Global meltdown leads to market crash

The market witnessed a big carnage today, as widespread selling caused the index slip below the 15,100 mark shortly after the opening bell. A sharp slump across the international markets saw the Sensex resume 172 points lower at 15,250 and shed 370 points to touch the day's low of 15,052. The market soon moved above the 15,100 level, but traded below 15,200 through the session as intense selling continued in realty, banking and capital goods and other counters. The Sensex finally ended the session with a loss of 334 points at 15,088. The Nifty too came under selling pressure and lost 78 points to close at 4,504.

The market breadth was extremely weak, with the losers outnumbering the gainers by 2.14:1 on the BSE. Of the 2,576 stocks traded on the BSE 1,804 stocks declined, 840 stocks advanced and 71 stocks ended unchanged. All the BSE sectoral indices continued to trade weak and dropped around 0.50-4% each. The BSE Realty Index was the major loser and lost 4.27%, while the BSE Bankex Index shed 4.01%.

Majority of the 30 stocks of the Sensex ended in the red. Among the major losers Ranbaxy Laboratories shed 7.68% at Rs548.10, Reliance Infrastructure plunged 5.68% at Rs1,008, BHEL crumbled 5.04% at Rs1,416, Larsen & Toubro crashed 4.84% at Rs2,609.20, ICICI Bank slipped by 4.08% at Rs747.60, HDFC Bank tumbled 3.93% at Rs1,111.50, SBI lost 3.69% at Rs1,290, HDFC dropped nearly 3.29% at Rs2,198 and ONGC slumped 3.06% at Rs837.10. Select front-line counters ended in the green. M&M rose 1.11% at Rs576.45, while Wipro and Cipla closed with moderate gains.

Reality stocks witnessed a steep fall. Anant Raj plummeted 7.67% at Rs154.10, while Unitech crashed 5.82% at Rs188.60. Phoenix Mill at Rs241, Indiabulls Realty at Rs373.60, Puravankara at Rs190, Ansal infrastructure at Rs99.10, Mahindra Life at Rs541.50 and DLF at Rs478.20 tumbled over 2-5% each. Among the Bankex stocks Indian Overseas Bank plunged 7.54% at Rs109.80, Kotak Bank fell by 5.49% at Rs614.55, Bank of India lost 4.99% at Rs267.60, Punjab National Bank shed 4.99% at Rs435.25 and Axis Bank declined 4.67% at Rs718.10.

Over 1.77 crore Niraj Cement shares changed hands on the BSE followed by Chambal Fertilisers (1.03 crore shares), Anu’s Laboratories (0.85 crore shares), IFCI (0.71 crore shares) and Reliance Petroleum (0.67 crore shares).Global meltdown leads to market crash

Political worries pull market down

The northward journey of the market finally got derailed on the third day of the trading week, after a sharp bout of selling in afternoon ensured that the market remains in negative territory till the close. The last two trading sessions had seen the market register gains of over 500 points on the back of firm international markets. The overnight fall in the US markets and mixed Asian indices saw brisk activity in early trades, with the Sensex witnessing a swing of over 400 points. After resuming 47 points higher at 15,744, the index eased on profit taking and remained range-bound with a negative bias in the first half of the trading session. A wave of selling in heavyweights and select sectoral stocks triggered a major fall, with the index slipping nearly below the 15,400 mark and touching the day's low of 15,390. The Sensex however managed to erase some losses on selective buying and closed the session with losses of 275 points at 15,422, while Nifty declined by 71 points at 4,582.

The broader market was in red. Of the 2,730 stocks traded on the BSE, 1,405 stocks declined, 1,254 stocks advanced and 71 stocks ended unchanged. Among the sectoral indices only two ended in green. BSE Realty was the biggest laggard and moved down 3.50% at 5,885.75 followed by BSE Bankex index (down 3.45% at 7,306.44) and BSE IT index (down 2.39% at 4333.94). However, BSE FMCG index gained 0.37% at 2,310.11 followed by BSE Auto index (up 0.11% at 4,179.54).

Among the laggards, ICICI Bank was down 4.25% at Rs771, HDFC Bank declined by 3.40% at Rs1,161.20, Tata Steel shed 3.18% at Rs818, Larsen & Toubro dropped 3.12% at Rs2,725, Jaiprakash Associates lost 2.93% at Rs180.50 and Reliance Infrastructure fell 2.83% at Rs1,065.20. However, select heavyweights attracted decent buying support. Ambuja Cement surged 4.80% at Rs90.65, Ranbaxy Laboratories rose 2.88% at Rs598.20, Grasim Industries jumped 2.38% at Rs2,177.25, Maruti Suzuki India added 1.24% at Rs765 and Hindalco gained 0.96% at Rs174.30..

Select realty stocks witnessed considerable selling pressure. Anant Raj Industries dropped 7.46% at Rs166.90, indiabulls Real Estate lost 6.07% at Rs397.90, Puravankara Projects declined by 4.44% at Rs200.35, Sobha Developers slipped by 3.36% at Rs395.45, Unitech lost 3.31% at Rs200.25 and Phoenix Mills was down 3.04% at Rs255.30..

Over 1.49 crore Anu’s Laboratories shares changed hands on the BSE followed by Ispat Industries (1.39 crore shares), Chambal Fertilisers (1.30 crore shares), RNRL (1.27 crore shares), IFCI (1.14 crore shares) and Nagarjuna Fertilisers (1.05 crore shares).

Market gains SENSEX-206 points

The market was back on track after slipping on Friday. Though it came off its highs, but still ended firm above the 15,350 mark. The bounce from the recent sell-off was in line with the recovery witnessed in the major Asian indices, which were up around 1% each. The Sensex resumed 143 points higher at 15,333 and advanced further on substantial buying support. Buying in realty and banking stocks propelled the index to an intra-day high of 15,553 in afternoon trades. After an initial upmove, the Sensex witnessed profit taking in the second half of the session and erased most of its gains to touch an intra-day low of 15,333. The index finally wrapped up the session with gains of 206 points at 15,396, while the Nifty closed with gains of 55 points at 4,573.

Of the 2,724 stocks traded on the BSE 1,770 stocks advanced, 878 stocks declined and 76 stocks ended unchanged. Among the sectoral indices, the BSE Realty index was the major gainer and was up 3.54% at 5,870.87 followed by the BSE Bankex index that was up 2.83% at 7,255.63. The BSE IT index, the BSE Power index, the BSE Teck index, the BSE FMCG index, the BSE Metal index and the BSE PSU index ended the day in positive territory. On the other hand, the BSE CD index and the BSE Auto index ended the day in red.

Among the index heavyweights, ICICI Bank gained 4.43% while Reliance Infrastructure notched up gains of 3.97%, Bharti Airtel moved up 3.15% at Rs839.60 and NTPC scaled up 3.07% at Rs166.05. Cipla, HDFC Bank, DLF, Infosys, Hindustan Unilever and ITC were up 2% each. Wipro, HDFC, Satyam Computer Services and Larsen & Toubro gained 1% each. Tata Steel, Reliance Industries, Jaiprakash Associates, ONGC, Tata Consultancy Services and ACC also ended the day in positive territory. However, Hindalco Industries was the major loser and shed 2.31% at Rs170.65. BHEL was down 2.15% at Rs1,511.15 and Reliance Communications shed 1.52% at Rs531. SBI, Maruti Suzuki India and Mahindra & Mahindra ended in negative territory.

Over 2.58 crore Chambal Fertlisers shares changed hands on the BSE followed by Nagaarjuna Fertlisers (1.88 crore shares), Anu’s Laboratories (1.10 crore shares), IFCI (94.35 lakh shares) and Reliance Natural Resources (88.87 lakh shares).

Markets make smart recovery on industrial growth data

FIIs were net sellers by Rs 1,211.2 crore; domestic institutional investors were net buyers for Rs 500.44 crore.Oil and gas, capital goods and metal stocks were major gainers

Stocks sagged in the early hours of trade on the RBI’s hike in short-term lending rates, to make sharp recovery only hours later as the Index of Industrial Production figures came in.
The Sensex fell by a hefty 437 point intra-day; it finally closed at 15,250, witnessing a swing of more than 500 points from its day’s low of 14,748.

FIIs sold equities for the fourth consecutive day of the week; they were net sellers by Rs 1,211.2 crore. Domestic institutional investors were net buyers for Rs 500.44 crore, according to BSE and NSE’s provisional data.

Net sales of equities by FIIs in the past three days amount to Rs 2,336 crore; FII net sales in June so far amount to Rs 5,321.50 crore.

“The markets today showed remarkable recovery in spite of weak global cues and RBI’s move to increase the repo rate by 25 basis points to 8 per cent. Good IIP numbers also helped,” said Mr P.K. Agarwal, President, Research, Bonanza Portfolio Ltd.

The Index of Industrial Production (IIP) data released on Thursday for April recorded a 7 per cent growth as compared to 3 per cent in March. However, it was much lower than the 11.3 per cent growth for the same month a year ago.

“This year is going to be tough since we are dependent on FIIs inflows but they don’t seem to be in a hurry to come back; we may see another heavy fall,” said Mr Waqar Naqvi, Chief Executive, Taurus Asset Management Co. Ltd.

“When commodity prices come down, India might become more attractive for the FIIs,” said Mr Naqvi adding that “The economies of Russia, Brazil and Vietnam, where commodity stocks had 65 to 75 per cent share in the local equities markets, were not falling.”
BSE Midcap and Small cap indices outperformed the Sensex by gaining 0.53 per cent and 0.78 per cent.

Some major gainers include Rajesh Exports up over 13%, RNRL up 7%, Reliance Petro up 5%, Aban Offshore up 6%, Jyoti Structures up 13%, Deccan Chronicles up over 14%, Idea Cellular up 11%, Spice Communications up 5.5%, Neyveli Lignite up almost 5%, Bilcare and Lupin rose 5% each, Aptech rose 5.7%.Other mid and smallcap gainers included ABG Shipyard up 6.4%, Adani Enterprise up 5.6%, Amara Raja Batteries up 5.8%, Himatsingka Seide up 9%, Pantaloon up 9%, Plethico up 7%, Renuka Sugars up over 6%, S Kumars up 12%, Balrampur Chini up over 5%, Bajaj Hindustan up 6.6%, Praj Industries up 6%, City Union Bank up almost 6%, Entegra up another 10%, EIH Associated up 5% again, Fortis Financial Services (renamed Religare Renova) up 10% again, Greenply up over 7%, Indus Fila up 6% again, Lloyd Steel up 6.5%, Mangalore Chem up 10%, Nilkamal up 12%, Orient Paper up 8%, Saint-Gobain up over 7%, Shree Ashtavinayak rose almost 6% and touched its 52-week high, Valecha up 12.5%, Zandu Pharma up 10% among many others.Bang Overseas aside from Shree Ashtavinayaka, touched its 52-week high today.

Some major losers included Suzlon Energy down 7%, JSW Steel dropped 7.4%, United Breweries Ltd dropped 7.3% after yesterday's rise, Bajaj Holdings down 5%, Nahar Industrial down 7% and touching its 52-week low, Natco Pharma down 7%.

Among the sectoral indices, BSE Oil & Gas, Capital Goods and Metals were the major gainers.
The industrial sectors that were major losers on Thursday were IT, health care and automobile.

A near term trigger for the market will be corporate advance tax payments for the first installment which falls due on 15 June 2008. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. The advance tax payment by the corporate sector will give a cue on Q1 June 2008 results.

Nifty hits fresh 2008 low; Sensex falls 15,000

Realty, banking, oil & gas and power stocks led sell-off on the bourses caused by a sharp surge in global crude oil price and setback in US stocks on Friday, 6 June 2008. BSE Sensex fell below 15,000 mark for the first time since 19 March 2008. The S&P CNX Nifty hit a fresh 2008 low. All the sectoral indices on BSE were in red. The market breadth was extremely weak.

Oil prices surged by their biggest one-day gain ever on Friday, 6 June 2008, rocketing over $10 to a new record high above $139 a barrel, taking this year`s gains to 44%. Oil prices edged lower to $137.7 today, 9 June 2008.

At 11:21 IST, the 30-share BSE Sensex was down 699.51 points or 4.48% at 14,874.55. At the day`s low of 14846.18 hit during mid-morning trade, the Sensex lost 726 points.

The broader based S&P CNX Nifty was down 204 points or 4.41% at 4,423.80. It hit a low of 4411.60. Nifty fell below 2008 low of 4448.50 hit on 22 January 2008.

Oil & Gas stocks fell after global crude oil prices hit the roof. PSU oil marketing companies which had found little solace after government had hiked domestic retail fuel prices were battered today. HPCL (down 11.34% to Rs 188.75), BPCL (down 10.23% to Rs 269), and Indian Oil Corporation (down 7.31% to Rs 350.35) edged lower. Reliance Industries (down 3.78% to Rs 2147.95) and ONGC (down 6.82% to Rs 874.50) also edged lower.

Banking stocks plummeted on concerns the Reserve Bank may hike interest rates to rein in inflation which is at its highest level in nearly four years. HDFC Bank (down 5.54% to Rs 1168.95), State Bank of India (down 4.48% to Rs 1276) and ICICI Bank (down 3.98% to Rs 740.15) edged lower.

Power stocks fell. Reliance Infrastructure (down 7.15% to Rs 1022), Reliance Power (down 5.37% to Rs 183.35), PowerGrid Corporation of India (down 5.12% to Rs 82.50), Tata Power Company (down 5.49% to Rs 1205), NTPC (down 3.44% to Rs 159.85) edged lower.

India`s second largest telecom services provider by sales Reliance Communication declined 6.24% to Rs 513.60. Reliance Communication (RCom) and the South African telco MTN will reportedly decide the share swap ratio at which Anil Ambani will transfer his stake in RCom to get stake in MTN. Both the companies have reportedly agreed for the deal, which will result in RCom promoter viz. the Anil Dhirubhai Group (ADAG) emerging as the single-largest shareholder in MTN and the foreign company becoming the holding firm of RCom.

US stocks plunged on Friday, 6 June 2008, marking the Dow`s worst day in 15 months, after the US government said the May 2008 unemployment rate jumped the most in 22 years and oil prices shot to another record, renewing fears that the US economy faces 1970s-style stagflation. The Dow Jones industrial average tanked 394.64 points, or 3.13% to end at 12,209.81, its biggest drop since February 2007. The S&P 500 slid 43.37 points, or 3.09%, to finish the day at 1,360.68. The Nasdaq Composite Index lost 75.38 points, or 2.96 percent, to close at 2,474.56.

FIIs sold shares worth a net Rs 3291.20 core in the first few days of this month, till 5 June 2008. They had dumped stocks worth a net Rs 5011.50 crore in May 2008. Their outflow in calendar 2008 reached Rs 18660.60 crore, till 5 June 2008. There has been heavy buying by domestic funds led by insurance firms in the past few days, but that has failed to stop the slide on the bourses.

Brokerage earnings downgrades of Indian firms/stock prices amid rising input and interest costs for India Inc, high inflation and drying up of global liquidity due to credit crisis remain major concern for the Indian stock market. If inflation remains high, the Reserve Bank of India (RBI) would be forced to hike repo rate – a move that could choke overall growth of the economy. The Indian industry and consumer have already been reeling under high interest rates over the past few months. A further hike in rates would raise interest costs of corporate India and hit bottomline

According to rating agency CRISIL, headline inflation is expected to increase by 95 basis points on account of direct and indirect effects of the fuel price hike. The indirect impact which will be felt over the course of the next few months, it states in a note.

A section of the market is of the view that the central bank may only use the reserve requirement route to tame inflation, fearing any hike in rates would further hurt growth already seen moderating to a still strong 8%-8.5% this fiscal year from 9% in 2007/08. To rein in inflation, in its monetary policy review for 2008-09 on 29 April 2008, the RBI raised cash reserve ratio (CRR) by 25 basis points to 8.25% to suck out excess liquidity in the banking system. RBI often says pass-through of high global oil prices is incomplete in India, complicating policy making.

Another near term trigger for the market will be corporate advance tax payments for the first installment which falls due on 15 June 2008. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. The advance tax payment by the corporate sector will give a cue on Q1 June 2008 results.

Bulls emerge victorious after three days of setback

Frenzied buying coupled with short covering after three straight day's of fall triggered a solid rally in late trade. Reports of Prime Minister's resignation had spooked a sell-off in mid-morning trade. Despite the rally, the market breadth remained negative. The market witnessed choppy swings throughtout the day. Global cues were mixed.

Earlier today, the market saw firm start despite weak global cues, but slipped in red shortly on fresh selling. The market breadth was weak. Shares from oil, realty, declined while those from IT, FMCG and power rallied.

The 30-share BSE Sensex ended up 254.93 points or 1.64% at 15,769.72. Sensex gained 300.01 points at its high of 15814.80 touched during late trade. It lost 200.72 points at day's low of 15,314.02, touched in mid-morning trade.

The BSE Sensex had eroded 900.78 points or 5.48% from 16,415.57 in past three trading days to 15,514.79 on 4 June 2008. Fears of early election, uncertainity over fuel price hike and weak global markets played the spoilsport.

The market breadth was negative on BSE with 1240 shares advancing as compared to 1397 that declined. 77 remained unchanged.

The BSE Mid-Cap index rose 0.05% to 6400.29 and BSE Small-Cap index rose 0.2% to 7,735.5961. Both these indices underperformed the Sensex.

Among the sectoral indices on BSE, the BSE Consumer Durables index (down 1.42% to 4,031.72), BSE Realty index (down 0.99% at 6,326.05), BSE Auto (down 0.08% at 4,222.01), The BSE Oil & Gas index (up 0.02% to 10,061.83), BSE Capital Goods index (down 0.03% at 12,111.63), underperformed Sensex...

Among the 30-member Sensex pack, 22 advanced while the rest slipped.

India's largest wind turbine maker Suzlon Energy soared 8.66% to Rs 268.60. The stock moved up on reports that REpower Systems, in which Suzlon holds 33.6% stake, has bagged an order to supply 100 wind turbines to US-based enXco.

In a crucial development, government yesterday, 4 June 2008 agreed to raise its petrol and diesel prices by about 10% in an attempt to curb mounting losses of state-owned refiners thereby stoking inflation and risking a political backlash. After 10 days of debate over the price increase, the Cabinet also agreed to cut the import duty on crude oil to support state run refining and retailing firms. Customs duty on crude was also reduced to nil from 5%. The duty cuts would amount to Rs 22,660 crore in revenue loss, the Revenue Secretary said.

Analysts opine that higher inflationary expectations immediately gave rise to fears of a cash reserve ratio (CRR) or interest rate hike, which is a negative for markets.

US markets ended mixed in volatile session yesterday, 4 June 2008. Banks fell to their lowest level in eight years on Fed Chairman Ben Bernanke's warning that inflation is still a concern. Financials tumbled on rumors that Moody's May Put bond insurers AMBAC and MBIA on review for a possible credit rating downgrade.

Indian Markets nosedive on fears of multiyear high inflation

Fears of further spike in inflation to a multiyear high post today`s fuel price coupled with weak global markets created havoc on the bourses. The market witnessed choppy swings throughout the day. Stocks across the board were hammered brutally with all sectoral indices on BSE suffering losses
The market had witnessed a short lived recovery in early afternoon trade soon after the Cabinet Committee on Political Affairs (CCPA) approved the long awaited hike in fuel prices.

The 30-share BSE Sensex tumbled 455.99 points or 2.86% at 15,506.57, as per provisional figures. Sensex gained 30.34 points at its high of 15992.90 hit in early trade. It lost 520.22 points at day`s low of 15,442.34, touched in late trade.

The broader based S&P CNX Nifty was down 134 points or 2.84% at 4,581.90 as per provisional figures.

In a crucial development, government today agreed to raise its petrol and diesel prices by about 10% in an attempt to curb mounting losses of state-owned refiners thereby stoking inflation and risking a political backlash. After 10 days of debate over the price increase, the Cabinet also agreed to cut the import duty on crude oil to support state run refining and retailing firms.

Among the 30-member Sensex pack, 29 declined while India`s largest oil exploration company in terms of market capitalisation ONGC was the lone gainer. The stock surged 5.31% to Rs 887.05 on speculation that it may have to absorb lower subsidy burden after today`s fuel price hike.

India`s largest real estate developer in terms of market capitalisation DLF shed 4.7% to Rs 555.10. The company`s net profit rose 536.6% to Rs 2590.28 crore on 388.1% rise in sales to Rs 5532.88 crore in FY 2008 over FY 2007.

Auto stocks were subdued post oil price hike announcement. Hero Honda Motors (down 4.26% to Rs 764), Mahindra & Mahindra (down 3.2% to Rs 571.50), Tata Motors (down 4.87% to Rs 542.50), Maruti Suzuki India (down 5.07% to Rs 746.55), and Bajaj Auto (down 4.91% to Rs 551.60) edged lower.Ambuja Cements (down 5.46% to Rs 87.50), HDFC Bank (down 5.19% to Rs 1,215.95), Bharat Heavy Electricals (down 4.99% to Rs 1471.25), DLF (down 3.85% to Rs 560), edged lower from Sensex pack.European markets which opened after Indian markets were weak. Key benchmark indices from France, Germany and UK were down by between 1.23% to 1.81%.

Sensex sheds 101 points in choppy trade

The market staged a smart intra-day rebound in second half of the day`s trading session led by recovery in Reliance Industries (RIL). Panic selling in early trade by wary investors kept market depressed in the first half. Fears in the market were that Left parties might withdraw support to the government, which may lead to early election. The market witnessed choppy swings throughout the day. Cement sector was the start sector of the day.

European markets, which opened before Indian market, were mixed. Asian markets which opened before Indian market recovered from early lows.

The Revolutionary Socialist Party (RSP), a part of the Left front, is reportedly pulling out of the United Progressive Alliance (UPA)-Left coordination committee. RSP has been seeking withdrawal of support to the UPA government since the last three years. The party is now planning to to step up pressure on the other Left parties to withdraw their support to the Manmohan Singh government, reports suggest

The 30-share BSE Sensex was down 97.95 points or 0.61% at 15,965.23, as per provisional closing. Sensex lost 77.78 points at day`s high of 15,985.40 hit in mid-afternoon trade. The barometer index opened 211.46 points lower at 15,851.72 and it had slipped further to touch a low of 15,709.51 in mid-morning trade. At the day`s low, the Sensex lost 353.67 points

Among the 30-member Sensex pack, 18 declined while the rest gained.

Select Sensex stocks staged a smart recovery from early lows. Reliance Infrastructure (down 3.72% to Rs 1126.90, off day`s low of Rs 1085), HDFC (down 2.87% to Rs 2458, off day`s low of Rs 2432), Bharat Heavy Electricals (down 2.86% to Rs 1550, off day`s low of Rs 1501.15) and Jaiprakash Associates (down 2.31% to Rs 207, off day`s low of Rs 200.20) recovered.

India`s fourth largest software services exporter Satyam Computer Services shed 3.31% to Rs 501.50 after Upaid Systems said it has filed fresh claims as part of court proceedings against Satyam in a US court, which could raise possible damages beyond the earlier stated $1 billion.

India`s largest private sector engineering company in terms of order book Larsen & Toubro declined 2.44% to Rs 2845. The company said on Monday, 2 June 2008, it is seeking shareholders` approval to transfer its medical equipment and systems business to a subsidiary or to sell it.

Private sector banking shares declined tracking fall in their American Depository Receipt (ADRs) on the New York Stock Exchange yesterday, 2 June 2008. ICICI Bank lost 0.90% to Rs 757.95 after its ADR slumped 6% and HDFC Bank shed 0.40% to Rs 1306 after its ADR fell 5.5%.

Cement shares advanced on reports the government has restored benefits under the duty entitlement pass book (DEPB) scheme on export of cement, with immediate effect. India`s largest cement company in terms of sales ACC advanced 3.50% to Rs 648. The company has reportedly short listed some companies for acquisition. ACC has cash reserves of Rs 1000 crore which it would use for expansion and acquisition, reports suggest.

Prime Minister Manmohan Singh yesterday, 2 June 2008, indicated that the government is left with no option but to hike the fuel prices in the wake of soaring global crude oil prices. However government`s move to hike fuel price will face challenge from Left, and may propel inflation above 10%.

On the other hand, if government does not hike prices, oil marketing companies will go bankrupt, spoiling its report card

Back home, mounting political concern rattled bourses since second half of day`s trading session, wiping-off early gains, yesterday, 2 June 2008. The 30-share BSE Sensex lost 352.39 points or 2.15% to 16,063.18 and the broader based S&P CNX Nifty declined 130.5 points or 2.68% to shut shop at 4,739.60, on that day.

US light crude for July delivery fell 50 cents a barrel to $127.26 today, 3 June 2008, as the start of the hurricane season stirred concerns that oil and natural gas output could be disrupted in the Gulf of Mexico. London Brent crude fell 80 cents to $127.22 a barrel today.

Sensex snaps five-day falling streak

Indian market made a smart come back towards the final trading hours to close with good gains after jigging up and down through out the trading session. Buying during final hours witnessed due to the favoring cues from global markets as European markets opened on a positive note and crude oil prices tumbled below $127 a barrel. The domestic market opened higher tracking the favoring cues from the US Markets, but was not able to sustain the momentum and turned volatile due to the expiry of the derivatives contracts tomorrow. Further, buying in some key stocks like metal, banking, IT and FMCG powered the market to close in green. The capital goods and power stocks were out of favor as most of the selling was seen from these baskets. The market breadth was negative as 1312 stocks closed in green while 1358 stocks closed in red and 86 stocks remained unchanged

The BSE Sensex closed higher by 249.78 points at 16,525.37 and NSE Nifty grew by 58.55 points to close at 4,918.35. The BSE Mid Cap and Small Cap closed up by 74.62 points and 27.01 points to 6,753.53 and 8,237.09 respectively.

Gainers from the BSE are Ambuja Cement (6.66%), ITC Ltd (6.19%), Hindalco (5.96%), TCS Ltd (4.46%), Tata Steel (4.00%), SBI (3.12%), Satyam Comp (3.09%), Wipro Ltd (2.96%), JP Associates (2.64%) and Bharti Airtel (2.49%).

The Banking index closed up by 178.86 points at 7,933.50. Gainers are Axis Bank (9.51%), Kotak Bank (5.94%), PNB (3.97%), Union Bank (3.24%), SBI (3.12%), and Canara Bank (2.82%).

The IT index ended up by 116.02 points at 4,566.42. Major gainers are Mphasis Ltd (10.02%), Aptech Ltd (5.79%), TCS Ltd (4.46%), Rolta India (4.30%), Satyam Comp (3.09%), Wipro Ltd (2.96%) and NIIT Tech (2.86%).

The Capital Goods index was down by 212.23 points to close at 12,571.91. Major losers are Jyoti Struct (6.24%), Crompton Greaves Ltd (6.07%), BHEL (2.78%), Suzlon Energy (2.64%), Elecon Eng C (1.40%), Areva (1.39%) and SKF India (1.39%).

Market drifts lower after firm start

Weakness in the second half of the trading session dragged the market lower today. Banking stocks were the worst sufferers. State Bank of India slumped. FMCG and information technology stocks held firm.

Asian markets edged higher today, 27 May 2008, as bargain hunters scoured the market after five days of losses. Key indices in China, Japan, Hong Kong, Taiwan, South Korea and Singapore were up by 0.39% to 1.48%.

As per provisional closing, the 30-share BSE Sensex was down 83.71 points or 0.51% at 16,264.79. The Sensex lost 110.58 at the day`s low of 16,237.92, hit in the mid-afternoon trade. The market opened on an upbeat note tracking firm Asian stocks. Sensex climbed 157.85 points at day`s high of 16,506.35, hit in early trade

The broader based S&P CNX Nifty was down 15.2 points or 0.31% at 4859.85.The market breadth, which was firmly positive earlier, turned negative later, with 946 shares advancing on BSE as compared to 1734 stocks that declined. 78 stocks remained unchanged.

The BSE Mid-Cap index fell 1.19% to 6,680.14 and BSE Small-Cap index lost 1.35% to 8,205.84.BSE clocked a turnover of Rs 5074 crore as against Rs 4,426.96 on Monday, 26 May 2008The top Sensex losers were, Housing Development Finance Corporation (down 2.26% at Rs 2515.05), ONGC (down 1.31% at Rs 884.70), Tata Steel (down 1.08% at Rs 865.50), and HDFC Bank (down 0.93% at Rs 1334.95).India`s largest commercial bank State Bank of India slumped 4.21% at Rs 1473.India`s largest private sector firm by market capitalization & oil refiner Reliance Industries fell 1.10% at Rs 2497.20.India`s largest private sector bank by assets ICICI Bank declined 1.78% at Rs 812.The top Sensex gainers were, Satyam Computer (up 3.44% at Rs 499.70), Cipla (up 3.12% at Rs 205.20), Wipro (up 2.77% at Rs 491.90), ITC (up 2.04% at Rs 209.90) and Reliance Infrastructure (up 1.29% at Rs 1264.70).India`s second largest listed telecom services provider by sales Reliance Communication (RCom) rose 1.80% at Rs 553 on reports the proposed deal between Reliance Communications and South Africa`s MTN Group may involve an open offer by the South African telecom firm to the shareholders of Reliance Communications. The deal may result in a transfer of Anil Ambani`s two-third equity stake in Reliance Communications to MTN shareholders, the reports added.The RCom stock had tumbled 5.08% to Rs 543.20 on Monday, 26 May 2008, after the company said it was in merger talks with MTN.Cooking appliances maker Hawkins Cookers jumped 9.47% to Rs 185 after the company`s board of directors recommended a liberal dividend of Rs 10 per share in a board meeting held on Monday, 26 May 2008.Sandur Manganese and Iron Ores was locked at upper limit of 5% at Rs 1185.65 on sustained buying after the company`s management guided a whopping 10-fold jump in net profit for the year ending March 2009, on 13 May 2008.Automobile batteries maker Amara Raja Batteries jumped 0.90% at Rs 191 on reports the founders of the company have decided to form a holding corporation that will take under its wing five group companies and the newly formed Amara Raja Infra.IT firm HTMT Global Solutions soared 1.50% to Rs 365 on reports the firm is planning to acquire a mortgage-specific company in the UK. The business process outsourcing (BPO) and IT services provider may invest more than $150 million for the buyout. HTMT has internal accruals of $110 million which will be used for the acquisition, the reports added.Engineering firm Kirloskar Electric Company spurted 2.37% at Rs 188.05 on reports the firm has mounted a bid to acquire Germany`s Lloyd Dynamowerke based on an estimated enterprise valuation of about $100 million.Food products supplier Sita Shree Food Products advanced 2.13% to Rs 43.20 after the company said it had received orders from Reliance Fresh for 400 metric tonnes of wheat flour and pulses, higher from its previous order for 160 metric tonnes.Industrial equipment maker Thermax jumped 1.42% to Rs 436.15 after the company said its boiler & heater business unit has received an export order worth 14.2 million euro for supply of heat recovery steam generator to an oil company in Europe.Bhuwalka Steel Industries, which manufactures steel billets, gained 2.22% to Rs 83 after the company said it expects revenue of Rs 125 crore and rental income of Rs 12 crore a year, from redevelopment of a mill property in Bangalore.

Sensex sheds 301 points on weak global cues

The market today extended last week's steep losses on weak cues from Asian markets. Banking, and capital goods stocks suffered the most in today's slide. Information technology stocks were star performers of the session.

Asian stocks fell on Monday, 26 May 2008, as investors feared rising inflation and sluggish US economic growth would seriously dent consumer demand in the region's biggest export market. Key indices in China, Japan, Hong Kong, Taiwan, Singapore and South Korea were down by 0.60% to 3.13%.

But European markets, which opened after the Indian markets, were positive. Key indices in France and Germany were up by 0.08% to 0.25%. UK market is closed today on account of Spring Bank holiday.

The 30-share BSE Sensex was down 301.14 points or 1.81% at 16,348.50. The index lost 348.76 points at day's low of 16,300.88, hit at the fag end of the session

The broader based S&P CNX Nifty was down 71.5 points or 1.45% at 4875.05. Nifty futures were at 4878.35, a premium of 3.3 points against the spot closing.

The NSE's futures & options (F&O) segment turnover was at Rs 44103.52 crore, higher than Rs 41317.97 crore on Friday, 23 May 2008. BSE clocked a turnover of Rs 4134 crore in the cash segment as against Rs 5,389.63 on Friday, 23 May 2008.

The market breadth was poor on BSE with 667 shares advancing as compared to 2043 stocks that declined. 48 stocks remained unchanged.

India's biggest listed cellular services provider by market share Bharti Airtel advanced 3.15% at Rs 863.15 after the company decided to disengage from the ongoing talks with the South African telecom major, MTN, to explore the possibility of a merger between the two emerging markets telecom giants

Other major Sensex losers were, Jaiprakash Associates (down 5.58% at Rs 224.40), Ambuja Cements (down 5.38% and Maruti Suzuki (down 3.83% at Rs 759.85).

The key benchmark indices suffered losses in the week ended Friday, 3 May 2008 with the BSE Sensex plunging 785.30 points or 4.50% to 16,649.64 and the S&P CNX Nifty sliding 211.15 points or 4.09% to 4,946.55 .

Inflation based on the whole price index rose 7.82% in the year through 10 May 2008, marginally lower than 7.83% rise in the previous week, government data released on Friday, 23 May 2008, showed. Meanwhile, inflation for the year through 15 March 2008 was revised upwards to 8.02% compared to provisional figure of 6.68%.

Sensex slipped 349 points at 17,895 and NSE Nifty was down 96 points at 5,021.

Markets have further slipped ion to deep red as bears have tighten their grip on over the bourses. Weak start in the equity markets across Europe proved to be another sentiment dampener. Among the 30-scrip of Sensex only Hindalco is trading in green, rest al the other components are in red.

At 3:00 pm (IST), the BSE 30-share Sensex slipped 349 points at 17,895 and NSE Nifty was down 96 points at 5,021.

Infosys has edged lower by 0.2% to Rs1867. Reports stated that the company hired consultant to chalk out revamp plan. The scrip has touched an intra-day high of Rs1899 and a low of Rs1855 and has recorded volumes of over 10,00,000 shares on NSE.

Lanco Infra has slipped by 6% to Rs542. The company said that it secured US$150mn IFC credit for power projects. The scrip has touched an intra-day high of Rs578 and a low of Rs542 and has recorded volumes of over 15,00,000 shares on NSE.

Areva T&D has slipped by 3.2% to Rs1580. The company on Wednesday announced that they would invest Rs7bn into three greenfield manufacturing units in India. The scrip has touched an intra-day high of Rs1648 and a low of Rs1570 and has recorded volumes of over 8,000v shares on NSE.

Dabur Pharma is trading flat at Rs73. Reports have stated that they have secured FDA nod for prostrate cancer drug. The scrip has touched an intra-day high of Rs73.40 and a low of Rs73 and has recorded volumes of over 23,000 shares on NSE.

Satyam Computers has marginally slipped by 0.5% to Rs491. According to reports, GE Healthcare along with Satyam would support customers deploying healthcare IT solutions based on GE Centricity enterprise software. The scrip has touched an intra-day high of Rs500 and a low of Rs472 and has recorded volumes of over 18,00,000 shares on NSE.

Unity Infra has edged higher by half a percent to Rs533 after the company said that they bagged an order worth Rs3.8bn from Haryana State Roads. The scrip has touched an intra-day high of Rs548 and a low of Rs521 and has recorded volumes of over 63,000 shares on NSE.

Sensex sheds 205 points as oil boils; banking, realty shares drop

The market could not hold on to the last week’s gains as weak global markets and record high oil prices weighed on the market sentiment today. Concerns about a further monetary tightening by the Reserve Bank of India (RBI) heightened after RBI governor Y V Reddy today said inflation rate was totally unacceptable and the official data underestimates the actual rise.

The wholesale price index rose 7.83% in 12 months to 3 May 2008, higher than previous week's annual rise of 7.61%, government data released on Friday, 16 May 2008, showed. It was the highest since an annual reading of 7.93% on 6 November 2004.

Crude-oil futures marked their first close above $127 a barrel Monday 19 May 2008, with the market extending last week's strength on growing concerns about energy supply and demand from China.

The 30-share BSE Sensex lost 204.76 points or 1.17% at 17,230.18. Sensex lost 298.68 points at day’s low of 17,136.26 touched in late trade.

The broader based S&P CNX Nifty was down 52.75 points or 1.02% at 5,104.95. Nifty May 2008 futures were at 5102, at a discount of 2.95 points as compared to spot closing of 5104.95.However, the market breadth was positive. Consumer durables stocks were mixed. Banking, healthcare and realty stocks declined.

The NSE's futures & options (F&O) segment turnover was Rs 33,290.93 crore, which was lower than Rs 37,876.68 crore on Friday, 16 May 2008.The BSE Mid-Cap index was down 0.33% to 7,106.06 while the BSE Small-Cap index rose 0.44% to 8,658.61. Both these indices outperformed the SensexBSE Health Care index (down 1.19% at 4,269.84), BSE PSU index (down 1.82% to 7,651.74), BSE Realty index (down 1.87% at 7,894.10), BSE Bankex (down 1.98% at 8,763.85) underperformed Sensex.

BSE Consumer Durables index (up 2.7% to 4,706.29), BSE Metal index (up 0.7% to 15,176.97), BSE Auto index (up 0.13% at 4,763.69), BSE IT index (down 0.01% to 4,467.15), BSE TecK index (down 0.57% to 3,534.49), BSE Power (down 0.83% to 3,304.79), BSE FMCG index (down 0.93% at 2,484.94), BSE Capital Goods index (down 0.97% at 13,563.48), BSE Oil & Gas index (down 1.06% to 11,169.61) outperformed Sensex.

European markets were in the red. Key benchmark indices in France, Germany and UK were down by between 0.93% to 1.3%. Asian markets were trading lower today, 20 May 2008. Key benchmark indices in China, Hong Kong, Japan, Singapore South Korean and Taiwan were down by between 0.24% to 4.48%.The market breadth was positive on BSE with 1,431 shares advancing as compared to 1,292 that declined. 66 remained unchanged.Among the 30-member Sensex pack, 23 declined while the rest gained.

India’s largest tractor maker by sales Mahindra & Mahindra declined 1.31% to Rs 653.50. It is reportedly eyeing Italian motorcycle marque brands — Cagiva and MV Agusta. The Castiglioni family, which owns flagship MV Agusta and Cagiva motorcycle brands, has been facing financial troubles for some time and has been on the look out for a potential acquirer, the reports added.

India’s largest car maker by sales Maruti Suzuki India was down 1.06% to Rs 810.25. It has reportedly increased prices of cars by up to Rs 18,000 because of higher raw material costs.India’s largest engineering and construction firm by sales Larsen & Toubro declined 0.83% to Rs 2,971.50. The company announced today it had received electrical project orders worth Rs 640 crore in the Gulf region.

Satyam Computer Services (up 1.32% to Rs 494.60), Tata Motors (up 1.28% to Rs 678.35), Infosys (up 0.86% to Rs 1,887.20), Tata Steel (up 0.42% to Rs 894.65), ACC (up 0.35% to Rs 682.45), Ranbaxy Laboratories (up 0.04% to Rs 510.90), edged higher from the Sensex pack.Jaiprakash Associates (down 5,22% to Rs 256), Reliance Infrastructure (down 4.53% to Rs 1,394.40), Bharat Heavy Electricals (down 3.28% to Rs 1,736.50), Bharti Airtel (down 2.65% to Rs 828.75), NTPC (down 2.64% to Rs 186), Tata Consultancy Services (down 2.4% to Rs 952.75) edged lower from Sensex pack.

Aishwarya Telecom clocked the highest volume of 1.46 crore shares on BSE. IFCI (1.4 crore shares), Ispat Industries (1.14 crore shares), Cairn India (91.4 lakh shares), Nagarjuna Fertilisers and Chemicals (89.36 lakh shares), were the other volume toppers in that order.

Cairn India clocked the highest turnover of Rs 290.82 crore on BSE. Mundra Port and Special Economic Zone (Rs 263.59 crore), Housing Development and Infrastructure (Rs 256.23 crore), Aishwarya Telecom (Rs 171.34 crore) and Suzlon Energy (Rs 168.38 crore), were the other turnover toppers in that order.

US markets ended mixed on Monday 19 May 2008 after a late-day sell-off. Weakness in techs, retail and housing prompted traders to lock in some profits. The Dow gained 41.36 points, or 0.32%, to 13,028.16. The S&P 500 rose 1.28 points, or 0.09%, to 1,426.63. The Nasdaq composite index was down 12.76 points, or 0.50%, to 2,516.09.Back home on Friday 16 May 2008, the 30-share BSE Sensex rose 81.40 points or 0.47% at 17,434.94. The broader based S&P CNX Nifty advanced 42.45 points or 0.83% at 5,157.70. The market was closed on Monday, 19 May 2008, for a public holiday.

The BSE Sensex had risen 697.87 points or 4.17% to 17,434.94 in the week ended Friday, 16 May 2008. The S&P CNX Nifty rose 175.10 points or 3.51% to 5157.70 in the week.

Sensex ends up 225 points at 16978 while Nifty ends up 54 points at 5012

Choppiness has been noticeable over the past few trading sessions. Though indices rose well by closing time in today's trading session as compared to yesterday's lackluster performance, this was accomplished on thin volumes. To my mind, perhaps we will soon witness lower levels, as investors get increasingly jittery. The fundamental issues have still not been resolved. Oil is creeping up, inflation is rising higher and faster all over the world, ecological disasters are fueling a vicious cycle. Global markets too perked up a bit today, however individual company reports do not seem to be good with Sony reporting operating losses and foreclosures in the US rising.On the local front, the indices closed pretty well, considering the rather lousy start to the day.

The Sensex closed 1.35% and the Nifty 1.09% higher. BSE Midcaps closed 0.47%, CNX Midcaps closed 0.88% and BSE Smallcaps closed 0.44% higher.Sectorwise, metals and IT outshone the rest. The BSE Metal Index closed 4.36% higher, IT Index closed 3.8% higher. Consumer Durables closed 2.4% higher, Healthcare 1.78% and Auto 1.05% higher. All defensive segments. The rest of the sectors closed dismally flat to negative.

The chief driver of the metal index was Hindustan Zinc, up 17%, following the trend of rising zinc prices in the commodity markets due to concerns of reduced supply after the Chinese earthquake on Monday. Other major gainers include Hindalco up 6.9%, Jindal Steel up 6%, and most others up around 4%.

TCS was the chief performer today, up 7% with the rupee continuing to weaken, touching Rs 42.665. NIIT closed 5.5% higher. HCL Tech, I-flex, Infosys closed around 4.5% higher.
Titan Industries rose 8%. Dr Reddy's rose over 8%, Orchid Chemicals rose 7%.
There was bad news on the oil companies front with the government reluctant to shoulder subsidy burdens. It appears ONGC might have to give away more discounts to state-owned refining companies with crude oil prices rising, and the company's share price dragged the Sensex and Nifty down during early trade. Dredging Corporation and Shipping Corporation, beneficiaries of rising oil prices, showed gains of 5% and 6% respectively.

Cement companies such as Mysore Cement and Shree Cement dropped around 3% from the news of their dropping prices despite high input costs because of fear of competition due to increasing supplies and banned exports.Other gainers included Lanco Infratech up over 10% (some news regarding a huge order bagged by the company), Inox Leisure up 7.7%, ICI India up 6%, Alok Industries up 9%, Chambal Fertilizers up over 6%, Deccan Aviation up 6%, Electrosteel Castings up 7.5%, Geometric Software up 6.8%, Abhishek Industries up 5.5%, Binani Industries up over 5%, HTMT Global rose 6.7%, Kirloskar Pneumatic rose 8%, Ramco System rose 8% on thin volumes, Sonata Software up 8%, Zylog Systems up 6.6%.Arihant Foundations dropped 9%, Kewal Kiran dropped 6%.Market breadth on closing was positive with 1540 advancing to 1350 declining stocks on the BSE and 640 advancing to 510 declining stocks on the NSE. Total market turnover just managed to cross Rs 51000 crores.

Sensex falls 344 points on weak global cues, higher inflation

The market extended losses in the mid-afternoon trade. Weak global cues and a surge in inflation to more than three year high dampened the investor sentiments today. Consumer durables and FMCG stocks bucked the weak market trend. Bharti Airtel held firm.

Inflation based on wholesale prices rose 7.61% in the 12 months to 26 April 2008, marginally higher than previous week`s annual rise of 7.5%, government data released in early afternoon trade showed.

European markets, which open after Indian markets, were trading lower. Key indices in UK, France and Germay were down by 1.13% to 2.04%. Asian markets, which opened before Indian market, were trading lower. Key indices in China, Hong Kong, Japan, Singapore, South Korea and Taiwan were down by 0.36% to 2.06%.

At 14:20 IST, the 30-share BSE Sensex was down 198.65 points or 1.16% at 16,882.01. The index lost 236.56 points at day`s low of 16,844.09, hit in the mid-afternoon trade. Sensex rose 45.3 points at the day`s high of 17,125.95, hit in early trade.

The market breadth was weak on BSE with 928 shares advancing as compared to 1704 stocks that declined. 61 stocks remained unchanged

India`s biggest cellular service provider by market share Bharti Airtel spurted 3.55% to Rs 856.75. Some reports suggested Bharti Airtel may make an offer to acquire MTN Group next week.India`s largest private sector firm by market capitalization and oil refiner Reliance Industries slipped 3.34% to Rs 2577.

The BSE Consumer Durables index was up 0.66% at 4,439.22. Rajesh Exports (2.46% at Rs 99.90), Blue Star (down 2.43% at Rs 454), Gitanjali Gems (down 1.46% at Rs 274) and Videocon Industries (down 0.55% at Rs 368.25), moved higher

The BSE FMCG index was up 0.17% to 2,449.18. Nestle (up 2.33% at Rs 1,795), Godrej Consumer Products (up 0.70% at Rs 137.05), ITC (up 0.70% at Rs 216.55), Tata Tea (up 0.52% at Rs 915) and Britannia Industries (up 0.37% at Rs 1,370.05), gained

US markets rebounded from early lows on Thursday, 8 May 2008, led by technology stocks. Retailers` monthly sales reports also helped ease concerns about an economic downturn. The Dow Jones industrial average rose 52.43 points, or 0.41%, to 12,866.78. The Standard & Poor`s 500 index gained 5.11 points, or 0.37%, to 1,397.68, and the Nasdaq Composite index advanced 12.75 points, or 0.52%, to 2,451.24.

Weak global markets, record oil prices pull domestic bourses lower

Bulls were unable to find any movement in today’s trade. Market was negative most part of the day with IT under stress on account of depreciating rupee. Global cues remain negative for the most part of the day, dragging the indices lower. Momentum was seen in oil and gas drilling companies with Oil touching all time high’s of US$123.

Finally, the BSE benchmark Sensex ended 258 points lower to close at 17,080 and the Nifty index lost 53 points to close at 5,081.

Overall about 1,106 stocks advanced; 1,589 stocks declined while 51 stocks remained unchanged. Among the 50-Nifty 35 stocks ended in red and 15 stocks ended in green.

Among the BSE Sectoral indices, BSE Bankex index (down 3%), BSE IT index (down 3%) and BSE FMCG index (down 2.7%). The BSE Metal index was the only gainer (up 0.5%).

TCS declined by 2.2% to Rs943. The company announced that it has renewed its managed services contract with one of the world’s leading long haul airlines Virgin Atlantic. By entrusting the management of its IT infrastructure and applications management to TCS, Virgin Atlantic is in a position to focus on core business activities and flex with the future challenges of the international airline industry. The scrip touched an intra-day high of Rs971 and a low of Rs919 and recorded volumes of over 2,00,000 shares on BSE.

Uttam Galve steels dropped by over 3% to Rs38 after the company said that it cut galvanized steel prices. The scrip touched an intra-day high of Rs40 and a low of Rs38.45 and recorded volumes of over 76,000 shares on BSE.

Ashok Leyland declined by over 3% to Rs40. The company announced that its Q4 net profit was at Rs1.81bn (up 5.2%) revenues were at Rs25.7bn (up 11.2%). The scrip touched an intra-day high of Rs41 and a low of Rs40 and recorded volumes of over 31,00,000 shares on BSE.

Patni Computer was down by a 2% to Rs271. The company on Thursday announced that it has partnered with Schindler, a leading global mobility company, for the development, enhancement and testing services for Schindler's double-deck elevator. The scrip touched an intra-day high of Rs283 and a low of Rs267 and recorded volumes of 1,00,000 over shares on BSE.

IFCI was down by 3.5% to Rs60 after LIC seeks to dilute its holding in the company and is awaiting cues from the government on its future strategy, reports stated. The insurance major has approached the IFCI management to reduce its holding from 11.39% to 8.39%, the level it was at prior to conversion of debt into equity earlier this year, according to reports. The scrip touched an intra-day high of Rs61 and a low of Rs57 and recorded volumes of over 14,00,000 shares on BSE.

Videocon Industries was up by 3% to Rs366 after reports stated that the company would be setting up a multi-product industrial park and a 1,320 MW thermal power plant in the West Godavari District of Andhra Pradesh. The scrip touched an intra-day high of Rs372 and a low of Rs345 and recorded volumes of over 6,00,000 shares on BSE.

Indiabulls Real Estate dropped by over 1.5% to Rs547. The company announced that it acquires Dev Property development. The scrip touched an intra-day high of Rs554 and a low of Rs520 and recorded volumes of over 5,00,000 shares on BSE.

HCL Technologies declined by over 2% to Rs288. The company has announced a significantly expanded partnership with Serena Software, Inc. Further strengthening a seven relationship between the two companies, HCL will now provide end-to-end product development, sustenance engineering and release managemønt for Serena PVCS Professional and Serena Dimensions RM, and will open a dedicated offshore development center for Serena. The scrip touched an intra-day high of Rs295 and a low of Rs283 and recorded volumes of over 39,000 shares on BSE.

MRPL was down by over 5% to Rs97. During the Q4 ended 31st March 2008, MRPL recorded tunover of Rs1081.2mn and earned net profit of Rs22.5mn after providing the interest Rs3.6mn, Depreciation Rs9.5mn and Tax Provision Rs8.4mn. During the Financial year ended 31st March 2008, company has earned net profit of Rs127.2mn as compared to Rs52.5mn in the previous year, after providing interest and finance charges of Rs14.8mn, depreciation of Rs37.8mn and tax liability of Rs46.1mn.The exports during the year were Rs1123.2mn. The scrip touched an intra-day high of Rs102 and a low of Rs96 and recorded volumes of over 25,00,000 shares on BSE.

Tata Investment gained by 2.5% to Rs542 after the company announced that the Board of Directors of the Company would meet on May 16, 2008 to consider raising of additional long term funds. The scrip touched an intra-day high of Rs550 and a low of Rs530 and recorded volumes of over 5,000 shares on BSE.

May futures premium widens, Nifty support at 5000 levels

MUMBAI: Equity indices on Tuesday pared some losses on the back of gains in IT shares, after touching the days' low due to weakness in European markets. Nifty ended 0.92 per cent lower but managed to close above its 100 DMA. In futures, Nifty May ended at 5162, a premium of 18 points to the spot. The contract added 6.70 lakh shares in open interest while price slipped 0.72 per cent. Nifty 5200 call added 2.15 lakh shares and 5300 call on Nifty May added just about 17,550 shares in open interest. However, 5000 and 4800 puts added about 4 lakh and 2 lakh shares respectively in open interest. "Widening premium coupled with positive cost of carry indicates forming of long positions in Nifty futures.

Build up of positions in 5200 calls and 5000 puts hints at narrow Nifty levels. Immediate support is seen at 5000 levels. If the support is breached it may come down to 4800 levels," said an analyst with local brokerage.

IT stocks were the biggest gainers today as the rupee depreciated against the dollar to an 8-month low and on fresh buying as these stocks seem undervalued. However, realty stocks were the worst hit.

In stocks futures, Polaris May contract gained 9 per cent and open interest added 4.31 lakh shares. Tech Mahindra ended at Rs 962, a premium of Rs 9 to the spot. Reliance Industries slipped 0.48 per cent while open interest was up 3 per cent. Bharati Airtel May contract price fell 4.9 per cent while it added 11 lakh shares in open interest. In realty stocks, DLF May price dropped 4.5 per cent. Unitech skid 6.5 per cent and HDIL fell 5.5 per cent. Today F&O turnover on NSE was provisional Rs 32,856 crore, down 0.3 per cent.

Sensex down 109 points at 17491 and Nifty 36 points dn at 5191

The market was extremely choppy during intra-day trades, as stocks gyrated between zones amid strong volatile moves. After opening slightly above its previous close at 17,687, the index gained more ground on sustained buying support to touch the day's high of 17,736, 136 points above its previous close of 17,600. While the index remained firm above the 17,700 mark for some time, it took a sharp downward turn in noon trades on resumption of hectic selling pressure and tumbled to an intra-day low of 17,457, down 279 points from the day's high. Buying in select counters saw the Sensex erase most of its losses by the closing hours, but still ended with losses of 109 points at 17,491. The Nifty, too, witnessed sideways movement and declined 36 points to close at 5,191.

However, the market breadth ended positive. Of the 2,776 stocks traded on the BSE, 2,639 stocks advanced, 1,099 stocks declined and 38 stocks ended unchanged. The BSE CD lost 2.22% while the BSE Auto index, the BSE IT index, the BSE Teck index, the BSE Power index, the BSE CG index and the BSE Oil & Gas index ended with marginal losses. The BSE PSU index, the BSE Realty index, BSE HC index and the BSE Metal index, however, finished in the green.

Among the laggards, Wipro slumped 2.41% at Rs490.10, SBI dropped 2.36% at Rs1,779.20, HDFC shed 2.30% at Rs2,710.05 and DLF was down 2.10% at Rs705.05. Mahindra & Mahindra, Tata Consultancy Services (TCS), Ambuja Cement, Satyam Computer Services, Hindalco and Reliance Communications were down around 1% each. Cipla, however, moved up 1.43% at Rs216. Tata Steel advanced 0.70% at Rs802.55, Grasim Industries gained 0.65% at Rs2,384.10 and ACC jumped 0.56% at Rs757.75.

Select IT stocks came under selling pressure. I-Flex, Aptech, Tech Mahindra, NIIT Technology, HCL Technologies, Rolta India, Mphasis, Wipro, TCS and Satyam Computer Services were down 1-5% each.Sesa Goa at Rs4,390, Dalal Street at Rs2,499, Sterling Biotech at Rs210, G S Auto at Rs123.45, Suashis Diamond at Rs349, Well pack at Rs61.50, Radhe Developers at Rs150, Rai Agro at Rs1,675 and India Tourism at Rs99.60 touched new all-time highs.

Over 1.86 crore Tata Teleservices shares changed hands on the BSE followed by Kashyap (1.47 crore shares), ISPAT Industries (1.40 crore shares), IFCI (1.22 crore shares) and RNRL (1.09 crore shares).Valuewise, Titagarh registered a turnover of Rs225 crore followed by HDFC (Rs198 crore), Reliance Industries (Rs197 crore), Unitech (Rs166 crore) and Jaiprakash Associates (Rs154 crore).

Sensex closes above 17,600

The Market remained buoyant on strong FII inflows and lifted the Sensex past the 17,600 mark. Resuming on a positive note at 11,384, 273 points above its previous close of 17,287, the Sensex advanced further and surged past the 17,600 mark in the afternoon. A positive close in most of the Asian indices with gains of over 2% each triggered a major rally in heavyweight, bankex, auto and realty stocks that helped the index surge to an intra-day high of 17,621. The Sensex finally closed with gains of 313 points at 17,600, while the Nifty added 62 points to close at 5,228.

The breadth of the market was positive. Of the 2,767 stocks traded on the BSE, 1,396 stocks advanced, 1,300 stocks declined and 71 stocks ended unchanged. Among the sectoral indices, the BSE Bankex index gained 3.66% followed by BSE Auto index, which was up 2.86%, BSE Realty index was up by 2.51%, BSE IT index rose up by 2.27% and BSE CG index surged up by 2.25%. BSE Power jumped by 1.92%, BSE Oil & Gas index moved up by 1.82%, BSE PSU moved up 1.13% and BSE Teck index was up by 1.00%. BSE CD index, BSE FMCG index and BSE HC index also ended the day in positive territory. However BSE Metal index ended the day in red and was down by 1.56%.

Leading the upsurge in the Sensex, Reliance Energy soared by 6.85% at Rs1,523.30. ICICI Bank advanced 6.38% at Rs935.50, Maruti rose 6.21% at Rs788, Jaiprakash advanced 5.77% at Rs286.95, L&T added 4.58% at Rs3,141.05, Tata Motors jumped 4.27% at Rs690.45 and Mahindra & Mahindra gained 2.98% at Rs690.35. Wipro advanced 2.78% at Rs502.20, State Bank of India rose 2.58% at Rs1,822.15, Satyam Computer Services advanced 2.47% at Rs494.10, TCS added 2.31% at Rs940.75, RIL jumped 2.29% at Rs2,674.85, DLF gained 2.11 % at Rs720.12, Infosys scaled up 2.04% at Rs1,789.50, NTPC moved up by 2.01% at Rs200.70 and HDFC Bank was up 1.59% at Rs1,538.95. However, Hindalco dropped 4% at Rs185.85, Reliance Communications was down by 3.20% at Rs561.20, while Tata Steel, Grasim, HDFC, Ambuja Cement, ACC, Cipla, Bharti Airtel and HUL also ended at lower levels.

Banks stocks rallied sharply. Federal Bank was among the major gainers and was up by 5.54% at Rs253.55, Bank of India surged 5.27% at Rs360.70, Kotak Bank soared 4.10% at Rs821.70, Karnataka Bank advanced 3.91% at Rs209.90, Indian Overseas jumped 3.14% at Rs152.85 and Allahabad Bank closed stronger by 3.08% at Rs87.05, SBI, Yes Bank, Union Bank, Centurion Bank of Punjab, Canara Bank, HDFC Bank, Bank of Baroda and Andhara Bank were up by 1% each. However Punjab National Bank ended the day in red and was down by 1.74% at Rs541.30.

On the volume front, over 2.66 crore IFCI shares changed hands on the BSE followed by ISPAT Industries (1.24 crore shares), RNRL (1.13 crore shares), Kashyap (0.73 lakh shares) and Idea Cellular (0.69 lakh shares).

Sensex 362 points 17378 and NSE Nifty closed at 5,195 up 105 points.

Bulls staged a smart comeback on the bourses today with the NSE Nifty closing above the 200 DMA (daily moving average) for the first time since February 29. Banks led the rally after the RBI left the repo rate and reverse repo rate unchanged and hiked the CRR by 25 bps. Realty stocks too welcomed the RBI move. Finally, the BSE 30-share Sensex closed at 17, 378 up 362 points and NSE Nifty closed at 5, 195 up 105 points.

IT shares zoomed after the Government extended tax sops to software companies for a year till March 2010. Metal shares too joined the party despite the Government scrapping customs duty on steel and imposing export duty on steel products. Other prominent gainers included Consumer Durable and Oil & Gas.

After a cautious opening, bulls suddenly stepped up their buying spree post the RBI's announcement of the annual policy at noon. Stocks gained further momentum after Finance Minister P. Chidambaram announced the extension of tax breaks for IT companies and PSU oil refiners.

Satyam Computers surged by over 8% to Rs479 following reports stating that Mindtree Consulting and Satyam Computers bagged a three year contract from Arcelor Mittal. The scrip touched an intra-day high of Rs486 and a low of Rs439 and recorded volumes of over 24, 00, 000 shares on BSE.

TCS gained by over 3% to Rs910 following reports stating that the company bagged Rs4.5bn contract from Scottish Water, a UK based utility firm. The scrip touched an intra-day high of Rs933 and a low of Rs872 and recorded volumes of over 7, 00, 000 shares on BSE.
Tata Steel rose by 4% to Rs808 following reports stating that the company would join hands with MMTC for acquiring mining assets abroad through a special purpose vehicle (SPV). The scrip touched an intra-day high of Rs819 and a low of Rs775 and recorded volumes of over 17, 00, 000 shares on BSE.

GAIL gained by 0.5% to Rs439 following reports stating that the company would be a part of the consortium building the US$7.6bn Turkmenistan-Afghanistan-Pakistan-India gas pipeline by 2015. The scrip touched an intra-day high of Rs447 and a low of Rs431 and recorded volumes of over 1, 50, 000 shares on BSE.

IOC surged by over 0.5% to Rs448. Reports said that the company will seek board approval for doubling of its borrowing limit to create a war chest of Rs800bn to fund a major acquisition in E&P sector. The scrip touched an intra-day high of Rs465 and a low of Rs439 and recorded volumes of over 1, 50, 000 shares on BSE.