INTRADAY calls for 5th Nov 2009
Buy SuryaPharma-119 at 115 for 127-131+ with sl 112
Buy PTC-108 at 103 for 117-119+ with sl 99
NIFTY FUT
RESISTANCE
4772
4773
4822
SUPPORT
4695
4669
4618
4569
4488
4439
RESISTANCE
4772
4773
4822
SUPPORT
4695
4669
4618
4569
4488
4439
Strong & Weak futures
This is list of 10 strong futures:
Dr Reddy, Asian Paints, Ashok Ley, Crompton Greaves, PTC, Pir Health, Cummins India, Dabur, Colpal & National Alum.
And this is list of 10 Weak futures:
IOC, Suzlon, RCom, GMR Infra, EKC, MLL, Aban Off shore, Punj Lloyd, JP Hydro & Unitech.
Nifty is in Down trend
NIFTY FUTURES (F & O):
Rally may continue up to 4722 level for time being.
Support at 4669 & 4695 levels. Below these levels, expect profit booking up to 4618-4620 zone and thereafter slide may continue up to 4569-4571 zone by non-stop.
Buy if touches 4488-4490 zone. Stop Loss at 4439-4441 zone.
On Positive Side, cross above 4771-4773 zone can take it up to 4820-4822 zone by non-stop. If crosses and sustains this zone then uptrend may continue.
Short-Term Investors:
1 Week: Bearish with a SL of 5165.00. Target at 4671.20.
1 Month: Bearish with a SL of 6289.00. Target at 4620.00.
3 Months: Bearish with a SL of 5080.00. Target at 2951.00.
1 Year: Bullish with a SL of 2575.00. Target at 6201.65.
BSE SENSEX:
Buy with a SL of 15330.56. Target at 15957.06.
Short-Term Investors:
1 Week: Bullish with a SL of 15720.73. Target at 16606.95.
1 Month: Bullish with a SL of 14937.03. Target at 18381.96.
3 Months: Bearish with a SL of 17361.47. Target at 12425.52.
1 Year: Bullish with a SL of 15197.60. Target at 18289.88.
 | 4710.80 | ( 3.22 %) | 146.90 |  |
| 1 | 2 | 3 | ||
| Resistance | 4764.07 | 4817.33 | 4916.87 | |
| Support | 4611.27 | 4511.73 | 4458.47 | |
 | 15912.13 | ( 3.29 %) | 507.19 | | |
| 1 | 2 | 3 | |||
| Resistance | 16064.82 | 16217.52 | 16505.94 | ||
| Support | 15623.70 | 15335.28 | 15182.58 | ||
FUNDS DATA
| FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) | ||||
| Category | Date | Buy Value | Sell Value | Net Value |
| FII | 04-Nov-2009 | 2676.48 | 2442.17 | 234.31 |
| DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores) | ||||
| Category | Date | Buy Value | Sell Value | Net Value |
| DII | 04-Nov-2009 | 1723.15 | 1165.96 | 557.19 |
Interesting findings on web:
U.S. stocks erased most of a 156- point rally in the Dow Jones Industrial Average after a House bill to curb credit-card rates spurred concern about bank earnings, outweighing the Federal Reserve's plan to keep interest rates at a record low.
Stocks ended mixed Wednesday, giving up bigger gains after the Federal Reserve kept interest rates unchanged and said it will keep them low for an extended period.
The Dow Jones industrial average .DJI gained 30.23 points, or 0.31 percent, to end at 9,802.14, after rising as much as 156.13 points, or 1.6 percent, in the hour after the FOMC statement to touch a session high at 9,928.04. The Standard & Poor's 500 Index .SPX edged up 1.09 points, or 0.10 percent, to finish at 1,046.50. But the Nasdaq Composite Index .IXIC slipped 1.80 points, or 0.09 percent, to close at 2,055.52.
RUSSELL563.12-7.50-1.31%
TRAN3733.04-56.85-1.5%
UTIL364.322.52+0.7%
S&P 100485.830.93+0.19%
S&P 400666.72-3.31-0.49%
NYSE6830.4317.73+0.26%
NAS 1001680.671.47
Stocks rose through the early afternoon as investors welcomed a pair of labor market reports that signaled the pace of layoffs is slowing. But markets were volatile in the afternoon, cutting gains after the Fed announcement, recharging the advance in the late afternoon, and then abandoning most of the gains by the close.
Although the market pretty much got what it wanted from the Fed, trading is typically volatile on Fed days, said Michael Sheldon, chief market strategist at RDM Financial Group.
He said that the late-day selloff could be attributed to both a bearish banking call by influential analyst Meredith Whitney -- and the S&P 500's inability to hang on above a key technical level.
"I think investors are getting a little nervous, and that's reflected by the fact that the market has pulled back a bit over the last few weeks," Sheldon said.
Some traders may have sold shares in anticipation of the Nov. 6 report on the U.S. job market. The unemployment rate increased to 9.9 percent in October, according to the median economist estimate in a Bloomberg survey.
"It's such a big number, people would rather wait on stocks," said Walter Todd, who manages $750 million as co-chief investment officer at Greenwood Capital Associates LLC in Greenwood, South Carolina. "There's a lot of people taking a wait-and-see approach to Friday's number."
The central bank opted to hold interest rates steady at historic lows near zero, as expected, following its two-day policy meeting.
In its closely watched statement, the bankers said economic activity is likely to remain weak for some time. As a result, "the Federal Reserve will continue to employ a wide range of tools to promote economic recovery and to preserve price stability."
This provided some reassurance to investors who were concerned about how and when the Fed plans to unwind the billions of dollars in stimulus it has pumped into the economy in the wake of the financial crisis.
"The statement was unsurprising," said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. "It was more optimistic, but that was in line with the recent data."
He said that at whatever point the Fed does began preparing to raise rates, it will begin preparing the market well in advance.
"This doesn't change much. It's hard to figure out how this could be helpful for the upside, though it easily could have been negative," said Jordan Posner, portfolio manager at Matrix Asset Advisors in New York.
"The good news is more an absence of anything bad."
The European Central Bank and Bank of England will issue statements tomorrow and investors will be closely watching for any signs of a shift in monetary policy. Central banks in Australia and Norway have already started to raise rates and some say the ECB may also raise rates soon.
Two reports Wednesday morning suggested the pace of job losses is slowing, raising hopes that Friday's big monthly report will continue that trend.
Payroll services firm ADP said Wednesday that employers in the private sector cut 203,000 jobs from their payrolls in October after cutting 227,000 in September. A consensus of economists surveyed by Briefing.com expected 198,000 job cuts.
A separate report, from outplacement firm Challenger, Gray & Christmas, showed the number of planned layoffs slowed to 55,679 in October, down 16% from September.
In other economic news, the Institute for Supply Management's reading on the services sector of the economy fell to 50.6 in October from 50.9 in September. Economists thought it would rise to 51.5.
The Mortgage Bankers Association said applications for home loans increased after interest rates slipped below 5 percent.
Time Warner (TWX, Fortune 500), the parent of CNNMoney.com, reported weaker quarterly sales and earnings that topped forecasts.
The company also boosted its full-year 2009 forecast and said that its outlook has improved, although it expects to take a $100 million charge in the quarter as it restructures its Time Inc. division.
Dow component Kraft Foods (KFT, Fortune 500) reported weaker quarterly earnings that topped estimates on weaker revenue that missed estimates. The company also boosted its 2009 earnings forecast and cut its revenue outlook. Shares fell 3%.
Merck (MRK, Fortune 500) rallied after it said it expects annual earnings growth of nearly 10% until 2013.
Comcast (CMCSA, Fortune 500) reported higher quarterly earnings that topped forecasts.
Of the 382 companies in the S&P 500 that have published quarterly earnings since Oct. 7, 84 percent exceeded estimates, according to data compiled by Bloomberg. That would mark the highest full-quarter proportion in data going back to 1993.
After the close, Cisco Systems (CSCO, Fortune 500) reported weaker quarterly earnings and revenue that beat estimates. Chief Executive John Chambers said current-quarter revenue would top estimates and that business conditions had bottomed at least six months ago. Cisco shares gained 4% in extended-hours trading.
Nearly two-thirds of Dow components finished higher: Merck [MRK 32.64 1.97 (+6.42%) ], McDonald's [MCD 60.34 1.10 (+1.86%) ] and Microsoft [MSFT 28.06 0.53 (+1.93%) ] led the pack. Kraft [KFT 26.66 -0.88 (-3.2%) ] and DuPont [DD 32.18 -0.37 (-1.14%) ] were the biggest decliners.
Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. led financial shares to the steepest loss among 10 industries as the vote moved up the start date of many rule changes that will make it more difficult for lenders to raise rates on existing credit cards.
"The credit-card regulation and regulation in general, how much Congress is going to clamp down on financial company activities, is important," said Giri Cherukuri, who helps manage $1.5 billion at Oakbrook Investments in Lisle, Illinois. "To the extent that Congress keeps their hands off of things, that's better for financial stocks and financial stock prices."
The S&P 500 Financials Index slumped 1.5 percent, the most among 10 industries, after the House vote and as analyst Meredith Whitney said the biggest U.S. banks may face declining values on home-loan bonds with government backing as the Fed prepares to end its $1.25 trillion purchase program.
Bank of America Corp., JPMorgan Chase, Citigroup and Wells Fargo increased holdings of so-called agency mortgage-backed securities by 44 percent from the third quarter of 2008 to the second quarter of 2009, Whitney said in a note yesterday to investors. Those increases came as the Fed began buying securities backed by Fannie Mae, Freddie Mac and Ginnie Mae in an attempt to keep mortgage rates low and spur housing demand, she wrote.
JPMorgan fell 1.2 percent to $42.21, while Wells Fargo slid 3.1 percent to $26.82 and Citigroup lost 1.7 percent to $3.97.
Hartford Financial Services Group Inc. erased earlier gains and fell 5.3 percent to $24.44. The insurer, whose new chief executive officer is conducting a review of businesses, said it will halt sales of some of its life products sold to companies.
Baker Hughes Inc. slipped 5.9 percent to $40.89. The oilfield-services provider that agreed in August to buy BJ Services Co. said third-quarter profit plunged 87 percent after energy prices tumbled.
Health insurers led the market higher earlier on speculation that opposition to Democrats' health-care reform will be bolstered by Republican victories in governor races in New Jersey and Virginia. Democratic leaders signaled they're ready for the House to begin debating the legislation and vote on its passage and yesterday's elections won't affect how the House proceeds.
The Morgan Stanley Healthcare Payor index .HMO jumped 4.7 percent, while the S&P Healthcare index .GSPA added 1.3 percent.
Healthcare stocks also got a boost from Wellcare Health Plans Inc(WCG.N), which climbed 6.7 percent to $28.09 after the managed care company posted a quarterly profit above analysts' estimates even as membership fell about 8 percent from a year earlier.
Aetna Inc., the third-largest U.S. health insurer, jumped 5.2 percent to $28.01. Cigna Corp. climbed 5.2 percent to $29.78. A group of health-care equipment and service companies jumped 1.2 percent, after earlier rising as much as 3 percent for its biggest intraday gain since June.
An index of raw-material producers erased earlier gains and fell 0.1 percent. Freeport-McMoRan Copper & Gold Inc. climbed 1.2 percent to $77.70 as gold advanced to a record of $1,096.50 an ounce, while copper led industrial metals higher.
Ambac Financial Group Inc. surged 35 percent to $1.50. The world's second-largest bond insurer reported third-quarter net income of $2.19 billion, reversing a year-earlier loss, after unrealized mark-to-market gains in its credit derivatives portfolio. MBIA Inc., the biggest bond insurer, advanced 7.5 percent to $4.42 for the biggest gain in the S&P 500.
Walt Disney Co. rallied 1.5 percent to $28.03. The company received Chinese government approval to build a theme park in Shanghai, its first resort investment on the mainland, to tap rising incomes in the fastest-growing major economy.
Merck & Co. jumped the most in the Dow, rising 6.4 percent to $32.64. The drugmaker said that following the acquisition of Schering-Plough Corp., earnings for the combined company, excluding some costs, will increase at a "high single-digit" percentage rate each year through 2013. The company expects cost savings of at lease $3.5 billion annually after 2011 to come from all areas across the company.
Pulte Homes Inc. rose 3.5 percent to $9.55. The U.S. builder that bought competitor Centex Corp. in August boosted its estimated cost savings from the deal by 25 percent and said it reduced debt by $1.7 billion in the third quarter. Lennar Corp. and DR Horton Inc. gained more than 3 percent.
Intel Corp (INTC.O) rose 1.3 percent to $18.59 even after it was sued by New York Attorney General Andrew Cuomo, who accused the world's largest chipmaker of threatening computer makers and paying billions of dollars in kickbacks to maintain its market dominance.
Garmin [GRMN 26.84 -4.57 (-14.55%) ] was the biggest percentage decliner on the Nasdaq as the GPS maker beat earnings expectations but revenue dropped 10 percent and investors remained worried about competition from the Google [GOOG 540.33 3.04 (+0.57%) ] navigation application on the Droid phone, which hits store shelves on Friday. Palm [PALM 10.86 -0.50 (-4.4%) ] also fell sharply.
Oracle [ORCL 20.90 0.01 (+0.05%) ] and Sun Microsystems [JAVA 8.32 -0.03 (-0.36%) ] skidded as the Financial Times reports that the European Union is close to formally objecting to Oracle's $7.4 billion takeover of Sun on antitrust grounds — which could be a step on the way to blocking the deal.
Auto industry news: Nissan is changing its annual loss forecast to a profit, Toyota is bailing out of Formula One racing because of the weak economy, and General Motors has decided to keep its European Opel unit rather than selling it.
VIX27.72-1.09-3.78%.
Oil,Gold & Currencies:
U.S. light crude oil for December delivery rose cents 80 cents to settle at $80.40 a barrel on the New York Mercantile Exchange.
COMEX gold for December delivery climbed $2.40 to settle at $1,087.30 an ounce and hit an intraday record high of $1,098.50 an ounce in electronic trading.
The dollar fell versus the yen and gained against the euro.
The yen rose against the euro as Asian stocks declined amid concerns the global economic recovery will be slow, boosting demand for Japan's currency as a refuge.
The yen advanced against all 16 major counterparts before a report tomorrow forecast to show the U.S. jobless rate climbed last month. The New Zealand dollar dropped after Reserve Bank Governor Alan Bollard said the nation's recovery from the global recession will be slower than Australia's and the statistics bureau said the jobless rate climbed to a nine-year high.
"Falling stocks are boosting demand for the yen," said Tsutomu Soma, a bond and currency dealer at Okasan Securities Co. Ltd. in Tokyo. "The yen continues to be bought when risk aversion hits the market."
The yen rose to 134.28 per euro at 11:10 a.m. in Tokyo from 134.85 in New York yesterday. It climbed to 90.46 per dollar from 90.72. The dollar gained to $1.4840 per euro from $1.4861.
The Nikkei 225 Stock Average fell 1.2 percent, and the MSCI Asia Pacific Index of regional shares dropped 0.4 percent.
The jobless rate in the U.S. probably swelled to 9.9 percent last month from 9.8 percent in September, according to the median estimate of economists in a Bloomberg News survey. U.S. employers eliminated 175,000 jobs in October after a reduction of 263,000 in September, a separate Bloomberg survey showed. The Labor Department is due to report the data tomorrow.
Risk Aversion
New Zealand's jobless rate increased to 6.5 percent from 6 percent in the previous three months, Statistics New Zealand said in Wellington today. The median estimate of seven economists surveyed by Bloomberg News was for 6.4 percent.
The yen also gained on speculation exporters purchased the Japanese currency.
"The weak kiwi data is reversing risk trades," said Masafumi Yamamoto, Tokyo-based chief foreign-exchange strategist at Barclays Bank Plc. "Exporters should be happy to see the 91 yen level, which is capping any upside to the dollar."
Large Japanese manufacturers expected the yen to average 94.50 per dollar in the 12 months to March 2010, according to the Bank of Japan's quarterly Tankan survey released Oct. 1. The forecast in the previous report was for a rate of 94.85.
New Zealand's dollar fell to 65.11 yen today from 65.70 yesterday in New York. It dropped 0.6 percent to 71.97 U.S. cents.
ECB Speculation
Losses in the euro may be limited on speculation the European Central Bank may today signal it's moving closer to withdrawing emergency stimulus measures. Policy makers meeting in Frankfurt will keep the benchmark interest rate at a record low of 1 percent, according to all economists in a Bloomberg News survey.
Council member Axel Weber said last week commercial banks need to prepare for a "gradual withdrawal" of the ECB's liquidity, and signaled next month's sale of 12-month loans may be the last such offering. Other policy makers have expressed concern the economy remains too fragile to remove stimulus measures and may want more evidence of a recovery before committing to action.
"Unwinding of ECB extraordinary measure may be faster than in the U.S. or Japan, so the euro will remain relatively strong," said Susumu Kato, chief economist in Tokyo at Calyon Securities, the investment banking unit of Credit Agricole SA. "Now is a good opportunity to long the euro." A long position is a bet an asset will rise.
The Federal Reserve yesterday reiterated its intention to keep interest rates "exceptionally low" for "an extended period" as long as inflation expectations are stable and unemployment fails to decline. Policy makers held the target rate for overnight lending between banks at zero to 0.25 percent.
Bonds:
Treasury prices fell, raising the yield on the 10-year note to 3.49% from 3.47% Tuesday. Treasury prices and yields move in opposite directions.
What to expect:
THURSDAY: Retailers report October sales; BOE, ECB statements; weekly jobless claims; Earnings from Toyota, CVS, Sirius, Unilever, CBS, Nvidia and Starbucks
FRIDAY: October jobs report; Geithner speaks; Droid phone launches; wholesale trade; consumer credit; Fed's Duke speaks
Other Important Headlines:
Microsoft's Ballmer Says Windows 7 Sales Were `Fantastic,' Exceeding XP
Bank Of Japan Says Ending Emergency Programs Isn't Precursor to Rate Rise
China Should Withdraw Monetary Stimulus to Fix `Imbalances,' Aberdeen Says
U.S., EU Ask WTO to Probe Chinese Curbs on Exports of Manganese, Bauxite
Health-Care Overhaul Vote Set by House, Undeterred by Republican Victories
Homebuyer Tax Credit, Jobless Benefit Extension Passed in 98-0 Senate Vote
Galleon Says Firms are Enquiring About Employees
Former Citi President's Fund Up 84% This Year
Berkshire Hathaway AAA Rating May Be Cut by S&P After Burlington Takeover
UBS Gets Fewest `Buys' Among Biggest Banks as Analysts Fret, Clients Flee
JPMorgan Ends SEC Alabama Swap Probe for $722 Million
Qualcomm Forecasts Profit That May Top Predictions
Chrysler Projects Breaking Even Next Year, Net Profit in 2011
Two Days of Talks Said to Sway GM Board, Chief on Opel's Value
Countrywide ex-CEO Mozilo must face SEC fraud case
SEC to firms: Cut the "mind numbing" disclosures
Mousavi supporters clash with police in Tehran
Israel says seized big Hezbollah-bound arms ship
Asia:
Asian stocks fell, led by consumer companies and banks, as South Korea said it's "unclear" whether the economic rebound will be sustained and New Zealand's unemployment rate rose to a nine-year high.
Samsung Electronics Co., Asia's biggest maker of chips and mobile phones, lost 1.9 percent in Seoul as the country's finance ministry said factory production is likely to have slowed in October. Doosan Heavy Industries & Construction Co. sank 5.8 percent after brokerages cut their share-price targets. Australia & New Zealand Banking Group Ltd. lost 1.4 percent in Wellington, where the statistics bureau said the jobless rate climbed to 6.5 percent in the third quarter.
The MSCI Asia Pacific Index dropped 0.4 percent to 114.93 as of 10:38 a.m. in Tokyo. The gauge has slumped 5.2 percent from a 13-month high on Oct. 20 amid concerns the withdrawal of stimulus measures will cause the global recovery to falter. The index is still up 63 percent from a five-year low on March 9.
"The market is now reaching the point where monetary stimulus stops pushing up asset prices and earnings becomes the main focus," said Koichi Kurose, who helps oversee $4.6 billion as chief strategist at Resona Bank Ltd.
Japan's Nikkei 225 Stock Average declined 1.1 percent to 9,735.35. Sanyo Electric Co. tumbled 18 percent as Panasonic Corp. started a bid for company at a discount. Acom Co., Japan's largest consumer finance lender by market value, gained 5.6 percent after Citigroup Inc. upgraded the stock.
Australia's S&P/ASX 200 Index lost 0.6 percent, while New Zealand's NZX 50 Index fell 0.4 percent. South Korea's Kospi Index dropped 1.4 percent.
Interest Rates Near Zero
Futures on the Standard & Poor's 500 Index slipped 0.3 percent. The gauge rose 0.1 percent yesterday as the Federal Reserve said it will keep interest rates near zero for "an extended period" and specified for the first time that policy will stay unchanged as long as inflation expectations are stable and unemployment fails to decline.
"There's no telling how long the term 'extended period' will remain in Fed statements, but because they've explicitly stated the conditions for raising rates, the market knows that at some time things will change," said Resona's Kurose.
Stocks in the MSCI Asia Pacific Index are valued at 22 times estimated earnings, compared with 17 times for the S&P 500 and 15 times for Europe's Dow Jones Stoxx 600 Index.
Nikkei 225 9,730.68 -113.63 ( - 1.15%). (08.44 AM IST)
HSI 21441.04 -173.73 -0.8%. (08.45 AM IST)
SSE Composite 3128.54 3134.46 3154.24 3128.92 + 0.19. (08.46 AM IST)
Rupee:
The partially convertible rupee INR=IN ended at 47.05/06 per dollar on yesterday, stronger than its previous close of 47.40/41.
INDIA:
Bombay Stock Exchange's Sensex ended at 15,912.13, up 507.19 points or 3.29 per cent. The broader index hit a high of 15929.09 and low of 15487.97 intraday.
The 30-share Sensex, which had lost 1,405 points in the past six trading sessions, bounced back to record a notable gain of 507.19 points to end at 15,912.13 on tremendous buying support, particularly in blue-chips RIL and Infosys attracted.
National Stock Exchange's Nifty ended at 4710.80, up 146.90 points or 3.22 per cent. The index touched a high of 4717.80 and low of 4565 during trade.
The BSE Midcap Index was up 3.54 per cent and BSE Smallcap Index moved 2.18 per cent higher.
Amongst the sectoral indices, BSE Realty Index surged 9.65 per cent, BSE Metal Index rallied 5.36 per cent and BSE IT Index moved 3.99 per cent higher.
Jai Prakash Associates (9.42%), Hindalco Industries (9.16%), DLF (8.48%), Sterlite Industries (6.63%) and Reliance Industries (5.49%) were amongst the Sensex gainers.
Sun Pharmaceuticals (-0.78%), Grasim Industries (-0.39%) and Tata Power (-0.19%) were amongst the losers.
Market breadth was positive on the BSE with 1,774 advances and 946 declines.
Stocks post biggest rise in 3-½ mths after falling 6 days
Energy giant Reliance Industries (RELI.BO: Quote, Profile, Research) rose 5.5 percent to 1,920.65 rupees, erasing most of its 5.7 percent fall on Tuesday. A legal dispute between billionaire Mukesh Ambani-led Reliance Industries and Reliance Natural Resources (RENR.BO: Quote, Profile, Research), controlled by younger brother Anil, was disrupted on Wednesday when a judge withdrew from a Supreme Court hearing, citing potential conflict of interest.
Foreigners have moved more than $14 billion into Indian stocks since the start of January, helping the benchmark rise nearly 65 percent in 2009. But, the index is down 9 percent from 17,493.17, its highest in 2009 which was set on Oct. 17.
Software services companies rose on expectations of better growth outlook. Second-largest software services exporter Infosys Technologies (INFY.BO: Quote, Profile, Research) climbed 4.7 percent to 2,239.60 rupees while leader Tata Consultancy (TCS.BO: Quote, Profile, Research) rose 3 percent to 625.85 rupees. Infosys, is in a "sweet spot of growth", with banking financial services and insurance vertical leading the charge, JM Financial analyst Gopal Agarwal said in a note.
Engineering and construction firm Jaiprakash Associates (JAIA.BO: Quote, Profile, Research) rose 9.4 percent to 212.65 rupees after it said cement shipments in October rose 41.3 percent from a year earlier to 0.816 million tonnes.
Sterlite Industries (India) Ltd., the nation's biggest copper and zinc producer, jumped 6.7 percent to 771.85 rupees after its price estimate was raised to 665 rupees from 581 rupees at Citigroup Inc.
The stock also gained as metal prices rallied. Copper for three-month delivery rose $140, or 2.2 percent, to $6,600 a metric ton on the London Metal Exchange. December-delivery copper gained 1.6 percent to $3.003 a pound on the New York Mercantile Exchange's Comex unit.
Hindalco Industries Ltd., the biggest aluminum producer, soared 9.3 percent to 119.15 rupees as the metal rose 0.9 percent at $1,925 a ton on the London Metal Exchange.
Overseas funds bought a net 7.36 billion rupees of Indian stocks on Oct. 30, the Securities and Exchange Board of India said on its Web site. The funds have bought 684.3 billion rupees of Indian stocks this year to date, compared with record net sales of 530 billion rupees for the whole of 2008.
The following were among the most active stocks on the exchange:
Hindustan Zinc Ltd. (HZ IN) gained 4.5 percent to 896.45 rupees. The price estimate of the metal producer was raised to 842 rupees from 588 rupees at Citigroup Inc.
Tata Motors Ltd. (TTMT IN) climbed 3.2 percent to 570.2 rupees. India's biggest truckmaker and owner of Jaguar Land Rover Ltd. will build as many as 25,000 Jaguar XJ luxury car annually starting next quarter in a bid to take customers from Bayerische Motoren Werke AG's 7 Series and Daimler AG's Mercedes S Class, Ian Callum, Jaguar's design director, said in an interview in Detroit.
Titan Industries Ltd. (TTAN IN) advanced 1.5 percent to 1,288.6 rupees. India's biggest watch and jewelry retailer was raised to "overweight" from "underweight" at Morgan Stanley, which said the company's business is likely to improve.
Realty was the biggest gainer today; Unitech shot up 10.04% and DLF rose 8.48%.
Technology stocks remained on the buyers' radar. Infosys surged 4.7%. Tech Mahindra, TCS, Wipro and HCL Tech gained 2-3%.
In the banking space, ICICI Bank rallied over 5%. Axis Bank, SBI, Kotak Mahindra, PNB, HDFC Bank and Bank of Baroda were up 1-3%.
Huge buying was seen in oil & gas space, especially big boy Reliance Industries, which was up 5.5%. Among others, Cairn India, ONGC, HPCL, GAIL and IOC went up 0.7-3%.
In the FMCG sector, United Spirits, United Breweries, ITC, HUL and Tata Tea moved up 1.7-5%.
All stocks gained in the healthcare segment. Ranbaxy Labs surged 5.5%. Biocon, Wockhardt, Dishman Pharma, Dr Reddys Labs, Lupin, Piramal Health, Apollo Hospital and Cipla were up 2-3.8%. However, Sun Pharma declined 1%.
In the auto pack, Bharat Forge and Escorts were up 6-7%. M&M, Tata Motors, Maruti Suzuki, Ashok Leyland, Bajaj Auto and Hero Honda went up 1-3.7%.
Hindalco shot up 9.16% and Sterlite Industries up 6.63% in the metal space, JSW Steel, Jindal Saw, Tata Steel, Jindal Steel and Sesa Goa were up 5-6%. SAIL and NALCO gained 1-1.9%.
In the power pack, Torrent Power, GVK Power and GMR Infra were up 7.5-8.5%. Reliance Infrastructure, NTPC, Power Grid Corp and Reliance Power advanced 1-3.6%. However, Suzlon Energy plunged over 5%.
Capital Goods like Punj Lloyd, Siemens and L&T were up 1.4-3.4%. BHEL rose 0.50% while ABB fell 0.9%.
In the telecom pack, MTNL surged 5.86%. Reliance Communication, Bharti Airtel and Tata Teleservices went up 1.7-2%. Idea Cellular and Tata Communication gained 0.8% each.
In the cement space, Ambuja Cements jumped 5% and ACC rose over 4% while Grasim declined 0.4%.
The market breadth was positive; about 1,930 shares advanced while 1,075 shares declined on the NSE. Nearly 758 shares remained unchanged.
Indiabulls group companies' shares bounced back sharply after yesterday's bleeding. Indiabulls Real Estate was up 15.76%, Indiabulls Financial Services was up 5.74% and Indiabulls Securities was up 9.09%.
In the midcap space, Educomp Solutions surged 15.55%. Religare Enterprises, Kingfisher Airlines and HDIL gained 10-12.6%. However, KGN Industries, REI Six Ten, Ipca Labs, HCL Info and Blue Dart fell 1.6-5%.
In the smallcap space, Glodyne Tech, HBL Power, Agro Tech Foods, Tata Coffee and Sasken Communication were up 10-11% while Webel SL Energy, Prime Securities, Shree Ram Urban, Garden Silk Mills and Phillips Carbon declined 5-10%.
The markets reported total traded turnover of Rs 93,605.10 crore. This included Rs 16,237.76 crore from the NSE cash segment, Rs 72,239.34 crore from the NSE F&O and the balance Rs 5,128 crore from the BSE cash segment.
Ashok Leyland's October 2009 volumes increased by 57% year on year; the stock ends 2.49% higher.
Vishal Retail inks CDR pact for Rs730 crore; the stock ends the day 2.02% up.
Reliance Communications joins per-second billing war; the stock ends 2.08% higher.
Tata Chemicals launches i-Shakti cooking soda; the stock is up by 2.17%.
Mahindra Satyam ties up with defense firm Saab; the stock ends the day 4.24% higher.
Reliance Industries the index bellwether bounced back from its 200 DMA.
Among the 30-components of Sensex, 27 stocks ended in the green and only Sun Pharma, Grasim and Tata Power ended in the negative terrain.
Outside the frontline indices, the big gainers in the broader market were Indiabulls RealEstate, Educomp, Lic Housing, India Cement and Jet Airways. On the other hand, losers included Union Bank, Cummins India, Marico and Castrol India.
Sugar stocks climbed despite the UP government announced that it has banned import of raw sugar. Bajaj Hind and Balrampur Chini were up a day after a proposed M&A deal between the two companies fell through.
JSW Steel announced that it has posted 34% increase in Crude steel production for October 2009.
TCS is chosen as a strategic IT partner for 15 years by the City Council of Cardiff in Britain.
Shares of M&M advanced by 3.5% to Rs927 after Domestic sales for the month of October 2009 stood at 17796 units, as compared to 14800 units for the same period last year, an increase of 20%.
Tata Communications closed up by 0.76% at Rs. 357. The company and Carlson Wagonllt Travel announced that they will team up to provide CWT Telepresence- an enhancement to the company's broader demand management offering- which will allow CWT clients to access Tata Communications network of public Cisco Telepresence Suites around the World.
IVRCL surged 4.55% to close at Rs. 353.85 as the company in joint venture with M/s Unity Infraprojects has bagged orders valued at Rs. 1,145.88 crore under International Competitive Bidding.
SBI not to change home loan rates soon
Govt to resolve new FDI norms for banks?
Govt may announce more sops for exports
FDI dips 54% in September
Rogers says Roubini is wrong on bubbles
Flagship programmes may run out of cash
No liberalisation of FDI in retail
Gold @ life high, oil above $80/bbl
MF industry assets hit record high
Govt in talks with RBI on new FDI norms
Over 500 million Indians own telephones
Kingfisher to lay off nearly 100 pilots
India to raise drug seizure issue
CBI seeks govt nod for probe on Sibal
Toyota to pull out of Formula-1
RBS sacrifices more than Lloyds
ICAI clean chit for PW, Delhi
Plan panel for aggressive disinvestment
Royal Enfield launches two bikes
Govt to push ahead with reforms; welcomes inflows
Govt mulls package for tea industry
Punjab National Bank in JV with three firms
No decision taken on fuel price revision - oil secy
NCAER cuts India FY10 growth f'cast to 6.9 pct
India 2009/10 crude oil output to rise 11 pct - govt
Cairn India to supply crude oil to Reliance Ind
Indian Stock Valuations 'Attractive' After Drop, Nomura Says
Indian stocks, Asia's worst performers in the past month, entered "attractive territory" after the retreat from this year's high, according to Nomura Holdings Inc.
Indiabulls Real Estate Ltd., Glenmark Pharmaceuticals Ltd. and HCL Technologies Ltd. are among the stocks that offer the best "buying opportunity" following the decline, Nomura analysts Prabhat Awasthi, Nipun Prem and Sanjay Kadam wrote in a report dated yesterday. The market is now trading at about 15.3 times estimated earnings, compared with its three-year average of 15.4 times, they added.
The benchmark Bombay Stock Exchange Sensitive Index gained 3.3 percent yesterday, trimming its slump from this year's high to 8.2 percent. Shares have retreated amid concern accelerating inflation will prompt the central bank to raise interest rates and as companies including Hindalco Industries Ltd. reported declines in profits.
"Market valuations have now moved from being fairly valued -- in the context of continuing build-up of industrial momentum and an economic growth rate that is among the highest in the world amidst the currently anemic global economic landscape -- into attractive territory," the analysts said.
The Sensex, as the benchmark index is known, may rise 18 percent, based on Nomura's September 2010 target of 18,800, according to the report.
Indiabulls Real Estate, a developer, offers "potential upside" of 40 percent, Nomura said, citing its share-price estimate for the stock. A recovering economy may spur leasing activity in the company's central Mumbai office space, while the sale of apartments in the Indian city will also boost its cash flows, the analysts added.
Glenmark and HCL Technologies may both gain 38 percent, they also said.
INVESTMENT VIEW
IVRCL Infra-Highlights FH2010 Earnings
Sell
-Order Book Of Rs 19,000 crore not converting into Revenues
-Interest Outgo is as high as post tax profits for FH FY10.
-Government/State Government unable to release payment on time to contractors.
-IVRCL has grudgingly accepted and paid Rs 140 crore as back taxes after withdrawal of Sec 80I benefits.
-Post payment historical taxes, FH10 earnings come to minus Rs 56 crore.
-Company has moved Rs 141 crore out of Special Reserves into P&L account to neutralise tax outgo.
-Company has made no disclosure of additional liability pertaining to interest and penalty on the Rs 140 crore of back taxes paid-off.
-IVRCL Infra intends to transfer two subsidiaries into IVR Prime through a stock swap. This move may not be of benefit to shareholders of IVRCL.
-So what is this 27PE being paid for on estimated FY10 earnings?
-Stock is a Sell with a target of Rs 140.
(Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.)
POSITIONAL BUY:
Buy VELAN HOTELS (BSE Cash & BSE Code: 526755)
Buy with a Stop Loss of 16.16. Above 19.32, it will zoom.
Today: May hold on gains.
1 Week: Bullish, as per current market conditions.
1 Month: Bullish, as per current market conditions.
3 Months: Bearish, surprisingly going up.
1 Year: Bullish, as per current market conditions.
Buy LOTUS CHOCOLATE (BSE Cash & BSE Code: 523475)
Buy with a Stop Loss of 46.50. Above 51.60, it will zoom.
Today: May hold on gains.
1 Week: Bullish, as per current market conditions.
1 Month: Bullish, as per current market conditions.
3 Months: Bearish, surprisingly going up.
1 Year: Bullish, as per current market conditions.
(Correction: We made a mistake yesterday. It should have been typed as " Buy with a Stop Loss of 41.40. Above 46.50, it will zoom.".
We typed as "Buy with a Stop Loss of 40.35. Above 49.85, it will zoom.". Error is regretted.)
--
Arvind Parekh
+ 91 98432 32381
