Tata Steel and MMTC plan SPV to buy gold mines overseas.

India's largest private sector steel maker Tata Steel is forming a special purpose vehicle (SPV) with state-owned MMTC for acquiring gold and diamond mining businesses abroad. MMTC would hold 26% stake in the proposed venture, leaving 76% to the Tata Steel.

The venture is likely to start operations by acquiring mining rights for diamond in Angola and Namibia before venturing in other African markets. The SPV would also explore business opportunities in iron ore and coal mining abroad through acquisitions or fresh mining rights. India is the world's largest importer of diamond and gold with imports to the tune of $10 billion in each category. The joint venture between Tata Steel and MMTC would aim at acquiring mining rights for these minerals mainly in African markets with the aim of reducing country's import dependence. While African markets would be the prime focus of the venture, it would also explore mineral rights in Australia, Brazil, Russia and Indonesia.

While MMTC is likely to bring its expertise in mineral trading and mining into the venture, Tatas would infuse cash to help the SPV to place aggressive bids for mining rights. The joint sector SPV is being conceived on the lines of a coal SPV formed in collaboration with five PSUs including SAIL and NTPC.

Yes Bank posts impressive Q4 08 results.

Yes Bank, one of the new-generation private banks, net profit increased by 109% in the fourth quarter ended March 2008. The bank has so far not faced any delinquency on its derivatives exposure and has therefore made no provisions for such transactions.

The bank's advances grew 50 per cent to Rs 9,430 crore as on March 31, 2008, from Rs. 6,290 crore in the corresponding period last year. The deposit base rose 61.5 per cent to Rs.13,273 crore, from Rs. 8,220 crore earlier. Its Net interest income went up at Rs 389 crore versus Rs 202 crore. Its total income was up 75.9 per cent to Rs 494.3 crore, compared to Rs 281.09 crore. Its provisions and contingencies rose 80.1 per cent to Rs 22.8 crore, compared to Rs 12.7 crore during January-March 2007. Consequently its net profit went up 108.7 per cent to Rs 64.5 crore. Its Net interest margin is at 3.06 per cent, as against to 2.6 per cent in the fourth quarter of 2006-07. Its cost of funds stood at 8.4 per cent, while capital adequacy ratio was 13.64 per cent. Of the total advances, retail constitutes one per cent, while corporate lending was the major chunk of the loan book.

Of the total deposits current and saving account base, the low-cost source of funds, is about 8.5 per cent. The bank has invested in building the infrastructure to build the retail business and now will focus on growing its retail book. The bank has a target to have 117 branches by end FY09 and 150 by 2010.

Today's Pick - United Phosphorus

We recommend a sell in United Phosphorus from a short-term perspective. From the charts of United Phosphorus, we note that the stock has been on a medium-term term down-trend from its January high of Rs 425. However, following a corrective pullback rally from the March low of Rs 228, the stock met with a resistance at around Rs 300 recently.

We see that the corrective pullback rally of the stock has retraced 38.2 per cent fibonacci retracement level of the medium-term downtrend.

The stock appears to have resumed the medium-term downtrend from the resistance level of Rs 300 by forming a bearish engulfing candlestick pattern.

The daily momentum indicator has started declining, after encountering resistance at around 60 levels. Considering that the medium-term trend continues to be down, we are bearish on the stock in the short-term.

We expect the medium-term down-trend in the stock to prolong to our target price level of Rs 250 in the upcoming trading sessions. Investors with short-term perspective can sell the stock, while keeping the stop loss at Rs 306.

Bullion metals end lower

Gold and silver prices fall as rising dollar weighs on them


Bullion metals fell today, Thursday, 10 April, 2008 after the dollar rose against its counterparts and weighed on the precious metals. 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 June delivery today fell $5.7 (0.6%) to close at $931.8 ounce on the New York Mercantile Exchange. Last week, gold prices lost 2.5%. On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. Prices are still 9% lower against that all-time high price.

This year, gold prices have gained 11.5% for the till date against a 8.3% drop for the dollar against the euro. 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%.

Comex Silver futures for May delivery fell 15.7 cents (0.9%) to $18.043 an ounce. Silver has gained 21.8% in 2008 till date. Silver gained 16% in Q1. In January this year itself, prices climbed 14%. In February, it gained another 15%. For March, it ended lower by 13%. The metal had climbed 16% in FY 2007. The metal also has gained for seven straight years.

In the currency market today, the dollar rose against its major rivals. The euro pulled back as investors took profits, reversing course after the single currency established a new high earlier against the dollar. The dollar index, which tracks the greenback against a basket of currencies, was at 72.170, up by 0.4%.

In the energy market today, crude-oil futures finished a little lower by 76 cents today at $110.11/barrel.

Earlier in the week, bullion metal prices had slipped after The International Monetary Fund's board yesterday approved a plan to sell 403.3 metric tons of gold to narrow the lender's financial shortfall. The proposal still needs the approval of the U.S. Congress. The IMF holds 103.4 million ounces or 3,217 metric tons, of gold.

After weakening in the early part of the year, dollar tried to strengthen after Federal Reserve went through a slew of interest rate cuts. In the last of the series, Fed decided to cut overnight lending rate by 75 bps to 2.25% during third week of March, 2008. Since last September, Fed has axed interest rates six times. Hence, bullion metals along with other metals witnessed intense sell off together as traders parted away with commodities.

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. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment

Crude falls for two straight days

 Prices fall moderately as US imports fell last week


Crude prices fell lower for the second consecutive day today, Thursday, 10 April, 2008 as the dollar weakened strengthened against its rivals. Prices also fell as an after effect to yesterday's inventory report by the Energy Department. EIA reported that USA's oil imports fell last week.

Crude-oil futures for light sweet crude for May delivery closed at $110.11/barrel (lower by $0.76/barrel or 0.78%) on the New York Mercantile Exchange. Yesterday, prices touched a high of $112.21 during intra day trading. It was a new all-time record for crude prices. Crude prices are 77% higher on a yearly basis. For the year, crude is up by 13.4% till date.

Last week, crude ended marginally higher by 60 cents as against last week's previous close at $105.62.

Yesterday, EIA reported today that crude inventory fell to 316 million barrels in the week ended 4 April. This was down 3.2 million barrels on the week. Market was anticipating a build up of inventories around 2.7 million barrels. The unexpected drop in crude inventories came from sliding imports. U.S. oil imports averaged 8.9 million barrels a day last week, down nearly 1.4 million barrels a day from the previous week.

The EIA also reported that U.S. gasoline supplies fell 3.4 million barrels in the latest week, while distillate supplies, which include heating oil and diesel, dropped 3.7 million barrels. U.S. refineries operated at 83% of their operable capacity last week, up from the previous week's 82.4%.

In the currency market today, the dollar rose against its major rivals. The euro pulled back as investors took profits, reversing course after the single currency established a new high earlier against the dollar. The dollar index, which tracks the greenback against a basket of currencies, was at 72.170, up by 0.4%.

Brent crude oil for May settlement today fell $0.27 (0.3%) to $108.2 on the London-based ICE Futures Europe exchange. The London benchmark rose 54% in FY 2007, the most since 1999 when prices more than doubled.

Natural gas supplies fell last week

Natural gas rose to the highest in more than two years after a government report showed U.S. inventories declined to the lowest since 2005. Gas for May delivery rose 4.2 cents (0.4%) to settle at $10.098 per million British thermal units. EIA reported today that natural gas supplies last week fell to 1.234 trillion cubic feet, 1.8% below the five-year average of 1.257 trillion.

Against this backdrop, May reformulated gasoline rose 1.79 cent to $2.7921 a gallon and May heating oil lost 4.05 cents to $3.194 a gallon.

The EIA reported earlier this week that crude oil this year is forecast to average $100.61 a barrel, up 7% from a March estimate. The monthly average gasoline price in the U.S. is projected to peak near $3.5 a gallon this spring. EIA also said that prices in some regions could surpass $4 a gallon.

EIA also reported that consumption of liquid fuels and other petroleum products is projected to grow by 40,000 barrels a day in 2008, a downward revision of 100,000 barrels a day from the previous monthly forecast. After accounting for increased ethanol use, U.S. petroleum consumption actually could fall by 90,000 barrels a day.

Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude's biggest yearly gain in five years

RIL, RCL April 2008 futures at discount

 Turnover in F&O segment rises


Nifty April 2008 futures were at 4714, at a discount of 19 points as compared to spot closing of 4733.

The NSE's futures & options (F&O) segment turnover was Rs 33,689.60 crore, which was higher than Rs 31,113.78 crore on Wednesday, 9 April 2008.

Reliance Industries (RIL) April 2008 futures were at discount at 2463 compared to the spot closing of 2468.65.

Reliance Capital (RCL) April 2008 futures were at discount at 1230.05 compared to the spot closing of 1233.55.

In the cash market, the S&P CNX Nifty lost 14.05 points or 0.30% at 4733

Sensex ends down 95pts, Rel Energy gains 6%

The Sensex opened 36 points lower at 15,755, but aggressive buying in Reliance, TCS and Larsen & Toubro saw the index rally to a high of 15,954 - up almost 200 points from the day's open - in noon deals.

The index, however, could not hold gains as weakness in banking and telecom stocks dragged it into negative zone in late noon trades. The index slipped to 15,655 - down almost 300 points from the day's high. The Sensex finally ended with a loss of 95 points at 15,695.

The market breadth was fairly positive - out of 2,717 stocks traded, 1,686 advanced, 956 declined and 75 were unchanged today.

The NSE Nifty dropped 14 points to close at 4,733.

INDEX SHAKERS...

ICICI Bank and Ranbaxy dropped over 4% each to Rs 801 and Rs 451, respectively. HDFC Bank declined 3.7% to Rs 1,326.

Jaiprakash Associates was down 3% at Rs 213. Bharti Airtel, Hindustan Unilever and Reliance Communications slipped around 2.5% each to Rs 799, Rs 238 and Rs 484, respectively.

SBI and Infosys dropped nearly 2% each to Rs 1,662 and Rs 1,453, respectively.

DLF and Cipla declined over 1.5% each to Rs 600 and Rs 214, respectively.

Tata Motors, Wipro and HDFC were down over 1% each at Rs 624, Rs 407 and Rs 2,381, respectively.

...AND MOVERS

Reliance Energy surged 6.5% to Rs 1,253. TCS rallied 2.8% to Rs 901, and Reliance moved up over 2% to Rs 2,468.

Larsen & Toubro and Ambuja Cements gained around 1.5% each at Rs 2,678 and Rs 122, respectively.

Tata Steel was up 1% at Rs 686.

VALUE & VOLUME TOPPERS

Reliance topped the value chart with a turnover of Rs 375 crore followd by Reliance Petroleum (Rs 360.80 crore), Orchid Chemicals (Rs 224 crore), Reliance Energy (Rs 206.40 crore) and Reliance Capital (Rs 205.60 crore).

Reliance Petroleum led the volume chart with trades of around 2.04 crore shares followed by Sita Shree Foods (1.91 crore), Reliance Natural Resources (1.65 crore), Orchid Chemicals (98.72 lakh) and IFCI (95.92 lakh).

Tame ending to a highly volatile session

The market maintained a cautious trend for the second straight session, as the Sensex eased sharply at close on selective selling. However, the market was extremely volatile, as stocks gyrated sharply leading to a swing of 299 points during intra-day trades. After resuming 36 points lower at 15,755, the Sensex dropped another 100 points in early trades on sustained selling to touch the day's low of 15,655. Languishing in negative territory thereafter in the first half, the Sensex steadily erased its losses and rebounded into positive territory in the afternoon trades to edge past the 15,950 mark and touch the intra-day high of 15,954. However, it failed to hold on to its steady gains and lost 95 points to close at 15,695, while the Nifty ended 14 points lower at 4,733.

Dragging the Sensex, ICICI Bank lost 4.25% at Rs800.95, Ranbaxy Laboratories dropped 4.20% at Rs450.65, HDFC Bank fell 3.67% at Rs1,325.55 and Jaiprakash Associates declined 3.07% at Rs212.80. Bharti Airtel, HUL, Reliance Coomunications and SBI were down nearly 2% each. However, Reliance Energy advanced 6.50% at Rs1,253.35, TCS scaled up 2.75% at Rs900.75, RIL added 2.05% at Rs2,467.70, L&T gained 1.55% at Rs2,678.30, Ambuja Cements jumped 1.50% at Rs122 and Tata Steel was up nearly 1% at Rs685.90.

The breadth of the market was positive. Of the 2,730 stocks traded on the BSE, 1,707 stocks advanced, 954 stocks declined and 69 stocks ended unchanged. Of the 13 sectoral indices trading on the BSE, five indices ended in green, while eight slipped in red. The BSE Oil & Gas index was the major performer on the upside and gained 1.47% at 10,727, while the BSE Metal index was up around 0.55% at 13,855.

The market, which closed on a subdued note, Oil & Gas stocks performed exceptionally well. Cairn India surged 5.74% at Rs242.15 and RPL shot up by 3.17% at Rs175.50. Essar Oil, RIL, Aban Offshore, RNRL gained over 1-3% each.

Over 2.04 crore Reliance Petroleum shares changed hands on the BSE followed by Sita Shree Food Products (1.91 crore shares), RNRL (1.65 crore shares), Orchid Chemical (0.98 crore shares) and IFCI (0.95 crore shares

Market ends volatile session in the red; breadth strong

The market moved between positive and negative territory due to lack of strong participation from investors ahead of industrial production and inflation data on Friday, 11 April 2008. Key indices, which had soared in mid-afternoon trade, fell sharply in the last hour of trade led by sharp decline in banking stocks.

Oil gas stocks were the star performers of the session. IT stocks slipped due to profit booking after an early surge. Mid-caps and small-caps outperformed the frontliners.

Asian markets, which opened before Indian markets, were mostly in green. But European markets, which opened after Indian markets, were in the red.

As per provisional data, the 30-share BSE Sensex fell 124.41 points or 0.79% at 15,666.10. The Sensex gained 258.44 points at day's high of 15,953.54, hit in mid-afternoon trade. The index lost 135.31 points at the session's low of 15,655.20, hit at the fag end of the trading session.

The CNX S&P Nifty fell 22.55 points or 0.48% at 4724.50.

The BSE Mid-Cap index was up 0.12% at 6,478.96 and the BSE Small-Cap index was up 1.13% at 8,031.06.

On BSE, 1713 stocks gained, 949 stocks declined and 67 stocks were unchanged.

BSE clocked a turnover of Rs 5496 crore as against Rs 5,331.37 on Wednesday, 9 April 2008.

India's second largest power utility by revenue Reliance Energy surged 6.30% at Rs 1252 after the company said on Wednesday, 9 April 2008 that it bought-back 176,871 equity shares of the company. Since the commencement of the buy-back on 25 March 2008, the company has so far bought back 20,38,551 equity shares aggregating Rs 250.75 crore. Earlier, Reliance Energy's board had approved the buyback of shares worth about Rs 800 crore in the first phase.

India's largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) rose 1.94% at Rs 2465.

India's largest private sector bank by assets ICICI Bank slipped 4.36% at Rs 801.50.

India's largest engineering and construction firm by revenue Larsen & Toubro rose 1.08% at Rs 2665.70.

TCS (up 2.86% at Rs 901.70), Ambuja Cements (up 1.50% at Rs 122), Mahindra & Mahindra (up 1.13% at Rs 614.75), Tata Steel (up 1.03% at Rs 685.90), Hindalco Industries (up 0.64% at Rs 173.75) and Maruti Suzuki (up 0.35% at Rs 736), were the top gainers from the Sensex pack.

Ranbaxy Laboratories (down 4.33% at Rs 450.05), HDFC Bank (down 3.64% at Rs 1326), Jaiprakash Associates (down 3.19% at Rs 212.55), Bharti Airtel (down 2.95% at Rs 795.80) and Reliance Communication (down 2.69% at Rs 483), were the top losers from the Sensex pack.

Software firm Financial Technologies was down 0.89% at Rs 1,690 despite the company announcing the acquisition of South African technology company ICX Platform for $1.50 million.

Auto ancillary firm Banco Products India jumped over 17.25% to Rs 36.70 after it said its board would meet on 17 April 2008 to consider buyback of shares.

Private sector lender Development Credit Bank tripped 2.86% to Rs 88.45 after the management denied reports of a merger with a large bank for business expansion. The scrip had jumped over 10% to Rs 100.45 earlier in the day.

Mukesh Ambani-run oil refining firm Reliance Petroleum was up 3.17% at Rs 175.50 after reports hinted at the possibility of an early start of the company's oil refinery.

Offshore transportation services provider Global Vectra Helicorp soared 20% at Rs 85.95 after the company said it plans a rights issue in December 2008 to fund the expansion plans, including an investment of $65 million to raise fleet size to 29 by March 2009.

Key indices in China, Hong Kong, South Korea and Taiwan were up by 0.57% to 1.86%. However, indices in Japan and Singapore were down by 0.65% to 1.27%.

European markets, which opened after Indian markets, were in red. Key indices in UK, France and Germany were down by between 0.65% to 1.34%.

US stocks fell on Wednesday, 9 April 2008, after United Parcel Service Inc slashed its earnings forecast and oil prices hit a record high above $112 per barrel, darkening the outlook for corporate results. The Dow Jones industrial average was down 49.18 points, or 0.39%, ending the day at 12,527.26. The Standard & Poor's 500 Index was down 11.05 points, or 0.81%, finishing at 1,354.49. The Nasdaq Composite Index was down 26.64 points, or 1.13%, at 2,322.12.

Nifty April 2008 futures at discount

 Turnover in F&O segment rises


Nifty April 2008 futures were at 4690.30, at a discount of 19.35 points as compared to spot closing of 4709.65.

The NSE's futures & options (F&O) segment turnover was Rs 33,143.36 crore, which was higher than Rs 32,302.80 crore on Monday, 7 April 2008.

Orchid Chemicals & Pharmaceuticals April 2008 futures were at discount at 237.50 compared to the spot closing of 240.10.

Reliance Capital April 2008 futures were at discount at 1223 compared to the spot closing of 1224.80.

Essar Oil April 2008 futures were at discount at 226.30 compared to the spot closing of 227.60.

In the cash market, the S&P CNX Nifty lost 51.55 points or 1.08% at 4709.65.

Sensex sheds 169 points as L&T tumbles

The market lost ground today giving up yesterday's gains tracking weakness in Asian and European stocks. Larsen & Toubro and Wipro were major losers from the Sensex pack. Bharat Heavy Electricals and Bharti Airtel were major gainers from Sensex pack. Reliance Energy recovered from lower level.

The 30-share BSE Sensex ended down 169.46 points or 1.08% at 15,587.62. At the day's low of 15,479.42, Sensex lost 277.66 points in mid-morning trade. Sensex rose 13.08 points at the day's high of 15,770.40 , at the onset of the trading session.

The broader based S&P CNX Nifty was down 51.55 points or 1.08% at 4,709.65. Nifty April 2008 futures were at 4690.30, at a discount of 19.35 points as compared to spot closing of 4709.65.

Asian and European stocks dropped today as news a possible capital injection at the largest US savings and loan company Washington Mutual Inc failed to eliminate concerns about more bank writedowns. In Asia, key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were down by between 0.65% to 1.79%. European markets were weak. France's CAC, Germany's DAX and UK's FTSE 100 were down by between 0.87% to 1.31%.

US stocks were little changed on Monday, 7 April 2008, as rising oil prices stoked fears that corporate profits will suffer, overshadowing optimism the credit crisis is easing on news that Washington Mutual Inc was close to securing a $5 billion investment.

BSE clocked a turnover of Rs 5,127 crore compared to a turnover of Rs 4,969.92 crore on Monday, 7 April 2008.

The NSE's futures & options (F&O) segment turnover was Rs 33,143.36 crore, which was higher than Rs 32,302.80 crore on Monday, 7 April 2008.

Capital goods, IT, metal and oil & gas stocks declined. However BSE Mid-Cap and Small-Cap indices rose.

The market breadth was positive: on BSE 1393 shares advanced as compared to 1,210 that declined. 69 shares remained unchanged.

The BSE Mid-Cap index was up 0.6% to Rs 6,383.02 and BSE Small-Cap index rose 0.47% to 7,814.17.

BSE Capital Goods index (down 1.78% to 12,528.84) BSE Metal index (down 1.93% to 13,544.58), BSE IT index (down 1.69% to 3,685.07), underperformed Sensex.

BSE Bankex (up 0.62% to 7,952.81), BSE Consumer Durables index (up 0.32% to 3,926.27), BSE Power index (down 0.04% to 3,005.48), BSE HealthCare index (down 0.12% to 3,936.03), BSE PSU index (down 0.4% to 7,240.22), BSE Auto index (down 0.42% to 4,415.37), BSE FMCG index (down 0.5% to 2,372.64), BSE Oil & Gas index (down 0.83% to 10,462.87), BSE Realty index (down 0.98% to 7,410.22) outperformed Sensex.

India's largest engineering and construction firm by sales Larsen & Toubro lost 5.09% to Rs 2,581.30 even as company said it had bagged four orders worth Rs 1687 crore. The orders are for water supply projects, sinter plant and cold roll mill and a coal handling plant.

However, India's largest power equipment maker by sales Bharat Heavy Electricals rose 4.67% to Rs 1,712.75.

Metal stocks declined. Steel Authority of India (down 6.14% to Rs 157.55), National Aluminium Company (down 3.55% to Rs 432.45), Tata Steel (down 3.39% to Rs 656.30), Hindalco Industries (down 1.53% to Rs 170.30) edged lower.

IT stocks declined. Wipro (down 4.6% to Rs 414), Tata Consultancy Services (down 1.64% to Rs 885.30), Infosys (down 2.07% to Rs 1,461.30) and Satyam Computer Sevices (down 0.71% to Rs 429.10) edged lower.

Oil & Gas stocks declined. ONGC (down 0.65% to Rs 1,011.25), Reliance Petroleum (down 1.57% to Rs 168.75), Cairn India (down 0.35% to Rs 227.25) edged lower.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries declined 1.02% to Rs 2,381.25. It recovered from its lows of Rs 2,358.60. A consortium of Reliance Industries (RIL) has reportedly discovered oil in Yemen. The discovery in Block 9 in Qarn Qaymah 2 well is considered to be significant, and RIL is in process of evaluating the viability.

Jaiprakash Associates (down 4.48% to Rs 221.55), Ranbaxy Laboratories (down 2.71% to Rs 470.75), Grasim Industries (down 2.56% to Rs 2,560.40), Hindustan Unilever (down 2.02% to Rs 247.90), Maruti Suzuki India (down 1.91% to Rs 744.20), and NTPC (down 2.12% to Rs 186.55) edged lower from the Sensex pack.

ICICI Bank (up 0.49% to Rs 813.25), DLF (up 0.68% to Rs 621.25), Bharti Airtel (up 1.25% to Rs 828.60), HDFC (up 0.13% to Rs 2,309.50), State Bank of India (up 0.09% to Rs 1,674.80), HDFC Bank (up 0.09% to s 1,304.30) edged higher from Sensex pack.

Orchid Chemicals and Pharmaceuticals clocked the highest volume of 2.05 crore shares on BSE. Reliance Natural Resources (1.14 crore shares), Sita Shree Food Poducts (1.06 crore shares), Indiabulls Securities (76.55 lakh shares) and Reliance Petroleum (71.28 lakh shares) were other volume toppers in that order.

Orchid Chemicals and Pharmaceuticals clocked the highest turnover of Rs 478.05 crore on BSE. Bharat Heavy Electricals (Rs 264.07 crore), Larsen & Toubro (Rs 226.74 crore), Reliance Power (Rs 207.53 crore) and Reliance Capital (Rs 203.91 crore) were other turnover toppers in that order.

The next major trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

As regards Q4 March 2008 results, Morgan Stanley expects 23% growth in net earnings of 104 out of 108 firms in its Indian coverage universe in Q4 March 2008 over Q4 March 2007.

Good results are expected from the telecom sector on the back of strong growth in new subscribers additions. Infrastructure and engineering firms, too, are seen reporting decent numbers in Q4 March 2008 on the back of healthy order book positions. The performance of auto firms is likely to be sluggish due to muted volume growth and rise in input costs.

A depreciation of the rupee against the dollar is likely to drive good results from the IT sector on a sequential basis in Q4 March 2008 over Q3 December 2007, though the focus here is on guidance for the year ending March 2009 from IT bellwether Infosys Technologies. Infosys guidance will give investors a sense of the effect of the weakening US economy on technology spending by companies there.

Sensex had jumped 413.96 points or 2.7% at 15,757.08 on Monday, 7 April 2008, on positive cues from the Asian markets.

BSE Bulk Deals to Watch - Apr 7-8 2008

 Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
8/4/2008 532166 ALK SECURITI JITENDRA HARIVANSH JOSHI B 262000 17.79
8/4/2008 532166 ALK SECURITI NAMDEO H MORE S 262100 17.79
8/4/2008 531223 ANJANI SYNTH JITENDRA HARIVANSH JOSHI B 105400 32.45
8/4/2008 531223 ANJANI SYNTH NAMDEO H MORE S 105400 32.45
8/4/2008 531881 ARVIND CHEM GAURAV VINIMAY PVT LTD B 82381 42.05
8/4/2008 532946 BANG KUNDAN LEASING AND FINVEST PVT. LTD. B 100000 153.91
8/4/2008 532946 BANG MARUTI SECURITIES LTD S 123159 153.58
8/4/2008 512624 CHANDRIK TRA ISABELLE TRADERS LTD S 50000 3.20
8/4/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN B 1195260 6.51
8/4/2008 532271 CYBERMAT INF SARFARAZKHAN SARVARKHAN PATHAN S 1195260 6.47
8/4/2008 531137 GEMSTONE INV HEMANT MADHUSUDAN SHETH B 75000 15.00
8/4/2008 532951 GSS AMERICA B K SHAH CO B 99352 454.63
8/4/2008 532951 GSS AMERICA JRK MERCHANDISE PVT LTD S 82162 473.34
8/4/2008 532951 GSS AMERICA B K SHAH CO S 99288 455.34
8/4/2008 516078 JUMBO BAG LT VINAY BHASIN B 50000 49.40
8/4/2008 523810 KALE FILMS PARIMAL J.MEHTA B 350000 2.34
8/4/2008 523810 KALE FILMS DIAMANT INVESTMENT AND FINANCE S 882018 2.32
8/4/2008 524699 KILBUR CHEMI RAM KUMAR KAKANI S 43276 37.04
8/4/2008 526169 MULTIBASE 1 RAJESH DOULATRAM BHATIA B 195191 49.25
8/4/2008 526169 MULTIBASE 1 MADHAV EDU AND RESERCH INSTITUTE INDIA PVT.LTD. S 195000 50.00
8/4/2008 524372 ORCHID CHEM LATIN MANHARLAL SEC PVT LTD B 1244989 230.63
8/4/2008 524372 ORCHID CHEM H.J.SECURITIES PVT.LTD. B 425217 235.19
8/4/2008 524372 ORCHID CHEM LATIN MANHARLAL SEC PVT LTD S 1244933 230.85
8/4/2008 524372 ORCHID CHEM H.J.SECURITIES PVT.LTD. S 425217 235.38
8/4/2008 532961 SITA SHREE ASSET ALLIANCE SEC PVT LTD B 166353 39.00
8/4/2008 532961 SITA SHREE N D NISSAR B 201697 38.23
8/4/2008 532961 SITA SHREE H.J.SECURITIES PVT.LTD. B 137378 40.07
8/4/2008 532961 SITA SHREE ASTUTE COMMODITIES AND DERIVATIVES PVT LTD B 157798 39.42
8/4/2008 532961 SITA SHREE KETAN H MAMANIYA B 113152 38.98
8/4/2008 532961 SITA SHREE ASSET ALLIANCE SEC PVT LTD S 166353 38.97
8/4/2008 532961 SITA SHREE N D NISSAR S 201697 38.25
8/4/2008 532961 SITA SHREE H.J.SECURITIES PVT.LTD. S 137378 40.15
8/4/2008 532961 SITA SHREE ASTUTE COMMODITIES AND DERIVATIVES PVT LTD S 219868 39.65
8/4/2008 532961 SITA SHREE KETAN H MAMANIYA S 113152 39.01
8/4/2008 504375 SOFTBPO GLOB ANJU ADVISORY SERVICES PVT. LTD S 2500 124.76
8/4/2008 532948 TULSI EXTRU GOPAL TRADERS B 70000 84.29
8/4/2008 532948 TULSI EXTRU GOPAL TRADERS S 70000 89.12
8/4/2008 532765 USHER AGRO JITENDRA PARSHURAM MAYEKAR S 133492 177.55
7/4/2008 531137 GEMSTONE INV HEMANT MADHUSUDAN SHETH B 100200 14.88
7/4/2008 531137 GEMSTONE INV BHAVESH PRAKASH PABARI S 150000 15.00
7/4/2008 532951 GSS AMERICA MATRIX EQUITRADE PVT LTD B 82288 484.75
7/4/2008 532951 GSS AMERICA MATRIX EQUITRADE PVT LTD S 82288 485.84
7/4/2008 531663 INTENS AIR S RASIKLAL TALAKCHAND SHAH B 42290 2.25
7/4/2008 524372 ORCHID CHEM MATRIX EQUITRADE PVT LTD B 677769 199.29
7/4/2008 524372 ORCHID CHEM MATRIX EQUITRADE PVT LTD S 677769 199.44
7/4/2008 532961 SITA SHREE A A DOSHI SHARES AND BROK B 199554 43.32
7/4/2008 532961 SITA SHREE MATRIX EQUITRADE PVT LTD B 1731639 42.48
7/4/2008 532961 SITA SHREE SHAILESH M. NISSAR B 136208 42.60
7/4/2008 532961 SITA SHREE NAMAN SEC AND FIN PVT LTD B 377560 43.52
7/4/2008 532961 SITA SHREE SWATI ATUL REGE B 150000 42.53
7/4/2008 532961 SITA SHREE DIPAK R RATHOD B 205305 40.98
7/4/2008 532961 SITA SHREE DEEPAK S CHHEDA B 794828 43.08
7/4/2008 532961 SITA SHREE AMIT M GALA B 446951 42.88
7/4/2008 532961 SITA SHREE COSMO INVESTMENT B 125003 43.80
7/4/2008 532961 SITA SHREE CHIMANLAL MANEKLAL SEC.PVT.LTD B 488389 43.64
7/4/2008 532961 SITA SHREE MATRIX EQUITRADE PVT LTD S 1731639 42.61
7/4/2008 532961 SITA SHREE SHAILESH M. NISSAR S 136208 42.65
7/4/2008 532961 SITA SHREE NAMAN SEC AND FIN PVT LTD S 324557 43.13
7/4/2008 532961 SITA SHREE SWATI ATUL REGE S 150000 42.90
7/4/2008 532961 SITA SHREE DIPAK R RATHOD S 190305 43.66
7/4/2008 532961 SITA SHREE DEEPAK S CHHEDA S 794828 43.10
7/4/2008 532961 SITA SHREE AMIT M GALA S 446951 43.03
7/4/2008 532961 SITA SHREE CHIMANLAL MANEKLAL SEC.PVT.LTD S 488389 43.64
7/4/2008 532961 SITA SHREE A A DOSHI SHARES AND BROK S 189054 43.63
7/4/2008 532948 TULSI EXTRU NAMAN SEC AND FIN PVT LTD B 69491 83.33
7/4/2008 532948 TULSI EXTRU NAMAN SEC AND FIN PVT LTD S 69491 83.00

NSE Bulk Deals - Apr 8 2008

 Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,70425,450.59,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH CO KETAN BHAILAL SHAH,BUY,109621,455.47,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,69730,449.03,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,MICRO MANAGEMENT LTD.,BUY,196762,435.00,-
08-APR-2008,HINDDORROL,Hindustan Dorr-Oliver Ltd,PACIFIC CORPORATE SERVICES LTD,BUY,220000,100.00,-
08-APR-2008,OILCOUNTUB,Oil Country Tubular Ltd,UNITED STEEL ALLIED INDUSTRIES PRIVATE LIMITED,BUY,400000,60.90,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,DINESH MUNJAL,BUY,498833,232.61,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,DYNAMIC EQUITIES PVT. LTD.,BUY,437139,229.60,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,GENUINE STOCK BROKERS PVT LTD,BUY,697224,231.85,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,LATIN MANHARLAL SECURITIES PVT. LTD.,BUY,476632,234.60,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,P R B SECURITIES PRIVATE LTD,BUY,1816764,231.36,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,BUY,1172018,233.81,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,TRANSGLOBAL SECURITIES LTD.,BUY,973458,232.71,-
08-APR-2008,PHILIPCARB,Phillips Carbon Black,PACIFIC CORPORATE SERVICES LTD,BUY,153063,157.00,-
08-APR-2008,SITASHREE,Sita Shree Food Products,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,147285,39.16,-
08-APR-2008,SITASHREE,Sita Shree Food Products,BALASO VITTHAL SHINDE,BUY,317234,37.41,-
08-APR-2008,SITASHREE,Sita Shree Food Products,KHANDWALA TRADELINK CO,BUY,200756,38.62,-
08-APR-2008,SITASHREE,Sita Shree Food Products,NISSAR BROTHERS,BUY,236866,39.60,-
08-APR-2008,SITASHREE,Sita Shree Food Products,PASHUPATI CAPITAL SERVICES PVT. LTD.,BUY,127814,38.69,-
08-APR-2008,SITASHREE,Sita Shree Food Products,PRAKASH K SHAH SHARES & SECURITIES PVT. LTD,BUY,145343,38.39,-
08-APR-2008,SITASHREE,Sita Shree Food Products,R.M. SHARE TRADING PVT LTD,BUY,251859,38.80,-
08-APR-2008,SITASHREE,Sita Shree Food Products,SANJAY BHANWARLAL JAIN,BUY,280545,38.47,-
08-APR-2008,SITASHREE,Sita Shree Food Products,SREYASHKUMAR MAHESHBHAI PATEL,BUY,114539,37.87,-
08-APR-2008,SITASHREE,Sita Shree Food Products,TRANSGLOBAL SECURITIES LTD.,BUY,239662,38.41,-
08-APR-2008,TULSI,Tulsi Extrusions Limited,SHRI BRIJ SECURITIES PVT.LTD.,BUY,88978,87.25,-
08-APR-2008,TULSI,Tulsi Extrusions Limited,SREYASHKUMAR MAHESHBHAI PATEL,BUY,90515,84.25,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,70424,450.66,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH CO KETAN BHAILAL SHAH,SELL,109613,456.38,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,69730,449.35,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,MICRO MANAGEMENT LTD.,SELL,22780,434.48,-
08-APR-2008,GSSAMERICA,GSS America Infotech Limi,SHUAA CAPITAL PSC,SELL,216140,435.07,-
08-APR-2008,HINDDORROL,Hindustan Dorr-Oliver Ltd,IVORY CONSULTANTS PVT LTD.,SELL,217000,100.00,-
08-APR-2008,OILCOUNTUB,Oil Country Tubular Ltd,NAVMEE SECURITIES PRIVATE LIMITED,SELL,400000,60.90,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,DINESH MUNJAL,SELL,498833,232.79,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,DYNAMIC EQUITIES PVT. LTD.,SELL,437139,229.60,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,GENUINE STOCK BROKERS PVT LTD,SELL,697224,231.99,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,LATIN MANHARLAL SECURITIES PVT. LTD.,SELL,476688,234.94,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,P R B SECURITIES PRIVATE LTD,SELL,1816764,231.40,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,SELL,1172018,234.29,-
08-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,TRANSGLOBAL SECURITIES LTD.,SELL,973450,232.81,-
08-APR-2008,PHILIPCARB,Phillips Carbon Black,IVORY CONSULTANTS PVT LTD.,SELL,153000,157.00,-
08-APR-2008,SITASHREE,Sita Shree Food Products,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,176786,39.61,-
08-APR-2008,SITASHREE,Sita Shree Food Products,BALASO VITTHAL SHINDE,SELL,277234,39.87,-
08-APR-2008,SITASHREE,Sita Shree Food Products,KHANDWALA TRADELINK CO,SELL,210756,38.47,-
08-APR-2008,SITASHREE,Sita Shree Food Products,NISSAR BROTHERS,SELL,236866,39.60,-
08-APR-2008,SITASHREE,Sita Shree Food Products,PASHUPATI CAPITAL SERVICES PVT. LTD.,SELL,127814,38.46,-
08-APR-2008,SITASHREE,Sita Shree Food Products,PRAKASH K SHAH SHARES & SECURITIES PVT. LTD,SELL,145470,38.26,-
08-APR-2008,SITASHREE,Sita Shree Food Products,R.M. SHARE TRADING PVT LTD,SELL,251859,38.50,-
08-APR-2008,SITASHREE,Sita Shree Food Products,SANJAY BHANWARLAL JAIN,SELL,280545,38.37,-
08-APR-2008,SITASHREE,Sita Shree Food Products,SREYASHKUMAR MAHESHBHAI PATEL,SELL,114539,40.54,-
08-APR-2008,SITASHREE,Sita Shree Food Products,TRANSGLOBAL SECURITIES LTD.,SELL,244662,38.37,-
08-APR-2008,STEELTUBES,Steel Tubes of India Ltd,RAMESH CHAND GUPTA,SELL,99802,3.99,-
08-APR-2008,TULSI,Tulsi Extrusions Limited,SHRI BRIJ SECURITIES PVT.LTD.,SELL,88978,87.25,-
08-APR-2008,TULSI,Tulsi Extrusions Limited,SREYASHKUMAR MAHESHBHAI PATEL,SELL,90515,86.08,-

Market drifts lower on weak global cues

The market lost ground today giving up yesterday's gains tracking weakness in Asian and European stocks. Larsen & Toubro and Wipro were major losers from the Sensex pack. Bharat Heavy Electricals and Bharti Airtel were major gainers from Sensex pack. Reliance Energy recovered from lower level.

The key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan were down by between 0.65% to 1.79%. European markets were weak. France's CAC, Germany's DAX and UK's FTSE 100 were down by between 0.95% to 1.3%.

The 30-share BSE Sensex provisionally ended down 194.04 points or 1.23% at 15,563.04. At the day's low of 15,479.42, Sensex lost 277.66 points in mid-morning trade. Sensex rose 13.08 points at the day's high of 15,770.40 , at the onset of the trading session.

BSE clocked a turnover of Rs 5,127 crore compared to a turnover of Rs 4,969.92 crore on Monday, 7 April 2008.

The broader based S&P CNX Nifty was down 58.75 points or 1.23% at 4,702.45 as per the provisional figures.

Capital goods, IT, metal and oil & gas stocks declined. However BSE Mid-Cap and Small-Cap indices rose. The market breadth was positive

The market breadth was positive: on BSE 1384 shares advanced as compared to 1,217 that declined. 69 shares remained unchanged.

The BSE Mid-Cap index was up 0.51% to Rs 6,377.07 and BSE Small-Cap index rose 0.48% to 7,815.43.

Capital goods stocks declined. Larsen & Toubro lost 5.29% to Rs 2,576.10 even as company said it had bagged four orders worth Rs 1687 crore. The orders are for water supply projects, sinter plant and cold roll mill and a coal handling plant.

Suzlon Energy declined 1.31% to Rs 290.40. However, India's largest power equipment maker by sales Bharat Heavy Electricals rose 4.67% to Rs 1,712.75.

Metal stocks declined. Steel Authority of India (down 6.14% to Rs 157.55), National Aluminium Company (down 3.55% to Rs 432.45), Tata Steel (down 3.39% to Rs 656.30), Hindalco Industries (down 1.53% to Rs 170.30) edged lower.

IT stocks declined. Wipro (down 4.6% to Rs 414), Tata Consultancy Services (down 1.64% to Rs 885.30), Infosys (down 2.07% to Rs 1,461.30) and Satyam Computer Sevices (down 0.71% to Rs 429.10) edged lower.

Oil & Gas stocks declined. ONGC (down 0.65% to Rs 1,011.25), Reliance Petroleum (down 1.57% to Rs 168.75), Cairn India (down 0.35% to Rs 227.25) edged lower.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries declined 1.02% to Rs 2,381.25. It recovered from its lows of Rs 2,358.60. A consortium of Reliance Industries (RIL) has reportedly discovered oil in Yemen. The discovery in Block 9 in Qarn Qaymah 2 well is considered to be significant, and RIL is in process of evaluating the viability.

Jaiprakash Associates (down 4.48% to Rs 221.55), Ranbaxy Laboratories (down 2.71% to Rs 470.75), Grasim Industries (down 2.56% to Rs 2,560.40), Hindustan Unilever (down 2.02% to Rs 247.90), Maruti Suzuki India (down 1.91% to Rs 744.20), and NTPC (down 2.12% to Rs 186.55) edged lower from the Sensex pack.

ICICI Bank (up 0.49% to Rs 813.25), DLF (up 0.68% to Rs 621.25), Bharti Airtel (up 1.25% to Rs 828.60), HDFC (up 0.13% to Rs 2,309.50), State Bank of India (up 0.09% to Rs 1,674.80), HDFC Bank (up 0.09% to s 1,304.30) edged higher from Sensex pack.

The next major trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

As regards Q4 March 2008 results, Morgan Stanley expects 23% growth in net earnings of 104 out of 108 firms in its Indian coverage universe in Q4 March 2008 over Q4 March 2007.

Good results are expected from the telecom sector on the back of strong growth in new subscribers additions. Infrastructure and engineering firms, too, are seen reporting decent numbers in Q4 March 2008 on the back of healthy order book positions. The performance of auto firms is likely to be sluggish due to muted volume growth and rise in input costs.

A depreciation of the rupee against the dollar is likely to drive good results from the IT sector on a sequential basis in Q4 March 2008 over Q3 December 2007, though the focus here is on guidance for the year ending March 2009 from IT bellwether Infosys Technologies. Infosys guidance will give investors a sense of the effect of the weakening US economy on technology spending by companies there.

Sensex jumped 413.96 points or 2.7% at 15,757.08 on Monday, 7 April 2008, on positive cues from the Asian markets.

Sensex rallies, closes below 15,800

Today, the market recovered from the last session's losses and rose in tune with the global market indices. Trading in a positive territory throughout the trading session, the Sensex opened 47 points higher from its last close at 15,390 and registered steady upmove, before selective profit-taking capped the gains by early noon trades. While the market re-grouped thereafter, unabated buying towards the mid hours of the trading session triggered a massive rally, which propelled the index to an intra-day high of 15,852, up 509 points from the Friday's close. The Sensex finally signed off the session with gains of 414 points at 15,757, while the Nifty moved up 114 points to close at 4,761.

The market breadth was positive. Of the 2,684 stocks traded on the BSE, 1,556 stocks advanced, 1,074 stocks declined and 54 stocks ended unchanged.

The BSE Bankex index (up 4.14%) led the sectoral indices followed by the BSE FMCG index (up 4%), the BSE Metal (up 2.76%), the BSE Oil & Gas index (up 2.60%), the BSE CD index (up 2.52%), the BSE HC index (up 2.47%) and the BSE Teck index (up 2.04%). Remaining indices gained 1% each.

Leading the uptrend, ICICI Bank surged 5.97% at Rs750, Ranbaxy Laboratories rose 5.59% at Rs483.85, Jaiprakash Associates jumped by 4.84% at Rs231.95, HUL soared 4.74% at Rs353, ITC added 4.73% at Rs210.30, Wipro moved up 4.42% at Rs433.95, Bharti Airtel scaled up 4.42% at Rs818.40 and SBI was up 4.24% at Rs1673. Other notable gainers include RIL, TCS, Grasim Industries, Tata Motors, Tata Steel, Hindalco Industries and DLF, while Ambuja Cement, Maruti Suzuki and Reliance Energy were the laggards.

Among the Bankex gainers, Union Bank, Bank of India, ICICI Bank, IOB, Axis Bank, Bank of Baroda, Punjab National Bank, State Bank of India and Canara Bank flared up 4-8% each.

Dalal Street Investment at Rs2091.80, Gujarat Foils at Rs109.75, Filatex Fashion at Rs35.20, Sel Manufacturing at Rs396.40 and Sita Shree at Rs46.65 touched their all-time highs on the BSE.

Over 3.79 crore Sita Shree shares changed hands on the BSE followed by IB Securities (1.51 crore shares), RNRL (1.24 crore shares), Ispat Industries (1.18 crore shares), RPL (1.07 crore shares) and Orchid Chemical (1.05 crore shares).

Gold and silver rise

 Gold and silver prices rise as crude prices once again soars


Bullion metals rose substantially higher on Monday, 07 April, 2008 after other commodities also rose across the board. Higher inflation concerns from US economy's overall health increase the precious metals' demand as a hedge against inflation. Silver prices also rose for the day.

Today precious metals gained despite dollar closing higher for the day against its rivals. 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 June delivery today rose $13.6 (1.5%) to close at $926.8 ounce on the New York Mercantile Exchange. Last week, gold prices lost 2.5%. Earlier last week, prices had dropped below $900 for the first time in six weeks. On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce.

This year, gold prices have gained 11% for the till date. 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%.

Comex Silver futures for May delivery rose 36.5 cents (2.1%) to $18.12 an ounce. Silver has gained 20.7% in 2008 till date. Silver gained 16% in Q1. In January this year itself, prices climbed 14%. In February, it gained another 15%. For March, it ended lower by 13%. The metal had climbed 16% in FY 2007. The metal also has gained for seven straight years.

In the currency market today, the dollar held overnight gains against most major counterparts as the U.S. stock market extended an overseas rally. The dollar index, which tracks the performance of the greenback against other currencies, gained 0.4% to 72.21.

In the energy market today, crude oil rose $2.86 (2.7%) a barrel in New York to settle at $109.09/barrel.

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. On the other hand strong dollar reduces the appeal of the metal as alternate source of investment.

Gold 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. The Fed reduced federal funds rate three times in FY 2007. In 2006, silver had jumped 46% while gold gained 23%. Gold has tripled in five years as investment demand has soared and mine supplies have remained low.

At the MCX, gold prices for June delivery closed higher by Rs 105 (0.9%) at Rs 11,951 per 10 grams. Prices rose to a high of Rs 12,015 per 10 grams and fell to a low of Rs 11,790 per 10 grams during the day's trading.

At the MCX, silver prices for May delivery closed Rs 312 (1.3%) higher at Rs 23,473/Kg. Prices opened at Rs 23,237/kg and rose to a high Rs 23,599/Kg during the day's trading.

Crude gains

 Prices gain more than $5 in just last two sessions


Crude prices rallied strongly on Monday, 07 April, 2008 as members of Organization of Petroleum Exporting Countries (OPEC) hinted that the cartel will not raise production in the coming months. Prices ended at highest level today since it had touched $112 on 17 March, 2008. Last Friday also, crude had gained more than $2. With today, crude gained more than $5 in just two sessions.

Crude-oil futures for light sweet crude for May delivery closed at $109.09/barrel (higher by $2.86/barrel or 2.7%) on the New York Mercantile Exchange. Crude prices are 77% higher on a yearly basis. For the year, crude is up by 14.7% till date. It touched a high of $111.8 on 17 March, 2008 but had slipped thereafter.

Last week, crude ended marginally higher by 60 cents as against last week's previous close at $105.62.

As per Qatar's minister of state for energy and industry affairs, The Organization of Petroleum Exporting Countries is trying to stabilize oil prices that are being led higher by speculation and political events in producing and consuming nations.

In the currency market today, the dollar held overnight gains against most major counterparts as the U.S. stock market extended an overseas rally. The dollar index, which tracks the performance of the greenback against other currencies, gained 0.4% to 72.21.

Brent crude oil for May settlement today rose $2.24 (2.1%) to $107.14 on the London-based ICE Futures Europe exchange. The London benchmark rose 54% in FY 2007, the most since 1999 when prices more than doubled.

Natural gas rises 5% due to forecasts for cool weather in April

Natural gas futures advanced on forecasts for cool weather in April that would slow rebuilding of stockpiles. Rising crude-oil prices also pushed gas higher. Natural gas for May delivery rose 46.9 cents (5%) to $9.791 per million British thermal units.

Against this backdrop, Gasoline for May delivery settled at a record $2.7835 a gallon in New York, an increase of 2.68 cents, or 1%. Heating oil for May delivery rose 9.22 cents (3.1%) to settle at $3.0843 a gallon.

U.S. pump prices are following futures higher. As per AAA, the nation's largest motorist organization, gasoline prices, averaged nationwide, rose 1.5 cents to a record $3.339 a gallon.

Crude had ended FY 2007 substantially higher by $35 or 57%. It was crude's biggest yearly gain in five years.

At the MCX, crude oil for April delivery closed at Rs 4,350/barrel, higher by Rs 123 (2.9%) against previous day's close. Natural gas for April delivery closed at Rs 391.1/mmbtu, higher by Rs 17.1/mmbtu (4.6%

Market zooms on heavyweight buying

The Sensex opened with a positive gap of 47 points at 15,390, but dropped to a low of 15,321 in morning deals. Sustained buying in heavyweights, thereafter, saw the index log gains, and move up to a high of 15,852 in noon deals - an intra-day gain of over 500 points.

The Sensex finally closed with a gain of 414 points (2.7%) at 15,757.

The BSE Bankex and the FMCG index gained over 4% each at 7904 and 2384, respectively.

The market breadth was bullish - out of over 2,600 scrips traded, over 1,500 logged gains today.

INDEX GAINERS

ICICI Bank advanced nearly 6% to Rs 809. Ranbaxy was up over 5% at Rs 484. Jaiprakash Associates moved up nearly 5% to Rs 232.

HUL and ITC were up over 4% each at Rs 253 and Rs 210, respectively.

Reliance added over 3% at Rs 2,406. SBI was up over 4% at Rs 1,673.

Wipro, TCS, Satyam, Bharti and Tata Steel also finished with gains today.

MOST ACTIVE COUNTERS

Reliance Capital was the most active counter with a turnover of Rs 229 crore followed by Orchid Chemicals (Rs 204 crore), Reliance Petroleum (Rs 183 crore), BHEL (Rs 182 crore) and Reliance (Rs 168 crore).

Market reverses course on strong Asian cues

Trading for the week has started on a buoyant note with Sensex clocking handsome gains today after it had slumped 1,028 points last week. Market spurted on strong global cues. IT, banking, metal and FMCG stocks rose. ICICI Bank and Ranbaxy Laboratories were major gainers from the Sensex pack. Maruti Suzuki India and Ambuja Cements were major losers from the Sensex pack. The market breadth was strong. All the sectoral indices on BSE were in green.

The 30-share BSE Sensex provisionally ended up 438.34 points or 2.86% at 15,781.46. At the day's high of 15,851.88, the Sensex rose 508.76 points in mid-afternoon trade. At the day's low of 15,321.56 Sensex lost 21.56 points in early trade.

The broader based S&P CNX Nifty was up 121.05 points or 2.6% at 4,768.05 as per provisional figures.

The BSE clocked a turnover of Rs 4,779 crore today compared to a turnover of Rs 4,966.33 crore on Friday 4 April 2008.

In Europe, key benchmark indices in France, Germany's DAX and UK were up by between 0.63% to 0.87%.

Asian stocks nudged higher today, 7 April 2008, as a worse-than-expected US payrolls data on Friday, 4 April 2008, which showed a fall of 80,000 jobs in March 2008, raised expectations of further interest rate cut by the US Federal Reserve. Key benchmark indices in Hong Kong, China, Japan, Singapore, South Korea, and Taiwan were up by between 0.4% to 4.45%. US equities held steady on Friday after the poor showing in employment and despite worries about banking sector earnings.

Meanwhile, Securities and Exchange Board of India (Sebi) chairman C.B. Bhave today said the Sebi will hold a meeting with foreign funds and their custodians to discuss issues regarding the proposed margins imposed on institutional investors. Sebi had said last month that institutional investors will be required to pay a margin on trades executed in the cash market by the next day, effective from 21 April 2008.

The market breadth was strong: on BSE 1545 shares advanced as compared to 1081 that declined. 55 shares remained unchanged.

The BSE Mid-Cap index up 1.44% to Rs 6,353.07 and BSE Small-Cap index up 1.01% to 7,793.22.

Banking stocks galloped. ICICI Bank (up 6.06% to Rs 810), State Bank of India (up 4.77% to Rs 1,682) and HDFC Bank (up 0.88% to Rs 1,303.50) edged higher.

FMCG stocks spurted. United Spirits (up 5.27% to Rs 1,669.90), ITC (up 5% to Rs 210.85) and Hindustan Unilever (up 5.15% to Rs 254) edged higher.

Metal stocks rose. National Alluminium Company (up 4.38% to Rs 450), Sterlite Industries (up 4% to Rs 764), Tata Steel (up 2.85% to Rs 679.50), Hindalco Industries (up 2.58% to Rs 173) and Steel Authority of India (up 1.85% to Rs 167.70) edged higher.

IT stocks rose. India's largest IT services exporter by sales Tata Consultancy Services rose 3.44% to Rs 900.10. The company has signed a new multi-year contract with Chrysler LLC to provide a comprehensive portfolio of IT services. Wipro (up 4.91% to Rs 436), 0.62.1% to Rs 1,492.20) edged higher.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 3.6% to Rs 2,405.70. As per reports, Reliance Industries is planning to enter into the rig manufacturing business besides investing $2.5 billion to enter into petrocoke gasification.

India's second largest telecom services provider by sales Reliance Communications rose 1.17% to Rs 506. It has reportedly formed a joint venture with a local firm to launch GSM mobile services in Sri Lanka by this year.

India's largest state-run oil exploration firm in terms of revenue ONGC rose 1.19% to Rs 1,017.85.ONGC Videsh (OVL), the overseas arm of Oil and Natural Gas Corporations (ONGC), will reportedly sign an agreement on 8 April 2008 to take a 40% stake in the San Cristobal oilfield in Venezuela. OVL will make a total investment of $355.7 million comprising signature bonus of $173.1 million for the stake, the reports added.

India's largest truckmaker by sales Tata Motors rose 3.1% to Rs 632.65 on reports it had raised the price of trucks and buses by an average of 3.5 % from 1 April 2008 to offset higher raw material costs.

Bharti Airtel (up 4.41% to Rs 818.40), Ranbaxy Laboratories (up 5.59% to Rs 483.85), Jaiprakash Associates (up 4.84% to Rs 231.95) and Grasim Industries (up 3.39% to Rs 2627.55) edged higher from the Sensex pack.

Maruti Suzuki India (down 0.57% to Rs 759.90), Reliance Energy (down 0.3% to Rs 1,162.90) and Ambuja Cements (down 0.84% to Rs 118.10) edged lower from the Sensex pack.

Sita Shree Food Products was trading at a premium of 46.33% at Rs 43.90 on BSE on its debut today. The company had priced the IPO at the top end of the Rs 27 to Rs 30 price band.


Sensex had plunged 489.43 points or 3.09% at 15,343.12 on Friday, 4 April 2008, on fears of monetary tightening by the Reserve Bank of India after the latest data showed a surge in inflation to a 3-year high of 7% in late March 2008.

The next major trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

As regards Q4 March 2008 results, Morgan Stanley expects 23% growth in net earnings of 104 out of 108 firms in its Indian coverage universe in Q4 March 2008 over Q4 March 2007

Market up 450 points

The market continued its upward journey in afternoon trade as European markets which opened after Indian market, nudged higher in early trade. Market had spurted earlier in the day tracking strong Asian markets. IT, banking and FMCG stocks rose. ITC and State Bank of India were major gainers from the Sensex pack. Maruti Suzuki India and Bharat Heavy Electricals were major losers from the Sensex pack. The market breadth was positive. All the sectoral indices on BSE were in green.

At 13:22 IST, the 30-share BSE Sensex was up 461.38 points or 2.99% at 15,801.30. At the day's high of 15,823.12, the Sensex rose 480 points in afternoon trade. At the day's low of 15,321.56 Sensex lost 21.56 points in early trade.

The broader based S&P CNX Nifty was up 135.05 points or 2.91% at 4,782.05.

In Europe, key benchmark indices in France, Germany's DAX and UK were up by between 0.39% to 0.81%.

Asian stocks nudged higher today, 7 April 2008, as a worse-than-expected US payrolls data on Friday, 4 April 2008, which showed a fall of 80,000 jobs in March 2008, raised expectations of further interest rate cut by the US Federal Reserve. Key benchmark indices in Hong Kong, China, Japan, Singapore, South Korea, and Taiwan were up by between 0.4% to 4.45%. US equities held steady on Friday after the poor showing in employment and despite worries about banking sector earnings.

Meanwhile, Securities and Exchange Board of India (Sebi) chairman C.B. Bhave today said the Sebi will hold a meeting with foreign funds and their custodians to discuss issues regarding the proposed margins imposed on institutional investors. Sebi had said last month that institutional investors will be required to pay a margin on trades executed in the cash market by the next day, effective from 21 April 2008.

The market breadth was strong: on BSE 1410 shares advanced as compared to 1036 that declined. 62 shares remained unchanged.

The BSE Mid-Cap index up 1.18% to Rs 6,337.06 and BSE Small-Cap index up 0.64% to 7,764.12.

FMCG stocks spurted. United Spirits (up 4.34% to Rs 1,655.20), ITC (up 5.83% to Rs 212.50) and Hindustan Unilever (up 4.43% to Rs 252.50) edged higher.

Banking stocks galloped. ICICI Bank (up 5.7% to Rs 806.50), State Bank of India (up 5.77% to Rs 1,698) and HDFC Bank (up 1.85% to Rs 1,316) edged higher.

IT stocks rose. India's largest IT services exporter by sales Tata Consultancy Services rose 4.93% to Rs 913.10. The company has signed a new multi-year contract with Chrysler LLC to provide a comprehensive portfolio of IT services. Wipro (up 5.39% to Rs 438), Satyam Computer Services (up 2.97% to Rs 437.90) and Infosys (up 2.5% to Rs 1,520) edged higher.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries rose 2.9% to Rs 2,405. As per reports, Reliance Industries is planning to enter into the rig manufacturing business besides investing $2.5 billion to enter into petrocoke gasification.

India's second largest telecom services provider by sales Reliance Communications (RCom) rose 2.27% to Rs 511.50. It has reportedly formed a joint venture with a local firm to launch GSM mobile services in Sri Lanka by this year.

India's largest state-run oil exploration firm in terms of revenue ONGC rose 2.99% to Rs 1,036.ONGC Videsh (OVL), the overseas arm of Oil and Natural Gas Corporations (ONGC), will reportedly sign an agreement on 8 April 2008 to take a 40% stake in the San Cristobal oilfield in Venezuela. OVL will make a total investment of $355.7 million comprising signature bonus of $173.1 million for the stake, the reports added.

India's largest truckmaker by sales Tata Motors rose 2.62% to Rs 629.70 after reports of company raising the price of trucks and buses by an average of 3.5 % from 1 April 2008 to offset higher raw material costs.

Bharti Airtel (up 5.23% to Rs 825), Ranbaxy Laboratories (up 5.51% to Rs 483.50), Jaiprakash Associates (up 4.29% to Rs 230.75) and DLF (up 2.34% to Rs 622) edged higher from the Sensex pack.

Maruti Suzuki India (down 1.52% to Rs 752.60), Ambuja Cements (down 0.25% to Rs 118.80) and Reliance Energy (down 0.29% to Rs 1,163) and Bharat Heavy Electricals (down 1.72% to Rs 1608) edged lower from the Sensex pack.

Sita Shree Food Products was trading at a premium of 50.83% at Rs 45.25 on BSE on its debut today. The company had priced the IPO at the top end of the Rs 27 to Rs 30 price band.

Petron Engineering Construction rose 4.87% to Rs 219 after it secured a contract worth Rs 84.27 crore from Bharat Oman Refineries for mechanical works at one of its refineries.

As per provisional data, foreign funds sold shares worth a net Rs 848.57 crore on Friday, 4 April 2008. Domestic funds bought shares worth a net Rs 579.84 crore.

Foreign funds were net sellers of index futures to the tune of Rs 517.24 crore and they net sold index options worth Rs 117.37 crore on Friday. FIIs were net sellers of stock futures to the tune of Rs 139.72 crore. They were net sellers of stock options to the tune of Rs 3.20 crore.

Sensex plunged 489.43 points or 3.09% at 15,343.12 on Friday, 4 April 2008, on fears of monetary tightening by the Reserve Bank of India after the latest data showed a surge in inflation to a 3-year high of 7% in late March 2008.

The next major trigger for the market is Q4 March 2008 results of India Inc. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009). Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

As regards Q4 March 2008 results, Morgan Stanley expects 23% growth in net earnings of 104 out of 108 firms in its Indian coverage universe in Q4 March 2008 over Q4 March 2007.

Market falls for the week

The market edged lower last week as concerns about potential losses of corporate India on forex derivatives resurfaced after the Institute of Chartered Accountants of India (ICAI) asked companies to disclose losses on a mark-to-market basis incurred on derivatives trades from the current financial year onwards (year ending March 2008), as a precursor to making a new accounting standard -- the AS-30 -- mandatory from 1 April 2011. This may hit Q4 March 2008 and FY 2008 (year ending March 2008) bottom line of Indian firms.

Some arbitrageurs and jobbers stayed away from the market on 1 April 2008 protesting change in tax treatment of the Securities Transaction Tax (STT) that came into force from that day. The protest led to low volumes, which saw share prices swing wildly on the first day of the new financial year FY 2009 (year ending March 2009).

India's wholesale price index (WPI) rose 7% in the 12 months to 22 March 2008, accelerating from the previous week's rise of 6.68%. The rate is the highest since 4 December 2004.

The 30-share BSE Sensex fell 1,028.17 points or 6.28% at 15,343.12 in the week ended 4 April 2008. The S&P CNX Nifty shed 295 points or 5.96% to 4647 in the week.

The BSE Mid-Cap index outperformed the Sensex, falling 259.94 points or 3.99% to 6,262.85. The BSE Small-Cap index, too, outperformed the Sensex, falling 186.99 points or 2.37% to 7,714.99.

Indian companies are sitting on potential losses on account of the forex derivative transactions they undertook last year. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc has hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

Meanwhile, the change in tax treatment of securities transaction tax (STT) is seen raising cost for arbitrageurs, which in turn may result in fall in arbitrage volumes. STT will now be treated like any other deductible expenditure against business income of the assesses. This is against the earlier practice of 100% rebate for STT paid against the tax liability for the year.

Sustained selling pressure in blue chips spooked the bourses on Monday, 31 March 2008. The 30-share BSE Sensex plunged 726.85 points or 4.44% at 15,644.44. The broader based S&P CNX Nifty plunged 207.50 points or 4.20% at 4,734.50.

On 1 April 2008, after opening on a firm note, market lost ground by early afternoon trade only to recover in mid-afternoon, led by recovery in index heavyweights Reliance Industries (RIL) and ICICI Bank. The 30-share BSE Sensex was down 17.82 points or 0.11% at 15,626.62. The broader based S&P CNX Nifty rose 5.05 points or 0.11% at 4,739.55.

On 2 April 2008, an early surge on the bourses proved short-lived as index heavyweights Reliance Industries, ICICI Bank and L&T, gave up initial gains. The Sensex, which had surged past 16,000 mark in early trade, fell below that level later. The Sensex settled 123.78 points or 0.79% higher at 15,750.40. The broader based S&P CNX Nifty was up 14.65 points or 0.31% at 4,754.20.

On 3 April 2008, the key benchmark indices ended higher as IT stocks rallied on hopes a US recession might not be deep as feared. The Sensex settled 82.15 points or 0.52% higher at 15,832.55. The broader based S&P CNX Nifty rose 17.4 points or 0.37% at 4771.60.

On 4 April 2008, data showing a surge in inflation to a three-year high pulled the market down. The 30-share BSE Sensex slipped 489.43 points or 3.09% at 15,343.12. The broader based S&P CNX Nifty fell 124.6 points or 2.61% at 4647.

India's largest electrical equipments maker by sales Bharat Heavy Electricals slipped 21.90% to Rs 1634.10 after global investment firm JPMorgan Chase & Company reduced its share price estimate for the company to Rs 2,200 a share from Rs 2,850 earlier.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries fell 1.08% to 2322.20. The company said on Tuesday, 1 April 2008, it had discovered more gas in an exploration block off the east coast. The potential commercial interest of the discovery is being ascertained through more data gathering and analysis, the company said in a statement.

India's top tractor marker in terms of sales Mahindra & Mahindra (M&M) fell 12.44% to Rs 605.15. M&M said on Tuesday, 1 April 2008, its vehicle sales rose 20% to 24,682 units in March 2008 over March 2007. M&M's sales rose 30% to 2,31,355 vehicles, in the financial year to March 2008 over the financial year to March 2007.

India's top truck marker in terms of sales Tata Motors fell 5% to 613.65. Tata Motors said on Tuesday, its vehicle sales 6% to 66,495 units in March 2008 over March 2007. Sales of commercial vehicles rose 17% to 35,993 units and sales of cars and utility vehicles fell 4% to 24,737. Exports fell 9% to 5,765 vehicles

India's largest private sector power utility company in terms of sales Reliance Energy slumped 12.54% to Rs 1166.35.

India's largest private sector bank in terms of net profit ICICI Bank fell 8.56% to Rs 763.70.

India's second largest software exporter by sales Infosys Technologies fell 2.85% to Rs 1482.90. India's fourth largest software exporter by sales Satyam Computer Services rose 4.11% to Rs 425.25

Gammon Infrastructure Projects debuted on 3 April 2008 at 7.78% premium at Rs 180 on BSE. On that day, the stock settled at Rs 157.90 on BSE, at a discount of 5.4% over the initial public offer price of Rs 167.

Infrastructure sector output grew 8.7% in February 2008 from a year earlier, faster than a downwardly revised 3.1% growth in January 2008, government data showed on Thursday, 3 April 2008. Output had risen an annual 7.6% in February 2007.

Exports from India rose 35.3% in February 2008 from a year earlier to $14.24 billion, government data showed on Tuesday. Imports rose an annual 30.5% to $18.47 billion. The trade deficit for February 2008 widened to $4.23 billion, compared with $3.62 billion in the same month a year earlier. The trade deficit was $72.47 billion in the first eleven months of the fiscal year to February 2008.

BSE Bulk Deals to Watch - Apr 4 2008

Deal Date Scrip Code Scrip Name Client Name Deal Type * Quantity Price **
4/4/2008 517356 ACI INFOCOM JASMINA GOPANI B 91100 4.08
4/4/2008 517356 ACI INFOCOM ALOK GUPTA S 99000 4.08
4/4/2008 522273 AHMEDA STEEL ANAND V SHAH B 24459 16.20
4/4/2008 590059 BIHAR TUBES SANJAY GUPTA B 90000 130.00
4/4/2008 505923 CEEKAY DIAKI I S F SECURITIES LTD S 24192 69.92
4/4/2008 509695 DGP SECURITI VIBHUTI INVESTMENTS CO. LTD B 154000 412.00
4/4/2008 509695 DGP SECURITI DILIP GOPIKISAN PIRAMAL HUF S 154000 412.00
4/4/2008 532643 GANESHFORGIN RAJESH DOULATRAM BHATIA B 231908 52.92
4/4/2008 531863 GEEKAY FINAN SAMEERA YASIN PATEL B 56000 48.49
4/4/2008 532836 GREMAC INFRA LB INDIA HOLDINGS CAYMAN II LTD S 84181 116.28
4/4/2008 532951 GSS AMERICA MARWADI SHARES AND FINANCE LIMITED B 72610 563.17
4/4/2008 532951 GSS AMERICA B K SHAH CO B 81032 566.38
4/4/2008 532951 GSS AMERICA MARWADI SHARES AND FINANCE LIMITED S 72610 562.21
4/4/2008 532951 GSS AMERICA B K SHAH CO S 81032 567.08
4/4/2008 516078 JUMBO BAG LT MANOJ P.AGRAWAL B 50000 47.92
4/4/2008 516078 JUMBO BAG LT DINESH RATHOD HUF S 75000 48.05
4/4/2008 512413 KHAITAN WVG BHAROSEMAND COMMODITIES PVT LTD S 32737 104.02
4/4/2008 513530 STELCO STRIP SAINATH HERBAL CARE MARKETING P LTD B 45955 34.82
4/4/2008 532948 TULSI EXTRU MBL AND COMPANY LIMITED B 89742 96.58
4/4/2008 532948 TULSI EXTRU CHANDARANA INTERMEDIARIES BROKERS P. LTD B 192339 95.87
4/4/2008 532948 TULSI EXTRU EUREKA STOCK AND SHARE BROKING SERVICES LIMITED B 136100 93.46
4/4/2008 532948 TULSI EXTRU PRABHUDAS LILLADHER PVT. LTD. B 62564 100.25
4/4/2008 532948 TULSI EXTRU N D NISSAR B 144364 93.39
4/4/2008 532948 TULSI EXTRU IGSL TRADING ACCOUNT B 73137 97.90
4/4/2008 532948 TULSI EXTRU H.J.SECURITIES PVT.LTD. B 279025 100.23
4/4/2008 532948 TULSI EXTRU MUKUL RAMVALLABH TIBREWALA B 74021 96.64
4/4/2008 532948 TULSI EXTRU EUREKA STOCK AND SHARE BROKING SERVICES LIMITED S 136100 93.47
4/4/2008 532948 TULSI EXTRU PRABHUDAS LILLADHER PVT. LTD. S 62564 100.06
4/4/2008 532948 TULSI EXTRU N D NISSAR S 144364 93.27
4/4/2008 532948 TULSI EXTRU IGSL TRADING ACCOUNT S 73137 96.99
4/4/2008 532948 TULSI EXTRU H.J.SECURITIES PVT.LTD. S 279025 100.46
4/4/2008 532948 TULSI EXTRU MUKUL RAMVALLABH TIBREWALA S 74021 93.64
4/4/2008 532948 TULSI EXTRU MBL AND COMPANY LIMITED S 89742 95.88
4/4/2008 532948 TULSI EXTRU V J PATEL INVESTMENT S 69483 90.15
4/4/2008 532948 TULSI EXTRU GOPAL TRADERS S 72910 91.33
4/4/2008 532948 TULSI EXTRU ANAND YOGESH SHARES AND CONSULTANCY PVT. LTD. S 91417 89.33
4/4/2008 532948 TULSI EXTRU CHANDARANA INTERMEDIARIES BROKERS P. LTD S 192339 95.85
4/4/2008 532953 V GUARD IND SHRI BRIJ SEC P LTD B 152603 70.42
4/4/2008 532953 V GUARD IND SHRI BRIJ SEC P LTD S 152603 70.47

NSE Bulk Deal Watch - Apr 4 2008

 Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
04-APR-2008,BHAGYNAGAR,Bhagyanagar India Limited,MULTI MANAGER INDIA FUND LIMITED,BUY,400000,40.20,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH CO KETAN BHAILAL SHAH,BUY,91930,566.49,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,67730,555.55,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,MARWADI SHARES AND FINANCE LIMITED,BUY,72833,562.81,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,R.M. SHARE TRADING PVT LTD,BUY,83302,565.91,-
04-APR-2008,INDIAINFO,India Infoline Limited,MULTI MANAGER INDIA FUND LIMITED,BUY,300000,733.01,-
04-APR-2008,OILCOUNTUB,Oil Country Tubular Ltd,UNITED STEEL ALLIED INDUSTRIES PRIVATE LIMITED,BUY,492721,61.82,-
04-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,BUY,341773,182.31,-
04-APR-2008,ORIENTABRA,Orient Abrasives Limited,R.K. RAJGARHIA & SONS,BUY,434949,22.03,-
04-APR-2008,ORIENTABRA,Orient Abrasives Limited,RAJ GARHIA LEASING &FINANCE SERVICE PRIVATE LTD,BUY,4981,22.91,-
04-APR-2008,SHREEASHTA,Shree Ashtavinayak Cine V,MAVI INVESTMENT FUND LTD DEUTSCHE BANK,BUY,95761,365.00,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ADITI FINLEASE PVT. LTD.,BUY,193130,96.75,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,BUY,374058,96.94,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,AMBIT SECURITIES BROKING PVT. LTD.,BUY,76301,101.57,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ANGEL INFIN PRIVATE LIMITED,BUY,59927,95.99,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,BUY,221108,100.40,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,BALASO VITTHAL SHINDE,BUY,495582,93.31,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,176015,95.10,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CPR CAPITAL SERVICES LTD.,BUY,242513,94.97,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CREDENTIAL STOCK BROKERS LIMITED,BUY,324067,97.26,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DEV SUMAN SINDHU,BUY,100532,96.75,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DINDAYAL BIYANI STOCK BROKERS LTD.,BUY,149324,98.36,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DINESH MUNJAL,BUY,530306,93.70,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,FIN BRAINS SECURITIES (INDIA) LTD.,BUY,140900,94.72,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,G RAMAKRISHNA,BUY,219000,92.53,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,GANSHYAMBHAI SANALAL SHAH,BUY,55673,91.32,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,GOPAL TRADERS,BUY,53110,99.77,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,JAIN LALITKUMAR C,BUY,64600,95.78,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,JPK TRADING INDIA PVT LTD,BUY,84000,97.55,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KASSA FINVEST P LTD,BUY,137683,93.34,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,BUY,551101,96.27,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KHANDWALA TRADELINK CO,BUY,67333,102.05,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KUMAR VIJAY,BUY,120224,96.38,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,LPC SECURITIES LTD,BUY,106917,97.47,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MANIPUT INVESTMENTS PVT LTD,BUY,257892,95.60,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MANSUKH SECURITIES & FINANCE LTD,BUY,82880,95.75,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MBL & COMPANY LTD.,BUY,86586,96.37,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MLB CAPITAL PVT LTD,BUY,71100,95.79,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,NISSAR BROTHERS,BUY,81313,95.82,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,PASHUPATI CAPITAL SERVICES PVT. LTD.,BUY,179098,95.71,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,PRASHANT JAYANTILAL PATEL,BUY,910344,96.67,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,R.M. SHARE TRADING PVT LTD,BUY,105532,93.74,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RAJKUMARI BAFNA R,BUY,85044,92.23,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RAKESH VORA,BUY,69001,100.01,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RUPESH KIRIT DALAL,BUY,291002,91.80,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SANJAY BHANWARLAL JAIN,BUY,388174,94.51,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SREYASHKUMAR MAHESHBHAI PATEL,BUY,62564,100.69,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SUNIL PANDURANG MANTRI,BUY,188281,92.77,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,TRANSGLOBAL SECURITIES LTD.,BUY,201126,95.24,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,VIJAY Y NANVARE,BUY,85000,88.80,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,BUY,75500,99.81,-
04-APR-2008,VGUARD,V-Guard Industries Limite,ADROIT FINANCIAL SERVICES PVT LTD,BUY,180851,70.64,-
04-APR-2008,VGUARD,V-Guard Industries Limite,PRASHANT JAYANTILAL PATEL,BUY,158283,72.26,-
04-APR-2008,VGUARD,V-Guard Industries Limite,SHRI BRIJ SECURITIES PVT.LTD.,BUY,202495,70.28,-
04-APR-2008,VIJAYABANK,Vijaya Bank,THE CHILDRENS INVESTMENT MASTER FUND,BUY,13377000,48.80,-
04-APR-2008,BANG,Bang Overseas Limited,BEEJAY INV & FIN CONS PVT LTD,SELL,80000,133.88,-
04-APR-2008,BHAGYNAGAR,Bhagyanagar India Limited,KHATTAR HOLDINGS PRIVATE LIMITED,SELL,400000,40.20,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,B K SHAH CO KETAN BHAILAL SHAH,SELL,91626,567.65,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,67731,556.26,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,MARWADI SHARES AND FINANCE LIMITED,SELL,72833,563.43,-
04-APR-2008,GSSAMERICA,GSS America Infotech Limi,R.M. SHARE TRADING PVT LTD,SELL,83302,566.78,-
04-APR-2008,INDIAINFO,India Infoline Limited,KHATTAR HOLDINGS PRIVATE LIMITED,SELL,300000,733.00,-
04-APR-2008,OILCOUNTUB,Oil Country Tubular Ltd,Rajasthali Finvest Pvt Ltd,SELL,230000,61.80,-
04-APR-2008,ORCHIDCHEM,Orchid Chemicals Ltd.,PRASHANT JAYANTILAL PATEL,SELL,341773,182.70,-
04-APR-2008,ORIENTABRA,Orient Abrasives Limited,RAJ GARHIA LEASING &FINANCE SERVICE PRIVATE LTD,SELL,305201,22.01,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ADITI FINLEASE PVT. LTD.,SELL,193130,96.58,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ADROIT FINANCIAL SERVICES PVT LTD,SELL,374058,96.81,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,AMBIT SECURITIES BROKING PVT. LTD.,SELL,76301,101.17,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ANAND YOGESH SHARES AND CONSULTANCY PVT LTD,SELL,133522,89.50,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ANGEL INFIN PRIVATE LIMITED,SELL,62927,95.40,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,ASTUTE COMMODITIES & DERIVATIVES Pvt Ltd,SELL,245415,99.48,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,BALASO VITTHAL SHINDE,SELL,495582,100.74,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,176015,95.91,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CPR CAPITAL SERVICES LTD.,SELL,239513,95.10,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,CREDENTIAL STOCK BROKERS LIMITED,SELL,328247,97.12,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DEV SUMAN SINDHU,SELL,100532,96.55,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DINDAYAL BIYANI STOCK BROKERS LTD.,SELL,149324,98.65,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,DINESH MUNJAL,SELL,530306,93.66,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,FIN BRAINS SECURITIES (INDIA) LTD.,SELL,140900,94.88,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,G RAMAKRISHNA,SELL,219000,91.90,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,GANSHYAMBHAI SANALAL SHAH,SELL,63623,96.45,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,GOPAL TRADERS,SELL,123110,95.87,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,JAIN LALITKUMAR C,SELL,64600,95.94,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,JPK TRADING INDIA PVT LTD,SELL,40000,101.53,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KASSA FINVEST P LTD,SELL,137683,93.27,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KAUSHIK SHAH SHARES & SECURITIES PVT LTD,SELL,551101,96.20,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KHANDWALA TRADELINK CO,SELL,67333,101.50,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,KUMAR VIJAY,SELL,120224,96.19,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,LPC SECURITIES LTD,SELL,106917,97.37,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MANIPUT INVESTMENTS PVT LTD,SELL,257892,95.57,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MANSUKH SECURITIES & FINANCE LTD,SELL,82880,96.95,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MBL & COMPANY LTD.,SELL,86586,97.15,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,MLB CAPITAL PVT LTD,SELL,71100,96.72,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,NISSAR BROTHERS,SELL,81313,95.79,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,PASHUPATI CAPITAL SERVICES PVT. LTD.,SELL,179098,95.66,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,PRASHANT JAYANTILAL PATEL,SELL,910344,96.50,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,R.M. SHARE TRADING PVT LTD,SELL,105532,94.48,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RAJKUMARI BAFNA R,SELL,85044,92.41,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RAKESH VORA,SELL,69001,94.55,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,RUPESH KIRIT DALAL,SELL,291002,91.84,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SANJAY BHANWARLAL JAIN,SELL,388174,94.58,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SREYASHKUMAR MAHESHBHAI PATEL,SELL,62564,100.85,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,SUNIL PANDURANG MANTRI,SELL,188281,92.64,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,TRANSGLOBAL SECURITIES LTD.,SELL,201126,95.46,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,V J PATEL INVESTMENT,SELL,115257,91.60,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,VAJSHAH SHARES & CONSULTANCY P,SELL,99687,90.05,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,VIJAY Y NANVARE,SELL,85000,95.51,-
04-APR-2008,TULSI,Tulsi Extrusions Limited,YES INVESTMENTS VISHAL KISHORE BHATIA,SELL,75500,100.34,-
04-APR-2008,VGUARD,V-Guard Industries Limite,ADROIT FINANCIAL SERVICES PVT LTD,SELL,178851,70.69,-
04-APR-2008,VGUARD,V-Guard Industries Limite,PRASHANT JAYANTILAL PATEL,SELL,158283,72.12,-
04-APR-2008,VGUARD,V-Guard Industries Limite,SHRI BRIJ SECURITIES PVT.LTD.,SELL,202495,70.41,-
04-APR-2008,VIJAYABANK,Vijaya Bank,MORGAN STANLEY DEAN WITTER MAURITIUS CO. LTD,SELL,13377000,48.80,-

Markets slump on inflation numbers

The markets ended down on Friday with the Bombay Stock Exchange benchmark Sensex dropping nearly 489 points as the investor sentiments were dampened by fears of a hike in interest rates, following ballooning of inflation.

The three-day long upward march was snapped as the Sensex declined 489.43 points at 15,343.12 on aggressive selling by funds in stocks of capital goods, realty, power, metal, auto, refiners and banking sectors.

The key-index touched the day`s high of 15,896.09 and a low of 15,303.04 points.

The wide-based national stock exchange index nifty dropped by 124.60 points at 4647.00, after touching a high of 4791.70 and a low of 4632.70 points.

HDFC led the drop among lenders on speculation of higher interest costs would stem loan demand. Bharat Heavy Electricals, the nation`s biggest power equipment maker, slumped to a seven-month low after the company said profit growth may slow on higher material costs.

Record raw-material prices has jacked up inflation, prompting the government to impose price controls and curb exports of essential commodities.

Capital goods sector index suffered the most by dropping 594.38 points at 12,620.35 followed by oil and gas by 249.24 points at 10,282.64. Bank index by 230.66 points at 7589.96, realty index by 176.36 points at 7346.96, metal index by 148.41 at 13,440.35 and PSU index by 171.73 points at 7175.05.

As the selling pressure spread over a wide-front, SmallCap index lost 125.30 points at 7715.99 and MidCap index by 124.38 points at 6262.95.

Panic selling halts resurgence

Panic selling in noon trades triggered a major correction, after the market had witnessed gains of over 60 points in early trades. Continuing with buoyancy, the Sensex resumed with a huge positive gap of 63 points at 15,896. While the market stood firm thereafter, a sudden spurt in selling activity particularly in capital goods, banking, power and technology sectors dragged the index below 15,400 level to the day's low of 15,303. The Sensex finally wrapped the session with losses of 3.06% or 484 points at 15,349, while the Nifty dropped 2.68% or 125 points to close at 4,647.

Although the market fell sharply, market breadth was extremely negative. Of the 2,695 stocks traded on the Bombay Stock Exchange (BSE), 1,823 stocks declined, 809 stocks advanced and 63 stocks ended unchanged. All the indices ended at lower levels. The BSE Bankex led the slump with losses of 4.33% followed by the BSE Bankex index (down 2.93%), the BSE Power index (down 2.81%), the BSE Teck index (down 2.58%). The BSE Auto, FMCG, Oil & Gas, IT, PSU and Realty indices were also down by 2%, while the BSE HC and BSE CD were marginally down.

Sensex led CG pivotals came under sharp hammering. Crompton Greaves tumbled 7.61% at Rs237.80, Alstom Project declined 7.59% at Rs568.30, BHEL moved down 6.89% at Rs1,634, Larsen & Toubro lost 5.74% at Rs2,686 and Praj Industries declined 5.71% at Rs132.20. Among the major losers, HDFC crashed 6.83% at Rs2,275, Mahindra & Mahindra dropped 6% at Rs605.15, Jaiprakash Associates slipped by 5.21% at Rs221.25, Wipro dipped by 4.53% at Rs415.60, Bharti Airtel slumped 4.53% at Rs783.85, ITC fell by 3.46% at Rs200.80 and ICICI Bank was down 3.07% at Rs763.70. Maruti Suzuki, RIL, Cipla and HDFC Bank shed between 2-3% each.

Select index heavyweights bucked the downtrend and ended with decent gains. Ranbaxy Laboratories rose 2.55% at Rs458.25, while Tata Steel flared up 0.17% at Rs660.70. While Hero Honda added 1.25% at Rs758.20, MRF moved up by 1.13% at Rs3,938 and Dabur India added 0.34% at Rs104.65.

Over 2.15 crore Ispat Industries shares changed hands on the BSE followed by Tulsi Extrusion (1.54 crore shares), RNRL (1.47 crore shares), RPL (1.45 crore shares) and IB Securities (0.95 lakh shares).

Q4 Earnings likely to dictate trend

The Q4 March 2008 corporate results will dictate the market trend in the near term. Analysts will be closely watching what the company managements have to say about the outlook for the year ending March 2009 (FY 2009).

Analysts will also scrutinize disclosures that companies may make regarding foreign exchange derivatives products that they have bought on the advice of their bankers. A steep decline in the value of the US dollar against the Japanese Yen and the Swiss Franc hit Indian corporates which have used these two currencies (Yen and Franc) extensively to swap their rupee denominated debt.

Stock-specific activity may rule the roost depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.

Foreign inflows will also dictate the trend. The 75 basis points Fed rate cut on 18 March 2008 has widened the spread between the US and India's main short-term lending of 7.75%. The Reserve Bank of India (RBI) is unlikely to follow suit and lower domestic rates, which have been held steady for nearly a year, as the rising inflation still remains a concern.

Inflation based the wholesale price index rose 7% in 12 months to 22 March, 2008, accelerating from the previous week's rise of 6.68%, government data showed on Friday, 4 April 2008. The rate is the highest reading since 4 December 2004 when it was 7.07%. The annual inflation rate was 6.54% during the corresponding week of the previous year.

Inflation spooks market

Data showing a surge in inflation to a three-year high spooked the market today. Banking stocks fell after concerns of possible Reserve Bank of India intervention to rein in inflation. Capital goods and power stocks declined. Bharat Heavy Electricals (Bhel) and HDFC were major losers whereas Ranbaxy Laboratories and Tata Steel were top gainers from the Sensex pack. The market breadth was weak. European markets which opened after Indian market, were in green.

The 30-share BSE Sensex provisionally ended down 483.92 points or 3.06% at 15,348.63. At the day's low of 15,303.04 Sensex lost 529.51 points in late trade. At the day's high of 15,896.09, the Sensex rose 63.54 points in early trade.

The broader based S&P CNX Nifty was down 116.6 points or 2.44% at 4,655.

BSE Clocked a turnover of Rs 4947 crore compared to a turnover of Rs 4985.58 crore on 3 April 2008.

India's wholesale price index (WPI) rose 7% in the 12 months to 22 March 2008, accelerating from the previous week's rise of 6.68%. The rate is the highest since 4 December 2004. Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.

The market breadth was weak: on BSE 835 shares advanced as compared to 1793 that declined. 67 shares remained unchanged.

The BSE Mid-Cap index down 1.8% to Rs 6,272.36 and BSE Small-Cap index down 1.5% to 7,722.48.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 2.96% to Rs 2,323.

Capital goods stocks fell. Bharat Heavy Electricals (down 6.92% to Rs 1,633.50) and Larsen & Toubro (down 5.55% to Rs 2,692) edged lower. Suzlon Energy rose 1.58% to Rs 276.40.

Banking stocks plunged after inflation data. HDFC Bank (down 2.74% to Rs 1,290.05), ICICI Bank (down 3.17% to Rs 762.90) and State Bank of India (down 1.96% to Rs 1,607) edged lower.

Power stocks declined. Tata Power Company (down 2.85% to Rs 1,126.30), Reliance Energy (down 2.14% to Rs 1,164), NTPC (down 2.11% to Rs 190.15) and Reliance Power (down 2.43% to Rs 321.60) edged lower.

IT stocks declined. Wipro (down 4.5% to Rs 415.60), Infosys (down 2.55% to Rs 1,482.90), Tata Consultancy Services (down 1.78% to Rs 870.15) and Satyam Computer Services (down 0.65% to Rs 425.25) edged lower.

HDFC (down 6.67% to Rs 2,280), Mahindra & Mahindra (down 6% to Rs 605.15), Bharti Airtel (down 4.53% to Rs 783.85), ITC (down 3.46% to Rs 200.80), Jaiprakash Associates (down 5.21% to Rs 221.25) and Tata Motors (down 2.5% to Rs 613.45) edged lower from Sensex pack.

Ranbaxy Laboratories (up 2.55% to Rs 458.5), Tata Steel (up 0.17% to Rs 660.70) were only gainers from Sensex pack.

ACC shed 0.16% to Rs 835 even as the company said its cement shipments rose 4.9% to 1.92 million tonnes in March 2008 over March 2007.

European markets were in green. France's CAC, Germany's DAX and UK's FTSE 100 rose in between 0.12% to 0.4%.

Japan's Nikkei edged 0.72% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.

US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.

Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.

Stock-specific activity may rule the roost on the bourses in the near term depending on the guidance given by company managements for FY 2009 (year ending March 2009) at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.

Market plunges on inflation worries

The market plunged in afternoon trade extending earlier losses, hit by the latest data which showed a further rise in inflation. Bharat Heavy Electricals (Bhel) and Larsen & Toubro were major losers whereas Ranbaxy Laboratories was lone gainer from the Sensex pack. Banking stocks fell after concenrs of possible Reserve Bank of India intervention to rein in inflation. IT, capital goods and power stocks declined. The market breadth was weak. European markets which opened after Indian market, nudged higher in early trade.

Prospects of further monetary tightening by the Reserve Bank of India (RBI) following a surge in inflation is a cause for concern at a time when the already high rates are pinching the domestic industry. The surge in inflation has triggered fears that RBI my raise cash reserve ratio (CRR). An increase in CRR would suck out liquidity immediately pushing up the cost of funds and thereby curbing demand.

At 13:21 IST, the 30-share BSE Sensex was down 473.45 points or 2.99% at 15,358.87. At the day's low of 15,353.31 Sensex lost 479.24 points in afternoon trade. At the day's high of 15,896.09, the Sensex rose 63.54 points in early trade.

The broader based S&P CNX Nifty was down 126.95 points or 2.66% at 4,644.75.

India's wholesale price index (WPI) rose 7% in the 12 months to 22 March 2008, accelerating from the previous week's rise of 6.68%. The rate is the highest since 4 December 2004.

The market breadth turned weak: on BSE 764 shares advanced as compared to 1788 that declined. 56 shares remained unchanged.

The BSE Mid-Cap index down 1.66% to Rs 6,281.48 and BSE Small-Cap index down 1.37% to 7,733.04.

India's largest private sector company in terms of market capitalisation and oil refiner Reliance Industries was down 1.99% to Rs 2,346.

Capital goods stocks extended losses. Bharat Heavy Electricals (down 5.78% to Rs 1,653.60) and Larsen & Toubro (down 5.98% to Rs 2,679.80) edged lower. Suzlon Energy rose 1.1% to Rs 275.

Banking stocks plunged after inflation data. HDFC Bank (down 2.53% to Rs 1,291), ICICI Bank (down 4.56% to Rs 752) and State Bank of India (down 2.11% to Rs 1,603) edged lower.

Power stocks declined. Tata Power Company (down 3.84% to Rs 1,113.10), Reliance Energy (down 3.74% to Rs 1,145), NTPC (down 1.52% to Rs 191.30) and Reliance Power (down 1.55% to Rs 324.50) edged lower.

IT stocks declined after yesterday's surge. Infosys (down 2.68% to Rs 1,480.10), Satyam Computer Services (down 2.43% to Rs 417.95), Wipro (down 4.32% to Rs 416.50) and Tata Consultancy Services (down 2.65% to Rs 862) edged lower.

HDFC (down 4.09% to Rs 2,343), ), Mahindra & Mahindra (down 4% to Rs 618), Tata Motors (down 3.25% to Rs 608.25), ONGC (down 2.8% to Rs 992), Jaiprakash Associates (down 2.96% to Rs 226.50) and Cipla (down 3% to Rs 213.35) edged lower from Sensex pack.

Ranbaxy Laboratories rose 2.27% to Rs 457 and was the lone gainer from Sensex pack.

ACC shed 0.83% to Rs 827.05 even as the company said its cement shipments rose 4.9% to 1.92 million tonnes in March 2008 over March 2007.

European markets were in green. France's CAC, Germany's DAX and UK's FTSE 100 rose between 0.14% to 0.32%.

Japan's Nikkei edged 0.72% lower in cautious trade today, 4 April 2008, ahead of US jobs data later in the session that will provide fresh clues on the world's largest economy. Stock markets in China, Taiwan and Hong Kong were closed today for the Tomb Sweeping Day holiday.

US stocks edged up on Thursday, after a report that Merrill Lynch & Co does not need to raise more capital eased fears of a deeper credit crisis and offset concern that monthly jobs data would point to a recession. The Dow Jones Industrial Average gained 20.20 points or 0.16% at 12,626.03. The tech-laden Nasdaq Composite index rose 1.90 points or 0.08% to 2,363.30.

As per provisional data, foreign funds sold shares worth a net Rs 393.41 crore on Thursday, 3 April 2008. Domestic funds bought shares worth a net Rs 265.39 crore.

Foreign institutional investors (FIIs) were net buyers of Rs 132.39 crore in the futures & options segment on Thursday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 248.96 crore. They sold index options worth Rs 86.22 crore. They were net sellers of stock futures to the tune of Rs 28.70 crore and sold stock options worth Rs 1.66 crore.

Meanwhile, the Bombay Stock Exchange (BSE) today launches the trading of Sensex-based futures on the US Futures Exchange (USFE) in Chicago. The contract will have a notional value of $40,000 and a tick value of $10. The clearing and settlement will take place through The Clearing Corporation, Chicago.

Stock-specific activity may rule the roost on the bourses depending on the guidance given by company managements for FY 2009 at the time of announcing Q4 March 2008 results. IT bellwether Infosys Technologies kickstarts the earnings reporting season on 15 April 2008.