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Wednesday, August 5, 2009

Market Outlook for 5th Aug 2009

INTRADAY calls for 5th Aug 2009
+ve Sector,Script :Buy Pirhealth-332 for a target 342-351 stop loss 328Buy BHEL-2331 for a target 2365-2390 stop loss 2300
Expected BreakoutBuy ZEEL-202 above 205 for a target 220 stop loss 200
PositionalBuy KOTAKBANK-703 for a target 734-759 stop loss 690Buy GESHIP-273 for a target 7286-298 stop loss 267

Stocks that are in news today:
Axis Bank to raise funds via 7.14 crore shares QIP, GDR issue
Reliance Infrastructure gets Rs 11,000 crore Mumbai Metro II project
Exclusive: HCL Tech BPO in final stages of UK acquisition, deal size between $100-150 million
Tata Steel source says company in talks for supply to Toyota's small car project: NW18
HCC gets Rs 229 crore order for Goshikhurd Power Project
WWIL board approves - Rights issue of 23.67 crore shares at Rs 19/share; ratio of 109 shares for every 100 shares
PVR board approves merger of 100% subsidiary Sunrise Infotainment with itself
Deccan Chronicle buy back opens on August 12 ((offer at up to Rs 100/share))
Aegis Logistics buy back opens on August 10 ((offer at up to Rs 143/share))
Indiabulls-MMTC get FMC nod for Indian Commodity Exchange
Harbinger backs Sterlite in Asarco acquisition ((Harbinger is among largest bondholders in Asarco; had offered $500 million for stake in company))
Andhra Govt Says:
-RIL to pick up 67% in Krishna Godavari gas network
-GSPC to hold 11% in Krishna Godavari gas network

NIFTY FUTURES LEVEL
RESISTANCE
4705
4737
4757
4767
4787
SUPPORT
4669
4665
4655
4635
4623
4603
BUY HINDALCO; JINDAL SAW

Strong & Weak futures
This is list of 10 strong futures:
Bharat Forge, Patni, Tata Motors, Hindalco, ABAN, Jindal Saw, Aurobindo Pharma, Renuka, DCHL & Maruti
And this is list of 10 Weak futures:
Divi Lab, Patel Eng, Sun Pharma, Chambal Fert, Cromp Greav, KFA, Suzlon, ABB, R Power & RNRL
Nifty is in Up Trend.

NIFTY FUTURES (F & O):
Above 4705 level, expect short covering up to 4735-4737 zone and thereafter expect a jump up to 4755-4757 zone by non-stop.
Support at 4665 & 4669 levels. Below these levels, selling may continue up to 4653-4655 zone and thereafter slide may continue up to 4633-4635 zone by non-stop.

Below 4623-4625 zone, expect panic up to 4603-4605 zone by non-stop.

On Positive Side, cross above 4765-4767 zone can take it up to 4785-4787 zone. Supply expected at around this zone and have caution.

Short-Term Investors:
Bullish Trend. 3 closes above 4473 level, it can zoom up to 4988 level by non-stop.

BSE SENSEX:
Higher opening expected. Recovery should start.

Short-Term Investors:
Short-Term trend is Bullish and target at around 16861 level on upper side.
Maintain a Stop Loss at 15065 level for your long positions too.

POSITIONAL BUY:
Buy HINDALCO INDS (NSE Cash)
Uptrend to continue.
Mild sell-off up to 112 level can be used to buy. If uptrend continues, then it may continue up to 117 level for time being.

If crosses & sustains at above 120 level then uptrend may continue.

Keep a Stop Loss at 109 level for your long positions too.

Buy JINDAL SAW (NSE Cash)
Uptrend to continue.
Mild sell-off up to 504 level can be used to buy. If uptrend continues, then it may continue up to 524 level for time being.

If crosses & sustains at above 540 level then uptrend may continue.

Keep a Stop Loss at 487 level for your long positions too.

FII 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-Aug-2009	2707.94	2488.84	+219.1

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
DII	04-Aug-2009	1487.37	1234.08	+253.29

SPOT LEVELS TODAY

	4680.50	( -0.66 %)	-30.90
		1	2	3
Resistance		4727.10	4773.70	4815.95
Support		4638.25	4596.00	4549.40

	15830.98	( -0.59 %)	-93.25
		1	2	3
Resistance		15989.25	16147.52	16292.58
Support		15685.92	15540.86	15382.59

Global Cues & Rupee
The Dow Jones Industrial Average closed at 9,320.19. Up by 33.63 points.
The Broader S&P 500 closed at 1,005.65. Up by 3.02 points.

The Nasdaq Composite Index closed at 2,011.31. Up by 2.70 points.

The partially convertible rupee INR=IN ended at 47.73/74 per dollar on yesterday, weaker than Monday's close of 47.635/645.

Interesting findings on web:
Stocks ended a choppy session higher Tuesday as a better-than-expected housing market report helped investors extend the recent rally, leaving Wall Street at more than nine-month highs.

The Dow Jones industrial average (INDU) ending at its highest point since Nov. 4. The S&P 500 (SPX) also ending at the highest point since November.

The S&P 500 climbed today to 0.1 point below its close on Nov. 4, the day President Barack Obama was elected.

The Nasdaq composite (COMP) ending at its highest point since Oct. 1.

Bank and airline stocks were among the day's bright spots, while investors sold tech, materials and energy stocks.

"It's been a pleasant rally, and with near-record amounts of cash in money market funds, there's fuel to move it higher," said Rob Lutts, portfolio manager at Cabot Money Management.

Lutts said that investors are unwilling to accept low-yielding investments such as bonds, and the demand for better returns should keep lifting stocks.

The S&P 500 now stands 48% above the closing lows from March 9, a 12-year bottom. But after such a big run, stocks could see a short-term pullback before moving higher, said Alan Lancz, director of Lancz Global. Worries about Friday's jobs report could provide a catalyst for some selling. Beyond that, he said he thinks stocks will continue to rise through the summer.

Global equity investors who follow the Wall Street axiom to "sell in May and go away" are missing out on the biggest gains in at least four decades. The MSCI World Index climbed 19 percent from May 1 through yesterday, the steepest advance for that period in the 23-country measure's history stretching back to 1970, according to data compiled by Bloomberg.

The day's economic news was mixed, with a housing report showing improvement and a consumer income and spending report showing weakness.

The pending home sales index, from the National Association of Realtors, rose 3.6% in June versus forecasts for a rise of 0.7%. It was the fifth straight month of gain, the first time that's happened since 2003. Pending home sales rose a revised 0.8% in the previous month.

Personal income fell 1.3% in June, the Commerce Department reported Tuesday morning. That was worse than the 1% decline economists were expecting, according to a Briefing.com survey, and much worse than the previous month, when income surged on government stimulus efforts. Personal spending rose 0.4% in June, after a 0.1% increase in May. Economists thought it would rise 0.3%.

A separate report showed consumer bankruptcies soared 34% to a more than 3-1/2 year high versus a year ago, according to a report from the American Bankruptcy Institute.

One day after U.S. automakers reported July auto sales that improved from June levels, Toyota Motor (TM) reported a smaller-than-expected quarterly loss and said it expects smaller losses for the full year.

Homebuilder D.R. Horton (DHI, Fortune 500) reported a fiscal third-quarter loss that was narrower than what analysts were expecting.

Swiss bank UBS (UBS) reported a big quarterly loss that was worse than what analysts were expecting, as wealthy clients took a step back amid an ongoing tax dispute with the United States.

Caterpillar Inc. rallied 6.1 percent for the best gain in the Dow Jones Industrial Average after the maker of bulldozers said earnings may reach $10 a share by 2012 and the National Association of Realtors said pending home sales increased for a fifth month.

Wells Fargo & Co. and Bank of America Corp. helped lead financial shares to the best advance among 10 groups.

JPMorgan contributing the most to the advance with gains of 1.5 percent.

MBIA Inc., the bond insurer that's slumped 89 percent over the past two years, climbing 29 percent to $5.75.

PPL Corp. had the biggest loss in the S&P 500. The shares slid 13 percent to $29.50 after the owner of Pennsylvania's second-biggest utility reported a second-quarter loss and cut its 2010 earnings forecast on waning demand for power.

Cognizant Technology Solutions Corp. climbed the most in eight months, adding 10 percent to $33.60. The U.S. provider of consulting and computer services projected earnings that exceeded analysts' estimates on increased demand.

Goldman Sachs [GS 165.17 1.07 (+0.65%) ] was also among the handful of gainers in the banking sector following a report in the New York Post that management has told employees to avoid any big-ticket purchases to avoid any perception that the bank is "living high on the hog" amid allegations that it played a key role in creating the current financial crisis.

General Electric shares [GE 13.82 0.10 (+0.73%) ] skidded after the conglomerate said it has agreed to pay $50 million to the SEC to settle accounting-fraud charges. The company, also the parent of CNBC, neither admitted nor denied wrongdoing.

Autos are expected to be back in the news as the House approved another $2 billion for the "Cash for Clunkers" program and the measure now moves to the Senate for a vote by the end of the week. Senate Democrats are having a hard time shoring up Republican support.

Ford [F 8.30 -0.03 (-0.36%) ] added to their gains from Monday, when the automaker reported its first positive sales report in two years, helped by the "Clunkers" program.

American depositary shares of Toyota [TM 86.66 -0.53 (-0.61%) ] fell, even as the Japanese automaker slashed its projected loss for the full year.

EBay's [EBAY 21.77 -0.27 (-1.23%) ] shares fell after an outage affecting its PayPal service, which took it down for about an hour yesterday. The company blames the outage on "internal" problems.

In this morning's earnings, CVS Caremark [CVS 33.98 -0.02 (-0.06%) ] reported its profit rose and raised its outlook.

Duke Energy [DUK 15.58 0.01 (+0.06%) ] reported its profit took a hit in the latest quarter from the ebb in oil prices.

Travelers [TRV 46.26 1.24 (+2.75%).

An index of real-estate companies added 5.1 percent, led by Apartment Investment & Management Co.

In deals news, PepsiCo (PEP, Fortune 500) said it will buy its bottlers in a cash-and-stock deal worth $7.8 billion, improving on an earlier $6 billion bid. Shares gained 5.1%.

After the close Tuesday, Dow component Kraft Foods (KFT, Fortune 500) reported higher quarterly earnings that topped estimates and also lifted its 2009 earnings forecast.

Valuation Watch

The valuation of the S&P 500 rose to about 17.4 times its companies' earnings over the past 12 months, the highest in almost a year. Since reaching a 12-year low of 676.53 on March 9, the S&P 500 has climbed 49 percent, the steepest rally since the 1930s. Its 14-day relative strength index rose to almost 76 today, the highest since October 2006.

An RSI above 70 is typically a sell signal to technical analysts.

Per-share earnings have beaten estimates at three-quarters of the 397 companies in the S&P 500 that released second-quarter results since June 17, according to data compiled by Bloomberg.

Companies in the S&P 500 are still headed for a record eighth consecutive drop in quarterly profits. Per-share earnings have tumbled 32 percent on average. Analyst estimates compiled by Bloomberg predict a 31 percent drop in the second quarter and a 22 percent third-quarter decline. While earnings are falling, results have surpassed projections by an average 9.6 percent.

'Bullish Market'

The S&P 500 will climb at least 10 percent more this year, Ralph Acampora said. Acampora retired as one of Wall Street's best-known technical analysts in 2007 and went back to work managing money this year at Geneva-based Altaira Wealth Management.

"Any move above 1,000 will just reinforce this bullish market that's unfolding," he said.

Stock Market Runs With Aging Bulls

What might be the sequel to the surprise summer hit: The Incredible Rising Stock Market?

At 1005.65, the Standard & Poor's 500-stock index is nearly 50% above its March low. The potency of the surge caught just about everyone off-guard. Yet the rally shouldn't be that surprising, as stock markets nearly always rebound when investors see an end to a recession. The big question is what happens after that initial surge.

Excluding the current downturn, there have been seven recessions since 1960. In the 12 months from the midpoints of those contractions, the S&P 500 rose a solid 17% on average. But in the following 12-month period, gains were harder to come by, with the S&P 500 adding only an extra 4% on average.

What does this history tell us? If the recession ended in June -- and most economists predict gross domestic product will grow in the third quarter -- the midpoint of this downturn would be September last year. In the 10 months since then, the S&P 500 is actually down by around 14%. So it wouldn't be surprising if the market rallied further from here. And with the Federal Reserve still intervening heavily to hold down borrowing costs and the government spending money hand over fist, few want to bet against this bull run.

However, every post-recession period is different, and this one still looks nasty enough to cause disappointment on fundamentals.

Indeed, the bulls' weakest point is their reliance on the earnings rebound predicted by Wall Street analysts. The S&P 500 is trading at 16.8 times consensus 2009 earnings, above its level at the market peak in October 2007. That is why the bull case says investors need to look even further forward, at 2010 forecasts, which gets the multiple down to 13.3 times.

But that distant-hope scenario has its shortcomings. Take a stock like Home Depot, trading at 16.8 times consensus fiscal 2011 earnings, very high for a company facing intense competition and exposed to the troubled housing market.

Implicit in the bull case is the belief that the government just has to carry the economy until private actors are ready to take up the slack. One problem: The amount of government intervention has been so immense that the private sector probably can't take over anytime soon.

Of course, the Fed and the Obama administration can always keep printing and spending, but those actions in themselves could hurt stocks, as they cause misallocation of capital and stoke fears about the deficit and inflation.

Japan's experience shouldn't be tossed out. After its bubble burst, the country's stock market often rallied on recovery hopes, only to fall back hard. That message shouldn't get lost in translation as investors wonder what's next for U.S. stocks.

Oil & Gold:

U.S. light crude oil for September delivery fell 16 cents to settle at $70.42 a barrel on the New York Mercantile Exchange. Oil prices have been climbing of late on bets that a global economic recovery will increase demand for raw materials.

COMEX gold for December delivery rose $10.90 to settle at $969.70 an ounce.

Bonds:

Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.68% from 3.63% late Monday. Treasury prices and yields move in opposite directions.

What to expect:

Wednesday brings a number of economic reports, including the July reading on private-sector employment from payroll services firm ADP and the Institute for Supply Management's services sector index. Dow component Procter & Gamble (PG, Fortune 500) reports quarterly results in the morning.

Investors are eager to hear from Cisco [CSCO 22.37 -0.201 (-0.89%) ] on Wednesday. The maker of routers and networking gear is widely considered a barometer for corporate tech spending.

WEDNESDAY: Weekly mortgage applications; Challenger, ADP reports on jobs; ISM services index; factory orders; weekly oil inventories; Earnings from P&G, Cisco, News Corp. and Prudential.

THURSDAY: Chain-store sales; weekly jobless claims; Earnings from Sirius XM, Unilever.

FRIDAY: July jobs report; consumer credit; Earnings from Liberty Media.

Asia:

Tokyo stocks were down slightly Wednesday morning as investors locked profits from year-to-date highs in recent rallies, erasing early gains, while sentiment remained positive after upbeat U.S. home sales data added to signs of an economic recovery.

Murata Manufacturing Co. (6981) shares continued their descent Wednesday morning, at one point down 40 yen at 4,410 yen.

Namco Bandai Holdings Inc. (7832) shares fell sharply Wednesday, losing 12% to hit 942 yen at one point, after the firm lowered its fiscal 2009 earnings outlook Tuesday evening.

Toyota falls after Q1 loss, smaller annual loss forecast.

Fast Retailing declines after July sales fall.

Market likely pausing after rally, earnings season peaks.

Focus turns to U.S. jobs data on Wed, Fri.

South Korea's KOSPI was also flat. POSCO shares fell 0.59 percent after Citigroup in a report on Tuesday downgraded the world's No.6 steelmaker to "hold" from "buy" and slashed its target price by 7.8 percent.

The MSCI Asia Pacific Index added 0.2 percent to 113.20 as of 11:46 a.m. in Tokyo. Before today, the gauge had risen on all buttwo days since July 14 amid earnings reports that beat analyst estimates. The measure's 14-day relative strength index is at 75, above the 70 level some traders use as a sell signal.

China's Shanghai Composite Index fell half a percent as profit-taking surfaced. Steel makers led the losses with Baoshan Iron & Steel down 3.2 percent and Maanshan Iron & Steel down 3.6 percent.

HSI 20967.93 +171.5 +0.82% (08.26 AM IST)

Hong Kong shares were mixed early Wednesday, with energy producers higher as crude-oil prices stayed above $71 a barrel. HSBC Holdings extended gains after its half-yearly results, but many other Hong Kong-listed banks fell further after Tuesday's decline, amid concerns Chinese regulators may tighten rules on capital holdings. The Hang Seng Index rose 0.4% to 20,874.13, with HSBC /quotes/comstock/22h!e:5 (HK:5 84.30, +1.15, +1.38%) /quotes/comstock/13*!hbc/quotes/nls/hbc (HBC 54.41, -0.07, -0.13%) up 1%, and Cnooc Ltd. /quotes/comstock/22h!e:883 (HK:883 10.86, +0.16, +1.49%) quotes/comstock/13*!ceo/quotes/nls/ceo (CEO 142.04, +1.71, +1.22%) rising 1.1%. But Bank of China Ltd. /quotes/comstock/22h!e:3988 (HK:3988 3.77, -0.03, -0.79%) fell 0.8% and Industrial & Commercial Bank of China /quotes/comstock/22h!e:1398 (HK:1398 5.39, -0.02, -0.37%) lost 0.4%, tracking their declines in Shanghai, where BOC fell 1.5% and ICBC dropped 1.1%. The Shanghai Composite was down 0.9% to 3,439.33 in early trade. Hong Kong's Hang Seng China Enterprises Index was down 0.1%.

The Hong Kong Monetary Authority, Hong Kong's de facto central bank, on Monday said that it has granted a banking license to HDFC Bank, the fourth-largest bank in India.

The granting of this banking license brought the number of licensed banks in the special administrative region to 146. The license came into effect on Monday.

India-listed HDFC Bank, which was incorporated in India in 1994, provides a range of banking and financial services including commercial banking and treasury operations. The lender has a network of 1,412 branches and 3,295 automated teller machines in 528 cities.

Shanghai Airlines Co Ltd<600591>, the city's second-largest carrier, Tuesday said it expected a net loss for the first half of this year because of the poor performance of its cargo unit, the Shanghai Daily reported.

INVESTMENT VIEW
Sujana Towers-Better Q3 Numbers, Growing Opportunities

BSE 532887

Transmission and Telecom Tower manufacturer, EPC contractor reported Revenues of Rs 175 crore with after tax profits of Rs 6.42 crore. This is the third consecutive quarter of Revenue and Profit growth for the company, with stand-alone EPS for Q3 working out to Rs 1.55. On an annual basis, Sujana could turn in an EPS of Rs 5 which would give the stock target of Rs 40-50 in a year's time.

The opportunity ahead is mind boggling:

Substantial investments in the Power T&D Sector to spur growth of EPC players:

The Eleventh Plan has earmarked Rs1,40,000 cr and Rs 3,09,000 cr for the T&D Segments, respectively, which translates into an immense opportunity for the players in the Segment over the next three years.

Further, with Infrastructure remaining the key focus area to achieve economic recovery, we expect execution of the power projects to gain momentum over the last three years of the Plan period which would generate more orders for the T&D players.

Sujana is likely to bag more orders from PGCIL, which has plans to spend around Rs20,000cr on transmission lines during FY2010-12.

Turning into a supplier for Bhel and Telecom Sectors a major positive:

BSNL will shortly allot it a fresh tender for Rs 5,000 cr. Sujana also plans to enter tracking, signaling and platform construction works in the Railway Segment.

Finally capital infusion

High interest outgo is eating into Sujana's bottom line and the promoters have recently resolved to put in Rs 44 crore into the business. This should make the capital base much more stronger for Sujana Towers.

(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.)

--
Arvind Parekh
+ 91 98432 32381

Tuesday, August 4, 2009

Market Outlook for 4th Aug 2009

NIFTY FUTURES LEVELS

RESISTANCE

4742

4787

4831

SUPPORT

4704

4691

4645

4601

4556

4521

Buy MAHINDRA LIFESPACE;HCL INFO

INTRADAY calls for 4th Aug 2009
+ve Sector,Script : Fertlizers Pirhealth,Aptech
Buy BHEL-2346 for a target 2365-2380 stop loss 2330
Buy APIL-542 for a target 559 stop loss 538
Buy Prajind-99 for a target 105 stop loss 96
Buy Nucleus-97 for a target 105 stop loss 94

Expected Breakout
Buy RIL-2017 above 2030 for a target 2080 stop loss 2010

POSITIONAL
Buy Mahlife-328 for a target 460 stop loss 310
Buy ZEEL-200 for a target 227 stop loss 193
Buy Optocir-185 for a target 230 stop loss 177
Buy DCW-16 for a target 19 stop loss 15.10

Strong & Weak futures
This is list of 10 strong futures:

Bharat Forge, Patni, Mphasis, TataMotors, ABAN, Aurobindo Pharms, DCHL, Bhushan Steel, Jindal Saw and Hindalco.

And this is list of 10 Weak futures:

Divi Lab, Suzlon, Sun Pharma, EKC, BRFL,Titan Inds, Chambal Fert, Patel Eng, IOC and Union Bank Of India.
Nifty is in Up Trend.

NIFTY FUTURES (F & O):
Rally may continue up to 4740-4742 zone for time being.

Support at 4691 & 4704 levels. Below these levels, expect profit booking up to 4645-4647 zone and thereafter slide may continue up to 4601-4603 zone by non-stop.

Buy if touches 4556-4558 zone. Stop Loss at 4512-4514 zone.

On Positive Side, cross above 4785-4787 zone can take it up to 4829-4831 zone. If crosses & sustains this zone then uptrend may continue.

Short-Term Investors:
Bullish Trend. 3 closes above 4473 level, it can zoom up to 4988 level by non-stop.

BSE SENSEX:
Higher opening expected. Uptrend should continue.

Short-Term Investors:
Short-Term trend is Bullish and target at around 16861 level on upper side.
Maintain a Stop Loss at 15065 level for your long positions too.

POSTIONAL BUY:
Buy MAHINDRA LIFESPACE DEVELOPERS (NSE Cash)
Uptrend to continue.

Mild sell-off up to 323 level can be used to buy. If uptrend continues, then it may continue up to 351 level for time being.

If crosses & sustains at above 374 level then uptrend may continue.

Keep a Stop Loss at 300 level for your long positions too.

Buy HCL INFOSYSTEMS (NSE Cash)

Uptrend to continue.

Mild sell-off up to 121 level can be used to buy. If uptrend continues, then it may continue up to 125 level for time being.

If crosses & sustains at above 128 level then uptrend may continue.

Keep a Stop Loss at 118 level for your long positions too.

Global Cues & Rupee
The Dow Jones Industrial Average closed at 9,286.56. Up by 114.95 points.
The Broader S&P 500 closed at 1,002.63. Up by 15.15 points.

The Nasdaq Composite Index closed at 2,008.61. Up by 30.11 points.

The partially convertible rupee INR=IN ended at 47.635/645 per dollar on yesterday, stronger than Friday's close of 47.93/95.

FII DATA

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
FII	03-Aug-2009	1748.87	1401.86	347.01

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
DII	03-Aug-2009	884.72	823.71	61.01

Interesting findings on web:
On Monday, at least, the market continued on its merry way higher. The Dow Jones Industrial Average (DJI) rose 114 points, or 1.2%, to finish at 9,286, its highest close since Oct. 4. The S&P 500 index (SPX) rose 15 points, or 1.5%, to 1,002, also its highest close since Nov. 4. The Nasdaq Composite (RIXF) rose 30 points, or 1.5%, to 2,008, its highest close since Oct. 1.

In the past, stocks sometimes have paused in their gains when indexes approached big, round numbers such as 1000, 2000 or 9000. Investors have seized on the events as a chance to sell some stocks, take some profits and re-evaluate. This time, the indexes powered through those levels without hesitation, a sign of how robust the rally has been.

The market received a boost from upbeat global reports that fueled hopes for the economy. Investors also cheered early July vehicle sales figures from auto makers, with hopes raised by the government's Cash for Clunkers program. Shares of Ford Motor Co. (F) rose 7% after it announced its first sales increase in almost two years.

In July, Ford shares rallied 32%. Toyota (TM) gained more than 11%, Honda ( HMC) rose 17%, Nissan (NSANY) gained 20%, Daimler AG (DAI) was up 28%.

Stocks jumped more than a percent to kick the week off as positive data on manufacturing and the auto industry boosted optimism about the economy's direction. The S&P 500 closed above 1,000 for the first time since November and is now up almost 48% from its low point during the financial crisis in March.

Stocks powered their way to two new milestones Monday amid a growing belief that the recession is over and better days lie ahead.

Eleven days after the Dow Jones Industrial Average surpassed 9000, Standard & Poor's 500-stock index broke through 1000, and the Nasdaq Composite Index passed 2000. All three major U.S. indexes now stand at their highest levels since autumn, as do the benchmark indexes of Britain, Germany and France, which also posted sharp gains Monday.

The good news Monday included better-than-expected surveys of manufacturing activity in the U.S., Britain and China, stronger-than-expected U.S. construction data, Ford Motor's first monthly U.S. sales increase in nearly two years and encouraging profit reports from British banks HSBC Holdings and Barclays.

Investors also welcomed a comment from former Federal Reserve Chairman Alan Greenspan on a Sunday television news show that he is "pretty sure we've already seen the bottom" of the recession.

The Institute for Supply Management showed the sector shrank at a slower pace in July. The ISM index came in at 48.9, up from 44.8 in June, beating expectations. New orders and production both hit their highest readings since 2007 but jobs and inventories fell again. The numbers left no doubt about the impact of the recession: manufacturing fell at an annual rate of 13% for the first half of 2009.

Market sentiment was also underpinned by reassuring bank results from Europe.

Shares of natural resource companies gained.

Higher auto sales at Ford ( F - news - people ) also encouraged investors. The car maker reported an increase of 2.3% in July sales, compared with last year. Analysts had expected a decline. General Motors ( GMGMQ.PK - news - people ) and Chrysler both saw sales fall substantially, although the government's "Cash For Clunkers" program has been wildly successful. Ford shares gained 4.1% in regular trading.

Ford's Sales Rise as GM, Toyota Pare Declines on Clunkers Cash

Ford Motor Co.'s July U.S. sales rose 2.3 percent while General Motors Co. and Toyota Motor Corp. pared declines as the government's so-called cash-for-clunkers incentive stoked the strongest demand for new autos this year.

In finance, Bank of America ( BAC - news - people ) agreed to settle SEC charges that the bank lied to investors about bonuses paid by investment bank Merrill Lynch, which BofA bought at the start of the year. As part of the settlement the bank will pay $33 million, not much of a burden considering its equity was last valued at $255 billion. Shares gained 3.6%.

The strongest sectors were those tied to economic-recovery hopes, with manufacturing stocks up 3.5%, financials up 2.7%, and energy stocks up 2.3%.

Aluminum-maker Alcoa jumped 6% amid optimism about economic prospects.

Among the Monday gainers in the S&P 500's financial sector were regional banks KeyCorp, which climbed 13.5%, and Zions Bancorp, which rose 4.5%. Life insurers also bolstered the sector, as Principal Financial Group jumped 6.9% and Lincoln National rose 5.5%.

One of the things that helped the stock bounce back was news that Bank of America has hired Sallie Krawcheck, the formerCFO of Citigroup, to lead its global wealth and investment-management unit, as a prelude to finding a successor to CEO Ken Lewis.

And Goldman Sachs shares rose 0.5 percent despite a report that showed the investment bank's reputation has been damaged, among both the general public and financially sophisticated Americans.

American depositary shares of UBS gained 4.9 percent amid the likelihood that the Swiss bank won't pay a fine to settle its dispute with the US government over Americans suspected of trying to evade taxes by using Swiss accounts.

CIT Group [CIT 1.03 0.16 (+18.39%) ] jumped 18 percent following news that the lender has raised the offering price of on its debt repurchase, offering to pay $875 in cash for every $1,000 in senior notes due Aug. 17, from $825. The company also said it has already received enough offers to meet the minimum requirements of the program.

AIG shares [AIG 13.60 0.46 (+3.5%) ] rose 3.5 percent following news that the insurer has chosen former MetLife CEO Robert Benmosche as its chief executive.

Apple [AAPL 166.44 3.05 (+1.87%) ] and Google [GOOG 451.73 8.68 (+1.96%) ] were in the spotlight this morning after Google CEO Eric Schmidt resigned from Apple's board.

Dow component 3M [MMM 72.14 1.62 (+2.3%)] gained 2.3 percent after Goldman Sachs upgraded the stock to "buy" from "neutral."

And IBM [IBM 119.92 1.99 (+1.69%)] rose 1.7 percent after Bernstein raised its price target on the stock.

In the energy sector, Massey Energy, Peabody Energy, Denbury Resources and Nabors Industries all rose at least 6% as crude oil futures popped above $72 a barrel to their highest level since June 30.

Berkshire Reaches $100,000 a Share, Hitting Eight-Month High

Warren Buffett's Berkshire Hathaway Inc. reached $100,000 a share for the first time since January as its derivative bets and holdings in firms including Goldman Sachs Group Inc. and Wells Fargo & Co. gained in value.

Bank of America Shuffles Managers, Settles SEC's Merrill Claims

Bank of America Corp., taking steps to prepare for Kenneth Lewis's succession as chief executive officer, shuffled senior management and settled U.S. claims it misled investors while buying Merrill Lynch & Co.

Barclays Capital to Hire as Many as 1,000 Workers, Diamond Says

Barclays Plc, the U.K.'s second-biggest lender, plans to hire as many as 1,000 people, including investment bankers at its Barclays Capital unit, by the end of the year to compete in mergers advice and share sales.

The biggest winner today among major stock groups in the S&P 500: basic materials, which includes commodity producers.

The average materials stock shot up 3.5% as prices of copper, nickel, oil and other commodities surged. U.S. Steel jumped $3.28, or 8.2%, to $43.03; Du Pont gained 97 cents, or 3.1%, to $31.90.

"We think we have seen the worst of the financial crisis and the recession," said Richard Sichel, who helps oversee $1.3 billion as chief investment officer of Philadelphia Trust Co.

Mr. Sichel said some kind of disappointing news will no doubt arrive in the coming weeks. Given their big advance in such a short period, he said, stocks are overdue for a pullback, but he added that he thinks the market then will resume its rise.

Although diehard skeptics continued to warn the economy still isn't out of the woods and stocks could suffer more than the bulls believe, a growing number of investors have been so impressed by the economic and corporate news that they have set aside their doubts.

While many in the market say U.S. stocks are due for a breather after scoring their best July in 12 years, the market can at least count on favorable odds for another month of gains in August.

The market, as measured by the broad S&P 500 index, has advanced in August 60% of the time in the 81 years since 1927, for an average gain of 4%, according to Standard & Poors. And since 1999, August has brought gains seven times out of 10.

One caveat for market analysts, however, is that the market has continued its powerful rally through the summer so far.

"The stock market appears slightly overbought having moved a little too far, too fast over the last month," said Fred Dickson, chief market strategist at Davidson Companies.

In July, the Dow rallied 8.6% to mark its best monthly gain since Oct. 2002 and its best July since 1989. The S&P 500 rose 7.4% for the month, its best July since 1997, and the Nasdaq gained 7.8%.

And since hitting lows in March, the S&P 500 has rallied a whopping 50%.

These figures, and especially the sharp gains seen in July, have a number of market strategists say stocks are overdue for a breather this month.

"Suffice it to say that stocks are overdue for a rest, although the 'overbought' condition can remain for quite some time before the markets finally take a breather," said Paul Nolte, director of investments at Hinsdale Associates, in a note.

For Marc Pado, market strategist at Cantor Fitzgerald, "the market may start to struggle by late August."

August in perspective

Since World War II, August months have tended to bring gains but not by as much as in other months of the year, according to RDM Financial. Since 1945, August has returned 0.4%, placing it 10th among the 12 months of the year.

"However, when the economy is rebounding, then the market has tended to put in a much stronger performance [in August]," said Michael Sheldon, market strategist at RDM.

Many market observers believe that back in March, the market has hit its lows of the bear market that followed the financial crisis. And on the 14 occasions that have followed bear-market bottoms since 1932, the S&P 500 has risen 10 out of 14 times in August for an average gain of 1.2%.

"Past performance is never 100% guarantee of returns in the future," Sheldon said. "But the outlook for August continues to be more positive than some would think," he said.

Oil, Dollar & Commodities:

Crude oil gained over 3% Monday to top $71 a barrel as commodities traders took heart at the improving manufacturing and auto sales data.

A weak U.S. dollar also helped oil to hit its highest level since mid-June. The greenback is now at its lowest point this year.

In hopes of recovering lost ground, some investors have jumped into commodities as well as stocks. Copper for August delivery surged 4.4% Monday in New York, now up more than 118% from its December low. Crude-oil futures rose 3% to $71.58, up 13% in three trading days and 60% for 2009.

Dollar's Pain Is Stock's Gain

Meanwhile, the dollar index continued to slump, also to levels not seen since last fall. It was trading at 77.59, its lowest level since Sept. 29. As the dollar fell, commodities were fired up with big gains in natural gas, copper, corn and soybeans. Oil was also higher, rising 3 percent to $71.58 per gallon.

When it came to stocks, the commodities-driven materials shares Monday were the best performers, up 3.5 percent, while financials were 2.7 percent higher.

The gains in commodities since early July have been stunning. Copper rose 28 percent since July 8; gasoline gained 26 percent; oil is up 19 percent; natural gas jumped 19 percent, and platinum increased 13 percent.

Stock markets around the world have rallied right along. India is at a 14-month high; China, Mexico and Korea are at 12-month highs, and Brazil, Hong Kong and Singapore are at 11-month highs.

What to expect:

Tuesday's data includes personal income and spending at 8:30 a.m. and pending home sales for June at 10 a.m. Earnings reports are expected from Toyota, UBS, Archer Daniels Midland, CVS Caremark, D.R. Horton, Duke Energy, Rowan, Cognizant, and PPL. After the bell, Kraft Foods, Whole Foods and Electronic Arts report.

Caterpillar management conducts a second day of its annual meeting with analysts and investors, via web cast. Ford unveils a new version of its once best-selling Taurus.

In Washington, the Senate Banking Committee holds a hearing on banking supervision at 9:30 a.m. Witnesses include FDIC chair Sheila Bair and Fed Gov. Daniel Troll.

TUESDAY: Personal income/spending; pending-home sales; Earnings from Kraft.

WEDNESDAY: Weekly mortgage applications; Challenger, ADP reports on jobs; ISM services index; factory orders; weekly oil inventories; Earnings from P&G, Cisco, News Corp. and Prudential.

THURSDAY: Chain-store sales; weekly jobless claims; Earnings from Sirius XM, Unilever.

FRIDAY: July jobs report; consumer credit; Earnings from Liberty Media.

Asia:

Asian bourses rose in morning trade Tuesday after Japan's Panasonic Corp narrowed its first-half loss forecast, positive US manufacturing reports and higher commodity prices.

The US manufacturing sector continued to shrink in July but at a slower pace than in June.

The Institute for Supply Management said its index of national factory activity rose to 48.9 in July from 44.8 in June, beating economists' expectations. A reading below 50 indicates contraction.

HwangDBS Vickers Research said in a report that trading sentiment across Asia might be lifted today by the overnight performance on Wall Street.

The US key equity indices rose between 1.3% and 1.5% at the closing bell buoyed by mainly commodity and financial stocks, and improved sentiment that the recession could be over.

Meanwhile, HwangDBS noted that local investors' interest might be on plantation stocks as crude palm oil's 3-month futures increased 4.8% to RM2,295 per tonne.

"Our FBM KLCI is likely to climb further before meeting its resistance level of 1,190 as investors take cue from the foreign boys," it said.

The FBM KLCI was up 9.69 points to 1,181 at mid morning trade while Singapore's Straits Times Index rose 0.46% to 2,693.91.

Tokyo's Nikkei 225 rose 1.10% to 10,466.78 while Seoul's Kospi Index was up 1.02% and Hong Kong's Hang Seng Index added 1.52% to 21,123.29.

At Bursa Malaysia, 306 counters were up, 42 were down while 84 were traded unchanged. There were 151.8 million shares done at a total value of RM143.1 million.

Top gainers Pacific Mas added 21 sen to RM3.69, Dutch Lady rose 20 sen to RM11.50, BAT was up 16 sen to RM47.46 and MISC increased 10 sen to RM8.90.

Among the heavyweights, Maybank was up 5 sen to RM6.73. BCHB added 4 sen to RM10.70 and Tenaga rose 2 sen to RM8.15.

KLK added 14 sen to RM12.66, Sime rose 10 sen to RM8.33, Ramunia was 1 sen higher at 61.5 sen and AirAsia slipped 6 sen to RM1.48.

Nymex crude oil in electronic trade was down 16 cents to US$71.42 per barrel.

Spot gold rose 36 cents to US$957.10 per ounce.

The ringgit was quoted at 3.4892 to the US dollar.

Tokyo stocks treaded water at high levels Tuesday morning, with the Nikkei Stock average maintaining gains of 100-plus points.

The benchmark Nikkei .N225 gained 1.1 percent or 110.14 points to 10,462.61, after briefly rising as far as 10,479.19, its highest level since Oct. 6.

The broader Topix added 1 percent to 967.07.

Shares in Sumitomo Realty & Development Co. (8830) rose for the fourth straight trading day Tuesday morning, briefly climbing 76 yen to a year-to-date high of 2,055 yen.

NTT Corp. (9432) shares bounced back Tuesday morning, opening bid-only before climbing 3.7% to 3,940 yen.

HSI 20928.9 +121.64 +0.58% (08.33 AM IST).

Hong Kong shares extended gains Tuesday, as HSBC Holdings stock soared more than 7% a day after the banking giant reported better-than-expected first-half results. The Hang Seng Index rose 1.6% to 21,148.35, as index heavyweight HSBC /quotes/comstock/22h!e:5 (HK:5 82.90, +5.20, +6.69%) /quotes/comstock/13*!hbc/quotes/nls/hbc (HBC 55.05, +0.55, +1.01%) soared 7.6%. Shares of Hang Seng Bank Ltd. /quotes/comstock/22h!e:11 (HK:11 121.50, -3.20, -2.56%)/quotes/comstock/11i!hsngy (HSNG.Y 16.30, -0.05, -0.31%) , however, slipped 0.2% after its half-yearly results fell short of expectations. The Hang Seng China Enterprises Index advanced 0.8% to 12,472.45.

Chinese stocks opened higher on Tuesday morning, tracking gains from the previous closing.

The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, opened at 3,477.11 points, up 0.42% or 14.52 points from the previous closing.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange opened 0.49% or 67.92 points higher at 13,924.92 points.

Iron Ore Poised to Drop as China Imports Slow, Swaps Indicate.

INVESTMENT VIEW
Unitech: A Growing Uneasy Feeling

The management somehow never provides a schedule of annual execution only what has commenced. A year later it could be sitting on 7 mn sq feet of unsold inventory, 17 mn or 30 mn sq feet, but this is the call the investor has to take. Inspite of 2 QIPs at Rs 38 and Rs 80, the corporate may sink again next year.

Real estate company Unitech Ltd has posted nearly 63 per cent fall in its consolidated net profit for the first quarter ended June 2009, at Rs 158 crore. The slowdown in demand for real estate coupled with the shift in focus towards low and middle-income housing led to the drop in profits on a year-on-year basis.

The total income during the quarter stood at Rs 548.22 crore, 48 per cent lower than the year-ago period.

"During the quarter, the company continued with its strategy of focusing on affordable housing. The company till date has launched approximately 17 million sq. ft, mostly in this segment, and it has sold nearly seven million sq. ft. in different cities. Unitech is well on its course to achieve the targeted launch of 30 million sq. ft of projects during the current financial year," said Mr Sanjay Chandra, Managing Director, Unitech Ltd.

During the quarter, the company had outlined plans to launch projects with units starting at Rs 10 lakh under the brand UniHomes. The company had reserves and surplus of Rs 6,409 crore as of June 2009. Total loan outstanding was Rs 8,262 crore, at the end of the quarter, and less than Rs 7,000 crore by July end. It had Rs 625 crore in cash and bank balance as of June 30. At the end of the quarter, 37.05 per cent promoter holding was pledged.

Unitech had recently raised $900 million through two QIPs.

Monday, August 3, 2009

Market Outlook 3rd Aug 2009

NIFTY FUT: Support at 4632.05. Buying recommended at 4608.30-4610.30 zone. Target at 4679.00. Above 4700.75-4702.75, bulls will dominate.

OPTIONS: Buying recommended in SUZLON PUT OPTION.(90 Strike Price).

8 stocks that are in news today: Law Ministry says govt backs Oil Ministry in RIL-RNRL case Exclusive: Adani Power QIB Subscribed 39.5 times post anchor allocation Aban Offshore board approves QIP of up to Rs 2,500 crore Hero Honda July total sales up 30.3% at 3.66 lakh units versus 2.81 lakh units SBI says to achieve provision coverage up to 50% Tata Motors close to signing aid deal with UK govt – PTI JSW plans IPO of power business – PTI Essar Steel close to buying Shree Precoated steel, deal to be closed in a week – DNA Govt mulls drilling holidays for 3 years L&T, US insurer Travellers part ways for Insurance JV – ET Andhra Govt seeks to blacklist IVRCL, co currently facing investigation for causing death of 2 workers – DNA Aegis Logistics buy back at maximum Rs 143/sha
8:55 PM 2-8 Lanco Infra QIP floor price set at Rs 394.85/share ((CMP Rs 410)) Excel Infoways to list today, issue price Rs 85 REI Six Ten Retail board approves splitting FV of shares from Rs 10 to Rs 2 Gayatri Projects board approves issue of 10 lakh shares to strategic investor Reliance Capital Trustee at Rs 185/share ((CMP Rs 240)) Jindal Poly board approves buyback up to Rs 73 crore at maximum price of Rs 400/share ((CMP Rs 295)) SEL Manufacturing board approves ADR / GDR / FCCB issue up to Rs 300 crore ING Vysya Bank board meet on August 5 on GDR / FCCB / QIP / rights issue Unity Infra bags new order worth Rs 72 crore Mahindra Holidays to replace Megasoft in BSE-500 index from today

INTRADAY calls for 3rd Aug 2009
Buy SBI-1811 for a target 1842-1873 stop loss 1790
Buy Mcdowell-1018 for a target 1055-1075 stop loss 995
Buy NithinFire-312 for a target 330-345-355 stop loss 305

Expected Breakout calls
Buy GSSAmerica-177 above 190 for a target 215 stop loss 180

POSITIONAL calls
Buy Mundraport-601 for a target 800+ stop loss 545

Strong & Weak futures

This is list of 10 strong futures: Patni, Bharat Forg, Tata Motors, DCHL, GSPL, OFSS, MPHASIS, Jindal Saw, Rolta & RECLTD . And this is list of 10 Weak futures: Sun Pharma, ABB, Chamble Fert, EKC, BRFL, Patel Eng, Bank of India, Sterling Bio, TTML & R Com.

Nifty is in Up Trend.

NIFTY FUTURES (F & O):

Rally may continue up to 4665-4667 zone for time being.

Support at 4622 & 4626 levels. Below these levels, expect profit booking up to 4585-4587 zone and thereafter slide may continue up to 4550-4552 zone by non-stop.

Buy if touches 4514-4516 zone. Stop Loss at 4479-4481 zone.

On Positive Side, cross above 4701-4703 zone can take it up to 4736-4738 zone by non-stop. If crosses & sustains this zone then uptrend may continue.

Short-Term Investors:

Bullish Trend. 3 closes above 4600 level, it can zoom up to 4947 level by non-stop.
3 closes below 4600 level, it can tumble up to 4253 level by non-stop.

BSE SENSEX:

Higher opening expected. Uptrend should continue.
Short-Term Investors:

Short-Term trend is Bullish and target at around 16459 level on upper side.
Maintain a Stop Loss at 15379 level for your long positions too.

INVESTMENT BUY:
Buy MPHASIS (NSE Cash)
Uptrend to continue.

Mild sell-off up to 460 level can be used to buy. If uptrend continues, then it may continue up to 482 level for time being.

If crosses & sustains at above 500 level then, uptrend may continue.

Keep a Stop Loss at 442 level for your long positions too.

Buy BHARAT FORGE (NSE Cash)

Uptrend to continue.

Mild sell-off up to 205 level can be used to buy. If uptrend continues, then it may continue up to 220 level for time being.

If crosses & sustains at above 230 level then uptrend may continue.

Keep a Stop Loss at 195 level for your long positions too.

Global Cues & Rupee

The Dow Jones Industrial Average closed at 9,171.61. Up by 17.15 points.
The Broader S&P 500 closed at 987.48. Up by 0.73 points.

The Nasdaq Composite Index closed at 1,978.50. Down by 5.80 points.

The partially convertible rupee INR=IN ended at 47.93/95 per dollar on Friday, stronger than Thursday's close of 48.35/36.

Interesting findings on web:

Gross domestic product, a measure of all the goods and services produced by the U.S., fell at an annual rate of 1% from April to June. Economists had been expecting a pace of 1.5%, and the number was well down from the first quarter's plunge of 6.4%. While the GDP figures beat the consensus estimate, they still show the U.S. is in a recession as the GDP dropped for four straight quarters, which hasn't happened since 1947.

The Dow and the S&P ended up slightly on Friday, with data showing the economy shrank less than expected in the second quarter, lifting investor optimism. The Nasdaq ended down slightly.

Alfred Kugel, chief investment strategist at Atlantic Trust in Chicago, said Friday's data bolstered his confidence that the economy is turning a corner, with GDP likely to turn positive for the current quarter once the next round of data are in hand.

However, he said Atlantic Trust stopped adding stock to its clients portfolios about a month ago, guarding against a possible correction to the market's sharp rally from its bear-market lows.

"We're sort of in this transition from hope and expectation regarding the economy to reality," said Mr. Kugel. "I don't know if I'd rush out to buy stocks right now, but I wouldn't mind owning them."

Few other surprises marked the Friday session. A regional index of purchasing managers, which precedes next Monday's influential manufacturing report, came in just slightly above expectations. The data showed the manufacturing sector continues to shrink, but at a slower pace than before.

Automakers got a lift from Congress as the House of Representatives voted to add $2 billion to its "cash-for-clunkers" program after car buyers swarmed dealerships this week to take advantage of the temporary rebate for older vehicles.

Under the program, consumers can trade old cars for credits to be applied toward the purchase of new models.

Shares of Ford Motor ( F - news - people ) jumped 8.3% during trading.

Ford [F 8.00 0.61 (+8.25%) ] continued to rally after the announcement, finishing the day at $8. Ford had said earlier in the week that it had seen a "dramatic" boost from the program.

Ford is apparently also slowing down the bidding process for its Volvo unit, according to a report in the Wall Street Journal today, hoping for a better price.

Bank of America [BAC 14.79 0.82 (+5.87%) ] was the biggest percentage gainer on the Dow for today — and for the week — following news that the bank plans to open a Chinese subsidiary.

Disney [DIS 25.12 -1.10 (-4.2%) ] was the biggest drag on the Dow, sliding 4.2 percent, after JPMorgan slashed its rating on the stock to "underweight" from "neutral." The entertainment giant late Thursday beat earnings forecasts but fell short of revenue expectations.

Chevron [CVX 69.47 1.77 (+2.61%) ] shares ended up 2.6 percent after the oil giant missed its earnings target as revenue was cut in half by the sharp drop in oil prices.

This followed similar results this week from ExxonMobil, Royal Dutch Shell, ConocoPhillips and BP earlier in the week.

In fact, ExxonMobil [XOM 70.39 -0.33 (-0.47%) ] had the most negative impact on the Dow this week, falling nearly 3 percent.

AIG [AIG 13.14 0.01 (+0.08%) ] shares finished the day flat following news that the insurer is still showing signs of weakness, despite getting one of the biggest bailouts in history.

And UBS [UBS 14.74 0.95 (+6.89%) ] advanced 6.9 percent after the Swiss bank reached an agreement with the U.S. in a tax-evasion dispute.

General Electric [GE 13.40 0.29 (+2.21%) ] continued to benefit from a Goldman Sachs upgrade based on the belief that the CNBC parent will not have to split off its GE Capital financing arm. Shares rose another 2.2 percent.

Travelers, which was recently added to the Dow, rose 2.7 percent after some encouraging analysts comments that came a day after the insurer raised its full-year forecast.

Among stocks to watch, health insurer Amerigroup tumbled 9% after it said that it had reversed a prior-year loss caused by litigation. Electrical equipment maker Stoneridge tumbled 11% after it said that it swung to a second-quarter loss.

Brush Engineered Materials swung to a second-quarter loss but forecast profits for the third quarter. Its shares rose 9%. Heating-equipment maker Graham Corp. rose 6% after its earnings beat estimates.

For the month, the Dow was up 8.6 percent, its best gain for July since 1989. The S&P was up 7.4 percent and the Nasdaq was up 7.8 percent.

For the week, the Dow was up 0.9 percent, the S&P was up 0.8 percent and the Nasdaq was up 0.6 percent.

For the week, the Dow gained 0.9 percent, helping bring the blue-chip index its best July since 1989.

Investors placed big bets over the last month that the profit machine at U.S. companies will continue to rev higher and that the longest recession since World War II is finally easing its grip. If that turns out to be wrong, the huge gains of July mean there will be an even bigger price to pay if companies don't deliver.

The Dow surged 725 points or 8.6 percent for the month, with most of the gains arriving in bursts in the final 15 days. The extraordinary run shaped July into the best month for the blue chips since October 2002 and the best July since 1989. The Dow has risen four of the past five months.

The broader Standard & Poor's 500 index, a benchmark for many mutual funds, also ran at a strong pace and July was its best performance since 1997. Even with the gains, the S&P is still down 37 percent from its peak in October 2007.

The companies that fared best in July were those that signaled they were patching up their businesses after a terrible winter and fall. Caterpillar Inc.'s earnings for the April-June quarter fell but the company raised its profit forecast for the year. Its stock surged 33.4 percent for the month.

Earnings reports that fueled the rally often contained a few dark spots, and many companies have been increasing their bottom line by taking a knife to costs. Eventually they will have to bring in more revenue because trimming costs can't increase profits forever.

Stu Schweitzer, global markets strategist at J.P. Morgan's Private Bank in New York, said the lower expenses means companies will be better positioned to reap big earnings when the economy does grow and revenue starts to tick higher.

Economic reports are starting to support traders' bets. The government reported Friday that the economy shrank at a pace of just 1 percent in the second quarter, better than analysts anticipated. In the first three months of the year, the economy shrank at a pace of 6.4 percent, the steepest slide in nearly 30 years.

Despite the improving outlook, the economy still faces significant hurdles. Analysts worry that difficulty for consumers in borrowing, unemployment and a still-weak housing market will choke off growth. Key reports next week on manufacturing, housing, employment and the service industry could also reshape the market's view about where the economy is headed.

"I don't think this is a one-way staircase back up to where we came from. I fully expect potholes along the way," Schweitzer said.

For now, companies aren't hemorrhaging money like they were last fall and early this year. Traders began the latest rally July 13 when they rushed to buy stocks ahead of a strong profit report from Goldman Sachs Group Inc. The bank's profit turned out to be huge, and strong report cards since then from companies like AT&T Inc. and microchip producer Intel Corp. confirmed that a range of companies were finding their footing.

Three of four companies in the S&P 500 index have reported results that topped analysts' expectations, according to Thomson Reuters. About 300 of the 500 companies have turned in their reports.

That unexpected bounty has pushed major market indexes to their best levels of the year. On July 23, the Dow rose above 9,000 for the first time since January. The rally pushed the Dow back into the black for the year and it is now up 4.5 percent.

The Nasdaq traded above 2,000 and the S&P 500 index neared the 1,000 mark, a level not seen since November.

"We're on the edge between recovery and speculation," said Rick Lake, portfolio manager of Aston/Lake Partners LASSO Alternatives Fund in Greenwich, Conn.

Lake said the market's ability to bounce higher in July even after getting bad news signals that many investors are looking to jump on the rally.

Major stock indexes surged off 12-year lows in early March to rally almost 40 percent by mid-June before stumbling until July's earnings reports restored hopes for a rebound in the economy.

Investors have been putting money into areas that are expected to do well in a recovery. Materials companies in the S&P 500 index rose an average 12 percent for the month. Aluminum maker Alcoa Inc. jumped 13.8 percent.

By comparison, energy company stocks rose only 3.6 percent. Oil posted its first monthly drop since January as stockpiles remain high. Exxon Mobil Corp. edged up only 0.7 percent.

Analysts credit some of the buying to short-covering, in which investors have to buy stock after having earlier sold borrowed shares in a bet they would fall. That can make doubts into short-term buyers and give an artificial lift to stocks.

Investors still have plenty to worry about. The GDP report found that consumers cut spending by 1.2 percent in the second quarter, after a 0.6 percent increase in the first quarter.

The unemployment rate stands at a 26-year high of 9.5 percent, and the Federal Reserve predicts it will top 10 percent by the end of the year.

Unemployment often recovers after the economy starts to but hesitant consumers could make it harder for the economy to grow. In downturns over the past 60 years, the S&P 500 index has hit bottom an average of four months before a recession ended and about nine months before unemployment hit its peak.

Fed:

Wall Street banks are reaping outsized profits by trading with the Federal Reserve, raising questions about whether the central bank is driving hard enough bargains in its dealings with private sector counterparties, officials and industry executives say.

Bonds & Oil:

In other trading Friday, bond prices rose. The yield on the benchmark 10-year Treasury note fell to 3.48 percent from 3.61 percent late Thursday.

Crude rose $2.51 to settle at $69.45 a barrel.

What to expect:

On tap for next week, we've got July auto sales, ISM readings on both the manufacturing and services industries, personal spending, chain-store sales and the big finale: The July jobs report on Friday.

Friday, July 31, 2009

Market Outlook 31st July 2009

NIFTY FUTURES LEVEL

Resistance

4591

4628

4664

Support

4563

4545

4507

4470

4434

4397

Buy PATNI COMPUTER,TAJGVK

Strong & Weak futures
This is list of 10 strong futures:

DCHL, Patni, MPHASIS, GSPL, Tata Motors, Rolta, Jindal Saw, RECL, Bharat Forg & Maruti.

And this is list of 10 Weak futures:

EKC, SunPharma, ABB, Reliance, RPL, BRFL, IVRCL Infra & National Aluminium.
Nifty is in Up Trend.

Interday calls for 31st JUL 2009
Buy Ansalinfra-63 for a target 68-71 stop loss 60.25
Buy Ambujacem-103 for a target 109-112 stop loss 100
Buy BPCL-486 for a target 505 stop loss 480

Positional calls
Buy Ashokley-36 for a target 40-45 stop loss 34
Buy Coreprotec-139 for a target 149-156-167 stop loss 133
Buy Munjalshow-57 for a target 67-71 stop loss 53

NIFTY FUTURES (F & O):
Rally may continue up to 4589-4591 zone for time being.

Support at 4545 & 4563 levels. Below these levels, expect profit booking up to 4507-4509 zone and thereafter slide may continue up to 4470-4472 zone by non-stop.

Break below 4434-4436 zone, it can tumble up to 4397-4399 zone by non-stop.

On Positive Side, cross above 4626-4628 zone can take it up to 4662-4664 zone by non-stop. Supply expected at around this zone and have caution.

Short-Term Investors:
Bullish Trend. 3 closes above 3910 level, it can zoom up to 4596 level by non-stop.
3 closes above 4596 level, it can zoom up to 4940 level by non-stop.

BSE SENSEX:
Higher opening expected. Profit Booking should start.

Short-Term Investors:
Short-Term trend is Bullish and target at around 16459 level on upper side.
Maintain a Stop Loss at 15379 level for your long positions too.

3 closes below 15379 level, it can tumble up to 14300 level by non-stop.

POSITIONAL BUY:
Buy PATNI COMPUTER SYSTEMS (NSE Cash)
Uptrend to continue.

Mild sell-off up to 322 level can be used to buy. If uptrend continues, then it may continue up to 351 level for time being.

If crosses & sustains at above 374 level then uptrend may continue.

Keep a Stop Loss at 298 level for your long positions too.

Buy TAJ GVK HOTELS (NSE Cash)
Uptrend to continue.

Mild sell-off up to 114 level can be used to buy. If uptrend continues, then it may continue up to 129 level for time being.

If crosses & sustains at above 137 level then uptrend may continue.

Keep a Stop Loss at 106 level for your long positions too.

FII DATA

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
FII	30-Jul-2009	4759.84	4393.03	+366.81

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
DII	30-Jul-2009	1962.92	2249.59	-286.67

SPOT LEVELS TODAY

	4571.45	( 1.28 %)	57.95
		1	2	3
Resistance		4611.03	4650.62	4718.88
Support		4503.18	4434.92	4395.33

	15387.96	( 1.41 %)	214.50
		1	2	3
Resistance		15510.09	15632.21	15854.52
Support		15165.66	14943.35	14821.23

Global Cues & Rupee
The Dow Jones Industrial Average closed at 9,154.46. Up by 83.74 points.
The Broader S&P 500 closed at 986.75. Up by 11.60 points.

The Nasdaq Composite Index closed at 1,984.30. Up by 16.54 points.

The partially convertible rupee INR=IN closed at 48.35/36 per dollar on yesterday, stronger than its previous close of 48.42/43.

Interesting findings on web:
U.S. stocks rose and the Standard & Poor's 500 Index approached a nine-month high.

Motorola and Dow joined the hit parade of better-than-expected earnings reports Thursday, fueling a broad stock market surge that pushed most major indexes to their highest closes of the year.

The S&P 500 added 1.2 percent to 986.75 at 4:08 p.m. in New York, the highest close since Nov. 4. The index moved above 990 intraday for the first time since November.

The S&P hasn't crossed above 1000 on either an intraday or a closing basis since Nov. 5.

The Dow Jones Industrial Average rose 83.74 points, or 0.9 percent, to 9,154.46. Marking its highest close since Nov. 4.

The index is up 8.4% and in line for its best monthly percent increase since October 2002.

U.S. stocks trimmed some of their strong gains in the final minutes of trade on Thursday, with weakness in healthcare and technology stocks weighing on an otherwise broad advance.

The technology-focused Nasdaq Composite Index gained 16.54, or 0.84%, to 1984.30, marking its highest close since Oct. 1.

The surge left the benchmark index for U.S. equities trading at about 16.7 times its companies' profits over the past 12 months, the highest level since September, according to Bloomberg data.

All 10 industry groups in the S&P 500 advanced today.

Motorola rallied 9.4 percent, the most since November, as job cuts helped the biggest U.S. mobile-phone maker report a smaller loss than analysts projected.

MasterCard added 3 percent on earnings that topped the average forecast by 11 percent.

Visa Inc., which runs the No. 1 credit-card network, gained 0.6 percent to $67.21 after it also topped projections with more consumers paying bills with credit, charge and debit cards.

Better-than-estimated results from Dow Chemical Co. and higher metals prices helped propel a measure of raw-material companies up 3 percent, the steepest gain among the 10 main industry groups in the S&P 500.

Dow, the largest U.S. chemical maker, jumped 6.2 percent to $21.53, while Alcoa Inc. gained 4.1 percent to $11.46 as copper, aluminum, nickel and zinc prices advanced. Barrick Gold Corp. increased 3 percent after the company beat analysts' earnings forecasts.

General Electric Co. advanced 6.9 percent for its steepest gain since April on speculation new banking rules will let the company keep its finance unit.

Akamai Technologies Inc.fell the most in the S&P 500, plunging 19 percent to $16.51. The provider of software that makes Web sites load faster reported profit and sales trailed expectations.

The Labor Department's weekly jobless data bolstered expectations firings are slowing as the economy stabilizes. Applications for jobless benefits rose by 25,000 to 584,000 in the week ended July 25, compared with more than 600,000 claims every week last month. The total number of people collecting unemployment benefits decreased for a third week.

About three out of every four companies in the S&P 500 that released results since June 17 have exceeded analysts' second- quarter profit estimates, according to data compiled by Bloomberg. The data shows they've beaten forecasts by an average 9 percent, even as earnings tumbled 31 percent.

Treasuries

Treasuries rose after the highest seven-year note yields in more than a month bolstered demand at the government's auction of a record $28 billion of the securities. The debt drew a yield of 3.369 percent, below the median forecast of 3.394 percent in survey of eight of the Federal Reserve's primary dealers.

The sale follows record auctions of two- and five-year notes the past two days that attracted lower-than-forecast interest from investors.

What to expect:

Heavily watched report on second-quarter gross domestic product due out first thing Friday morning.

U.S. gross domestic product contracted at a 1.5 percent annual rate in the second quarter, following a 5.5 percent drop in the first three months of 2009, according to the median forecast of 77 economists surveyed by Bloomberg News. The Commerce Department report is due at 8:30 a.m. in Washington.

The government's advance report on second-quarter GDP will offer a sense of how the economy entered the third quarter and will give the U.S. governemnt securities market its early focus on Friday.

A Reuters poll of economists resulted in a median forecast of a 1.5 percent contraction in the U.S. economy in the second quarter, on a seasonally adjusted annualized basis.

That would represent less damage than the 5.5 percent contraction recorded for the first quarter and would reflect the widely held view that the economy is weak, but that its decline has slowed enough to justify talk of stabilization.

The GDP report will be released to a U.S. Treasuries market that has just come off a week of auctions. But despite $115 billion in new coupon supply, including a $6 billion sale of Treasury Inflation-Protected Securities, benchmark Treasury yields mid-afternoon Thursday, after the last of the week's auctions, were slightly easier than they were Friday,Analysts said a Q2 GDP report showing that GDP contracted 1.5 percent, as forecast, could elicit little reaction from the Treasury market.

A weaker-than-expected Q2 GDP reading could inspire some buying of Treasuries, while a less weak-than expected number could spur some selling.

Few economists are making a case for a positive Q2 GDP reading. Of the 72 economists polled last week by Reuters, only three had a plus sign in front of their forecasts.

GDP is reported at 8:30 a.m. Friday, as is the employment cost index. The Chicago Purchasing managers index is released at 9:45 a.m. Key earnings Friday morning include Chevron, Allergan, American Electric Power, ITT, Weyerhaeuser, Parker Drilling, AutoNation, Constellation Energy, and Calpine.

Late Thursday, President Obama said he expects Friday's report to show a contraction, but he added that the nation has "stepped away from the precipice."

Obama told reporters he had not seen the GDP report but expects it to reflect that the economic struggle continues. But he said there are reasons to remain upbeat.

Oil, Gold & Currencies:

Crude oil rose more than $US3 a barrel as stocks advanced on increased optimism that the economic decline will ease.

Crude oil for September delivery rose $US3.09, or 4.9%, to $US66.44 a barrel in New York. The contract is heading for the biggest gain since April 22.

Gold futures rose nearly 1%, gaining for the first session in three, as rebounding crude-oil futures heightened the metal's appeal as a hedge against potential inflation.

The dollar weakened against most of its major rivals, also pushing up dollar-denominated gold prices.

Gold for August delivery rose 0.8%, or $US7.70, to end at $US934.90 an ounce in New York. Gold had fallen 2.7% over the previous two sessions.

The dollar and yen fell against most of their major counterparts after a US government report showed a third weekly reduction in the number of people collecting jobless benefits, boosting demand for higher yields.

Sterling rose versus the dollar as UK house prices advanced for a third month and global stocks rallied.

The yen declined 0.9% to ¥134.71 per euro while the dollar slid 0.2% to $US1.4075 versus the euro. The US currency gained 0.8% to ¥95.71 and the pound strengthened 0.7% to $US1.65.

Dollar Trades Near One Week Low as U.S. GDP Slide Is Slowing.

Asia:

On the economic front, Japan's statistics bureau said the unemployment rate surged to 5.4% in June compared to 5.2% in May.

Tokyo's Nikkei 225 advanced 1.31% to 10,298.41 after Sony Corp posted a lower than expected first-quarter loss while Seoul's Kospi Index was up 0.22%.

The Japanese benchmark index Nikkei rose sharply on Friday and hit its highest intra-day levels since early October 2008 as stocks surged higher on better-than-expected earnings, a weaker yen and a bright close on Wall Street overnight.

Japan's Nikkei average rose 1.4 percent and hit a 10-month high on Friday, with sentiment increasingly positive after a slew of solid earnings that saw Sony Corp (6758.T) post a smaller than expected loss. Property shares climbed after Mitsui Fudosan Co (8801.T) reported a 32 percent rise in quarterly profit, with fellow developer Mitsubishi Estate (8802.T) surging 5 percent ahead of its earnings announcement later on Friday.

Japanese core consumer prices fell a record 1.7 percent in the year to June, with weak consumer demand for goods playing an increasing part in pushing the country deeper into its second spell of deflation this decade.

It was the fourth straight month of decline, matching a median market forecast and accelerating from a 1.1 percent drop in May in another sign the world's second-largest economy is stuck in the doldrums with rising job losses and falling wages hurting household spending.

The unemployment rate hit a six-year high and job availability sank to a record low, suggesting consumers are unlikely to loosen their purse strings any time soon.

So-called core-core inflation, which strips out both energy and food prices and is similar to underlying inflation gauges used in Europe and North America, fell 0.7 percent from a year earlier after a 0.5 percent drop in May.

HSI 20600.99 +366.91 +1.81% (08.30 AM IST)

Hong Kong shares extended their rise early Friday after U.S. stocks endged higher and the Shanghai market advanced further, with banking giant HSBC Holdings Plc and property issues pacing gains. The Hang Seng Index rose 1.7% to 20,573.18, and the Hang Seng China Enterprises Index rose 1.6% to 12,183.32. HSBC /quotes/comstock/22h!e:5 (HK:5 76.25, +2.55, +3.46%) /quotes/comstock/13*!hbc/quotes/nls/hbc (HBC 49.35, +2.30, +4.89%) jumped 3.1%, with Henderson Land Development Co. /quotes/comstock/22h!e:12 (HK:12 50.40, +2.00, +4.13%) /quotes/comstock/11i!hldcy (HLDC.Y 6.25, +0.14, +2.29%) rising 3.1% and Sun Hung Kai Properties /quotes/comstock/22h!e:16 (HK:16 118.20, +4.40, +3.87%) /quotes/comstock/11i!suhjy (SUHJ.Y 14.71, +0.51, +3.59%) up 4.2%. On mainland China, the Shanghai Composite rose 1.1% to 3,357.12.

Hong Kong stocks rose on Friday morning, with the benchmark Hang Seng Index opening 312 points higher at 20,546.

The Hang Seng China Enterprise Index, which tracks the overall performance of 43 mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, opened 203 points higher at 12,194.

Sinopec<600028><0386><SNP>, the largest refiner in Asia by capacity, increased 2.23% from the previous closing to HK$6.89.

PetroChina<601857><0857><PTR>, the country's largest oil producer, rose 1.77% and opened at HK$9.22.

WALL STREET BANKS' BONUS BONANZA

NEARLY 5,000 bankers at the top nine US lenders were paid bonuses of more than $1m in 2008, despite their employers receiving $175bn (£106bn) in taxpayer-backed bailout funds, it was revealed yesterday.

New York attorney general Andrew Cuomo found that staff at the banks, all of which received funds via the Troubled Asset Relief Programme (Tarp), were awarded a total of $32.6bn in 2008.

In a report entitled "The 'heads I win, tails you lose' bank bonus culture", Cuomo said there was "no clear rhyme or reason to the way banks compensate and reward employees".

Wall Street giants Citigroup and Merrill Lynch paid out nearly $9bn in bonuses between them, despite suffering combined losses of $54bn and taking state aid totalling $55bn.

At JPMorgan Chase, which took $25bn in Tarp funding, an astonishing 1,626 of the company's 225,000-strong workforce received bonuses of more than $1m.

The top four recipients alone were awarded $74.8m, with the total bonus pool reaching $8.69bn, $5.9bn of which was paid in cash. Ten bankers received bonuses of $10m or more, 29 made $8m, 84 received $5m, 130 made $4m and over 200 received bonuses of $3m or more.

Goldman Sachs, which took $10bn from Tarp, paid six employees more than $10m, 21 took home more than $8m, 78 made $5m or more and 95 grabbed a bonus of more than $4m.

Merrill Lynch, which was bought in a $50bn deal by Bank of America at the end of last year, was one of the most extravagant with its top earners, doling out $121m to its four highest-paid employees. Fourteen bankers earned a bonus of more than $10m, while 20 received $8m or more and 53 were handed at least $5m.

Merrill's new parent company Bank of America was less generous, awarding its four top executives $64.01m. Four individuals received bonuses of $10m or more, 8 of $8m, 10 of $5m or more, 28 of $3m or more, and 65 of $2m or more.

Citigroup however, which received the largest Tarp injection of $45bn, paid bonuses of more than $1m to 124 employees, with three individuals handed more than $10m, 13 given more than $8m and a further 44 awarded more than $5m.

Morgan Stanley handed out the largest pay packets as a percentage of revenue, allocating 72 per cent of its second-quarter revenue in 2009 to compensation.

The bank put aside $3.9bn for compensation for the quarter, during which it booked net revenues of $5.4bn.

In a document accompanying the data, Cuomo said: "Even a cursory examination of the data suggests that in these challenging economic times, compensation for bank employees has become unmoored from the banks' financial performance".

Cuomo singled out comments from one senior executive, who suggested that "employees should share in the upside when overall performance is strong and they should all share in the downside when overall performance is weak."

History Shows Hot July Could Mean Gains in August

A hot July for stocks has set the stage for a rally that should run right into August.

"The market is overbought, but it's a good overbought," said Andrew Burkly, technical analyst at Brown Brothers Harriman.

The Dow is up 8.4 percent for the month, and is on track, at this level, to close out its best monthly performance since October, 2002 and the best July since 1989. The S&P 500 is up 7.3 percent, its best July since 1997.

The five-month rally that started in March is setting records of its own. The S&P is up 34 percent, its biggest five-month streak since 1938. The Nasdaq, up 8.1 percent in July, has gained 44 percent for its best five months since the tech rally of 2000.

Most of the time, July is good for stocks. Since 1896, the Dow has been up 61 percent of the time with an average gain of 4.5 percent.

And when July is a positive month for stocks, most of the time August is also higher. For the Dow, August was higher 64 percent of the time following a positive July, but the gains were more tempered, averaging just 1.6 percent.

This July, the market's gains have been driven by corporate earnings news and hope the economy is on the road to recovery. For the quarter so far, 75 percent of the S&P 500 companies have topped Wall Street expectations.

The big headline for markets Friday is second quarter GDP, expected to be slightly negative at -1.5 after last quarter's 5.5 percent decline. GDP could drive Friday's action, and according to Deutsche Bank chief U.S. economist Joseph LaVorgna, it will set the tone for the second half of this year and 2010. Many economists expect GDP to turn positive in the third quarter, but they expect a muted recovery, as the consumer continues to hold back on spending.

Increasingly, economists are pointing to a pickup in industrial production, inventory rebuilding and a slight improvement in housing to help the economy in the second half. In fact, auto sales could be one (perhaps temporary) bright spot. Ford Motor Thursday said it has seen a sharp increase in sales from the "cash for clunkers" program, and that it was having a strong month even before the program started.

But the program was so successful, sources told CNBC's John Harwood Thursday evening that the nearly $1 billion program ran out of money and would have to be suspended. It's unclear if it will be reinstated.

Reflation Trade

Stock investors are pouring money into sectors that are part of the "recovery" trade. For instance, materials stocks were up 3 percent Thursday, and are up 12.3 percent for the month. Industrials were 2.3 percent higher, and were up 8.8 percent for the month.

LaVorgna, in a note, said this GDP report has important implications for the mix of growth for the rest of the year. It is important because it will contain comprehensive revisions. "If it turns out the economy was even weaker in the past than what was first reported, the possibility of a larger second half recovery increases and therefore we could lift our forecast a bit.," he said.

LaVorgna also said he now believes his 2010 forecast is too low at growth of 2 percent and he is upping it to possibly positive 3 to 3.5 percent.

INVESTMENT VIEW
Jaiprakash Associates-Q1 2009 Mysterious Numbers

While Revenues are up nearly Rs 1000 crore on a QoQ basis, PBT has gone up by a mere Rs 70 crore.

Interest costs have trebled to Rs 228 crore.

Profit after Interest Income but before Tax includes a profit of Rs 374 crore made on sale of 2.75 crore shares held by beneficiary trusts of JP.

Since when does the profit of beneficiary trusts becomes an income for JPA and not of the Trusts in question?

Tax at Rs 60 crore is a mere 10 per cent effectively, much lower than the 15 per cent MAT for FY10 and substantially lower than the 35.9 per cent full taxation rate for corporates for FY10.

The latest Budget has already clarified that Sec 80IA benefits are not available to Builders and Construction firms from FY2000. Is the company still claiming these benefits and hence lowering tax rates or the depreciation claim on the Cement capacities added are so large as to reduce Tax to pitiful.

The Q1 results do not reflect a correct and maintainable EPS of Rs 3.50 for the quarter. Even on annualised earnings of Rs 14, the JP Associates stock fetches a PE of 18.

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Followers

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
FII	31-Jul-2009	2875.31	2293.19	582.12

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
DII	31-Jul-2009	1642.11	1326	316.11