Oil Prices At Five Months Low, After Gustav New Storms In Limelight

Oil prices closed at their lowest level in five months Thursday as a lower-than-expected drop in U.S. gasoline supplies gave traders more reason to believe that a cooling economy is forcing Americans to drive less. However, potential supply interruptions should ensure that oil does not pull back too much. Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange. It was the lowest settlement price for a front-month contract since April 4. MCX Crude Oil for October expiry closed the session at Rs 4824 per barrel. The contract also touched a low of Rs 4751 per barrel.

In its weekly inventory report, the Energy Department's EIA said U.S. gasoline stocks fell by 1 million barrels to 194.4 million barrels for the week ending Aug. 29. Tropical storm Hanna seems likely to hit the Atlantic coast of the US, missing the Gulf of Mexico, but likely worry is from Ike, which has already reached category 4-hurricane strength. It is still too early to say what course it will take, but there are risks of potential supply interruptions.

KEC International

Short-term investors can buy KEC International at current levels. The stock is just commencing a smart up-move after a protracted sideways move from the July trough at Rs 340. The sequence of higher troughs in the ensuing period reflects the underlying strength in the stock. KEC International has also closed firmly above the 50-day moving average line as well as the long-term down-trend line. Both these crossovers reflect a reversal in the bearish outlook currently prevailing in the stock.

The fact that the 10-day rate of change and the daily moving average convergence divergence oscillators have moved above the zero line indicate that the stock could be beginning the next phase of the uptrend that commenced in July. Investors can buy KEC International with a stop at Rs 395. We expect the stock to achieve the target of Rs 490 in the near-term.

Market may drift lower on weak global cues

Weakness in global markets may continue to weigh on the domestic bourses for a second day in a row today, 5 September 2008. However, the downside may be capped on data showing softening of inflation for a second straight week and on reports that the Nuclear Suppliers Group (NSG) was inching towards forging a consensus on clearing a waiver to India for nuclear commerce, a decision that can take the Indo-US nuclear deal forward.

Annual inflation rose 12.34% in the year through 23 August 2008, lower than previous week's 12.40% rise, data released by the government after trading hours on Thursday, 4 September 2008 showed. Food prices for staples like lentils and vegetables eased while fuel prices remained flat, the data showed. Inflation, however, remains far above central bank's target level of 7% towards the year ending March 2009.

The United States said on Thursday, 4 September 2008, 45 nations were making headway towards agreement on lifting a ban on nuclear trade with India after Washington reworked a draft for the move to ease proliferation fears. The two-day meeting of NSG ends today, 5 September 2008.

Fears about economic growth and a 3% slump in US stocks on Thursday, 4 September 2008, sent Asian shares sprawling on Friday, 5 September 2008 and investors sought safe-haven bonds and unwound currency carry trades, lifting the yen to a 13-month high versus the euro. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 0.95% to 2.61%.

Wall Street suffered its steepest decline in more than two months on Thursday, 4 September 2008, after weekly government data showed an unexpected jump in the number of filings for jobless benefits, souring the mood before Friday's (5 September 2008)'s jobs report for August 2008, which is expected to show the eighth consecutive decline, with 75,000 jobs lost.

Weak global cues had pulled Sensex down 150.76 points or 1% to 14,899.10, on Thursday, 4 September 2008. As per provisional data released by the stock exchanges, foreign funds sold shares worth a net Rs 603.28 crore on Thursdays. Domestic funds bought shares worth a net Rs 431.11 crore.

Inflation eases slightly

The wholesale price index data released by the government on Thursday showed the inflation rate drop further to 12.34 percent for the week ended August 23 as compared to previous week's 12.4 percent on August 16, amid the Finance Ministry's assertion that the rate of price rise declined to 6.9 percent in 30 essential commodities from 7.24 percent during the period under review.

"There is movement downward," said Commerce and Industry Minister Kamal Nath even as Prime Minister Manmohan Singh took a review of price and availability of food commodities at a meeting of Cabinet Committee on Prices (CCP).

However, the Reserve Bank of India (RBI) did not show any complacency on the price front and indicated that it would continue with required monetary policy to bring down inflation to 7 percent by the end of current fiscal.

The ease in inflation is being attributed to the fall in prices of primary articles, fruits and vegetables. While the slight increase in the cost of manufacturing goods remained a matter of concern for the government, the significant decline in fuel and power index came as a big pop up.

Inflation has almost tripled this year to reach its highest mark of 12.4 percent amid higher fuel and food prices, forcing the central bank to raise interest rates three times since June and making it harder for consumers to purchase cars, motorcycles and homes. Economic growth is still almost double the average pace since India's independence in 1947.

According to an estimate released by the World Bank, India may lose its position as the world's fastest-growing major economy after China this year, whereas Russia's economy may grow 7.1 percent in 2008, while China may increase 9.4 percent this year, the bank forecast in June.

Last week, first-quarter economic growth slowed to 7.9 percent, the weakest in three-and-a-half years, as successive interest rate hikes hit demand.

The growth figure for the three months to June was far below the 9.2 percent expansion recorded in the same quarter a year earlier.

NSE Bulk Deals to Watch - Sep 4 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,AMBIT SECURITIES BROKING PVT. LTD.,BUY,305163,241.11,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,212296,244.23,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,B K SHAH CO KETAN BHAILAL SHAH,BUY,572389,245.78,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,CHOKHANI SECURITIES LTD,BUY,154828,237.57,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,CPR CAPITAL SERVICES LTD.,BUY,242523,235.94,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,DINDAYAL BIYANI STOCK BROKERS LTD,BUY,268403,252.50,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,DINESH MUNJAL,BUY,283605,233.21,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,396379,235.83,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,G RAMAKRISHNA,BUY,190902,240.31,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,KALPTARU INVESTMENTS PVT. LTD.,BUY,215119,225.89,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,349650,254.62,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,MANIPUT INVESTMENTS PVT LTD,BUY,254536,234.30,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,MARWADI SHARES AND FINANCE LIMITED,BUY,284706,239.33,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,P R B SECURITIES PRIVATE LTD,BUY,151637,262.94,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,PRASHANT JAYANTILAL PATEL,BUY,365101,232.12,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,PUJA TAPARIA,BUY,292872,249.94,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,R HEMA KUMARI,BUY,198000,231.46,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,R.M. SHARE TRADING PVT LTD,BUY,508325,245.96,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,SMC GLOBAL SECURITIES LTD.,BUY,298568,238.64,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,TRANSGLOBAL SECURITIES LTD.,BUY,402810,239.23,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,93000,237.77,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,YUVAK SHARE TRADING PVT LTD,BUY,235345,248.99,-
04-SEP-2008,CCL,CCL Products (I) Ltd,NOVEL SUPPLIERS PVT. LTD.,BUY,98548,148.25,-
04-SEP-2008,JDORGOCHEM,JD Orgochem Limited,YUVAK SHARE TRADING PVT LTD,BUY,150981,18.10,-
04-SEP-2008,NUTEK,Nu Tek India Limited,RASHI EQUISEARCH PVT. LTD.,BUY,89278,203.06,-
04-SEP-2008,NUTEK,Nu Tek India Limited,TRANSGLOBAL SECURITIES LTD.,BUY,260322,206.87,-
04-SEP-2008,NUTEK,Nu Tek India Limited,YOKE SECURITIES LIMITED,BUY,187551,206.28,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,HARBUX SINGH SIDHU,BUY,153359,628.05,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,156716,668.83,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KOTECHA NIRMAL NARENDRA,BUY,154026,503.56,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MANIPUT INVESTMENTS PVT LTD,BUY,149065,644.88,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MARWADI SHARES AND FINANCE LIMITED,BUY,155703,655.74,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,P R B SECURITIES PRIVATE LTD,BUY,345176,642.96,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRASHANT JAYANTILAL PATEL,BUY,148155,656.17,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,YUVAK SHARE TRADING PVT LTD,BUY,207962,679.90,-
04-SEP-2008,SARLAPOLY,Sarla Performance Fibers,RAJESH RAJNIKANT VED,BUY,50000,100.00,-
04-SEP-2008,VINCARDS,Vintage Cards & Creations,K. K. FINSTOCK,BUY,4289,118.45,-
04-SEP-2008,VINCARDS,Vintage Cards & Creations,KAMAL KUMAR KABRA,BUY,869,116.85,-
04-SEP-2008,VINCARDS,Vintage Cards & Creations,MANSUKH SECURITIES & FINANCE LTD,BUY,7968,118.28,-
04-SEP-2008,VINCARDS,Vintage Cards & Creations,TRANSGLOBAL SECURITIES LTD.,BUY,2975,120.50,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,AMBIT SECURITIES BROKING PVT. LTD.,SELL,305163,241.95,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,212296,244.58,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,B K SHAH CO KETAN BHAILAL SHAH,SELL,572387,248.91,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,BARON CONSULTANTS PVT LTD,SELL,167000,234.03,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,CHOKHANI SECURITIES LTD,SELL,154828,238.36,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,CPR CAPITAL SERVICES LTD.,SELL,242523,236.07,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,DINDAYAL BIYANI STOCK BROKERS LTD,SELL,268403,254.77,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,DINESH MUNJAL,SELL,283605,233.70,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,396379,236.00,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,G RAMAKRISHNA,SELL,190902,242.05,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,J M TEXTILES PRIVATE LIMITED,SELL,200000,225.50,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,KALPTARU INVESTMENTS PVT. LTD.,SELL,215119,226.91,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,349650,253.98,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,MAJESTIC SALES PROMOTION (P)LT,SELL,160000,228.45,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,MANIPUT INVESTMENTS PVT LTD,SELL,254536,235.06,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,MARWADI SHARES AND FINANCE LIMITED,SELL,284706,240.65,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,P R B SECURITIES PRIVATE LTD,SELL,151637,263.27,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,PRASHANT JAYANTILAL PATEL,SELL,365101,232.63,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,PUJA TAPARIA,SELL,292872,235.52,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,R HEMA KUMARI,SELL,198000,232.10,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,R.M. SHARE TRADING PVT LTD,SELL,508325,249.40,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,SMC GLOBAL SECURITIES LTD.,SELL,298568,240.18,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,TRANSGLOBAL SECURITIES LTD.,SELL,402810,240.86,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,145500,242.15,-
04-SEP-2008,AUSTRAL,Austral Coke & Projects L,YUVAK SHARE TRADING PVT LTD,SELL,235344,250.84,-
04-SEP-2008,CCL,CCL Products (I) Ltd,SHAILAJA FINANCE LIMITED,SELL,100000,148.01,-
04-SEP-2008,JDORGOCHEM,JD Orgochem Limited,YUVAK SHARE TRADING PVT LTD,SELL,193225,17.84,-
04-SEP-2008,NUTEK,Nu Tek India Limited,RASHI EQUISEARCH PVT. LTD.,SELL,70843,200.89,-
04-SEP-2008,NUTEK,Nu Tek India Limited,TRANSGLOBAL SECURITIES LTD.,SELL,260322,205.85,-
04-SEP-2008,NUTEK,Nu Tek India Limited,YOKE SECURITIES LIMITED,SELL,187551,206.12,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,HARBUX SINGH SIDHU,SELL,135698,624.69,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,156716,669.77,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KOTECHA NIRMAL NARENDRA,SELL,154026,514.93,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MANIPUT INVESTMENTS PVT LTD,SELL,149065,645.51,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MARWADI SHARES AND FINANCE LIMITED,SELL,155403,664.58,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,P R B SECURITIES PRIVATE LTD,SELL,344126,645.29,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRASHANT JAYANTILAL PATEL,SELL,148155,651.85,-
04-SEP-2008,RESURGERE,Resurgere Mines & Mineral,YUVAK SHARE TRADING PVT LTD,SELL,208650,683.26,-
04-SEP-2008,SARLAPOLY,Sarla Performance Fibers,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,48406,99.99,-
04-SEP-2008,VINCARDS,Vintage Cards & Creations,K. K. FINSTOCK,SELL,4289,118.24,-
04-SEP-2008,VINCARDS,Vintage Cards & Creations,KAMAL KUMAR KABRA,SELL,4000,119.85,-
04-SEP-2008,VINCARDS,Vintage Cards & Creations,MANSUKH SECURITIES & FINANCE LTD,SELL,7968,118.35,-
04-SEP-2008,VINCARDS,Vintage Cards & Creations,TRANSGLOBAL SECURITIES LTD.,SELL,2975,119.54,-

BSE Bulk Deals to Watch - Sep 4 2008

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
4/9/2008 519485 ASIA IND NET HARSHA VIPUL MINAWALA B 30000 15.54
4/9/2008 519485 ASIA IND NET ATUL NAGINBHAI CHAUHAN B 98903 15.44
4/9/2008 519485 ASIA IND NET HARSHA VIPUL MINAWALA S 30000 15.54
4/9/2008 519485 ASIA IND NET ATUL NAGINBHAI CHAUHAN S 98850 15.42
4/9/2008 530355 ASIAN OILFIE VSB INVESTMENTS PRIVATE LIMITED S 94361 125.00
4/9/2008 533016 AUSTRAL COKE MARWADI SHARES AND FINANCE LIMITED B 241608 239.03
4/9/2008 533016 AUSTRAL COKE EUREKA STOCK AND SHARE BROKING SERVICES LIMITED B 259806 238.58
4/9/2008 533016 AUSTRAL COKE R M SHARES TRADING PVT LTD B 412504 247.94
4/9/2008 533016 AUSTRAL COKE SAM GLOBAL SECURITIES LTD B 401927 239.19
4/9/2008 533016 AUSTRAL COKE B K SHAH CO B 496473 245.25
4/9/2008 533016 AUSTRAL COKE H.J.SECURITIES P.LTD B 477097 244.57
4/9/2008 533016 AUSTRAL COKE MAJESTIC SALES PROMOTION P LTD S 228000 237.15
4/9/2008 533016 AUSTRAL COKE BARON CONSULTANTS PVT LTD S 150000 235.00
4/9/2008 533016 AUSTRAL COKE MARWADI SHARES AND FINANCE LIMITED S 241608 241.79
4/9/2008 533016 AUSTRAL COKE EUREKA STOCK AND SHARE BROKING SERVICES LIMITED S 259806 238.87
4/9/2008 533016 AUSTRAL COKE R M SHARES TRADING PVT LTD S 412504 244.75
4/9/2008 533016 AUSTRAL COKE SAM GLOBAL SECURITIES LTD S 401927 238.51
4/9/2008 533016 AUSTRAL COKE B K SHAH CO S 494453 247.38
4/9/2008 533016 AUSTRAL COKE H.J.SECURITIES P.LTD S 476997 244.61
4/9/2008 533016 AUSTRAL COKE TAIB SEC MAURITIUS LTD S 321470 286.75
4/9/2008 531335 CARN NUT ANA SUDHA COMMERCIAL COMPANY LTD B 30000 103.50
4/9/2008 531335 CARN NUT ANA MACKERSTICH CONSULTANCY SERVICES S 30000 103.50
4/9/2008 531682 CAT TECHNOL S V ENTERPRISES B 331689 6.28
4/9/2008 531682 CAT TECHNOL S V ENTERPRISES S 331729 6.17
4/9/2008 531439 GOLDSTON TEC BHAVESH P PABARI B 107000 118.21
4/9/2008 531439 GOLDSTON TEC BHAVESH P PABARI S 104900 118.36
4/9/2008 531602 KOFF BR PICT HITESH SHASHIKANT JHAVERI B 26053 32.58
4/9/2008 531602 KOFF BR PICT LAXMI CAP BROKING PVT LTD S 38514 32.39
4/9/2008 531602 KOFF BR PICT DEEPAL CORPORATION S 37198 32.10
4/9/2008 531602 KOFF BR PICT HITESH SHASHIKANT JHAVERI S 26053 32.60
4/9/2008 506605 POLYCHEM LTD BRIJ MOHAN BANSAL HUF B 7000 164.85
4/9/2008 506605 POLYCHEM LTD PUSHPA DEVI B 4000 155.61
4/9/2008 506605 POLYCHEM LTD BRIJ MOHAN BANSAL HUF S 7000 151.92
4/9/2008 506605 POLYCHEM LTD PUSHPA DEVI S 4000 162.82
4/9/2008 532884 REFEX REFRIG DEEPIKA SHARAD NANSI B 85000 307.09
4/9/2008 533017 RESURGERE H.J.SECURITIES P.LTD B 626382 658.09
4/9/2008 533017 RESURGERE H.J.SECURITIES P.LTD S 626382 660.70
4/9/2008 524636 S.S.ORGANICS P. L. BHARATHI B 100000 8.50
4/9/2008 524636 S.S.ORGANICS ARYAVART SAVINGS UNIT LIMITED S 198200 8.50
4/9/2008 533001 SOMI CONVEY HETU INVESTMENTS AND TRADING LTD B 79000 21.77
4/9/2008 532765 USHER AGRO MUKESH G KONDE B 118196 159.17
4/9/2008 532765 USHER AGRO MANHARLAL NAROTTAMDAS SHAH B 401064 150.12
4/9/2008 532765 USHER AGRO MUKESH G KONDE S 118196 148.97
4/9/2008 532765 USHER AGRO MANHARLAL NAROTTAMDAS SHAH S 401064 153.08

Post Session Commentary - Sep 4 2008

The Indian market retreated from Tuesday's strong rally to end the day in red territory. The market was downbeat throughout the trading session as investors' awaited inflation data and progress in India-US nuclear agreement. NSG meet is scheduled today in Vienna to consider whether India should be allowed to resume civil nuclear trade with international community. Domestic markets opened in red tracking weak cues from global markets along with inflation worries. Market stayed in negative territory on significant selling pressure and recovered a bit after mid session but was not able to sustain the momentum and slipped further to close in red. Negative opening of European markets also fueled the negative sentiment. NSE Nifty ended below 4,500 mark and BSE Sensex closed around 14,900 level. From the sectoral front, Reality counter witnessed heavy selling pressure and ended with a deep cut of more than 3%. Along with this, profit booking was also visible in Metal, Oil & Gas, Capital Goods and FMCG stocks. However, IT and Pharma stocks were able to gain ended the day in green zone. The market breadth was positive as 1332 stocks closed in green while 1259 stocks were ended in red and 94 stocks remained unchanged in BSE.

The BSE Sensex closed lower by 150.76 points at 14,899.10 and NSE Nifty ended down by 56.25 points at 4,447.75. The BSE Mid Caps and Small Caps ended with losses of 7.84 points and 8.02 points at 5,829.17 and 6,974.37. The BSE Sensex touched intraday high of 14,994.15 and intraday low of 14,766.01.

Losers from the BSE are Sterlite Indus (3.69%), ONGC Ltd (2.97%), HDFC Bank Ltd (2.80%), Reliance (2.75%), ITC Ltd (2.62%), HUL (2.49%), Reliance Infra (2.32%), Reliance Com Ltd (1.89%) and DLF Ltd (1.34%).

The BSE Metal index plunged 198.75 points to close at 12,182.90. Losers are Hindustan Zinc (4.23%), Gujarat Nre C (3.94%), JSW SL (3.73%), Sterlite Indus (3.69%), Nalco (3.54%) and Jindal Steel (2.81%).

The BSE Oil & Gas index closed lower by 181.31 points at 9,844.65. Major losers are ONGC Ltd (2.97%), Reliance (2.75%), Essar Oil Ltd (2.32%) and Reliance Natural Resources (0.45%).

The BSE Reality index dropped 171.55 points to close at 5,195.72. As Indiabull Real (10.24%), Penland Ltd (4.18%), Housing Development (3.11%), Ansal Infra (3.05%), Unitech Ltd (2.62%) and Anant Raj Indus (2.49%) ended in negative territory.

The BSE Capital Goods index lost 115.06 points to close at 12,188.18. Lossers are Everest Kanto (3.12%), ABB Ltd (2.91%), Areva (2.83%), Crompton Greaves (2.62%), Jyoti Struct (1.97%) and Punj Lloyd (1.82%)

The BSE FMCG index ended down by 43.46 points at 2,212.58. As ITC Ltd (2.62%), HUL (2.49%), Nestle Ltd (1.13%), Godrej Cons (0.97%), United Spr (0.87%) and Colgate Palm (0.77%) closed in negative territory.

The BSE IT index closed up by 18.77 points at 4,085.70. Major gainers are Moser Bayer (9.47%), Aptech Ltd (4.25%), Financ Tech (2.63%), Rolta India (2.11%), Tech Mahindra (1.86%) and I-Flex (1.19%).

Market ends volatile session with a loss

Lack of investor participation ahead of inflation data kept the market under pressure today. Indices witnessed major volatility throughout the session. Realty shares were the worst performers, while software and healthcare pivotals bucked weak trend.

European markets, which opened after Indian markets, were mostly in red. Key indices in France and Germany were down by 0.83% to 1.20%. However, UK's FTSE 100 was up 0.38%. Asian markets were negative with key indices in Hong Kong, Japan, Singapore, South Korea and Taiwan trading down by 0.03% to 2.62%. However, China's Shanghai Composite index was up 0.03%.

As per provisional closing, the BSE 30-share Sensex was down 132 points or 0.88% to 14,917.86. The index shed 283.85 points at the day's low of 14,766.01, hit in mid-morning. It lost 55.71 points at the day's high of 14,994.15 points, hit in afternoon.

The S&P CNX Nifty was down 50.30 points or 1.12% to 4453.70.

The BSE Mid-Cap index was down 0.14% at 5,828.56 and the BSE Small-Cap index was up 0.08% at 6,976.89.

The market breadth was positive. On BSE, 1339 shares advanced as compared to 1254 that declined. 91 shares remained unchanged.

Top Sensex gainers were, Maruti Suzuki (up 2.49% at Rs 681), Hindalco Industries (up 2.35% at Rs 126.55), State Bank of India (up 1.65% at Rs 1546.40), Tata Power Company (up 1.51% at Rs 1086.05), and Grasim Industries (up 1.38% at Rs 2030).

Top Sensex losers were, Sterlite Industries (down 3.39% at Rs 615), ONGC (down2.97% at Rs 1068.85), ITC (down 2.62% at Rs 189.25), HDFC Bank (down 2.80% at Rs 1303.90), and Reliance Infrastructure (down 2.32% at Rs 1017.55).

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 2.75% at Rs 2152.65. RIL stock accounts for a highest weightage of 15.21% on the Sensex.

India's largest private sector bank by market capitalisation ICICI Bank rose 0.69% at Rs 718.25. ICICI Bank stock accounts for third highest weightage of 7.50% on the Sensex.

India's second largest software exporter by sales Infosys Technologies rose 0.80% at Rs 1789.55. Infosys Technologies stock accounts for second highest weightage of 8.16% on the Sensex.

UCO Bank soared 4.56% to Rs 42.40 on BSE, on reports the bank plans to raise about Rs 600 crore from follow on public offer (FPO) in the September-December quarter of the current fiscal.

Textile firm Bombay Dyeing & Manufacturing Company gained 2.97% to Rs 581.35 on reports the company may rake in Rs 900 crore by next year by selling a small part of the 8 lakh square feet commercial property it is developing in Central Mumbai.

Construction firm PBA Infrastructure jumped 3.21% to Rs 67.60 after the company secured a contract worth Rs 122.04 crore from Pimpri Municipal Corporation, Pimpri in the state of Maharashtra for laying roads.

Auto parts maker Sona Koyo Steering Systems surged 20% to Rs 17.80 on reports the company plans to diversify into aerospace and windmill technology.

Oil prices hovered around $109 a barrel today, 4 September 2008 as traders weighed concerns over slowing demand from major consumer countries against further hurricane threats to the US oil sector.

Market may edge higher on fall in oil prices

The market may edge higher following a sharp fall in oil prices. However, subdued trend in Asian stocks may cap gains. Traders may refrain from building large positions ahead of a market holiday tomorrow, 3 September 2008. The market remains closed tomorrow on account of Ganesh Chaturthi.

Oil extended losses toward $111 a barrel on Tuesday, 2 September 2008, after Hurricane Gustav eased before slamming into the US Gulf Coast, pushing up the US dollar to a 7-month high against the euro and causing a broad sell-off of commodities.

Asian stocks were mostly in the red today, 2 September 2008. Key benchmark indices in Hong Kong, China, South Korea, Singapore and Taiwan were down by between 0.04% to 1.62%. Japan's Nikkei was up 0.5%. US markets were closed on Monday, 1 September 2008, for Labour Day holiday.

As per provisional data released by the stock exchanges, foreign funds on Monday, 1 September 2008, sold shares worth a net Rs 241.85 crore. Domestic funds bought shares worth a net Rs 82.62 crore.

Equity mutual funds are sitting on large cash pile and the market may find support once mutual funds start deploying the idle cash. Equity funds are having 11% of assets in cash.

The market ended with small losses on Monday, 1 September 2008, staging a smart comeback from an intra-day fall. BSE Sensex lost 66.02 points or 0.45% at 14,498.51, recovering from an intra-day fall of 283.43 points.

Two biggest concerns which are weighing heavily on the stock markets are slowing economic growth and high inflation. Concerns on the inflation front had eased a bit last week when data showed inflation had softened for the first time in 28 weeks. The inflation trajectory suggested one more round of rate hikes before the central bank halts its current cycle of tightening, Kotak Securities said in a recent report. Inflation remains far above central bank's target level of 7% towards the year ending March 2009.

In Annual Report for 2007-08 released after trading hours on Friday, 29 August 2008, the Reserve Bank of India (RBI) said inflation rates have hardened beyond tolerable levels and the monetary policy will continue to address aggregate demand pressures, which appear to be strongly in evidence. The central bank also said it had to ensure that the effectiveness of monetary policy was not diluted by fiscal expansion.

Concerns about populist measures by the government and their adverse impact on fiscal deficit will continue to haunt the bourses in the coming months ahead of the parliamentary elections which must be held by May 2009. Recently, the government approved an average 21% pay rise for central government employees and military personnel, the first revision of government salary scales in 12 years.

RBI sees several risks to growth prospects of the economy in the short term, stemming from both global and local factors. India's gross domestic product (GDP) grew 7.9% in the June 2008 quarter from a year earlier, easing from the previous quarter's 8.8% rise as industrial activity slowed due to monetary tightening, data released by the government during trading hours on Friday, 29 August 2008, showed.

As per a recent report by Goldman Sachs, the outcome of the southwest monsoon is key as 60% of India's labour force is engaged in the agricultural sector and it has big knock-on effect on industry and services. The monsoon rains between 1 June 2008 to 24 August 2008 were near normal at 1% below the long-term average.

Meanwhile, the market will closely watch developments on the Indo-US nuclear deal. A crucial two-day meeting of the Nuclear Suppliers Group (NSG) begins in Vienna on Thursday, 4 September 2008. India on Friday, 29 August 2008, made it clear that it will only accept a clean waiver without any conditions from the cartel that controls global export of nuclear fuel and know-how.

All 45 members of NSG must approve the nuclear accord, which the US Congress must also pass for the deal to come through. The last meeting of the NSG, held in Vienna on 20 August 2008-21 August 2008 ended on an inconclusive note with some countries in the NSG raising objections about some aspects of the India-US civil nuclear deal that they suspect can adversely affect global non-proliferation regime.

Tuesday turnaround.don't bank too much!

You do not have to be a hurricane, to turn things around.

The stock market game across the world has become quite simple these days. Global equity markets tend to climb if crude oil falls and vice versa. For a country like India which relies heavily on imports of crude, any sharp correction in oil prices is a big plus. So, the overnight steep fall in oil prices due to the weakening of Hurricane Gustav coupled with relatively stable Asian markets could help the bulls extend Monday's late rally into today's trade, at least at start of the session. Thereafter, things may turn choppy as investors may not want to take a chance ahead of Wednesday's holiday on account of Ganesh Chaturthi.

Interest-rate sensitive stocks could gain from their oversold positions. For the short term, use these upmoves to lighten positions rather than making an entry. A new RBI Governor could also have some bearing on inflation and movement in interest rates. The Government has named Duvvri Subbarao, currently secretary in the Finance Ministry, as the successor to Dr. Y.V. Reddy, whose term ends on Sept. 5. Subbarao has been appointed for a three-year term, which can be extended by two more years. Deputy RBI chief Rakesh Mohan was among the leading contenders for the top job in the central bank. Reports suggest that he is likely to be moved to the World Bank or the IMF.

In the near-term the Nifty may cross 4400-4450. A level of 4650 is also possible if crude oil dips below the $100 per barrel mark and local inflation softens. The correction in commodity complex globally augers well for India. Already, oil companies have slashed ATF prices by 16%, though airlines have refused to pass the on the benefit to consumers. Oil Minister Murli Deora has ruled out an immediate cut in fuel prices, but a steep fall in crude oil will surely lead to one. There is talk of some correction in steel prices as well (market driven or manipulated). In short, any decline in the inflationary trend may boost the sentiment.

In stock specific counters, some acquisition is likely to be announced by the Minda group later in the day. Moser Baer could be in action as some corporate announcement is likely tomorrow.

Short-covering seemed to be behind yesterday's late rebound. The market breadth remained negative and as always, volume on the first day of the week were lower than Friday.

FIIs were net sellers of Rs2.42bn (provisional) in the cash segment while local institutions pumped in Rs826.2mn. Foreign funds offloaded shares worth Rs2.57bn from the cash segment on Friday, when the Sensex had rallied by over 500 points.

So, one should not read too much into the bounce back from the lows of the day either. Fresh sustainable buying, especially from the overseas investors, is what is required for a meaningful advance.

In Asian markets, the Nikkei in Tokyo ended the morning session up 63.11 points at 12,897.29. Resignation of Japan's Prime Minister had little effect on Tokyo stocks, as gains for automakers, financials and industrials led to a modest advance in key regional stock benchmarks.

The Hang Seng in Hong Kong was down 42 points or 0.2% at 20,864 while the Kospi in Seoul added 5 points or 0.3% to 1419. Australia's S&P/ASX 200 index was up 48 points or almost 1% at 5166.

The Straits Times in Singapore was nearly unchanged at 2715 while the Shanghai Composite in China slid 29 points or 1.3% at 2295 and the Taiex in Taiwan slumped 117 points or 1.7% at 6695.

Crude oil traded near a four-month low after Hurricane Gustav weakened before striking the Louisiana coast, easing concern of major damage to rigs and refineries. Gustav moved past the New Orleans area on Monday, but the damage was much lower than expected.

Damage from the hurricane, which halted all the region's offshore oil output and 10% of US refining capacity, may be about a quarter of the record $41.1bn Hurricane Katrina caused in 2005. Gustav was downgraded to a Category 2 hurricane before crossing the Louisiana coast and was easing as it headed inland.

Crude oil for October delivery was at $111.18 a barrel, down 3.7% from last week's close, on the New York Mercantile Exchange at 8:57 a.m. in Singapore. Yesterday's trading is combined with today's for settlement purposes because of the Labor Day holiday in the US.

US oil prices are down 24% from the record $147.27 reached on July 11 on signs of slowing global demand and a rising dollar. Prices jumped to $118.60 yesterday as Gustav crossed the Gulf of Mexico as a Category 4 hurricane.

Brent crude oil for October settlement fell 4.1% to $109.41 yesterday, the lowest close since April 11. It, however rose as much as $1.04, or 1%, to $110.45 a barrel on the ICE Futures Europe Exchange and was trading at $109.50 at 8:35 a.m. in Singapore.

Meanwhile, the US National Weather Service has warned of a string of new storms from the Atlantic, beginning with Hurricane Hanna, which was working its way toward the Florida coast from the Bahamas. Hanna is expected to make landfall near Savannah, Ga. later in the week.

Three other tropical depressions were forming farther out in the Atlantic, though only one was likely to develop into a major threat.

The Bank for International Settlements says that the strains in the global money markets that pushed relative borrowing costs higher will probably persist for some time, as financial institutions struggle to raise cash.

The difference between what banks charge each other for three-month dollar loans and the overnight indexed swap rate, the Libor-OIS spread that measures the availability of funds in the market, remains elevated, the Basel, Switzerland-based BIS says in its quarterly report.

European shares kicked off the first day of September on a mildly lower note. Shares of Commerzbank tumbled after the German lender agreed to buy competitor Dresdner Bank.

The pan-European Stoxx 600 index ended 0.3% lower to 287.1. Germany's DAX 30 finished nearly flat at 6,421.80 while the French CAC-40 fell 0.2% to 4,472.13. The UK's FTSE 100 ended 0.6% lower to 5,602.80.

Commerzbank shares were down 10.2% after analysts said the price tag for the Dresdner Bank deal was on the high side.

Meanwhile, the British pound accelerated its recent fall, plunging to its lowest level against the US dollar since April 2006 after UK Chancellor of the Exchequer said the British economic environment is the most difficult in 60 years.

News reports said the interview caused tensions between Prime minister Gordon Brown and Darling, who later clarified that he had been speaking in terms of the global economic backdrop.

In the emerging markets, Brazil's Bovespa was down 0.9% at 55,162 while Mexico's IPC index rose 0.5% to 26,424. The RTS index in Russia climbed 1.2% to 1666 and the ISE National-30 index in Turkey was down nearly 1% at 48,780.

Markets may turn lackluster

Markets ended on a flat note thanks to a surge in the last hour of the trading session. Market players defied weak global cues as the BSE benchmark Sensex managing to recover over 200 points and the Nifty index recouped over 60 points.

The smart recovery was led by the banking, oil & gas and FMCG stocks. Even the small-cap stocks attracted buying momentum towards the end. Finally, the benchmark Sensex closed at 14,498 slipping marginally by 66 points and the Nifty ended at 4,348 down 11 points.

Resurgere Mines & Minerals India, formerly known as Exfin Shipping (India) Ltd. started trading at Rs285 on NSE against its issue price of Rs270. The scrip ended at Rs524 translating into a premium of 83% touching an intra-day high of Rs562 and an intra-day low of Rs272 and recorded volume of over 3,00,00,000 shares on BSE.

The company proposes to utilize the proceeds to part finance its plan for purchasing Plant and Machinery worth Rs1.25bn for setting up its own extraction and crushing facilities at the mines. And also purchase six railway rakes worth Rs1.16bn to set up own logistics infrastructure facilities.

Shares of TVS Motor gained by 1.5% to Rs33.1 after the company announced that it posted an 11% growth, registering total two wheeler sales of 114,321 units in August as against 102,734 units in the corresponding month of the previous year.

During the month, the company's motorcycle sales grew by 13% to 52,304 units from 46,235 units recorded in August 2007. The scrip touched an intra-day high of Rs34 and a low of Rs32 and recorded volumes of over 2,00,000 shares on NSE.

Shares of Maruti Suzuki slipped by 2.5% to Rs633 after the company announced that its August sales fell 9.2% to 59,908 units. During the month, the A3 segment grew strongly with 12.2%.

The company's domestic sales for the month of August also fell by 10.2% at 54,113 units. It had sold 60,229 units in August 2007. However, exports rose merely 1% at 5,795 unit's vs 5,739 units. The scrip touched an intra-day high of Rs643 and a low of Rs618 and recorded volumes of over 2,00,000 shares on NSE.

Shares of TTK Prestige surged by over 6% to Rs169 after the company announced that the board of directors decided September 25, 2008 to accord approval to M/s T T Krishnamachari & Co. the promoters of the company to undertake a voluntary delisting of the shares of the company from the BSE and NSE. The scrip touched an intra-day high of Rs174.7 and a low of Rs158 and recorded volumes of over 1,00,000 shares on NSE.

Shares of Rain Commodities surged by over 3% to Rs222 after the company announced that the board of directors approved buy back of the company's fully paid-up equity shares of Rs10/- each, from open market not exceeding Rs307/- per equity share and subject to a maximum of 12,00,000 equity shares. The scrip touched an intra-day high of Rs228 and a low of Rs214 and recorded volumes of over 3,00,000 shares on NSE.

Shares of Gammon Infra surged by over 3% to Rs98 after the company announced that it received the letter of allotment worth Rs15.10bn for the development of the Youngthang Khab Hydro Electric Project on BOT basis from the Government of Himachal Pradesh and has accepted the same and paid a sum of approx. Rs530mn towards 50% of the upfront premium. The scrip touched an intra-day high of Rs103 and a low of Rs93 and recorded volumes of over 2,00,000 shares on NSE.

M&M slipped by 1% to Rs572. The company announced that its August total domestic sales were up by 5% and up by 12% YTD. Three wheeler sales for the month were up by 51% and YTD sales were up by 49%.

The company's exports sales for the month were up by 7% and YTD sales grew by 33%. For the month of August 2008, domestic sales of tractors grew by 16% and exports during the month showed a growth of 6% over the corresponding month last year. The scrip touched an intra-day high of Rs578 and a low of Rs565 and recorded volumes of over 15, 000 shares on NSE.

Oil India (OIL) is aiming to hit the capital markets in the first half of November to raise around Rs16bn. (BS)

Reliance Communications plans to borrow US$1bn for general working capital. (BS)

Reliance backs out of Unifi deal. (BS)

Sterlite Energy, a Vedanta Resources Group company, will set up a 1,980MW power plant in Punjab with an investment of Rs90-100bn. (BL)

A senior Government official said that there is likely to be a slight delay in starting of gas production from the D-6 block in KG basin. (BL)

SAIL's cost to be incurred to increase its capacity to 26mtpa by FY12 to increase to Rs540bn from Rs350bn estimated earlier. (BS)

The Union Bank of India plans to raise capital worth Rs10bn through a mix of tier-I and tier-II bonds in the next one month to support business growth. (BS)

Reliance Infrastructure invites bids for power supply in Mumbai. (FE)

L&T has called upon the power ministry to ensure that power projects capacity of 660MW and 800MW should be specified as nominal capacities. (FE)

ONGC to start Coalbed Methane (CBM) gas in Jharkhand by December 08. (FE)

L&T and Karnataka Power Corporation Ltd (KPCL) are on the verge of entering into a joint venture agreement for acquiring a coal mine in Indonesia. (BL)

Kuwait-based Zain Telecom and Norway telecom giant Telenor have started negotiations with Loop Telecom, a fully-owned subsidiary of BPL Mobile, for a strategic stake. (BS)

Sterlite Industries has set a target of smelting 1mtpa copper by 2010. (FE)

Ranbaxy Fine Chemicals to acquire US based speciality chemical major Mallinckrodt Baker in a deal estimated at US$340mn. (ET)

Reliance Infra makes a fresh bid for the first phase of monorail project to MMRDA. (ET)

BHEL plans to set-up locomotive plant in India. (ET)

Mercedes-Benz is contemplating setting up a plant to manufacture engines, gearboxes and other components in India at an investment of Rs25-30bn. (BS)

Puravankara Projects plans to raise ~US$300mnto fund its new projects and buy land in the current financial year. (BS)

Tata Industries, a promoter company of the Tata group, to invest up to US$350mn in international start-up businesses. (BS)

The Munjals, promoter of Hero Honda Group to foray into aviation sector with an investment of Rs5bn and is planning to develop a 300-acre SEZ. (ET)

Economy Front page

India's trade deficit widened to US$10.79bn in July, up 83% yoy. (BS)

Cement prices up Rs3 per bag in Mumbai. (BS)

The Telecom Regulatory Authority of India has directed the operators to stop charging processing fee, which in most cases amounts to 30-40% of the recharge value of the coupon at present. (BL)

Goa Government is planning to take back SEZ land from three promoters Cipla, K Raheja and Peninsula Land. (ET)

Private banks are increasingly buying the farm loan portfolio of micro-finance institutions (MFIs) to meet the agriculture sector lending targets. (BS)

The attrition in the BPO industry is roughly 7.8 percentage points higher than other sectors, a report by global management consulting firm Hay Group. (BL)

Government plans to raise export duty on iron-ore. (FE)

GoM clears Insurance Amendment Bill aimed at raising the FDI cap in the sector from 26% to 49%. (FE)

Sugar mills to pay UP farmers Rs14.8bn more by 6th September. (FE)

GoM on insurance has agreed to include 10 new provisions in the draft insurance laws bill. (ET)

Mundra Port and Sez

We recommend a 'buy' in Mundra Port and Special Economic Zone (SEZ) from a short-term perspective. It is apparent from the charts that the company has been on a medium-term uptrend from early July low of Rs 388, that was also a 52-week low. The stock has been trending up shaping higher peaks and higher troughs since then. In early August, the stock crossed over its 50-day moving average and is currently trading well above this average. We notice high volume during the advance days of the medium-term uptrend. The daily relative strength index is rising in the neutral region towards the bullish zone. Moving average convergence and divergence is rising in line with the stock and is featuring in the positive area. The medium-term up trendline is also intact. We are bullish on the stock from a short-term perspective. We anticipate the stock to rally until it hits our price target of Rs 650 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 560.

RIL, SBI September 2008 futures at premium

Turnover slumps

Nifty September 2008 futures were at 4361, at a premium of 12.35 points as compared to spot closing of 4348.65. NSE's futures & options (F&O) segment turnover was Rs 37,943.16 crore, which was lower than Rs 43,170.27 crore on Friday, 29 August 2008.

Reliance Industries (RIL) September 2008 futures were at premium at 2160.95 compared to the spot closing of 2141.65.

State Bank of India (SBI) September 2008 futures were at premium at 1427.90 compared to the spot closing of 1415.60.

Punj Lloyd (PLL) September 2008 futures were at premium at 313.70 compared to the spot closing of 310.35.

In the cash market, the S&P CNX Nifty lost 11.35 points or 0.26% at 4348.65.

Post Session Commentary - Sep 1 2008

Domestic market showed smart recovery during last trading hours and ended the day with marginal losses after trimming its earlier losses. Indian market opened on weak note tracking negative global cues. Further market stayed in negative territory on significant selling pressure and made smart recovery on selective buying from the banking and oil and gas space. The market gained some ground during final trade to end marginally lower on short covering. NSE Nifty ended above 4,300 mark and BSE Sensex around 14,500 level. From the sectoral front, recovery was led by Oil & Gas, Bank, Reality and FMCG stocks. However, Metal, Consumer Durables, Capital Goods and IT stocks were out of favour as witnessed most of the selling from these baskets. Midcap and Smallcap stocks also witnessed recovery as ended marginally lower. The market breadth was positive as 1329 stocks closed in green while 1255 stocks closed in red and 96 stocks remained unchanged.

The BSE Sensex closed lower by 66.02 points at 14,498.51 and NSE Nifty ended down by 11.35 points at 4,348.65. The BSE Mid Caps and Small Caps ended with losses of 0.31 points and 0.25 points at 5,741.98 and 6,891.39. The BSE Sensex touched intraday high of 14,547.41 and intraday low of 14,281.10.

Lossers from the BSE are Ranbaxy Lab (3.61%), Tata Steel (2.67%), Maruti Suzuki (2.56%), Bharti Airtel (2.50%), Reliance Com Ltd (1.71%), Infosys Tech (1.44%), HUL (1.41%), Tata Power(1.14%) and NTPC Ltd (1.11%).

The BSE Metal index plunged 133.91 points to close at 12,214.41. Lossers are Tata Steel (2.67%), NALCO (2.41%), Sesa Goa Ltd (2.05%), JSW SL (1.64%), Gujarat Nre C (1.58%) and Steel Atuhority (1.44%).

The BSE Consumer Durables index dropped 40.17 points to close at 3,800.62. Major lossers are Blue Star L (2.45%), Gitanjali Ge (1.73%), Rajesh Export (0.21%), Videocon Ind 0.77%) and Titan Ind (0.07%).

The BSE Capital Goods index lost 22.84 points to close at 11,863.78. Lossers are Jyoti Struct (2.56%), Siemens Ltd (1.99%), Havells India (1.94%), BSKF India (1.67%), eleocn Eng C (1.45%) and Elecon Eng C (1.07%)

The BSE Oil & Gas index closed higher 29.12 points at 9,688.58. Major gainers are essar Oil Ltd (3.80%), Reliance Pet (0.86%), Gail India (0.82%), ONGC (0.64%), Aban Offshore (0.63%) and Relaince (0.18%).

The BSE Bank index closed up 11.66 points at 7,021.35. Major gainers are Kotak Bank (0.27%), Allahabad Bank (1.43%), Federal bank (1.19%), ICICI Bank Ltd (1.03%) and IDBI Bank Ltd (0.12%).

Strong comeback

Taking lead from weak global markets, the 30-stock Sensex of the BSE started the day with a pessimistic note—142 points lower at the opening bell. The index remained subdued during the major part of the day and trade more than 150 points lower, as investors booked profits for the Friday's surge. Metal, consumer durables and technology stocks took the major beating. The index faltered by afternoon and slipped to the day's low of 14,281—283 points below the previous close. While the market fluctuated sharply thereafter, firm bullish sentiment and strong buying in heavyweights and PSU stocks in late trades helped the Sensex erase most of its losses. The Sensex finally ended the session 0.45% or 66 points lower at 14,499. The Nifty slipped by 11 points at 4,349.

The market breadth was positive, as 50% stocks (1,331 stocks) advanced and 47% stocks (1,250 stocks) declined. Around 3% stocks (96 stocks) ended unchanged.

Eight of the 13 sectoral indices ended in the red. The BSE Metal dropped 1.08% at 12,214 followed by the BSE CD (down 1.05% at 3,800.62) and the BSE Teck (down 0.89% at 3,046). However, the BSE PSU gained 0.31% at 6,768, the BSE Oil & Gas, the BSE FMCG, the BSE Bankex and the BSE Reality closed with marginal gains.

Heavyweights led the fall in the Sensex. Ranbaxy Laboratories slipped by 3.61% at Rs499.80, Tata Steel slumped by 2.67% at Rs584.30, Maruti Suzuki India shed 2.56% at Rs650.40 and Bharti Airtel lost 2.50% at Rs816.25. While Reliance Communications, Infosys, Hindustan Unilever, Tata Power and NTPC were down by over 1% each.

Among the gainers ITC jumped 1.62% at Rs191.65, HDFC Bank gained 1.48% at Rs1,296.10, BHEL soared 0.90% at Rs1721.90, SBI rose by 0.88% at Rs1416 and Satyam Computer Services was up 0.85% at Rs423.40, while ONGC and ACC ended with modest gains.

On turnover front, over 3.31 crore Resurgere Mines & Minerals India shares changed hands on the BSE followed by Reliance Natural Resources (1.17 crore shares), Nutek India (65.53 lakh shares), Chambal Fertilisers & Chemicals (53.22 lakh shares) and Noida Toll Bridge Company (44.57 lakh shares).

BSE Bulk Deals to Watch - Sep 1 2008

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
1/9/2008 532212 ARCHIES LTD MBL AND COMPANY LIMITED B 71482 125.56
1/9/2008 532212 ARCHIES LTD MANSUKH STOCK BROKERS LTD B 34303 126.48
1/9/2008 532212 ARCHIES LTD MBL AND COMPANY LIMITED S 71482 126.16
1/9/2008 532212 ARCHIES LTD MANSUKH STOCK BROKERS LTD S 34303 127.17
1/9/2008 513059 G.S. AUTO YUVAK SHARE TRADING PVT.LTD. B 39485 88.61
1/9/2008 513059 G.S. AUTO ABN INDIA EQUITY RESEARCH PRIVATE LIMITED S 21137 88.09
1/9/2008 513059 G.S. AUTO SANGEETA PAREEKH S 50000 87.98
1/9/2008 513059 G.S. AUTO COMET INVESTMENT PVT LTD S 34186 91.12
1/9/2008 532326 INTENS TECH CITIGROUP GLOBAL MARKETS MAURITIUS PVT. LTD. S 200000 15.29
1/9/2008 531602 KOFF BR PICT LAXMI CAP BROKING PVT LTD B 30737 29.41
1/9/2008 531602 KOFF BR PICT LAXMI CAP BROKING PVT LTD S 29769 29.57
1/9/2008 533015 NUTEK INDIA ADITYA S SHAH B 370726 202.43
1/9/2008 533015 NUTEK INDIA H.J.SECURITIES PVT.LTD. B 313882 205.46
1/9/2008 533015 NUTEK INDIA YUVAK SHARE TRADING PVT.LTD. B 94724 207.91
1/9/2008 533015 NUTEK INDIA ADITYA S SHAH S 269414 199.99
1/9/2008 533015 NUTEK INDIA H.J.SECURITIES PVT.LTD. S 313882 205.97
1/9/2008 533015 NUTEK INDIA YUVAK SHARE TRADING PVT.LTD. S 93724 207.50
1/9/2008 533017 RESURGERE PR VYAPAAR PRIVATE LIMITED B 149880 295.64
1/9/2008 533017 RESURGERE MARWADI SHARES AND FINANCE LIMITED B 266792 487.21
1/9/2008 533017 RESURGERE EUREKA STOCK AND SHARE BROKING SERVICES LIMITED B 449865 436.84
1/9/2008 533017 RESURGERE R M SHARES TRADING PVT LTD B 652444 424.76
1/9/2008 533017 RESURGERE B K SHAH CO B 397133 447.61
1/9/2008 533017 RESURGERE H.J.SECURITIES PVT.LTD. B 1855535 414.90
1/9/2008 533017 RESURGERE MAVI INVESTMENT FUND LTD B 600000 324.33
1/9/2008 533017 RESURGERE YUVAK SHARE TRADING PVT LTD B 267485 411.30
1/9/2008 533017 RESURGERE KHANDWALA TRADELINK B 192807 471.49
1/9/2008 533017 RESURGERE AMU SHARES AND SEC LTD B 176125 457.69
1/9/2008 533017 RESURGERE MARWADI SHARES AND FINANCE LIMITED S 266792 489.46
1/9/2008 533017 RESURGERE EUREKA STOCK AND SHARE BROKING SERVICES LIMITED S 449865 437.45
1/9/2008 533017 RESURGERE R M SHARES TRADING PVT LTD S 652444 431.81
1/9/2008 533017 RESURGERE B K SHAH CO S 396487 445.49
1/9/2008 533017 RESURGERE H.J.SECURITIES PVT.LTD. S 1855535 415.70
1/9/2008 533017 RESURGERE MEENAL NITISH THAKUR S 215283 417.20
1/9/2008 533017 RESURGERE YUVAK SHARE TRADING PVT LTD S 271086 413.70
1/9/2008 533017 RESURGERE KHANDWALA TRADELINK S 170821 464.83
1/9/2008 533017 RESURGERE AMU SHARES AND SEC LTD S 176125 459.54
1/9/2008 524636 S.S.ORGANICS AVINASH REDDY CH B 100000 8.74
1/9/2008 524636 S.S.ORGANICS ARYAVART SAVINGS UNIT LIMITED S 97600 8.71
1/9/2008 532765 USHER AGRO MANHARLAL NAROTTAMDAS SHAH B 148566 128.44
1/9/2008 532360 VINTAGE CARD MBL AND COMPANY LIMITED B 10551 120.41
1/9/2008 532360 VINTAGE CARD MANSUKH STOCK BROKERS LTD B 39821 120.19
1/9/2008 532360 VINTAGE CARD MANSUKH SECURITIES AND FINANCE LTD B 26852 119.97
1/9/2008 532360 VINTAGE CARD VIRAGKUMAR SURESH PATEL B 3000 117.92
1/9/2008 532360 VINTAGE CARD SANJAY GUPTA B 3200 116.95
1/9/2008 532360 VINTAGE CARD MATHEWS P K B 3000 119.63
1/9/2008 532360 VINTAGE CARD YUVAK SHARE TRADING PVT.LTD. B 8329 123.10
1/9/2008 532360 VINTAGE CARD SETU SECURITIES PVT LTD S 20928 120.50
1/9/2008 532360 VINTAGE CARD MBL AND COMPANY LIMITED S 10551 120.68
1/9/2008 532360 VINTAGE CARD MANSUKH STOCK BROKERS LTD S 39821 119.99
1/9/2008 532360 VINTAGE CARD MANSUKH SECURITIES AND FINANCE LTD S 26852 119.93
1/9/2008 532360 VINTAGE CARD SANJAY GUPTA S 3200 119.75
1/9/2008 532360 VINTAGE CARD MATHEWS P K S 3000 122.30
1/9/2008 532360 VINTAGE CARD YUVAK SHARE TRADING PVT.LTD. S 10590 123.50
1/9/2008 533011 VISHAL INFO MBL AND COMPANY LIMITED B 64049 300.55
1/9/2008 533011 VISHAL INFO MBL AND COMPANY LIMITED S 64049 300.56

NSE Bulk Deals to Watch - Sep 1 2008

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
01-SEP-2008,ARCHIES,Archies Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,69026,128.36,-
01-SEP-2008,ARCHIES,Archies Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,34473,126.16,-
01-SEP-2008,ARCHIES,Archies Limited,MBL & COMPANY LTD.,BUY,89455,125.85,-
01-SEP-2008,ARCHIES,Archies Limited,NAMAN SECURITIES & FINANCE PVT LTD,BUY,44432,129.96,-
01-SEP-2008,ARCHIES,Archies Limited,YUVAK SHARE TRADING PVT LTD,BUY,51400,130.89,-
01-SEP-2008,DYNAMATECH,Dynamatic Tech. Ltd.,FIDELITY INVESTMENTS MANAGEMENT (HONG KONG) LTD A/C FID INVT,BUY,38500,1250.00,-
01-SEP-2008,EVERONN,Everonn Systems India Lim,P R B SECURITIES PRIVATE LTD,BUY,105197,564.67,-
01-SEP-2008,NUTEK,Nu Tek India Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,206117,199.89,-
01-SEP-2008,NUTEK,Nu Tek India Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,212020,194.48,-
01-SEP-2008,NUTEK,Nu Tek India Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,102399,207.22,-
01-SEP-2008,NUTEK,Nu Tek India Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,119408,194.90,-
01-SEP-2008,NUTEK,Nu Tek India Limited,PRASHANT JAYANTILAL PATEL,BUY,203962,205.99,-
01-SEP-2008,NUTEK,Nu Tek India Limited,RASHI EQUISEARCH PVT. LTD.,BUY,94302,203.73,-
01-SEP-2008,NUTEK,Nu Tek India Limited,TRANSGLOBAL SECURITIES LTD.,BUY,343041,201.44,-
01-SEP-2008,NUTEK,Nu Tek India Limited,YUVAK SHARE TRADING PVT LTD,BUY,188951,206.14,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,AMBIT SECURITIES BROKING PVT. LTD.,BUY,464897,439.64,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,447093,437.31,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,B K SHAH CO KETAN BHAILAL SHAH,BUY,446569,415.39,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,CHOKHANI SECURITIES LTD,BUY,174107,453.62,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,CPR CAPITAL SERVICES LTD.,BUY,302814,439.51,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,DINDAYAL BIYANI STOCK BROKERS LTD,BUY,158311,352.94,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,DIPAN MEHTA SHARE & STOCK BROKERS PVT. LTD.,BUY,291692,434.76,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,DKG SECURITIES PVT. LTD.,BUY,200000,297.71,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,G RAMAKRISHNA,BUY,174301,456.70,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,HARBUX SINGH SIDHU,BUY,723599,452.71,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,HIMAL K PARIKH-HUF,BUY,190315,438.16,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,JAYESH HARILAL FURIA,BUY,177223,454.59,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,1347901,436.69,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KHANDWALA TRADELINK CO,BUY,393936,474.17,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KOTECHA NIRMAL N,BUY,153401,507.75,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,LATIN MANHARLAL SECURITIES PVT. LTD.,BUY,880896,468.06,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MANIPUT INVESTMENTS PVT LTD,BUY,647746,446.50,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MARWADI SHARES AND FINANCE LIMITED,BUY,308051,475.38,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MITHALI MUKESH GUDEKAR,BUY,677537,351.07,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,NAMAN SECURITIES & FINANCE PVT LTD,BUY,351925,428.75,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,OPG SECURITIES PVT. LTD.,BUY,337314,458.22,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,P R B SECURITIES PRIVATE LTD,BUY,657224,483.50,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRAMESH DILIP WAGHELA,BUY,233557,470.31,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRASHANT JAYANTILAL PATEL,BUY,1037591,465.84,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PUJA TAPARIA,BUY,295643,473.44,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,R APPALA RAJU,BUY,278000,419.26,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,R.M. SHARE TRADING PVT LTD,BUY,977648,441.00,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,RAHUL DOSHI,BUY,160364,443.56,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,TRANSGLOBAL SECURITIES LTD.,BUY,781581,426.12,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,YUVAK SHARE TRADING PVT LTD,BUY,676536,421.62,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ADROIT FINANCIAL SERVICES PVT LTD,BUY,26836,118.92,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ALOK MAHESHWARI,BUY,5430,118.26,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,AMBIT SECURITIES BROKING PVT. LTD.,BUY,10766,120.89,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ANIL PILLAI ,BUY,4532,120.47,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ANJI PRASAD GAYAM,BUY,6700,119.98,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ASHISA KUMARI PANIGRAHI,BUY,5232,117.64,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,BESTO TRADE COM PVT LTD,BUY,4870,122.04,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,CAPITAL WIZARD STOCK BROKING PRIVATE LIMITED,BUY,5964,119.30,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,CLEAN FINANCE & INVESTMENT LTD,BUY,7500,123.04,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,CPR CAPITAL SERVICES LTD.,BUY,24759,119.74,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,DEEPAK B DESAI,BUY,3610,118.81,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,DODDALA RADEESH,BUY,4000,120.58,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,8892,119.93,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,G SANGEETHA,BUY,5000,122.71,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,G UPENDRANATH,BUY,17742,121.66,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,GULAINI POOJA,BUY,3285,115.50,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,GUMMADY PITHCHAIAH CHOWDARY,BUY,4695,119.13,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,GUPTA NEHA,BUY,6224,118.26,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,JAGJIT SINGH,BUY,7453,115.39,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,KAINTMAN PORTFOLIO PROP. MANISH KAINTURA,BUY,5500,121.62,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,KAMAL KUMAR KABRA,BUY,8000,121.96,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,KUSHUM LATA GOYEL,BUY,3000,122.66,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,LATHA.R,BUY,4122,120.07,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MAHENDRA RAJA. C,BUY,3000,122.58,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MANISH SAINI,BUY,3000,119.10,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MANSUKH SECURITIES & FINANCE LTD,BUY,62178,119.95,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MAYANK DUBEY,BUY,902,117.90,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MBL & COMPANY LTD.,BUY,30650,120.42,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MEENA KUMARI,BUY,5286,117.18,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MEENAKSHI DEWAN,BUY,3600,119.71,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MITHUN SECURITIES PVT. LTD.,BUY,6473,121.43,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MUDUPULAVEMULA SURENDRANADHA REDDY,BUY,3248,119.94,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,N RAVI KUMAR,BUY,8758,120.41,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,NAMAN SECURITIES & FINANCE PVT LTD,BUY,11821,121.76,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PACE FINANCIAL SERVICES,BUY,10000,122.56,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PASHUPATI CAPITAL SERVICES PVT. LTD.,BUY,5604,119.00,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PAWAN NATANI,BUY,2500,122.24,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PRAGATI PAPER MILLS LTD,BUY,6976,119.81,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PRASHANT GOYAL,BUY,3002,120.01,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,RAJIV SOBTI,BUY,12781,121.88,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,RAO KATAKAM VENKATESH,BUY,4022,117.87,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SABADRA HARAKCHAND KACHARDAS,BUY,3000,119.08,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SETU SECURITIES LTD,BUY,1543,123.00,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SHAREKHAN INT.SHORTAGE A/C,BUY,3039,120.07,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SHREE RIDDHI SIDDHI INVESTMENTS,BUY,3800,119.13,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SREEDEVI A,BUY,5263,119.04,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SURESH BANSAL,BUY,5701,120.83,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SUSHIL KUMAR JOHAR,BUY,5057,122.82,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,TAHEMINA R MOMIN,BUY,3200,117.05,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,TRANSGLOBAL SECURITIES LTD.,BUY,14746,119.08,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,U J SECURITIES PVT. LTD.,BUY,3969,121.04,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,URJA INVESTMENT PVT. LTD.,BUY,3021,120.58,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,YUVAK SHARE TRADING PVT LTD,BUY,18249,123.14,-
01-SEP-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,BUY,101089,310.63,-
01-SEP-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,BUY,58916,300.97,-
01-SEP-2008,VITLINFO,Vishal Information Techno,S SIVAKUMAR,BUY,63549,312.79,-
01-SEP-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,BUY,70069,313.25,-
01-SEP-2008,ARCHIES,Archies Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,69026,128.58,-
01-SEP-2008,ARCHIES,Archies Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,34473,125.55,-
01-SEP-2008,ARCHIES,Archies Limited,MBL & COMPANY LTD.,SELL,89451,125.65,-
01-SEP-2008,ARCHIES,Archies Limited,NAMAN SECURITIES & FINANCE PVT LTD,SELL,43946,130.87,-
01-SEP-2008,ARCHIES,Archies Limited,YUVAK SHARE TRADING PVT LTD,SELL,49800,131.13,-
01-SEP-2008,DYNAMATECH,Dynamatic Tech. Ltd.,NEW VERNON ASSET MANAGEMENT LTD A/C NEW VERNON INDIA LIMITED,SELL,38500,1250.00,-
01-SEP-2008,EVERONN,Everonn Systems India Lim,P R B SECURITIES PRIVATE LTD,SELL,104797,565.05,-
01-SEP-2008,NUTEK,Nu Tek India Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,206117,200.21,-
01-SEP-2008,NUTEK,Nu Tek India Limited,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,212020,195.10,-
01-SEP-2008,NUTEK,Nu Tek India Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,102399,207.27,-
01-SEP-2008,NUTEK,Nu Tek India Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,119408,195.64,-
01-SEP-2008,NUTEK,Nu Tek India Limited,PRASHANT JAYANTILAL PATEL,SELL,203962,206.16,-
01-SEP-2008,NUTEK,Nu Tek India Limited,RASHI EQUISEARCH PVT. LTD.,SELL,40861,200.13,-
01-SEP-2008,NUTEK,Nu Tek India Limited,TRANSGLOBAL SECURITIES LTD.,SELL,340041,202.03,-
01-SEP-2008,NUTEK,Nu Tek India Limited,YUVAK SHARE TRADING PVT LTD,SELL,184951,207.04,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,AMBIT SECURITIES BROKING PVT. LTD.,SELL,464951,441.08,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,447093,434.84,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,B K SHAH CO KETAN BHAILAL SHAH,SELL,446566,409.00,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,CHOKHANI SECURITIES LTD,SELL,174107,432.40,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,CPR CAPITAL SERVICES LTD.,SELL,302814,439.82,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,DINDAYAL BIYANI STOCK BROKERS LTD,SELL,158311,346.50,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,DIPAN MEHTA SHARE & STOCK BROKERS PVT. LTD.,SELL,291692,434.68,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,DKG SECURITIES PVT. LTD.,SELL,97000,515.32,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,G RAMAKRISHNA,SELL,174301,455.10,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,HARBUX SINGH SIDHU,SELL,723599,453.25,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,HIMAL K PARIKH-HUF,SELL,190315,419.53,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,INDUSINO MAURITUS LTD.,SELL,164362,287.14,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,JAYESH HARILAL FURIA,SELL,177223,454.61,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,1347901,437.51,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KHANDWALA TRADELINK CO,SELL,415330,477.19,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,KOTECHA NIRMAL N,SELL,18401,513.14,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,LATIN MANHARLAL SECURITIES PVT. LTD.,SELL,880896,468.94,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MANIPUT INVESTMENTS PVT LTD,SELL,647746,446.87,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MARWADI SHARES AND FINANCE LIMITED,SELL,308051,475.62,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,MITHALI MUKESH GUDEKAR,SELL,428776,463.56,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,NAMAN SECURITIES & FINANCE PVT LTD,SELL,351925,425.49,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,OPG SECURITIES PVT. LTD.,SELL,337312,458.59,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,P R B SECURITIES PRIVATE LTD,SELL,657224,483.85,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRAMESH DILIP WAGHELA,SELL,233557,470.19,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PRASHANT JAYANTILAL PATEL,SELL,1037591,464.85,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,PUJA TAPARIA,SELL,295643,480.37,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,R APPALA RAJU,SELL,278000,417.06,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,R.M. SHARE TRADING PVT LTD,SELL,977648,436.23,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,RAHN AND BODMER,SELL,165000,529.34,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,RAHUL DOSHI,SELL,160364,450.65,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,TRANSGLOBAL SECURITIES LTD.,SELL,781581,420.21,-
01-SEP-2008,RESURGERE,Resurgere Mines & Mineral,YUVAK SHARE TRADING PVT LTD,SELL,676536,420.52,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ADROIT FINANCIAL SERVICES PVT LTD,SELL,26836,119.07,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ALOK MAHESHWARI,SELL,5430,118.43,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,AMBIT SECURITIES BROKING PVT. LTD.,SELL,10766,120.97,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ANIL PILLAI ,SELL,4532,121.42,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ANJI PRASAD GAYAM,SELL,6700,119.25,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,ASHISA KUMARI PANIGRAHI,SELL,5232,120.59,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,BESTO TRADE COM PVT LTD,SELL,4870,121.60,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,CAPITAL WIZARD STOCK BROKING PRIVATE LIMITED,SELL,5964,119.18,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,CLEAN FINANCE & INVESTMENT LTD,SELL,5000,120.94,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,CPR CAPITAL SERVICES LTD.,SELL,24759,119.59,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,DEEPAK B DESAI,SELL,3610,118.31,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,DODDALA RADEESH,SELL,4000,123.27,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,8892,120.06,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,G SANGEETHA,SELL,5000,116.92,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,G UPENDRANATH,SELL,17742,120.86,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,GULAINI POOJA,SELL,3285,122.00,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,GUMMADY PITHCHAIAH CHOWDARY,SELL,4695,119.56,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,GUPTA NEHA,SELL,6224,119.02,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,JAGJIT SINGH,SELL,7453,117.30,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,KAINTMAN PORTFOLIO PROP. MANISH KAINTURA,SELL,5500,120.80,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,KAMAL KUMAR KABRA,SELL,2000,121.30,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,KUSHUM LATA GOYEL,SELL,1139,121.81,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,LATHA.R,SELL,4122,119.18,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MAHENDRA RAJA. C,SELL,3000,114.86,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MANISH SAINI,SELL,3000,119.29,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MANSUKH SECURITIES & FINANCE LTD,SELL,62178,120.40,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MAYANK DUBEY,SELL,3902,116.72,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MBL & COMPANY LTD.,SELL,30739,120.58,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MEENA KUMARI,SELL,5286,116.63,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MEENAKSHI DEWAN,SELL,1900,119.67,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MITHUN SECURITIES PVT. LTD.,SELL,6473,121.97,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,MUDUPULAVEMULA SURENDRANADHA REDDY,SELL,3248,119.65,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,N RAVI KUMAR,SELL,8758,121.60,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,NAMAN SECURITIES & FINANCE PVT LTD,SELL,6296,117.54,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PACE FINANCIAL SERVICES,SELL,10000,119.65,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PASHUPATI CAPITAL SERVICES PVT. LTD.,SELL,5604,118.86,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PAWAN NATANI,SELL,3500,116.92,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PRAGATI PAPER MILLS LTD,SELL,6976,121.38,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,PRASHANT GOYAL,SELL,3002,119.03,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,RAHUL DOSHI,SELL,4010,118.04,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,RAJIV SOBTI,SELL,20713,120.12,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,RAO KATAKAM VENKATESH,SELL,4022,118.95,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SABADRA HARAKCHAND KACHARDAS,SELL,3000,120.77,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SETU SECURITIES LTD,SELL,6000,119.75,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SHREE RIDDHI SIDDHI INVESTMENTS,SELL,1800,118.36,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SREEDEVI A,SELL,5263,119.21,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SURESH BANSAL,SELL,6900,118.72,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,SUSHIL KUMAR JOHAR,SELL,1261,123.60,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,TAHEMINA R MOMIN,SELL,3200,118.46,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,TRANSGLOBAL SECURITIES LTD.,SELL,14746,119.45,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,U J SECURITIES PVT. LTD.,SELL,3969,120.39,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,URJA INVESTMENT PVT. LTD.,SELL,3021,120.97,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,V.K. KUMRA,SELL,3143,116.69,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,VIRAGKUMAR SURESHBHAI PATEL,SELL,3000,123.29,-
01-SEP-2008,VINCARDS,Vintage Cards & Creations,YUVAK SHARE TRADING PVT LTD,SELL,18848,123.34,-
01-SEP-2008,VITLINFO,Vishal Information Techno,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD,SELL,101089,311.58,-
01-SEP-2008,VITLINFO,Vishal Information Techno,MBL & COMPANY LTD.,SELL,58916,301.33,-
01-SEP-2008,VITLINFO,Vishal Information Techno,S SIVAKUMAR,SELL,63549,312.17,-
01-SEP-2008,VITLINFO,Vishal Information Techno,YUVAK SHARE TRADING PVT LTD,SELL,61163,312.78,-

Resurgere Mines & Minerals spurts on debut

Settles at Rs 524.35 on BSE, a 94.20% premium over IPO price of Rs 270

Resurgere Mines & Minerals settled at Rs 524.35 on BSE, a 94.20% premium over initial public offer price of Rs 270. The counter clocked huge volumes of 3.31 crore shares on BSE.

Resurgere Mines & Minerals India debuted at Rs 272.05 on BSE, a marginal premium of 0.75% over its issue price of Rs 270. The stock hit a high and low of Rs 562.80 and Rs 272.05.

The current price of Rs 524.35 discounts its FY 2008 EPS of Rs 23.32, by a PE multiple of 22.48.

The company raised Rs 120 crore rupees through its 44.5 lakh share initial public offer (IPO) in a price band of Rs 263 and Rs 272 a share. The IPO was oversubscribed 1.16 times. The issue price was later fixed at Rs 270 per share. The issue opened for subscription on 11 August 2008 and closed on 13 August 2008.

Resurgere Mines & Minerals India is in the business of extraction, processing and sale of mineral products and exploration and development of mining assets. The product range includes various forms of iron ore such as Lump ore, Size ore, Calibrated Lump ore (CLO) and iron ore fines etc. and bauxite. The company sells all these products domestically except iron ore fines, which the company exports to China.

The company will utilise the proceeds of the initial pubilc offer for purchasing plant and machinery and purchase railway rakes to set up own logistics infrastructure facilities and funding working capital requirements.

The company reported 110.4% spurt in net profit to Rs 66.56 crore on 154.80% surge in net sales to Rs 418.57 crore in the year ended March 2008 over the year ended March 2007.

Market ends with minor losses after strong intra-day rebound

Buying support in banking pivotals helped the market stage a sharp recovery from lower level in the last one hour of the trading session. Buying was also witnessed in PSU and oil & gas shares. Metal shares were the biggest losers in today's trade. Resurgere Mines & Minerals settled at a 94.20% premium over the initial public offer (IPO) price.

The BSE 30-share Sensex lost 66.02 points or 0.45% to 14,498.51. The index opened with a downward gap of 151.54 point on weak global cues. Selling activity intensified by afternoon, dragging the index lower by 283.43 point at the day's low of 14,281.10. However, strong buying support in banking and other index pivotals towards the latter part of the trading session helped the Sensex pare early losses. The barometer index was down 17.12 points at the day's high of 14,547.41 struck at the fag end of the trading session.

The S&P CNX Nifty was down 11.35 points or 0.26% to 4348.65. It came off session's low of 4281.35. Nifty September 2008 futures were at 4361, at a premium of 12.35 points as compared to spot closing.

As per provisional data released by the stock exchanges after trading hours, foreign funds today, 1 September 2008, sold shares worth a net Rs 241.85 crore. Domestic funds bought shares worth a net Rs 82.62 crore.

The small-cap and and mid-cap indices on BSE both ended flat for the day.

The market breadth, which was weak for a better part of the session, turned positive at the fag end of the session. On BSE, 1329 shares advanced against 1255 that declined. 96 stocks were unchanged.

BSE clocked a turnover of Rs 3403 crore as against Rs 5,430.84 crore on Friday, 29 August 2008. NSE's futures & options (F&O) segment turnover was Rs 37,943.16 crore, lower than Rs 43,170.27 crore on Friday, 29 August 2008.

The BSE Sensex is down 5788.48 points or 28.53% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 6708.26 points or 31.63% away from its all-time high of 21,206.77 struck on 10 January 2008.

Top Sensex gainers were, ITC (up 1.62% at Rs 191.65), Bharat Heavy Electricals (up 0.90% at Rs 1721.90), Satyam Computer (up 0.88% at Rs 423.40), ONGC (up 0.64% at Rs 1029.80), and ACC (up 0.45% at Rs 564.20).

Major Sensex losers were, Ranbaxy Laboratories (down 3.61% at Rs 499.80), Tata Steel (down 2.67% at Rs 584.30), Bharti Airtel (down 2.50% at Rs 816.25), and Reliance Communication (down 1.71% at Rs 388.95).

India's largest passenger car maker by sales Maruti Suzuki India declined 2.56% to Rs 633.75 after the company posted 9.2% fall in sales to 59,908 units in August 2008 over August 2007. The stock had risen 3.83% in two trading sessions to Rs 650.40 on 29 August 2008 from Rs 626.40 on 27 August 2008. The stock had hit a low of Rs 618.35 earlier.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 0.18% to Rs 2140.55. The stock moved in the range of Rs 2165 to Rs 2106. The company has abandoned a plan to transfer an 80% stake in a deepwater block to its subsidiaries as it has raised the money it needs for the block, the company said in a statement today, 1 September 2008.

RIL, which owns 90% in the gas-rich D-6 block in the Krishna Godavari basin off India's east coast, said last week it had sent a proposal for the transfer of the stake to four fully-owned subsidiaries and was awaiting government approval.

India's second largest software exporter by sales Infosys Technnologies was down 1.44% to Rs 1723.30.

Banking shares recovered sharply. The BSE Bankex outperformed the Sensex, rising 0.17% to 7,021.35. The index came off from a low of 6,823.41. India's second largest private sector bank in terms of net profit HDFC Bank rose 1.48% at Rs 1296.10. It came off from the day's low of Rs 1245.60. India's largest commercial lender State Bank of India rose 0.88% at Rs 1416. It came of from the day's low of Rs 1360. India's largest private sector bank by market capitalisation ICICI Bank fell 1.03% at Rs 664.55. It had touched a low of Rs 649.90 earlier.

PSU stocks gained. Syndicate Bank (up 5.73% at Rs 62.75), BEML (up 5.45% at Rs 772.45), Rural Electrification Corporation (up 4.65% at Rs 91.10), and Canara Bank (up 2.48% at Rs 220.85), flared up. The BSE PSU index outperformed the Sensex, rising 0.31% at 6,768.18.

Oil & gas stocks were mixed. Private sector oil & gas stocks rose. However, state-run oil firms were trading lower. Essar Oil (up 3.80% at Rs 217.35), and Reliance Petroleum (up 0.86% at Rs 158.40), rose.

Among the state-run oil firms, Indian Oil Corporation (down 1.17% at Rs 396.75) and BPCL (down 0.64% at Rs 301.40), dropped. The BSE Oil & Gas index outperformed the Sensex, rising 0.30% at 9,688.58.

Metal stocks tumbled. National Aluminium Company (down 2.41% at Rs 378.35), Sesa Goa (down 2.05% at Rs 155), JSW Steel (down 1.64% at Rs 751.75), and Steel Authority of India (down 1.44% at Rs 153.80), declined. The BSE MEtal index underperformed the Sensex, falling 1.08% at 12,214.11.

India's third biggest motorcycle maker by sales TVS Motors rose 1.53% at Rs 33.15 after the company said its two-wheeler sales rose 11% to 114,321 units in August 2008 over August 2007.

Construction firm Gammon Infrastructure Projects rose 3.21% to Rs 98 after the company said it has won rights to build a 261 megawatt hydrapower plant in Himachal Pradesh, at a cost of Rs 1510 crore.

State-run miner NMDC gained 2.80% to Rs 311.55 after the company said it plans to set up an integrated steel plant at Nagarnar in Chhattisgarh.

Engineering firm Shriram EPC rose 2.74% to Rs 256.85 after the company said it has acquired 55% stake in Chennai based Blackstone Group Technologies for an undisclosed sum.

Iron ore miner Resurgere Mines & Minerals settled at Rs 524.35 on BSE, a 94.20% premium over initial public offer price of Rs 270. The stock debuted at Rs 272.05 on BSE, a marginal premium of 0.75% over its issue price of Rs 270. The stock hit a high and low of Rs 562.80 and Rs 272.05.

Debutant Resurgere Mines and Minerals clocked the highest turnover of Rs 1436.18 crore on BSE. Reliance Capital (Rs 214.31 crore), Reliance Industries (Rs 173.43 crore), Nu Tek India (Rs 132.70 crore), and ICICI Bank (Rs 115.57 crore), were the other turnover toppers on BSE in that order.

Debutant Resurgere Mines and Minerals registered the highest volume of 3.31 crore shares on BSE. Reliance Natural Resources (1.18 crore shares), Nu Tek India (65.56 lakh shares), Chambal Fertilizers & Chemicals (53.22 lakh shares), Noida Toll Bridge (44.57 lakh shares), were the other volume toppers on BSE in that order.

European market were trading lower. Key benchmark indices in UK, France and Germany were down 0.51% to 0.89%. Asian stocks dropped today, 1 September 2008, amid concerns about the impact of weaker global demand on the region's economies. Key benchmark indices in Hong Kong, Japan, South Koera, Singapore, Taiwan and China were down by between 0.95% to 4.06%

US stocks tumbled on Friday, 29 August 2008, led lower by tech shares after computer maker Dell warned that companies worldwide are cutting back on technology spending. The Dow Jones industrial average lost 171.47 points, or 1.46%, at 11,543.71. The Standard & Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.

Economic data added to the market's jitters ahead of the long Labor Day weekend. US market remains closed on Monday, 1 September 2008, for Labor Day holiday.

Weak global indices may weigh

Market is likely to open with a negative gap following the weak international markets. Also intra-day volatility remains the major concern. Among the local indices the Nifty has a support at 4330 and it may rise to 4400, while the Sensex has a support at 14400 and has a resistance at 14700.

US indices declined sharply on Friday with the Dow Jones slipped almost 172 at 11544, the Nasdaq lost 44 points to close at 2368.

Most of the Indian ADRs trading on the US bourses closed in the green. Rediff led the pack with gains of over 4.95% followed by Satyam, VSNL and Dr Reddy both of which gained above 1-2%. Tata Motors, ICICI Bank, and Patni Computer gained marginally. However, Infosys, Wipro, HDFC Bank and MTNL eased marginally.

Crude oil prices in the US markets moved down marginally, with the Nymex light crude oil for October delivery moving down by 13 cents to close at $115.46 a barrel. In the Commodity segment, the Comex gold for December series lost $2.20 cents to settle at $835.00 a troy ounce.

Market may slip on weak global cues

The market may edge lower on weak cues from global equities. US stocks tumbled on Friday, 29 August 2008, led lower by tech shares after computer maker Dell warned that companies worldwide are cutting back on technology spending. The Dow Jones industrial average lost 171.47 points, or 1.46%, at 11,543.71. The Standard & Poor's 500 Index was down 17.93 points, or 1.38%, at 1,282.75. The Nasdaq Composite Index shed 44.12 points, or 1.83%, at 2,367.52.

Economic data added to the market's jitters ahead of the long Labor Day weekend. US market remains closed on Monday, 1 September 2008, for Labor Day holiday.

The Indian stock market surged on Friday, 29 August 2008, as data showing a slower-than-expected GDP growth in Q1 June 2008 and softening of inflation raised hopes for a pause in monetary tightening by the central bank. The BSE Sensex jumped 516.19 points.

India's gross domestic product (GDP) grew 7.9% in the June 2008 quarter from a year earlier, easing from the previous quarter's 8.8% rise as industrial activity slowed due to monetary tightening. The GDP growth in the first quarter of the current fiscal year was lower than market expectations of a rise of a little above 8%

According to a recent report by Goldman Sachs, the outcome of the southwest monsoon is key as 60% of India's labour force is engaged in the agricultural sector and it has big knock-on effect on industry and services. The monsoon rains between 1 June 2008 to 24 August 2008 were near normal at 1% below the long-term average.

Annual wholesale price inflation rose 12.40% in 12 months to 16 August 2008, below the previous week's 12.63% but remained stuck at 13-year highs, data released by the government after trading hours on Thursday, 28 August 2008 showed. No conclusion can be drawn from one week's inflation number, Finance Minister P Chidambaram said. Inflation has nearly tripled from 4.39% a year ago and now is riding around the highest levels since the current inflation series began being compiled 13 years ago. It remains far above central bank's target of 7%

Reserve Bank of India (RBI) after trading hours on Friday, 29 August 2008, said the inflation rates have hardened beyond tolerable levels and the monetary policy will continue to address aggregate demand pressures, which appear to be strongly in evidence. The central bank also said it had to ensure that the effectiveness of monetary policy was not diluted by fiscal expansion.

There were several risks to growth prospects of the economy in the short term, stemming from both global and local factors, the central bank said in its review of the year ended 30 June, 2008.

Concerns about populist measures by the government and their adverse impact on fiscal deficit will continue to haunt the bourses in the coming months ahead of the parliamentary elections which must be held by May 2009. Recently, the government approved an average 21% pay rise for central government employees and military personnel, the first revision of government salary scales in 12 years.

Meanwhile, equity mutual funds are sitting on large cash pile and deployment of cash by them may lend support to the stock market at declines. Equity funds are having 11% of assets in cash.

As per provisional data released by the stock exchanges, foreign funds on Friday, 29 August 2008, sold shares worth a net Rs 364.61 crore. Domestic funds bought shares worth a net Rs 281.07 crore.

Foreign institutional investors (FIIs) were net buyers of Rs 1,586 crore in the futures & options segment on Friday, 29 August 2008. According to the data released by the National Stock Exchange, FIIs were net buyers of index futures to the tune of Rs 1,015.19 crore and bought index options worth Rs 907.43 crore. They were net sellers of stock futures to the tune of Rs 447.61 crore and bought stock options worth Rs 110.53 crore.

In the next few days, the market will also closely watch developments on the Indo-US nuclear deal. A crucial two-day meeting of the Nuclear Suppliers Group (NSG) begins in Vienna on Thursday, 4 September 2008. India on Friday, 29 August 2008, made it clear that it will only accept a clean waiver without any conditions from the cartel that controls global export of nuclear fuel and know-how.

All 45 members of NSG must approve the nuclear accord, which the US Congress must also pass for the deal to come through. The last meeting of the NSG, held in Vienna on 20 August 2008-21 August 2008 ended on an inconclusive note with some countries in the NSG raising objections about some aspects of the India-US civil nuclear deal that they suspect can adversely affect global non-proliferation regime.

Aries Agro

We recommend a buy in Aries Agro from a short-term perspective. It is clearly evident from the charts of Aries Agro that it has been on a medium-term uptrend from its 52-week low of Rs 84, recorded in early July. The stock has been forming higher peaks and higher troughs since then. In late July, the stock penetrated its intermediate-term down trendline which was in place since January high of Rs 264. On August 29, the stock Jumped up 8 per cent, accompanied with heavy vol ume taking support from its 50 day moving average. The stock is trading well above its 21- and 50-day moving averages.

The daily relative strength index (RSI) is on the brink of entering in to the bullish zone from the neutral region and weekly RSI is likely to enter into neutral region from the bearish zone. Daily moving average convergence and divergence (MACD) is featuring in the positive territory. The medium-term up trendline is intact. We are positive on the stock from a short-term perspective. We expect the stock to move up until it hits our price target of Rs 130 in the upcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining a stop-loss at Rs 112.

via BL

Pre Session Commentary - Sep 1 2008

The Indian Market is expected to have negative opening as US markets ended lower and Asian markets are trading down. On Friday, domestic market closed with handsome gains tracing positive cues from global markets along with drop in crude oil and eased inflation for the week ended 16th August 2008. India''s inflation falls to 12.40% during the week ended August 16 2008, as against 12.63% in the previous week. Market opened with gains tracking positive cues from global markets along with relieved inflation number. Further domestic market continued its northward journey despite slower Q1 GDP growth. India's Q1 GDP growth slows to 7.9% from 8.8% of previous quarter. Finally, market rallied sharply during final trade to end with heavy gains. NSE Nifty ended above 4,300 mark and BSE Sensex crossed 14,500 level. From the sectoral front, all indices closed in green and among that Bank stocks outperformed as closed with increase of more than 6%. Along with this Metal, Capital Goods, Oil & Gas, Reality and Consumer Durable stocks were in limelight as witnessed most of the buying from these baskets. The BSE Sensex closed higher by 516.19 points at 14,564.53 and NSE Nifty ended up by 146 points at 4,360. The BSE Mid Caps and Small Caps ended with gains of 133.44 points and 109.34 points at 5,742.29 and 6,891.64. We expect that market gave up its Friday''s gains during the trading session.

India's Q1 GDP growth slows to 7.9% from 8.8% of previous quarter as industrial activity slowed due to monetary tightening.

On Friday, the US market was closed lower as consumer spending slumped and Dell missed earnings estimate. There were weak reports on personal income. Rise in the price of oil also added to the sell off. Retail gasoline prices rose for the first time in 1.5 months. Oil prices jumped 2.7% during the session, but retreated to finish virtually unchanged near $115.65 per barrel. U.S. markets will be closed on Monday for Labor Day.

The Dow Jones Industrial Average (DJIA) closed lower by 171.63 points to close at 11,543.55 along with the NASDAQ index ended down by 44.12 points to close at 2,364.52 and the S&P 500 (SPX) lost 17.85 points to close at 1,282.83.

Indian ADRs ended mixed. In technology sector, Satyam ended higher by (2.58%) followed by Patni Computers surged by (0.09%), while Infosys dropped by (0.29%) and Wipro by (0.09%). In banking sector ICICI Bank gained (0.71%) while HDFC Bank lost (0.39%). In telecommunication sector, Tata Communication ended up by (1.69%) while MTNL dropped by (0.21%). However, Sterlite industries remained unchanged.

Today the major stock markets in Asia are trading weak. Hang Seng index is trading lower by 364.27 points at 20,897.62 along with Taiwan Weighted trading down by 199.40 points at 6,846.71, Japan's Nikkei dropped by 176.00 points at 12,896.87 and Singapore''s Straits Times lost 33.34 points at 2,706.61.

The FIIs on Friday stood as net buyer in equity and in debt. The gross equity purchased was Rs3,403.30 Crore and the gross debt purchased was Rs246.00 Crore while the gross equity sold stood at Rs3,259.50 Crore and gross debt sold stood at Rs98.50 Crore. Therefore, the net investment of equity reported was Rs143.80 Crore and net debt was Rs147.50 Crore.

The partially convertible rupee ended at 43.93/94 per dollar, 0.35% weaker than Thursday's close of 43.78/79. It had hit a 17 month low of 44.26 earlier in the week.

Today, Nifty has support at 4,238 and resistance at 4,418 and BSE Sensex has support at 14,157 and resistance at 14,801.