Pre Session Commentary - Aug 14 2008

The Indian Market is expected to have negative opening on weak global cues as US markets closed on downbeat note and Asian markets are trading lower. On Wednesday, the Indian market closed with losses on the back of intense profit booking that was seen in key stocks ahead of SEBI meeting scheduled on 13th August to review the regulatory framework governing P-notes. Weak cues from European markets also dampened investor sentiment. The domestic market opened weak tracking cues from the global markets. Market slipped further to continue in negative territory. Further it continued to lose ground till the end of session. Investors were cautious on SEBI meet on participatory notes. NSE Nifty ended below 4,600 mark and BSE Sensex below 15,100 level. From the sectoral front, interest sensitive sectors like Bank and Realty along with Capital goods and Consumer Durables were under selling pressure while IT, Pharma and FMCG stocks gained the ground. The BSE Sensex closed lower by 119.01 points at 15,093.12 and NSE Nifty ended down by 23.20 points at 4,529.05. The BSE Mid Caps closed with losses of 6.16 points at 5,929.37 while Small Caps closed with gains of 9.35 points at 7,229.77.

We expect that market may remain voaltile during the trading session. Also, the inflation number for the week ended 26th July 2008, due to be released today evening will be a major concern for the market.

SEBI meeting was scheduled yeasterday to review the regulatory framework governing P-notes. SEBI has brought down the timeline for rights issue of shares. Rights issues could now be completed in just 43 days after filing, instead of the existing 109 days.

On Wednesday, the US market was closed lower with loss in economic sector led fresh worries about the financial sector and rise in crude oil. Crude prices rallied 2.9% to $116.31 per barrel after U.S. government data showed that crude stockpiles unexpectedly declined and gasoline inventory levels posted a steep drop.

The Dow Jones Industrial Average (DJIA) closed lower by 109.51 points at 11,532.96 along with S&P 500 index closed down by 3.76 points at 1,285.83 and NASDAQ closed at 2,428.62 lower by 1.99 points.

Indian ADRs ended mixed. In technology sector, Infosys ended higher by (0.88%) while Patni Computers dropped by (2.38%) along with Wipro by (1.06%) and Satyam by (0.97%). In banking sector, HDFC bank and ICICI bank lost (4.02%) and (1.96%) respectively. In telecommunication sector, MTNL gained (1.35%) while Tata Communication ended down by (0.87%). However, Sterlite industries increased by (3.61%).

Today the major stock markets in Asia are trading Mixed. Japan's Nikkei is trading lower by 39.16 points at 12,983.89 along with Hang Seng index trading down by 27.67 points at 21,265.65, Taiwan Weighted trading at 7,282.27 dropped by 10.07 points and Singapore''s Straits Times is flat at 2,811.45. However, Seoul Composite gained 2.38 points at 1,565.1.

The FIIs on Wednesday stood as net seller in equity and net buyer in debt. The gross equity purchased was Rs2,636.50 Crore and the gross debt purchased was Rs354.50 Crore while the gross equity sold stood at Rs3,020.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs384.30) Crore and net debt was Rs354.50 Crore.

The Indian rupee on Wednesday ended at 42.65/66 per dollar, off a low of 42.77, its weakest since July 29, and 0.7% weaker than 42.37/38 at close on Tuesday

Today, Nifty has support at 4,445 and resistance at 4,598 and BSE Sensex has support at 14,795 and resistance at 15,368.

Market may extend fall as Sebi takes no decision on PNs

The market may extend last two days' fall with Sebi taking no decision on participatory notes (PNs) at its board meeting on Wednesday, 13 August 2008. But traders may refrain from taking large positions ahead of a long weekend. The market remains closed on Friday, 15 August 2008, on account of Independence Day.

Some expectations were that Sebi may extend the period for unwinding PNs, on underlying derivatives from 18 months to 24 months. PNs are issued by foreign institutional investors registered in India to unregistered overseas investors. In October 2007, Sebi had also restricted issuance of PNs in the spot segment to 40% of assets under custody and expectation was that it might raise the cap to 45% from 40%.

The government will today, 14 August 2008, release inflation data for the year through 2 August 2008, after trading hours. Inflation based on the wholesale price index rose 12.01% in 12 months to 26 July 2008, slightly above the previous week's annual rise of 11.98%. It was the highest reading in 13 years.

US stocks fell on Wednesday, 13 August 2008, as persistent concerns about the credit crisis hurt bank shares while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending. The Dow Jones industrial average fell 109.51 points, or 0.94%, to 11,532.96, while the Standard & Poor's 500 Index slipped 3.76 points, or 0.29%, to 1,285.83. The Nasdaq Composite Index was down 1.99 points, or 0.08%, at 2,428.62.

Asian stocks were mixed today, 14 August 2008. Key benchmark indices in Hong Kong, South Korea and Taiwan were up by between 0.02% to0.1%. Key benchmark indices in China, Japan and Singapore were down by between 0.03% to 0.8%.

US crude oil for September 2008 delivery gained $2.99 to settle at $116 a barrel on Wednesday, 13 August 2008, after the latest US inventory report showed declines in oil and gasoline stockpiles.

Sebi on Wednesday, 13 August 2008, slashed the time period of rights issues to 43 days from current 109 days. Sebi has also changed the pricing rules with issue of shares by companies to qualified institutional buyers (QIB) in light of volatile markets. A QIB issue will now be based on the average share price of the previous two weeks, rather than a choice of an average of two weeks or six months, whichever is higher.

The market regulator has also extended the deadline for companies reporting consolidated results to two months from the quarter-end from one month now

Profit taking after a recent solid surge pulled the barometer index BSE Sensex down 410.80 points or 2.64% to 15,093.12 on Wednesday, 13 August 2008, from a recent high of 15503.92 hit on 11 August 2008.

As per provisional data released by the stock exchanges, foreign funds on Wednesday, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.

A subdued session likely

The only real prison is fear, and the only real freedom is freedom from fear.

The bulls have been acting much more freely over the past few weeks, thanks largely to falling crude oil prices and relatively stable inflation. A good pick up in monsoon has also helped ease some of the concerns over food price inflation. And, though the latest IIP numbers were not spectacular, they were still better than the previous month's figures. A rally in global markets, led by the US, has also supported the resurgence in the overall sentiment.

This week hasn't been as good as the last few ones, but the bias remains positive in the near term. We expect the undertone to improve today after a two-day breather. However, the extended weekend coupled with subdued global markets could check further gains. The much-hyped SEBI Board meeting could disappoint the bulls due to lack of announcement on the P-Note issue, though the regulator has made it easier to raise money.

Inflation numbers will be released after the market closes today. The WPI-based inflation has crossed 12%, and is likely to inch up slowly. There is talk of it remaining in double-digits for a considerably longer period, before it starts coming down. A further drop in crude oil prices will surely help, though the Government has ruled out reduction in fuel prices as of now. The ongoing correction in global commodity markets and a good kharif harvest will come in handy.

All this will take a while though, and the market could remain range-bound with alternate bouts of buying and selling. Though the market may not test previous lows, one cannot completely rule out a sharp fall from current levels. Globally, things are still pretty bad in terms of slowing economic growth and persistent pain in the financials. On the local front too, macro-economic headwinds are still in place. For the day though, the market could turn buoyant after a slow start.

Asian stocks fell, led by financial companies, after condominium builder Urban Corp. filed for bankruptcy and Merrill Lynch said the credit crisis isn't over. Commodity producers gained after oil and metal prices rose.

The MSCI Asia Pacific Index lost 0.3% to 125.85 as of 10:45 a.m. in Tokyo, a third day of declines and set for the lowest close since September 2006. The index is down 20% this year.

The Nikkei 225 Stock Average in Tokyo ended the morning session down 39.16 points or 0.3% at 12,983.89. Hong Kong's Hang Seng Index was down 33 points or 0.2% at 21,259.

The Kospi in Seoul, the Straits Times in Singapore and the Taiex in Taiwan were nearly unchanged. The Shanghai Composite index in China was down 18 points or 0.7% at 2428.

US stocks ended lower on Wednesday, weighed down by a rebound in oil prices and lackluster retail sales, even as worries persist about the financial sector's health after Merrill Lynch downgraded several banks.

Major stock indices tried for a mid-afternoon comeback after oil prices trimmed gains, but a fresh wave of selling in financials took its toll late in the session.

The S&P 500 lost 3.76 points, or 0.3%, to 1,285.83. The Dow Jones Industrial Average fell 109.51 points, or 0.9%, to 11,532.96. The Nasdaq Composite Index slipped 1.99 points to 2,428.62.

Market breadth was negative. Ten stocks dropped for every nine that rose on the New York Stock Exchange. Wednesday's volume was light, with 1.2bn shares traded on the New York Stock Exchange.

Oil prices ended higher for the first time in four sessions after the US Energy Department reported declines in crude, distillate and gasoline supplies. US light crude oil for September delivery rose $2.99 to settle at $116 a barrel on the New York Mercantile Exchange after having touched a session high of $117.15 earlier.

Also, investors were tracking fighting between Russia and Georgia, which has continued despite an announced cease-fire on Tuesday. Georgia serves as an important hub for transporting fuel between Asia and Europe.

In the bond market, Treasury prices tumbled, raising the yield on the benchmark 10-year note to 3.93% from 3.90% late on Tuesday. In currency trading, the dollar was little changed versus the euro and slipped versus the yen. COMEX gold for October delivery rose $16.80 to $825 an ounce.

Earnings from Deere & Co. disappointed investors. Deere, the largest maker of tractors, fell 3.2% as higher materials costs and the housing slump hurt earnings. The S &P 500 Retailing Index declined the most since July 10 after the Commerce Department reported the first decrease in chain-store sales in five months.

Bank of America led a 4.1% drop in the KBW Bank Index.

General Motors (GM) shares slumped 7.6% after Moody's cut its debt rating deeper into junk territory and kept the outlook negative, which could imply another cut 12 to 18 months out.

Drug store chain CVS Caremark said it is buying Longs Drug Stores for $71.50 per share in cash or $2.7bn. The acquisition was announced late on Tuesday. CVS shares were barely changed and Longs Drug Stores rallied nearly 31%.

Thursday morning brings the weekly jobless claims report and the July reading on consumer prices (PPI). On the earnings front, Wal-Mart Stores and Urban Outfitters both report quarterly results.

European shares extended their losses. The pan-European Dow Jones Stoxx 600 index fell 2.5% to 284.44. The French CAC-40 fell 2.6% to 4,402.97, while the German DAX 30 lost 2.5% to 6,422.19. In London, the FTSE 100 closed down 1.6% to 5,448.60.

In the emerging markets, Brazil's Bovespa rose 0.1% to 54,573.18. The close was well off its 2% advance during the session, but it was enough to halt the index's string of declines that began Aug. 7. Mexico's IPC rose 0.9% to 26,877.07, its first advance in three sessions.

It was second straight trading session where the Indian bourses ended with a negative bias. Traders and investors were cautious ahead of SEBI verdict on P-Notes. Market witnessed see-saw trades through out the day.

After hitting an intra-day high of 15,272 in the afternoon trades, bulls were unable to hold on to their gains on back of selling pressure in the selling pressure in the index heavyweights like ICICI Bank, HDFC Bank, L&T and RCom. Sentiments continued to remain weak as even the European markets opened with a negative bias.

Finally, the benchmark Sensex slipped 119 points to close at 15,093 and Nifty ended 23 points lower to close at 4,529.

Purvankara gained by a percent to Rs200 after the company announced the launch of its 100% owned subsidiary, Provident Housing and infrastructure Limited.

Under Phase 1 alone, the affordable housing project will cover Bangalore, Chennai, Hyderabad, Coimbatore, and Mysore where 64,500 homes with a total built up area of 59.80 mn sq ft will be constructed over the next five years at a cost of about Rs80bn. The scrip touched an intra-day high of Rs207 and a low of Rs200 and recorded volumes of over 9,000 shares on BSE.

Shares of XL Telecom surged by over 2% to Rs213 after the company announced that it has signed an agreement with LDK Solar Co., Ltd.

Under the terms of the agreement, LDK Solar will deliver approximately 300 MW of multicrystalline silicon solar wafers to XL Telecom & Energy Ltd. over a five-year period, commencing in the first quarter of 2009 and extending through 2013. XL Telecom & Energy Ltd will, make a down payment representing a portion of the contract value to LDK Solar. The scrip touched an intra-day high of Rs222 and a low of Rs202 and recorded volumes of over 4,00,000 shares on BSE.

Shares of NMDC fell from its high and ended lower by half a percent to close at Rs.357 There were reports stated that the company NMDC Ltd and Rio Tinto Group, will jointly scout to acquire iron ore assets globally. The accord would be signed on August 18, 2008. NMDC on March 14 floated a tender seeking global partners to buy mines overseas. The equity structure of the venture will depend on the assets acquired. The scrip touched an intra-day high of Rs372 and a low of Rs350 and recorded volumes of over 1,00,000 shares on BSE.

Shares of MIC Electronics surged by over 2.5% to Rs131 after the company announced that the Latin American Football Corporation are looking to form a Joint venture with MIC Electronics Inc, USA called SLM (Sports LED Media).

The JV is poised to supply display systems to 50 Football Stadiums in South America and Europe. The total supplies are valued at US$50mn.

The stocks also attracted attention as SEBI approved its entry in the Future & Options space. The scrip touched an intra-day high of Rs140 and a low of Rs129 and recorded volumes of over 8,00,000 shares on BSE.

Tata Steel advanced by 1% to Rs610 after the company announced that through its wholly owned subsidiary, Tata Steel Global Holding Pte. Ltd., Singapore, signed a Joint Venture agreement with Vietnam Steel Corporation and Vietnam Cement Industries Corporation for a steel complex in Ha Tinh province in Vietnam.

The Company will have a stake of 65% in the above project and also have a stake of 30% in Thach Khe Iron Ore Joint Stock company which would undertake mining in the Thach Khe iron ore mine. The scrip touched an intra-day high of Rs622 and a low of Rs600 and recorded volumes of over 15,00,000 shares on BSE.

BILT edged higher by 0.3% to Rs33. Reports stated that the company would hike uncoated paper prices by Rs800/ton and coated paper prices by Rs1500/ton. The scrip touched an intra-day high of Rs35 and a low of Rs33 and recorded volumes of over 2,0,000 shares on BSE.

Tata Steel to build US$5bn plant in Vietnam (ET)

RIL and Vornado Realty Trust are teaming up to build and operate shopping centres in India (DNA)

HUL is partnering with Disney to design packaging strategy for its flagship brand 'Kissan Jam' (FE)

MTNL cuts broadband charges by up to 50% (ET)

Amtek Auto enters into a JV with US-based FormTech Industries to manufacture forged automotive components for passenger cars and CVs (ET)

IOC to finalize funding options for Paradip refinery (BL)

UB seeks shareholders approval to raise more debt to fund its loss-making airline subsidiary, Deccan Aviation (ET)
Hexaware to close its Gurgaon centre and shift employees to other centres (BL)

Firstsource arm gets ~US$30mn six-year deal from BTGS (BL)

Puravankara launches a 100% subsidiary for selling 64,500 homes worth Rs80bn in five southern cities, to be built over next five years (ET)

Titan to open 50 more exclusive stores by the end of current fiscal (BL)

BHEL sees a slow down in new order inflows for its power equipments (DNA)

BILT to raise prices of uncoated paper by 2% or Rs800/ton from September 1st (BS)

Orchid Chemicals has invested in US-based Diakron Pharma through a combination of services and cash (DNA)

Gujarat NRE claims Rs47.61bn as damages in a civil suit from Austral Coke (BS)

NMDC and Rio Tinto to jointly explore global and local iron ore reserves (BL)

JP Associates to invest Rs130bn for setting-up two cement manufacturing units, an aluminium production factory and a power plant in Madhya Pradesh (BL)

Zandu's investors back Emami's takeover bid (BS)

SCI to invest Rs12bn in offshore business by the end of the year (ET)

Man Industries may set-up a L-SAW greenfield plant in China (DNA)

Deccan Express Cargo inks deal with GMR Group for cargo hubs in Delhi and Hyderabad (FE)

Uttam Galva faces sales disruptions due to rains at its facility in Khopoli, Maharashtra (DNA)

HTMT Global Solutions has set aside Rs4.4bn for acquiring companies abroad (DNA)

XL Telecom ties-up with Chinese firm LDK Solar for supply of multi-crystalline solar wafers (BL)

Adlabs opens a multiplex in Gurgaon (ET)

JBF Auto to invest Rs2.45bn in Pune plant that will initially make skin panels for the JV between Tata Motors and Fiat (DNA)

MSP Steel and Power to invest Rs69bn for setting-up a steel and power plant in Madhya Pradesh (DNA)

Economy Front page

EAC projects a growth rate of 7.7% in 2008-09 for the economy (ET)

SEBI cuts timeline for rights issue to 43 days from earlier 109 days (ET)

SEBI revises pricing norms for QIP and preference share allotment to QIBs (ET)

Finance Ministry asks DoT to put the 3G policy on hold (ET)

Current account deficit may hit an all-time high of 3.2% of GDP in 2008-09 as per EAC (ET)

Farm growth likely to decline to 2% in 2008-09, as per EAC (ET)

Government plans relief package for ailing airlines (ET)

Petroleum Minister says that there is no scope for a decrease in domestic fuel prices (BS)

GSM operators add 6.7mn users in July 2008 (BS)

Finance Minister has asked PSU banks to not increase home loan rates (BS)
PSU banks seeks 9-9.5% interest from Government on the money owed to them under the farm-loan waiver scheme (BS)

Tea exports declined 29% in FY08, as per ICRA (BS)

SBI, L&T August 2008 futures at premium

 Turnover drops

Nifty August 2008 futures were at 4562, at a premium of 32.95 points as compared to spot closing of 4529.05. NSE's futures & options (F&O) segment turnover was Rs 43947.06 crore, which was lower than Rs 52461.81 crore on Tuesday, 12 August 2008.

State Bank of India (SBI) August 2008 futures were at premium at 1562 compared to the spot closing of 1553.40.

Larsen & Toubro (L&T) August 2008 futures were at premium at 2792.95 compared to the spot closing of 2787.95.

Reliance Natural Resources August 2008 futures were near spot price at 104 compared to the spot closing of 103.90.

In the cash market, the S&P CNX Nifty lost 23.20 points or 0.51% at 4529.05.

Bullion metals rise after eight sessions of drop

 Gold and silver metals attract buyers despite a strong dollar

It seems bullion metals are done with their losses. Gold and silver prices rose today, Wednesday, 13 August, 2008 despite a strong dollar. Before today, gold and silver prices had registered losses in all the trading sessions in the current month of August, 2008 and had shed 12% in this month. Bullion metals had also incurred sufficient losses last week. Silver prices also fell for the day.

Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies. On the other hand, a lower dollar pushes up precious metal prices as their demand lessens as it becomes cheaper for traders holding other currencies. Gold has traditionally been used as a safe-haven asset against rising inflation. Investor sentiments are boosted by the fact that gold and silver are alternate sources of good investment in the face of declining dollar and rising energy prices and vice versa.

Comex Gold for December delivery rose $16.9 (2.1%) to close at $831.5 ounce on the New York Mercantile Exchange. With today's rise, it lost 9.6% in August, 2008 till date. Last week, it ended lower by 5.8%. On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped 20% since then.

This year, gold prices have lost 0.8% till date as the dollar rallied against the euro. It has lost almost $91 in August till now. Gold ended July, 2008 lower by $11 (1.1%).

Prior to that, the yellow metal ended second quarter with a marginal gain of 0.7%. It ended June, 2008 with a gain of 4.1%. In May, it ended with a gain of higher by $22.5 (2.5%). Before May, in April, prices closed lower by 6.3%. For first quarter prices gained 10.7%. In January, prices gained 11%, the highest monthly gain since April 2006. For February, it gained 6%. But in March, prices succumbed and fell by 5.5%.

On Wednesday, Comex silver futures for September delivery rose 36 cents (2.5%) to $14.845 an ounce. With today's drop silver has lost almost 0.5% in 2008 till date. Last week it lost 12.5%. It ended July 2008 with a gain of 3%. For the second quarter, it had gained a paltry 1.4%. Silver had gained 16% in Q1. The metal also had gained for seven straight years.

At the currency markets on Wednesday, the U.S. dollar hit the highest since at least March vs. the euro and other major currencies after a report showed U.S. retail sales fell less than forecast in July. The dollar index, which measures the greenback against a basket of currencies, rose to 76.24 from 76.13 in the previous day. The high for the index Wednesday was 76.52.

In economic news today, the Commerce Department said purchases at retailers declined 0.1% last month. Excluding automobiles, sales rose 0.4% last month. Separately, the Labor Department said import prices rose 1.7% in June, compared with a 1% gain forecast.

At the crude market on Wednesday, crude oil futures rose more than $2 a barrel after a U.S. Energy Department report showed a bigger- than-forecast decline in inventories of gasoline as refiners shut units and imports fell. Crude oil for September delivery rose $2.99 (2.6%) to settle at $116 a barrel.

Earlier this year, the weakening dollar and higher global demand for raw materials had led to records this year for commodities including gold. The Federal Reserve halted cuts to its target bank lending rate in April, after slicing it in seven steps to 2% from 5.25% in September.

Gold had witnessed the greatest annual gain in twenty eight years by gaining $200/ounce (31%) in FY 2007 as lower interest rates had sent the dollar tumbling, and crude-oil prices rose to a record. Silver had climbed 16% in FY 2007. In 2006, silver had jumped 46% while gold gained 23%.

Crude registers sudden rise

 Prices rise by almost $3 on weekly inventory report

Crude oil prices surged today, Wednesday, 13 August, 2008 after the weekly inventory report by the Energy Department showed that crude and crude product supplies declined bigger than expected last week. Crude had shed almost $7 in last four sessions. Crude had lost almost 8% ($10) last week too.

Crude-oil futures for light sweet crude for September delivery closed at $116/barrel (higher by 2.99 or 2.6%) on the New York Mercantile Exchange. Last week, crude prices ended lower by $9.9 (8%). Before that crude lost $15.92 (11%) in July, 2008, the biggest ever in dollars. Prices are 62% higher than a year ago.

EIA reported today that crude supplies fell 316,000 barrels to 296.5 million barrels for the week ended 8 August, 2008. Supplies were expected to rise by 300,000 barrels. Refinery utilization dropped to 85.9% of capacity, from 87% a week earlier.

EIA also reported that motor gasoline supplies fell by 6.4 million barrels to 202.8 million and distillate stocks were down 1.7 million barrels at 131.6 million barrels.

As per demand data, U.S. fuel demand averaged 20.2 million barrels a day during the past four weeks, down 2.8% from a year earlier. Motor gasoline demand over the past four weeks has averaged 9.4 million barrels per day, down 1.9% from the same time a year ago.

At the currency markets on Wednesday, the U.S. dollar hit the highest since at least March vs. the euro and other major currencies after a report showed U.S. retail sales fell less than forecast in July. The dollar index, which measures the greenback against a basket of currencies, rose to 76.24 from 76.13 in the previous day. The high for the index Wednesday was 76.52.

Earlier this week, the International Energy Agency today reported that tight global oil demand and supply balance, which has helped push up crude prices to record highs, is easing as higher prices and slower economic growth in developed countries is curbing oil demand. Despite that, IEA inched up its 2009 demand estimate for oil products while keeping its 2008 view unchanged. For this year, it estimates oil demand rising 0.9% to 86.9 million barrels of oil a day. For 2009, it estimates rising 1.1% to 87.8 million barrels. In a separate report, the U.S. Energy Department's Information Administration lowered its outlook for oil prices, citing slower demand growth and rising production capacity.

Crude prices had gained 38% in the second quarter of this year. It was the biggest quarterly increase in nine years. It ended June 2008 higher by 9.9%. For the year, crude is up by 19.3% till date.

Brent crude oil for September settlement rose $2.32 cents (2.1%) to settle at $113.47 a barrel on London's ICE Futures Europe exchange.

Against this background, September reformulated gasoline rose 8.9 cents to close at $2.9323 a gallon, and September heating oil gained 5.4 cents to close at $3.1317 a gallon.

Post Market Commentary - Aug 13 2008

Indian equities wrapped the day on a subdued note as investors are waiting for the outcome of SEBI`s board meet to review the rules regarding issuance of participatory notes. Weak global cues also added to the negative sentiments of investors. The index traded in a rangebound manner (15,000-15,200). Banking, realty, capital goods, power, auto and metal stocks lost ground while IT, pharma and FMCG stocks witnessed some buying interest.

BSE Midcap and Smallcap index too ended on a flat note.

The stock market opened on a negative note on Wednesday, August 13 on weak global cues. The index extended its losses after a sharp decline in the previous session.

The Sensex ended the day with a loss of 119.01 points, or 0.78% at 15,093.12 after touching a high of 15,272.56 and a low of 15,013.06. The broad-based NSE Nifty declined 23.20 points, or 0.51% at 4,529.05 after hitting a high of 4,572.65 and a low of 4,497.25.

Major gainers in the 30-share index were Sterlite Industries (India) (2.67%), Infosys Technologies (1.34%), Tata Consultancy Services (1.20%), Satyam Computer Services (0.87%), NTPC (0.57%), and Tata Steel (0.41%).

On the other hand, ICICI Bank (3.77%), HD FC Bank (3.69%), DLF (3.29%), Reliance Energy (2.45%), Housing Development Finance Corporation (2.13%), and Hindalco Industries (2.00%) were the major losers in the Sensex.

Overall market breadth was negative. Out of the total 2,749 stocks traded at BSE, 1,238 advanced, 1,420 declined while 91 remained unchanged.

Sensex down 119 pts, closes at 15,093

Extending the losses for the second day in a row today, the Bombay Stock Exchange benchmark Sensex lost over 119 points with bank and realty stocks coming under selling pressure yet again.

The 30-share BSE barometer, which shed over 291 points in previous day's trading, closed lower by further 119.01 points at 15,093.12.

The Sensex touched the day's low of 15,013.06 and a high of 15,272.56 points.

The National Stock Exchange index Nifty also fell by 23.20 points at 4,529.05, after dipping to a low of 4,497.25 and touching a high of 4,572.65 points.

Bank stocks were particularly hit as investors thought a global slowdown in economic growth might have a direct impact on lending and financing business, said Ratnesh Gupta, a BSE broker in the national capital.

Marketmen said reports that J P Morgan Chase and Co, the second-largest US bank by market value, may post more credit losses also added to the decline in bank stocks.

ICICI Bank, the nation's second-largest lender by assets, fell by 3.77 percent at Rs 710.55. HDFC Bank, the third biggest by market value, also lost 3.69 per cent at Rs 1,217.20. State-run Bank of Baroda also took a hit of 4.61 per cent at Rs 271.30.

The banking sectoral index closed down by falling 165.87 points at 7,271.40, with 14 constituents of the 18 share index trading lower.

Capital goods index was the second worst performer with a fall of 133.35 points at 12,606.94. Brokers said a fall in industrial growth for July at 5.4 per cent affected the stocks in this counter. Of the total 17 segment stocks, 11 closed in the red on all-round selling.

Realty sector index, an interest-sensitive and linked with heavy machinery sectors, fell by 74.66 points at 5610.83.

Consumer durable index also fell by 32.28 points at 3,883.69, followed by PSU index which closed lower by 26.33 points at 7184.00.

Metal index also lost 17.50 points at 12,643.23, Power index 14.17 points at 2729.84, auto index 9.63 points at 3990.07 and oil and gas index 3.29 points at 10,438.99.

Health-care index bucked the trend and rose by 44.66 points at 4279.90, Teck index by 15.23 points at 3,043.11 and FMCG index by 4.15 points at 2,226.30 points Information Technologies index rose by 41.98 points at 3813.96 as the segment major and Sensex-heaviest Infosys Technologies gained Rs 21.50 at Rs 1625.20 on reports that the second-biggest software services provider plans to reduce new hiring by about 30 per cent this year from a year earlier.

As the trading activity spilled over a wide-front, small-cap index rose by 9.35 points at 7,229.77 while mid-cap index fell by

BSE Bulk Deals to Watch - Aug 13 2008

 Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
13/8/2008 531223 ANJANI SYNTH NARENDRA VALLABHJI BAHUVA B 57059 50.19
13/8/2008 531223 ANJANI SYNTH NARENDRA VALLABHJI BAHUVA S 56960 49.16
13/8/2008 590059 BIHAR TUBES SAROJINI FINANCE AND INVESTMENT P LTD S 390000 165.01
13/8/2008 590059 BIHAR TUBES KINSFOLK INDUSTRIES P LTD S 40000 165.07
13/8/2008 531682 CAT TECHNOL PRABHUDAS LILLADHER PVT. LTD. B 180026 7.69
13/8/2008 531682 CAT TECHNOL S V ENTERPRISES B 664900 7.61
13/8/2008 531682 CAT TECHNOL PRABHUDAS LILLADHER PVT. LTD. S 180026 7.68
13/8/2008 531682 CAT TECHNOL S V ENTERPRISES S 664900 7.69
13/8/2008 531739 GENNEX LAB DIMENSIONS INVESTMENT AND SECURITIES LTD B 80000 56.97
13/8/2008 531739 GENNEX LAB P BALAJI B 200000 55.00
13/8/2008 531739 GENNEX LAB P BALAJI S 155888 56.92
13/8/2008 532990 GMR FERRO YUVAK SHARE TRADING PVT LTD B 217353 67.97
13/8/2008 532990 GMR FERRO YUVAK SHARE TRADING PVT LTD S 226797 68.11
13/8/2008 532081 K SERA SERA S V ENTERPRISES B 373592 23.21
13/8/2008 532081 K SERA SERA S V ENTERPRISES S 373592 23.32
13/8/2008 532906 MAN ALUMIN THE BANK OF NEWYORK GDR S 35701 29.60
13/8/2008 590060 MK EXIM NARENDRA VALLABHJI BAHUVA B 17500 35.50
13/8/2008 533010 OCTAV INVES MANSUKH STOCK BROKERS LTD B 55100 85.25
13/8/2008 533010 OCTAV INVES MANSUKH SECURITIES AND FINANCE LTD B 33173 84.24
13/8/2008 533010 OCTAV INVES STANDARD SECURITIES AND INVST INTER LTD B 24532 84.93
13/8/2008 533010 OCTAV INVES HITESH SHASHIKANT JHAVERI B 39156 84.60
13/8/2008 533010 OCTAV INVES SAM GLOBAL SECURITIES LTD B 30844 89.34
13/8/2008 533010 OCTAV INVES B K SHAH CO B 16351 88.59
13/8/2008 533010 OCTAV INVES MANISHA HASMUKH MEHTA B 19006 78.88
13/8/2008 533010 OCTAV INVES MEENAL NITISH THAKUR B 18725 86.84
13/8/2008 533010 OCTAV INVES YUVAK SHARE TRADING PVT LTD B 19672 86.71
13/8/2008 533010 OCTAV INVES MANSUKH STOCK BROKERS LTD S 55100 84.72
13/8/2008 533010 OCTAV INVES MANSUKH SECURITIES AND FINANCE LTD S 33173 82.75
13/8/2008 533010 OCTAV INVES STANDARD SECURITIES AND INVST INTER LTD S 24532 84.27
13/8/2008 533010 OCTAV INVES HITESH SHASHIKANT JHAVERI S 44156 86.59
13/8/2008 533010 OCTAV INVES SAM GLOBAL SECURITIES LTD S 30844 89.57
13/8/2008 533010 OCTAV INVES B K SHAH CO S 16351 86.31
13/8/2008 533010 OCTAV INVES MANISHA HASMUKH MEHTA S 19006 80.70
13/8/2008 533010 OCTAV INVES MEENAL NITISH THAKUR S 18725 88.01
13/8/2008 533010 OCTAV INVES YUVAK SHARE TRADING PVT LTD S 19711 86.67
13/8/2008 513519 PITTI LAMINA SHARAD K SHAH B 60819 41.36
13/8/2008 506618 PUNJAB CHEM AJAAYU TRADING AND CONSULTANCY P. LTD. B 31000 283.10
13/8/2008 506618 PUNJAB CHEM RUPAK KUMUDBHAI SHAH S 40015 290.00
13/8/2008 530047 RAI SH REK M OM NARAYAN BIHANI B 25000 62.44
13/8/2008 532886 SEL MANUF HARDIK M MITHANI B 141036 398.32
13/8/2008 532886 SEL MANUF B K SHAH CO B 179587 392.28
13/8/2008 532886 SEL MANUF HARDIK M MITHANI S 141036 396.52
13/8/2008 532886 SEL MANUF B K SHAH CO S 179588 392.85
13/8/2008 500295 SESA GOA LTD GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 374000 175.42
13/8/2008 505075 SETCO AUTO SETCO ENGINEERING PVT LTD B 150000 179.00
13/8/2008 505075 SETCO AUTO SNEHA HARISH SHETH S 150000 179.00
13/8/2008 526049 SHRILAKSHMI PRARTHANA TARUNKUMAR BRAHMBHATT S 77522 108.61
13/8/2008 513530 STELCO STRIP INDEX SECURITIES AND RESEARCH PV B 49750 20.15
13/8/2008 532338 VALUEMART IN S V ENTERPRISES B 1132636 4.55
13/8/2008 532338 VALUEMART IN YUVAK SHARE TRADING PVT LTD B 251091 4.01
13/8/2008 532338 VALUEMART IN PARSHURAM SHIVAJI CHAUDHARI S 263534 4.07
13/8/2008 532338 VALUEMART IN RAJENDRA KESRIMAL SURANA S 200000 4.01
13/8/2008 532338 VALUEMART IN BENEDICT PARAMANAND S 200000 4.01
13/8/2008 532338 VALUEMART IN S V ENTERPRISES S 1192289 4.38
13/8/2008 532338 VALUEMART IN YUVAK SHARE TRADING PVT LTD S 162500 4.01
13/8/2008 533011 VISHAL INFO MANSUKH SECURITIES AND FINANCE LTD B 59291 226.05
13/8/2008 533011 VISHAL INFO R M SHARES TRADING PVT LTD B 260113 228.25
13/8/2008 533011 VISHAL INFO SAM GLOBAL SECURITIES LTD B 112015 225.68
13/8/2008 533011 VISHAL INFO KAUSHIK SHAH SHARES SEC PL B 118049 227.80
13/8/2008 533011 VISHAL INFO H.J.SECURITIES P.LTD. B 203959 222.30
13/8/2008 533011 VISHAL INFO YUVAK SHARE TRADING PVT LTD B 139494 242.90
13/8/2008 533011 VISHAL INFO MANSUKH SECURITIES AND FINANCE LTD S 59291 226.02
13/8/2008 533011 VISHAL INFO R M SHARES TRADING PVT LTD S 260113 228.25
13/8/2008 533011 VISHAL INFO SAM GLOBAL SECURITIES LTD S 112015 225.66
13/8/2008 533011 VISHAL INFO KAUSHIK SHAH SHARES SEC PL S 118349 227.84
13/8/2008 533011 VISHAL INFO H.J.SECURITIES P.LTD. S 203959 222.36
13/8/2008 533011 VISHAL INFO YUVAK SHARE TRADING PVT LTD S 130189 242.70
13/8/2008 532794 ZEE NEWS BLACKSTONE ASIA ADVISORS LLC AC THE INDIA FUND INC S 2020000 40.17

NSE Bulk Deals to Watch - Aug 13 2008

 Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
13-AUG-2008,CERA,Cera Sanitaryware Limited,DEEPLOK BUILDERS PRIVATE LIMITED,BUY,35000,129.05,-
13-AUG-2008,GMRFER,GMR Ferro Alloys & Indust,SETU SECURITIES LTD,BUY,92136,67.99,-
13-AUG-2008,GMRFER,GMR Ferro Alloys & Indust,WALLFORT FINANCIAL SERVICES LTD,BUY,100000,68.00,-
13-AUG-2008,GMRFER,GMR Ferro Alloys & Indust,YUVAK SHARE TRADING PVT LTD,BUY,167373,67.64,-
13-AUG-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,BUY,3756226,43.88,-
13-AUG-2008,OCTAV,Octav Investments Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,44330,87.37,-
13-AUG-2008,OCTAV,Octav Investments Limited,ANKITA VISHAL SHAH,BUY,18055,86.58,-
13-AUG-2008,OCTAV,Octav Investments Limited,B K SHAH CO KETAN BHAILAL SHAH,BUY,41688,87.24,-
13-AUG-2008,OCTAV,Octav Investments Limited,CPR CAPITAL SERVICES LTD.,BUY,105281,85.83,-
13-AUG-2008,OCTAV,Octav Investments Limited,DB (INTERNATIONAL) STOCK BROKERS LIMITED,BUY,17897,82.02,-
13-AUG-2008,OCTAV,Octav Investments Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,22400,87.93,-
13-AUG-2008,OCTAV,Octav Investments Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,55781,89.38,-
13-AUG-2008,OCTAV,Octav Investments Limited,LPC SECURITIES LTD,BUY,19057,83.39,-
13-AUG-2008,OCTAV,Octav Investments Limited,MANIPUT INVESTMENTS PVT LTD,BUY,29671,89.91,-
13-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,94108,83.96,-
13-AUG-2008,OCTAV,Octav Investments Limited,MBL & COMPANY LTD.,BUY,25140,82.97,-
13-AUG-2008,OCTAV,Octav Investments Limited,NIKUNJ K SHAH,BUY,49253,83.42,-
13-AUG-2008,OCTAV,Octav Investments Limited,NITU SHARMA,BUY,15200,88.13,-
13-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,BUY,27359,86.94,-
13-AUG-2008,OCTAV,Octav Investments Limited,PRAGATI PAPER MILLS LTD,BUY,32399,86.16,-
13-AUG-2008,OCTAV,Octav Investments Limited,PRASHANT JAYANTILAL PATEL,BUY,17420,90.44,-
13-AUG-2008,OCTAV,Octav Investments Limited,R.M. SHARE TRADING PVT LTD,BUY,28505,80.01,-
13-AUG-2008,OCTAV,Octav Investments Limited,SMC GLOBAL SECURITIES LTD.,BUY,19195,89.98,-
13-AUG-2008,OCTAV,Octav Investments Limited,SPS SHARE BROKERS PVT. LTD.,BUY,49641,88.38,-
13-AUG-2008,OCTAV,Octav Investments Limited,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,BUY,22459,83.10,-
13-AUG-2008,OCTAV,Octav Investments Limited,TRANSGLOBAL SECURITIES LTD.,BUY,135005,87.40,-
13-AUG-2008,OCTAV,Octav Investments Limited,YUVAK SHARE TRADING PVT LTD,BUY,108120,86.88,-
13-AUG-2008,OILCOUNTUB,Oil Country Tubular Ltd,NAVMEE SECURITIES PRIVATE LIMITED,BUY,320000,63.99,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,B K SHAH CO KETAN BHAILAL SHAH,BUY,211626,393.11,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,DKG SECURITIES PVT. LTD.,BUY,195633,401.03,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,BUY,218236,395.54,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,MARWADI SHARES AND FINANCE LIMITED,BUY,116393,391.80,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,MAVI INVESTMENT FUND LTD.,BUY,300000,379.91,-
13-AUG-2008,SUBEX,Subex Limited,ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LIMITED,BUY,283000,91.99,-
13-AUG-2008,SUBEX,Subex Limited,MBL & COMPANY LTD.,BUY,208286,93.42,-
13-AUG-2008,SUBEX,Subex Limited,TRANSGLOBAL SECURITIES LTD.,BUY,203117,92.63,-
13-AUG-2008,VITLINFO,Vishal Information Techno,ADROIT FINANCIAL SERVICES PVT LTD,BUY,59070,227.67,-
13-AUG-2008,VITLINFO,Vishal Information Techno,ARUNKUMAR K L,BUY,99492,230.39,-
13-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,119896,228.19,-
13-AUG-2008,VITLINFO,Vishal Information Techno,BHAVIN SURESH CHHEDA,BUY,112973,228.96,-
13-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,BUY,158353,225.93,-
13-AUG-2008,VITLINFO,Vishal Information Techno,CPR CAPITAL SERVICES LTD.,BUY,172692,227.60,-
13-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,BUY,155670,232.05,-
13-AUG-2008,VITLINFO,Vishal Information Techno,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,72228,228.08,-
13-AUG-2008,VITLINFO,Vishal Information Techno,G RAMAKRISHNA,BUY,157282,229.39,-
13-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,BUY,278920,232.14,-
13-AUG-2008,VITLINFO,Vishal Information Techno,HARESH VITTHALDAS RAMI,BUY,50753,227.04,-
13-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,201641,233.18,-
13-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,BUY,138512,226.88,-
13-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,BUY,115288,227.04,-
13-AUG-2008,VITLINFO,Vishal Information Techno,MEHTA VIRENDRA KUMAR,BUY,70269,226.26,-
13-AUG-2008,VITLINFO,Vishal Information Techno,OPG SECURITIES PVT. LTD.,BUY,68194,227.93,-
13-AUG-2008,VITLINFO,Vishal Information Techno,PRAGATI PAPER MILLS LTD,BUY,56961,228.59,-
13-AUG-2008,VITLINFO,Vishal Information Techno,PRASHANT JAYANTILAL PATEL,BUY,193953,226.80,-
13-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,BUY,304702,227.56,-
13-AUG-2008,VITLINFO,Vishal Information Techno,RAHUL DOSHI,BUY,106076,244.23,-
13-AUG-2008,VITLINFO,Vishal Information Techno,SMC GLOBAL SECURITIES LTD.,BUY,87213,225.24,-
13-AUG-2008,VITLINFO,Vishal Information Techno,SUMITA SAXENA,BUY,91990,228.34,-
13-AUG-2008,VITLINFO,Vishal Information Techno,TRANSGLOBAL SECURITIES LTD.,BUY,177006,226.79,-
13-AUG-2008,VITLINFO,Vishal Information Techno,VAIBHAV DOSHI,BUY,66011,232.42,-
13-AUG-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,BUY,183084,234.88,-
13-AUG-2008,CERA,Cera Sanitaryware Limited,DEUTSCHE INTERNATIONAL TRUST CORP.(MAURITIUS)LTD A/C MINIVET,SELL,34820,129.05,-
13-AUG-2008,EVERONN,Everonn Systems India Lim,VIMLA SURESJH JAJOO,SELL,79783,528.90,-
13-AUG-2008,GMRFER,GMR Ferro Alloys & Indust,BRP STOCK BROKING SERVICES LIMITED,SELL,91665,67.98,-
13-AUG-2008,GMRFER,GMR Ferro Alloys & Indust,SETU SECURITIES LTD,SELL,92136,67.88,-
13-AUG-2008,GMRFER,GMR Ferro Alloys & Indust,YUVAK SHARE TRADING PVT LTD,SELL,167827,67.51,-
13-AUG-2008,MANALU,Man Aluminium Limited,THE BANK OF NEWYORK - GDR,SELL,61717,29.69,-
13-AUG-2008,MLL,Mercator Lines Limited,DEUTSCHE SECURITIES MAURITIUS LIMITED,SELL,1250000,88.44,-
13-AUG-2008,NAGARFERT,Nagarjuna Fert & Chem,CLEAN FINANCE & INVESTMENT LTD,SELL,3756226,43.89,-
13-AUG-2008,NOIDATOLL,Noida Toll Bridge Company,CITIGROUP GLOBAL MKTS MAURITIUS PVT LTD- SELL CODE,SELL,1150000,46.61,-
13-AUG-2008,OCTAV,Octav Investments Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,44330,87.61,-
13-AUG-2008,OCTAV,Octav Investments Limited,ANKITA VISHAL SHAH,SELL,10555,85.81,-
13-AUG-2008,OCTAV,Octav Investments Limited,B K SHAH CO KETAN BHAILAL SHAH,SELL,42674,87.71,-
13-AUG-2008,OCTAV,Octav Investments Limited,CPR CAPITAL SERVICES LTD.,SELL,105281,85.95,-
13-AUG-2008,OCTAV,Octav Investments Limited,DB (INTERNATIONAL) STOCK BROKERS LIMITED,SELL,16897,81.95,-
13-AUG-2008,OCTAV,Octav Investments Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,22400,87.88,-
13-AUG-2008,OCTAV,Octav Investments Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,56232,89.40,-
13-AUG-2008,OCTAV,Octav Investments Limited,LPC SECURITIES LTD,SELL,19057,83.43,-
13-AUG-2008,OCTAV,Octav Investments Limited,MANIPUT INVESTMENTS PVT LTD,SELL,29671,89.89,-
13-AUG-2008,OCTAV,Octav Investments Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,87951,84.83,-
13-AUG-2008,OCTAV,Octav Investments Limited,MBL & COMPANY LTD.,SELL,25140,83.41,-
13-AUG-2008,OCTAV,Octav Investments Limited,NIKUNJ K SHAH,SELL,49253,83.64,-
13-AUG-2008,OCTAV,Octav Investments Limited,NITU SHARMA,SELL,14200,86.96,-
13-AUG-2008,OCTAV,Octav Investments Limited,OPG SECURITIES PVT. LTD.,SELL,27359,87.21,-
13-AUG-2008,OCTAV,Octav Investments Limited,PRAGATI PAPER MILLS LTD,SELL,32399,86.84,-
13-AUG-2008,OCTAV,Octav Investments Limited,PRASHANT JAYANTILAL PATEL,SELL,17420,90.84,-
13-AUG-2008,OCTAV,Octav Investments Limited,R.M. SHARE TRADING PVT LTD,SELL,28505,80.61,-
13-AUG-2008,OCTAV,Octav Investments Limited,RELIANCE MUTUAL FUND,SELL,40000,81.71,-
13-AUG-2008,OCTAV,Octav Investments Limited,SMC GLOBAL SECURITIES LTD.,SELL,19195,89.49,-
13-AUG-2008,OCTAV,Octav Investments Limited,SPS SHARE BROKERS PVT. LTD.,SELL,19641,92.19,-
13-AUG-2008,OCTAV,Octav Investments Limited,STANDARD SECURITIES & INVESTMENT INTERMEDIATES LIMITED,SELL,22459,84.04,-
13-AUG-2008,OCTAV,Octav Investments Limited,TRANSGLOBAL SECURITIES LTD.,SELL,135105,87.65,-
13-AUG-2008,OCTAV,Octav Investments Limited,YUVAK SHARE TRADING PVT LTD,SELL,107867,86.97,-
13-AUG-2008,OILCOUNTUB,Oil Country Tubular Ltd,MANISH KUMAR GILADA,SELL,330724,64.00,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,B K SHAH CO KETAN BHAILAL SHAH,SELL,211421,393.27,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,DKG SECURITIES PVT. LTD.,SELL,250633,388.29,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,HARDIK M MITHANI,SELL,218236,396.47,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,HETAL RAJESH PATEL,SELL,86877,380.02,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,MARWADI SHARES AND FINANCE LIMITED,SELL,116393,391.74,-
13-AUG-2008,SELMCL,SEL Manufacturing Company,TAIB BANK A/C TSML,SELL,219864,395.47,-
13-AUG-2008,SUBEX,Subex Limited,MBL & COMPANY LTD.,SELL,208286,93.48,-
13-AUG-2008,SUBEX,Subex Limited,NOMURA INDIA INVESTMENT FUND MOTHER FUND,SELL,200000,95.84,-
13-AUG-2008,SUBEX,Subex Limited,TRANSGLOBAL SECURITIES LTD.,SELL,203117,92.52,-
13-AUG-2008,VITLINFO,Vishal Information Techno,ADROIT FINANCIAL SERVICES PVT LTD,SELL,59070,227.26,-
13-AUG-2008,VITLINFO,Vishal Information Techno,ARUNKUMAR K L,SELL,99492,231.66,-
13-AUG-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,119896,228.39,-
13-AUG-2008,VITLINFO,Vishal Information Techno,BHAVIN SURESH CHHEDA,SELL,112973,228.72,-
13-AUG-2008,VITLINFO,Vishal Information Techno,CHOKHANI SECURITIES LTD,SELL,158353,226.45,-
13-AUG-2008,VITLINFO,Vishal Information Techno,CPR CAPITAL SERVICES LTD.,SELL,172692,227.69,-
13-AUG-2008,VITLINFO,Vishal Information Techno,DINESH MUNJAL,SELL,152545,231.17,-
13-AUG-2008,VITLINFO,Vishal Information Techno,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,72228,228.26,-
13-AUG-2008,VITLINFO,Vishal Information Techno,G RAMAKRISHNA,SELL,157282,228.24,-
13-AUG-2008,VITLINFO,Vishal Information Techno,HARBUX SINGH SIDHU,SELL,273920,231.92,-
13-AUG-2008,VITLINFO,Vishal Information Techno,HARESH VITTHALDAS RAMI,SELL,54553,227.60,-
13-AUG-2008,VITLINFO,Vishal Information Techno,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,198641,233.14,-
13-AUG-2008,VITLINFO,Vishal Information Techno,MANIPUT INVESTMENTS PVT LTD,SELL,138512,227.10,-
13-AUG-2008,VITLINFO,Vishal Information Techno,MANSUKH SECURITIES & FINANCE LTD,SELL,115288,226.14,-
13-AUG-2008,VITLINFO,Vishal Information Techno,MEHTA VIRENDRA KUMAR,SELL,65269,225.85,-
13-AUG-2008,VITLINFO,Vishal Information Techno,OPG SECURITIES PVT. LTD.,SELL,68194,228.08,-
13-AUG-2008,VITLINFO,Vishal Information Techno,PRAGATI PAPER MILLS LTD,SELL,56961,228.71,-
13-AUG-2008,VITLINFO,Vishal Information Techno,PRASHANT JAYANTILAL PATEL,SELL,193953,227.01,-
13-AUG-2008,VITLINFO,Vishal Information Techno,R.M. SHARE TRADING PVT LTD,SELL,304702,227.86,-
13-AUG-2008,VITLINFO,Vishal Information Techno,RAHUL DOSHI,SELL,96111,244.68,-
13-AUG-2008,VITLINFO,Vishal Information Techno,SMC GLOBAL SECURITIES LTD.,SELL,87213,225.57,-
13-AUG-2008,VITLINFO,Vishal Information Techno,SUMITA SAXENA,SELL,91990,228.39,-
13-AUG-2008,VITLINFO,Vishal Information Techno,TRANSGLOBAL SECURITIES LTD.,SELL,177006,226.83,-
13-AUG-2008,VITLINFO,Vishal Information Techno,VAIBHAV DOSHI,SELL,66011,233.91,-
13-AUG-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,SELL,175930,235.21,-
13-AUG-2008,ZEENEWS,Zee News Limited,BLACKSTONE Asia Advisors A/c THE INDIA FUND INC,SELL,2034000,40.19,-

Post Session Commentary - Aug 13 2008

Domestic market witnessed a sharp fall to close into the negative territory on the back of intense profit booking that was seen in key stocks ahead of SEBI meeting scheduled today to review the regulatory framework governing P-notes. Market opened on weak note tracking unfavorable cues from global markets but there after recovered from the fall during the mid session due to some bouts of buying. But it was not able to sustain the momentum and again slide into red to trade lower till the end of session. Investors' sentiments also battered due to weak European and Asian markets. NSE Nifty ended below 4,600 mark and BSE Sensex below 15,100 level. From the sectoral front, interest sensitive sectors like Bank and Realty along with Capital goods and Consumer Durables were under selling pressure while IT, Pharma and FMCG stocks gained the ground. The market breadth was negative as 1238 stocks closed in green while 1420 stocks closed in red and 91 stocks remained unchanged.

NSE, on Tuesday received an in principle approval from the Securities and Exchange Board of India to initiate an exchange to trade foreign currency derivatives. NSE is planning to start a separate segment on its existing stock and derivatives bourse to trade in forex derivatives.

The BSE Sensex closed lower by 119.01 points at 15,093.12 and NSE Nifty ended down by 23.20 points at 4,529.05. The BSE Mid Caps closed with losses of 6.16 points at 5,929.37 while Small Caps closed with gains of 9.35 points at 7,229.77. The BSE Sensex touched intraday high of 15,272.56 and intraday low of 15,013.06.

Lossers from the BSE are ICICI Bank Ltd (3.77%), HDFC Bank Ltd (3.69%), DLF Ltd (3.29%), Maruti Suzuki (5.27%), HDFC (2.13%), Hindalco (2.00%), L&T Ltd (1.88%), Tata Power (1.76%) and Reliance Com Ltd (1.71%).

The BSE Bank index closed lower by 165.87 points at 7,271.40. Lossers are Bank of Baroda (4.61%), ICICI Bank Ltd (3.77%), HDFC Bank Ltd (3.69%), IDBI Bank Ltd (3.24%), Bank of India (2.80%) and Karnataka Bank (2.21%).

The BSE Capital Goods index dropped by 133.35 points to close at 12,606.94. Lossers are Siemens Ltd (2.43%), Punj Lloyd (2.33%), L&T Ltd (1.88%), Usha Martin (1.68%), Gammon India (1.33%) and Elecon Eng C (1.10%).

The BSE Reality index ended lower by 74.66 points at 5,610.83. Major lossers are Mahindra Life (4.61%), Housing Development (4.05%), Anant Raj (3.17%), Pheonix Mill (2.95%), Omaxe Ltd (2.01%) and Penland Ltd (21.86%).

The BSE Consumer Durables index ended down by 32.28 points at 3,883.69. As Videocon Ind (2.18%),Gitanjali GE (0.93%), Titan Ind (0.42%) and Blue Star L (0.09%) closed in negative territory.

The BSE Pharma index ended up by 44.66 points at 4,279.90. As Sunpha Dev (5.50%), Glenmark Pharma (4.04%), Divi's Lab (4.01%), Cipla Ltd (3.15%), Bil care Ltd (2.96%) and Opto Circuit (2.07%) closed in positive territory.

The BSE IT index gained 41.98 points to close at 3,813.96. Major gainers are Financ Tech (3.32%), NIIT Ltd (2.86%), rolta India (2.59%), Moser Bayer (1.84%), Infosys Tech (1.34%) and TCS Ltd (1.20%).

The BSE IT index closed down by 3.79 points at 3,882.07. Major lossers are Mphasis Ltd (2.40%), Patni Computer (1.37%), TCS Ltd (1.06%), Infosys Tech (0.58%) and Rolta India (0.12%).

Sensex sheds 119 points

Weakeness in global indices made the investors jittery and triggered a sell-off in the domestic market. The market opened on a bearish note at 15,030, down 182 points from the yesterday's close. By mid-morning trades, the Sensex managed to recover some losses and touched intra-day high of 15,273, up 61 points. However, the index succumbed to selling in banking, reality and capital goods stocks. Some buying at lower levels towards the close saw the Sensex recover a little and end the session with losses of 119 points at 15,093, while the Nifty closed at 4,529, down 23 points.

The market breadth was weak. Of the 2,749 stocks traded on the BSE, 1,420 (51%) stocks declined, 1,238 (45%) stocks advanced and 91 (3%) stocks ended unchanged.

Most of the sectoral indices posted losses for the day. The BSE Bankex was the biggest loser and slipped 2.23% at 7,271 followed by the BSE Realty Index (down 1.31% at 5,610.83) and the BSE CG Index (down 1.05% at 12,607). However, the BSE IT gained 1.11% at 3,813.96 followed by the BSE HC Index (up 1.05% at 4,279.90). The BSE Teck and BSE FMCG Index ended with steady gains.

Among the laggards, ICICI Bank was down 3.77% at Rs710.55, HDFC Bank declined 3.69% at Rs1217.20, DLF shed 3.29% at Rs548.60, Reliance Infrastructure dropped 2.45% at Rs1,067.85, HDFC lost 2.13% at Rs2,414.10 and Hindalco fell 2% at Rs139.55. However, select heavyweights attracted decent buying support. Sterlite Industries India added 2.67% at Rs613, Infosys rose 1.34% at Rs1,625.20 and Tata Consultancy Services gained 1.20% at Rs828.05.

Over 2.44 crore Reliance Natural Resouces shares changed hands on the BSE followed by Chambal Fertilisers and Chemicals (1.13 crore shares), Nagarjuna Fertilisers and Chemicals(1.09 crore shares) and Ispat Industries(1crore shares)

Market extends fall on weak global cues

The market ended lower for the second day in a row tracking weak global markets. The key benchmark indices were highly volatile throughout the session ahead of the outcome of the Securities and Exchange Board of India's board meet to review the rules regarding the issuance of participatory notes.

Banking and realty shares witnessed selling pressure, while buying was seen in pharmaceuticals and technology stocks. Index pivotal ICICI Bank was the biggest loser in the Sensex pack.

In Europe, key indices in UK, France and Germany were down 0.65% to 0.79%. Asian markets were weak. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore, China and Taiwan were down by between 0.02% to 2.11%.

The BSE 30-share Sensex fell 119.01 points or 0.78% to 15,093.12. Sensex rose 60.43 points at the day's high of 15,272.56 hit in early afternoon deals. At the day's low of 15,013.06, the Sensex lost 199.07 at the onset of trading session.

The S&P CNX Nifty fell 23.2 points or 0.51% lower at 4529.05. Nifty August 2008 futures were at 4562, a premium of 32.95 points as compared to spot closing.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 13 August 2008, sold shares worth a net Rs 915.58 crore. Domestic funds bought shares worth a net Rs 226.12 crore.

The BSE Mid-Cap index fell 0.10% at 5,929.37 and the BSE Small-Cap index rose 0.13% at 7,229.77.

The market breadth, which was strong earlier, turned negative by mid-afternoon trade. On BSE, 1238 shares advanced as compared to 1420 that declined. 91 shares remained unchanged.

BSE clocked a turnover of Rs 5052 crore as against Rs 5,874.74 crore on Tuesday, 12 August 2008. NSE's futures & options turnover amounted to Rs 43947.06 crore as compared to Rs 52461.81 crore Tuesday, 12 August 2008.

Profit taking after a recent solid surge pulled the barometer index down 291.79 points or 1.88% to 15,212.13 on Tuesday, 12 August 2008. The barometer index is down 410.80 points or 2.64% from a recent high of 15503.92 hit on 11 August 2008.

Sensex is down 5193.87 points or 25.60% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6113.65 points or 28.82% away from its all-time high of 21,206.77 struck on 10 January 2008.

Prominent Sensex losers in today's trade were, Reliance Infrastructure (down 2.45% at Rs 1067.85), HDFC (down 2.13% at Rs 2414.10), Larsen & Toubro (down 1.88% at Rs 2795.85), and Tata Power (down 1.76% at Rs 1018.95).

India's largest private sector bank by market capitalisation ICICI Bank slipped 3.77% at Rs 710.55.

Other banking shares that declined were, Bank of Baroda (down 4.61% at Rs 271.30), HDFC Bank (down 3.69% at Rs 1217.20), and State Bank of India (down 0.15% at Rs 1555.25). The BSE Bankex underperformed the Sensex, falling 2.23% to 7,271.40.

Realty shares slipped. DLF (down 3.29% at Rs 548.60), Mahindra Lifespace Developers (down 4.61% at Rs 467.50), and Housing Development Infrastructure (down 4.05% at Rs 466.55), declined. The BSE Realty index underperformed the Sensex, falling 1.31% to 5,610.83.

Pharmaceutical shares rose. Sun Pharma Advanced Research Company (up 5.50% at Rs 89.20), Glenmark Pharmaceuticals (up 4.04% at Rs 635.40), Divi's Laboratories (up 4.01% at Rs 1593.65), and Cipla (up 3.15% at Rs 232.15). However, India's largest drug maker by sales Ranbaxy Laboratories fell 0.26% at Rs 499.05. The BSE Healthcare index outperformed the Sensex, rising 1.05% to 4,279.90.

Drug maker Dr Reddy's Pharmaceuticals rose 0.17% at Rs 600.25. As per reports, the company and Teva Pharmaceuticals have settled their patent dispute over carvedilol, allowing Dr Reddy's to sell the drug in the US.

IT shares moved up after the rupee weakened against the dollar. India's second largest software exporter by sales Infosys Technologies rose 1.34% at Rs 1625.20. TCS (up 1.20% at Rs 828.05), Satyam Computer (up 0.87% at Rs 406.25), and Wipro (up 0.05% at Rs 433.50), rose. The BSE IT index outperformed the Sensex, rising 1.11% to 3,813.96.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries ended flat at Rs 2340.90. As per reports, the Bombay High Court on Tuesday, 12 August 2008, once again adjourned the hearing of a dispute between the company and Reliance Natural Resources (RNRL) till 21 Aug 2008. The dispute is about, which firm has the rights over gas supplies and at what price. Reliance Natural Resources rose 1.66% at Rs 103.90.

Worlds sixth largest steel maker Tata Steel rose 0.41% at Rs 610.45 after the company said its Singapore unit signed a joint venture agreement with Vietnam Steel Corp and Vietnam Cement Industries to build a steel complex in the Southeast Asian country.

India's largest aluminium manufacturer in terms of sales Hindalco Industries fell 2% to Rs 139.55. The company said its board will meet on 14 August 2008 to determine the price and other terms and conditions of the proposed rights offering. As per reports, Hindalco will set rights issue price at Rs 96 per share.

Majority of the 39 stocks that will be included in the derivative segment of National Stock Exchange from 21 August 2008 spurted on hopes that it will boost liquidity. Noida Toll Bridge Company (up 15.90% at Rs 49.20), Core Projects & Technologies (up 10.93% at Rs 254.20), Dish TV India (up 10.26% at Rs 39.75), UCO Bank (up 10.12% at Rs 40.80), and K S Oils (up 10% at Rs 65.30), were the prominent gainers among the 39 scrips that will be included for futures and options trading on NSE from 21 August 2008.

Infrastructure developer BSEL Infrastructure Realty surged 5% to Rs 38.95 after the company said its board will meet on 20 August 2008 to consider the funding of $100 million for ongoing and future projects of the company.

Cable TV network distributor Wire & Wireless India gained 2.29% to Rs 26.75 after the company said its board will meet on 20 August 2008 to consider issue of equity shares on a rights basis.

Real estate firm Puravankara Projects rose 1.03% at Rs 200.70 after the company said it will set up a unit for low-cost housing and invest Rs 8000 crore over five years to develop 60 million square feet of land.

Auto parts maker JBM Auto rose 4.08% to Rs 35.70 after the company said it will invest Rs 245 crore in a plant in Pune to supply skin panels for the joint venture between Tata Motors and Fiat.

Reliance Natural Resources clocked a highest turnover of Rs 252.72 crore on BSE. Reliance Capital (Rs 237.79 crore), Reliance Industries (Rs 214.15 crore), Vishal Information Technologies (Rs 213.18 crore), and ICICI Bank (Rs 136.86 crore), were the other turnover toppers on BSE in that order.

Reliance Natural Resources registered a highest volume of 2.44 crore shares on BSE. Chambal Fertilisers & Chemicals (1.13 crore shares), Nagarjuna Fertilisers & Chemicals (1.09 crore shares), Ispat Industries (1 crore shares), and Vishal Information Technologies (93.19 lakh shares), were the other volume toppers on BSE in that order.

US stocks fell on Tuesday, 12 August 2008, as bank shares tumbled on fresh worries about the economy and further losses stemming from the mortgage crisis. The Dow Jones industrial average fell 139.88 points, or 1.19%, to 11,642.47, while the Standard & Poor's 500 Index slid 15.73 points, or 1.21%, to 1,289.59. The Nasdaq Composite Index dropped 9.34 points, or 0.38%, to 2,430.61.

Oil extended its sharp decline witnessed over the past few days. US crude oil for September delivery fell $1.44 to settle at $113.01 a barrel on Tuesday, 12 August 2008, on the New York Mercantile Exchange on concerns about a slowing economy and a drop in demand.

India's industrial output rose 5.4% in June 2008 from a year earlier, above the previous month's upwardly revised 4.1%, data released by the government on Tuesday, 12 August 2008, showed. The growth was much lower than double-digit growth seen in 2006 and early 2007.

The board of market regulator Securities & Exchange Board of India will review the regulatory framework governing participatory notes (PNs), at its meeting today, 13 August 2008. As per reports, Sebi may extend the period for unwinding participatory notes, or P-notes, on underlying derivatives from 18 months to 24 months. P-notes are issued by foreign institutional investors registered in India to unregistered overseas investors.

The market regulator put curbs on PNs last year to help the government keep track of foreign flows into the country. Sebi had restricted issuance of P-notes in the spot segment to 40% of assets under custody and reports sugest it might raise the cap to 45% from 40%.

Market may continue its northbound journey following the overnight gains in US indices and firm Asia

The market is likely to display a positive trend on the back of increasing investor confidence on economic outlook and positive global cues. Strong investor's appetite for heavyweights and sectoral stocks could see the market to extend its winning streak. However, caution should be maintained, as higher bouts of intra-day volatility is likely to persist. Among the local indices, the Nifty could test higher levels in the 4550-4600 range and has a support at 4480. The Sensex on the downside may slip to 14900 and may face resistance at 15300.

Major US indices rose Friday with the Dow Jones flared up by 303 points at 11734, the Nasdaq moved up by 58 points to close at 2414.

Except VSNL all the Indian ADRs traded firm on the US bourses. ICICI Bank led the pack with gains of over 7.99% while, HDFC Bank, Dr Reddy's, Tata Motors, Infosys and Satyam closed with the gains of 1-5% each. Wipro and MTNL ended with steady gains.

The Nymex light crude oil for September delivery lost by $4.82 to close at $115.20 a barrel. In the commodity space, the Comex gold for December delivery lost $13.10 to settle at $864.80 an ounce.

Pre Session Commentary - Aug 11 2008

The Indian Market is expected to have positive opening as the US markets closed with heavy gains and Asian market are trading firm and a sharp fall in crude oil prices. The Indian markets on Friday took a turn in the final hours of the trading session and closed with marginal gains. After a negative start to the session backed by weak cues from the US markets, domestic market recovered some ground. However, the market did not sustain the same momentum and turned choppy as investors'' worries over rising inflation rate deepened. Inflation stood at 12.01% for the week ended 26th July 2008, up from 11.98% for the previous. Due to the buying interest during the final trading hours market moved up to close in positive territory. NSE Nifty ended above 4,500 mark and BSE Sensex above 15,100 level. Market traded weak as selling pressure was seen in rate sensitive stocks like Realty, and IT. From the sectoral front, Metal, Consumer Goods and Bank stocks were able to gather the buying momentum. However, IT and Reality stocks remained out of favor as most of the selling was seen from these baskets. The BSE Sensex closed higher by 50.57 points at 15,167.82 and NSE Nifty ended marginally up by 5.65 points at 4,529.50 The BSE Mid Caps closed with gains of 5.37 points at 5,886.97 and Small Cap ended up by 14.75 points 7,181.74. We expect that market may gain further ground during the trading session.

SEBI's planning to introduce know your customers norms for FIIs and its meeting on 13th August 2008 for the same. These norms are related to issuance of P-notes that was earlier revised on October 2007.

On Friday the US market closed with heavy gains after oil prices tumbled more than $4 a barrel. Oil tumbled $4.82, to $115.20 a barrel, despite concerns over potential supply interruptions from a sabotaged pipeline in Turkey and military conflict between Russia and Georgia.

The Dow Jones Industrial Average (DJIA) closed higher by 302.89 points at 11,734.32 along with NASDAQ closed up by 58.37 points at 2,414.10 and S&P 500 index closed at 1,296.32 up by 30.25 points.

Indian ADRs ended in green. In technology sector, Infosys ended higher by (1.54%) along with Satyam by (1.13%), Patni Computers by (0.81%) followed by Wipro by (0.09%). In banking sector, ICICI bank and HDFC bank gained (7.99%) and (5.49%) respectively. In telecommunication sector, MTNL ended up by (0.97%) while Tata Communication lost (1.10%). Sterlite industries increased by (2.33%).

Today the major stock markets in Asia are trading firm on stronger Wall Street. Japan's Nikkei is trading up by 225.96 points at 13,394.37 along with Hang Seng trading higher by 209.63 points at 22,094.84, Taiwan Weighted trading at 7,300.39 up by 91.35 points, Seoul Composite trading higher by 20.49 points at 1,589.21 and Strait Times index is trading up by 5 points at 2,839.71.

The FIIs on Friday stood as net seller both in equity and debt. The gross equity purchased was Rs2,379.50 Crore and the gross debt purchased was Rs98.60 Crore while the gross equity sold stood at Rs2,398.50 Crore and gross debt sold stood at Rs174.50 Crore. Therefore, the net investment of equity reported was (Rs19.00) Crore and net debt was (Rs75.90) Crore.

Indian Rupee eased its initial losses to close unchanged at 42.06/07, a shade stronger than Thursday''s close of 42.07/08. It recovered 0.5% from intraday low of 42.29 and for the week, it is up 0.66%.

Today, Nifty has support at 4,626 and resistance at 4,718 and BSE Sensex has support at 14898 and resistance at 15,666.

Pre Session Commentary - Aug 11 2008

The Indian Market is expected to have positive opening as the US markets closed with heavy gains and Asian market are trading firm and a sharp fall in crude oil prices. The Indian markets on Friday took a turn in the final hours of the trading session and closed with marginal gains. After a negative start to the session backed by weak cues from the US markets, domestic market recovered some ground. However, the market did not sustain the same momentum and turned choppy as investors'' worries over rising inflation rate deepened. Inflation stood at 12.01% for the week ended 26th July 2008, up from 11.98% for the previous. Due to the buying interest during the final trading hours market moved up to close in positive territory. NSE Nifty ended above 4,500 mark and BSE Sensex above 15,100 level. Market traded weak as selling pressure was seen in rate sensitive stocks like Realty, and IT. From the sectoral front, Metal, Consumer Goods and Bank stocks were able to gather the buying momentum. However, IT and Reality stocks remained out of favor as most of the selling was seen from these baskets. The BSE Sensex closed higher by 50.57 points at 15,167.82 and NSE Nifty ended marginally up by 5.65 points at 4,529.50 The BSE Mid Caps closed with gains of 5.37 points at 5,886.97 and Small Cap ended up by 14.75 points 7,181.74. We expect that market may gain further ground during the trading session.

SEBI's planning to introduce know your customers norms for FIIs and its meeting on 13th August 2008 for the same. These norms are related to issuance of P-notes that was earlier revised on October 2007.

On Friday the US market closed with heavy gains after oil prices tumbled more than $4 a barrel. Oil tumbled $4.82, to $115.20 a barrel, despite concerns over potential supply interruptions from a sabotaged pipeline in Turkey and military conflict between Russia and Georgia.

The Dow Jones Industrial Average (DJIA) closed higher by 302.89 points at 11,734.32 along with NASDAQ closed up by 58.37 points at 2,414.10 and S&P 500 index closed at 1,296.32 up by 30.25 points.

Indian ADRs ended in green. In technology sector, Infosys ended higher by (1.54%) along with Satyam by (1.13%), Patni Computers by (0.81%) followed by Wipro by (0.09%). In banking sector, ICICI bank and HDFC bank gained (7.99%) and (5.49%) respectively. In telecommunication sector, MTNL ended up by (0.97%) while Tata Communication lost (1.10%). Sterlite industries increased by (2.33%).

Today the major stock markets in Asia are trading firm on stronger Wall Street. Japan's Nikkei is trading up by 225.96 points at 13,394.37 along with Hang Seng trading higher by 209.63 points at 22,094.84, Taiwan Weighted trading at 7,300.39 up by 91.35 points, Seoul Composite trading higher by 20.49 points at 1,589.21 and Strait Times index is trading up by 5 points at 2,839.71.

The FIIs on Friday stood as net seller both in equity and debt. The gross equity purchased was Rs2,379.50 Crore and the gross debt purchased was Rs98.60 Crore while the gross equity sold stood at Rs2,398.50 Crore and gross debt sold stood at Rs174.50 Crore. Therefore, the net investment of equity reported was (Rs19.00) Crore and net debt was (Rs75.90) Crore.

Indian Rupee eased its initial losses to close unchanged at 42.06/07, a shade stronger than Thursday''s close of 42.07/08. It recovered 0.5% from intraday low of 42.29 and for the week, it is up 0.66%.

Today, Nifty has support at 4,626 and resistance at 4,718 and BSE Sensex has support at 14898 and resistance at 15,666.

Market to extend gains on strong global cues

A rally in global equities triggered by a further fall in oil prices will extend gains on the domestic bourses. US front-month crude oil settled on Friday, 8 August 2008, at $115.20 a barrel, down $4.82 for the day on the New York Mercantile Exchange. In post-settlement trading, crude tumbled more than $5 to $114.62 a barrel -- more than 20% below its NYMEX record high above $147 set in July 2008.

The slide in oil prices to their lowest level in three months powered a rally in US stocks on Friday, 8 August 2008. The Dow Jones industrial average rose 302.89 points, or 2.65%, to 11,734.32, while the Standard & Poor's 500 Index jumped 30.25 points, or 2.39%, to 1,296.32. The Nasdaq Composite Index gained 58.37 points, or 2.48%, to 2,414.10.

In Asia, key benchmark indices in Hong Kong, Japan, Singapore, South Korea and Taiwan were up by between 0.17% to 1.5%.

The Indian stock market has staged solid rebound from lower level tracking recovery in global markets triggered by a sharp fall in commodity prices led by oil price which had struck a record high above $147 a barrel on 11 July 2008. From a low of 12,575.80 on 16 July 2008, the barometer index BSE Sensex jumped 2,592.02 points or 20.6% to 15,167.82 on 8 August 2008.

Inflation which hit a fresh 13-year high of 12.01% in the year through 26 July 2008, remains a concern. High inflation will mean that tight monetary policy stance by the central bank may continue. The Reserve Bank of India, at its quarterly policy review late month raised repo rate by 50 basis points to a seven-year high of 9% to curb inflation and dampen inflationary expectations. RBI also raised the cash reserve ratio (CRR), the proportion of funds that banks must keep on deposit with it, by 25 basis points to 9%.

The government will tomorrow, 12 August 2008, release industrial production data for June 2008. Industrial production grew at the slowest pace in more than six years in May 2008, at 3.8%, as against 10.6% in the same month of 2007, with manufacturing showing signs of acute deceleration.

As per provisional data released by the stock exchanges, foreign funds on Friday, 8 August 2008, sold shares worth a net Rs 142.22 crore. Domestic funds bought shares worth a net Rs 16.29 crore.

GOLD GOLD GOLD !!

 Abhinav Bindra wins GOLD .. !

Rigour of finding triggers!

Next in importance to having a good aim is to recognize when to pull the trigger.

Just when people were thinking most triggers are out of the way, we realize this short week (on account of Independence Day, not for shorting) is set to be packed with action. Triggers will come and go, just ensure you have your aim clear. In the current scenario, it is better to spend more energy on when to exit rather than when to enter.

We have the IIP numbers on Tuesday, which may be better than expected; though it remains to be seen if there is some base effect to it. Then there is the SEBI meet on Wednesday, which will have a host of issues market expects, including revisiting P-Note norms and possibility of KYC norms for FIIs. The usual inflation expectations will be the last thing to end the week on Thursday.

Friday's drop in oil prices will ensure that the bulls will remain in a cheerful mood today. Wall Street had a strong rally on Friday. Asian markets, barring China are up 1-2% this morning. The bulls are likely to prevail over the bears in the near term. Though the current momentum may be dismissed as a bear market pull-back, indices have inched higher five weeks in a row. Resistance at higher levels is bound to be there.

The environment remains challenging, from local as well as global perspective. The US economy continues to be in the doldrums, as does the large European economies. In Asia, though the overall situation isn't as bad as the western world, the situation in Japan is precarious. Uncertainties still prevail surrounding the western financial sector.

As far as India is concerned, the macro-economic headwinds are still strong. This means that the tough time is not going to vanish in a jiffy. There could be more negative surprises over the next few months. The only hope is that monsoon has been good so far. So, there is a case for lower food price inflation in case of good kharif crop.

Another factor that could prolong the current rally is of course crude oil. Global equity markets will continue to get a boost if it falls further or stays below $120 per barrel. Individual stocks and sectors will remain in the limelight. And, though the technical and F&O indicators are showing positive signs, one should keep booking some profits at every rise.

FIIs were net sellers of Rs1.42bn (provisional) in the cash segment on Friday and the local funds pumped in Rs162.9mn. In the F&O segment, the foreign funds were net sellers of Rs7.73bn. On Thursday, FIIs were net buyers of Rs190mn in the cash segment. Mutual funds were net sellers of Rs220mn.

Equity shares of Vishal Information Technologies Ltd. will be listed on the bourses today. The IPO was subscribed 1.19 times.

US stock indices closed at six-week high on Friday, as a renewed strength in the dollar sent crude oil prices to a three-month lows, offsetting the latest bad news in the financial sector in the form of a large loss for Fannie Mae.

The Dow Jones Industrial Average rose more than 300 points for a second day last week to close at 11,734.32, up 302.89 points or 2.7%. It was up 3.6% on the week. The S&P 500 gained 30.27 points or 2.4% to finish at 1,296.33, leaving it up 2.8% on the week.

The technology-laden Nasdaq Composite index climbed 58.37 points or 2.5% to shut shop at 2,414.10, a weekly gain of 4.5%.

US light crude oil for September delivery slumped $4.82 to settle at $115.20 per barrel on the New York Mercantile Exchange, hitting three-month lows. Prices fell as the dollar rallied to a five-month high against the euro and worries about a Turkish supply disruption eased.

Oil prices have slipped more than 20% since peaking above $147 in July. A further drop in oil prices would be a plus for stocks. But, the housing and credit crisis, sluggish corporate earnings and slow economic growth will continue to drag on stocks.

The dollar rallied versus the euro after the European Central Bank's disappointing outlook on economic growth. The dollar advanced against the yen as well.

Fannie Mae swung to a loss of $2.3bn, or $2.54 per share, due to big reserves for credit losses in the April-June quarter, versus a per-share profit of $1.86 a year ago. Analysts had forecast a loss of 68 cents per share.

The mortgage finance giant also slashed its quarterly dividend and said it will cut its annual operating costs by 10%. Fannie Mae shares slumped 9% in active trade. Fannie's CEO warned of steeper credit market losses ahead, echoing the grim outlook of Freddie Mac.

The rally in the dollar pressured crude oil and a variety of other commodities, which are traded in dollars. COMEX gold for October delivery fell $13.10 to settle at $860.70 an ounce. Silver, platinum and aluminum fell, too.

In the bond market, Treasury prices declined, raising the yield on the benchmark 10-year note to 3.95% from 3.92% late on Thursday.

In Europe, the FTSE 100 in London gained 0.2% at 5489 while the DAX in Frankfurt rose 0.3% at 6561 and the CAC 40 in Paris advanced 0.8% at 4491.

In the emerging markets, the Bovespa in Brazil was down 0.8% at 56,584 while the IPC index in Mexico was up 0.5% at 27,132. The RTS index in Russia tumbled 6.5% to 1722 as military hostilities continued with Georgia. The ISE National 30 in Turkey was down nearly 2% at 50,265.

The uptrend may continue

Market which started off the day on a flat note immediately fell into the negative terrain. From there on it remained weak through out the trading session until buying resumed in the last hour of the trading session. The Banking, Capital Goods and the Metal stocks were in demand which lifted the BSE benchmark Sensex and the NSE Nifty to close above the 15k and the 4,500 levels.

Finally, the benchmark Sensex gained 50 points to close at 15,167 and Nifty was added 6 points to close at 4,529.

Shares of Sterlite Industries surged by over 4% to Rs639 after the company announced that it secured court's approval for mining Bauxite in Orrisa. The scrip touched an intra-day high of Rs644 and a low of Rs612 and recorded volumes of over 7,00,000 shares on BSE.

Shares of Deep Industries rallied by over 7% to Rs144 after the company announced that it secured a contract worth Rs103mn from Chennai Petroleum for compression of natural gas at Kamalapuram for five years. The scrip touched an intra-day high of Rs146 and a low of Rs132 and recorded volumes of over 1,00,000 shares on BSE.

Allahabad Bank gained by 1.5% to Rs65. The company announced that the board of directors of the bank approved upward revision in BPLR from existing rate of 13.5% to 14% with immediate effect.

However, the above change in BPLR will not be passed on to the existing Housing Loan, Personal Loan, Education and Car / Auto Loan customers. Moreover the above change in BPLR will also be not applicable to the new housing loans up to Rs30 lacs. The scrip touched an intra-day high of Rs65 and a low of Rs62 and recorded volumes of over 1,00,000 shares on BSE.

Sugar stocks extended losses and slipped from days high after government deferred its decision to end curbs on domestic sugar sales. Renuka Sugar was down by 1%, Balrampur Chini slipped 1%, Bajaj Hindusthan slipped 2%.

Shares of Shanti Gears rallied by over 9% to Rs73 after reports stated that Hansen Transmission International owned by Suzlon Energy is in discussion with the company for acquiring between 50-100% stake at around 30% premium to the current market price. If the deal goes through then Hansen Transmission will have to make an open offer for additional 20% of Shanti Gears. The scrip touched an intra-day high of Rs80.8 and a low of Rs71 and recorded volumes of over 5,00,000 shares on BSE.

House of Pearl fell sharply from its high and lost over 6.5% to Rs113. The company announced that Lerros Fashions India Pvt Ltd, a JV of the company with LERROS Moden Gmbh, Germany, has launched its first store in India. The scrip has touched an intra-day high of Rs130 and a low of Rs112 and recorded volumes of over 2,00,000 shares on BSE.

Looking at the pull back in the last hour of Friday's trading session; Indian bourses may continue its uptrend. However, weak global cues and crude oil prices would prove to be a trend dictator.

Supreme Court okays forest clearance for Posco, Sterlite projects.(BL)
M&M plans to list its newly-formed two wheeler arm on stock markets.(TOI)
Tata Steel may sell some low profit yielding assets of Corus.(ET)
Dr Reddy's withdraws a proposed issue of 8.41mn share warrants on a preferential basis to promoters.(BL)
Walt Disney has invested Rs1bn for a 15% stake in UTV Global Broadcasting, the broadcasting arm of UTV Software Communications.(BS)
Jaiprakash Associates to invest Rs30bn to build new cement plants.(BL)
BHEL announces it has got an Rs4bn order for setting up a hydro power plant in Rwanda.(FE)
Power Grid Corp. board approves investment proposals worth Rs 94bn.(BL)
Oriental Bank of Commerce said it would soon seek new licenses from the RBI for opening 100 new branches in the country.(FE)
BIG TV, the ADAG group's soon to-be-launched DTH venture has secured the DTH rights of the Indian Premiere League for US$31.6mn.(BS)
Rashtriya Ispat Nigam unveils Rs50bn modernization plan.(TOI)
Bank of Rajasthan to raise Rs2.5bn by way of PE placements for funding expansions.(BL)
Allied Digital is in the final stages of buying an infrastructure management services capability in the UK.(DNA)
Infosys Technologies to spend Rs12bn over the next ten years for its new facility at Pocharam, near Hyderabad, being constructed in a 450-acre special economic zone. (BS)
Andhra Bank is likely to approach markets to raise tier II capital within a week.(BL)
Hero Honda and Srei Infratructure Finance have acquired NSE shares from IFCI and SCHIL for Rs3,500 per share.(ET)
Ministries of rural development and human resources yet to pay Rs220bn to Food Corporation of India for supplying food grains for mid-day meal and employment schemes.(Mint)
Mercator Lines enters the booming offshore segment by contracting its first offshore oil drilling rig to Greatship India.(DNA)
Indian Oil planning acquisition of 100acres of unused land for Haldia refinery up gradation.(BL)
BSE has invited its two strategic investors Deutsche Boerse and Singapore Exchange to join its board of directors.(FE)
Tata Teleservices to invest Rs80bn over the next 24 months to expand its telecom networks.(ET)
Reliance Communications expected to start nationwide commercial operations of its DTH service from August 15.(TOI)
L&T proposes to raise Rs24bn through securities.(BL)
ONGC Videsh, Essar, Oil India amongst others short listed by Algeria to bid for oil blocks on offer in its latest licensing round.(FE)
K Raghavendra Rao, one of the promoters and MD of Orchid Chemicals and Pharmaceuticals, may initiate talks to buy back its 14.7% stake that is now with Rexcel, a unit pharma major Ranbaxy.(BS)
Lakshmi Mittal is believed to have shown interest in buying low cost carrier SpiceJet.(DNA)
NTPC signs MoU with NHPC, PFC and TCS for a JV company to set up a national power exchange.(BL)
Vodafone explores legal action against Essar setting up a wireless telephony company.(ET)
BSE drops its plan to pick up a stake in the Ahmedabad based National Multi Commodity Exchange.(BL)

Economy Front page

At least six major thermal power stations across the country report that they have run out of coal stocks.(BL)
Private developers need to buy 70% of the land at prevailing market prices with government acquiring the rest as per new policy frameworks for SEZs.(ET)
Consumer durables, FMCG companies considering raising further prices hikes to cushion themselves from high input costs.(TOI)
Steel companies have agreed to hold prices at current levels.(FE)
Government may levy user development fee from September on the new airports at Hyderabad and Bangalore. (ET)
Government announces new import price parity linked subsidy policy for production of additional urea by domestic manufacturers over and above their current rated capacities.(BL)
In the month to July 25, bank credit was lower by Rs66bn on account of a fall in food credit.(Mint)
The committee on financial position of oil companies has proposed fuel price increases.(FE)
Growth in advance corporate tax collection in the first four months of FY09 fell to 18% YoY.(ET)
Railway to introduce specially designed wagons to carry automobiles and charge freight as per number of wagons. (ET)
Cabinet defers a decision to decontrol the sugar industry by amending the Sugar Control and Regulation Order.(FE)
RBI says FIIs may be allowed to take long position in the interest rate futures market.(FE)

Bullion metals continue to drop

 Gold and silver give up 6% and 12% respectively for the week

Bullion metal prices registered substantial losses for the sixth straight day on Friday, 08 August, 2008 as the dollar strengthened against most currencies. Gold and silver prices also registered sufficient losses for the week. Silver prices also fell for the day.

Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies. On the other hand, a lower dollar pushes up precious metal prices as their demand lessens as it becomes cheaper for traders holding other currencies.

Comex Gold for December delivery fell $13.1 (1.3%) to close at $864.8 ounce on the New York Mercantile Exchange. It fell to an intra day low price of $858. For the week, it ended lower by 5.8%. On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped since then.

This year, gold prices have gained 3.7% till date against a 8% drop for the dollar against the euro. Gold ended July, 2008 lower by $11 (1.1%). The yellow metal ended second quarter with a marginal gain of 0.7%. It ended June, 2008 with a gain of 4.1%. In May, it ended with a gain of higher by $22.5 (2.5%). Before May, in April, prices closed lower by 6.3%. For first quarter prices gained 10.7%. In January, prices gained 11%, the highest monthly gain since April 2006. For February, it gained 6%. But in March, prices succumbed and fell by 5.5%.

On Friday, Comex silver futures for September delivery fell 92.7 cents (5.7%) to $15.33 an ounce. Silver has gained 4.3% in 2008 till date. For the week it lost 12.5%. It ended July 2008 with a gain of 3%. For the second quarter, it had gained a paltry 1.4%. Silver had gained 16% in Q1. The metal also had gained for seven straight years.

At the currency markets on Friday, the dollar rallied against the euro. The dollar surged against major counterparts, mostly as concerns about the eurozone economy increased following the European Central Bank's decision to leave interest rates unchanged on Thursday. The greenback garnered attention following cautions that the European economy would weaken. As tighter credit and higher costs hit the continent, growth prospects become dimmed, making it less likely the ECB will hike interest rates. The dollar index traded 1.6% higher.

Crude oil plunges

 Prices fall by 8% for the week

A strong dollar pushed crude prices substantially lower on Friday, 08 August, 2008. Prices dropped more than $4 on Friday and lost more than $10 for the week.

Crude-oil futures for light sweet crude for September delivery closed at $115.2/barrel (lower by 4.82 or 4.4%) on the New York Mercantile Exchange. Futures earlier fell to an intraday low of $115.1 a barrel. For the week, crude prices ended lower by $9.9 (8%). Crude lost $15.92 (11%) in July, 2008, the biggest ever in dollars. Still at the end, it was not so bad as it seems, as prices retreated from a gain of 2.7%.

the dollar rallied against the euro. The dollar surged against major counterparts, mostly as concerns about the eurozone economy increased following the European Central Bank's decision to leave interest rates unchanged on Thursday. The greenback garnered attention following cautions that the European economy would weaken. As tighter credit and higher costs hit the continent, growth prospects become dimmed, making it less likely the ECB will hike interest rates. The dollar index traded 1.6% higher.

Crude prices gained 38% in the second quarter of this year. It was the biggest quarterly increase in nine years. It ended June 2008 higher by 9.9%. Prices are 42% higher than a year ago. For the year, crude is up by 22% till date.

Against this background, September reformulated gasoline fell 11.5 cents to close at $2.8874 a gallon, down 6.4% for the week. September heating oil dropped 10.6 cents to end at $3.128 a gallon, down 9% for the week.

September natural gas futures dropped 32.3 cents, or 3.8%, to finish at $8.248 per million British thermal units. It touched a low of $8.21, the lowest intraday level since early February. For the week, it sank 12.2%.