BSE NSE Market Report 31 July 2009

BSE NSE Market Report 31 July 2009

The key benchmark indices surged for the second straight day as gains in Asian stocks, higher US index futures and better-than-expected Q1 June 2009 earnings of India Inc boosted sentiment. The BSE 30-share Sensex rose 282.35 points or 1.83%. The barometer index today struck its highest closing level in more than 13 months. Banking, oil & gas, IT and FMCG stocks rose. But realty stocks fell in volatile trade. The market breadth, indicating the overall health of the market weakened in the second half of the trading session compared to earlier strong breadth.

The Sensex is up 6023 points or 62.43% in calendar year 2009 as on 31 July 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex has risen 7,509.91 points or 92.02% as on 31 July 2009.

Coming back to today's trade, a bout of intraday volatility was witnessed. After surging in morning trade on firm Asian stocks, the market pared gains in early afternoon trade. The market firmed up again later. The market once again pared gains in mid-afternoon trade. The market surged in late trade on rally in RIL.

The Q1 June 2009 results announced so far have been encouraging, with lower costs helping bottomline growth. The combined net profit of 1921 companies rose 20.5% to Rs 71437 crore on 5.1% fall in sales to Rs 673497 crore in Q1 June 2009 over Q1 June 2008. The earnings season gets over today, 31 July 2009.

But a weak monsoon remains a cause of concern. India's monsoon rains were 18% below normal in the week to 29 July 2009, having been above normal in the preceding two weeks. Total rainfall since the beginning of June was 19% below average, the India Meteorological Department said on Thursday. On the flip side, water levels in India's 81 main reservoirs rose to 35% of capacity in the week to 30 July 2009, up from 23% a week earlier and 31% a year ago, government data showed. More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.

Farm Minister Sharad Pawar on Friday, 31 July 2009, said that summer-sown crops such as sugarcane, oilseeds and cotton have covered more than half the normal area, and sowing is likely to rise. He also said weak monsoon rains would have a marginal impact on inflation.

World equity funds garnered $9.5 billion in the week ending 29 July 2009, according to data the latest data from global fund tracker EPFR Global. The inflow was the highest since June 2008.

Emerging markets continued to be the darling of investors, with dedicated BRIC (Brazil, Russia, India and China) equity funds seeing net inflows for a 19th straight week. India equity funds took in a year-to-date high of $211 million in the most recent week, while China and Greater China stock funds saw $711 million in fresh money.

European equities were flat after moving between gains and losses in intraday trade. Key benchmark indices in France and UK were up by between 0.01% to 0.09%. Germany's DAX fell 0.07%.

Asian stocks climbed today as better-than- expected earnings and a rally in commodities lifted confidence the global economy is headed towards recovery. Key benchmark indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan rose by between 0.72% to 2.72%.

Trading in the US index futures indicated Dow could rise 36 points at the opening bell today, 31 July 2009.

US markets rallied on Thursday, 30 July 2009, logging the highest close since November 2008, despite a late-afternoon pullback. It was the highest close for the Dow and S&P since November 2008, and for the Nasdaq, since October 2008.

The Dow Jones Industrial Average rose 83.74 points to close at 9154.46. The S&P jumped 1.2% to close near the 1,000 mark and the Nasdaq added 0.84% to finish near the 2,000 mark. In economic news, the number of US workers staying on jobless rolls fell to the lowest level in three months while the four week moving average for new claims dropped by 8250 to 559000, the lowest level since late January 2009.

The BSE 30-share Sensex was up 282.35 points or 1.83% to 15,670.31 its highest closing since 17 June 2008. The Sensex rose 344.85 points at the day's high of 15,732.81 in morning trade. The Sensex rose 61.51 points at the day's low of 15,449.47 in early trade.

The S&P CNX Nifty was up 65 points or 1.42% to 4,636.45 its highest closing since 11 June 2009. Nifty August 2009 futures were at 4636.05 at almost the same level as the spot closing of 4636.45.Turnover on NSE's futures & options (F&O) segment was Rs 57151.46 crore, much lower than Rs 94477.38 crore on Thursday, 30 July 2009.

BSE clocked a turnover of Rs 6,249 crore, higher than Rs 6,065.04 crore on Thursday, 30 July 2009.

The market breadth, indicating the overall health of the market, was positive. But the breadth weakened when compared to a strong breadth earlier in the day. On BSE, 1401 shares advanced as compared with 1,299 that declined. A total of 101 shares remained unchanged.

Among the 30-member Sensex pack, 23 rose while rest declined.

The BSE Mid-Cap index was up 1.17% and the BSE Small-Cap index was up 0.03%. Both these indices underperformed the Sensex.

The BSE FMCG index (up 3.17%), the BSE Oil & Gas index (up 2.65%), the BSE Bankex (up 1.92%), outperformed the Sensex.

The BSE Realty index (down 1.36%), the BSE Healthcare index (up 0.39%), the BSE Power index (up 0.47%), the BSE TECk index (up 0.49%), the BSE Capital Goods index (up 1.05%), the BSE PSU index (up 1.19%), the BSE Auto index (up 1.24%), the BSE Metal index (up 1.47%), the BSE Consumer Durables index (up 1.6%), the BSE IT index (up 1.81%), underperformed the Sensex.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) rose 3.01% to Rs 1,957.10 on bargain hunting after a recent sharp fall. The Supreme Court on Thursday said, it will give a date on 1 September 2009 to expedite the decision pertaining to the Krishna-Godavari basin gas dispute between Mukesh Ambani's Reliance Industries (RIL) and Anil's Ambani's Reliance Natural Resources (RNRL). RNRL counsels Mukul Rohatgi and Mahesh Agrawal sought an early decision in the case.

RNRL chairman Anil Ambani has said the gas supply dispute between RIL and Reliance Natural Resources (RNRL) vitally affects public interest and will seek an early judgment in the case. The matter concerns power projects of national importance representing a capacity of 12,000 megawatt (MW) and an investment of over Rs 50,000 crore and affects the interests of over 10 million shareholders, he said.

The Supreme Court on 20 July 2009, asked the energy giant and former group firm Reliance Natural Resources (RNRL) why a gas pact between the two should not be cancelled. The court has scheduled next hearing on the dispute over the gas supply to Reliance Natural Resources (RNRL) on 1 September 2009.

RNRL has asked the Supreme Court to dismiss the government's affidavit on the dispute, even as the petroleum ministry has suggested that the court treats the pact between the two brothers null and void. The dispute concerns supply of natural gas from RIL's field, off the Andhra Pradesh coast, as also the price at which Reliance Natural Gas will get the fuel for power projects within the group.

In reply to the lawsuit filed by Reliance Industries challenging the Bombay High Court order, RNRL has said the government has no role to play in the private gas sharing dispute, and certainly not as a party to the row.

Oil exploration pivotals rose after US crude futures bounced back on Thursday, ending nearly 6.4% higher to reverse losses suffered in the previous session as Wall Street sizzled and the dollar edged lower. India's largest state-run oil exploration firm by sales ONGC rose 5.91%. Cairn India rose 1.33%. On the New York Mercantile Exchange, September crude settled up $3.59, or 5.67%, at $66.94 a barrel. Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms.

FMCG stocks rose on improvement in India's annual monsoon in July 2009 after a dry spell in June 2009. FMCG firms derive substantial revenue from rural sector. Britannia Industries, ITC, Dabur India, REI Agro, United Spirits, Tata Tea, rose by between 0.84% to 3.27%.

India's largest FMCG company by sales Hindustan Unilever rose 3.32%. The company reported a 2.68% fall in net profit to Rs 543.19 crore on a 5.06% increase in total income to Rs 4536.17 crore in Q1 June 2009 over Q1 June 2008. The results were declared during trade hours on Tuesday, 28 July 2009.

Bank stocks rose on strong Q1 results from State Bank of India, India's biggest commercial bank in terms of branch network. State Bank of India (SBI) rose 5.29% extending Thursday's 4.37% gains as its net profit jumped 42.02% to Rs 2330.37 crore on 29.86% rise in total income to Rs 21041.51 crore in Q1 June 2009 over Q1 June 2008. The results hit the market during trading hours on Thursday 30 July 2009.

India's second largest private sector bank in terms of operating income HDFC Bank rose 2.73% as its ADR rose 3.93% on Thursday. India's largest private sector bank in terms of operating income ICICI Bank rose 0.49% as its ADR rose 4.47% on Thursday.

Rate sensitive realty shares fell on profit taking after a recent rally. Investors are concerned that the central bank may start reversing its interest-rate cuts in early 2010 as food and energy prices fan inflation. Rising interest rates may dent property demand as most of the commercial and housing deals are driven by finance.

India's largest real estate developer by sales DLF fell 1.48% even as net profit surged 236.23% to Rs 100.40 crore on a 652.69% spurt in sales to Rs 417.97 crore in Q1 June 2009 over Q4 March 2009. The company announced the result after market hours on Thursday. 30 July 2009. Unitech, Indiabulls Real Estate, Phoenix Mills and Omaxe fell by between 1.35% to 3.57%.

India's largest mobile telecom player by sales Bharti Airtel fell 3.06% on reports the merger deal between Bharti Airtel and South Africa's MTN is likely to extended to September this year. The two companies could extend the exclusivity period for discussion by a few weeks. The original timeline for discussions expires on 31 July 2009. In the event of the deal going through, the Bharti-MTN combined entity will be the third-largest wireless group globally.

India's second largest mobile services provider by sales Reliance Communications fell 2.11%, reversing early gains, ahead of its Q1 June 2009 results. The consolidated net profit rose 8.3% to Rs 1637 crore in Q1 June 2009 over Q1 June 2008. The results were announced after market hours today.

IT stocks rose on better-than-expected Q1 June 2009 results by IT pivotals in the past few days. India's second largest IT exporter by sales Infosys rose 2.66% as its American depository receipt (ADR) rose 1.56% on Thursday. India's thirds largest IT exporter by sales Wipro rose 0.43% as its ADR rose 1.77% on Thursday. But India's largest IT exporter by sales TCS fell 0.68%.

Capital goods and construction stocks rose on government's thrust on infrastructure sector in Union Budget 2009-2010. Nagarjuna Construction Company, Hindustan Construction Company, Era Infra Engineering, Gayatri Projects and IVRCL Infrastructure & Projects rose by between 1.95% to 5%.

From capital goods space, Bharat Heavy Electricals, Larsen & Toubro, Punj Lloyd, ABB, BEML, Siemens rose by between 0.57% to 1.55%.

Some power stocks fell on profit taking even after a strong response to the Adani Power initial public offer (IPO) which opened for subscription on Tuesday, 28 July 2009. Reliance Power, Power Grid Corporation Of India, NTPC, CESC fell by between 0.47% to 3.24%.

By 16:00 IST on final day of the bidding today, 31 July 2009, the Adani Power IPO was subscribed 21.37 times.

Reliance Infrastructure rose 1.69% after net profit rose 25.35% to Rs 316.57 crore in Q1 June 2009 over Q1 June 2008. The company announced result after market hours on Thursday, 30 July 2009.

Tata Power Company rose 0.63% after its net profit rose 144.19% to Rs 396.97 crore in Q1 June 2009 over Q1 June 2008. The result hit the market at the fag end of the trading session

Auto stocks rose after posting strong Q1 June 2009 results in the past few days. India's largest truck market by sales Tata Motors rose 6.61%. The company on Tuesday, 28 July 2009, reported 57.54% rise in net profit to Rs 513.76 crore on a 7.17% decline in total income to Rs 6723.99 crore in Q1 June 2009 over Q1 June 2008.

India's largest tractor maker by sales Mahindra & Mahindra rose 0.56% extending Thursday's gains after net profit rose 151.63% to Rs 400.80 crore on 28.04 % rise in total income to Rs 426.61 crore in Q1 June 2009 over Q1 June 2008. The results for the current quarter include the figures of the erstwhile subsidiaries Mahindra Holdings and Finance and Punjab Tractors which were merged with the company. Hence, the figures of the current quarter are not comparable with those of the previous year's quarter. The results hit the market during trading hours on Thursday, 30 July 2009.

India's top small car maker by sales Maruti Suzuki India rose 1.11%.

But, India's largest bike maker by sales Hero Honda Motors fell 2.08%. The company posted 83% jump in net profit to Rs 500 crore on 34% rise in total revenue to Rs 3865 crore in Q1 June 2009 over Q1 June 2008. The company announced the Q1 result after market hours on Wednesday, 29 July 2009.

Metal stocks rose after LMEX, a gauge of six metals traded on the London Metal Exchange, rose 4.02% on Thursday, 30 July 2009.

India's largest private sector steel maker by sales Tata Steel rose 2.12%. The company's net profit fell 47% to Rs 789.83 crore on a 8.16% decline in total income to Rs 5661.89 crore in Q1 June 2009 over Q1 June 2008. The result was announced during trading hours on Wednesday, 29 July 2009.

But, India's second largest steel maker by sales Steel Authority of India fell 0.11%. Net profit fell 27.74% to Rs 1326.09 crore in Q1 June 2009 over Q1 June 2008. The company announced the result during trading hours on Thursday.

India's largest copper market by sales Sterlite Industries rose 2.91%. Net profit fell 68.5% to Rs 112.70 crore in Q1 June 2009 over Q1 June 2008. The result was announced during trading hours on Wednesday, 29 July 2009.

India's largest aluminum maker by sales Hindalco Industries rose 6.65% after the company reported lesser-than-expected 31% fall in net profit to Rs 480.56 crore in Q1 June 2009 over Q1 June 2008. The result hit the market in mid-afternoon trade.

India's second largest aluminum maker by sales National Aluminum Company rose 5.15% even as net profit fell 75.92% to Rs 126.45 crore in Q1 June 2009 over Q1 June 2008.

Sugar stocks fell on concerns sugar prices will fall on higher supplies after the government extended duty-free imports of both raw and refined sugar beyond 31 July 2009. Bajaj Hindusthan, Shree Renuka Sugars and Dhampur Sugars fell by between 0.89% to 3.88%.

Mahindra Satyam clocked highest volume of 1.73 crore shares on BSE. Unitech (1.65 crore shares), Suzlon Energy (1.62 crore shares), Ispat Industries (1.36 crore shares) and Cals Refineries (1.27 crore shares) were the other volume toppers in that order.

Reliance Industries clocked highest turnover of Rs 198.55 crore on BSE. State Bank of India (Rs 193.77 crore), Mahindra Satyam (Rs 181.9 crore), DLF (Rs 176.71 crore) and Aban Offshore (Rs 164.20 crore) were the other turnover toppers in that order.

Closing Bell 31 July 2009

Closing Bell 31 July 2009

The inflow of the June quarter corporate results came to an end yesterday. Buoyed by the better than expected performance of corporate India, the markets ended the week on a strong note. The benchmark index, the BSE-Sensex gained by about 2% over the previous week ending at 15,670 points, which is its highest closing level in over a year. As for global markets, Asian markets once again led the pack of gainers with Singapore, Japan and Hong Kong closing higher by 5%, 4% and 3% respectively. They were followed by Germany and France, which ended higher by about 2% each. The Chinese, US and UK markets followed suit, but remained amongst the lowest gainers this week. These three markets ended the week higher by about 1% each.

Source: Yahoo Finance

Coming to the performance of sectoral indices during the week, FMCG stocks took the cake with the BSE-FMCG index gaining by 6% over the previous week. IT was followed by stocks forming part of the information technology and realty sectors, with the BSE-IT index ending higher by 5% and the BSE-Realty index ending higher by 3%. Midcap stocks also saw some strong traction this week, with the BSE-Midcap index ending higher by about 4% over the previous week. The BSE-Smallcap index, on the other hand recorded a week on week gain of about 3%. Stocks from the pharma, oil & gas and consumer durables bore the brunt of profit booking as their respective indices, the BSE-Healthcare, BSE-Oil & Gas and the BSE-Consumer Durables indices ended lower by about 1% to 2% each.

Source: BSE

Coming to corporate news, the past week saw several large companies announce their June quarter results. Bharat Forge was amongst the top gainers in the BSE-A Group during the week. This was in spite of the company reporting a 44% YoY decline in revenues and an 84% YoY drop in profits (excluding exchange loss). However, on a sequential basis, some improvement was seen as the company’s topline grew by 23% QoQ. The company’s management indicated that there is some recovery seen in the US and the European markets. While on a year to year basis, the performance was impacted due to the unprecedented downturn, the management expects the scenario to improve going forward on the back of improved auto sales.

FMCG behemoth, HUL also announced its results during the week. The company reported a sales growth of about 8% YoY, while its operating profits increased by 13% YoY. Revenue growth was largely contributed by its soaps & detergents and personal products businesses, whose sales grew by 9% YoY and 15% respectively. The increase in sales of the soaps & detergent business was largely on the back of a 2% YoY growth in volumes. This is an encouraging sign as the volume growth for this category had declined 4% YoY in the March 2009 quarter. The company however, witnessed down trading in some of its detergent brands. Personal products business and processed foods saw strong growth due to new launches and witnessed a volume led growth. However, in terms of profitability, the company’s bottomline declined by 1% YoY (not including extraordinary items). This was on the back of lower other income and higher tax expenses.

Two-wheeler major, Hero Honda reported a revenue growth of 34% YoY. This was on the back of a stellar 25% YoY increase in volume sales. The company managed to beat the industry growth rate of 12% YoY. It also reached a market share of 59% and crossed the 1 m volume mark during the quarter. The operating profits grew at an enviable rate of 87% YoY as lower raw material costs lead to nearly 5% expansion in operating margins. Stellar operating profits translated into an equally robust bottomline growth of 83% YoY. As per the company, sales are expected to witness a gain of 7.5% this year and cross 4 m units. A strong business model coupled with favourable industry scenario and market leadership makes Hero Honda a strong play in the 2-wheeler segment.

Tata Steel also announced its 1QFY10 results during the week. The company’s standalone topline declined by almost 9% YoY. This was largely on account of lower realisations. However, in terms of volumes, the company witnessed a robust growth of 22% YoY as compared to the corresponding quarter last year. However, at an operating level, the company performed poorly as operating profits declined by 42% YoY. This was led by higher operating costs. Tata Steel’s bottomline declined by 47% YoY, slightly higher than operating profits on the back of higher interest costs and depreciation charges during the quarter.

India’s largest bank, SBI announced its numbers during the week as well. The bank reported 12% YoY growth in interest income on the back of 27% YoY growth in advances. Credit growth was higher in the large corporate segment (up 37% YoY) as well as in the retail segment (up 30% YoY), which contribute around 12% and 14% of the total loan portfolio respectively. The bank's retail portfolio was also higher by an impressive 23% YoY, contributing significantly to incremental advances growth during the quarter. The share of CASA deposit reduced to 39% at the end of 1QFY10 from 42% in 1QFY09. Higher costs of deposits resulted in a decline in net interest margins by 0.3% YoY to 2.7%. Further, the bank's net NPA declined to 1.6%. Higher other income and huge decline in provisioning requirements led to net profit growth of 42% YoY during the period. The bank is adequately capitalised with a ratio of 14.1% at the end of quarter.

Inflation (as measured by the WPI) dropped to -1.54% for the week ending July 18. During the previous week, the figure stood at -1.17% and during the same week last year, the figure stood at 12.54%. Food prices continued their upward trend during the week, while prices of fuel products witnessed a decline on a week on week basis. India’s central bank, the RBI recently stated that the uncertain outlook for the monsoons is likely to perk up food-price inflation going forward.

The Reserve Bank of India reviewed its 2009-10 monetary policy during the week. The central bank indicated a wait and watch stance given that the Indian economy has still not shown clear signs of stability. In fact, the bank plans to maintain a soft interest rate regime until there are definite and robust signs of recovery and hence has left all key rates - repo, reverse repo, CRR - unchanged. The central bank has pegged India's GDP for FY10 at 6.5%, higher than the 5.7% expected in its earlier survey in March. It has also revised inflation target for the end of March 2010 to about 5%, higher than the 4% projection it made during its annual policy in April. This is keeping in view the global trend in commodity prices and domestic supply constraints, especially on the food grains front.

BSE NSE Market Voices 31 July 2009

BSE NSE Market Voices 31 July 2009

The Sensex closed at a 13-month high today as blue chip stocks gained in strength on firm global markets, strong results and recovery hopes.

Despite taking a breather or two during the afternoon session, the bulls remained firmly rooted to the ring today.

The Sensex ended the session at 15,694 (provisional) with a big gain of 306.04 points or 1.99%. The benchmark hit a high of 15,732.81 today.

The Nifty closed at 4649.15, up 77.70 points or 1.7%. Oil, FMCG, bank, IT and metal stocks closed on a firm note.

Auto, capital goods and power stocks gave up most of their gains on profit taking. Realty stocks had a good spell but turned easy in late afternoon trade and ended well off their highs. Pharma stocks displayed a mixed trend.

Hindalco shot up by over 8.5%. ONGC and Tata Motors gained more than 6%. SBI, RIL, ITC, Infosys, HDFC, Sun Pharma, Sterlite, HDFC Bank, Tata Power, HUL and Tata Steel closed with sharp gains. Nalco, Ambuja Cements, Idea Cellular, Ranbaxy and Reliance Capital moved up sharply.

Bharti Airtel, RComm, Jindal Steel, Unitech, BPCL, Hero Honda, HCL tech, TCS, Unitech, Cipla and DLF ended on a weak note.

After enjoying some bright moments in the positive territory, several midcap and smallcap stocks drifted lower on profit taking. The market breadth was marginally positive at close.

Hold KPIT Cummins, says Prasad Kushe of Equitytrendz.com on CNBC-TV18

Neyveli Lignite has target of Rs 188, says Prasad Kushe of Equitytrendz.com on CNBC-TV18

One can consider buying TVS Motor (cmp Rs 59) at sharp declines. The stock is likely to face some resistance near Rs 65, but a strong breakout there could result in a rise to Rs 72 - 75. For now, a stop loss can be placed near Rs 48.

Balrampur Chini has target of Rs 145-150, says Hemang Jani, Senior Vice-President at Sharekhan on CNBC-TV18

Mahindra & Mahindra has upside potential of 18-20%, says Hemang Jani, Senior Vice-President at Sharekhan on CNBC-TV18

Orient Paper looks cheap, says Hemang Jani, Senior Vice-President at Sharekhan on CNBC-TV18

ABB has posted a net profit of Rs 836.084 million for the quarter ended June 30, 2009 as compared to Rs 1318.102 million for the quarter ended June 30, 2008. The company's total income decreased from Rs 16376.209 million for the quarter ended June 30, 2008 to Rs 15258.705 million for the quarter ended June 30, 2009. The stock is up by around 2% at Rs 701. One holding the stock with a long-term plan can stay invested with a stop loss near Rs 550.

Buy Patni Computer, says Sudarshan Sukhani, Technical Analyst, on CNBC-TV18

Banking space looks positive, says Amit Khurana, Co-Head - Institutional Equities Head-Research, on CNBC-TV18

Punj Lloyd (Rs 245) is a good stock for medium to long term. One long at the counter can stay invested with a stop loss at Rs 180 - 190 levels. The stock is likely to move up to Rs 290 - 300. One can book some profits there as the stock is likely to face some stiff resistance there.

Hero Honda looks better, says VK Sharma of Anagram Stock Broking on CNBC-TV18

Mahindra & Mahindra can re-test Rs 1001, says Hemant Thukral of Asian Markets Securities on CNBC-TV18

Enter in IT stocks on every dip, says Hemant Thukral of Asian Markets Securities on CNBC-TV18

Rural Elect has target of Rs 225, says Hemant Thukral of Asian Markets Securities on CNBC-TV18

Prefer Sterlite to Nalco, says Sudarshan Sukhani, Technical Analyst, on CNBC-TV18

Banking space looks positive, says Amit Khurana, Co-Head - Institutional Equities Head-Research, on CNBC-TV18

Alstom Projects India proposes to enter into a joint venture with Bharat Forge Ltd in the country

Amara Raja Batteries' net profit for the first quarter ended June 30, 2009 has increased by 185 per cent to Rs 42.57 crore as compared with Rs 14.92 crore in the corresponding quarter of last fiscal

Syndicate Bank has reported a sharp rise in its net profit for the quarter ended 30 June 2009. The PSU bank has posted a net profit of Rs 2615.60 million for the quarter ended June 30, 2009 as compared to Rs 878.90 million for the quarter ended June 30, 2008. Its total income increased from Rs 22788.00 million for the quarter ended June 30, 2008 to Rs 29748.60 million for the quarter ended June 30, 2009. The stock has spurted over 5% to Rs 84.20 following the announcement.

Major gainer: Nalco was among the major gainers on the Nifty. It touched an intraday high of Rs 305.70 and an intraday low of Rs 294. The share was quoting at Rs 305.05, up Rs 13.30, or 4.56%.

Stock zooms: ONGC touched an intraday high of Rs 1,161.90 and an intraday low of Rs 1,095. The stock was quoting at Rs 1,156.10, up Rs 56.55, or 5.14%...

SBI leads on Nifty: State Bank of India was top gainer on the Nifty. It touched an intraday high of Rs 1,810 and an intraday low of Rs 1,740. The share was quoting at Rs 1,796.70, up Rs 73.90, or 4.29%.

Minting money: Dena Bank touched an intraday high of Rs 56.65 and an intraday low of Rs 54.30. The stock was quoting at Rs 56.40, up Rs 2.25, or 4.16%.

Moving up smartly: Tata Motors touched an intraday high of Rs 414.05 and an intraday low of Rs 399. The stock was quoting at Rs 412.80, up Rs 17.40, or 4.40%.

52-week high: Patni Computer Systems touched a 52-week high of Rs 368.45. The stock was quoting at Rs 357.90, up Rs 30.15, or 9.20%.

Softpro Systems Ltd has informed that subsequent to the definitive agreement entered with the Shareholders of Cura Risk Management Software (Proprietary) Ltd, South Africa for acquiring its 100% equity stake, the company has completed all the formalities pertaining to such acquisition of CURA, South Africa. The thinly traded stock is down by around 3.6% at Rs 210 now.

IT stocks Infosys, TCS and Wipro are likely to gain further over a short run. Investors can look at buying these stocks at every sharp decline.

Oracle Financial Services and Tech Mahindra can also be tried at declines.

PTC has support at Rs 80, says Ashwani Gujral, Technical Analyst, on CNBC-TV18

Buy Tata Motors at Rs 350-360, says Ashwani Gujral, Technical Analyst, on CNBC-TV18

SBI may head upto Rs 1850, says Ashwani Gujral, Technical Analyst, on CNBC-TV18

Welspun Gujarat can touch Rs 280, says Ashwani Gujral, Technical Analyst, on CNBC-TV18

Patni has target of Rs 400, says Ashwani Gujral, Technical Analyst, on CNBC-TV18

Bajaj Hindusthan can test Rs 225, says Ashwani Gujral, Technical Analyst, on CNBC-TV18

One can stay invested in fertilizers stocks Nagarjuna Fertilizers, Tata Chemicals, Chambal Fertilizers and GSFC. RCF also looks good. Small quantities can be picked up at declines.

Wipro - like its larger rivals TCS and Infosys - is said to be keenly eyeing the Unique Identification (UID) Project and other large Government contracts.

Reliance Infrastructure has clocked 25 per cent higher net profit for the first quarter at Rs 317 crore against Rs 253 crore in the year ago quarter.

State Bank of India has posted a 42 per cent rise in net profit at Rs 2,330 crore for the first quarter ended June 30, aided by a robust growth in ‘other income’. The bank had reported a net profit of Rs 1,641 crore in the year-ago period.

A jump in treasury income and fee-based income enabled Indian Overseas Bank to report a 17.9 per cent growth in net profits to Rs 301.7 crore for the first quarter of 2009-10 compared with Rs 255.9 crore for the same period last year.

11:45 AM: The Nifty (4651) could move on to 4685 or even higher today if global markets continue to display strength.

On the downside, it has support at 4620 and weakness there could result in a fall to 4590 or further down.

Jain Irrigation Systems Limited has reported a sharp jump in net profit.

The company has posted a net profit of Rs 555.90 million for the quarter ended June 30, 2009 as compared to Rs 295.60 million for the quarter ended June 30, 2008. Total income has increased from Rs 4761.00 million for the quarter ended June 30, 2008 to Rs 5731.20 million for the quarter ended June 30, 2009. The stock is up 1.3% at Rs 696 now.

Reliance Infrastructure has gained over 2.5% on fairly strong results.

One holding the stock can stay invested and look to buy more in small quantities at declines. The stock looks poised for further upmove even over a near run.

Top gainer: Sterlite Industries was the top gainer on the Sensex. It touched an intraday high of Rs 655 and an intraday low of Rs 637.45. The share was quoting at Rs 648.80, up Rs 22.10, or 3.53%.

Hindalco surges: Hindalco Industries touched an intraday high of Rs 98.70 and an intraday low of Rs 94.65. The stock was quoting at Rs 98, up Rs 4.20, or 4.48% on the NSE.

Nifty has resistance at 4700, says Anagram report on CNBC-TV18

Sell Nalco below 287 with a stop loss of 289

Buy SBI above 1730 for the targets of 1750 / 1770 / Higher with a stop loss of 1720

Buy Power Finance Corp above 234 for the targets of 237 / 239 / Higher with a stop loss of 232

DLF's net profit has declined sharply by as much as 85.7% to Rs 100.40 crore in the quarter ended June 2009 from a net profit of Rs 700.99 crore the company had recorded in the corresponding quarter last year.

Sales declined 67.31% to Rs 417.97 crore in the quarter ended June 2009 as against Rs 1278.61 crore during the previous quarter ended June 2008.

The stock, however, is up in the positive territory at Rs 411 with a gain of 2.2%. The stock is likely to move in a highly volatile manner today. One with a very low appetite for risk would do well to stay away from the counter for now.

Buy IOC above 560 for the targets of 570 / 575 / Higher with a stop loss of 555

Nifty Futures: Buy above 4570 for the targets of 4599 / 4650 / higher with a stop loss of 4568

Moser Baer Limited has posted a net profit of Rs 2.76 crore for the quarter ended June 30, 2009 as compared to net loss of Rs 103.98 crore for the quarter ended June 30, 2008. The company's total income increased from Rs 496.88 crore for the quarter ended June 30, 2008 to Rs 563.40 crore for the quarter ended June 30, 2009. The stock is up 2.5% at Rs 88.50 now. One holding the stock can stay invested.

The market got off to a buoyant start this morning on strong global cues.

As blue chip stocks vault higher, the Sensex shot up to 15,663.96, recording a hefty gain of 276 points or 1.8% in a flash.

The Nifty has gained 75.45 points or 1.65% at 4646.90.

Sterlite, Tata Motors, SBI, DLF, L&T, Tata Steel, M&M, Reliance Infra, ONGC, Sun Pharma and RComm have gained 2% - 4%.

Hero Honda, BHEL, Infosys, Hindalco, RIL, ITC, ICICI Bank, Maruti Suzuki and Grasim have also risen sharply.

Stocks to watch: Indian infrastructure developer Lanco Infratech Ltd after three sources told Reuters it opened its $100 million share sale to institutional investors.

Television broadcaster TV Today after it said its board has approved spinning off its radio business.

ITC: Buy and hold for massive rise in coming months. For today's trade buy with a stop loss of 238.

TCS: Buy this stock with a stop loss of 524 for the target towards 550 marks

Maruti: It may move towards 1600. Buy with a stop loss of 1370

Support for Nifty is at 4500 Resistance for Nifty is at 4700-4789 The support for Sensex is at 15000 Resistance for Sensex is at 15600-16046

Brokerage Recommenations 31 July 2009

Hold Ashok Leyland with short-term stop loss of Rs 33 and long-term stop loss of Rs 25, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 39.40 crossing which it can go to Rs 48-50, he adds. The stock last traded at Rs 36.50, up 0.3% on the BSE.

Buy Balrampur Chini and UltraTech Cement, says Hemang Jani of Sharekhan on CNBC Awaaz Both these stocks will perform well in the future, he adds.

Hold GMR Infrastructure with short-term target of Rs 158-165, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Keep stop loss of Rs 136, he adds. The stock last traded at Rs 142.60, down 1.1% on the BSE.

Hold TCS with short-term target of Rs 575, says Ashu Baggri, technical analyst, on NDTV Profit. It has support Rs 463, 524 and resistance at Rs 560, 575, he adds. The stock last traded at Rs 526.40, down 0.7% on the BSE.

Hold Gujarat NRE Coke with target of Rs 70-80, says Prasad Kushe, technical analyst, on CNBC Awaaz. It has resistance at Rs 62.50, he adds. The stock last traded at Rs 57.80, up 5.1% on the BSE.

Hold Balrampur Chini with target of Rs 125, says Ramesh Arora, technical analyst, on Zee Business. Keep trailing stop loss of Rs 112, he adds. The stock last traded at Rs 118.75, up 0.7% on the BSE.

The market is likely to consolidate with a negative bias, says Vibhav Kapoor of IL&FS on CNBC TV18. He sees the Nifty ranged between 4700-4200. Q1 results have been much better than expectations and valuations are rich, he adds. He thinks the focus will shift to global cues in the absence of any major domestic trigger in the near-term.

Buy Balrampur Chini with target of Rs 145-150, says Hemang Jani of Sharekhan on CNBC Awaaz. The stock last traded at Rs 118.75, up 0.7% on the BSE.

Buy HPCL with target of Rs 380, says Salil Sharma, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 335, he adds. The stock last traded at Rs 348, down 3% on the BSE.

It was an amazing day for the Indian market which opened up on a positive note and, despite some volatility towards the latter part of the day, closed on a high. Sensex closed at 15694, up 306 points (provisional) and Nifty at 4649, up 77 points (provisional) from the previous close. CNX Midcap index was up 1.2% and BSE Smallcap index was up 0.1%. The market breadth was positive with advances at 667 against declines of 589 on the NSE.

Buy India Infoline with target of Rs 154-165 and stop loss of Rs 127, says Mitesh Thacker, technical analyst, on CNBC TV18, as market closing strategy. The stock is currently trading at Rs 136.80, up 4.2% on the BSE.

Hold on to Nifty longs with target of 4660 and stop loss of 4560, says Vijay Bhambwani, technical analyst, on CNBC TV18, as market closing strategy.

Hold PNB with target of Rs 725-730, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Keep strict stop loss of Rs 690, he adds. The stock is currently trading at Rs 691.30, down 1.9% on the BSE.

Buy Tata Tea with target of Rs 880, says Salil Sharma, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 825, he adds. The stock is currently trading at Rs 846.25, up 2.9% on the BSE.

Buy Sterlite Industries with targets of Rs 680 and then 700, says Husseini Wadheria, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 625, he adds. The stock is currently trading at Rs 644, up 2.8% on the BSE.

Some minutes away from close, the market is unable to hold on to the gains of the morning. Sensex is trading at 15574, up 186 points from its previous close, and Nifty is at 4613, up 41 points. CNX Midcap index is up 0.7% and BSE Smallcap index is down 0.5%. The market breadth is now negative with advances at 618 against declines of 627 on the NSE.

Hold Uttam Galva with target of Rs 74-75, says Rajesh Jain of SMC Global Securities on Zee Business. Keep stop loss of Rs 55, he adds. The stock is currently trading at Rs 58.60, down 1.4% on the BSE.

Buy Gail with target of Rs 354, says Salil Sharma, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 320, he adds. The stock is currently trading at Rs 332, down 0.8% on the BSE.

F&O Call: Sell Nifty with today's target of 4550-4500 and stop loss of 4670, says Nishant Jain of Tradeswift on CNBC Awaaz.

F&O Call: Buy Nifty with target of 5000 in 1-2 months and stop loss of 4415, says Rakesh Bansal, technical analyst, on CNBC Awaaz. » Send to friends

F&O Call: Buy Nifty with target of 4700 above and stop loss of 4500, says Sudarshan Sukhani, technical analyst, on CNBC Awaaz.

F&O Call: Buy Nifty with today's target of 4660 and stop loss of 4560, says Vijay Bhambwani, technical analyst, on CNBC Awaaz.

Buy Balrampur Chini with targets of Rs 130 and then 142, says Husseini Wadheria, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 102, he adds. The stock is currently trading at Rs 118.40, up 0.4% on the BSE.

Buy Tata Steel on dips with target of Rs 540, says Rajesh Jain of SMC Global Securities on Zee Business. Keep stop loss of Rs 440, he adds. The stock is currently trading at Rs 462.90, up 2.2% on the BSE.

Buy India Infoline with targets of Rs 145 and then 156, says Husseini Wadheria, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 122, he adds. The stock is currently trading at Rs 136.70, up 4.2% on the BSE.

Buy REC with target of Rs 225, says Hemant Thukral, technical analyst, on CNBC TV18. Keep stop loss of Rs 190-195, he adds. The stock is currently trading at Rs 204.25, up 1.1% on the BSE.

Buy Punj Lloyd on dips with target of Rs 290, says Rajesh Jain of SMC Global Securities on Zee Business. Keep stop loss of Rs 215, he adds. The stock is currently trading at Rs 245.40, up 1% on the BSE.

Buy Canara Bank on dips with target of Rs 320, says Rajesh Jain of SMC Global Securities on Zee Business. Keep stop loss of Rs 270, he adds. The stock is currently trading at Rs 285.95, up 2.4% on the BSE.

Buy Reliance Communications with targets of Rs 292 and then 305, says Husseini Wadheria, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 272, he adds. The stock is currently trading at Rs 282.70, up 0.4% on the BSE.

Buy Voltas on dips with target of Rs 165 plus, says Rajesh Jain of SMC Global Securities on Zee Business. Keep stop loss of Rs 125, he adds. The stock is currently trading at Rs 141.20, up 3% on the BSE.

Buy Opto Circuits on dips with target of Rs 200, says Rajesh Jain of SMC Global Securities on Zee Business. Keep stop loss of Rs 170, he adds. The stock is currently trading at Rs 177, up 1% on the BSE.

Hold DLF with stop loss of Rs 374, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 412 crossing which it can go to Rs 442 and then 485, he adds. The stock is currently trading at Rs 401, down 0.3% on the BSE.

Buy GMR Infra with target of Rs 160-165, says Rajesh Jain of SMC Global Securities on Zee Business. Keep stop loss of Rs 133, he adds. The stock is currently trading at Rs 143.25, down 0.6% on the BSE.

Hold Patni Computers with target of Rs 415-420, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Keep stop loss of Rs 325, he adds. It has resistance at Rs 385, he says. The stock is currently trading at Rs 355, up 8.3% on the BSE.

Buy ABB at Rs 666 with target of Rs 800, says Ashu Baggri, technical analyst, on NDTV Profit. Keep stop loss of Rs 599, he adds. The stock is currently trading at Rs 695.50, up 1.2% on the BSE.

Buy Nalco at Rs 290 with target of Rs 335, says Ashu Baggri, technical analyst, on NDTV Profit. Keep stop loss of Rs 269, he adds. The stock is currently trading at Rs 308, up 5% on the BSE.

Hold Suzlon Energy with targets of 150 and 175, says Prasad Kushe, technical analyst, on CNBC Awaaz. It has resistance at Rs 110, he adds. The stock is currently trading at Rs 102.75, up 3.6% on the BSE.

Hold Unitech with target of Rs 117, says Ashu Baggri, technical analyst, on NDTV Profit. Keep stop loss of Rs 78, he adds. The stock is currently trading at Rs 92.10, up 0.2% on the BSE.

Hold Sun Pharma with target of Rs 1200, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Keep stop loss of Rs 1125, he adds. The stock is currently trading at Rs 1172.50, up 2.4% on the BSE.

Buy Mercator Lines above Rs 65 with target of Rs 75-85, says Mitesh Thacker, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 59.40, up 0.8% on the BSE.

Buy Sterlite Industries with target of Rs 700, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 598, he adds. The stock is currently trading at Rs 650.25, up 3.8% on the BSE.

Hold Suzlon Energy with stop loss of Rs 96, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 105 crossing which it can go to Rs 112-125 at which exit, he adds. Buy again at Rs 80-82, he says. The stock is currently trading at Rs 101.30, up 2.1% on the BSE.

Hold RNRL with target of Rs 108, says Ashu Baggri, technical analyst, on NDTV Profit. Keep stop loss of Rs 70, he adds. The stock is currently trading at Rs 84.35, down 0.8% on the BSE.

Hold Reliance Capital with targets of Rs 1070 and then 1300 by August 20, says Prasad Kushe, technical analyst, on CNBC Awaaz. It has support at Rs 805 and 780, he adds. The stock is currently trading at Rs 887.45, up 3% on the BSE.

Buy Indiabulls Real Estate with target of Rs 280-290, says Hardik Jain, technical analyst, on CNBC Awaaz. It has support at Rs 220, he adds. The stock is currently trading at Rs 248.80, down 0.1% on the BSE.

Hold NIIT with target of Rs 68-70, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Keep stop loss of Rs 58, he adds. The stock is currently trading at Rs 61.10, up 1.6% on the BSE. »

Buy Neyveli Lignite with target of Rs 170-180 in one month, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 122, he adds. The stock is currently trading at Rs 134.80, up 3% on the BSE.

The earnings have been good and upgrades will start happening from next week, says Ratnesh Kumar of Anand Rathi Financial Services on CNBC TV18. He believes that the attention will now shift to the monsoon shortfall. The immediate challenge is to break the 4400-4700 range on the Nifty, he adds.

Buy DLF with targets of Rs 430 and then 480, says Hardik Jain, technical analyst, on CNBC Awaaz. It has strong support at Rs 350, he adds. The stock is currently trading at Rs 408.10, up 1.5% on the BSE.

Hold Punj Lloyd with short-term target of Rs 258-272, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Keep stop loss of Rs 236, he adds. But he advises holding for long term for better gains. The stock is currently trading at Rs 249, up 2.5% on the BSE.

Hold Nagarjuna Fertilisers with stop loss of Rs 29, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 42 crossing which it can go to Rs 60, he adds. The stock is currently trading at Rs 35.95, up 2.6% on the BSE.

An hour into opening, the market is rallying to new highs with Sensex touching new heights of this year. It is trading at 15727, up 339 points from its previous close, and Nifty is at 4667, up 96 points. CNX Midcap index is up 2% and BSE Smallcap index is up 1.7%. The market breadth is positive with advances at 981 against declines of 201 on the NSE.

Buy India Infoline at current levels or on dips with short-term target of Rs 165, says Mitesh Thacker, technical analyst, on CNBC Awaaz. It has resistance at Rs 144, he adds. The stock is currently trading at Rs 141.25, up 7.6% on the BSE.

Hold JK Tyre and exit when it goes to Rs 96-102, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Keep strict stop loss of Rs 84, he adds. The stock is currently trading at Rs 89.55, down 1.2% on the BSE.

Buy PTC India with stop loss of Rs 87, says VK Sharma of Anagram Stock Broking on CNBC TV18. The stock is currently trading at Rs 92.50, up 4.3% on the BSE.

Buy Tata Motors at Rs 350-360 with targets of Rs 450 and then 520, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 414, up 4.7% on the BSE.

Buy Suzlon Energy only if it crosses Rs 105, says Hardik Jain, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 102.35, up 3.2% on the BSE.

Buy Taj GVK with target of Rs 180, says Mitesh Thacker, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 130.75, up 7.2% on the BSE.

Buy Tata Motors with target of Rs 500-550, says Ramesh Arora, technical analyst, on Zee Business. Keep stop loss of Rs 380, he adds. The stock is currently trading at Rs 411.25, up 4% on the BSE.

Buy Lanco Infra with target of Rs 460-470 in the near term, says Hardik Jain, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 375, he adds. The stock is currently trading at Rs 419, down 0.7% on the BSE.

Buy Tech Mahindra with stop loss of Rs 820, says VK Sharma of Anagram Stock Broking on CNBC TV18. The stock is currently trading at Rs 863.50, up 1.7% on the BSE.

On the first day of the August series, the market makes a good gap-up, promising start. Earlier, the US markets closed on a positive note while Asia is trading firm. Sensex is trading at 15638, up 250 points from its previous close, and Nifty is at 4642, up 70 points. CNX Midcap index is up 1.4% and BSE Smallcap index is up 1.3%. The market breadth is positive with advances at 660 against declines of 64 on the NSE.

Buy Axis Bank at Rs 920 with target of Rs 941, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 907, she adds. The stock last traded at Rs 917.50, down 0.2% on the BSE.

Buy HUL at Rs 281 with target of Rs 286, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 277, she adds. The stock last traded at Rs 281.85, up 5.2% on the BSE.

Sell Educomp with intra-day target of Rs 4030, says Hemen Kapadia, technical analyst, on CNBC TV18. Keep stop loss of Rs 4090, he adds. The stock last traded at Rs 4064.75, down 2.9% on the BSE.

Buy ACC at Rs 876 with target of Rs 890, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 865, she adds. The stock last traded at Rs 874.30, up 2.1% on the BSE.

BSE NSE Stock Market Report 30 July 2009

BSE NSE Stock Market Report 30 July 2009

Strong Q1 June 2009 earnings from State Bank of India (SBI) and Mahindra & Mahindra (M&M) and firm global stocks helped the key benchmark indices snap a three day losing streak. A recovery in Chinese shares after Wednesday's (29 July 2009)'s 5% slide helped soothe investors' nerves. The BSE 30-share Sensex jumped 214.50 points or 1.41%, up close to 320 points from the day's low. The Sensex attained its highest closing since 11 June 2009. IT, realty, banking and FMCG stocks led gains. But index heavyweight Reliance Industries (RIL) slipped. The market breadth was strong.

As per the provisional figures on BSE, foreign funds bought shares worth Rs 366.81 crore and domestic funds sold shares worth Rs 286.67 crore today, 30 July 2009.

Volatility was high as traders rolled over positions from July 2009 contracts to August 2009 contracts in the futures & options segment ahead of the expiry of July 2009 contracts today, 30 July 2009. Rollover of Nifty positions from July 2009 contracts to August 2009 contracts was about 60% at the end of Wednesday's (29 July 2009) trading. Rollover in Mini Nifty futures was about 43%.

The key benchmark indices slipped in early trade tracking losses in Asian stocks. After an initial slide the market moved to positive zone for a brief period before slipping into the red again. It recovered sharply in mid-morning trade tracking recovery in Chinese stocks. The market extended gains in early afternoon trade as the latest data showed inflation remained in the negative territory for a seventh week in a row. The market pared gains after surging to a fresh intraday high in mid-afternoon trade. The market extended gains in late trade on strong Q1 results from SBI and M&M.

The market today snapped last three days' losing streak. From a recent high of 15,378.96 on 24 July 2009, the Sensex had lost 205.50 points or 1.33% to 15,173.46 on Wednesday, 29 July 2009.

The wholesale price index (WPI) fell 1.54% in 12 months to 18 July 2009 compared to previous week's fall of 1.17% the government data showed at 11:50 IST. But the government revised upwards inflation for the week ended 23 May 2009 to 1.34% from 0.48%.

The Q1 June 2009 results announced so far have been encouraging, with lower costs helping bottomline growth. The combined net profit of 1438 companies rose 25.8% to Rs 67307 crore on 5.6% fall in sales to Rs 622730 crore in Q1 June 2009 over Q1 June 2008.

Finance Minister Pranab Mukherjee told the parliament on Wednesday that economic growth was showing certain signs of improvement, and trade minister Anand Sharma said efforts were being made to reduce the trade deficit. The economy grew by 6.7% in 2008/09 (April/March), and Mukherjee said India will able to maintain that level of growth. On Tuesday, 28 July 2009, the Reserve Bank of India (RBI) projected growth in 2009/10 at 6% with an upward bias.

A weak monsoon remains a cause of concern. India's monsoon rains were 18% below normal in the week to 29 July 2009, having been above normal in the preceding two weeks. Total rainfall since the beginning of June was 19% below average, the India Meteorological Department said on Thursday. More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.

Meanwhile, foreign direct investments (FDI) in India declined 43% to $2.2 billion in May 2009 over May 2008.

European shares rose on Thursday, as investors digested a raft of earnings, which continue to be mostly positive. Key benchmark indices in France, Germany and UK were up by between 0.53% to 1.2%.

Asian stocks rose, recovering from early losses. China's Shanghai Composite ended 1.69% higher, recovering from an initial fall. The index had declined 5% on Wednesday amid concern the government will curb inflows into a market that had more than doubled from last year's low.

Meanwhile, a statement on the People's Bank of China Web site late Wednesday cited a senior official as saying the central bank will emphasize market-based forces, rather than administrative controls in setting credit growth. The statement suggested the government isn't planning to set loan curbs at this time.

Key benchmark indices in Hong Kong, Singapore, South Korea and rose by between 0.49% to 1.23%.

Japan's Nikkei rose 0.51% in volatile trade as Japanese manufacturers increased production for a fourth month in June 2009, capping the fastest quarterly output expansion in more than half a century and helping the economy rebound from its deepest post-war recession.

Trading in US index futures indicated Dow could rise 66 points at the opening bell today, 30 July 2009.

US stocks fell on Wednesday, 29 July 2009 as investors worried that China might be ready to hit the brakes on lending, a move that could curb demand and hinder the global economic recovery.

The Dow Jones Industrial Average was down 26 points, or 0.3%, to 9,070.72. The S&P 500 index fell 4.47 points, or 0.5%, to 975.15, while the Nasdaq Composite Index was down 7.75 points, or 0.4%, to 1,967.76.

In economic news, orders for durable goods fell 2.5% in June 2009, much more than expected. Meanwhile mortgage applications fell for the first time in four weeks.

The BSE 30-share Sensex rose 214.50 points or 1.41% to 15,387.96, its highest closing since 11 June 2009. The Sensex rose 236.45 points at the day's high of 15,409.91 in late trade. The Sensex lost 107.98 points at the day's low of 15,065.48 in early trade.

The S&P CNX Nifty was up 57.95 points or 1.28% to 4,571.45. Nifty August 2009 futures were at 4578, at a premium of 6.55 points as compared to the spot closing of 4571.45. Turnover in NSE's futures & options (F&O) was Rs 94,477.38 crore, much lower than Rs 1,16,508.34 crore on Wednesday, 29 July 2009. BSE clocked a turnover of Rs 6,027 crore, lower than Rs 7,534.13 crore on Wednesday, 29 July 2009.

The Sensex is up 5,740.65 points or 59.5% in calendar year 2009 as on 30 July 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex has risen 7,227.56 points or 88.56% as on 30 July 2009.

Coming back to today's trade, the market breadth, indicating the overall health of the market, was strong. On BSE, 1,499 shares advanced as compared with 1,167 that declined. A total of 85 shares remained unchanged.

Among the 30-member Sensex pack, 23 rose while the rest declined.

The BSE Mid-Cap index was up 0.54% and the BSE Small-Cap index was up 0.8%. Both the indices underperformed Sensex.

The BSE IT index (up 2.8%), the BSE FMCG index (up 2.7%), the BSE Bankex (up 2.2%), the BSE TECk index (up 1.57%), outperformed the Sensex.

The BSE Oil & Gas index (down 0.19%), the BSE Power index (down 0.03%), the BSE Metal index (down 0.02%), the BSE Healthcare index (up 0.09%), the BSE Consumer Durables index (up 0.13%), the BSE Capital Goods index (up 0.2%), the BSE Auto index (up 0.86%), the BSE PSU index (up 0.89%), the BSE Realty index (up 1.3%), underperformed the Sensex.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 1.37% to Rs 1,899.90 after Anil Ambani said he will approach the Supreme Court on Thursday, 30 July 2009, seeking a final hearing on the two-year-old gas supply dispute on 1 September 2009. According to him the gas supply dispute between RIL and Reliance Natural Resources (RNRL) vitally affects public interest. The matter concerns power projects of national importance representing a capacity of 12,000 megawatt (MW) and an investment of over Rs 50,000 crore and affects the interests of over 10 million shareholders, he said.

The Supreme Court on 20 July 2009, asked the energy giant and former group firm Reliance Natural Resources (RNRL) why a gas pact between the two should not be cancelled. The court has scheduled next hearing on the dispute over the gas supply to Reliance Natural Resources (RNRL) on 1 September 2009.

RNRL has asked the Supreme Court to dismiss the government's affidavit on the dispute, even as the petroleum ministry has suggested that the court treats the pact between the two brothers null and void. The dispute concerns supply of natural gas from RIL's field, off the Andhra Pradesh coast, as also the price at which Reliance Natural Gas will get the fuel for power projects within the group.

In reply to the lawsuit filed by Reliance Industries challenging the Bombay High Court order, RNRL has said the government has no role to play in the private gas sharing dispute, and certainly not as a party to the row.

Oil exploration pivotals were mixed after crude futures tumbled almost 6% Wednesday as US oil inventories unexpectedly rose, raising fresh concerns of weak demand. India's largest exploration firm by sales ONGC rose 0.12%. Fall in crude oil prices would result in lower realizations from crude sales for oil exploration firms.

Cairn India fell 0.58% as consolidated net profit fell 67.2% to Rs 45.44 crore on 49.2% fall in sales to Rs 204.95 crore in Q2 June 2009 over Q2 June 2008. The company declared the results after trading hours on Wednesday.

PSU OMCs rose on fall in crude oil prices. BPCL and HPCL rose by between 4.3% to 8.01%. Lower oil prices will reduce underrecoveries at the state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.

Indian Oil Corporation rose 4.08% as its net profit jumped 787.15% to Rs 3682.83 crore in Q1 June 2009 over Q1 June 2008. The company announced the result during market hours today.

Auto stocks rose after posting strong Q1 June 2009 results in the past few days. India's largest truck market by sales Tata Motors rose 0.44%. The company on Tuesday, 28 July 2009 reported 57.54% rise in net profit to Rs 513.76 crore on a 7.17% decline in total income to Rs 6723.99 crore in Q1 June 2009 over Q1 June 2008.

India's largest tractor maker by sales Mahindra & Mahindra rose 1.22% after net profit rose 151.63% to Rs 400.80 crore on 28.04 % rise in total income to Rs 426.61 crore in Q1 June 2009 over Q1 June 2008. The results for the current quarter include the figures of the erstwhile subsidiaries Mahindra Holdings and Finance and Punjab Tractors which were merged with the company. Hence, the figures of the current quarter are not comparable with those of the previous year's quarter. The results hit the market just a while back.

India's top small car maker by sales Maruti Suzuki India was flat at Rs 1,397.70.

India's largest bike maker by sales Hero Honda Motors was flat at Rs 1,639.60. The company posted 83% jump in net profit to Rs 500 crore on 34% rise in total revenue to Rs 3865 crore in Q1 June 2009 over Q1 June 2008. The company announced the Q1 result after market hours on Wednesday, 29 July 2009.

Rate sensitive realty shares reversed early losses as inflation remained in the negative zone. Investors are concerned that the central bank may start reversing its interest-rate cuts in early 2010 as food and energy prices fan inflation. Rising interest rates may dent property demand as most of the commercial and housing deals are driven by finance.

India's largest real estate developer by sales DLF rose 1.02% ahead of its Q1 June 2009 result today. Unitech, Indiabulls Real Estate, Phoenix Mills and Omaxe rose by between 0.95% to 3.31%.

IT stocks rose on weak rupee. Better-than-expected Q1 June 2009 results by IT pivotals Infosys, Wipro and TCS also underpinned sentiment for IT stocks. TCS, Infosys and Wipro rose by between 1.34% to 6.04%.

The rupee recovered against the dollar after hitting a one-week low in early trade. The partially convertible rupee was hovering at 48.33/48.34, firmer than Wednesday's close of 48.42/48.43. A weak rupee boosts revenues of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.

Patni Computer Systems rose 12.55% after the company said it will scout for acquisitions in the range of $50 million-$200 million in Europe and the Asia-Pacific to help lower its dependence on the US market.

Bank stocks rose on strong Q1 results from State Bank of India, India's biggest commercial bank in terms of branch network. State Bank of India (SBI) rose 4.37% as its net profit jumped 42.02% to Rs 2330.37 crore on 29.86% rise in total income to Rs 21041.51 crore in Q1 June 2009 over Q1 June 2008. The results hit the market during trading hours today.

India's second largest private sector bank in terms of operating income HDFC Bank rose 2.95%. India's largest private sector bank in terms of operating income ICICI Bank rose 3.14%.

Some FMCG stocks rose on improvement in India's annual monsoon in July 2009 after a dry spell in June 2009. FMCG firms derive substantial revenue from rural sector. Britannia Industries, ITC, Dabur India, Nestle India, United Spirits, Tata Tea, rose by between 0.65% to 2.79%.

India's largest FMCG company by sales Hindustan Unilever rose 5.15%. The company reported a 2.68% fall in net profit to Rs 543.19 crore on a 5.06% increase in total income to Rs 4536.17 crore in Q1 June 2009 over Q1 June 2008. The results were declared during trade hours on Tuesday, 28 July 2009.

India's largest private sector steel maker by sales Tata Steel rose 2.53% even as net profit fell 47% to Rs 789.83 crore on a 8.16% decline in total income to Rs 5661.89 crore in Q1 June 2009 over Q1 June 2008. The result was announced during trading hours on Wednesday, 29 July 2009.

India's second largest steel maker by sales Steel Authority of India rose 3.26% even as net profit fell 27.74% to Rs 1326.09 crore in Q1 June 2009 over Q1 June 2008. The company announced the result during trading hours today.

India's largest copper market by sales Sterlite Industries rose 0.89%. The company's net profit fell 68.5% to Rs 112.70 crore in Q1 June 2009 over Q1 June 2008. The result was announced during trading hours on 29 July 2009.

Construction stocks rose on government's thrust on infrastructure sector in Union Budget 2009-2010. Era Infra Engineering, Gayatri Projects and IVRCL Infrastructure & Projects rose by between 1.56% to 3.14%.

But capital goods stocks fell on profit taking after a recent surge triggered by government's thrust on the infrastructure sector in Union budget 2009-2010. Bharat Heavy Electricals, Punj Lloyd, ABB, Praj Industries, Siemens fell by between 0.06% to 1.86%.

Cement stocks rose on posting good Q1 June 2009 results. Grasim Industries, ACC, Ambuja Cements and Ultratech Cements rose by between 0.78% to 4.1%.

Some power stocks rose after a strong response to the Adani Power initial public offer which opened for subscription on Tuesday, 28 July 2009. NTPC, Power Grid Corporation Of India, Torrent Power rose by between 1.45% to 2.96%. Reliance Infrastructure rose 1.8% ahead of its Q1 June 2009 result today.

Sun Pharmaceuticals Industries tumbled 3.62% after net profit fell 56.7% to Rs 121.51 crore on a 39.5% decline in sales to Rs 405.88 crore in Q1 June 2009 over Q1 June 2008. The company announced the results during trading hours on Wednesday, 29 July 2009.

Other healthcare stocks, Cadila HealthCare, Piramal HealthCare, Lupin fell by between 0.02% to 3.7%.

Unitech clocked highest volume of 1.54 crore shares on BSE. Suzlon Energy (1.47 crore shares), Mahindra Satyam (1.14 crore shares), Ispat Industries (1.1 crore shares) and Ruchi Soya Industries (1.08 crore shares) were the other volume toppers in that order.

Tata Steel clocked the highest turnover of Rs 255.38 crore on BSE. Housing Development & Infrastructure (Rs 185.26 crore), DLF (Rs 171.59 crore), Suzlon Energy (Rs 145.94 crore) and State Bank of India (Rs 144.07 crore) were the other turnover toppers in that order.

Closing Bell 30 July 2009

Closing Bell 30 July 2009

Sustained buying activity for most part of the day helped the Indian markets to close significantly in the positive today. The BSE-Sensex ended higher by around 230 points, while the NSE-Nifty ended higher by about 65 points. Both, the small and mid caps indices also closed firm, up by around 0.5% and 0.7% respectively. Gains were led by stocks from the FMCG, banking and IT sectors, while select energy and engineering stocks closed in the red. The overall advances to decline ratio was poised at 1.3 to 1 on the BSE

Most other Asian indices closed in the positive. The European markets are also currently trading firm. Rupee was trading at 48.42 against the US dollar at the time of writing.

As per a leading business daily, HUL, in a strategy to take on micro rivals and down trading, plans to offer a cheaper product in the oral care category. It may be noted that the company’s market share in the oral care is around 28% in value terms and it plans to increase the same. The share of market leader Colgate in the oral care space is 52% in volume terms. At present, the company’s rural penetration level in the oral care space is low. As a strategy, few months ago, the company introduced Rs 5 to Rs 10 packs of oral care paste in a few states, which helped company to improve its share in that states. Now, the company has decided a nationwide launch for such variants. Further, the company also plans to tackle down trading in the tea and laundry segment at the national level by leveraging its distribution network. In all, HUL plans to move towards volume share growth to offer mass end pricing. In the process, the company believes to eventually get back its lost value share. The stock of HUL ended in the green.

Gujarat gas announced its 2QCY09 results recently. The company has registered an 8% YoY growth in the topline during 2QCY09 due to growth in realisations from retail markets and optimisation of market mix. The operating margins improved by 3.9% as raw material cost declined by 1.3% (as a percentage of sales) on a YoY basis, while other expenditure declined by 2.7% (as a percentage of sales). The bottomline growth stood at 8% YoY during the quarter. Despite reporting lower other income (decreased by 63% YoY) and higher interest and depreciation costs, the growth in net profits has come in on account of robust 32.5% YoY growth in operating profits. The company’s board has recommended issue of bonus shares at 1:1.

Inflation (as measured by the WPI) dropped to -1.54% for the week ending July 18. During the previous week, the figure stood at -1.17%. During the same week last year, the inflation figure stood at 12.54%. Food prices continued their upward trend during the week, while prices of fuel products witnessed a decline on a week on week basis. India’s central bank, the RBI recently stated that the uncertain outlook for the monsoons is likely to perk up food-price inflation going forward.

The Indian markets remained firm during the previous two hours of trade on account of sustained buying activity across heavyweights. Currently, stocks from the IT and realty sectors are leading the pack of gainers, while stocks from the engineering and healthcare space are trading weak. The overall market breadth is positive with total gainers outnumbering losers in the ratio of 1.4 to 1 on the BSE.

The BSE-Sensex and NSE-Nifty are trading higher, up by around 100 points and 30 points respectively. The BSE-Midcap and the BSE-Smallcap indices are trading higher, up by around 0.6% and 0.8% respectively. The Rupee is trading at 48.46 to the Dollar.

Auto stocks are trading mixed. Ashok Leyland and Tata Motors are trading firm, while Maruti Suzuki is in the red. As per a leading business daily, Tata Motors has taken a new strategic initiative for its marquee brands - Jaguar Land Rover (JLR). The company plans to build all the future cars of these brands with light weight aluminium bodies in order to reduce input costs, reduce weight and CO2 emission. It is also developing a hybrid power train that will be introduced in future models of JLR. The company plans to widen and re-energise the product range of these brands by launching several new models in the coming years. It may be noted that Tata Motors had acquired the JLR brands last year in order to get access to technology and create a global presence. Interestingly, with the global credit crisis the auto sector across the world has experienced a major slowdown. Consequently, most of the auto companies across the world are facing difficulties in sustaining their operations and JLR is no exception to this. In fact, JLR sales volumes declined by around 32% between June 2008 and March 2009. However, with the initiatives taken by Tata Motors for JLR, it seems that the company may be able to ride out the difficult times.

Steel stocks are trading firm led by SAIL and Tata Steel. Tata Steel announced its 1QFY10 results yesterday. The standalone topline of the company declined by 8.7% YoY in 1QFY10 on account of lower realisations during the quarter. However, the volumes witnessed a robust growth of 22.3% YoY in 1QFY10 as compared to the corresponding quarter last year. Operating profits declined by 42.4% YoY led by higher operating costs, thus operating margins declined by 18.2% to 31% during the quarter. The bottomline declined by 46.9% YoY, slightly higher than operating profits, mainly on account of higher interest costs and depreciation charges during the quarter.

The Indian markets turned positive during the previous two hours of trade on the back of heavy buying activity among index heavyweights. Buying activity is being led by stocks from the IT and realty sectors, while select stocks from engineering and metal sectors are trading weak. The overall market breadth is positive with total gainers outnumbering the losers in the ratio of 1.3 to 1 on the BSE.

The BSE-Sensex and NSE-Nifty are trading higher, up by around 55 points and 25 points respectively. The BSE-Midcap and the BSE-Smallcap indices are trading higher, up by around 0.3% and 0.7% respectively. The Rupee is trading at 48.48 to the Dollar.

Cipla announced its 1QFY10 results yesterday. The company has reported 14% YoY topline growth during 1QFY10, largely led by the 29% YoY growth in its export formulations business. The operating margins witnessed substantial expansion of 8.6% during the quarter, largely due to a fall in raw material costs and other expenditure (as percentage of sales). Despite surge in interest costs and tax expenses, the bottomline grew by 73% YoY. The net profits were bolstered by the superlative 75% YoY growth in operating profits. Pharma sector stocks are trading mixed currently.

As per National Association of Software and Service Companies, the software and outsourcing industry is expected to report growth of 4% to 7% this fiscal to become US$ 48 to 50 bn in revenues. Last fiscal, the industry’s export revenues reported a growth of 14.6%. The single digit growth for FY10 is considered good given the economic environment. The export market is about thrice as much as the domestic market. So the slower growth of the export industry is likely to restrict the overall growth of the sector. The domestic market is expected to grow at a much faster rate of 15% to 18% as compared to outsourcing business. This robust growth in revenues of domestic business is likely to aid IT-BPO industry. The industry has made adaptations and adjustments in its working model to survive the downturn. Some of them are fixed price and outcome-based contracts, shifting of onsite personnel to offshore locations to reduce costs, etc. The core markets such as North America and verticals such as banking and financial services industry have started to stabilise. Furthermore, to achieve growth, the industry is looking at domestic segments and unexplored markets like South America, West Asia, and blocks of Europe. Software sector stocks are trading mixed currently.

The Indian markets have extended yesterday’s losses in line with their Asian peers and are currently trading in the negative. The overall advance to decline ratio stood at 1.4:1 on the NSE. Auto and software stocks are witnessing investors’ interest, while engineering, banking and pharma stocks are trading lower. As regards the global markets, the US markets ended lower yesterday, while the European markets ended in the green. The Asian markets are witnessing negative sentiments currently.

The BSE Sensex is trading lower by around 25 points. The NSE Nifty is down 20 points. The BSE Midcap and the BSE Smallcap indices are trading flat. The rupee is trading at 48.62 to the dollar.

2-wheeler major Hero Honda reported robust results for 1QFY10. The net sales witnessed a strong growth of 34% YoY on the back of a stellar 25% YoY increase in volume sales. The company managed to beat the industry, which saw a 12% YoY growth, yet again. It also reached a market share of 59% and crossed the 1 m volume mark during the quarter. The operating profits grew at an enviable rate of 87% YoY as lower raw material costs lead to nearly 500 basis points expansion in operating margins. Stellar operating profits translated into an equally robust bottomline growth of 83% YoY. The company has continued with its consistently robust topline performance driven by volume growth across segments and markets. As per the company, sales are expected to witness a gain of 7.5% this year and cross 4 m units. A strong business model coupled with favourable industry scenario and market leadership makes Hero Honda a strong play in the 2 wheeler segment. Auto stocks are trading firm.

FMCG stocks are trading mixed. As per a leading business daily, FMCG companies witnessed yet another quarter of double-digit topline growth. While the growth is largely volume driven as against the value growth witnessed last year, the performance remains strong. The high volume growth was led by increase in advertising and promotion expenses coupled with pricing adjustments, an increase in grammage and a spate of new launches and product innovations. Companies like Dabur, Marico, Godrej Consumers and Colgate witnessed strong double -digit growth, while FMCG biggies like ITC and HUL saw a lower growth of 6% YoY (non-cigarette business) and 2% YoY during the quarter respectively. Further, the companies also witnessed a margin expansion due to lower input costs. The companies are confident of volume growth to continuing both from the rural and urban areas. While monsoons would play a critical role during the current year, the continued focus of the government on rural areas, lower penetration and rising consumerism would aid the FMCG sector in its growth

Infrastructure is one of India’s biggest stumbling blocks. And events in recent years have made it clear that land acquisition is in turn the biggest stumbling block in creating infrastructure. In fact, land acquisition accounts for around 70% of infrastructure projects facing delays.

The National Highways Authority of India (NHAI) has plans of laying 20 km of roads each day. As of June 30, 202 projects are being implemented under the National Highways Development Project.

In an attempt to avoid land acquisition problems going ahead, it will open 150 special land acquisition units (SLUs) and 10 regional offices across the country. As per a leading daily, states like Rajasthan, Bihar, Uttar Pradesh, Gujarat, Orissa, West Bengal, Jharkhand, Maharashtra and Assam will be covered. It may be noted that Tamil Nadu and Karnataka already have SLUs.

In our opinion, this is a step in the right direction of greater decentralization of the NHAI. Being present merely in Delhi is not adequate as the actual action on the ground happens in various states.

Microsoft and Yahoo vs. Google

After much negotiation, Microsoft and Yahoo have finally decided to partner in the Internet search and advertising space in order to take on the might of Google. It may be noted that earlier, Microsoft had tried to acquire Yahoo, but failed. Under the new 10 year deal, Microsoft will provide the search technology on Yahoo’s site. Yahoo in turn will focus on publishing web content in areas like finance and sports.

We doubt if this move will threaten Google’s dominance – which holds 65% market share in the US. Microsoft and Yahoo put together muster only 28%. Given how favorably internet users view Google due to years of customer-friendly behavior, it is likely that its advantage will be sustainable.

BSE NSE Market Voices 30 July 2009

BSE NSE Market Voices 30 July 2009

Shrugging off a listless and somewhat negative start, the market rallied sharply in afternoon trade and signed off on a firm note today.

The positive close in most of the Asian markets, a firm trend on the European bourses and higher U.S. index futures kept the sentiment firm.

A series of impressive report cards from India Inc., and hectic short-covering due to derivatives expiry also contributed to the surge. The Sensex ended at 15,374.37 (provisional) with a gain of around 200 points or 1.32%. The BSE barometer, down over 100 points at 15,065 at one state, rose to 15,409.91 by late afternoon. The Nifty closed at 4570.80, off the day's high of 4582.35, with a gain of 57.30 points or 1.27%.

IT stocks, led by heavyweights, Infosys, TCS and Wipro, moved up sharply. SBI's strong results buoyed up bank stocks. FMCG and realty stocks too had a niced ride up the charts. PSU oil marketing stocks were in demand. ower, metal and pharma stocks were a bit subdued today.

Buying remained stock specific in midcap and smallcap segments. The market breadth was fairly strong at close.

Zee News can add Rs 50: Rajen Shah, CIO, Angel Broking, on CNBC-TV18

Strong results buoyed up Bhushan Steel to Rs 753.50 this afternoon. The stock is up by nearly 4.5% at Rs 746.25 now. One can continue to hold this metal stock for solid gains over a short to medium term. Fresh buying can be considered at declines.

Max India has slipped by over 2% on weak results. The company has posted a net profit of Rs 2.10 million for the quarter ended June 30, 2009 as compared to Rs 136.10 million for the quarter ended June 30, 2008. Total income has decreased from Rs 1188.60 million for the quarter ended June 30, 2008 to Rs 848.70 million for the quarter ended June 30, 2009.

Back on track: Hindustan Unilever touched an intraday high of Rs 280.25 and an intraday low of Rs 266.25. The stock was quoting at Rs 278.50, up Rs 10.45, or 3.90%.

Stock split effect: GMR Infrastructure touched an intraday high of Rs 144.90 and an intraday low of Rs 138.55. The stock was quoting at Rs 144.50, up Rs 3.10, or 2.19%. GMR Infrastructure Ltd has informed that the Board of Directors of the Company has accorded approval for sub-division of all its equity shares of Rs 2/- each into 2 equity shares of Re 1/- each, subject to the approval of members of the Company at the forthcoming Annual General Meeting. The GMR Infrastructure stock is currently trading at Rs 144.

Smart move: Ashok Leyland touched an intraday high of Rs 36.80 and an intraday low of Rs 34.50. The stock was quoting at Rs 36.35, up Rs 1.65, or 4.76%

Among major gainers: HDFC touched an intraday high of Rs 2,448 and an intraday low of Rs 2,362.90. The stock was quoting at Rs 2,444.15, up Rs 81.25, or 3.44%.

Ashok Leyland touched an intraday high of Rs 36.80 and an intraday low of Rs 34.50. The share was quoting at Rs 36.35, up Rs 1.65, or 4.76%.

It was trading with volumes of 1,923,930 shares. Yesterday the share closed down 0.86% or Rs 0.30 at Rs 34.70.

Mahindra & Mahindra has posted a net profit of Rs 4008.50 million for the quarter ended June 30, 2009 where as the same was at Rs 1593.00 million for the quarter ended June 30, 2008. Total Income is Rs 42661.60 million for the quarter ended June 30, 2009 where as the same was at Rs 33318.00 million for the quarter ended June 30, 2008.

The results for the current quarter include the figures of the erstwhile subsidiaries Mahindra Holdings and Finance Ltd and Punjab Tractors Ltd which merged with the Company effective, February 01, 2008 on August 11, 2008 and August 01, 2008 on February 16, 2009 respectively. Hence, the figures of the current quarter are not comparable with those of the previous year's quarter.

Rural Electrification Corporation touched a 52-week high of Rs 203.80. The share was quoting at Rs 198.50, up Rs 10.90, or 5.81%. It was trading with volumes of 1,120,082 shares, compared to its five-day average of 543,125 shares, an increase of 106.23%. Yesterday the share closed up 4.86% or Rs 8.70 at Rs 187.60.

Educomp Solutions Limited has posted a net profit of Rs 362.702 million for the quarter ended June 30, 2009 as compared to Rs 167.743 million for the quarter ended June 30, 2008. The stock is trading flat at Rs 4162 now. One with a good appetite for risk can consider buying the stock at 10 - 20% down from current levels.

52-week high: Hexaware Technologies touched a 52-week high of Rs 68.25. The stock was quoting at Rs 67.20, up Rs 4.70, or 7.52%.

Riding on large volumes: ISMT touched an intraday high of Rs 35.90 and an intraday low of Rs 31.20. The stock was quoting at Rs 34.50, up Rs 3.10, or 9.87%.

Touching a new high: UltraTech Cement touched a 52-week high of Rs 827. The stock was quoting at Rs 827, up Rs 36.25, or 4.58%.

Top gainer: TCS is top gainer on the Sensex. It touched an intraday high of Rs 520 and an intraday low of Rs 496.05. The share was quoting at Rs 518.40, up Rs 18.60, or 3.72%.

Buy Corporation Bank, says Sharekhan in its report on CNBC-TV18

Mundra Port & Special Economic Zone Limited has posted a net profit of Rs 1707.551 million for the quarter ended June 30, 2009 as compared to Rs 968.030 million for the quarter ended June 30, 2008. Total income has increased from Rs 2709.880 million for the quarter ended June 30, 2008 to Rs 3213.557 million for the quarter ended June 30, 2009. Reacting positively to the numbers, the Mundra Port stock has shot up to Rs 562, gaining nearly 3%.

Buy Cipla for the target of Rs 286, says KRChoksey in its report on CNBC-TV18

South Indian Bank for the target of Rs 135, says Angel Broking in its report on CNBC-TV18

Hold Tech Mahindra for the target of Rs 868, says Reliance Money report on CNBC-TV18

SBI's net profit rose to Rs 2,330 crore for the quarter ended 30 June 2009. The bank has posted a net profit of Rs 1640 crore in the corresponding quarter last fiscal. The stock has ralled sharply following the release of results and is up by 3% at Rs 1706 at present.

Patni hits 52-week high: The stock touched a 52-week high of Rs 305. The stock was quoting at Rs 304.50, up Rs 13.30

Some reasonably good quarterly results have also contributed to the positive mood now.

Riding on order numbers: J Kumar Infra has touched an intraday high of Rs 120 and an intraday low of Rs 114. The stock was quoting at Rs 120, up Rs 3.10, or 2.65%.

HPCL moves up smartly: The stock has touched an intraday high of Rs 347.80 and an intraday low of Rs 336.90. The stock was quoting at Rs 345.65, up Rs 13.65, or 4.11%.

Top gainer: BPCL was top gainer on the Nifty. It touched an intraday high of Rs 485.25 and an intraday low of Rs 472. The stock was quoting at Rs 484.05, up Rs 15.15, or 3.23%.

Indian Oil Corporation Limited has posted a net profit of Rs 36828.30 million for the quarter ended June 30, 2009 where as the same was at Rs 4151.30 million for the quarter ended June 30, 2008. However, the figures are not comparable as figures for the quarter ended June 2008 do not include the figures of Bongaigaon Refinery and Petrochemicals Ltd (BRPL), which was merged with IndianOil on March 25, 2009. The Indian Oil stock is up by over 3% at Rs 551 now.

Corporation Bank reported a 41.75 per cent increase in net profit in the first quarter of the current fiscal at Rs 261.25 crore (Rs 184.30 crore). The treasury income for the quarter under review stood at Rs 185 crore (Rs 5 crore).

Smart gains: Welspun Gujarat has touched an intraday high of Rs 234.10 and an intraday low of Rs 224.50. The stock was quoting at Rs 234.10, up Rs 9.05, or 4.02%.

Godrej Industries reported a 97 per cent drop in the standalone net profit to Rs 58 lakh in the first quarter of this financial year against Rs 17 crore recorded in the same period last year. Sales fell 19 per cent to Rs 203 crore (Rs 252 crore).

One can go in for IRB Infrastructure with a long term view. The stock, currently traded at Rs 184, could give fairly decent returns even over a short run. Intra-day traders with a great appetite for risk can try this stock if it rises to Rs 186 and trades firm for a while.

Nifty has strong support at 4410, says Nirmal Bang's report on CNBC-TV18

IT major Oracle Financial Services Limited has reported a sharp rise in earnings. The company has posted a net profit of Rs 1522.20 million for the quarter ended June 30, 2009 as compared to Rs 921.80 million for the quarter ended June 30, 2008. Total income has increased from Rs 4628.00 million for the quarter ended June 30, 2008 to Rs 5456.20 million for the quarter ended June 30, 2009. The stock has spurted 3.65% to Rs 1452 following the announcement of results.

Hindustan Petroleum Corporation has turned the corner in the first quarter of this fiscal by posting a net profit of Rs 649.12 crore, compared with a loss of Rs 888.12 crore in the same period last year.

Sensex has support at 15145/15056, says Hem Securities' report on CNBC-TV18

Punjab National Bank has reported a 62 per cent increase in net profit for the quarter ended June 30, at Rs 832.05 crore (Rs 512.40 crore). A sharp increase in treasury income coupled with robust credit growth helped the bank’s bottomline growth.

Rico Auto touched an intraday high of Rs 31.70 and an intraday low of Rs 27.60. The share was quoting at Rs 28, down Rs 2.25, or 7.44%.

It was trading with volumes of 829,694 shares. Yesterday the share closed up 10% or Rs 2.75 at Rs 30.25.

Power Grid Corporation (Rs 120) is a good one for medium to long term.

One long in the stock can stay invested with a stop loss at Rs 100 - 105 levels for now.

Tata Steel has reported a 47 per cent drop in standalone net profit at Rs 790 crore in the first quarter ended June 30, 2009, against Rs 1,488 crore logged in the same period last year mainly due to the sharp spike in imported coal cost.

Asian stock markets fell on Thursday, with Chinese shares leading the decline amid concerns the recent rally was overdone. Shanghai's benchmark lost 1.2 percent to 3,228.75, while Hong Kong's Hang Seng dropped 71.69, or 0.4 percent, to 20,063.81. In Japan, the Nikkei 225 stock average shed 10.75, or 0.1 percent, to 10,102.49. Markets in South Korea, Taiwan and Singapore were down about 1 percent or less.

Buy Bank of India for the target of Rs 350. The stock has upside potential of 10%

Hindustan Petroleum Corporation, HPCL touched an intraday high of Rs 347.80 and an intraday low of Rs 336.90. The share was quoting at Rs 345.65, up Rs 13.65, or 4.11%.

It was trading with volumes of 161,838 shares. Yesterday the share closed up 0.85% or Rs 2.80 at Rs 332.

Biocon Ltd: Sell below 212.20 with a stop loss of 214, ICICI Direct

GE Shipping has slipped by around 2.2% to Rs 246.25 after edging up marginally earlier this morning.

The company has informed that it has entered into an agreement with the Shipyard to cancel one of the new building Kamsarmax bulk carriers scheduled for delivery in Q1 FY 2012.

With the said cancellation, the company's order book stands reduced to 7 vessels - 2 Supramax bulk carriers, 3 Kamsarmax bulk carriers, and 2 Suezmax tankers, now.

ABB: Sell below 705 with a stop loss of 710, ICICI Direct

Power Grid Corporation: Buy above 116 for the target of 118.50 / 120 / higher with a stop loss of 115 , ICICI Direct

Hero Honda has pared its gains after trading firm for a while. After a near 3% surge, the stock is up just modestly at present.

The firm's net profit zoomed over 83% to Rs 500.11 crore in the quarter ended June 2009 from a net profit of Rs 272.87 crore it had posted in the corresponding quarter last year. Sales rose by around 34% to Rs 3811.05 crore in the quarter ended June 2009 as against Rs 2843.53 crore during the quarter ended June 2008.

One holding the stock can stay invested. Short term traders can book some profits at rallies and re-enter later at dips.

Bank of Baroda: Buy above 423.20 for the target of 429 / 433 / higher with a stop loss of 420

Nifty Futures: Buy above 4495 for the targets of 4525 / 4555 / higher with a stop loss of 4493

Buy Fortis Healthcare for the target of Rs 115. The stock has upside potential of 13%

Realty firm Ackruti City Limited has posted a net profit of Rs 72 million for the quarter ended June 30, 2009 as compared to Rs 1714.10 million for the quarter ended June 30, 2008.

Total income of the firm has decreased from Rs 2410.10 million for the quarter ended June 30, 2008 to Rs 461.90 million for the quarter ended June 30, 2009.

The stock is currently trading at Rs 585, up 2.75%. It is advisable to defer any plans of taking fresh exposure at the counter.

10:11 AM: Buy Gujarat Gas for the target of Rs 371. The stock has upside potential of 15%

The market is off to a cautious start this morning amid none too strong global cues.

Buy Gateway Distriparks for the target of Rs 109. The stock has upside potential of 18%

Stocks to watch : Sesa Goa, after India's top private-sector iron ore exporter posted a fall in its net profit by a third to Rs 422 crore in the June quarter.

Power Grid Corp of India after the state-run central transmission utility showed a 79 per cent jump in its April-June net profit to Rs 547 crore.

Provogue India Ltd after it said its board will meet on Aug. 14 to consider a buyback of shares.

Quarterly Results: DLF Ltd, Mahindra and Mahindra Ltd, State Bank of India, Tata Chemicals Ltd, Indian Oil Corp Ltd.

ICICI Bank: Technically this stock can slip anytime if unable to hold 740

Rupee opened at Rs 48.56 per dollar versus Rs 48.41 yesterday.

Reliance Industries: One can again go short with suitable stop loss and expect this stock to hit below 1850 marks

L&T: Trade short with stop loss just above 1480

Nifty can go to test 4400 to 4350 marks

Brokerage recommendations 30 July 2009

Brokerage recommendations 30 July 2009

Buy RPL with target of Rs 129, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 114, he adds. The stock last traded at Rs 118.50, down 1% on the BSE.

Hold DLF with stop loss of Rs 350, says PK Agarwal of Purpleline Investment on Zee Business. The stock last traded at Rs 402.10, up 1% on the BSE.

Buy Federal Bank with target of Rs 252, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 227, he adds. The stock last traded at Rs 238, down 0.3% on the BSE.

Buy PFC with target of Rs 270, says Nishant Jain of Tradeswift on CNBC Awaaz. Keep stop loss of Rs 210, he adds. The stock last traded at Rs 234.95, up 2% on the BSE.

Hold on to longs with target of 4640 and stop loss of 4520, says Rahul Mohinder, technical analyst, on CNBC TV18, as market closing strategy.

Buy Nalco at Rs 295 with target of Rs 315, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 285, he adds. The stock is currently trading at Rs 292, down 2.2% on the BSE.

Buy Welspun Gujarat with target of Rs 320, says Salil Sharma, technical analyst, on CNBC TV18. It has resistance at Rs 240, he adds. The stock is currently trading at Rs 229.50, up 2% on the BSE.

Buy PTC India at Rs 87.50 with target of Rs 96.50, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 84.50, he adds. The stock is currently trading at Rs 88, down 0.3% on the BSE.

Buy ICICI Bank with target of Rs 770, says Nishant Jain of Tradeswift on CNBC Awaaz. Keep stop loss of Rs 720, he adds. The stock is currently trading at Rs 751.50, up 2.6% on the BSE.

Buy Tata Communications at Rs 498 with target of Rs 538, says Ashu Baggri, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 478, he adds. The stock is currently trading at Rs 505, up 2.9% on the BSE. » Send to friends

Buy Alstom Projects with target of Rs 650, says Salil Sharma, technical analyst, on CNBC TV18. It has resistance at Rs 535, he adds. The stock is currently trading at Rs 521.50, up 0.5% on the BSE.

F&O Call: Buy Nifty with target of 4610 and stop loss of 4490, says Sandeep Wagle, technical analyst, on CNBC Awaaz.

F&O Call: Buy Nifty with target of 4630 and stop loss of 4470, says Akshita Deshmukh, technical analyst, on CNBC Awaaz.

F&O Call: Buy Nifty with target of 4700 and stop loss of 4380, says Anuj Dikshit, technical analyst, on CNBC Awaaz.

F&O Call: Buy Nifty with target of 4650 and stop loss of 4480, says Ashwani Gujral, technical analyst, on CNBC Awaaz.

Buy Mahindra & Mahindra only at Rs 800 with target of Rs 900-1000, says Prasad Kushe, technical analyst, on NDTV Profit. Keep stop loss of Rs 750, he adds. The stock is currently trading at Rs 852.85, up 1.3% on the BSE.

Buy Tata Communications with target of Rs 550, says Nishant Jain of Tradeswift on CNBC Awaaz. Keep stop loss of Rs 475, he adds. The stock is currently trading at Rs 505.15, up 2.9% on the BSE.

Exit from Ranbaxy which has stiff resistance at Rs 300, says PK Agarwal of Purpleline Investment on Zee Business. There's not much positive news in this stock, he adds. The stock is currently trading at Rs 270.60, down 0.4% on the BSE.

Buy Neyveli Lignite with targets of Rs 170 and then 185 in 1-2 months, says Prasad Kushe, technical analyst, on NDTV Profit. Keep stop loss of Rs 120, he adds. The stock is currently trading at Rs 132.25, up 1.8% on the BSE.

Hold Indiabulls Real Estate but for long term, says Rajesh Tambe of Sunchan Securities on Zee Business. It will give good gains but only if one gives it some time, he adds. The stock is currently trading at Rs 248.90, up 0.9% on the BSE.

Hold Adlabs Films with target of Rs 450, says PK Agarwal of Purpleline Investment on Zee Business. It has support at Rs 305-310, he adds. The stock is currently trading at Rs 347, down 2.9% on the BSE. » Send to friends

Buy SBI with targets of Rs 1760 and then 1850, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 1620, he adds. The stock is currently trading at Rs 1702.05, up 2.8% on the BSE.

Hold Zee Entertainment with target of Rs 200 plus, says MB Singh, technical analyst, on Zee Business. Keep stop loss below Rs 150, he adds. The stock is currently trading at Rs 174.70, down 0.1% on the BSE.

Buy Hero Honda on dips with targets of Rs 2000 and then 2500, says Prasad Kushe, technical analyst, on NDTV Profit. Keep stop loss of Rs 1400 or 1500, he adds. The stock is currently trading at Rs 1632.90, down 0.4% on the BSE.

Buy Hero Honda on dips, says Ashish Kapur of Invest Shoppe on NDTV Profit. It is a stock one must have in their portfolio, he adds. The stock is currently trading at Rs 1633, down 0.4% on the BSE.

Hold Aban Offshore with targets of Rs 1204 and then 1400, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 1003.90, down 1.2% on the BSE.

Buy SCI with target of Rs 175-180 in 1-2 months, says Prasad Kushe, technical analyst, on NDTV Profit. Keep stop loss of Rs 120, he adds. The stock is currently trading at Rs 130.85, up 0.6% on the BSE. » Send to friends

Buy SBI at around Rs 1600 for gains of 25-30% in 6 months, says DD Sharma of Anand Rathi Securities on CNBC Awaaz. Fundamentally, it is a strong stock, he adds. The stock is currently trading at Rs 1702, up 2.8% on the BSE.

Hold Union Bank of India with target of Rs 250-260, says PK Agarwal of Purpleline Investment on Zee Business. Keep stop loss of Rs 205-210, he adds. The stock is currently trading at Rs 229.30, up 1.3% on the BSE.

SBI has announced its Q1 results with net profit at Rs 2330 crore versus Rs 1640 crore (YOY), reports CNBC TV18. NII is at Rs 5026 crore versus RS 4818 crore (YOY), it adds. The stock is currently trading at Rs 1696, up 2.4% on the BSE.

Hold Bharti Airtel and exit when it goes to Rs 435, says MB Singh, technical analyst, on Zee Business. Buy again if it breaks Rs 500 or comes to Rs 380, he adds. The stock is currently trading at Rs 420.70, down 0.6% on the BSE.

Buy Balrampur Chini on dips with targets of Rs 130 and then 150, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 118.35, up 0.5% on the BSE.

Hold DLF with targets of Rs 550 and then 730, says Prasad Kushe, technical analyst, on NDTV Profit. Keep trailing stop loss of Rs 340, he adds. The stock is currently trading at Rs 403.50, up 1.4% on the BSE.

Hold Power Grid with stop loss of Rs 105, says PK Agarwal of Purpleline Investment on Zee Business. It is a good stock to be invested in, he adds. The stock is currently trading at Rs 119.25, up 1.8% on the BSE.

The inflation figure for week ended July 18 has been announced at -1.54% versus the earlier figure of -1.17% for week ended July 11, reports NDTV Profit.

Hold DLF with targets of Rs 434 and then 520, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 350, he adds. The stock is currently trading at Rs 403.05, up 1.3% on the BSE.

Buy DLF at Rs 370-380 with target of Rs 460, says Mitesh Thacker, technical analyst, on CNBC TV18. It has resistance at Rs 425-430, he adds. The stock is currently trading at Rs 403.20, up 1.3% on the BSE.

Go short on Kotak Mahindra Bank which may see a downside of 8-10%, says a market expert, on CNBC Awaaz. The stock is currently trading at Rs 627.40, up 0.6% on the BSE.

Buy Rolta India with target of Rs 161-176, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 136, he adds. The stock is currently trading at Rs 151.30, up 2.1% on the BSE.

Hold Grasim with target of Rs 3000, says PK Agarwal of Purpleline Investment on Zee Business. It has support at Rs 2400, he adds. The stock is currently trading at Rs 2728, up 0.2% on the BSE.

Buy REC for both short-term trading and long-term investor, says Deepak Mohoni, technical analyst, on CNBC TV18. The stock is currently trading at Rs 193, up 2.9% on the BSE.

Hold Satyam with stop loss of Rs 85, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 102.90, up 1.4% on the BSE.

Buy Rolta India with target of Rs 155, says a market expert, on CNBC Awaaz. Keep stop loss of Rs 2-3 below the buying price, he adds. The stock is currently trading at Rs 152.40, up 2.8% on the BSE.

Hold Punj Lloyd which is a good stock, says MB Singh, technical analyst, on Zee Business. Keep stop loss below Rs 230, he adds. The stock is currently trading at Rs 238.60, down 1.7% on the BSE.

Buy Balrampur Chini with target of Rs 140, says Sudarshan Sukhani, technical analyst, on CNBC TV18. He thinks there is more headroom in this stock assuming that the markets remain stable. The stock is currently trading at Rs 116, down 1.5% on the BSE.

Buy DLF with target of Rs 450, says Rahul Mohinder, technical analyst, on CNBC TV18. Keep stop loss of Rs 392, he adds. The stock is currently trading at Rs 392.40, down 1.4% on the BSE.

Buy Bajaj Hindustan with target of Rs 220, says Rahul Mohinder, technical analyst, on CNBC TV18. The stock is currently trading at Rs 191, down 2% on the BSE.

Sell slightly Out of the Money RIL Calls, says TS Harihar of Karvy Stock Broking on CNBC TV18. The upside is capped, he adds. The stock is currently trading at Rs 1910.80, down 0.8% on the BSE.

Sell Cairn India at Rs 234 with intra-day target of Rs 228, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 239, she adds. The stock last traded at Rs 234.05, down 2.6% on the BSE.

Nifty has a short-term resistance of 4530-4560, says Rahul Mohinder, technical analyst, on CNBC TV18, in a market opening call. He believes that it could test 4650.

Buy Aban Offshore at Rs 1015 with intra-day target of Rs 1055, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 990, she adds. The stock last traded at Rs 1015.90, up 5.2% on the BSE.

If Nifty goes above 4550 it could retest 4600-4620, says Ashwani Gujral, technical analyst, on CNBC TV18, in a market opening call.

Go long in the Nifty for the short term with stop loss of 4475, says Deepak Mohoni, technical analyst, on CNBC TV18, in a market opening call.