliance Industries was up 1.05% to Rs 3,047.25, off session's high of Rs 3083.India’s largest private sector bank by assets ICICI Bank fell 1.71% to Rs 1,340.05.

Reliance Natural Resources rose 7.15% to Rs 244.15, on huge volume of 4.23 crore shares on BSE.

Consumer durables stocks declined. Videocon Industries (down 4.13% to Rs 697.60),Titan Industries (down 3.99% to Rs 1,600.15) and Blue Star (down 1.43% to Rs 515) edged lower.

Gitanjali Gems declined 2.45% to Rs 428.15. The company has bought ‘Nakshatra’, the premium brand of jewellery promoted by Diamond Trading Company (DTC), for approximately Rs 100 crore through its Dubai-based subsidiary, Gitanjali Ventures. In a separate development, Gitanjali Gems also said it bought diamond and jewellery manufacturer and distributor Brightest Circle Jewellery.

Metal stocks declined. Tata Steel (down 4.19% to Rs 866.95), Sterlite Industries (down 2.45% to Rs 1,040), Steel Authority of India (down 2.79% to Rs 263.50), Hindalco Industries (down 3.75% to Rs 209) and National Aluminium Company (down 5.79% to Rs 495) edged lower.

IT stocks rose. India’s second largest IT exporter by sales Infosys rose 1.64% to Rs 1,665. Wipro (up 1.17% to Rs 489) and Tata Consultancy Services (up 1.62% to Rs 992) edged higher.

Satyam Computer Services, India's fourth-biggest software exporter in terms of sales rose 3.28% to Rs 427 after it, said on Monday, 7 January 2008, it had received a major contract from the Irish Further Education and Training Awards Council.

India's biggest power equipment maker by revenue, Bharat Heavy Electricals (Bhel), declined 0.59% to Rs 2,494.30 after the company signed a joint venture agreement with NTPC for establishment and operation of a joint venture company for taking up engineering, procurement and construction business.

Healthcare stocks declined. Cipla (down 1.3% to Rs 209.15), Dr. Reddy’s Laboratories (down 1.35% to Rs 702.60), Fortis Healthcare (down 6.73% to Rs 110.25), Ranbaxy Laboratories (down 0.57% to Rs 418.50) edged lower.

Auto stocks declined. Tata Motors (down 1.56% to Rs 774.20), Maruti Suzuki India (down 2.43% to Rs 939.65), Hero Honda Motors (down 1.79% to Rs 690.10) edged lower. Bajaj Auto rose 0.1% to Rs 2,538.05.

Bahrti Airtel (up 4.01% to Rs 974.15), HDFC Bank (up 3.58% to Rs 1,716.30), State Bank of India (up 2.59% to Rs 2,465.25) edged higher.

India's second largest power utility by revenue Reliance Energy declined 1.86% to Rs 2,536. Reliance Energy and the infrastructure major GMR Infrastructure are the only Indian firms shortlisted for buying the $2 billion Tuas Power, owned by Singapore’s state investor Temasek Holdings.

Manaksia settled at Rs 168.10 on BSE a premium of 5.06% over the IPO price of Rs 160. It debuted at Rs 200 a premium of 25% over the IPO price. The public issue of Kolkata-based Manaksia had ended on 19 December 2007. The IPO was subscribed 9 times. It received bids for 13.61 crore shares against 1.55 crore shares on offer. The price band of the issue had been fixed between Rs 140-160.

Mahindra & Mahindra, India's biggest tractor and utility vehicle maker by revenue, rose 2.41% to Rs 830.10 after it acquired the business of G R Grafica Ricerca Design S.r.l (GRD), an Italian auto designing, body engineering and feasibility and styling company based out of Turin, Italy.

Shares of cement firms that have units in Tamil Nadu were today. ACC lost 1.65% to Rs 985.05, Grasim Industries shed 3.26% to Rs 3,400.60 and India Cements lost 3.68% to Rs 277.10) edged lower. The stocks fell on reports that cement companies in Tamil Nadu are likely to cut cement prices after state government’s warning last week that their factories in the state would be taken over if they did not lower the prices immediately.

Markets trade flat amid volatility

The market surged in early trade, with the BSE Sensex hit a record high above 21,000. The S&P CNX Nifty, too, struck all-time high.The market pared gains in a volatile trade in afternoon trade.The markets are trading flat amid volatility. Profit booking is seen in the broader markets with both the smallcap and smallcap index down over 1.5%. Power stocks like Tata Power, NTPC and Reliance Energy are trading weak.

At 1.55 hrs IST, the Sensex is up 40.42 points or 0.19% at 20853.07, and the Nifty up 4.15 points or 0.07% at 6283.25.

Reliance Industries was rose 1.7% to Rs 3,066.80, off session's low of Rs 3001.India’s largest private sector bank by assets ICICI Bank fell 3.11% to Rs 1,321.45 and was the top loser from Sensex pack.

IT stocks rose. Wipro (up 0.34% to Rs 485.85), Infosys (up 1.58% to Rs 1,664), and Tata Consultancy Services (up 1.6% to Rs 991.80) edged higher.

Satyam Computer Services, India's fourth-biggest software exporter in terms of sales rose 1.49% to Rs 419.60 after it, said on Monday, 7 January 2008, it had received a major contract from the Irish Further Education and Training Awards Council.

Capital goods stocks rose. Larsen & Toubro (up 1.57% to Rs 4,345) and Suzlon Energy (up 5.07% to Rs 2,280) edged higher. However, India's biggest power equipment maker by revenue, Bharat Heavy Electricals (Bhel), declined 0.44% to Rs 2,495.75 after the company signed a joint venture agreement with NTPC for establishment and operation of a joint venture company for taking up engineering, procurement and construction business.

Healthcare stocks declined. Cipla (down 1.32% to Rs 209.10), Dr. Reddy’s Laboratories (down 0.59% to Rs 708, Fortis Healthcare (down 5.12% to Rs 112.15), Ranbaxy Laboratories (down 0.19% to Rs 420.10) edged lower.

Bahrti Airtel (up 1.96% to Rs 955), HDFC Bank (up 2.66% to Rs 1,701), State Bank of India (up 2.55% to Rs 2,464.20) edged higher.

Grasim Industries (down 2.74% to Rs 3,419) edged lower.

India's second largest power utility by revenue Reliance Energy declined 0.62% to Rs 2,568. Reliance Energy and the infrastructure major GMR Infrastructure are the only Indian firms shortlisted for buying the $2 billion Tuas Power, owned by Singapore’s state investor Temasek Holdings.

Metal stocks declined. Tata Steel (down 2.14% to Rs 905.90), Sterlite Industries (down 1.73% to Rs 1,046.75), Steel Authority of India (down 1.77% to Rs 266.25), Hindalco Industries (down 3.06% to Rs 210.25) and National Aluminium Company (down 3.33% to Rs 507.90) edged lower.

Realty stocks declined. Ansal Properties & Infrastructure (down 3.05% to Rs 400.15), Peninsula Land (down 4.42% to Rs 153.65) Indiabulls Real Estate (down 3.64% to Rs 786), DLF (down 0.21% to Rs 1,136) and Unitech (down 1.89% to Rs 525.15) edged lower.

Manaksia was trading at Rs 179.70 on BSE a premium of 12.31% over the IPO price of Rs 160. It debuted at Rs 200 a premium of 25% over the IPO price. The public issue of Kolkata-based Manaksia had ended on 19 December 2007. The IPO was subscribed 9 times. It received bids for 13.61 crore shares against 1.55 crore shares on offer. The price band of the issue had been fixed between Rs 140-160.

Mahindra & Mahindra, India's biggest tractor and utility vehicle maker by revenue, rose 2.39% to Rs 830 after it acquired the business of G R Grafica Ricerca Design S.r.l (GRD), an Italian auto designing, body engineering and feasibility and styling company based out of Turin, Italy.

Adani Enterprises declined 2.57% to Rs 1,220.50 after its board approved raising of equity/equity linked instruments up to Rs 3000 crore through qualified institutional placement.

Sensex, Nifty at record closing highs

It was a good day for markets as the Sensex scaled another peak ending on a new high. But the Nifty ended flat. Most of the Asia ended weak wit Taiwan down over 4%.

Sensex ended up 125.76 points or 0.61% at 20812.65, and the Nifty up 4.80 points or 0.08% at 6279.10.

Nifty January 2008 futures were at 6290, at a premium of 10.90 points as compared to spot closing of 6279.10.The NSE's futures & options (F&O) segment turnover was Rs 70,004.57 crore, which was higher than Rs 67,181.45 crore on Friday, 4 January 2008.

Reliance Industries rose 1% to Rs 3,015.60.

Reliance Energy rose 2.94% to Rs 2,584.15 on reports Reliance Power, in which it holds 50% stake, is reportedly planning to tap the inorganic route and explore possibilities of taking over existing government power projects, including Ratnagiri Gas and Power plant at Dabhol, to scale up its generation capacity.

IT stock slipped as weaker-than-expected job growth in United States in December 2007 sparked worries that the US economy may head towards recession. Infosys (down 3.35% to Rs 1,638.10), Wipro (down 2.72% to Rs 483.35), Tata Consultancy Services (down 2.88% to Rs 976.15), Indian IT companies derive more than half of their revenues from the US market.

India’s fourth largest software service provider by sales Satyam Computer Services declined 2.08% to Rs 413.45. Satyam today said it had entered into a tie-up with Greenplum, a leading provider of database software for business intelligence, to combine Satyam's reach and expertise in delivering business intelligence (BI) solutions with Greenplum's innovative database software.

Healthcare stocks declined. Ranbaxy Laboratories (down 1.08% to Rs 420.90), Cipla (down 0.38% to Rs 211.90) and Dr. Reddy’s Laboratories (down 2.25% to Rs 712.20) edged lower.

Metal stocks also drifted lower. Tata Steel (down 0.47% to Rs 925.70), Steel Authority of India (down 1.13% to Rs 271.05), Hindalco Industries (down 1.27% to Rs 217.15) edged lower. National Aluminium Company rose 1.27% to Rs 525.40 and Sterlite Industries rose 0.63% to Rs 1,066.15.

Realty stocks gained. Indiabulls Real Estate (up 6.45% to Rs 815.65), DLF (up 2.09% to Rs 1,135.75), Unitech (up 2.54% to Rs 534.10) edged higher.

Parsvnath Developers surged 8.52% to Rs 574.20 after the company said during the market hours it had bagged a Rs 90 crore contract to build Sai Ashram at Shirdi.

Banking stocks rose. ICICI Bank (up 6.11% to Rs 1,363.90) and State Bank of India (up 0.51% to Rs 2,402.95) edged higher. India’s second largest private sector bank in terms of net profit HDFC Bank declined 2.38% to Rs 1,657.

As per reports, the mandatory licensing requirement for Indian banks to open branches may be done away with. The department of financial services is taking up the matter with the Reserve Bank of India (RBI) as banks are no more shying away from opening branches in semi-urban and rural areas.

FMCG stocks rose. ITC (up 5.26% to Rs 231.10), Nestle India (up 3.14% to Rs 1,506), REI Agro (up 5% to Rs 940.35), Hindustan Unilever (up 2.55% to Rs 237.25) edged higher.

India's second biggest listed telecommunication services provider by sales Reliance Communications rose 3.95% to Rs 790.05.

India’s largest oil exploration firm by revenue ONGC declined 3.26% to Rs 1,299.95.

India's largest engineering & construction firm in terms of revenue, Larsen & Toubro Ltd (L&T) rose 0.78% to Rs 4,277.65 on securing two major contracts from Cairn India for the construction of civil works and the consolidated construction works of Cairn's project located near Barmer in Rajasthan.

Reliance Natural Resources clocked the highest volume of 2.93 crore shares on BSE. The scrip rose 9.15% to Rs 227.85. Centurion Bank of Punjab clocked the second highest volume of 2.81 crore shares on BSE. The scrip rose 3.81% to Rs 72.25. Hindustan Motors clocked the third highest volume of 2.35 crore shares on BSE. The scrip rose 3.13% to Rs 88.85. IFCI clocked he fourth highest volume of 2 crore shares on BSE. It rose 4.44% to Rs 95.35. Reliance Petroleum clocked the fifth highest volume of 1.71 crore shares on BSE. It rose 2.6% to Rs 251.

Reliance Natural Resources clocked the highest turnover of Rs 651.35 crore on BSE. Reliance Petroleum (Rs 428.07 crore), Hindustan Motors (Rs 214.87 crore), Parsvnath Developers (Rs 211.08 crore) and Centurion Bank of Punjab (Rs 204.66 crore) were other turnover toppers on BSE in that order.