Market Outlook---April 30, 2010

 

Dealer’s Diary

The key benchmark indices extended gains in late trade, in a highly volatile session, as traders rolled over positions in the derivatives segment from the April 2010 series to the May 2010 series, ahead of the near-month April 2010 contracts. The rally in late trade was led by two index heavyweights -- RIL and ICICI Bank. Gains in European stocks and higher US index futures underpinned investors' sentiment. The market breadth was strong as small and mid-cap stocks participated in the rally. The Sensex and Nifty ended the session in green with gains of 0.7% each. The BSE Mid-cap and Small-cap indices outperformed the benchmark indices and closed higher by 1.1% and 1.3%, respectively. Among the front-liners, ICICI Bank, Tata Motors, Tata Power, RIL and SBI were up by 2-3%, while HUL, Sun Pharma, TCS, Grasim Industries and ACC were down by 2%. In the Mid-cap segment, Eicher Motors, HSBC Investdirect, Corporation Bank, Jet Air India and Cummins India were up by 8-17%, while Mindtree, Motilal Oswal, Marico, IOB and Triveni Engineering were down by 3-10%.

Markets Today

The trend deciding level for the day is 17473 / 5245 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17564 – 17624 / 5275 – 5295 levels. However, if NIFTY trades below 17473 / 5245 levels for the first half-an-hour of trade then it may correct up to 17413 – 17322 / 5225 – 5195 levels.

Economic and Political News

·         Govt. signs 140 lakh tonnes fertilizer import deals in FY2011 so far

·         Finance Minister exempts housing for urban poor from service tax

·         New hospital anywhere in India with at least 100 beds to get tax breaks: FM

·         State oil firms to lose Rs85,000cr in revenues on selling fuel below cost in current fiscal

Corporate News

·         CESC plans Rs3,200cr power plant

·         Marg raises Rs106cr through QIP

·         RIL looks to ride Atlas to retail brand in US

Market Outlook---April 29, 2010

Dealer’s Diary

The Indian indices witnessed a major fall for the second straight session, in line with global indices, after S&P downgraded ratings outlook for Greece and Portugal. The markets witnessed a gap-down opening, but sustained at the lower level for most part of the session. However, a sharp sell-off took the markets further down, as the major European markets opened deep in the red. Volatility was on the lower side, despite F&O expiry tomorrow. The Sensex and Nifty closed with a loss of 1.8% each. Markets witnessed a broad based sell-off as the BSE Mid-cap and Small-cap indices fell by 1.6% and 2.0%, respectively. Among the front-liners, Sun Pharma, SBI, ACC, HUL and NTPC were up by 0-2%, while JP Associates, RIL, Tata Steel, DLF and Tata Motors were down by 3-5%. In the Mid-cap segment, Motilal Oswal, Blue Dart, Cummins India, Gujarat Inds and Bajaj Finserv were up by 2-8%, while IB Real Estate, National Fertilisers, Bajaj Holdings, Whirlpool and Kirloskar Bros were down by 5-6%.

Markets Today

The trend deciding level for the day is 17456/5242 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17568 – 17755/5282 – 5348 levels. However, if NIFTY trades below 17456/5242 levels for the first half-an-hour of trade then it may correct up to 17269 – 17157/5176 – 5136 levels.

Economic and Political News
• Food Inflation to decline in coming months, economy to grow 8.5%: FM
• Govt. cancels 5 coal blocks for delay in production
• 3G bids seen entering final lap, price touches Rs8,914cr
Corporate News
• Tata, Actis to roll out US $2bn JV for road projects
• Jet may lose Rs826cr plot at Bandra-Kurla
• AT&T sells entire TechM stake for Rs600cr profit

Market Outlook---April 28, 2010

Dealer’s Diary

The Indian markets snapped their five day rally on the back of weakness in major global indices. While opening in the red, the markets recovered immediately to trade positive in the early session. However, selling ensued as investors booked profits and the markets slipped in the red once again. Volatility continued to remain high intra-day, with markets witnessing sharp swings. The Sensex and Nifty closed with a loss of 0.3% each. The BSE Mid-cap and Small-cap indices were also weak, with a loss of 0.3% and 0.0%, respectively. Among the front-liners, ONGC, Reliance Infra, M&M, ITC and HDFC were up by1-3%, while Maruti Suzuki, JP Associates, DLF, SBI and Sterlite were down by 2-4%. In the Mid-cap segment, TVS Motor, National Fertilisers, Gillette, Novartis and M&M Finance were up by 4-6%, while Hindusthan Natural Glass, Jain Irrigation, Mcleod Russel, EID Parry and UB Holdings were down by 4-5%.

Markets Today

The trend deciding level for the day is 17713/ 5313 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17747 – 17804/ 5325 – 5343 levels. However, if NIFTY trades below 17713/ 5313 levels for the first half-an-hour of trade then it may correct up to 17656 – 17622/ 5296 – 5284 levels.

Economic and Political News

·         Core sector grows 7.2% in March

·         S&P downgrades Greece’s rating to junk

·         Direct tax mop-up to be close to revised target: Finmin

·         IRDA direct insurers to reveal commission details

Corporate News

·         Posco-SAIL to set up Rs1,000cr steel unit in Maharashtra

·         Ruias invest Rs1,300cr in Essar oil via GDS

·         Patni bags US $200mn deal from insurer Universal American

Market Outlook---April 27, 2010

Dealer’s Diary

The Indian markets witnessed a positive opening following strong Asian markets and managed to sustain the gains for the day, registering a fifth straight session of gains. The markets traded in a narrow range for the session with fair amount of volatility as it entered the F&O expiry week. After opening in green, markets traded range-bound before slipping sharply in mid-afternoon. However, a gradual recovery through the mid-session saw the markets close in the green for the day. The Sensex and Nifty closed with gains of 0.3% and 0.4% respectively. The BSE Mid-cap and Small-cap indices outperformed the benchmark index with gains of 0.6% and 0.5% respectively. Among the front-liners, Sterlite Industries, HDFC, Hindalco Industries, HDFC Bank and M&M were up by 2-6%, while Sun Pharma, DLF, Maruti Suzuki, RIL and ICICI Bank were down by 2-5%. In the Mid-cap segment, Indian Bank, Great Offshore, Jain Irrigation, Gujarat NRE Coke and UTV Software were up by 6-14%, while State Bank of Mysore, Balrampur Chini, MVL, Mcleod Russel and United Bank were down by 3-4%.

Markets Today

The trend deciding level for the day is 17755/5321 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17817–17889/5343–5364 levels. However, if NIFTY trades below 17755/5321 levels for the first half-an-hour of trade then it may correct up to 17683–17620/5300–5278 levels.

Economic and Political News

• Govt. for discussion on FDI in multi-brand retail
• Inflation expectation may ease further: RBI
• FDI in Retail sector likely to be liberalised
Corporate News

• Govt. plans to hike ONGC gas price to US $4/mmbtu
• Gujarat NRE places US $90mn order for longwall systems
• Rajesh Exports to roll out 300 retail stores
• Welspun completes Rs156cr QIP

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Market Outlook---April 26, 2010

Dealer’s Diary

The Indian markets opened strong in contrast to weak Asian markets and fall of European markets in the previous session post news of Greece’s worse than expected deficit. Volatility was evident as markets gave up early gains only to rise swiftly again by mid-session. Markets witnessed another sharp sell-off from day’s highs to touch intra-day lows. While buying resumed from lower levels in final session, markets stayed extremely choppy and closed with fair gains. The Sensex and Nifty closed with gains of 0.7% each. The BSE Mid-cap and Smallcap indices underperformed the benchmark index as they gained 0.3% and 0.5% respectively. Among the front-liners, ICICI Bank, Jaiprakash Associates, L&T, M&M, and DLF were up by 2-3%, while ACC, Bharti Airtel, Sun Pharma, Wipro and Hero Honda were down by 1-2%. In the Mid-cap segment, Sterlite Technologies, Religare Enterprises, State Bank of Jaipur, SKF India and HSBC Investdirect were up by 6-12%, while Indiabulls Financials, Shree Renuka Sugar, Shriram City, REI Six Ten and Triveni Engg were down by 3-4%.

Markets Today

The trend deciding level for the day is 17651/ 5295 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17769–17843/ 5320–5336 levels. However, if NIFTY trades below 17651/ 5295 levels for the first half-an-hour of trade then it may correct up to 17577–17459/ 5279–5254 levels.

Economic and Political News

• Govt. hike cane FRP by 7% to Rs139quintal
• Govt. to infuse Rs15,000cr in PSU banks in 2010-11
• Fin. Min. may block PSBs from teaser rate play
Corporate News

• NTPC plans to raise US$500mn through ECB
• IFC to invest US$60mn in Apollo Tyre
• EID Parry buys GMR’s agri-business arm

Market Outlook---April 23, 2010

Dealer’s Diary

Volatility ruled the roost as the key benchmark indices came sharply off the higher level in the last one hour of trade. The market surged in mid-morning trade with the Sensex hitting a fresh intraday high and trimmed gains in early afternoon trade caused by weak Asian stocks. A steep slide was witnessed in late trade as European stocks faltered on worries over Greece's financial position. IT, capital goods, realty and metal stocks fell. The Sensex and Nifty closed higher by 0.6% and 0.5% respectively. The BSE Mid-cap indices were down by 0.1%, while Small-cap indices closed up by 0.1%. Among the front-liners, SBI, Tata Motors, HUL, RIL and Jaiprakash Associates were up by 2-6%, while Sun Pharma, Tata Steel, DLF, ACC and Reliance Infrastructure were down by 1-2%. In the Mid-cap segment, Sterlite Technologies, Gammon Infrastructure, Rashtriya Chemicals, Novartis India and UCO Bank were up by 4-9%, while Honeywell Auto, Hindusthan National Glass & Industries, Kirloskar Brothers, Sobha Developers and 3M India were down by 5-10%.

Markets Today

The trend deciding level for the day is 17587/5274 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17766–17957/5327–5385 levels. However, if NIFTY trades below 17587/5274 levels for the first half-an-hour of trade then it may correct up to 17395–17216/5216–5163 levels.


Economic and Political News

• Food inflation climbs further to 17.7%
• Number of domestic flyers up 21% in Jan-Mar
• 3G bids reach Rs6,877cr on day 11
Corporate News

• NTPC may sign pact for additional KG-D6 gas
• Bharat Forge launches US$150mn QIP issue
• M&M slashes Logan prices by Rs24,000-80,000
• Bajaj Hindusthan to invest Rs15,000cr in UP

Market Outlook---April 22, 2010

Dealer’s Diary

The benchmark indices surged to fresh intraday highs in morning trade on positive global cues, with good earnings reports boosting sentiment. Later, the market moved in a range in mid-morning trade. However, in afternoon trade the market slipped into the red to hit a fresh intraday low. Thereafter, the market moved between the positive and negative terrain in mid-afternoon trade. The Sensex closed flat, while the Nifty closed higher by 0.3%. The BSE Mid-cap and Small-cap indices were up by 1.0% and 1.4%, respectively. Among the front-liners, Tata Motors, HUL, ICICI Bank, Jaiprakash Associates and Reliance Infra were up by 2-3%, while Sun Pharma, BHEL, L&T, RIL and Hindalco were down by 1-3%. In the Mid-cap segment, Honeywell Automation, Manappuram Gen., Coromandel Intl., Infotech and Gujarat Fluorochem were up by 7-9%, while Kirloskar Brothers, CRISIL, Blue Dart, Sunteck Realty and HMT were down by 3-8%.

Markets Today

The trend deciding level for the day is 17495/5247 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17543–17614/5264–5283 levels. However, if NIFTY trades below 17495/5247 levels for the first half-an-hour of trade then it may correct up to 17424–17376/5228–5211 levels.

Economic and Political News

·         3G spectrum bids up 90% to Rs6,634cr on tenth day

·         RBI says prior nod must for private bank QIPs

·         IMF pegs India growth at 8.75% in 2010

·         Govt. grants Navratna status to OIL

Corporate News

·         IOC to market bio-lubricant next year

·         Glenmark gets a boost in cholesterol drug battle with Merck

·         AI, Kingfisher, Jet resume Europe operations

Market Outlook---April 21, 2010

Dealer’s Diary

The key benchmark indices eked out small gains, snapping last five days' losses, after the Reserve Bank of India (RBI) announced a small increase in repo rate, reverse repo rate and CRR by 25 bp each against expected 25 to 50 bp hike at a monetary policy review. The hike in CRR is effective from 24 April, 2010 while repo and reverse repo rate hikes are applicable immediately. The market moved in a tight range in morning trade ahead of the RBI policy review and surged to hit fresh intraday high soon after the RBI's policy statement in mid-morning trade. The market trimmed gains after hitting a fresh intraday high in early afternoon trade. The market pared gains amid intense volatility in mid-afternoon trade. Firm global stocks also supported the domestic bourses. Interest rate sensitive banking, auto and realty stocks rose. But IT stocks fell. The Sensex and Nifty closed up by 0.3% and 0.5% respectively, while BSE Mid-cap and Small-cap indices were also up by 1.4% and 1.6% respectively.

Markets Today

The trend deciding level for the day is 17468/5232 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17541–17633/5255–5281 levels. However, if NIFTY trades below 17468/5232 levels for the first half-an-hour of trade then it may correct up to 17376–17303/5207–5183 levels.

Economic and Political News

• RBI guidelines on new banking licences by July’10 end
• Car loans rise 18% to Rs33,000cr in 2009-10
• SEBI seeks more information on FII investment structure
• Cotton exports halted to cool domestic prices
Corporate News

• Daiichi not to convert Ranbaxy warrants
• Rail damages hits NMDC iron ore supplies from Chattisgarh
• IFC (part of the World Bank group) to invest Rs330cr in IDFC
• Dena Bank seeks Rs1,300cr from Government

Market Outlook---April 20, 2010

Dealer’s Diary

The benchmark indices declined for the fifth straight day, as charges of fraud against US investment bank Goldman Sachs rattled global stocks. The market pared its losses later, but the intraday recovery proved short-lived. The market slumped to a fresh intraday low in mid-morning trade and extended its losses in early afternoon trade. The market staged a strong rebound in afternoon trade, after hitting a fresh intraday low. However, volatility struck the bourses, as the key benchmark indices weakened again in late trade. The Sensex and Nifty closed down by 1.1% each, while BSE Mid-cap and Small-cap indices also fell by 1.0% and 1.5%, respectively. Among the front-liners, Hindalco, Bharti Airtel, HDFC, L&T and M&M were up by 0-2%, while DLF, Tata Steel, Sterlite, ONGC and Wipro were down by 3-4%. In the mid-cap segment, Jain Irrigation, KS Oils, Allahabad Bank, Atlas Corp and Essar Ship Ports were up by 4-7%, while Puravankara Projects, Jet Airways, Usha Martin, Amtek Auto and Triveni Engineering were down by 6-8%.

Markets Today

The trend deciding level for the day is 17421/5215 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17565–17729/5268–5333 levels. However, if NIFTY trades below 17421/5215 levels for the first half-an-hour of trade then it may correct up to 17257–17113/5150–5096 levels.

Economic and Political News

·         All-India 3G spectrum bids reach Rs 5,980cr on 8th day of auction

·         Government to develop 60 solar energy cities in 11th plan

·         Government weighing 10% stake sale in Nalco

Corporate News

·         JSW acquires control of South African coal mining company

·         GMR seeks another US $100mn PE funding

·         NMDC plans to invest Rs1,000cr in JVs

Market Outlook---April 19, 2010

Dealer’s Diary

The key benchmark indices edged lower in volatile trade, as an imminent hike in key short-term interest rates by the RBI at a policy review next week weighed on investor sentiment. The market slipped into the red after briefly regaining positive zone in mid-morning trade, when it hit a fresh intraday high. The market moved in a range in early afternoon trade and again slipped into the red in late trade. Realty stocks fell on fears of an interest rate hike by the RBI. Auto, IT and telecom stocks also fell. Capital goods stocks were mixed. However, FMCG stocks gained on defensive buying. The Sensex and Nifty closed down by 0.3% and 0.2%, respectively, while the BSE Mid-cap and Smallcap indices also fell by 0.3% and 0.2%, respectively. Among the front-liners, ITC, Tata Steel, Tata Motors, HUL and ICICI Bank were up by 0-3%, while JP Associates, DLF, Hero Honda, M&M and BHEL were down by 2-3%. In the midcap segment, Madras Cements, Cox and Kings, Ruchi Soya, Blue Dart and GCPL were up by 4-5%, while Bajaj Finserv, Max India, Triveni Engineering, Jubilant Foodworks and Praj Industries were down by 3-5%.

Markets Today

The trend deciding level for the day is 17595 / 5261 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17660 – 17729 / 5285 – 5307 levels. However, if NIFTY trades below 17595 / 5261 levels for the first half-an-hour of trade then it may correct up to 17526 – 17460 / 5239 - 5216 levels.

Economic and Political News

• 3G spectrum bids reach US $1.3bn on 7th day of auction
• Government forms panel for Rs12,000cr CIL offer
• Construction cost rises by around 5% in Jan-Mar’10: CIDC
Corporate News

• Vedanta sets sights on Anglo’s zinc business
• Tatas-owned JLR reviewing UK plant closure plan
• Videocon aims to double Pipavav plant capacity to 2400MW

Market Outlook---April 16, 2010

Dealer’s Diary

The benchmark indices extended their losses for a straight third session, giving up gains intra-day after opening on a positive note. The weakness was evident from the fact that markets made an intra-day high at opening, but closed near the day’s lows. Volatility was lower compared to that witnessed in the past few sessions. After opening on a strong note, the markets gradually gave up gains to trade flat by mid-session. Weakness in European markets accentuated the bearish sentiments and the indices slipped further in the final session. The Sensex and Nifty closed with losses of 1.0% each, while the BSE Mid-cap and Small-cap indices fell by just 0.2% and 0.6%, respectively. Among the frontliners, JP Associates, HUL, DLF, Infosys and Sun Pharma were up by 0-1%, while Reliance Industries, ICICI Bank, ITC, L&T and SBI were down by 2-3%. In the Mid-cap segment, Blue Dart, Parsvnath Developers, Sobha Developers, Bayer Crop and Apollo Hospital were up by 6-20%, while Max India, Bajaj Finserv, LIC Housing Finance, Rolta India and Whirlpool were down by 4-9%.

Markets Today

The trend deciding level for the day is 17745/5304 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17870–18101/5343–5412 levels. However, if NIFTY trades below 17745/5304 levels for the first half-an-hour of trade then it may correct up to 17514–17388/5235–5196 levels.

Economic and Political News

·         Inflation at 9.9% on broad price rise

·         Oil firms raise ATF prices by 3.2%

·         Steel demand to grow by 8-10% in 2010-11: Ministry of Steel

Corporate News

·         GMR Infra begins QIP to raise up to US $250mn

·         L&T plans JV with Japan's MHI to make industrial tyres

·         Goldyne Tech close to buying US-based DecisionOne for Rs500cr

Market Outlook---April 15, 2010

Dealer’s Diary

The benchmark indices opened on a negative note following weak Asian indices, after the US markets closed flat overnight. Though the markets slipped further in the morning session, a sharp recovery ensued in afternoon trade, helping the indices inch higher. However, volatility prevailed, as markets turned weak in the closing session, before gaining marginally, and closed in the red for the day. Capital goods, auto, banking and metal stocks were weak. Oil exploration stocks fell, whereas PSU OMCs rose, as crude oil prices softened after their recent rally. The Sensex and Nifty closed with losses of 0.2% and 0.3%, respectively, while the BSE Mid-cap and Small-cap indices fell by 0.3% and 0.1%, respectively. Among the front-liners, Infosys, TCS, Wipro, Tata Steel and Reliance Infra were up by 1-4%, while Hero Honda, RCom, HDFC, Sterlite and ICICI Bank were down by 2-5%. In the mid-cap segment, Kwality Dairy, 3M India, Phoenix Mills, Indiabulls Financial and Balrampur Chini were up by 3- 5%, while P&G, Gujarat Fluoro, India Cements, Gujarat Gas and IRB Infra were down by 3-4%.

Markets Today

The trend deciding level for the day is 17817/5327 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17898–17974/5352–5382 levels. However, if NIFTY trades below 17817/5327levels for the first half-an-hour of trade then it may correct up to 17741–17660/5298–5272 levels.

Economic and Political News

• Bond yields at 18-month high on tight policy expectations
• Indian economy to accelerate to 8.2%: ADB
• OMCs likely to get the remaining dues of roughly Rs18,000cr next month
Corporate News

• Infosys wins 3-year Microsoft deal
• NTPC, CIL ink deal for Jharkhand power plants
• Shree Ganesh Jewellery bags order worth Rs508cr
• ABB bags Rs63cr power project from HVPNL

Market Outlook---April 12, 2010

Dealer’s Diary

The benchmark indices jumped in early trade on strong global cues. Most Asian stock edged up, led by overnight gains on Wall Street, as strong US retail sales data boosted confidence in the economic recovery. The market surged in midmorning trade, but trimmed its gains in early afternoon trade. In mid afternoon trade, the market surged to a fresh intraday high, as European markets climbed at the onset of the trading session and Asian stocks traded firm. However, in late trade, a bout of volatility was witnessed in the market. The Sensex and Nifty were up by 1.2% and 1.1%, respectively, while the BSE Mid-cap and Small-cap indices were up by 0.9% and 1.3%, respectively. Among the front-liners, Tata Motors, HDFC, BHEL, JP Associates and HDFC Bank were up by 3-5%, while Bharti Airtel, Wipro, HUL and TCS were down by 1-2%. In the mid-cap segment, Ruchi Soya, Asian Star, Petronet LNG, Havells India and Jet Airways were up by 7-9%, while Bayer Crop, Triveni Engineering, Gillette India, Den Network and Thermax were down by 2-4%.

Markets Today

The trend deciding level for the day is 17873/5347 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18031–18130/5392–5422 levels. However, if NIFTY trades below 17873/5347 levels for the first half-an-hour of trade then it may correct up to 17775–17617/5317–5272 levels.

Economic and Political News

·         SEBI and IRDA clash over former’s decision to ban insurance companies from selling ULIPs

·         FIIs invest US $5bn in Corporate Bonds in 2010

·         Govt. extends import subsidy on pulses till September 2010

Corporate News

·         NTPC to buy 1.5mscmd more gas from Reliance Industries

·         GAIL opposes uniform price for Natural Gas

·         SEBI approves IPO of Glenmark’s generic arm

·         Reliance Capital starts Dubai operations via its asset management arm

Market Outlook---April 9, 2010

Dealer’s Diary

The key benchmark indices slumped as weak global stocks and worries about the economic health of Greece triggered profit taking after the recent sharp surge in share prices. A spike in food price inflation also rekindled fears of a hike in key policy rates when the Reserve Bank of India (RBI) reviews its monetary policy on April 20, 2010. The market breadth, indicating the overall health of the market, turned weak in contrast to a strong breadth earlier in the day. Metal stocks fell as metal prices fell on the LME. Rate sensitive auto and banking stocks also fell. Capital goods stocks also declined. The Sensex and Nifty were down by 1.4% and 1.3%, respectively, while the BSE Mid-cap and Small-cap indices were also down by 0.4% each. Among the front-liners, Infosys, DLF, Wipro and TCS were up by 0.1-0.5%, while Hindalco, HDFC, ICICI Bank, Tata Motors and Bharti Airtel were down by 2-4%. In the mid-cap segment, Blue Star, Phoenix Mills, Lakshmi Machine, Jai Corp and Bayer Cropscience were up by 4-8%, while Welspun Gujarat, Usha Martin, Apollo Tyres, IRB Infra and Prakash Industries were down by 3-5%.

Markets Today

The trend deciding level for the day is 17785/5326 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17890–18066/5362–5420 levels. However, if NIFTY trades below 17785/5326 levels for the first half-an-hour of trade then it may correct up to 17609–17503/5269–5233 levels.

Economic and Political News

Govt. clears Rs4,355cr highway projects
Govt. stubs out foreign investment in tobacco
Food Inflation rose 17.7% for the week ended Mar 27, 2010

Corporate News

IOC raises Rs1,350cr through sale of oil bonds in secondary market
Cipla makes cancer drug cheaper—rolls out Bayer’s cancer drug
Suzlon bags Italian firm's order for 18 wind turbines
GSPC inks pact with Egypt for oil & gas exploration

Market Outlook---April 10

Dealer’s Diary

The key benchmark indices registered small gains in what was a highly volatile trading session. Weak European markets and lower US index futures triggered profit taking, after Indian stocks scaled their highest level in more than 25 months in early afternoon trade. The Sensex surged past the psychosocial 18,000 mark at the onset of the trading session. However, it soon fell below that level. The market moved in a narrow range in mid-morning trade, before slipping into the red in afternoon trade. Nevertheless, it regained the positive zone later. Fresh selling pulled the market to the day's low in late trade, but it staged a rebound later. The Sensex and Nifty gained 0.2% each, while the BSE Mid-cap and Small-cap indices ended the trading session higher by 0.5% and 0.7%, respectively. Among the front-liners, Grasim, Tata Motors, ACC, Reliance Infrastructure and Maruti Suzuki were up by 2-3%, while HUL, Sun Pharma, ICICI Bank, JP Associates and M&M were down by 1-2%. In the mid-cap segment, Apollo Tyres, Pipavav Shiyard, HSBC InvestDirect, Central Bank and IB Financial Services were up by 7-11%, while Jain Irrigation, Gujarat Industries Power, HCL Infosystems, Wockhardt and Rajesh Exports were down by 2-3%.

Markets Today

The trend deciding level for the day is 17965/5373 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18052–18135/5401–5428 levels. However, if NIFTY trades below 17965/5373 levels for the first half-an-hour of trade then it may correct up to 17883–17796/5347–5319 levels.

Economic and Political News

·         Ministerial group to take call on BSNL divestment

·         Direct Tax mop-up falls short of revised target

·         Private sector adds record 9,585MW to power grid

Corporate News

·         RIL promoters acquire shares worth Rs113cr through off-market transactions

·         NTPC to build power plant in Bangladesh

·         JSW Steel plans Rs7,000cr capex

Market Outlook---April 7, 2010

Dealer’s Diary

Key benchmark indices closed almost flat after moving between positive and negative zone in intraday trade. A bout of volatility was witnessed in the morning trade as the Sensex regained positive zone after slipping into the red. The Sensex struck a fresh 25-month high in mid-afternoon trade, coming at a striking distance of the psychological 18,000 mark. The market pared gains in late trade. Telecom and infrastructure shares gained on fresh buying. Banking shares saw mixed trend. Auto stocks declined on profit booking after the recent gains which came at the back of robust March 2010 sales figures. The Sensex and Nifty ended the session flat, while BSE Mid-cap and Small-cap indices outperformed the benchmark indices to end the trading session higher by 0.7% and 0.5% respectively. Among the front-liners, BHEL, RCom, DLF, Reliance Infrastructure and ICICI Bank were up by 1-3%, while M&M, Maruti Suzuki, Jaiprakash Associates, Hindalco and ONGC were down by 1-2%. In the Midcap segment, Essar Shipping Ports, HSBC Invest Direct, Great Eastern Shipping, IOB and Allahabad Bank were up by 5-12%, while REI Six Ten Retail, Indiabulls Power, Sterlite Technology, Info Edge India and Deccan Chronicle were down by 2-4%.

Markets Today

The trend deciding level for the day is 17944/5369 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17989–18037/5386–5406 levels. However, if NIFTY trades below 17944/5369 levels for the first half-an-hour of trade then it may correct up to 17896–17850/5349–5332 levels.

Economic and Political News

• NPCIL—NTPC to build two 700MW n-power plants: DAE secy
• RBI asks banks to extend debt relief benefits till June-end
• PE deals rises 19% to US $2bn in 1QCY2010
Corporate News

• Suzlon bags 18MW wind energy project from GSFC
• Jindal Power ties up Rs10,057cr loan for 2,400MW unit
• Indusind Bank raises Rs420cr through Bonds

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Market Outlook---April 6, 2010

Dealer’s Diary

Sustained buying in index pivotals took the key benchmark indices to their highest levels in 25 months. Firm Asian stocks and higher US index futures underpinned sentiment. The market came off the higher level in early trade, after a firm opening triggered by positive global cues. The market surged to a fresh 25-month high in early afternoon trade. Stocks held firm in afternoon trade. The market extended gains in mid-afternoon trade to hit fresh 25-month highs. A buying frenzy in index pivotals in late trade helped indices register fresh multi-month highs later. The market breadth was strong. Auto stocks were in demand following good March monthly sales of auto firms. Metal stocks rose following firm prices on the London Metal Exchange. IT stocks declined in volatile trade on a firm rupee. The Sensex and Nifty gained 1.4% and 1.5%, respectively, while the BSE Mid-cap and Small-cap indices were up by 1.5% and 2%, respectively. Among the front-liners, Reliance Infra, Bharti Airtel, Hero Honda Motors, Tata Steel and DLF were up by 3-5%, while HUL, Grasim, TCS, L&T and ITC were down by 0-1%. In the mid-cap segment, Emami, Allahabad Bank, Nirma, Marico and Andhra Bank were up by 6-9%, while P&G, Asian Star, 3M India, EID Parry and Fortis Health were down by 2-5%.

Markets Today

The trend deciding level for the day is 17859/5346 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 18025–18114/5400–5432 levels. However, if NIFTY trades below 17859/5346 levels for the first half-an-hour of trade then it may correct up to 17770–17604/5314–5260 levels.

Economic and Political News

·         Tighter FDA rules sour local drug companies’ American dream

·         SEBI tightens disclosure norms

·         Foreign investment in Indian shares rises to all-time high of US $77.2bn

Corporate News

·         McNally Bharat bags project worth Rs827cr

·         Biocon to acquire CIMAB SA's stake in Biocon Biopharma

·         Ankur Drugs and Pharma to acquire TVC Life Sciences

·         MRPL to reduce term crude imports from Iran by ~8.5% to 130,000 bpd for FY2011

Market Outlook---April 5, 2010

Dealer’s Diary

The key benchmark indices surged on the first day of the new financial year, snapping a two-day slide, on broad-based buying. The market pared its gains later, after the latest data showed that growth in the manufacturing slowed down in the previous month. IT stocks were in demand on bargain hunting after a recent fall caused by the appreciation of the rupee against the dollar. Banking stocks gained on fresh buying. Metal, infrastructure stocks and heavyweights from the capital goods sector also logged gains on fresh buying, but telecom pivotals declined. The Sensex and Nifty lost 0.9% and 0.8%, respectively, while the BSE Mid-cap and Small-cap indices outperformed the benchmark indices and ended the trading session higher by 0.9% and 2.4%, respectively. Among the front-liners, TCS, Tata Steel, JP Associates, Tata Motors and HDFC were up by 2-3%, while HUL, Bharti Airtel, M&M, Maruti Suzuki and Tata Power were down by 1-3%. In the mid-cap segment, P&G, Hind Oil Exploration, Astrazeneca, Essar Shipping and SKF India were up by 6-15%, while Balrampur Chini, Shree Renuka, Mcleod Russell, Gammon India and Texmaco were down by 2-4%.

Markets Today

The trend deciding level for the day is 17651/5279 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17748–17803/5310–5329 levels. However, if NIFTY trades below 17651/5279 levels for the first half-an-hour of trade then it may correct up to 17596–17500/5260–5230 levels.

Economic and Political News
• Food inflation rises to 16.4% on milk and pulses prices
• RBI relaxes asset classification norms
• Steel firms raise product prices by Rs2,500/tonne
Corporate News
• NMDC raises base ore prices by 34-35%
• L&T, Rolls-Royce sign nuclear equipment pact
• Wockhardt, Abbott call off nutrition biz deal
• AstraZeneca, US company launch anti-diabetes drug