The markets are trading weak with moderate losses on account of selling pressure in bank, oil & gas, realty stocks. However, FMCG and IT index has outperformed other sectoral indices. The BSE midcap and smallcap are trading with marginal gain.
On the global front, Asia markets ended mixed and Europe was also trading mixed.
At 1.48 hrs IST, the Sensex is up 6.02 points or 0.03% at 17384.48, and the Nifty down 14.05 points or 0.27% at 5181.45.
About 1485 shares have advanced, 1376 shares declined, and 221 shares are unchanged.
The BSE IT index was up nearly 2% at 4317 and FMCG index was up 1% at 2438.
Top losers on the bourses are HDFC, Grasim and ICICI Bank, Cairn India and NALCO.
Top gainers on the bourses are Infosys, Tata Motors, TCS, BPCL and SAIL are among major gainers
Wednesday, April 30, 2008
Mkts trading near day's lows; Nifty below 5200 level
The markets are trading near day’s lows as bank, oil & gas, realty stocks witnessing selling pressure. However, IT index has outperformed other sectoral indices. The BSE midcap and smallcap are trading with marginal gain.
At 12.40 pm, the Sensex is down 62.96 points or 0.36% at 17315.50, and the Nifty down 28.85 points or 0.56% at 5166.65.
About 1553 shares have advanced, 1303 shares declined, and 226 shares are unchanged.
The BSE IT index was up nearly 2% at 4317 and FMCG index was up 1% at 2438.
Top losers on the bourses are HDFC, Grasim and ICICI Bank, Cairn India and NALCO.
Top gainers on the bourses are Infosys, Tata Motors, TCS, BPCL and SAIL are among major gainers
At 12.40 pm, the Sensex is down 62.96 points or 0.36% at 17315.50, and the Nifty down 28.85 points or 0.56% at 5166.65.
About 1553 shares have advanced, 1303 shares declined, and 226 shares are unchanged.
The BSE IT index was up nearly 2% at 4317 and FMCG index was up 1% at 2438.
Top losers on the bourses are HDFC, Grasim and ICICI Bank, Cairn India and NALCO.
Top gainers on the bourses are Infosys, Tata Motors, TCS, BPCL and SAIL are among major gainers
Market pares losses in choppy trade
The market recovered from its lows after it had declined sharply in afternoon trade. The market breadth was positive. Banking realty stocks declined while auto stocks extended gains. IT stocks rose. European markets which opened after Indian markets were in green.
At 12:23 IST, the 30-share BSE Sensex was down 58.74 points or 0.34% at 17,317.80. A bout of volatility was witnessed on the bourses in mid-morning trade when the market had recovered from lower level. Earlier market had opened firm but had pared gains later. Sensex hit a high of 17,480.70 in early trade. At the day’s high, Sensex rose 102.24 points. Sensex hit a low of 17269.65 in afternoon trade. At day’s low Sensex lost 108.81 points.
The broader based S&P CNX Nifty was down 14.7 points or 0.28% at 5,180.80.
The market breadth was positive on BSE with 1330 shares advancing as compared to 1226 that declined. 79 remained unchanged.
The BSE Mid-Cap index rose 0.33% to 7,170.38 and BSE Small-Cap index rose 0.23% to 8,805.70.
India’s largest telecom services provider by sales Reliance Communications rose 1.71% to Rs 584.75. The company’s consolidated net profit rose 70.5% to Rs 5401.14 crore on 31.79% rise in total income to Rs 19067.76 crore in the year ended March 2008 over the year ended March 2007.
IT stocks rose. Wipro (up 2.01% to Rs 488.80), Infosys (up 2.18% to Rs 1,789.45), Tata Consultancy Services (up 2.01% to Rs 929.80) and Satyam Computer Services (up 1.14% to Rs 484.80) edged hihger.
Realty stocks declined. DLF (down 1.77% to Rs 713), Unitech (down 0.71% to Rs 315.25) and Indiabulls Real Estate (down 0.3% to Rs 555.70) edged lower.
Banking stocks declined. ICICI Bank (down 2.52% to Rs 878.50), HDFC Bank (down 1.8% to Rs 1519.60), State Bank of India (down 1.42% to Rs 1,768.05) edged lower.
Auto stocks rose. Mahindra & Mahindra (up 2.55% to Rs 659.10), Maruti Suzuki India (up 0.39% to Rs 734.15), Tata Motors (up 2.2% to Rs 654) edged higher. India’s largest motorbike maker by market share Hero Honda Motor declined 1.38% to Rs 849.95.
Jaiprakash Associates (up 2.2% to Rs 271.70), ITC (up 2.52% to Rs 218), Bharti Airtel (up 0.78% to Rs 909.60) edged higher from Sensex pack.
HDFC (down 2.44% to Rs 2807), ONGC (down 1.72% to Rs 1,035), Grasim Industries (down 1.55% to Rs 2,431), Hindalco Industries (down 1.41% to Rs 195.40), ACC (down 1.46% to Rs 766.05), Ranbaxy Laboratories (down 1.06% to Rs 479.70) edged lower from Sensex pack.
NTPC rose 1.08% to Rs 196.75. NTPC said on Tuesday its board had approved spending Rs 487 crore on renovating Auraiya gas power station in Uttar Pradesh. The board of the state-run firm also approved setting up an 8 megawatt (MW) Singrauli small hydel project in Uttar Pradesh at an estimated cost of Rs 62.90 crore, to add capacity from renewable energy sources.
National Mineral Development Corporation (NMDC) hit 5% upper circuit at Rs 1,416.25 after it fixed 22 May 2008 as the record date for the bonus issue of 2 equity shares for every one share held.
Sesa Goa rose 2.57% to Rs 4,275.10. It hit a 52-week high of Rs 4,361 today.
Nestle India rose 7.06% to Rs 1,739.95. It hit a 52-week high of Rs 1,875 today after the company reported 47.7% surge in net profit to Rs 160.15 crore on 26.4% rise in sales to Rs 1090.91 crore in Q1 March 2008 over Q1 March 2007.
Aro Granite Industries hit 10% upper circuit at Rs 99.90. The company said a board meet will be held on 9 May 2008 to consider bonus issue.
At 12:23 IST, the 30-share BSE Sensex was down 58.74 points or 0.34% at 17,317.80. A bout of volatility was witnessed on the bourses in mid-morning trade when the market had recovered from lower level. Earlier market had opened firm but had pared gains later. Sensex hit a high of 17,480.70 in early trade. At the day’s high, Sensex rose 102.24 points. Sensex hit a low of 17269.65 in afternoon trade. At day’s low Sensex lost 108.81 points.
The broader based S&P CNX Nifty was down 14.7 points or 0.28% at 5,180.80.
The market breadth was positive on BSE with 1330 shares advancing as compared to 1226 that declined. 79 remained unchanged.
The BSE Mid-Cap index rose 0.33% to 7,170.38 and BSE Small-Cap index rose 0.23% to 8,805.70.
India’s largest telecom services provider by sales Reliance Communications rose 1.71% to Rs 584.75. The company’s consolidated net profit rose 70.5% to Rs 5401.14 crore on 31.79% rise in total income to Rs 19067.76 crore in the year ended March 2008 over the year ended March 2007.
IT stocks rose. Wipro (up 2.01% to Rs 488.80), Infosys (up 2.18% to Rs 1,789.45), Tata Consultancy Services (up 2.01% to Rs 929.80) and Satyam Computer Services (up 1.14% to Rs 484.80) edged hihger.
Realty stocks declined. DLF (down 1.77% to Rs 713), Unitech (down 0.71% to Rs 315.25) and Indiabulls Real Estate (down 0.3% to Rs 555.70) edged lower.
Banking stocks declined. ICICI Bank (down 2.52% to Rs 878.50), HDFC Bank (down 1.8% to Rs 1519.60), State Bank of India (down 1.42% to Rs 1,768.05) edged lower.
Auto stocks rose. Mahindra & Mahindra (up 2.55% to Rs 659.10), Maruti Suzuki India (up 0.39% to Rs 734.15), Tata Motors (up 2.2% to Rs 654) edged higher. India’s largest motorbike maker by market share Hero Honda Motor declined 1.38% to Rs 849.95.
Jaiprakash Associates (up 2.2% to Rs 271.70), ITC (up 2.52% to Rs 218), Bharti Airtel (up 0.78% to Rs 909.60) edged higher from Sensex pack.
HDFC (down 2.44% to Rs 2807), ONGC (down 1.72% to Rs 1,035), Grasim Industries (down 1.55% to Rs 2,431), Hindalco Industries (down 1.41% to Rs 195.40), ACC (down 1.46% to Rs 766.05), Ranbaxy Laboratories (down 1.06% to Rs 479.70) edged lower from Sensex pack.
NTPC rose 1.08% to Rs 196.75. NTPC said on Tuesday its board had approved spending Rs 487 crore on renovating Auraiya gas power station in Uttar Pradesh. The board of the state-run firm also approved setting up an 8 megawatt (MW) Singrauli small hydel project in Uttar Pradesh at an estimated cost of Rs 62.90 crore, to add capacity from renewable energy sources.
National Mineral Development Corporation (NMDC) hit 5% upper circuit at Rs 1,416.25 after it fixed 22 May 2008 as the record date for the bonus issue of 2 equity shares for every one share held.
Sesa Goa rose 2.57% to Rs 4,275.10. It hit a 52-week high of Rs 4,361 today.
Nestle India rose 7.06% to Rs 1,739.95. It hit a 52-week high of Rs 1,875 today after the company reported 47.7% surge in net profit to Rs 160.15 crore on 26.4% rise in sales to Rs 1090.91 crore in Q1 March 2008 over Q1 March 2007.
Aro Granite Industries hit 10% upper circuit at Rs 99.90. The company said a board meet will be held on 9 May 2008 to consider bonus issue.
Performance of tips of 30.04.2008 @11.38
Buy Reliance Petroleum buy above 203 target 205/206.5/208 high 206.40
buy RPOWER above 402 target 405/408/415 high 407.00
sell HINDALCO below 197 target 195/192/190 low 195.55
buy FCH above 606 target 608/612/620 high 624.90
buy FIEMIND above 70 target 70.5/72/74 high 80.50
buy RPOWER above 402 target 405/408/415 high 407.00
sell HINDALCO below 197 target 195/192/190 low 195.55
buy FCH above 606 target 608/612/620 high 624.90
buy FIEMIND above 70 target 70.5/72/74 high 80.50
Mkts choppy
Markets have given up its morning gains and are hovering around yesterday’s close. Buying interest is seen in realty, auto and power stocks. However, bank, IT and metal stocks are witnessing selling pressure.
At 10.48 am, the Sensex is up 4.99 points or 0.03% at 17383.45, and the Nifty up 8.50 points or 0.16% at 5204.00.
About 1708 shares have advanced, 1150 shares declined, and 224 shares are unchanged.
Top gainers on the bourses are Reliance Comm, Tata Motors, M&M, Idea Cellular and Maruti Suzuki.
Most active shares on BSE are Sesa Goa, Reliance Petro and Indiabulls Sec.
At 10.48 am, the Sensex is up 4.99 points or 0.03% at 17383.45, and the Nifty up 8.50 points or 0.16% at 5204.00.
About 1708 shares have advanced, 1150 shares declined, and 224 shares are unchanged.
Top gainers on the bourses are Reliance Comm, Tata Motors, M&M, Idea Cellular and Maruti Suzuki.
Most active shares on BSE are Sesa Goa, Reliance Petro and Indiabulls Sec.
Mkt opens with good gains
The markets have opened with good gain. Nifty trading above 5200 mark. DLF, Reliance Comm, JP Associate are witnessing buiyng interest ahead of their earnings.
At 9.56 am, the Sensex was up points 91 at 17468, and the Nifty was up 23 points at 5218.50.
Unitech, Hindalco, Sayam, Suzlon, Dr Reddy Labs are among major gainers.
IFCI, Nagarjuna Fertiliser are among major losers.
At 9.56 am, the Sensex was up points 91 at 17468, and the Nifty was up 23 points at 5218.50.
Unitech, Hindalco, Sayam, Suzlon, Dr Reddy Labs are among major gainers.
IFCI, Nagarjuna Fertiliser are among major losers.
Pre Market Report 30/04/2008
The market may move in a narrow range today as investors may stay on the sidelines ahead of a key event viz. the outcome of the policy meeting of the US Federal Reserve, later in the day. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure. Indian stock market remains closed tomorrow, 1 May 2008, on account of Maharashtra Day.
Inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram yesterday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.
Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. The policy stance of the central bank continues to be hawkish. The market shrugged off further monetary tightening by RBI as Sensex rose 362.50 points or 2.13% on Tuesday to settled at 17,378.46. The market took solace in the central bank keeping the key interest rates - repo rate, reverse repo rate and bank rate, unchanged. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.
Sensex is currently near a two-month high, having risen 2568.97 points or 17.34% from a low of 14809.49 on 17 March 2008. Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market.
The structural growth drivers of the Indian economy remain intact - India's economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable
As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 232.18 crore on Tuesday, 29 April 2008. Domestic funds bought shares worth a net Rs 403.27 crore.
FIIs were net buyers of Rs 802.65 crore in the futures & options segment on Tuesday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 548.61 crore and bought index options worth Rs 496.73 crore. They were net sellers of stock futures to the tune of Rs 228.72 crore and sold stock options worth Rs 13.97 crore.
On Wall Street, stocks ended little changed on Tuesday, 29 April 2008, as setbacks for two drugs weighed down the pharmaceutical sector, offsetting the relief from a retreat in record high crude oil prices.
Asian markets were mostly in the green today. Key benchmark indices in China, Japan, South Korea, Singapore and Taiwan were up by between 0.2% to 3.8%.
Inflation remains the biggest concern for the Indian stock market. The measures taken by the Union government to control inflation have also added to uncertainty on corporate profit. Finance Minister P Chidambaram yesterday, 29 April 2008, said government will impose export tax on basmati rice and some steel products, and cut import duties on key inputs like ferro alloys and metallurgical coke. He said the measures were being taken to improve domestic supplies and to moderate prices. The government has already banned export of cement and non-basmati rice.
Given that parliamentary elections are scheduled next year (in May 2009), the government may leave no stone unturned in its attempt to rein in inflation. This is bad news for commodity scrips like cement, steel etc.
In a bid to rein in inflation, the Reserve Bank of India, on Tuesday, 29 April 2008, raised cash reserve ratio (CRR) by 25 basis points to 8.25%, to suck out excess liquidity in the banking system, in its annual monetary policy review. The policy stance of the central bank continues to be hawkish. The market shrugged off further monetary tightening by RBI as Sensex rose 362.50 points or 2.13% on Tuesday to settled at 17,378.46. The market took solace in the central bank keeping the key interest rates - repo rate, reverse repo rate and bank rate, unchanged. The RBI governor Y V Reddy expects inflation to moderate in the next 2-3 months.
Sensex is currently near a two-month high, having risen 2568.97 points or 17.34% from a low of 14809.49 on 17 March 2008. Good Q4 results March 2008 results and firm global markets, triggered a solid rebound in the Indian market over the past few days. Buying by domestic institutions has supported the market.
The structural growth drivers of the Indian economy remain intact - India's economy is expected to witness a decent-to-strong growth for a long period of time due to favourable demographics. Rating agency CRISIL in its latest outlook for Indian economy for the year through March 2009 has stated that the overall growth scenario is expected to remain strong with investment as the main driver.
Another pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable
As per provisional data, foreign institutional investors (FIIs) bought shares worth a net Rs 232.18 crore on Tuesday, 29 April 2008. Domestic funds bought shares worth a net Rs 403.27 crore.
FIIs were net buyers of Rs 802.65 crore in the futures & options segment on Tuesday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 548.61 crore and bought index options worth Rs 496.73 crore. They were net sellers of stock futures to the tune of Rs 228.72 crore and sold stock options worth Rs 13.97 crore.
On Wall Street, stocks ended little changed on Tuesday, 29 April 2008, as setbacks for two drugs weighed down the pharmaceutical sector, offsetting the relief from a retreat in record high crude oil prices.
Asian markets were mostly in the green today. Key benchmark indices in China, Japan, South Korea, Singapore and Taiwan were up by between 0.2% to 3.8%.
Stock tips for 30.04.2008
Buy Reliance Petroleum buy above 203 target 205/206.5/208
buy RPOWER above 402 target 405/408/415
sell HINDALCO below 197 target 195/192/190
buy FCH above 606 target 608/612/620
buy FIEMIND above 70 target 70.5/72/74
buy RPOWER above 402 target 405/408/415
sell HINDALCO below 197 target 195/192/190
buy FCH above 606 target 608/612/620
buy FIEMIND above 70 target 70.5/72/74
Asian markets flat opening
Asian market also opened in red but without much change and then slowly moving upwards
Nikkei 225 13,883.49 -10.88 -0.08%
Hang Seng 25,888.68 -25.47 -0.10%
Straits Times 3,179.93 +7.57 +0.24%
Nikkei 225 13,883.49 -10.88 -0.08%
Hang Seng 25,888.68 -25.47 -0.10%
Straits Times 3,179.93 +7.57 +0.24%
US Stocks mixed with investors wary before Fed's rate decision-
Wall Street turned in a mixed performance Tuesday as investors traded cautiously ahead of the Federal Reserve's Wednesday decision on interest rates.
Dow 12,831.94 -39.81 -0.31%
Nasdaq 2,426.10 +1.70 +0.07%
S&P 500 1,390.94 -5.43 -0.39%
Dow 12,831.94 -39.81 -0.31%
Nasdaq 2,426.10 +1.70 +0.07%
S&P 500 1,390.94 -5.43 -0.39%
Tuesday, April 29, 2008
Us markets looses further
After opening flat, US markets going further down
@9.45PM US markets were
Dow 12,824.12 -47.63 -0.37%
Nasdaq 2,413.91 -10.49 -0.43%
S&P 500 1,388.60 -7.77 -0.56%
@9.45PM US markets were
Dow 12,824.12 -47.63 -0.37%
Nasdaq 2,413.91 -10.49 -0.43%
S&P 500 1,388.60 -7.77 -0.56%
Post Market report 29.04.2008
The market which had declined yesterday ahead of the Reserve Bank
of India's annual monetary policy review, bounced back today after
the central bank kept interest rates unchanged. Rate sensitive
banking, auto and realty stocks surged. IT stocks surged after the
Finance Minister extended tax exemption for the IT sector by a
year. Metal stocks rose. The market breadth was strong.
The central bank raised the cash reserve ratio (CRR) by 25 basis
points and the stance of its monetary policy was hawkish. The
market had witnessed a bout of volatility earlier in the day ahead
of monetary policy announcement.
Asian markets which opened before Indian market were mixed.
European markets which opened after Indian markets were mixed.
The 30-share BSE Sensex jumped 362.50 points or 2.13% at 17,378.46.
Sensex hit a high of 17,424.94 in late trade, its highest level in
two months. At the day's high, Sensex rose 408.98 points. Sensex
hit a low of 17011.60 in mid-morning trade. At day's low Sensex
fell 4.36 points.
The broader based S&P CNX Nifty was up 105.85 points or 2.08% at
5,195.50
From a recent low of 16698.04 on 23 April 2008, Sensex has gained
680.42 points or 4.07% to 17378.46 on 29 April 2008. From a low of
14809.49 on 17 March 2008, Sensex has risen 2568.97 points or
17.34%. The barometer index is off 3828.31 points or 18.05% from a
all time high of 21206.77 struck on 10 January 2008.
The turnover on BSE stood at Rs 7262 crore as compared to a
turnover of Rs 5544.33 crore on Monday, 28 April 2008. Turnover in
NSE's futures & options (F&O) segment spurted to Rs 41,819.49
crore, as compared to Rs 25,459.22 crore on Monday, 28 April 2008.
Nifty May 2008 futures were at 5217.40, a premium of 21.90 points
as compared to spot closing of 5,195.50.
The CRR is the percentage of banks' deposits which they must keep
as cash with the central bank. It may be recalled that RBI had
earlier this month announced a two-stage rise in CRR to 8%.
The Reserve Bank of India (RBI) said managing liquidity would
continue to receive priority in its policy objectives and warned it
would act swiftly to curb any signs of adverse developments in
inflation expectations.
RBI has forecast economic growth of 8% to 8.5% in the fiscal year
that began this month, after an estimated 8.7% growth in 2007/08.
RBI said it aims for inflation of around 5.5% this fiscal year with
the goal of lowering it close to 5% as soon as possible.
The market breadth was strong on BSE with 1588 shares advancing as
compared to 1121 that declined. 61 remained unchanged.
The BSE Mid-Cap index rose 1.13% to 7146.95 and BSE Small-Cap index
rose 0.87% to 8,785.31.
BSE Realty index (up 5.9% to 8,650.24), BSE Metal index (up 3.64%
to 16192.97), BSE IT index (up 5.24% to 4237.81), BSE Consumer
Durables index (up 2.81% to 4585.97), outperformed Sensex.
BSE Oil & Gas index (up 2.02% to 11661.26), BSE Bankex (up 1.68% to
8,964.75), BSE PSU index (up 1.65% to 8008.99), BSE Auto index (up
1.52% to 4,646.62), BSE Capital Goods index (up 1.28% to 13931.17),
BSE HealthCare index (up 0.78% to 4,248.62), BSE Power index (up
0.96% to 3,336.34) and BSE FMCG index (up 0.52% to 2,412.61)
underperformed Sensex
As per the provisional figures, foreign institutional investors
(FII)s bought shares worth Rs 232.18 crore today 29 April 2008 and
domestic funds bought shares worth Rs 403.27 crore.
Realty stocks surged in late trade. Indiabulls Real Estate (up
3.06% to Rs 557.35), DLF (up 8.57% to Rs 725.85) and Unitech (up
8.18% to Rs 317.50) rose.
IT stocks surged. Satyam Computer Services (up 8.22% to Rs 479.35),
Infosys (up 5.15% to Rs 1,750.75), Wipro (up 4.7% to Rs 479.20) and
Tata Consultancy Services (up 3.15% to Rs 910.80) edged higher.
Finance Minister Palaniappan Chidambaram extended by a year a tax
holiday scheme for export-driven software companies as he outlined
some changes to the federal budget for 2008-09. The scheme for
facilities based in technology parks was set to expire in March
2009.
Metal stocks rose. Tata Steel (up 4.01% to Rs 808.90), National
Aluminium Company (up 4.37% to Rs 458.70), Hindalco Industries (up
6.44% to Rs 198.20), Steel Authority of India (up 2.08% to Rs
179.40), Sterlite Industries (up 4.77% to Rs 898.85) edged higher.
Finance Minister P Chidambaram today said government will impose
export tax on basmati rice and some steel products, and cut import
duties on key inputs like ferro alloys and metallurgical coke. He
said the measures were being taken to improve domestic supplies and
to moderate prices.
Banking stocks surged after the RBI's policy announcement. State
Bank of India (up 3.27% to Rs 1,793.50), HDFC Bank (up 1.95% to Rs
1,547.50) and ICICI Bank (up 0.71% to Rs 901.30) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.17% to Rs
642.70), Tata Motors (up 1% to Rs 639.95) Maruti Suzuki India (up
1.24% to Rs 731.30), Hero Honda Motors (up 5.34% to Rs 861.85),
rose.
HDFC (up 5.95% to Rs 2881.45), Larsen & Toubro (up 2.09% to Rs
3007.40) Jaiprakash Associates (up 5.95% to Rs 266.10), Ambuja
Cements (up 1.32% to Rs 114.85), Bharat Heavy Electricals (up 1.29%
to Rs 1891.85), Reliance Industries (up 2.35% to Rs 2,653) edged
higher from Sensex pack.
Hindustan Unilever rose 1.48% to Rs 250.85. Net profit of Hindustan
Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales
to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of
the company has approved the change in the financial year to
April-March.
Reliance Communications declined 1.73% to Rs 574.70 while Bharti
Airtel fell 2.67% to Rs 904.50. Reliance Communications said on
Monday, 28 April 2008, it would offer unlimited national long
distance calls within its network for a fixed rental with immediate
effect. Earlier yesterday, sector leader Bharti Airtel slashed long
distance and roaming tariffs by 43% effective 30 April 2008.
Reliance Natural Resources clocked the highest volume of 2.15 crore
shares on BSE. Ispat Industries (1.71 crore shares), IFCI (1.56
crore shares), Indiabulls Securities (1.51 crore shares) and
Reliance Petroleum (1.47 crore shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 317.11 crore on
BSE. Sesa Goa (Rs 309.43 crore), Reliance Petroleum (Rs 295.31
crore), Reliance Natural Resources (Rs 270.24 crore) and Reliance
Industries (Rs 231.64 crore) were the other turnover toppers in
that order.
It its latest report on macroeconomic and monetary developments in
2007/08 released on Monday, 28 April 2008, RBI has said that the
global food prices were likely to remain firm as supply side
pressures did not appear to be abating. The central bank said steps
takes by the government to rein in prices should help curb
inflation. It, however, said the inflation risks on account of oil
prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had
increased substantially since February 2007 alongside rising global
oil prices, while prices of petrol and diesel, which are
government-controlled, had partially adjusted. But prices of
kerosene and cooking gas had not been raised by the government for
several years.
RBI felt there were some demand-side pressures. Domestic iron and
steel prices saw a sharp increase in line with recent hardening in
international steel prices, it said, while cement price rises could
be attributed largely to strong demand from construction
domestically. A survey of professional forecasters by the central
bank showed that the Indian economy is expected to grow 8.1% in the
2008/09 fiscal year that began this month. In 2007/08, the gross
domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A
survey of 392 companies by Federation of Indian Chambers of
Commerce and Industry (FICCI), showed that concerns about an
economic slowdown, inflation and rising costs hurt business
confidence of Indian firms during October-December 2007 period. The
FICCI business confidence index declined to a new five-year low of
55.3 points in the third quarter of 2007/08, from 61.2 in the
previous quarter.
of India's annual monetary policy review, bounced back today after
the central bank kept interest rates unchanged. Rate sensitive
banking, auto and realty stocks surged. IT stocks surged after the
Finance Minister extended tax exemption for the IT sector by a
year. Metal stocks rose. The market breadth was strong.
The central bank raised the cash reserve ratio (CRR) by 25 basis
points and the stance of its monetary policy was hawkish. The
market had witnessed a bout of volatility earlier in the day ahead
of monetary policy announcement.
Asian markets which opened before Indian market were mixed.
European markets which opened after Indian markets were mixed.
The 30-share BSE Sensex jumped 362.50 points or 2.13% at 17,378.46.
Sensex hit a high of 17,424.94 in late trade, its highest level in
two months. At the day's high, Sensex rose 408.98 points. Sensex
hit a low of 17011.60 in mid-morning trade. At day's low Sensex
fell 4.36 points.
The broader based S&P CNX Nifty was up 105.85 points or 2.08% at
5,195.50
From a recent low of 16698.04 on 23 April 2008, Sensex has gained
680.42 points or 4.07% to 17378.46 on 29 April 2008. From a low of
14809.49 on 17 March 2008, Sensex has risen 2568.97 points or
17.34%. The barometer index is off 3828.31 points or 18.05% from a
all time high of 21206.77 struck on 10 January 2008.
The turnover on BSE stood at Rs 7262 crore as compared to a
turnover of Rs 5544.33 crore on Monday, 28 April 2008. Turnover in
NSE's futures & options (F&O) segment spurted to Rs 41,819.49
crore, as compared to Rs 25,459.22 crore on Monday, 28 April 2008.
Nifty May 2008 futures were at 5217.40, a premium of 21.90 points
as compared to spot closing of 5,195.50.
The CRR is the percentage of banks' deposits which they must keep
as cash with the central bank. It may be recalled that RBI had
earlier this month announced a two-stage rise in CRR to 8%.
The Reserve Bank of India (RBI) said managing liquidity would
continue to receive priority in its policy objectives and warned it
would act swiftly to curb any signs of adverse developments in
inflation expectations.
RBI has forecast economic growth of 8% to 8.5% in the fiscal year
that began this month, after an estimated 8.7% growth in 2007/08.
RBI said it aims for inflation of around 5.5% this fiscal year with
the goal of lowering it close to 5% as soon as possible.
The market breadth was strong on BSE with 1588 shares advancing as
compared to 1121 that declined. 61 remained unchanged.
The BSE Mid-Cap index rose 1.13% to 7146.95 and BSE Small-Cap index
rose 0.87% to 8,785.31.
BSE Realty index (up 5.9% to 8,650.24), BSE Metal index (up 3.64%
to 16192.97), BSE IT index (up 5.24% to 4237.81), BSE Consumer
Durables index (up 2.81% to 4585.97), outperformed Sensex.
BSE Oil & Gas index (up 2.02% to 11661.26), BSE Bankex (up 1.68% to
8,964.75), BSE PSU index (up 1.65% to 8008.99), BSE Auto index (up
1.52% to 4,646.62), BSE Capital Goods index (up 1.28% to 13931.17),
BSE HealthCare index (up 0.78% to 4,248.62), BSE Power index (up
0.96% to 3,336.34) and BSE FMCG index (up 0.52% to 2,412.61)
underperformed Sensex
As per the provisional figures, foreign institutional investors
(FII)s bought shares worth Rs 232.18 crore today 29 April 2008 and
domestic funds bought shares worth Rs 403.27 crore.
Realty stocks surged in late trade. Indiabulls Real Estate (up
3.06% to Rs 557.35), DLF (up 8.57% to Rs 725.85) and Unitech (up
8.18% to Rs 317.50) rose.
IT stocks surged. Satyam Computer Services (up 8.22% to Rs 479.35),
Infosys (up 5.15% to Rs 1,750.75), Wipro (up 4.7% to Rs 479.20) and
Tata Consultancy Services (up 3.15% to Rs 910.80) edged higher.
Finance Minister Palaniappan Chidambaram extended by a year a tax
holiday scheme for export-driven software companies as he outlined
some changes to the federal budget for 2008-09. The scheme for
facilities based in technology parks was set to expire in March
2009.
Metal stocks rose. Tata Steel (up 4.01% to Rs 808.90), National
Aluminium Company (up 4.37% to Rs 458.70), Hindalco Industries (up
6.44% to Rs 198.20), Steel Authority of India (up 2.08% to Rs
179.40), Sterlite Industries (up 4.77% to Rs 898.85) edged higher.
Finance Minister P Chidambaram today said government will impose
export tax on basmati rice and some steel products, and cut import
duties on key inputs like ferro alloys and metallurgical coke. He
said the measures were being taken to improve domestic supplies and
to moderate prices.
Banking stocks surged after the RBI's policy announcement. State
Bank of India (up 3.27% to Rs 1,793.50), HDFC Bank (up 1.95% to Rs
1,547.50) and ICICI Bank (up 0.71% to Rs 901.30) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.17% to Rs
642.70), Tata Motors (up 1% to Rs 639.95) Maruti Suzuki India (up
1.24% to Rs 731.30), Hero Honda Motors (up 5.34% to Rs 861.85),
rose.
HDFC (up 5.95% to Rs 2881.45), Larsen & Toubro (up 2.09% to Rs
3007.40) Jaiprakash Associates (up 5.95% to Rs 266.10), Ambuja
Cements (up 1.32% to Rs 114.85), Bharat Heavy Electricals (up 1.29%
to Rs 1891.85), Reliance Industries (up 2.35% to Rs 2,653) edged
higher from Sensex pack.
Hindustan Unilever rose 1.48% to Rs 250.85. Net profit of Hindustan
Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales
to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of
the company has approved the change in the financial year to
April-March.
Reliance Communications declined 1.73% to Rs 574.70 while Bharti
Airtel fell 2.67% to Rs 904.50. Reliance Communications said on
Monday, 28 April 2008, it would offer unlimited national long
distance calls within its network for a fixed rental with immediate
effect. Earlier yesterday, sector leader Bharti Airtel slashed long
distance and roaming tariffs by 43% effective 30 April 2008.
Reliance Natural Resources clocked the highest volume of 2.15 crore
shares on BSE. Ispat Industries (1.71 crore shares), IFCI (1.56
crore shares), Indiabulls Securities (1.51 crore shares) and
Reliance Petroleum (1.47 crore shares) were the other volume
toppers in that order.
Reliance Capital clocked the highest turnover of Rs 317.11 crore on
BSE. Sesa Goa (Rs 309.43 crore), Reliance Petroleum (Rs 295.31
crore), Reliance Natural Resources (Rs 270.24 crore) and Reliance
Industries (Rs 231.64 crore) were the other turnover toppers in
that order.
It its latest report on macroeconomic and monetary developments in
2007/08 released on Monday, 28 April 2008, RBI has said that the
global food prices were likely to remain firm as supply side
pressures did not appear to be abating. The central bank said steps
takes by the government to rein in prices should help curb
inflation. It, however, said the inflation risks on account of oil
prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had
increased substantially since February 2007 alongside rising global
oil prices, while prices of petrol and diesel, which are
government-controlled, had partially adjusted. But prices of
kerosene and cooking gas had not been raised by the government for
several years.
RBI felt there were some demand-side pressures. Domestic iron and
steel prices saw a sharp increase in line with recent hardening in
international steel prices, it said, while cement price rises could
be attributed largely to strong demand from construction
domestically. A survey of professional forecasters by the central
bank showed that the Indian economy is expected to grow 8.1% in the
2008/09 fiscal year that began this month. In 2007/08, the gross
domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A
survey of 392 companies by Federation of Indian Chambers of
Commerce and Industry (FICCI), showed that concerns about an
economic slowdown, inflation and rising costs hurt business
confidence of Indian firms during October-December 2007 period. The
FICCI business confidence index declined to a new five-year low of
55.3 points in the third quarter of 2007/08, from 61.2 in the
previous quarter.
Market extends gains
The market extended gains in afternoon trade as IT firms galloped after Finance Minister extended tax exemption for firms in the sector by a year. Market had surged earlier after Reserve Bank of India (RBI) kept interest rates unchanged at its annual monetary policy review announced today afternoon. Rate sensitive banking, auto and realty stocks surged. Metal stocks rose. The market breadth was strong.
The central bank raised the cash reserve ratio (CRR) by 25 basis points and the stance of its monetary policy was hawkish.
The market had witnessed a bout of volatility earlier in the day ahead of monetary policy announcement. Asian markets which opened before Indian market were mixed. European markets which opened after Indian markets were mixed.
At 13:25 IST, the 30-share BSE Sensex was up 368.52 points or 2.17% at 17,390.73. Sensex hit a high of 17,424.35 in afternoon trade. At the day’s high, Sensex rose 408.39 points. Sensex hit a low of 17011.60 in mid-morning trade. At day's low Sensex fell 4.36 points.
The broader based S&P CNX Nifty was up 95.25 points or 1.87% at 5,184.90.
The market breadth was strong on BSE with 1549 shares advancing as compared to 983 that declined. 71 remained unchanged.
The BSE Mid-Cap index rose 1.05% to 7141.45 and BSE Small-Cap index rose 0.87% to 8,785.46.
IT stocks surged. Satyam Computer Services (up 6.115 to Rs 470), Infosys (up 4.81% to Rs 1,745), Wipro (up 3.64% to Rs 474.35) and Tata Consultancy Services (up 2.49% to Rs 905.10),
Realty stocks edged higher. Indiabulls Real Estate (up 1.66% to Rs 549.80), DLF (up 6.5% to Rs 712.50) and Unitech (down 3.75% to Rs 304.55), rose.
Metal stocks rose. Tata Steel (up 3.69% to Rs 806.40), National Alluminium Company (up 3.99% to Rs 457.05), Hindalco Industries (up 3.01% to Rs 191.20), Steel Authority of India (up 1.22% to Rs 177.90), Sterlite Industries (up 2.77% to Rs 881.70) edged higher.
Banking stocks surged after the RBI's policy announcement. Punjab National Bank (up 4.25% to Rs 577), Federal Bank (up 3.81% to Rs 250.50), Bank of Baroda (up 3.45% to Rs 317.65), State Bank of India (up 2.91% to Rs 1,787.20), HDFC Bank (up 1.12% to Rs 1,534.95) and ICICI Bank (up 2.34% to Rs 915.85) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.22% to Rs 643), Tata Motors (up 1.8% to Rs 645) Maruti Suzuki India (up 1.06% to Rs 730), Hero Honda Motors (up 3.65% to Rs 848.05), rose.
HDFC (up 5.19% to Rs 2861), Larsen & Toubro (up 2.83% to Rs 3029) Jaiprakash Associates (up 3.19% to Rs 259.10), Ranbaxy Laboratories (up 2.04% to Rs 488), Reliance Industries (up 1.97% to Rs 2,643.15) edged higher from Sensex pack.
Hindustan Unilever rose 1.46% to Rs 250.80. Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved the change in the financial year to April-March.
Reliance Communications declined 0.31% to Rs 583 while Bharti Airtel fell 2.25% to Rs 906.50. Reliance Communications said on Monday, 28 April 2008, it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Sita Shree Food Products rose 3.42% to Rs 62.20. It hit a all-time high of Rs 62.70 today.
The central bank raised the cash reserve ratio (CRR) by 25 basis points and the stance of its monetary policy was hawkish.
The market had witnessed a bout of volatility earlier in the day ahead of monetary policy announcement. Asian markets which opened before Indian market were mixed. European markets which opened after Indian markets were mixed.
At 13:25 IST, the 30-share BSE Sensex was up 368.52 points or 2.17% at 17,390.73. Sensex hit a high of 17,424.35 in afternoon trade. At the day’s high, Sensex rose 408.39 points. Sensex hit a low of 17011.60 in mid-morning trade. At day's low Sensex fell 4.36 points.
The broader based S&P CNX Nifty was up 95.25 points or 1.87% at 5,184.90.
The market breadth was strong on BSE with 1549 shares advancing as compared to 983 that declined. 71 remained unchanged.
The BSE Mid-Cap index rose 1.05% to 7141.45 and BSE Small-Cap index rose 0.87% to 8,785.46.
IT stocks surged. Satyam Computer Services (up 6.115 to Rs 470), Infosys (up 4.81% to Rs 1,745), Wipro (up 3.64% to Rs 474.35) and Tata Consultancy Services (up 2.49% to Rs 905.10),
Realty stocks edged higher. Indiabulls Real Estate (up 1.66% to Rs 549.80), DLF (up 6.5% to Rs 712.50) and Unitech (down 3.75% to Rs 304.55), rose.
Metal stocks rose. Tata Steel (up 3.69% to Rs 806.40), National Alluminium Company (up 3.99% to Rs 457.05), Hindalco Industries (up 3.01% to Rs 191.20), Steel Authority of India (up 1.22% to Rs 177.90), Sterlite Industries (up 2.77% to Rs 881.70) edged higher.
Banking stocks surged after the RBI's policy announcement. Punjab National Bank (up 4.25% to Rs 577), Federal Bank (up 3.81% to Rs 250.50), Bank of Baroda (up 3.45% to Rs 317.65), State Bank of India (up 2.91% to Rs 1,787.20), HDFC Bank (up 1.12% to Rs 1,534.95) and ICICI Bank (up 2.34% to Rs 915.85) edged higher.
Auto Stocks edged higher. Mahindra & Mahindra (up 1.22% to Rs 643), Tata Motors (up 1.8% to Rs 645) Maruti Suzuki India (up 1.06% to Rs 730), Hero Honda Motors (up 3.65% to Rs 848.05), rose.
HDFC (up 5.19% to Rs 2861), Larsen & Toubro (up 2.83% to Rs 3029) Jaiprakash Associates (up 3.19% to Rs 259.10), Ranbaxy Laboratories (up 2.04% to Rs 488), Reliance Industries (up 1.97% to Rs 2,643.15) edged higher from Sensex pack.
Hindustan Unilever rose 1.46% to Rs 250.80. Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved the change in the financial year to April-March.
Reliance Communications declined 0.31% to Rs 583 while Bharti Airtel fell 2.25% to Rs 906.50. Reliance Communications said on Monday, 28 April 2008, it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Sita Shree Food Products rose 3.42% to Rs 62.20. It hit a all-time high of Rs 62.70 today.
Performance of tips of 29.04.2008 @1.30PM
buy FCH above 629 target 640/648/652 high 636
buy RCOM above 586 target 592/596/609 high 598.80
buy APOLLOTYRE above 46 target 47/47.5/48 high 46.40
buy IDBI above 105 target 106/107/109 high 107.40
buy RCOM above 586 target 592/596/609 high 598.80
buy APOLLOTYRE above 46 target 47/47.5/48 high 46.40
buy IDBI above 105 target 106/107/109 high 107.40
RBI hikes CRR by 25 bps; repo, reverse repo rates intact
In its Credit Policy, the RBI has hiked the CRR by 25 bps to 8.25%. It has left the repo, reverse repo rates unchanged. The RBI aims at 4-4.5% inflation going forward. It is attempting to bring down the inflation to 5.5% in FY09.
The RBI has set the FY09 GDP growth target at 8-8.5%. It is aiming at a credit growth of 20% in FY09. The central bank has upped its home loan limit of 50% risk weight to Rs 30 lakhs from Rs 20 lakhs. The local factors would remain dominant for policy setting, The RBI said. It will continue emphasising on anchoring inflation expectations. It will also ensure a rate environment with high priority to price stability, it said.
The RBI plans to respond swiftly on a continuing basis to evolving situations. Its emphasis would be on credit quality and delivery for sensitive sectors.
The RBI has set the FY09 GDP growth target at 8-8.5%. It is aiming at a credit growth of 20% in FY09. The central bank has upped its home loan limit of 50% risk weight to Rs 30 lakhs from Rs 20 lakhs. The local factors would remain dominant for policy setting, The RBI said. It will continue emphasising on anchoring inflation expectations. It will also ensure a rate environment with high priority to price stability, it said.
The RBI plans to respond swiftly on a continuing basis to evolving situations. Its emphasis would be on credit quality and delivery for sensitive sectors.
Market opens on a firm note
At 10:21 IST, the 30-share BSE Sensex was up 76.06 points or 0.43% at 17,089.17. Sensex hit a high of 17,114.56 in early trade. At the day’s high, Sensex rose 98.6 points.
The broader based S&P CNX Nifty was up 16.05 points or 0.32% at 5,105.70.
The market breadth was strong on BSE with 1030 shares advancing as compared to 551 that declined. 44 remained unchanged.
The BSE Mid-Cap index rose 0.54% to 7105.49 and BSE Small-Cap index rose 0.58% to 8,760.41.
Banking stocks rose. State Bank of India (up 1.29% to Rs 1,759) and HDFC Bank (up 0.66% to Rs 1,527.95) edged higher. India’s largest private sector bank by assets ICICI Bank rose 0.53% to Rs 899.95.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra (up 0.73% to Rs 639.90), Maruti Suzuki India (up 0.87% to Rs 729.70), Hero Honda Motors (up 0.23% to Rs 820), Tata Motors (up 1.01% to Rs 640) edged higher.
Relaty stocks were mixed. Indiabulls Real Estate (down 0.91% to Rs 535.90) and Unitech (down 1.01% to Rs 290.55) edged lower. Lanco Infratech (up 1.76% to Rs 496.70) and DLF (up 0.61% to Rs 672.60) edged higher.
Tata Steel (up 3.51% to Rs 805), Hindalco Industries (up 1.5% to Rs 189), Jaiprakash Associates (up 1.51% to Rs 254.95), ACC (up 0.74% to Rs 772.50) edged higher from Sensex pack.
Hindustan Unilever declined 0.32% to Rs 246.75. Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved the change in the financial year to April-March
Reliance Communications declined 0.48% to Rs 582 while Bharti Airtel fell 1.12% to Rs 918. Reliance Communications said on Monday, 28 April 2008, it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Alok Industries advanced 2.31% to Rs 71. The company’s board has approved issue and allotment of 98 lakh equity shares of the face value of Rs 10 each for cash at a premium of Rs 92 per share, to Jiwrajka Associates, a part of the promoter group. It also approved hiving-off its retail business to the company's wholly subsidiary company Alok Homes & Apparels.
Sesa Goa rose 3.75% to Rs 3,860.20. Sesa Goa said on Monday, 28 April 2008 it would split its shares giving shareholders 10 shares for each existing share, and after the split would make a one-for-one bonus issue of shares. Sesa Goa reported 216.37% surge in net profit to Rs 798.30 crore on 116.21% increase in sales to Rs 1669.97 crore in Q4 March 2008 over Q4 March 2007.
State Trading Corporation of India rose 1.27% to Rs 417. Net profit of State Trading Corporation of India rose 125.04% to Rs 44.67 crore on 14.28% rise in sales to Rs 4255.98 crore in Q4 March 2008 over Q4 March 2007.
Titagarh Wagons rose 0.7% to Rs 680. Titagarh Wagons reported net profit of Rs 60.57 crore on sales of Rs 559.64 crore in the year ended March 2008.
Finolex Cables rose 0.95% to Rs 69.05. Net profit of Finolex Cables rose 13.14% to Rs 9.99 crore on 44.83% increase in sales to Rs 423.21 crore in Q4 March 2008 Q4 March 2007.
Celestial Labs rose 5.72% to Rs 43.45. Net profit of Celestial Labs rose 222.78% to Rs 2.55 crore on 56.33% rise in sales to Rs 4.94 crore in Q4 March 2008 Q4 March 2007.
Shiv-Vani Oil & Gas Exploration Services rose 4% to Rs 591. Net profit of Shiv-Vani Oil & Gas Exploration Services rose 109.25% to Rs 19.23 crore on 118.42% rise in sales to Rs 137.19 crore in Q4 March 2008 over March 2007.
The broader based S&P CNX Nifty was up 16.05 points or 0.32% at 5,105.70.
The market breadth was strong on BSE with 1030 shares advancing as compared to 551 that declined. 44 remained unchanged.
The BSE Mid-Cap index rose 0.54% to 7105.49 and BSE Small-Cap index rose 0.58% to 8,760.41.
Banking stocks rose. State Bank of India (up 1.29% to Rs 1,759) and HDFC Bank (up 0.66% to Rs 1,527.95) edged higher. India’s largest private sector bank by assets ICICI Bank rose 0.53% to Rs 899.95.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra (up 0.73% to Rs 639.90), Maruti Suzuki India (up 0.87% to Rs 729.70), Hero Honda Motors (up 0.23% to Rs 820), Tata Motors (up 1.01% to Rs 640) edged higher.
Relaty stocks were mixed. Indiabulls Real Estate (down 0.91% to Rs 535.90) and Unitech (down 1.01% to Rs 290.55) edged lower. Lanco Infratech (up 1.76% to Rs 496.70) and DLF (up 0.61% to Rs 672.60) edged higher.
Tata Steel (up 3.51% to Rs 805), Hindalco Industries (up 1.5% to Rs 189), Jaiprakash Associates (up 1.51% to Rs 254.95), ACC (up 0.74% to Rs 772.50) edged higher from Sensex pack.
Hindustan Unilever declined 0.32% to Rs 246.75. Net profit of Hindustan Unilever declined 3.04% to Rs 380.95 crore on 19.14% rise in sales to Rs 3793.94 crore in Q1 March 2008 Q1 March 2007. The board of the company has approved the change in the financial year to April-March
Reliance Communications declined 0.48% to Rs 582 while Bharti Airtel fell 1.12% to Rs 918. Reliance Communications said on Monday, 28 April 2008, it would offer unlimited national long distance calls within its network for a fixed rental with immediate effect. Earlier yesterday, sector leader Bharti Airtel slashed long distance and roaming tariffs by 43% effective 30 April 2008.
Alok Industries advanced 2.31% to Rs 71. The company’s board has approved issue and allotment of 98 lakh equity shares of the face value of Rs 10 each for cash at a premium of Rs 92 per share, to Jiwrajka Associates, a part of the promoter group. It also approved hiving-off its retail business to the company's wholly subsidiary company Alok Homes & Apparels.
Sesa Goa rose 3.75% to Rs 3,860.20. Sesa Goa said on Monday, 28 April 2008 it would split its shares giving shareholders 10 shares for each existing share, and after the split would make a one-for-one bonus issue of shares. Sesa Goa reported 216.37% surge in net profit to Rs 798.30 crore on 116.21% increase in sales to Rs 1669.97 crore in Q4 March 2008 over Q4 March 2007.
State Trading Corporation of India rose 1.27% to Rs 417. Net profit of State Trading Corporation of India rose 125.04% to Rs 44.67 crore on 14.28% rise in sales to Rs 4255.98 crore in Q4 March 2008 over Q4 March 2007.
Titagarh Wagons rose 0.7% to Rs 680. Titagarh Wagons reported net profit of Rs 60.57 crore on sales of Rs 559.64 crore in the year ended March 2008.
Finolex Cables rose 0.95% to Rs 69.05. Net profit of Finolex Cables rose 13.14% to Rs 9.99 crore on 44.83% increase in sales to Rs 423.21 crore in Q4 March 2008 Q4 March 2007.
Celestial Labs rose 5.72% to Rs 43.45. Net profit of Celestial Labs rose 222.78% to Rs 2.55 crore on 56.33% rise in sales to Rs 4.94 crore in Q4 March 2008 Q4 March 2007.
Shiv-Vani Oil & Gas Exploration Services rose 4% to Rs 591. Net profit of Shiv-Vani Oil & Gas Exploration Services rose 109.25% to Rs 19.23 crore on 118.42% rise in sales to Rs 137.19 crore in Q4 March 2008 over March 2007.
Markets open flat but positive
Markets opens in positive but flat. at 10AM NSE up by 15 points.
The outcome of the decision of the Reserve Bank of India (RBI)'s annual policy review at 12:00 IST will set direction for the bourses which have witnessed a solid rebound over the past few days on the back of good Q4 March 2008 results and on the back of firm global markets. Given the high inflation, the central bank may hike key rates..
be cautious at around 12. Market may move in either direction
The outcome of the decision of the Reserve Bank of India (RBI)'s annual policy review at 12:00 IST will set direction for the bourses which have witnessed a solid rebound over the past few days on the back of good Q4 March 2008 results and on the back of firm global markets. Given the high inflation, the central bank may hike key rates..
be cautious at around 12. Market may move in either direction
Pre Market Report 29.04.2008
The outcome of the decision of the Reserve Bank of India (RBI)'s annual policy review at 12:00 IST will set direction for the bourses which have witnessed a solid rebound over the past few days on the back of good Q4 March 2008 results and on the back of firm global markets. Given the high inflation, the central bank may hike key rates.
It its latest report on macroeconomic and monetary developments in 2007/08 released on Monday, 28 April 2008, RBI has said that the global food prices were likely to remain firm as supply side pressures did not appear to be abating. The central bank said steps takes by the government to rein in prices should help curb inflation. It, however, said the inflation risks on account of oil prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had increased substantially since February 2007 alongside rising global oil prices, while prices of petrol and diesel, which are government-controlled, had partially adjusted. But prices of kerosene and cooking gas had not been raised by the government for several years.
RBI felt there were some demand-side pressures. Domestic iron and steel prices saw a sharp increase in line with recent hardening in international steel prices, it said, while cement price rises could be attributed largely to strong demand from construction domestically
A survey of professional forecasters by the central bank showed that the Indian economy is expected to grow 8.1% in the 2008/09 fiscal year that began this month. In 2007/08, the gross domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A survey of 392 companies by Federation of Indian Chambers of Commerce and Industry (FICCI), showed that concerns about an economic slowdown, inflation and rising costs hurt business confidence of Indian firms during October-December 2007 period. The FICCI business confidence index declined to a new five-year low of 55.3 points in the third quarter of 2007/08, from 61.2 in the previous quarter.
On the flip side, a pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
The initial batch of Q4 March 2008 results have been good with the exception of Tata Consultancy Services (TCS).
Meanwhile, the Lok Sabha is slated to pass the Finance Bill 2008-09 today, 29 April 2008.
The two-day US Federal Reserve policy meeting ends on Wednesday, 30 April 2008. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure.
As per provisional data, FIIs sold shares worth a net Rs 38.33 crore on Monday, 28 April 2008. Domestic funds sold shares worth a net Rs 166.61 crore on Monday.
FIIs were net buyers of Rs 455.13 crore in the futures & options segment on Monday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 214.86 crore and bought index options worth Rs 137.14 crore. They were net buyers of stock futures to the tune of Rs 24.42 crore and bought stock options worth Rs 78.72 crore
US stocks ended flat on Monday, 28 April 2008, as a $23 billion takeover of Wm Wrigley Jr Co, the world's largest chewing gum maker, by Mars Inc, the maker of M&Ms candy, helped offset downbeat comments by influential investor Warren Buffett about the economy. Buffett said US could be mired in a longer and deeper recession than most people think.
Asian stocks were mixed today. Key benchmark indices in Hong Kong and China were up by between 1.36% to 1.39%. Key benchmark indices in Singapore, Taiwan and South Korea were down by between 0.6% to 0.7%. Japanese markets were closed for a national holiday.
It its latest report on macroeconomic and monetary developments in 2007/08 released on Monday, 28 April 2008, RBI has said that the global food prices were likely to remain firm as supply side pressures did not appear to be abating. The central bank said steps takes by the government to rein in prices should help curb inflation. It, however, said the inflation risks on account of oil prices remain incipient.
RBI has noted that freely priced fuel items such as naphtha had increased substantially since February 2007 alongside rising global oil prices, while prices of petrol and diesel, which are government-controlled, had partially adjusted. But prices of kerosene and cooking gas had not been raised by the government for several years.
RBI felt there were some demand-side pressures. Domestic iron and steel prices saw a sharp increase in line with recent hardening in international steel prices, it said, while cement price rises could be attributed largely to strong demand from construction domestically
A survey of professional forecasters by the central bank showed that the Indian economy is expected to grow 8.1% in the 2008/09 fiscal year that began this month. In 2007/08, the gross domestic product is estimated to have grown 8.7%.
A cause for concern is the fall in business confidence index. A survey of 392 companies by Federation of Indian Chambers of Commerce and Industry (FICCI), showed that concerns about an economic slowdown, inflation and rising costs hurt business confidence of Indian firms during October-December 2007 period. The FICCI business confidence index declined to a new five-year low of 55.3 points in the third quarter of 2007/08, from 61.2 in the previous quarter.
On the flip side, a pointer to the fact that the long term India growth story remains intact is the outcome of the latest 2008 US-India Business Council (USIBC) survey, according to which, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable.
The initial batch of Q4 March 2008 results have been good with the exception of Tata Consultancy Services (TCS).
Meanwhile, the Lok Sabha is slated to pass the Finance Bill 2008-09 today, 29 April 2008.
The two-day US Federal Reserve policy meeting ends on Wednesday, 30 April 2008. The market expects the Fed to cut interest rates by 25 basis points to 2% and then signal that its rate-cutting cycle may be over for now in the face of mounting global energy and food inflation pressure.
As per provisional data, FIIs sold shares worth a net Rs 38.33 crore on Monday, 28 April 2008. Domestic funds sold shares worth a net Rs 166.61 crore on Monday.
FIIs were net buyers of Rs 455.13 crore in the futures & options segment on Monday. According to data released by the NSE, FIIs were net buyers of index futures to the tune of Rs 214.86 crore and bought index options worth Rs 137.14 crore. They were net buyers of stock futures to the tune of Rs 24.42 crore and bought stock options worth Rs 78.72 crore
US stocks ended flat on Monday, 28 April 2008, as a $23 billion takeover of Wm Wrigley Jr Co, the world's largest chewing gum maker, by Mars Inc, the maker of M&Ms candy, helped offset downbeat comments by influential investor Warren Buffett about the economy. Buffett said US could be mired in a longer and deeper recession than most people think.
Asian stocks were mixed today. Key benchmark indices in Hong Kong and China were up by between 1.36% to 1.39%. Key benchmark indices in Singapore, Taiwan and South Korea were down by between 0.6% to 0.7%. Japanese markets were closed for a national holiday.
Stock tips 29.04.2008
buy FCH above 629 target 640/648/652
buy RCOM above 586 target 592/596/609
buy APOLLOTYRE above 46 target 47/47.5/48
buy IDBI above 105 target 106/107/109
buy RCOM above 586 target 592/596/609
buy APOLLOTYRE above 46 target 47/47.5/48
buy IDBI above 105 target 106/107/109
Asian market opens flat
After US market closed almost flat, Asian markets also opened flat.
Hang Seng 25,667.65 +1.36 +0.01%
Straits Times 3,174.61 -27.02 -0.84%
Hang Seng 25,667.65 +1.36 +0.01%
Straits Times 3,174.61 -27.02 -0.84%
Wall Street finishes little changed as investors position ahead of Federal Reserve meeting
Wall Street finished little changed Monday as investors turned cautious ahead of the Federal Reserve's two-day policy meeting, which starts Tuesday.
Stocks advanced for most of the session, then pulled back modestly in the final minutes of trading.
Investors' appeared to be waiting for the Fed to make the next move. Policymakers are widely expected to cut interest rates by a quarter point on Wednesday, then leave them steady for the balance of the year to help ward off inflation.
The session's modest moves came despite one of the most active days for acquisitions in almost three months. The biggest deal was the Warren Buffett and candy maker Mars Inc. offer to buy Wm. Wrigley Jr. Co. for about $23 billion in cash. Meanwhile, billionaire Kirk Kerkorian plans to make an offer that would expand his stake in Ford Motor Co. to 5.6 percent, saying he sees signs the automaker's turnaround plan is working.
This helped to offset disappointment in the market that struggling Continental Airlines Inc. said it would not pursue a combination with another carrier right away. It was a surprising move after weeks of speculation it would join with United Airlines to create the world's biggest carrier.
But investors appeared focused on the Fed.
The Dow Jones industrial average fell 20.11, or 0.16 percent, to 12,871.75.
Broader indexes were mixed. The Standard & Poor's 500 index slipped 1.47, or 0.11 percent, to 1,396.37, and the Nasdaq composite index rose 1.47, or 0.06 percent, to 2,424.40.
Stocks advanced for most of the session, then pulled back modestly in the final minutes of trading.
Investors' appeared to be waiting for the Fed to make the next move. Policymakers are widely expected to cut interest rates by a quarter point on Wednesday, then leave them steady for the balance of the year to help ward off inflation.
The session's modest moves came despite one of the most active days for acquisitions in almost three months. The biggest deal was the Warren Buffett and candy maker Mars Inc. offer to buy Wm. Wrigley Jr. Co. for about $23 billion in cash. Meanwhile, billionaire Kirk Kerkorian plans to make an offer that would expand his stake in Ford Motor Co. to 5.6 percent, saying he sees signs the automaker's turnaround plan is working.
This helped to offset disappointment in the market that struggling Continental Airlines Inc. said it would not pursue a combination with another carrier right away. It was a surprising move after weeks of speculation it would join with United Airlines to create the world's biggest carrier.
But investors appeared focused on the Fed.
The Dow Jones industrial average fell 20.11, or 0.16 percent, to 12,871.75.
Broader indexes were mixed. The Standard & Poor's 500 index slipped 1.47, or 0.11 percent, to 1,396.37, and the Nasdaq composite index rose 1.47, or 0.06 percent, to 2,424.40.
Monday, April 28, 2008
Post Market report 28/04/2008
The market snapped last two day’s rally to end in the red. The 30-share BSE Sensex fell below 17,000 level in late trading before once again regaining that level shortly. Investors were cautious ahead of central bank’s monetary policy meet tomorrow, 29 April 2008. Capital goods, IT and oil & gas stocks slipped. European markets which opened after Indian market were in the green.
Among interest rate sensitive stocks, while banking shares edged lower, realty and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was negative.
The 30-share BSE Sensex provisionally ended down 102.62 points or 0.6% to 17,023.36. The market had moved in a narrow range, moving between positive and negative zone in early afternoon trade. A bout of volatility was witnessed earlier in the day. The market had opened on a firm note extending last week's rally. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 16,978.89 in late trade. At day’s low Sensex fell 147.09 points.
The BSE clocked a turnover of Rs 5511 crore as compared to Rs 6060.58 crore on Friday, 25 April 2008.
The broader based S&P CNX Nifty was down 15.80 points or 0.31% at 5,095.90 as per provisional figures.
The market breadth was negative on BSE with 1283 shares advancing as compared to 1389 that declined. 68 remained unchanged.
The BSE Mid-Cap index rose 0.13% to 7065.52 while BSE Small-Cap index declined 0.22% to 8,708.59.
Capital Goods stocks declined. Larsen & Toubro (down 0.98% to Rs 2,942.15), and Suzlon Energy (down 3.91% to Rs 278) edged lower. India’s largest electric equipment maker by sales Bharat Heavy Electricals was flat at Rs 1,867.
Oil & gas stocks were mostly in the red. Reliance Industries (down 1.32% to Rs 2,589.80), ONGC (down 0.45% to Rs 1,050.20), Reliance Petroleum (down 0.49% to Rs 193.80), BPCL (down 0.38% to Rs 391.10) and GAIL India (down 1.92% to Rs 436.50) edged lower. However, Indian Oil (up 1.88% to Rs 445) and HPCL (up 1.8% to Rs 252.05) edged higher.
Oil marketing firms Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are making losses on retail sale of petrol and diesel as they are not allowed to pass on the rise in oil prices to retail consumers.
Consumer durables stocks rose. Titan Industries (up 6.75% to Rs 1,195), Lloyd Electric (up 3.47% to Rs 113.30), Videocon Industries (up 0.58% to Rs 378.90) edged higher.
IT stocks declined. Wipro (down 1.35% to Rs 459.90), Infosys (down 1.27% to Rs 1,664.95), Satyam Computer Services (down 0.37% to Rs 442.95) and Tata Consultancy Services (down 0.76% to Rs 883) edged lower.
Realty stocks rose. Unitech rose 1.61% to Rs 293.50. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.
Anant Raj Industries (up 8.01% to Rs 296.10) and DLF (up 0.06% to Rs 668.55) edged higher. However, Indiabulls Real Estate declined 2.56% to Rs 540.80. If the interest rates move up further, the cost of capital for new as well as ongoing realty projects will increase. The real estate market is already witnessing a slowdown and this will compound the problem.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 2.31% to Rs 894.95. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.38% to Rs 1517.95. However India’s largest commercial bank State Bank of India declined 0.77% to Rs 1,736.65.
India’s largest tractor maker by sales Mahindra & Mahindra declined 0.08% to Rs 635.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities.
India’s largest car maker by sales Maruti Suzuki India declined 1.68% to Rs 724.90 while largest motorcycle maker by sales Hero Honda Motors rose 1.34% to Rs 818.15.
India' s largest truck maker by sales Tata Motors declined 0.86% to Rs 633.60.
Metal stocks were mixed. Sesa Goa surged 5.91% to Rs 3,707. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. But Tata Steel (down 3.19 % to Rs 777.70), Steel Authority of India (down 0.82% to Rs 175.75), Hindalco Industries (down 1.48% to Rs 186.20) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.52% to Rs 439.50. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.63% to Rs 857.90. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.
Jaiprakash Associates (up 3.11% to Rs 253.35), Reliance Communications (up 2.12% to Rs 589.30), HDFC (up 1.04% to Rs 2725), Ranbaxy Laboratoies (up 0.28% to Rs 480.15), ITC (up 1.06% to Rs 215) edged higher from Sensex pack.
Cipla (down 3.41% to Rs 216.65), Ambuja Cement (down 1.05% to Rs 113.60), ACC (down 1.03% to Rs 774.70), Grasim Industries (down 0.56% to Rs 2634) edged lower from Sensex pack.
India’s second largest power utility firm by sales Reliance Energy rose 2.43% to Rs 1391.95. The company’s net profit rose 35.33% to Rs 1084.63 crore on 14.08% rise in total income to Rs 7501.2 crore in FY 2008 over FY 2007.
Refex Refrigerant declined 1.14% to Rs 230. It hit a 52 week high of Rs 238.80 today. From the recent low of Rs 166.65 on 8 April 2008 the stock rose 39.6% to Rs 232.65 on 25 April 2008.
Reliance Natural Resources remained flat at Rs 123.90. The company’s net profit rose 137.62% to Rs 68.59 crore on 51.1% rise in total income to Rs 367.3 crore in FY 2008 over FY 2007.
Among interest rate sensitive stocks, while banking shares edged lower, realty and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was negative.
The 30-share BSE Sensex provisionally ended down 102.62 points or 0.6% to 17,023.36. The market had moved in a narrow range, moving between positive and negative zone in early afternoon trade. A bout of volatility was witnessed earlier in the day. The market had opened on a firm note extending last week's rally. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 16,978.89 in late trade. At day’s low Sensex fell 147.09 points.
The BSE clocked a turnover of Rs 5511 crore as compared to Rs 6060.58 crore on Friday, 25 April 2008.
The broader based S&P CNX Nifty was down 15.80 points or 0.31% at 5,095.90 as per provisional figures.
The market breadth was negative on BSE with 1283 shares advancing as compared to 1389 that declined. 68 remained unchanged.
The BSE Mid-Cap index rose 0.13% to 7065.52 while BSE Small-Cap index declined 0.22% to 8,708.59.
Capital Goods stocks declined. Larsen & Toubro (down 0.98% to Rs 2,942.15), and Suzlon Energy (down 3.91% to Rs 278) edged lower. India’s largest electric equipment maker by sales Bharat Heavy Electricals was flat at Rs 1,867.
Oil & gas stocks were mostly in the red. Reliance Industries (down 1.32% to Rs 2,589.80), ONGC (down 0.45% to Rs 1,050.20), Reliance Petroleum (down 0.49% to Rs 193.80), BPCL (down 0.38% to Rs 391.10) and GAIL India (down 1.92% to Rs 436.50) edged lower. However, Indian Oil (up 1.88% to Rs 445) and HPCL (up 1.8% to Rs 252.05) edged higher.
Oil marketing firms Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are making losses on retail sale of petrol and diesel as they are not allowed to pass on the rise in oil prices to retail consumers.
Consumer durables stocks rose. Titan Industries (up 6.75% to Rs 1,195), Lloyd Electric (up 3.47% to Rs 113.30), Videocon Industries (up 0.58% to Rs 378.90) edged higher.
IT stocks declined. Wipro (down 1.35% to Rs 459.90), Infosys (down 1.27% to Rs 1,664.95), Satyam Computer Services (down 0.37% to Rs 442.95) and Tata Consultancy Services (down 0.76% to Rs 883) edged lower.
Realty stocks rose. Unitech rose 1.61% to Rs 293.50. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.
Anant Raj Industries (up 8.01% to Rs 296.10) and DLF (up 0.06% to Rs 668.55) edged higher. However, Indiabulls Real Estate declined 2.56% to Rs 540.80. If the interest rates move up further, the cost of capital for new as well as ongoing realty projects will increase. The real estate market is already witnessing a slowdown and this will compound the problem.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 2.31% to Rs 894.95. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 1.38% to Rs 1517.95. However India’s largest commercial bank State Bank of India declined 0.77% to Rs 1,736.65.
India’s largest tractor maker by sales Mahindra & Mahindra declined 0.08% to Rs 635.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities.
India’s largest car maker by sales Maruti Suzuki India declined 1.68% to Rs 724.90 while largest motorcycle maker by sales Hero Honda Motors rose 1.34% to Rs 818.15.
India' s largest truck maker by sales Tata Motors declined 0.86% to Rs 633.60.
Metal stocks were mixed. Sesa Goa surged 5.91% to Rs 3,707. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. But Tata Steel (down 3.19 % to Rs 777.70), Steel Authority of India (down 0.82% to Rs 175.75), Hindalco Industries (down 1.48% to Rs 186.20) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.52% to Rs 439.50. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.63% to Rs 857.90. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.
Jaiprakash Associates (up 3.11% to Rs 253.35), Reliance Communications (up 2.12% to Rs 589.30), HDFC (up 1.04% to Rs 2725), Ranbaxy Laboratoies (up 0.28% to Rs 480.15), ITC (up 1.06% to Rs 215) edged higher from Sensex pack.
Cipla (down 3.41% to Rs 216.65), Ambuja Cement (down 1.05% to Rs 113.60), ACC (down 1.03% to Rs 774.70), Grasim Industries (down 0.56% to Rs 2634) edged lower from Sensex pack.
India’s second largest power utility firm by sales Reliance Energy rose 2.43% to Rs 1391.95. The company’s net profit rose 35.33% to Rs 1084.63 crore on 14.08% rise in total income to Rs 7501.2 crore in FY 2008 over FY 2007.
Refex Refrigerant declined 1.14% to Rs 230. It hit a 52 week high of Rs 238.80 today. From the recent low of Rs 166.65 on 8 April 2008 the stock rose 39.6% to Rs 232.65 on 25 April 2008.
Reliance Natural Resources remained flat at Rs 123.90. The company’s net profit rose 137.62% to Rs 68.59 crore on 51.1% rise in total income to Rs 367.3 crore in FY 2008 over FY 2007.
Mkt ends weak
The markets ended in red with moderate losses on account of buying interest in index pivitols. Capital goods, power, IT and oil & gas stocks were witnessing selling pressure. However, consumer durable, realty, pharma stocks witnessing are buying interest. Broader markets showed relative strength and closed flat. In the global front, Asia closed mixed and Europe was trading firm.
Shashun, Orchid Chemicals, Bombay Dyeing, Sesa Goa, Bajaj Hindustan closed firm.
After weak results Siemens has been languishing lower, it was down over 9%.
Jaiprakash Asso, Reliance Energy, HDFC Bank, Sterlite Ind, Tata Comm Sun Pharma and Bharti Airtel were among the top gainers on the bourses.
Cipla, Tata Steel, Wipro, ABB and Cipla were top losers on the bourses.
Shashun, Orchid Chemicals, Bombay Dyeing, Sesa Goa, Bajaj Hindustan closed firm.
After weak results Siemens has been languishing lower, it was down over 9%.
Jaiprakash Asso, Reliance Energy, HDFC Bank, Sterlite Ind, Tata Comm Sun Pharma and Bharti Airtel were among the top gainers on the bourses.
Cipla, Tata Steel, Wipro, ABB and Cipla were top losers on the bourses.
performance of tips given on 28/04/2008 @12:00PM
Buy RPOWER BUY ABOVE 402 target 408/412/416/420 opens @405.00 high 414.80 2 targets met
Buy RCOM ABOVE 578 target 591/595/600 Opens@580.00 high 597.90 2 targets met
Calls open
buy RNRL above 125 target 127/128/130 opens@125.00 high 126.50
buy PETRONET above 80.5 target 82/83 opens@80.00 high 81.00
Buy RCOM ABOVE 578 target 591/595/600 Opens@580.00 high 597.90 2 targets met
Calls open
buy RNRL above 125 target 127/128/130 opens@125.00 high 126.50
buy PETRONET above 80.5 target 82/83 opens@80.00 high 81.00
Market turns volatile
The market traded between positive and negative zone in choppy mid-morning trade. The market had opened on a firm note extending last week's rally. It had soon declined into the red, amid mixed Asian markets. Among interest rate sensitive stocks, while banking shares edged lower, realty and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was strong.
At 11:25 IST, the 30-share BSE Sensex was almost unchanged at 17,125.06. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 17,042.97 in early trade. At day’s low sensex fell 83.01 points.
The broader based S&P CNX Nifty was up 1.95 points or 0.03% at 5,113.65.
The market breadth was strong on BSE with 1363 shares advancing as compared to 917 that declined. 71 remained unchanged.
The BSE Mid-Cap index rose 0.69% to 7104.92 and BSE Small-Cap index rose 0.58% to 8,778.65.
Realty stocks rose. Unitech rose 1.23% to Rs 292.40. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.
Anant Raj Industries (up 10.2% to Rs 302.10) and DLF (up 0.8% to Rs 673.50) edged higher. However, Indiabulls Real Estate declined 1.08% to Rs 548.80.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 0.74% to Rs 908.65. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 2.06% to Rs 1528. However India’s largest commercial bank State Bank of India declined 0.03% to Rs 1,749.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra declined 0.38% to Rs 633.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities. India’s largest car maker by sales Maruti Suzuki India declined 0.36% to Rs 733.20 while larget motorcycle maker by sales Hero Honda Motors rose 0.95% to Rs 815.
India' s largest truck maker by sales Tata Motors declined 0.09% to Rs 638.55.
Metal stocks were mixed. Sesa Goa surged 6% to Rs 3,710. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. Steel Authority of India (up 0.68% to Rs 178.40) edged higher. But Tata Steel (down 1.69% to Rs 789.75), Hindalco Industries (down 0.69% to Rs 187.70) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.19% to Rs 441. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.76% to Rs 859. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.
Jaiprakash Associates (up 3.28% to Rs 253.75), Ranbaxy Laboratoies (up 1.29% to Rs 485), Bharti Airtel (up 1.37% to Rs 938), Reliance Communications (up 1.52% to Rs 585.80), edged higher from Sensex pack.
Cipla (down 2.59% to Rs 218.50), Wipro (down 1.74% to Rs 458.10), Infosys (down 1.03% to Rs 1,669.05), Tata Consultancy Services (down 0.82% to Rs 882.50) and Larsen & Youbro (down 0.98% to Rs 2942.20) edged lower from Sensex pack.
Motilal Oswal Financial Services rose 3.92% to Rs 785. Motilal Oswal Financial Services, whose asset management subsidiary awaits clearance from Securities and Exchange Board of India (SEBI) for launching mutual funds, is reportedly open to the idea of strategic partners for the Asset Management Company (AMC)
Essar Oil declined 2.67% to Rs 273.05. Essar Oil reported net loss of Rs 8.48 crore in Q4 March 2008 as against net profit of Rs 0.99 crore in Q4 March 2007. Sales declined 82.1% to Rs 47.46 crore in Q4 March 2008 over Q4 March 2007. Th company announced the result on 26 April 2008.
Goldiam International hit 5% upper circuit at Rs 56.45. The board approved on 25 April 2008 a buy-back of upto 5.5% of the equity share capital of the company at a price not exceeding Rs 85.
At 11:25 IST, the 30-share BSE Sensex was almost unchanged at 17,125.06. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. Sensex hit a low of 17,042.97 in early trade. At day’s low sensex fell 83.01 points.
The broader based S&P CNX Nifty was up 1.95 points or 0.03% at 5,113.65.
The market breadth was strong on BSE with 1363 shares advancing as compared to 917 that declined. 71 remained unchanged.
The BSE Mid-Cap index rose 0.69% to 7104.92 and BSE Small-Cap index rose 0.58% to 8,778.65.
Realty stocks rose. Unitech rose 1.23% to Rs 292.40. Two Middle East-based wireless operators — Kuwait’s Zain and UAE’s Emirates Telecommunications Corporation (Etisalat) — have reportedly joined South Africa’s MTN and Russia’s Altimo in the race to acquire 25-35% stake in Unitech’s new telecom venture.
Anant Raj Industries (up 10.2% to Rs 302.10) and DLF (up 0.8% to Rs 673.50) edged higher. However, Indiabulls Real Estate declined 1.08% to Rs 548.80.
Banking stocks declined. India’s largest private sector bank by assets ICICI Bank declined 0.74% to Rs 908.65. It came off from session's high of Rs 947. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
India’s second largest private sector bank in terms of net profit HDFC Bank rose 2.06% to Rs 1528. However India’s largest commercial bank State Bank of India declined 0.03% to Rs 1,749.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra declined 0.38% to Rs 633.25. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities. India’s largest car maker by sales Maruti Suzuki India declined 0.36% to Rs 733.20 while larget motorcycle maker by sales Hero Honda Motors rose 0.95% to Rs 815.
India' s largest truck maker by sales Tata Motors declined 0.09% to Rs 638.55.
Metal stocks were mixed. Sesa Goa surged 6% to Rs 3,710. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. Steel Authority of India (up 0.68% to Rs 178.40) edged higher. But Tata Steel (down 1.69% to Rs 789.75), Hindalco Industries (down 0.69% to Rs 187.70) edged lower. India’s largest public sector aluminium maker by sales National Aluminium Company (Nalco) declined 1.19% to Rs 441. It has reportedly lined up a $1 billion investment to put up smelters and a power plant in Iran.
Sterlite Industries (India) rose 2.76% to Rs 859. It reported 46.50% rise in net profit to Rs 306.45 crore on 14.75% rise in sales to Rs 3379.53 crore in Q4 March 2008 over Q4 March 2007.
Jaiprakash Associates (up 3.28% to Rs 253.75), Ranbaxy Laboratoies (up 1.29% to Rs 485), Bharti Airtel (up 1.37% to Rs 938), Reliance Communications (up 1.52% to Rs 585.80), edged higher from Sensex pack.
Cipla (down 2.59% to Rs 218.50), Wipro (down 1.74% to Rs 458.10), Infosys (down 1.03% to Rs 1,669.05), Tata Consultancy Services (down 0.82% to Rs 882.50) and Larsen & Youbro (down 0.98% to Rs 2942.20) edged lower from Sensex pack.
Motilal Oswal Financial Services rose 3.92% to Rs 785. Motilal Oswal Financial Services, whose asset management subsidiary awaits clearance from Securities and Exchange Board of India (SEBI) for launching mutual funds, is reportedly open to the idea of strategic partners for the Asset Management Company (AMC)
Essar Oil declined 2.67% to Rs 273.05. Essar Oil reported net loss of Rs 8.48 crore in Q4 March 2008 as against net profit of Rs 0.99 crore in Q4 March 2007. Sales declined 82.1% to Rs 47.46 crore in Q4 March 2008 over Q4 March 2007. Th company announced the result on 26 April 2008.
Goldiam International hit 5% upper circuit at Rs 56.45. The board approved on 25 April 2008 a buy-back of upto 5.5% of the equity share capital of the company at a price not exceeding Rs 85.
Market slips into the red after firm start
The market opened on a firm note extending last week's rally. It soon declined into the red, amid mixed Asian markets. Banking and auto stocks rose ahead of Reserve Bank of India’s annual monetary policy review tomorrow 29 April 2008. Metal stocks were mixed following reports the government plans to rejig the duty structure to rein in surging steel prices. The market breadth was positive.
At 10:22 IST, the 30-share BSE Sensex was down 37.80 points or 0.23% at 17,086.17. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. It soon declined to hit a low of 17,042.97. At day’s low sensex fell 83.01 points in early trade.
The broader based S&P CNX Nifty was down 6.85 points or 0.13% at 5,104.85.
The market breadth was positive on BSE with 921 shares advancing as compared to 716 that declined. 45 remained unchanged.
The BSE Mid-Cap index rose 0.24% to 7073.30 and BSE Small-Cap index rose 0.29% to 8,752.89.
Banking stocks rose. India’s largest private sector bank by assets ICICI Bank rose 0.74% to Rs 924.90. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.79% to Rs 1509.90. However India’s largest commercial bank State Bank of India declined 0.98% to Rs 1,732.90.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra rose 0.38% to Rs 638.15. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities. Maruti Suzuki India (up 0.5% to Rs 740.90), Hero Honda Motors (up 1.37% to Rs 818.40) edged higher.
India' s largest truck maker by sales Tata Motors declined 0.25% to Rs 637.50.
Metal stocks were mixed. Sesa Goa surged 8.34% to Rs 3,791.85. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. Sterlite Industries (up 4.08% to Rs 871.30), Steel Authority of India (up 1.44% to Rs 180) edged higher. But Tata Steel (down 0.64% to Rs 798.15), Hindalco Industries (down 0.56% to Rs 187.95) and National Aluminium Company (down 0.52% to Rs 444) edged lower.
Reportedly, the government is planning duty rejig to cool steel prices. Government is set to remove import duty on pig iron, mild steel, metcoke and levy 10% export duty on bars, rods, HR coils, HR sheets, HSM plates, CR coils, CR sheets, galvanised steel products, pipes and tubes. Besides, export duty of 10% is likely to be imposed on semi-finished products like pig iron, sponge iron, steel and iron scraps, reports suggest.
Bharti Airtel (up 1.99% to Rs 943.70), HDFC (up 0.78% to Rs 2,714.90), NTPC (up 0.39% to Rs 193.35) edged higher from Sensex pack.
Wipro (down 1.33% to Rs 460), Infosys (down 1.03% to Rs 1,669.05), Satyam Computer Services (down 0.55% to Rs 442) and Tata Consultancy Services (down 0.82% to Rs 882.50) edged lower from Sensex pack.
Satra Properties India rose 1.2% to Rs 84. The board of Satra Properties India has approved investing up to Rs 5 crore in a real estate partnership firm.
Fedders Lloyd Corporation rose 3.23% to Rs 64 after its board approved diversification into steel fabrication, design and erection and expansion of business activities of the company in the area of district cooling.
India Infoline rose 0.44% to Rs 992.The board of India Infoline approved splitting each share of Rs 10 each into five shares of Rs 2 each. Further, the board also recommended a dividend of Rs 6 per share of Rs 10 each.
At 10:22 IST, the 30-share BSE Sensex was down 37.80 points or 0.23% at 17,086.17. Sensex hit a high of 17,271.56 in early trade. At the day’s high, Sensex rose 145.58 points. It soon declined to hit a low of 17,042.97. At day’s low sensex fell 83.01 points in early trade.
The broader based S&P CNX Nifty was down 6.85 points or 0.13% at 5,104.85.
The market breadth was positive on BSE with 921 shares advancing as compared to 716 that declined. 45 remained unchanged.
The BSE Mid-Cap index rose 0.24% to 7073.30 and BSE Small-Cap index rose 0.29% to 8,752.89.
Banking stocks rose. India’s largest private sector bank by assets ICICI Bank rose 0.74% to Rs 924.90. ICICI Bank reported 39.4% rise in net profit to Rs 1149.84 crore on 22.3% increase in operating income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007. India’s second largest private sector bank in terms of net profit HDFC Bank rose 0.79% to Rs 1509.90. However India’s largest commercial bank State Bank of India declined 0.98% to Rs 1,732.90.
Auto Stocks edged higher. India’s largest tractor maker by sales Mahindra & Mahindra rose 0.38% to Rs 638.15. The board of Mahindra & Mahindra will meet on Saturday, 3 May 2008 to consider a proposal for a private placement of securities. Maruti Suzuki India (up 0.5% to Rs 740.90), Hero Honda Motors (up 1.37% to Rs 818.40) edged higher.
India' s largest truck maker by sales Tata Motors declined 0.25% to Rs 637.50.
Metal stocks were mixed. Sesa Goa surged 8.34% to Rs 3,791.85. The board of Sesa Goa will meet today, 28 April 2008 to consider a stock split and bonus share issue. Sterlite Industries (up 4.08% to Rs 871.30), Steel Authority of India (up 1.44% to Rs 180) edged higher. But Tata Steel (down 0.64% to Rs 798.15), Hindalco Industries (down 0.56% to Rs 187.95) and National Aluminium Company (down 0.52% to Rs 444) edged lower.
Reportedly, the government is planning duty rejig to cool steel prices. Government is set to remove import duty on pig iron, mild steel, metcoke and levy 10% export duty on bars, rods, HR coils, HR sheets, HSM plates, CR coils, CR sheets, galvanised steel products, pipes and tubes. Besides, export duty of 10% is likely to be imposed on semi-finished products like pig iron, sponge iron, steel and iron scraps, reports suggest.
Bharti Airtel (up 1.99% to Rs 943.70), HDFC (up 0.78% to Rs 2,714.90), NTPC (up 0.39% to Rs 193.35) edged higher from Sensex pack.
Wipro (down 1.33% to Rs 460), Infosys (down 1.03% to Rs 1,669.05), Satyam Computer Services (down 0.55% to Rs 442) and Tata Consultancy Services (down 0.82% to Rs 882.50) edged lower from Sensex pack.
Satra Properties India rose 1.2% to Rs 84. The board of Satra Properties India has approved investing up to Rs 5 crore in a real estate partnership firm.
Fedders Lloyd Corporation rose 3.23% to Rs 64 after its board approved diversification into steel fabrication, design and erection and expansion of business activities of the company in the area of district cooling.
India Infoline rose 0.44% to Rs 992.The board of India Infoline approved splitting each share of Rs 10 each into five shares of Rs 2 each. Further, the board also recommended a dividend of Rs 6 per share of Rs 10 each.
Mkt opens strong; Bank, metal surge
The markets have opened with strong gain and trading with modest gain. Bank, Teck, metal, stocks witnessing buying interest. ICICI Bank was up 8%.
At 09.56, the Sensex was up 145.58 points or 0.85% at 17271.56, and the Nifty was up 9.15 points or 0.18% at 5120.85.
About 1482 shares have advanced, 1388 shares declined, and 208 shares are unchanged.
Reliance Petroleum, Idea Cellular, HCL Technolofies, HDFC Bank were among major gainers.
Siemens, Sun Pharma were among major losers.
At 09.56, the Sensex was up 145.58 points or 0.85% at 17271.56, and the Nifty was up 9.15 points or 0.18% at 5120.85.
About 1482 shares have advanced, 1388 shares declined, and 208 shares are unchanged.
Reliance Petroleum, Idea Cellular, HCL Technolofies, HDFC Bank were among major gainers.
Siemens, Sun Pharma were among major losers.
Tips for 28/04/2008
Market to open in green..
Buy RPOWER BUY ABOVE 402 target 408/412/416/420
Buy RCOM ABOVE 578 target 591/595/600
buy RNRL above 125 target 127/128/130
buy PETRONET above 80.5 target 82/83
Buy RPOWER BUY ABOVE 402 target 408/412/416/420
Buy RCOM ABOVE 578 target 591/595/600
buy RNRL above 125 target 127/128/130
buy PETRONET above 80.5 target 82/83
Pre Market Report 28/04/2008
The initial batch of Q4 March 2008 results have been good with the exception of Tata Consultancy Services (TCS). ICICI Bank on Saturday, 26 April 2008, reported 39% growth in net profit to Rs 1149.84 crore on 22.3% growth in total income to Rs 10390.92 crore in Q4 March 2008 over Q4 March 2007.
The next two days may see the market remain in a wait and watch mode because of important events. RBI is set to unveil annual monetary policy review on Tuesday, 29 April 2008. Given that the high inflation, the central bank may hike key rates. The stock market has factored in a 25 basis points hike in short term rates by RBI.
Meanwhile, the two-day discussion on Finance Bill 2008-09 begins in Lok Sabha today. The Finance Bill will be passed in Lok Sabha tomorrow, 29 April 2008.
Meanwhile, good news for India is that as per the latest 2008 US-India Business Council (USIBC) survey, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable. USIBC, formed in 1975 at the request of the Government of India and the US Government to advance US-India commercial ties, is hosted under the aegis of the US Chamber of Commerce. The US Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
The Dow Jones Industrial Average and S&P 500 rose on Friday, 25 April 2008, after signs that American Express Co was holding its own amid the economic slowdown, but Microsoft Corp's weak profit forecast pulled down the Nasdaq. American Express said its quarterly profit fell, but the results beat expectations and the company affirmed its full-year earnings forecast, lifting its shares 5.7% and helping to boost the Dow. Higher oil prices underpinned the market's rise by lifting shares of oil services companies nearly 2% after a cargo ship chartered by the US military fired warning shots at two small boats in the Gulf.
The Dow Jones industrial average rose 42.91 points, or 0.33%, to end at 12,891.86. The Standard & Poor's 500 Index gained 9.02 points, or 0.65%, to 1,397.84. But the Nasdaq Composite Index fell 5.99 points, or 0.25%, to 2,422.93.
Asian stocks were mostly in green today.
The next two days may see the market remain in a wait and watch mode because of important events. RBI is set to unveil annual monetary policy review on Tuesday, 29 April 2008. Given that the high inflation, the central bank may hike key rates. The stock market has factored in a 25 basis points hike in short term rates by RBI.
Meanwhile, the two-day discussion on Finance Bill 2008-09 begins in Lok Sabha today. The Finance Bill will be passed in Lok Sabha tomorrow, 29 April 2008.
Meanwhile, good news for India is that as per the latest 2008 US-India Business Council (USIBC) survey, India is, and will continue to be, a premier destination for investment by US firms, with a large number of respondents rating future economic growth in India as highly sustainable. USIBC, formed in 1975 at the request of the Government of India and the US Government to advance US-India commercial ties, is hosted under the aegis of the US Chamber of Commerce. The US Chamber of Commerce is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
The Dow Jones Industrial Average and S&P 500 rose on Friday, 25 April 2008, after signs that American Express Co was holding its own amid the economic slowdown, but Microsoft Corp's weak profit forecast pulled down the Nasdaq. American Express said its quarterly profit fell, but the results beat expectations and the company affirmed its full-year earnings forecast, lifting its shares 5.7% and helping to boost the Dow. Higher oil prices underpinned the market's rise by lifting shares of oil services companies nearly 2% after a cargo ship chartered by the US military fired warning shots at two small boats in the Gulf.
The Dow Jones industrial average rose 42.91 points, or 0.33%, to end at 12,891.86. The Standard & Poor's 500 Index gained 9.02 points, or 0.65%, to 1,397.84. But the Nasdaq Composite Index fell 5.99 points, or 0.25%, to 2,422.93.
Asian stocks were mostly in green today.
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