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Thursday, November 26, 2009

Market Outlook 26th Nov 2009

INTRADAY calls for 26th Nov 2009
+ve Sector, script : Bank, ACC, Pantaloon, BajajHind, BPCL,Colpal,
GESHIP, GSPL
Buy Bajaj-Auto-1542 @ 1530-1525 for 1549-1565+ with sl 1510
Buy AxisBank-1016 @ 1006-1001 for 1627-1639+ with sl 995
Buy HDFCBank-1802 for 1827-1843+ with sl 1785

Buy BOB-556 @ 550-548 for 563-569+ with sl 541
Buy GAIL-418 @ 415-410 for 427-435+ with sl 404

NIFTY FUTURE LEVELS
RESISTANCE
5120
5130
5144
5152
5166
SUPPORT
5098
5086
5062
5047
5040
5025

__________________________________________________________________
Strong Futures
This is list of 10 Strong Futures: Hind Hind Zinc, Dena Bank, Jindal Saw Steel, Sesa Goa, Orchid Chem, Jindal Steel, Sintex, Gail, McDowell-N & BPCL
Weak Futures
This is the list of 10 Weak Futures: RCom, Unitech, Bharti Airtel, Purva, Idea, HDIL, TTML, EKC, Rel Infra & DLF
_________________________________________________________________

Daily trend of the market is Up.
Even though the market is moving in a sideways zone it is still in uptrend, so the readers who bought Nifty on 26th November may go on holding the longs till market is in uptrend
___________________________________________________________
Percentage above support
Percentage of stocks above support is still above 50%, so readers who had created long positions in deliveries on 12th November may go on holding them till the percentage remains above 50%
__________________________________________________________________

NIFTY FUTURES (F & O):
Above 5120 level, rally may continue up to 5128-5130 zone and thereafter expect a jump up to 5142-5144 zone by non-stop.

Support at 5086 & 5098 levels. Below these levels, expect profit booking up to 5062-5064 zone and thereafter slide may continue up to 5047-5049 zone by non-stop.

Below 5040-5042 zone, expect panic up to 5025-5027 zone by non-stop.

On Positive Side, cross above 5150-5152 zone can take it up to 5164-5166 zone by non-stop. Supply expected at around this zone and have caution.

Short-Term Investors:
Bearish Trend. Problem is that, we are trading above Stop Loss level of 5082.00. Risk is that, if closes above 5082.00 level for consecutive 3 days then traders can expect short covering up to 5201.90 level by non-stop.
If bears can able to control below 5082.00 level, then traders can expect a target of 4842.20 level.

Today's Expectation:
SGX NIFTY (DEC) quoting at 5120.00.(08.25 AM IST)

This trend is on expected lines. If this downtrend continues, then it can continue up to 1 (or) 2 days.

If Short Covering starts, then it may continue up to 1 Day, 1 Week, 1 Month, 3 Months (or) even 1 Year.

BSE SENSEX:
Uptrend may continue, as per technicals.

Short-Term Investors:
Bullish Trend. Target at 17499.70.
Stop Loss is too far on down side, can be placed at around 16666.70.

POSITIONAL BUY:
Buy AMARJYOTHI SPG (BSE Cash & BSE Code:521097)
Buy with a Stop Loss of 39.75. Above 47.50, it will zoom.

Today: Bullish, as per current market conditions.

1 Week: Bearish, surprisingly going up.

1 Month: Bearish, surprisingly going up.

3 Months: Bearish, surprisingly going up.

1 Year: Bullish, as per current market conditions.

Buy MEDICAMEN BIOTEC (BSE Cash & BSE Code:531146)
Buy with a Stop Loss of 17.05. Above 24.90, it will zoom.

Today: Expect Profit Booking. Yesterday's rally was a surprise.

1 Week: Bearish, surprisingly going up.

1 Month: Bearish, surprisingly going up.

3 Months: Bullish, as per current market conditions.

1 Year: Bullish, as per current market conditions.

Buy RELIANCE INDS (BSE Cash & BSE Code: 500325)
Bullish, as per technicals. Buy with a SL of 2051.00. Above 2205.00, it will zoom.

1 Week: Bullish, as per current market conditions.

1 Month: Bearish, surprisingly going up.

3 Months: Bearish, as per current market conditions.

1 Year: Bullish, as per current market conditions.

Buy JSW STEEL (BSE Cash & BSE Code: 500228)
Bullish, as per technicals. Buy with a SL of 980.85. Above 1051.70, it will zoom.

1 Week: Bullish, as per current market conditions.

1 Month: Bearish, surprisingly going up.

3 Months: Bullish, as per current market conditions.

1 Year: Bullish, as per current market conditions.

Buy INDO TECH TRANSFORMERS (NSE Cash)
Risk is that, it should not trade & sustain below 333.60 level.

EVEREADY INDS (NSE Cash)
Risk is that, it should not trade & sustain below 68.30 level.

SPOT INDEX LEVELS TODAY

	5108.15	( 0.35 %)	17.60
		1	2	3
Resistance		5137.98	5167.82	5197.63
Support		5078.33	5048.52	5018.68

	17198.95	( 0.40 %)	67.87
		1	2	3
Resistance		17284.90	17370.86	17451.23
Support		17118.57	17038.20	16952.24

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	25-Nov-2009	2041.1	2372.75	-331.65

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
DII	25-Nov-2009	1296.35	1154.66	141.69

Interesting findings on web:
Source: Bloomberg.
India's benchmark stock index rose. ACC Ltd. led cement producers higher on the expectation higher prices of the commodity may help narrow the industry's underperformance compared to the broader market.

ACC, India's biggest cement maker, rose 1.3 percent. Ambuja Cements Ltd., a unit of the world's second-largest cement maker Holcim Ltd., added 1.9 percent.

"Cement stocks have underperformed the broader market over the past three months," said Ajit Motwani, an analyst at Emkay Global Financial Services Ltd. "Expectations from the industry are very low so if we see cement prices rise a little we could see stock prices firming up."

The Bombay Stock Exchange's Sensitive index, or Sensex, added 67.87, or 0.4 percent, to 17,198.95. The S&P CNX Nifty Index on the National Stock Exchange rose 0.4 percent to 5,108.15. The BSE 200 Index climbed 0.4 percent to 2,133.01.

ACC gained 1.3 percent to 794.05 rupees. The stock climbed 0.6 percent over the past three months, compared with a 9.6 percent advance in the Sensex. Ambuja Cement rose 1.9 percent to 91.95 rupees, trimming its drop in the period to 6 percent.

Satyam Computer Services Ltd. fell 11 percent to 90.75 rupees, the most since January, after the nation's Central Bureau of Investigation said the accounting fraud was 40 percent larger than what the Indian software company's former chairman previously said.

Larger Fraud

Investigators found 28.09 billion rupees ($606 million) of additional fraud at Satyam, V.V. Lakshmi Narayana, a deputy inspector general at the agency, said in a telephone interview from Hyderabad today. That's on top of the 71.36 billion rupees former Chairman B. Ramalinga Raju said he misrepresented by inflating company assets and understating debt.

Bharti Airtel Ltd., the nation's biggest mobile phone operator, fell 0.3 percent to 281.75 rupees after its stock rating was cut to "underweight" from "neutral" at HSBC Holdings Plc.

Astec Lifesciences Ltd. rose 2.4 percent to 84 rupees in its debut today. The company sold shares in its initial public offering at 82 rupees each.

Source: Reuters.

* Main index at highest close in 5 weeks; volume light * Reliance Industries, ITC lead gainers * Infosys rallies after CFO comments at Reuters Summit

Indian shares climbed 0.4 percent to their highest close in more than five weeks on Wednesday, propelled by energy major Reliance Industries (RELI.BO: Quote, Profile, Research) and IT bellwether Infosys (INFY.BO: Quote, Profile, Research). Firmer global markets after U.S. Federal Reserve officials raised their growth estimate for 2010 helped underpin sentiment. However, trading volume was relatively light with fewer participation from foreign funds and the expiry of monthly derivatives contracts on Thursday, traders said. Infosys, India's No. 2 outsourcer, climbed to all-time high of 2,457.90 rupees, after its chief financial officer told the Reuters India Summit the company was focused on small acquisitions to boost growth.The stock closed up 0.3 percent at 2,433.60 rupees. The 30-share BSE index .BSESN rose 67.87 points to 17,198.95, its highest close since Oct. 20.

Seventeen of itscomponents gained. "I think market is in a consolidation range as we move towards expiry," said Jigar Shah, vice-president of equity sales at Motilal Oswal. Foreign funds, who have bought shares worth more than $15 billion this year, have been taking profits over the past three sessions. Reliance, which has made an offer for bankrupt chemical company LyondellBasell [ACCEIN.UL], firmed 0.8 percent to 2,193.75 rupees. Asia's top oil refiner China Petroleum and Chemical Corp and U.S. private equity firm TPG [TPG.UL] are not considering a bid to buy Lyondell, a source close to the situation said.

"It is good if there are no competitors for Reliance's bid for LyondellBasell," said Prayesh Jain, research analyst with India Infoline. The stock, which has the heaviest weight in the BSE index, also got a boost as it reopened 900 gas stations and neared the record date on Friday for its 1:1 bonus issue.

In the broader market, losers outnumbered gainers in the ratio of 1.1:1. Volume was low with 372 million shares changing hands on the Bombay Stock Exchange. Cigarette and hotel group ITC (ITC.BO: Quote, Profile, Research) climbed 1.9 percent to 268.75 rupees on better outlook, dealers said. Telecom stocks continued their fall with sector leader Bharti Airtel (BRTI.BO: Quote, Profile, Research) dropping 0.3 percent and rival Reliance Communications (RLCM.BO: Quote, Profile, Research) shedding 1.4 percent. "Despite a meaningful de-rating of telecom stocks, we have a cautious sector view as we expect tariff pressures to continue and the competitive intensity to increase as more new players with deep pockets enter," HSBC securities said in a note. It said faster-than-estimated progress on mobile number portability clouded the outlook further. The 50-share NSE index .NSEI closed up 0.4 percent at 5,108.15.

STOCKS THAT MOVED

* State oil marketing companies Indian Oil Corp (IOC.BO: Quote, Profile, Research), Hindustan Petroleum (HPCL.BO: Quote, Profile, Research) and Bharat Petroleum (BPCL.BO: Quote, Profile, Research) rose 2.6-6.9 percent as oil prices hovered around $76 a barrel. These companies are forced to sell fuel products at mandated discounts.

* Mahindra Satyam (SATY.BO: Quote, Profile, Research) fell 10.9 percent to 90.55 rupees, after newspapers reported the fraud by former chairman of Satyam Computers was larger than initially estimated. Satyam Computers was acquired by Tech Mahindra (TEML.BO: Quote, Profile, Research) in April.

* State-run hydro power producer NHPC (NHPC.BO: Quote, Profile, Research) slipped 1.7 percent to 31 rupees, after a senior company official said it was likely to miss its 2007-2012 capacity addition target by 800 megawatts.

MAIN TOP 3 BY VOLUME * Mahindra Satyam on 33.6 million shares * Aztec Lifesciences (ASTE.BO: Quote, Profile, Research) on 12.2 million shares * Suzlon Energy (SUZL.BO: Quote, Profile, Research) on 8.9 million shares.

Source: India Infoline.

With F&O expiry just a day away, traders stayed on the sidelines as the key indices moved in a narrow range for the entire day.

The Nifty hit a one-month high of 5,137 in the early afternoon trades but profit booking brought the index lower from day's high towards the close of the day.

The BSE Sensex ended a listless trading day at 17,199, up 68 points or 0.4% from the previous close. The NSE Nifty gained 18 points or 0.4% to close at 5111.55.

Among the index heavyweights, Reliance Industries rose 1% to close at Rs2,196 after the company re-opened retail fuel outlets. Maruti advanced further by 2% to Rs1,629 on expectations of pick up in sales this month. Hero Honda, ITC, Hindustan Unilever and HDFC Bank were among the top gainers.

Cairn, R Com, Reliance Infra and Suzlon were among the top losers within the index.

Outside the main indices, the big gainers in the broader market were Mastek, NESCO, KPIT Cummins and Orchid Chemicals. On the other hand, losers included Maytas Infra, Motherson Sumi, Indiabulls Real Estate and Tech Mahindra.

Among the sectoral indices, FMCG, Oil and Gas, PSU and Bankex gained by 1% each. Realty and pharma indices were among the major losers.

The BSE Mid-Cap index ended lower by 0.10% while the BSE Small-Cap index was down by 0.12 %.

Shares of oil marketing companies surged smartly after US light crude oil for January delivery fell $1.11 to settle at $76.45 a barrel on the New York Mercantile Exchange. BPCL rose 6% to Rs575, IOC gained 3% to Rs297 and HPCL was up by 3% to Rs359.

Shares of Uttar Pradesh-based sugar companies rose on Wednesday after the state's sugar mill association signed an agreement with the sugarcane farmers on the price for the ongoing season (October-September 2009-10).

Sugar producers with mills in Uttar Pradesh, India's biggest cane-growing state, will pay growers Rs190 rupees per quintal (100 kilograms), ending a dispute that caused a month-long delay to the start of the season. The price fixed is broadly in line with expectations.

Balrampur Chini was up 1% at Rs135, Bajaj Hindusthan gained 5% to Rs223, Triveni Engineering was up 2% at Rs106 and Dhampur Sugar advanced 4% to Rs134.

Source: Kotak Securities.

Among the Sensex pack 17 stocks ended in green territory and 13 in red. The market breadth indicating the overall health of the market remained negative as 1486 stocks closed in red while 1290 stocks closed in green and 73 stocks remained unchanged in BSE.

The BSE Sensex closed higher by 67.87 points or (0.40%) at 17,198.95 and NSE Nifty ended marginally up by 17.60 points or (0.35%) at 5,108.15. BSE Mid Caps and Small Caps closed with losses of 7.48 and 12.44 points at 6,493.16 and 7,605.26 respectively. The BSE Sensex touched intraday high of 17,290.48 and intraday low of 17,124.15.

Gainers from the BSE Sensex pack are Herohonda Motors (2.24%), ITC (1.93%), HUL (1.75%), HDFC Bank (1.46%), Maruti Suzuki (1.34%), ACC (1.29%), BHEL (0.96%), Tata Steel (0.86%), Ieliance Industries (0.81%) and SBI (0.79%).

Losers from the BSE Sensex pack are DLF Ltd (2.91%), RCom (1.44%), JP Associates (1.16%), Tata Motors (0.90%), Reliance Infra (0.78%), M&M Ltd (0.73%) and ICICI Bank (0.68%).

The BSE FMCG index was at 2,928.47 up by 41.60 points or by (1.44%) The main gainers were Itc up by (1.93%) at Rs.268.75, Nestle India up by (1.88%) at Rs.2588.05, Hindustan Unilever up by (1.75%) at Rs.284.35, Colgate Palmolive up by (1.43%) at Rs.682.45, Godrej Cons up by (1.29%) at Rs.286.4.

The BSE OIL&GAS index was at 10,470.43 up by 112.65 points or by (1.09%) The main gainers were Bharat Petro Cor up by (6.88%) at Rs.576.25, Gail India up by (4.27%) at Rs.419.25, Hindustan Petro up by (3.13%) at Rs.358.8, Indian Oil Corp up by (2.59%) at Rs.297, Reliance Inds up by (0.81%) at Rs.2193.75.

The BSE PSU index was at 9,238.79 up by 64.01 points or by (0.7%) The main gainers were Bharat Petro Cor up by (6.88%) at Rs.576.25, Mmtc up by (4.39%) at Rs.35435.35, Gail India up by (4.27%) at Rs.419.25, Hindustan Petro up by (3.13%) at Rs.358.8, Iob up by (2.93%) at Rs.121.2.

The BSE BANKEX index was at 10,334.82 up by 52.71 points or by (0.51%) The main gainers were Iob up by (2.93%) at Rs.121.2, Punjab Nat Bank up by (1.98%) at Rs.933.4, Bob up by (1.82%) at Rs.556.8, Axis Bank up by (1.7%) at Rs.1016.8, Indusind Bank up by (1.55%) at Rs.124.5.

The BSE REALTY indexwas at 3,712.52 down by 112.24 points or by (2.93%) The main losers were Indiabulls Real down by (5%) at Rs.210.75, Hdil down by (4.55%) at Rs.320.15, Phoenix Mills down by (3.16%) at Rs.186.7, Dlf down by (2.91%) at Rs.362.15, Ansal Prop down by (2.73%) at Rs.65.9.

BSE HC index was at 4,738.89 down by 23.26 points or by (0.49%) The main losers were Glaxosmithkl Phar down by (2.38%) at Rs.1619.1, Piramal Health down by (2.02%) at Rs.401.8, Dishman Pharma down by (1.71%) at Rs.221.85, Aurobindo Phar down by (1.71%) at Rs.846.9, Sterling Bio down by (1.56%) at Rs.97.9.

Suzlon Energy Limited lost 1.82%. The company announced the entering of an agreement between Infigen Energy, a leading specialist renewable energy business, and the company''s Australian operations arm Suzlon Energy Australia Pty Ltd. The agreement calls for the delivery of 20 units of Suzlon''s S88 - 2.1 MW wind turbine generators (WTGs) that will be installed at one of the wind farms in Infigen''s pipeline of future projects in New South Wales.

Welspun Gujarat SR advanced by 2.93%. The company launched and successfully completed the capital raising exercise of US$ 250 million. This capital raising exercise has been achieved over the last two months by way of $150 million of Foreign Currency Convertible Bonds (FCCB).

Gail India Ltd climbed by 4.27% on report the Company would provide Rs. 500 crore to GAIL Gas for funding its four ongoing city gas projects in the country.

Bharti Airtel slipped by 0.32%. The company is now looking at making an entry in the hospitality business and would take the acquisition route to enter the hospitality business.

Rupee:

The partially convertible rupee ended at 46.21/22 per dollar on yesterday, stronger than Tuesday's close of 46.37/38.

Asia:

Nikkei 225 9,445.36 +3.72 ( +0.04%). (08.10 AM IST)

HSI 22451.95 -159.85 -0.71%. (08.10 AM IST)

SSE Composite 3290.17 3277.38 3305.33 3277.33 -0.39. (08.12 AM IST)

Source: Bloomberg.

By Shani Raja

Nov. 26 (Bloomberg) -- Most Asian stocks rose, led by commodity producers after oil and metal prices climbed. Japanese automakers and electronic companies declined as the U.S. dollar traded close to a 14-year low against the yen.

BHP Billiton Ltd., the world's largest mining company, added 1 percent in Sydney as copper rose to a 14-month high in New York yesterday. Woodside Petroleum Ltd. advanced 1.2 percent after crude oil touched $78 a barrel. Honda Motor Co., a carmaker that gets 47 percent of its sales in North America, lost 1.8 percent. Sony Corp., the maker of the PlayStation 3 game machine, fell 1.2 percent.

"The improved economic climate is bolstering demand for commodities," said Mitsushige Akino, who oversees the equivalent of $450 million in Tokyo at Ichiyoshi Investment Management Co. "The strong yen will curb a further rebound in corporate earnings and weigh on investor sentiment."

Seven stocks advanced for every six that declined on the MSCI Asia Pacific Index, which added 0.2 percent to 118.51 as of 10:14 a.m. in Tokyo. The gauge has climbed 68 percent from a more than five-year low on March 9 amid signs government stimulus measures were reviving economies around the world.

Japan's Nikkei 225 Stock Average dropped 0.3 percent, while South Korea's Kospi Index gained 0.4 percent. Australia's S&P/ASX 200 Index was little changed.

The U.S. Standard & Poor's 500 added 0.5 percent yesterday. Government reports showed sales of new homes rose last month to the highest level in 13 months, while the number of Americans filing claims for jobless benefits fell last week to the lowest since September 2008. Another report showed spending by U.S. consumers increased more in October than economists had projected.

Rising Valuations

The MSCI Asia Pacific Index has gained 32 percent this year, more than the S&P 500's 23 percent increase. Shares in the Asian gauge trade at 1.5 times book value, rising from 1.03 at the gauge's low this year on March 9, according to data compiled by Bloomberg.

BHP added 1 percent to A$41.58. Woodside rose 1.2 percent to A$49.98. Oil and metals prices advanced as the weaker dollar boosted the appeal of commodities as an alternative investment. Crude oil for January delivery rose 2.6 percent to $77.96 a barrel in New York yesterday, the highest settlement since Nov. 18. Crude rose as high as $78.09. Copper futures gained 1.7 percent.

Honda lost 1.8 percent to 2,745 yen. Mazda Motor Corp., which generated 25 percent of its revenue in the September quarter from North America, slumped 3.2 percent to 181 yen.

The dollar depreciated to as low as 87.21 against the yen, a level not seen since Jan. 21. On that day, it sank to 87.13, the lowest since July 1995. A weaker dollar reduces the value of overseas sales at Japanese companies when converted into their home currency.

Sony declined 1.2 percent to 2,385 yen, while Pioneer Corp., which makes car-navigation and audio equipment, sank 2.5 percent to 235 yen.

MARKET BUZZ:

(May not be useful for day-traders.)

Vadilal Industries-Value Buy

BSE 519156

Vadilal Industries is one the leading brands of Ice cream in India with predominant presence in Gujarat although, of late, company is trying to achieve pan-India presence thru multi-localtion production facilities. Now, company is producing processed foods including rotis, ready-to-eat vegetables, french fries, snacks, pulp etc and aggressively pushing sales of same thru organised retail chains. Present market cap of Vadilal ind is less than 60 crs which is extremely low considering strong brand name and improved financial performance:

H1 09-10 H1 08-09

Net Sales 118.00 87.00

PAT 9.82 3.83

Equity 7.17 7.17

EPS Rs 13.70

Company has improved its results in current year by a big margin. H1 EPS is 13.70. EPS for 09-10 can be Rs 19-20. Stock is trading at 4.00xFY10E EPS. Scrip is available at compelling valuations as FMCG companies get much much higher PE Ratios. Company has put in place big capacities and without additional capex, can achieve double turnover. Renowned investor Rakesh also holds significant stake in the company.

Investors can expect 30-40% appreciation in next few weeks. Scrip has potential to deliver more than 100% appreciation in less than 1 year.

(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

Wednesday, November 25, 2009

Market Outlook 15th Nov 2009

INTRADAY calls for 25th Nov 2009
Buy Maruthi-1599 for 1619-1634+ with sl 1588
Buy HeroHonda-1689 for 1719-1734+ with sl 1674
Buy PirHealth-411 above 416 for 433-445+ with sl 411

Buy Sintex-245 for 273+ with sl 237 [positional]
Buy GodrejInd-207 for 239+ with sl 202 [positional]
Buy NIITLtd-69 for 83+ with sl 64 [positional]

NIFTY FUTURE LEVELS
SUPPORT
5069
5060
5045
5038
5023
RESISTANCE
5097
5104
5128
5143
5150
5165
SESAGOA;JSWSTEEL;HindZinc,DenaBk,JindalSaw,JindalSteel

The Finance Ministry has set up a working group for suggesting changes in the existing policy on foreign capital inflows by FIIs, NRIs and venture capital funds. The 16-member group will be headed by UTI MF CMD U K Sinha, will also review the current arrangements relating to participatory notes- instruments through which unregistered foreign entities invest in Indian stock markets. (BS)

Federal Reserve officials said record-low interest rates might fuel "excessive" speculation in

Strong & Weak futures

This is list of 10 strong futures:

Hind Zinc, Dena Bank, Jindal Saw Steel, Jindal Steel, Sesa Goa, McDowell-N, Vijaya Bank, Cipla, M&M & PFC.

And this is list of 10 Weak futures:

EKC, Unitech, Bharti Airtel, Idea, TTML, Rel Infra, Punj Lloyd, GMR Infra, Purva & RNRL.

Nifty is in Up trend

NIFTY FUTURES (F & O):
Below 5069 level, selling may continue up to 5060-5062 zone and thereafter slide may continue up to 5045-5047 zone by non-stop.

Hurdles at 5097 & 5104 levels. Above these levels, expect short covering up to 5126-5128 zone and thereafter expect a jump up to 5141-5143 zone by non-stop.

Sell if touches 5148-5150 zone. Stop Loss at 5163-5165 zone.

On Negative Side, break below 5038-5040 zone can create panic up to 5023-5025 zone by non-stop. If breaks & sustains this zone then downtrend may continue and have caution.

Short-Term Investors:
Bearish Trend. Problem is that, we are trading above Stop Loss level of 5082.00. Risk is that, if closes above 5082.00 level for consecutive 3 days then traders can expect short covering up to 5201.90 level by non-stop.
If bears can able to control below 5082.00 level, then traders can expect a target of 4842.20 level.

Today's Expectation:
SGX NIFTY was trading at 5089.50. (08.14 AM IST).

This trend is surprising and positive too.

If this trend continues, then uptrend may continue for 1 (or) 2 Days, 1 Week, 1 Month, 3 Months (or) even 1 Year.

If Profit Booking starts, then it may continue 1 day.

BSE SENSEX:
Yesterday's fall was surprising, as per technicals. Should recover today.
Short-Term Investors:

Bullish Trend. Target at 17499.70.
Stop Loss is too far on down side, can be placed at around 16666.70.

POSITONAL BUY:
Buy MANGALAM TIMBER (BSE Cash & BSE Code: 516007)
Buy with a Stop Loss of 24.15. Above 29.05, it will zoom.

Today: Expect Profit Booking.

1 Week: Bearish, surprisingly going up.

1 Month: Bullish, as per current market conditions.

3 Months: Bearish, as per current market conditions.

1 Year: Bullish, as per current market conditions.

Buy MINDTECK (I) (BSE Cash & BSE Code: 517344)
Buy with a Stop Loss of 22.25. Above 26.75, it will zoom.

Today: Expect Profit Booking.

1 Week: Bullish, surprisingly going down.

1 Month: Bearish, as per current market conditions.

3 Months: Bullish, surprisingly going down.

1 Year: Bullish, as per current market conditions.

Buy JSW STEEL (BSE Cash & BSE Code: 500228)
Bullish, as per technicals. Buy with a SL of 980.85. Above 1051.70, it will zoom.

1 Week: Bullish, as per current market conditions.

1 Month: Bearish, surprisingly going up.

3 Months: Bullish, as per current market conditions.

1 Year: Bullish, as per current market conditions.

Buy SESA GOA (BSE Cash & BSE Code: 500295)
Bullish, as per technicals. Buy with a SL of 368.00. Above 383.90, it will zoom.

1 Week: Bullish, as per current market conditions.

1 Month: Bullish, as per current market conditions.

3 Months: Bullish, as per current market conditions.

1 Year: Bullish, as per current market conditions.

FUND DATA

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
FII	24-Nov-2009	2351.23	2181.54	169.69

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
DII	24-Nov-2009	1210.84	1357.67	-146.83

SPOT INDEX LEVELS

	5090.55	( -0.25 %)	-13.00
		1	2	3
Resistance		5117.77	5144.98	5177.12
Support		5058.42	5026.28	4999.07

	17131.08	( -0.29 %)	-49.10
		1	2	3
Resistance		17232.12	17333.16	17435.46
Support		17028.78	16926.48	16825.44

Interesting findings on web:
U.S. stocks fell, pulling the Dow Jones Industrial Average down from a 13-month high, as smaller- than-forecast growth in personal spending spurred concern that consumers are struggling to recover from the recession.

Stocks ended a volatile session with modest losses Tuesday, as the Fed's improved outlook and some signs of improvement in housing tempered a weaker revision on economic growth released in the morning.

The Dow Jones industrial average .DJI dropped 17.24 points, or 0.16 percent, to end at 10,433.71. The Standard & Poor's 500 Index .SPX inched down just 0.59 of a point, or 0.05 percent, to 1,105.65. The Nasdaq Composite Index .IXIC fell 6.83 points, or 0.31 percent, to 2,169.18.

Stocks fell early in the session as revised government data on gross domestic product showed the U.S. economy grew at a slower-than-expected pace in the third quarter.

However, the downbeat mood was tempered after the Fed revised upward its growth expectation for 2010, while minutes of the FOMC's most recent meeting showed officials are increasingly confident about a durable recovery for the U.S. economy.

"You're getting the cross-current of weak revisions to third-quarter data matrixed against the Fed increasing the growth estimates for the economy for the next year," said Jim Awad, managing director at Zephyr Management in New York.

"But the action in the market is moderate going into the holiday weekend and I wouldn't read too much into it."

Financial shares led declines, with JPMorgan Chase & Co. and Bank of America Corp. dropping at least 1.2 percent, after the Federal Deposit Insurance Corp. said the number of "problem" lenders climbed to a 16-year high. Hewlett-Packard Co. slid 1.6 percent after reporting a drop in personal-computer sales. Stocks trimmed losses as Federal Reserve policy makers lowered their unemployment forecast.

"The stock market is skittish," said Michael Holland, who oversees more than $4 billion as chairman of Holland & Co. in New York. "We had mixed economic data points, personal spending is not feeling good and the FDIC making comments on problem banks. Those are all reminders that we're still in the process of healing. Investors are reacting accordingly."

Nonetheless, stocks aren't likely to advance in this thinly-traded pre-Thanksgiving week, said David Levy, portfolio manager at Kenjol Capital Management.

All financial markets are closed Thursday for Thanksgiving. Stocks trade in an abbreviated session Friday.

"Stocks have had a massive run off the March lows and some participants are going to want to lock in profits ahead of the holiday," he said. In addition, investors will be awaiting the results from Black Friday, the day after Thanksgiving and the start of the crucial holiday shopping period, he said.

Benchmark indexes opened lower after the government said personal consumption increased 2.9 percent last quarter, less than the median economist estimate. The economy grew at a 2.8 percent annual rate in the third quarter, slower than first estimated while matching economists' estimates.

The S&P 500 briefly erased its drop as Fed policy makers predicted unemployment, currently at a 26-year high of 10.2 percent, will range from 9.3 percent to 9.7 percent in next year's fourth quarter, down from a June projection of 9.5 percent to 9.8 percent. Minutes from the Fed's last meeting also showed central bankers believe record-low interest rates may cause "excessive risk-taking" in financial markets.

The S&P 500 has soared 63 percent from a 12-year low on March 9, leaving the index valued at more than 22 times its companies' reported operating earnings, near the highest level since 2002, according to weekly data compiled by Bloomberg.

S&P 500 financial shares fell 0.8 percent collectively after the FDIC said that U.S. "problem" lenders climbed to 552 banks at the end of the third quarter and the fund protecting customers against bank failures slipped into a deficit.

Losses in equities were limited today as the Conference Board's consumer confidence index unexpectedly rose to 49.5 in November, topping the median economist estimate. The S&P/Case- Shiller home-price index for 20 cities increased 0.27 percent in September from the prior month on a seasonally adjusted basis, after a 1.13 percent rise in August. The gauge fell 9.36 percent from September 2008, more than forecast, yet the smallest year- over-year decline since the end of 2007.

"We might be seeing some bottom fishing right now," said David Lutz, managing director of equity trading at Stifel Nicolaus & Co. in Baltimore. "Economic data points were mixed, but we had pretty strong consumer confidence and housing numbers."

U.S. home prices rose in September, according to the Standard & Poor's/Case-Shiller index, but the increase was less robust than forecast. Home prices for that month were unchanged, according to a separate report from the U.S. Federal Housing Finance Agency.

The biggest decliners on the Dow were JPMorgan [JPM 42.49 -0.79 (-1.83%) ], Hewlett-Packard [HPQ 50.22 -0.80 (-1.57%) ] and Boeing [BA 52.01 -0.62 (-1.18%) ].

JPMorgan Chase had the biggest drop in the Dow average, falling 1.9 percent to $42.48. Bank of America fell 1.2 percent to $16.10, while Morgan Stanley dropped 1.5 percent to $32.12. Fifth Third Bancorp lost 1.6 percent to $10.01.

Zephyr Management's Awad said there is concern about banks' capital after news that the Fed asked lenders that were part of its "stress tests" to submit plans to repay government money.

Zions Bancorporation had the biggest decline in the S&P 500, dropping 5.5 percent to $13.35. Citigroup Inc. said investors should sell Utah's largest lender after the stock surged 13 percent yesterday on the bank's plan to reduce the value of deferred tax assets and offer to exchange preferred shares for common.

Raw-materials producers in the S&P 500 fell 0.3 percent as a group after copper declined from a 14-month high as the dollar strengthened, eroding demand for commodities as an alternative investment. Crude oil lost $1.54, or 2 percent, to $76.02 a barrel.

Alcoa Inc., the biggest U.S. aluminum producer, declined 1.1 percent to $12.92.

Hewlett-Packard fell 1.6 percent to $50.19. The world's largest personal-computer maker said PC sales in the fourth quarter ended Oct. 31 were $9.86 billion, a 12 percent drop from a year earlier.

Telephone, health-care and utility stocks in the S&P 500 each gained at least 0.3 percent as a group.

Verizon Communications Inc. advanced 1.7 percent to $31.87, while AT&T Inc. added 1.2 percent to $27.10.

Medtronic Inc. surged 7.3 percent to $43.25 for the steepest gain in the S&P 500. The biggest maker of heart-rhythm devices said quarterly profit increased 59 percent, boosted by higher sales of a new heart stent and diabetes monitoring equipment. The company raised its fiscal 2010 earnings forecast. Boston Scientific Corp. added 4.9 percent to $8.56.

"People are playing defensively here," said Craig Peckham, equity trading strategist at New York-based Jefferies & Co. "Economic data is relatively mixed. Although Case-Shiller showed the economy is in the right direction, we're still not looking at a robust consumer."

Analog Devices Inc. rallied 6.4 percent to $29.74, for the second-biggest gain in the S&P 500. The maker of chips used in cars, consumer electronics and phone networks said that excluding some items, it expects to earn at least 36 cents a share in the fiscal first quarter. That topped the average estimate of 28 cents from analysts in a Bloomberg survey.

National Semiconductor Corp. rose 4.6 percent to $14.45. The maker of analog chips that control power in electronic devices was added to Citigroup Inc.'s Top Picks Live list.

Watson Pharmaceuticals Inc. added 4.2 percent to $37.05, its biggest gain since June. Buckingham Research Group upgraded the maker of generic and urology drugs to "accumulate" from "neutral." David G. Buck, the analyst, said the shares may rise in connection with the company's analyst meeting in January 2010.

Apartment Investment & Management Co. fell 3.6 percent to $13.11. Keefe, Bruyette & Woods rated the operator of apartment communities in 44 states "underperform" in new coverage.

General Electric shares [GE 16.15 0.13 (+0.81%) ] rose after a massive options trade, which bet the stock will jump nearly 44 percent in the next 13 months.

In other earnings news today: Medtronic [MDT 43.27 2.96 (+7.34%) ], Hormel [HRL 38.23 -0.66 (-1.7%) ] and Heinz [HNZ 43.25 0.08 (+0.19%) ] beat expectations. Barnes & Noble [BKS 22.26 -1.26 (-5.36%) ] and Borders [BGP 1.73 -0.28 (-13.93%) ] delivered weak reports and cautioned that the holiday season will be challenging. American Eagle Outfitters [AEO 15.03 0.49 (+3.37%) ] rose after the teen chain hit its earnings target and said it expected a continued improvement in 2010.

Qualcomm [QCOM 45.56 0.01 (+0.02%) ] finished flat as the European Commission closed a four-year antitrust case against the chipset maker without levying a fine.

Oil,Gold & Currencies:

U.S. light crude oil for January delivery fell $1.11 to settle at $76.45 a barrel on the New York Mercantile Exchange.

COMEX gold for December delivery rose $1.90 to settle at $1,166.60 an ounce, a new record settle. Gold touched a record trading high of $1,174 in the previous session.

The dollar slipped against the euro and the yen.

Bonds:

Treasury prices rose, lowering the yield on the 10-year note to 3.31% from 3.33% Monday. Treasury prices and yields move in opposite directions.

What to expect:

WEDNESDAY: Weekly mortgage apps; weekly jobless claims; durable goods; personal income; Reuters/U of Mich consumer sentiment; new-home sales; weekly crude inventories; 7-year note auction; Earnings from Deere, Tiffany

THURSDAY: Thanksgiving—all US financial markets closed

FRIDAY: Black Friday—US markets open but NYSE closes at 1pm ET.

Asia:

Asian stocks rose, led by automakers and mining companies, after Australia's central bank said the country's economy had entered a "new upswing" and a Japanese export report beat economist estimates.

BHP Billiton Ltd., the world's largest mining company, added 1.6 percent in Sydney and Fuji Heavy Industries Ltd., the maker of Subaru-brand cars, rose 3.9 percent in Tokyo. James Hardie Industries NV, the top seller of home siding in the U.S., gained 3.1 percent after an index of U.S. home prices rose. Nomura Real Estate Holdings Inc. slumped 3 percent in Tokyo, pacing declines among Japan's property stocks, after Anabuki Construction Inc. filed for bankruptcy.

The MSCI Asia Pacific Index added 0.5 percent to 117.34 as of 11:01 a.m. in Tokyo. The gauge climbed 66 percent from a more than five-year low on March 9 amid signs government stimulus measures were reviving economies around the world.

Australia's S&P/ASX 200 Index gained 0.3 percent, as Ric Battellino, deputy governor of the central bank, said the country's economy had held up "much better than had been expected." The Nikkei 225 Stock Average was little changed at 9,405.18, while South Korea's Kospi Index dropped 0.3 percent.

Futures on the Standard & Poor's 500 Index added 0.1 percent. The gauge lost less than 0.1 percent yesterday as a government report showed personal spending increased less than economists' estimates last quarter. Financial shares retreated after the Federal Deposit Insurance Corp. said "problem" lenders in the U.S. increased to the highest level in 16 years.

Losses were limited as the Conference Board's consumer- confidence index rose in November, while economists had expected a decline. A fourth monthly advance in the S&P/Case-Shiller home-price index also supported the market.

Nikkei 225 9,405.18 +3.60 ( +0.04%). (07.52 AM IST).

HSI 22515.36 +92.22 +0.41% . (07.52 AM IST).

SSE Composite 3223.53 3235.26 3248.34 3200.74 + 0.36. (07.53 AM IST).

Rupee:

The rupee INR=IN ended at 46.37/38 per dollar on yesterday, above Monday's close of 46.465/475.

INDIA:

Source: Bloomberg.

Indian stocks fell, with the benchmark index declining for the first day in three, as commodity producers dropped on lower metal prices and as most Asian markets including Japan retreated.

Sterlite Industries (India) Ltd., the nation's biggest copper producer, slid 1.8 percent as copper sank on speculation demand may lag behind supply as stockpiles continue to expand. Maruti Suzuki India Ltd. led automakers higher on the expectation they will report higher sales this month.

"Commodity stocks are following global cues," said A.N. Sridhar, a fund manager at Sahara Asset Management Co. in Mumbai. "Since prices are down today we are seeing some weakness in stocks too."

The Bombay Stock Exchange's Sensitive Index, or Sensex, lost 49.10, or 0.3 percent, to 17,131.08. The S&P CNX Nifty Index on the National Stock Exchange declined 0.3 percent to 5,090.55.

Sterlite sank 1.8 percent to 855.65 rupees, after copper for delivery in three months fell as much as 1 percent on the London Metal Exchange. Tata Steel Ltd., India's largest maker of the alloy, retreated 2.5 percent to 558.70 rupees. The U.S. dollar rose today against six major currencies, lowering the appeal of commodities as alternative investments.

Maruti

Maruti, the nation's largest carmaker, climbed 2.5 percent to 1,599.65 rupees. Mahindra & Mahindra Ltd., India's largest maker of sport-utility vehicles, added 2.6 percent to 1,070.30 rupees. Tata Motors Ltd. gained 0.4 percent to 650.05 rupees.

Car sales in India have grown for nine consecutive months this year as a decline in interest rates and easier availability of auto loans boosted demand.

"The rising trend in car sales will continue and November will also be a good month," said Surjit Singh Arora, a Mumbai- based analyst at Prabhudas Lilladher Pvt. "Consumer sentiment remains positive."

Overseas funds sold a net 1.26 billion rupees ($27 million) of Indian stocks on Nov. 20, the Securities and Exchange Board of India said on its Web site. The funds have bought 733.2 billion rupees of stocks since Jan. 1 after withdrawing a record 530 billion rupees in 2008.

DEN Networks Ltd. (DEN IN) dropped 16 percent to 163.40 rupees. The cable television distributor declined below the offer price in its trading debut in Mumbai after an initial share sale. Den raised 3.92 billion rupees selling 20 million new shares.

Hindalco Industries Ltd. (HNDL IN) rose 1 percent to 134.55. India's biggest aluminum producer raised $600 million selling shares to institutional investors, two people involved in the sale said.

Strides Arcolab Ltd. (STR IN) added 2.9 percent to 197.8 rupees. The medicine maker gained after the Economic Times reported General Atlantic, a U.S.-based private equity investment firm, may pay about $100 million to buy a 30 percent to 40 percent stake in a unit. Strides said the report is "speculative," in a statement filed to the Bombay Stock Exchange.

Swaraj Mazda Ltd. (SM IN), a truck maker, gained 3.4 percent to 274.4 rupees after the Economic Times reported that Tata Motors may consider buying a stake in the company. Debasis Ray, a spokesman for Tata Motors, said the report is "speculative."

Source: Reuters.

* Investors lock in gains after 8 pct rise in Nov

* BSE index facing fatigue above 17,000 points - trader

* M&M rises after arm says to bid for $3.5 bln defence deals

Indian shares shed 0.3 percent percent on Tuesday as lower global markets triggered profit taking in stocks such as Reliance Industries (RELI.BO: Quote, Profile, Research) and ITC (ITC.BO: Quote, Profile, Research). Traders said the market, which has gained nearly 8 percent this month, was facing resistance with the pace of a world economic recovery yet to show momentum. The 30-share BSE index .BSESN closed down 0.29 percent, or 49.10 points, at 17,131.08, with 17 of its components falling. "There is fatigue above 17,000. The market clearly lacks triggers," said Nilesh Doshi, president of equities at Techno Shares. Kunal Sukhani, manager of institutional equities at Asian Markets Securities, said weak world markets encouraged investors to lock in profits. The benchmark index has rallied nearly 78 percent in 2009, powered by foreign portfolio inflows of more than $15 billion.

Energy giant Reliance dropped 0.9 percent to 2,176.10 rupees, after its offer to buy a controlling interest in U.S.-based bankrupt petrochemicals company LyondellBasell had sent the shares up 3.3 percent on Monday. Cigarette-to-hotel group ITC fell 2 percent to 263.65 rupees, after rising nearly 5 percent over two days.

Private-sector lender ICICI Bank (ICBK.BO: Quote, Profile, Research), which had added 3.5 percent over two days, eased 1.3 percent to 905.30 rupees. Leading utility vehicle maker Mahindra & Mahindra (MAHM.BO: Quote, Profile, Research) firmed 2.4 percent to 1,067.45 rupees, after the head of its defence systems unit said it would bid for domestic defence projects worth $3.5 billion over the next seven years.

Hindalco Industries (HALC.BO: Quote, Profile, Research), which sources said raised $600 million through sale of shares, erased early losses of 1.5 percent and ended up 1.1 percent at 135.25 rupees.

"The share sale would deleverage its balance sheet and allow it to invest in new capacity," said Pawan Burde, an analyst with PINC Research. In the broader market, losers almost matched gainers on relatively low volume of 356 million shares. The 50-share NSE index .NSEI dropped 0.25 percent to 5,090.55.

STOCKS THAT MOVED

* Truck maker Swaraj Mazda (SWRJ.BO: Quote, Profile, Research) rose 3.9 percent to 275.60 rupees after the Economic Times reported Tata Motors (TAMO.BO: Quote, Profile, Research) was in talks to buy private equity firm Actis's stake in the company.

* Cable television firm Den Networks (DENN.BO: Quote, Profile, Research) fell 16.4 percent to 163.10 rupees on its market debut. The shares opened at 194 rupees, below its issue price of 195 and slid to as low as 149.50.

MAIN TOP 3 BY VOLUME

* Dena Bank (DENA.BO: Quote, Profile, Research) on 12.4 million shares * Unitech (UNTE.BO: Quote, Profile, Research) on 8.1 million shares * Suzlon Energy (SUZL.BO: Quote, Profile, Research) on 7.9 million shares.

Source: India Infoline.

Indian stock benchmarks slipped on Tuesday, taking a cue from global markets, as investors remained a little wary of taking on more risk with only a few weeks left in the year. Valuations too are not too compelling as they were a few months back.

There are a few concerns on how the global economy will shape up in the absence of emergency support measures though governments have promised not to press the 'exit' button too soon. Still, the market may remain firm as the dollar will remain under pressure and drive the trade in risky assets.

The BSE Sensex ended a volatile trading day at 17,098.39, down about 82 points or 0.5% from the previous close. The NSE Nifty shed 25 points or 0.5% to shut shop at 5078.65. The Nifty found support at 5075 and it's near-term trading range is between 4890-5110.

Meanwhile, the non-index counters did relatively better than their heavyweight peers. The BSE Small-Cap index rose slightly while the BSE Mid-Cap index finished flat.

The new listing today, Den Networks was down about 18% at Rs160.35 after touching a high of Rs199.80 and a low of Rs149.50, on the NSE.

The big losers in the Sensex were Tata Steel, Reliance Infra, ITC, Sterlite, ONGC, ICICI Bank and BHEL. The top gainers in the BSE-30 index included Maruti Suzuki, M&M, Bharti Airtel, Hero Honda and Hindalco.

In the Nifty, Jindal Steel & Power was a big loser, along with IDFC, PowerGrid, HCL Tech, Siemens and Suzlon. BPCL, Cipla and Ambuja Cement were the other notable winners in the Nifty.

Outside the main indices, the key losers were Vishal Retail, Sobha Developers, SKF India, Mastek, GMDC, Exide, ISMT and Jubilant Organosys.

Among the top gainers were Indo Tech Transformers, HEG, Max India, Bharat Forge, TV Today, Gujarat Flurochemicals, Chambal Fertilizers, Videocon Industries, Amtek India and Balrampur Chini

The near-term undertone will continue to hinge on global developments. A slew of economic reports are due in the US, which will have a truncated week due to the traditional start to the holiday season. Local event to watch out for is the release of Q2 GDP data, scheduled to be announced on Nov. 30.

Source: Kotak Securities.

Among the Sensex pack 17 stocks ended in red territory and 13 in green. The market breadth indicating the overall health of the market remained flat as 1369 stocks closed in green while 1373 stocks closed in red and 86 stocks remained unchanged in BSE.

The BSE Sensex closed lower by 49.10 points or (0.29%) at 17,131.08 and NSE Nifty ended marginally down by 13 points or (0.25%) at 5,090.55. BSE Mid Caps and Small Caps closed with gains of 14.83 and 27.02 points at 6,500.64 and 7,617.7 respectively. The BSE Sensex touched intraday high of 17,230.86 and intraday low of 17,027.52.

Losers from the BSE Sensex pack are ONGC Ltd (4.50%), Tata Steel (2.76%), Reliance Infra (2.27%), ITC Ltd (2.04%), Sterlite Industries (1.88%), ICICI Bank (1.26%), PNGC Ltd (1.12%), BHEL (1.01%), HDFC (0.89%), Reliance Industries (0.88%) and Grasim Industries (0.71%).

Gainers from the BSE Sensex pack are Maruti Suzuki (2.65%), Hindalco (1.86%), Mahindra & Mahindra Ltd (2.42%), Bharti Airtel (2.25%), Herohonda Motors (2.15%), Hindalco (1.08%), RCom (0.81%), L&T Ltd (0.80%), Infosys (0.75%) and HDFC Bank (0.67%).

On the global markets front, the Asian markets that opened before the Indian market, ended lower on concerns about the economic outlook. Asian Development Bank President Haruhiko Kuroda said on Monday that Asia''s speedy economic recovery relative to the rest of the world is not yet strong enough to withstand tighter monetary policy. Shanghai Composite, Hang Seng, Nikkei 225, Singapore''s Straits Times and Seoul Composite ended down by 115.37, 348.25, 96.10, 17.90 and 12.63 points at 3,223.53, 22,423.14, 9,401.58, 2,779.98 and 1,606.42 respectively.

European markets, which opened after the Indian market, are trading down led by decline in banks. In Paris the CAC 40 is lower by 27.95 points at 3,785.22, in Frankfurt DAX index is trading down by 37.15 points at 5,764.33 and in London FTSE 100 is lower by 24.15 points at 5,331.35.

The BSE FMCG index was at 2,886.87 down by 26.81 points or by (0.92%). The main losers were Itc down by (2.04%) at Rs.263.65, Nestle India down by (1.97%) at Rs.2540.4, Ruchi Soya down by (0.94%) at Rs.84.7, Marico down by (0.54%) at Rs.101.75, Colgate Palmolive down by (0.34%) at Rs.672.85.

The BSE METAL index was at 16,216.72 down by 133.11 points or by (0.81%). The main losers were Tata Steel down by (2.76%) at Rs.557.4, Welspun Gujarat down by (2.75%) at Rs.272.6, Jai Corp down by (2.6%) at Rs.213.2, Ispat Inds down by (2.15%) at Rs.20.45, Jindal Steel down by (2.1%) at Rs.705.2.

The BSE OIL&GAS index was at 10,357.78 down by 82.25 points or by (0.79%). The main losers were Essar Oil down by (1.9%) at Rs.136.9, Ongc down by (1.12%) at Rs.1173.3, Gail India down by (1.06%) at Rs.402.1, Aban Offshore down by (0.9%) at Rs.1363.1, Reliance Inds down by (0.88%) at Rs.2176.1.

The BSE POWER index was at 3,007.13 down by 20.8 points or by (0.69%). The main losers were Reliance Infra down by (2.27%) at Rs.1069.25, Power Grid Corp down by (2.25%) at Rs.104.05, Crompton Greav down by (1.84%) at Rs.381.5, Torrent Power down by (1.76%) at Rs.323.2, Suzlon Energy down by (1.65%) at Rs.71.4.

The BSE AUTO index was at 7,055.84 up by 100.52 points or by (1.45%). The main gainers were Bharat Forge up by (7.16%) at Rs.278.5, Escorts up by (5.34%) at Rs.116.35, Maruti Suzuki up by (2.65%) at Rs.1599.4, Mahindra & Mahindra up by (2.42%) at Rs.1067.45, Hero Honda up by (2.15%) at Rs.1688.1.

The BSE CD index was at 3,525.57 up by 48.78 points or by (1.4%) The main gainers were Videocon Inds up by (6.34%) at Rs.234.9, Blue Star up by (2.07%) at Rs.347, Gitanjali Gems up by (0.3%) at Rs.116.95.

Maruti Suzuki India Ltd gained 2.65% on report that the Company will launch a new van within this fiscal to replace its MPV Versa, whose production has been stopped.

Mahindra & Mahindra Ltd gained 2.42% on reports the company''s defense systems unit will bid for domestic defense projects worth $3.5 billion over the next seven years.

BHEL slipped by 1.01% despite report that it bagged an order for setting up the upcoming 1,980 MW Prayagraj Thermal Power Project (TPP) with Supercritical parameters in Uttar Pradesh, involving three units of 660 MW each.

Reliance Industries Ltd declined 0.88% on report that market regulator SEBI has issued a modified show cause notice regarding the case of alleged insider trading in shares of Reliance Petroleum.

HCL Technologies Limited lost 1.32% despite its strategic partnership with Savvion, the trailblazing business process management company to extend its service focus into the Business Process Management (BPM) Space.

Tata Communications advanced by 0.62%. The company has signed strategic partnership agreements with several of the major telecommunications Operators in the Middle East to construct a new cable system into the Gulf. The new cable will connect the Region directly to the world''s major business hubs and city centres via Tata''s Global Network.

INVESTMENT VIEW
Sabero Organics-Value Buy

Sabero Organics Gujarat Limited (SOGL) was established in the year 1991 to manufacture specialty chemicals and intermediates for the crop protection business. It then forward integrated in 1997 into manufacturing crop protection chemicals. In order to have a diversified portfolio, SOGL chose one or two key products in each sector such as Acephate and Monocrotophos (Insecticides), Glyphosate (Herbicide) and Mancozeb (Fungicide). As the company was already manufacturing some of the intermediates for these products, it excelled in the technology for manufacturing organophosphorus and dithiocarbamate products.

Apart from sales of unbranded technical and formulations, the Company also established in 1997 its business of branded agrochemical formulations. It launched a full range of products, which included in addition to its own technical based product, other products such as Ethephon, Cypermethrin, Chlorpyriphos, Dichlorvos, Profenofos, Triazophos, Propiconazole, and Hexconazole etc. The company went public in the year 1994 through an IPO, which was followed up by a Rights Issue in 1997.

SOGL has an extensive manufacturing facility with state-of-the-art sophisticated equipments and PLC based process control. The Company is a signatory to the Responsible Care Program and has extensive facilities for treatment of all wastes to meet statutory environmental standards. It has extensive facilities centered on various methods of treatment & mitigation with redundancy including a biological effluent treatment plant, chemical treatment plant, incinerators, by product recovery plant and multiple effect evaporators. All these facilities were extensively upgraded and expanded in FY09.

The company first started manufacturing Organo Phosphorous Pesticide Intermediates, Phosphorus Trichloride (PCL3), Tri Methyl Phosphite (TMP) & Di Ethyl Thio Phosphoryl Chloride (DETC), in 1994. In 1998, SOGL forward integrated into the manufacture of active ingredients, Acephate and Glyphosate. In 2000, it started production of Mancozeb and also forward integrated into branded formulations, building an all India distribution network. It started exports to asia, Australia & Europe in 1999 onwards. It also then formed subsidiaries in Europe and Australia. In the year 2002 it started manufacturing Monocrotophos and Dichlorovos.

It later expanded the export business to Latin America, USA and Africa from 2002 onwards. In the year 2005 it started to manufacture Chlorpyriphos and set up subsidiaries in brazil and Argentina by 2006. It debottlenecked Acephate & Monocrotophos plants in 2008. During the financial year 2008 –09 it undertook a major project to expand Mancozeb, Chlorpyriphos & Glyphosate capacities with majority of the capital investment in Mancozeb.

Arvind Parekh

+ 91 98432 32381

Tuesday, November 24, 2009

Market Outlook 24th Nov 2009

INTRADAY calls for 24th Nov 2009
Buy BPCL-527 for 540-548+ with sl 518
Buy Reliance-2194 for 2226+ with sl 2174
Buy DivisLab-598 for 613-624+ with sl 588
Buy MAstek-320 for 355-370+ with sl 300 [positional]

This is list of 10 strong futures:

Hind Zinc, Jindal Steel, Dena Bank, Jindal Saw Steel, Vijaya Bank, McDowell-N, Tata Steel, Gail, Sesa Goa & Orient Bank.

And this is list of 10 Weak futures:

Bharti Airtel, RCom, Idea, EKC, Unitech, Balrampur Chini, ICSA, Tata Comm, TTML & GMR Infra.

Nifty is in Up trend

NIFTY FUTURES (F & O):

Above 5117-5119 zone, rally may continue up to 5129 level by non-stop.

Support at 5097 & 5098 levels. Below these levels, expect profit booking up to 5075-5077 zone and thereafter slide may continue up to 5056-5058 zone by non-stop.

Buy if touches 5024-5026 zone. Stop Loss at 5005-5007 zone.

On Positive Side, cross above 5149-5151 zone can take it up to 5168-5170 zone by non-stop. If crosses & sustains this zone then uptrend may continue.

Short-Term Investors:

Bearish Trend. Problem is that, we are trading above Stop Loss level of 5082.00. Risk is that, if closes above 5082.00 level for consecutive 3 days then traders can expect short covering up to 5201.90 level by non-stop.
If bears can able to control below 5082.00 level, then traders can expect a target of 4842.20 level.

Today's Expectation:
SGX NIFTY is trading at 5093.00. (07.21 AM IST)

Surprising and negative too. If selling continues, then it may continue for 1 (or) 2 days.

If short covering starts, then it can continue up to 1 day, 1 Week, 1 Month, 3 Months (or) 1 Year.

BSE SENSEX:

Yesterday's rally was surprising, as per technicals. Rally may continue today.
Short-Term Investors:

Bullish Trend. Target at 17499.70.
Stop Loss is too far on down side, can be placed at around 16666.70.

INVESTMENT BUY:
Buy FRONTIER SPRING (BSE Cash & BSE Code: 522195)
Buy with a Stop Loss of 29.15. Above 31.70, it will zoom.

Today: May hold on gains.

1 Week: Bullish, as per current market conditions.

1 Month: Sideways, surprisingly going up.

3 Months: Bearish, surprisingly going up.

1 Year: Bullish, as per current market conditions.

Buy UNIPHOS ENT (BSE Cash & BSE Code: 500429)
Buy with a Stop Loss of 27.45. Above 34.55, it will zoom.

Today: Expect Profit Booking.

1 Week: Bearish, surprisingly going up.

1 Month: Bullish, as per current market conditions.

3 Months: Bearish, as per current conditions.

1 Year: Bullish, as per current market conditions.

Buy RELIANCE INDS (NSE Cash)
Yesterday's rally was surprising. Buy with a Stop Loss of 2065.00. Above 2207.75, it will zoom.

1 Week: Bullish, as per current market conditions.

1 Month: Bearish, surprisingly going up.

3 Months: Bullish, surprisingly going down.

1 Year: Bullish, as per current market conditions.

Buy TATA STEEL (NSE Cash)
Yesterday's rally was surprising. Buy with a Stop Loss of 544.20. Above 583.40, it will zoom.

1 Week: Bullish, as per current market conditions.

1 Month: Bearish, surprisingly going up.

3 Months: Bullish, as per current market conditions.

1 Year: Bullish, as per current market conditions.

SPOT INDEX LEVELS

	5103.55	( 1.01 %)	51.10
		1	2	3
Resistance		5127.07	5150.58	5188.07
Support		5066.07	5028.58	5005.07

	17180.18	( 0.93 %)	158.33
		1	2	3
Resistance		17248.17	17316.15	17417.73
Support		17078.61	16977.03	16909.05

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	23-Nov-2009	1901.53	2069.94	-168.41

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
DII	23-Nov-2009	1191.3	1058.96	132.34

Innovative Foods-Delisting Season

A key segment to play would be companies that either due to poor finances or increased focus of parent entities are opting to get themselves de-listed. A case in point is Innovative Foods-owned by Indian Hotels and Tatas, this company proposes to delist from all exchanges on December 3, 2009 at a fixed price of Rs 34.50 per share. The payment and delivery procedure is automatic. Dematerialised shares to be sent to the corporate pool account as notified and physical shares handed over across the counter.

Earlier this year, US based Preferred Foods also made an offer to delist Tasty Bite Eatables, post which the stock rocketed upwards. So investors need to be vigilant about such opportunities.

--
Arvind Parekh
+ 91 98432 32381

Monday, November 23, 2009

Market Outlook 23rd Nov and Weekly Update

INTRADAY calls for 23rd Nov 2009
+ve Sector, Scripts: IT, BANK, DenaBank, Jindaldril, Albk, Bajajholding
Buy HDFCBank-1754 for 1774-1790+ with sl 1740
Buy ACC-766 for 780-793+ with sl 744
Buy BPCL-520 above 526 for 540-548+ with sl 518
Buy TVtoday-113 for 134-139+ with sl 104 [positional]
Buy Auropharma-785 for 820+ with sl 773
Buy Canbank-370 for 392-406+ with sl 362

NIFTY FUTURE LEVELS
SUPPORT
5033
4978
4925
4872
4819
RESISTANCE
5076
5090
5143
5195

NIFTY FUTURES (F & O):
Below 5033 level, expect profit booking up to 4978-4980 zone and thereafter slide may continue up to 4925-4927 zone by non-stop.

Hurdle at 5076 level. Above this level, rally may continue up to 5088-5090 zone by non-stop.

Sell if touches 5141-5143 zone. Stop Loss at 5193-5195 zone.

On Negative Side, break below 4872-4874 zone can create panic up to 4819-4821 zone by non-stop. If breaks & sustains this zone then downtrend may continue and have caution.

Short-Term Investors:
Bearish Trend. Problem is that, we are trading near Stop Loss level of 5082.00. If bears can able to control below this level, then traders can expect a target of 4842.20 level.
Risk is that, if closes above 5082.00 level for consecutive 3 days then traders can expect short covering up to 5201.90 level by non-stop.

Today's Expectation:
SGX NIFTY is trading at 5065.00. (09.09 AM IST)

This trend is on expected lines.

If weakness continues, then it may continue for 1 (or) 2 days.

If short covering starts, then it can continue up to 1 day, 1 Week (or) even 1 Month.

BSE SENSEX:
Friday's rally was not a surprise, as per technicals. Expect profit booking today.
Short-Term Investors:

Bullish Trend. Target at 17499.70.
Stop Loss is too far on down side, can be placed at around 16666.70.

Strong & Weak futures

This is list of 10 strong futures:

Dena Bank, Jindal Steel, Orient Bank, MLL, McDowell-N, Sesa Goa, Vijaya Bank, Ashok Ley, PFC & Allahabad Bank.

And this is list of 10 Weak futures:

EKC, ICSA, Tata Comm, Unitech, TTML, Bharti Airtel, India Cement, GMR Infra, Idea & Sterling Biotech.

Nifty is in Down trend

POSITIONAL BUY:
Buy RISHABH DIGHA ST (BSE Cash & BSE Code: 531539)
Buy with a Stop Loss of 19.55. Above 23.55, it will zoom.

Today: Expect Profit Booking.

1 Week: Expect Profit Booking.

1 Month: Bearish, surprisingly going up.

3 Months: Bearish, surprisingly going up.

1 Year: Sideways, surprisingly going up.

Buy BHAGYANAGAR (I) (BSE Cash & BSE Code: 512296)
Buy with a Stop Loss of 25.70. Above 27.90, it will zoom.

Today: May hold on gains.

1 Week: Expect Profit Booking.

1 Month: Bullish, as per current market conditions.

3 Months: Bullish, as per current market conditions.

1 Year: Bullish, as per current market conditions.

Buy RELIANCE INDS (NSE Cash)
Friday's rally was surprising. Buy with a Stop Loss of 2084.10. Above 2161.90, it will zoom.

1 Week: Bullish, as per current market conditions.

1 Month: Bearish, surprisingly going up.

3 Months: Bullish, surprisingly going down.

1 Year: Bullish, as per current market conditions.

Buy STATE BANK (NSE Cash)
May hold on gains. Buy with a Stop Loss of 2272.55. Above 2372.60, it will zoom.

1 Week: Expect Profit Booking.

1 Month: Bearish, surprisingly going up.

3 Months: Bearish, surprisingly going up.

1 Year: Bullish, as per current market conditions.

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	20-Nov-2009	2049.92	2513.81	-463.89

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
DII	20-Nov-2009	1314.97	1296.51	18.46

STOP INDEX LEVELS

	5052.45	( 1.27 %)	63.45
		1	2	3
Resistance		5099.57	5146.68	5230.07
Support		4969.07	4885.68	4838.57

	17021.85	( 1.41 %)	236.20
		1	2	3
Resistance		17163.84	17305.84	17569.88
Support		16757.80	16493.76	16351.76

Day Trading Guide

Positive sentiment stays, but volatility to rise

Focus now on yuan appreciation.

The weekly outlook for Dalal Street's key indices appears positive.

One school of thought pointed out that the closer reality does not bode a negative turn in sentiment – liquidity continues to emerge each day. Dollar's weakness is a blessing for local equity assets.

Another group, who loves to take a not-less-than-two-year view, said that the longer horizon is rosy for Indian economy and stocks – so it is wise to buy now.

Dramatic surge

Without a roaring cheer for the earlier experience, the Sensex has crossed 17,000 points again. But an all-round conviction in a dramatic surge is still amiss. This has put volatility on the movement of indices.

Those who look at the charts also expect volatility to continue in the short-term, but do not predict a breakout.

Some market players claim that global market trends would continue to influence the local market to an extent this week. However, key local indices may not reflect the moves on the eastern or western hemispheres.

Fed move

The US Federal Reserves Chairman, Mr Ben Bernanke's reiteration last week of the commitment to keep policy rates "exceptionally low" for an "extended period" and the benign outlook for inflation were well received by bond markets, as well as other risky assets.

A Morgan Stanley economist, Mr Manoj Pradhan, however, said the Fed Chief's sanguine outlook embedded in US bond market creates risks for central banks wishing to tighten policy ahead of their counterparts in the developed economies. He said: "Low bond yields in the US and other major economies tend to put downward pressure on bond yields elsewhere in the world." The chairman of the China Banking Regulatory Commission recently said low interest rates in the US and a weak dollar affected global asset prices and generated speculation.

"Following the principles of initiative, controllability and gradualism, with reference to international capital flows and changes in major currencies, we will improve the yuan exchange rate formation mechanism," the Peoples' Bank of China said in a 46-page third quarterly monetary policy report ahead of the US President's visit.

Yuan movement

At the end of the visit, China, however, remained silent on yuan.

But some market analysts hope that China may soon provide some clues.

The yuan had strengthened by nearly 20 per cent against the dollar until concern over the impact of the global financial crisis prompted Beijing to apply the brakes in the middle of last year to protect its exporters.

If resumption of yuan appreciation takes place, the immediate impact on the equity assets in Asia could be positive.

Interesting findings on web:
U.S. stocks fell, halting a two-week advance, as a worsening outlook for technology company earnings added to concern that the eight-month rally in equities outpaced the prospects for economic growth.

U.S. stocks fell for a third straight day on Friday as investors took weaker-than-expected results from computer maker Dell (DELL.O) and homebuilder D.R. Horton (DHI.N) as a further sign that the recovery would be anemic.

Worried investors curb riskier bets.

Weak results from Dell, D.R. Horton weigh.

Following the S&P 500's gain of more than 60 percent from its 12-year closing low of March 9, investors have become more sensitive to signs of weakness as they sought to justify lofty share valuations.

"While it appears to us that the recession is over, there are a lot of lingering signs of pain on Main Street," said Sasha Kostadinov, portfolio manager and research analyst at Shaker Investments in Cleveland, Ohio. "Unemployment is very high, lots of people out of work and that is still causing significant stress."

The news of a 54 percent slide in Dell's quarterly profit rounded off a rocky week for the technology sector, which has been a market darling since March as investors bet on a strong recovery to spur corporate and consumer spending.

Unease about the economy's prospects drove investors to snap up defensive stocks seen better able to withstand an uncertain economy, limiting the Dow's losses.

The Dow Jones industrial average .DJI fell 14.28 points, or 0.14 percent, to 10,318.16. The Standard & Poor's 500 Index .SPX dropped 3.52 points, or 0.32 percent, to 1,091.38. The Nasdaq Composite Index .IXIC slipped 10.78 points, or 0.50 percent, to 2,146.04.

RUSSELL584.68-1.00-0.17%

TRAN5453.21-14.61-0.27%

UTIL371.841.14+0.31%

S&P 100508.79-1.56-0.31%

S&P 400687.54-3.85-0.56%

NYSE7084.47-33.17-0.47%

NAS 1001764.39-8.80-0.5%

With the year-end fast approaching, there was also a push by some investors, including hedge funds, to lock in profits from the recent rally going into 2010, analysts said.

"It is normal for stocks to pull back after such a strong run," said Lawrence Creatura, a Rochester, New York-based money manager at Federated Investors Inc., which oversees $390 billion. "It's reasonable for investors to take a pause when they're faced with such a broad variety of uncertainties."

Intel Corp. dropped 2.9 percent, the steepest retreat in the Dow Jones Industrial Average, as Bank of America Corp. said computer-chip supply may overwhelm demand. Dell Inc. tumbled 7.2 percent after profit decreased by more than half. Stocks also slid as yields on Treasury three-month bills turned negative for the first time since financial markets froze last year. Metals producers rose as gold climbed to a record and the dollar fell.

About 80 percent of S&P 500 companies that have reported third-quarter results beat analysts' predictions, including Sears Holdings Corp., Ltd. Brands Inc. and GameStop Corp. this week. That exceeds the record pace of 72.3 percent for the period ended in June, data compiled by Bloomberg show.

Caterpillar, GE and Cisco were the day's biggest decliners on the Dow. Merck and Pfizer rose.

Dell, the No. 3 personal computer maker, slid 10 percent to $14.29 a day after it reported a sharp drop in third-quarter profit and sales that missed estimates. Dell was the Nasdaq's top drag.

D.R. Horton Inc (DHI.N) tumbled 15.4 percent to $10.37 after the homebuilder reported a fourth-quarter loss that was wider than expected and said market conditions were "still challenging."

A rebound in the U.S. dollar pressured prices of global commodities, including crude. Energy stocks were hurt, such as Chevron Corp (CVX.N), which fell 0.7 percent to $76.77.

Intel, the world's largest chipmaker, and Texas Instruments Inc., the second-biggest U.S. chipmaker, dropped after being cut to "neutral" from "buy" at Bank of America. The bank cut its outlook for the semiconductor industry to "negative" from "positive," sending technology stocks to the steepest drop of 10 industries in the S&P 500. Intel lost 2.9 percent to $19.24 and Texas Instruments slid 2.8 percent to $24.74.

SanDisk Corp., the world's largest maker of flash-memory cards used in digital cameras and mobile phones, dropped 7.8 percent to $20.24.

Raw-materials producers rallied 1.4 percent, the second- most among the 10 industries in the S&P 500, as commodity prices rose, led by gold and copper.

"If the economy is turning, which it is, industrials and materials should continue to do better," said David Katz, who oversees $1.2 billion at Matrix Asset Advisors in New York. "Materials might be the better gainer because of their gold exposure."

Barrick Gold Corp. rose 2.5 percent to $43.98 and Freeport- McMoRan Copper & Gold Inc. added 3.7 percent to $84.57 as bullion climbed to a record $1,153.40 an ounce on Nov. 18. The precious metal has fallen only once this month as investors speculated the dollar will extend its steepest plunge since 1986, boosting gold's appeal as an alternative investment.

Consumer discretionary stocks dropped 1.1 percent, the second-steepest decline among 10 industries. Target Corp. fell 3.1 percent to $47.46 as the second-biggest U.S. discount chain said it is planning for a "modest" decrease in fourth-quarter comparable-store sales. Home Depot Inc. slumped 0.6 percent to $27.18 after the largest U.S. home-improvement retailer posted third-quarter profit that fell 8.9 percent as homeowners curbed large purchases and professional contractors spent less.

Sprint Nextel Corp. climbed the most in the S&P 500, rising 21 percent to $3.76. The third-largest U.S. mobile-phone carrier rallied after it finished paying off a $4.5 billion loan, helping lower expenses to counter a shrinking subscriber base.

Hewlett-Packard Co. and Deere & Co. are among 10 companies in the S&P 500 scheduled to report results next week. A report will probably show sales of existing U.S. homes increased in October to the highest level in more than two years, spurred in part by a tax credit that lured first-time buyers, according to the median estimate of economists surveyed by Bloomberg.

Hewlett Packard [HPQ 50.04 0.22 (+0.44%) ], which reports earnings on Monday, advanced.

Coca-Cola Co (KO.N) was up 1.1 percent and drug company Merck & Co (MRK.N) rose 3.2 percent to $36.46.

Dow component General Electric Co (GE.N) and Vivendi SA (VIV.PA) were at least $1 billion apart in their valuation of Vivendi's stake in NBC Universal, the Financial Times reported, dampening hopes of a swift sale.

GE shares shed 1.1 percent to $15.59.

Goldman Sachs Group Inc (GS.N) declined 1.6 percent to $170.01 after the Wall Street Journal reported large shareholders have asked the investment bank -- on track to award employees the biggest bonuses in its history -- to pass more profits to investors. A Goldman spokesman said major shareholders had not contacted the company about lowering its bonus pool.

Software maker Intuit [INTU 29.66 -0.61 (-2.02%) ] posted a smaller-than-expected loss.

Gap [GPS 21.95 0.09 (+0.41%) ] hit its earnings target, helped by strong sales at its lower-priced Old Navy stores.

Ann Taylor [ANN 13.62 -0.19 (-1.38%) ] beat earnings expectations but its topline was a little light — sales dropped 12.3 percent and the women's apparel chain said sales would continue to slide in the fourth quarter.

Procter & Gamble [PG 61.80 -0.35 (-0.56%) ] saw its shares slip amid news that the company is targeting a share repurchase of less than $8 billion.

The VIX, as the Chicago Board Options Exchange Volatility Index is known, dropped to 22.19. The index, which is known as Wall Street's fear gauge, is down from a record 80.86 in November 2008 yet above its 20.28 average over its 19-year history.

Oil,Gold & Currencies:

On the New York Mercantile Exchange, December crude CLZ9 settled down 74 cents, or 0.96 percent, at $76.72 a barrel, the last day of the contract.

Gold settling at $1,146.40, after setting a record above $1,150 earlier this week.

The dollar rose for a second straight session Friday as risk tolerance declined, with investors cutting exposure to assets and currencies perceived as higher risk ahead of a holiday-shortened week in the United States.

Bonds:

Demand for longer-term Treasurys fell, pushing yields higher. The yield on the benchmark 10-year note rose to 3.37 percent from 3.34 percent.

What to expect:

MONDAY: Existing-home sales; two-year note auction; earnings from Campbell Soup, HP, ADI and Brocade

TUESDAY: GDP (2nd look); Conference Board consumer confidence; Sheila Bair press briefing; Five-year note auction; Fed minutes; Earnings from American Eagle, Barnes & Noble, Dollar Tree, Hormel, Medtronic and TiVo

THURSDAY: Thanksgiving—all US financial markets closed

FRIDAY: Black Friday—US markets open but NYSE closes early

Asia:

Asian stocks rose as higher metal prices boosted mining companies, James Hardie Industries NV forecast earnings at the top of a range and on speculation Korea Exchange Bank will get a takeover offer.

Newcrest Mining Ltd. added 3 percent in Sydney as gold prices increased for the seventh straight session. Rio Tinto Group climbed 2 percent after metal prices in London had their biggest weekly advance in a month. James Hardie surged 7.8 percent after forecasting full-year earnings at the top range of analyst estimates. Korea Exchange Bank gained 3.8 percent after Hana Financial Group Inc. said it would consider a bid.

The MSCI Asia-Pacific Excluding Japan Index added 0.3 percent to 408.72 as of 10:16 a.m. in Tokyo, where markets were closed for a national holiday. The gauge has risen 65 percent this year, on course for its steepest annual gain since 1993, as governments worldwide enacted spending programs and cut borrowing costs to revive growth.

"The global economy, whilst in recovery mode, is still vulnerable," said Chris Weston, an institutional dealer at IG Markets in Melbourne. "Take away the stimulus at the wrong time and it could send it back into a double-dip scenario."

Australia's S&P/ASX 200 Index rose 0.8 percent. The gauge has rallied 50 percent from a five-year low on March 6 as government measures including cash handouts and infrastructure spending helped Australia skirt a recession. South Korea's Kospi Index slipped 0.1 percent today.

Futures on the Standard & Poor's 500 Index added 0.3 percent. The index slipped 0.3 percent on Nov. 20 as earnings at Dell Inc. and D.R. Horton Inc. trailed analysts' estimates and concern grew that European Central Bank policy makers will phase out measures to stimulate the economy.

Tokyo closed for a public holiday.

HSI 22567.89 +112.05 +0.5%. (08.08 AM IST)

SSE Composite 3308.35 3321.35 3333.79 3309.69 + 0.39. (08.10 AM IST)

Rupee:

We did't get Rupee Update. Inconvenience is regretted.

INDIA:

Source: Bloomberg.

Reliance Industries increased 1.9 percent to 2,123.3 rupees. Hindalco added 3.5 percent to 134.6 rupees.

State Bank of India Ltd., the nation's biggest lender, gained 2.4 percent to 2,334.95 rupees, snapping an earlier 1.8 percent decline. ICICI Bank Ltd., the country's second-biggest lender, advanced 1.2 percent to 897 rupees. The stock had earlier dropped 3.2 percent.

Bharti Airtel Ltd. (BHARTI IN), the largest mobile-phone operator, fell 1.6 percent to 288.75 rupees after it cut roaming charges by 60 percent, sparking concern among investors that the ongoing price war among Indian telecom companies will hurt their profitability.

Bhushan Steel Ltd. (BHUS IN) gained 1.7 percent to 1,360.7 rupees after the Economic Times reported the company plans to sell a 5 percent stake to strategic investors for about 4 billion rupees. Managing Director Neeraj Singal declined to comment on whether the Indian steelmaker is looking to sell a stake when contacted by telephone today.

Jindal Drilling & Industry Ltd. (JDDL IN), a drilling services company, surged 10 percent to 575.8 rupees, the most in three months, after it won an order worth 6.35 billion rupees.

New Delhi Television Ltd. (NDTV IN) rose 8.1 percent to 144.2 rupees after Scripps Networks Interactive Inc., the owner of Food Network and HGTV, agreed to pay $55 million for 69 percent of NDTV Lifestyle, a unit of NDTV Group.

Triveni Engineering & Industries Ltd. (TRE IN) climbed 2.3 percent to 104.5 rupees after the company's profit more than doubled to 682.2 million rupees last quarter from a year earlier.

Source: Reuters.

Higher European markets lift sentiment from early slide

State Bank of India, ICICI Bank among major gainers

Outsourcers, autos rise on improving outlook

Bharti falls after it slashes roaming charges

Indian shares climbed 1.4 percent on Friday and helped stretch weekly run of gains to three in a row, after higher European markets lifted investor confidence from an early slide. Banks led the gainers with sentiment also boosted by an assurance the government was not planning to tax foreign capital inflows. Montek Singh Ahluwalia, deputy chairman of the Planning Commission and a close confidant of the prime minister, told Reuters the government wants an increase in foreign investment and there was no proposal to tax overseas funds.

Curbs on foreign inflows imposed by Brazil and Indonesia have raised worries other countries may tighten rules to stem their strengthening currencies as investors move money into faster growing economies. The 30-share BSE index .BSESN closed up 1.41 percent, or 236.20 points, at 17,021.85, taking gains for the week to 1 percent. Twenty-six components closed in the green. The benchmark is up more than 76 percent this year, supported by foreign portfolio investment of $15.4 billion. In 2008, the index had fallen more than a half as foreigners pulled out over $13 billion. "If the rally gains momentum and crosses 18,000-18,500, we will move from a stretched valuation scene to a bubble zone," said A.V. Srikanth, executive director of private wealth management at Anand Rathi Financial Services. State Bank of India (SBI.BO: Quote, Profile, Research) and ICICI Bank (ICBK.BO: Quote, Profile, Research), the country's top two lenders, gained 2.4 percent and 1.3 percent respectively. "Banking sector is looking good, as with the economy growing the sector has good potential," said R. Ganesh, director of Systematix Shares. Energy giant Reliance Industries (RELI.BO: Quote, Profile, Research) rebounded 2.1 percent to 2,125.15 rupees, after falling more than 3 percent over three days on the absence no major announcement at its annual general meeting earlier this week. Outsourcers climbed on improving outlook in their mainmarkets in the United States and Europe. Infosys Technologies (INFY.BO: Quote, Profile, Research) jumped to a record high of 2,447 rupees, before settling at 2,427.50, up 0.75 percent. Sector leader Tata Consultancy (TCS.BO: Quote, Profile, Research) gained 2 percent and smaller rival Wipro (WIPR.BO: Quote, Profile, Research) firmed 0.7 percent.

Top vehicle maker Tata Motors (TAMO.BO: Quote, Profile, Research) closed 1 percent higher at 642.20 rupees, after CLSA upgraded the stock to 'outperfomer' from 'sell' on Thursday. "We now recognise that JLR's demand environment is better than we expected and, combined with cost-cutting measures, should support a strong profit rebound over FY11-12," CLSA said in a note, referring to Tata Motors' Jaguar Land Rover brands. Bharti Airtel (BRTI.BO: Quote, Profile, Research) dropped 1.4 percent to 288.75 rupees, after the leading mobile operator said it had launched a new bill plan that would slash mobile roaming rates by nearly 60 percent.

In the broader market, gainers outpaced losers in the ratio of 1.2:1 on moderate volume of 411 million shares. The 50-share NSE index .NSEI closed 1.3 percent higher at 5,042.45.

STOCKS THAT MOVED

Thermax (THMX.BO: Quote, Profile, Research) rose 3.6 percent to 598.15 rupees. The engineering firm said it had received an order worth 4.77 billion rupees to set up a captive power plant for a ferro alloy unit in the eastern state of Orissa.

* NDTV Ltd (NDTV.BO: Quote, Profile, Research) rallied 7.5 percent to 144.05 rupees after U.S. media firm Scripps Networks Interactive Inc (SNI.N: Quote, Profile, Research) said it would buy a majority stake in the broadcaster's lifestyle unit for $55 million.

MAIN TOP 3 BY VOLUME * Suzlon Energy (SUZL.BO: Quote, Profile, Research) on 28.2 million shares * Unitech (UNTE.BO: Quote, Profile, Research) on 13 million shares * Dena Bank (DENA.BO: Quote, Profile, Research) on 9.5 million shares

Source: India Infoline.

Weekly:

The BSE Sensex hit an intra-week high of 17,098 and low of 16,635 and the NSE Nifty hit an intra-week high of 5,079 and low of 4,932.

The Foreign Institutional Investors (FIIs) bought shares worth Rs26.18bn during the week. While the Domestic Institutions were net sellers to the tune of Rs8.15bn during the week.

The top gainers: The top gainers in the Sensex were Tata Steel (up 6.2%), Reliance Capital (up 5.1%), Hero Honda (up 4.6%), Maruti Suzuki (up 4.4%) and ACC (up 3.7%).

The Top Losers: The top losers in the Sensex were Reliance Infrastructure (down 4.9%), Bharti Airtel (down 4.4%), ICICI Bank (down 1.3%), ONGC (down 1.3%) and Tata Power (down 0.7%),

The BSE IT Index (up 2.1%): The top losers in IT sector were Patni Computer (down 12.3%), Mphasis (down 7.6%), Mahindra Satyam (down 4.9%), HCL Tech (down 3.1%) and Financial Tech (down 0.9%).

Wipro gained 2.6% during the week. The company's subsidiary signed a five-year deal with the US-based Cliffs Natural Resources Inc, to provide IT infrastructure services.

Infosys advanced 3% during the week. According to reports, the company's consulting arm is planning to acquire a small consulting company with revenues in the US$100-140mn as part of its inorganic growth initiatives in the US.

TCS was the other notable gainer in the week, the stock rose 3.4%.

According to a report released by IIFL during the week, "With salary hikes and a likely pick-up in hiring along with the risk of a rising rupee, can margin compression upend a volume-led recovery for Indian IT services vendors? We believe the answer is a negative. Margin risks due to rising salaries are low, given the excess supply in the 'fresher' pool (low hiring and delay in campus intake during 2009 meant top vendors' headcount has risen only upto 6.5% in 2QFY10 YoY). As such, the distribution of wage hikes is likely to be skewed towards laterals. Also, current utilisation rates of top-tier vendors are low (67-73%) and have a considerable scope to increase (during the FY03 recovery, Infosys's utilisation had risen to 79%). Meanwhile, while the appreciation of INR vs US$ remains a risk, top tier vendors – Wipro and TCS have diversified their revenue streams away from US. Also, our estimates for FY11 are based on an average US$/INR exchange rate of 46".

The BSE Consumer Index: The top gainers in the consumer durables space were Samtel Color (up 9.1%), Whirlpool (up 4%), Videocon Industries (up 1.7%) and Su-Raj Diamonds (up 1.4%).

The BSE Healthcare Index (up 1.4%): The top gainer in the Pharma space was Glenmark Pharma. The stock rose over 14% during the week after reports stated that Glenmark Generics settled all pending litigation with Medicis Pharmaceutical Corp relating to patent actions on Fluocinonide.

Strides Arcolab (up 5%), IPCA Labs (up 4.6%), Natco Pharma (up 4.3%) and Orchid Chemical (up 3.4%) were among the other major gainers.

The top losers in were Morepen Labs (down 3.6%), Torrent Pharma (down 3.2%), Zandu Pharma (down 2.5%), Divi's Labs (down 1.5%) and Suven Life Sciences (down 1.5%).

Dr Reddy's Labs advanced by 1% during the week, a recent report released by IIFL stated, "Dr Reddy's management, in investor meetings hosted by us, reiterated that it is on course to its goal of US$3bn revenues and 25% ROCE in FY13.

• Overall FY10 US sales could be significantly higher than in FY09—this is a major upside to our numbers.

• The company successfully completed its FDA inspection last week without any major observations.

• German business remains unpredictable; minor intangible writedowns and one-time retrenchment expenses possible.

• No major problems foreseen in Russia, but growth rates may temper.

• Dr Reddy's continues to be our top pick in pharma space".

The BSE Banking Index (up 0.5%): The top gainer in the banking sector was OBC. The stock rose over 9% during the week as the company has reportedly sought capital support of Rs10bn from the government to implement its expansion plan.

Bank of India (up 6%), Allahabad Bank (up 5.8%), Andhra Bank (up 3.5%) and Union Bank of India (up 3.2%) were among the other major gainers.

The top losers were Kotak Mahindra Bank (down 2.1%), Canara Bank (down 1.8%), Yes Bank (down 1.4%), ICICI Bank (down 1.3%) and Karnataka Bank (down 0.5%).

The BSE Auto Index (up 2.2%): The top gainers in the auto space were Eicher Motors (up 5.2%), Hero Honda (up 4.6%), Maruti Suzuki (up 4.4%), Tata Motors (up 3.5%) and Ashok Leyland (up 3%).

The top losers were Swaraj Mazda (down 2.1%) and Hindustan Motors (down 0.4%).

The BSE Oil & Gas Index (up 0.3%): The top gainers in the oil & gas space were Jindal Drilling (up 12.6%), Great Offshore (up 4.5%), Chennai Petroleum (up 2.4%), Cairn India (up 2.2%) and Essar Oil (up 1.7%).

The top losers were Hindustan Oil (down 9.8%), Shiv-Vani Oil (down 3.2%), HPCL (down 2.9%), MRPL (down 1.9%) and Gujarat NRE Coke (down 1.8%).

The BSE Capital Goods Index (0.0%): The top gainers in the capital goods space were Aban Offshore (up 11.2%), Thermax Ltd (up 9.8%), Elgi Equipments (up 3.9%), Gammon India (up 3.2%) and Esab India (up 2.2%).

The top losers were Crompton Greaves (down 3.1%), Kirloskar Brothers (down 2.8%), Usha Martin (down 2.4%), Alstom Projects (down 2.3%) and Bharat Electronics (down 1.9%).

The Cement Sector: The top gainers in the cement space were Ultratech Cement (up 8.4%), Mangalam Cement (up 4.9%), JK Cements (up 4.7%), ACC (up 3.7%) and Prism Cement (up 2.3%).

The top losers were Gujarat Sidhee (down 4.3%), Kakatiya Cement (down 3.7%), Binani Indus (down 3.6%), India Cements (down 1.4%) and Dalmia Cement (down 1.3%).

Grasim gained 1.5% during the week. According to a report released by IIFL, "The merger ratio between Grasim's two subsidiaries—the 65%-owned Samruddhi Cement (SCL) and 55%-owned UltraTech Cement (UCL)—has been fixed at 4 shares of UCL for 7 shares of SCL. The merger ratio balances the medium and long-term prospects of two subsidiaries, in our view. Based on book values of SCL and UCL as on 1 October 2009, the merger ratio works out to 1 share of UCL for 2.2 shares of SCL; based on our FY11 estimates for SCL and UCL, the merger ratio works out to 1 share of UCL for 1.1 share of SCL. We expect the merger ratio to be EPS-accretive for UCL for FY11 and FY12, given the poor fundamentals of west and south regions for the next two years (UCL's current cement capacities are concentrated in west and south regions). We upgrade our FY11 earnings estimate for UCL by 18% and downgrade it for Grasim by 16% to reflect the effect of restructuring and our pricing assumptions. We retain ADD rating on both companies with revised target prices of Rs2,732 for Grasim (including shareholders' direct holding in SCL) and Rs874 for UltraTech".

The Telecom Sector: The top losers in the telecom sector were WWIL (down 8.9%), Bharti Airtel (down 4.4%), TTML (down 3.9%), Tata Communication (down 2.9%) and MTNL (down 2.5%).

The top gainers were Shyam Telecom (up 5.3%), Idea Cellular (up 1.3%) and RCom (up 0.1%).

The Realty Sector (down 1.1%): The RBI's recent move which aims to curb lending to real estate sector continues to act as an overhang on the sector.

The top losers were HDIL (down 5.4%), Parsvnath Developers (down 3.6%), Unitech (down 3.1%) and Omaxe Ltd (down 1.1%).

The top gainers in the real estate space were Anant Raj Indus (up 6.9%), Sobha Developers (up 3.5%), Mahindra Lifespace (up 2.6%), Ansal Props (up 1.9%) and DLF (up 1.9%).

HDIL fell 5.5% during the week. A report released by IIFL during the week stated that, "HDIL differentiated itself from other real-estate companies by rapidly executing Phase I of the Mumbai airport rehabilitation project in the face of liquidity constraints through a large part of the last 18 months. Its new strategy—to transform itself from a seller of FSI and TDR to a 'construct and sell' developer—will bring in-house the attractive developer margins on such projects and substantially add to its value. The favourable decision at the Bandra Kurla Complex SRS scheme reflects its ability to work with SRS regulators. HDIL will control ~70% of the TDR supply in Mumbai over FY10-16ii and is the largest beneficiary of the buoyancy in TDR prices. The company derives 70% of its NAV from Mumbai, the most resilient real-estate market in India. We recommend BUY with target price of Rs436/share, at one-year-forward NAV".

The Metals sector (up 3.6%): The top gainers in the metal space were Bhuwalka Steel (up 25.2%), Lloyds Metals (up 11.8%), Jindal Stainless (up 11.1%), Tata Metaliks (up 10.6%), Monnet Ispat (up 10.2%) and Jindal Steel (up 4%).

JSW Steel surged 7% during the week after the company inked a deal with Japan's JFE Steel to jointly develop a 10mn ton steel project in West Bengal. The companies also agreed on a production tie-up and may acquire stakes in each other.

SAIL surged over 5% during the week. Reports stated that the government is set to dilute its holding in SAIL by 20%. While the company will make a fresh issue of 10% equity, the government will divest 10% of its stake.

Source: Kotak Securities.

Among the Sensex pack 26 stocks closed in green while 4 ended in red. The market breadth indicating the overall health of the market remained strong as 1,452 stocks closed in positive while 1,240 stocks closed in negative while 98 stocks remained unchanged in BSE.

The BSE Sensex closed higher by 236.20 points or (1.41%) at 17,021.85 and NSE Nifty closed up by 63.45 points or (1.27%) at 5,052.45. The BSE Mid Caps and Small Cap also closed up by 69.02 points and 32.53 points at 6,465.61 and 7,527.32. The BSE Sensex touched intraday high of 17,041.79 and intraday low of 16,635.75.

Gainers from the BSE Sensex pack are ACC (4.55%), Hindalco Inds (3.47%), JP Associates (2.73%), Tata Steel (2.66%), HDFC (2.58%), M&M (2.47%), SBI (2.42%) and DLF (2.29%).

Losers from the BSE Sensex pack are Bharti Airtel (1.40%), Reliance Infra (0.62%), Maruti Suzuki (0.26%) and Bhel (0.06%).

On the global markets front, the Asian markets that opened before the Indian market, closed in negative. Taiwan Weighted, Hang Seng, Nikkei and Shanghai Composite closed lower by 0.99%, 0.83%, 0.54% and 0.37% at 7,682.97, 22,455.84, 9,497.68 and 3,308.35 respectively.

European markets, which opened after the Indian market, are trading in positive. In London FTSE 100 is up by 0.53% at 5,295.66 and in Frankfurt DAX index is trading higher by 0.50% at 5,730.62 and in Paris the CAC 40 is up by 0.47% at 3,777.96.

BSE REALTY index was at 3,858.83 up by 30.03 points or by (0.78%) The main gainers were Peninsula Land up by (5.27%) at Rs.79.95, Anant Raj Inds up by (2.82%) at Rs.144.1, Dlf up by (2.29%) at Rs.374.75 and Ackruti City up by (2.07%) at Rs.546.1.

BSE METAL index was at 16,095.74 up by 217.04 points or by (1.37%) The main gainers were Jindal Saw up by (6.91%) at Rs.872.2, Hindalco Inds up by (3.47%) at Rs.134.35, Steel Authority up by (3.24%) at Rs.191.35, Tata Steel up by (2.66%) at Rs.551.6, Jindal Steel up by (1.92%) at Rs.722.6.

BSE BANKEX index was at 10,253.14 up by 196.35 points or by (1.95%) The main gainers were Allahabad Bank up by (5.24%) at Rs.139.5, Oriental Bank up by (4.9%) at Rs.289, Iob up by (4.51%) at Rs.115.95, Canara Bank up by (4.15%) at Rs.371, Union Bank up by (3.97%) at Rs.272.25,

BSE AUTO index was at 6,923.70 up by 49.86 points or by (0.73%) The main gainers were Ashok Leyland up by (3.07%) at Rs.53.8, Mahindra & Mahindra up by (2.47%) at Rs.1039.75, Tata Motors up by (0.99%) at Rs.642.4, Exide Inds up by (0.93%) at Rs.108.35, Hero Honda up by (0.64%) at Rs.1651.55.

BSE CD index was at 3,484.39 down by 47.84 points or by (1.35%) The main losers were Titan Inds down by (2.72%) at Rs.1364.8, Rajesh Exports down by (1.54%) at Rs.79.95, Blue Star down by (0.98%) at Rs.337.05.

BSE HC index was at 4,684.27 up by 44.57 points or by (0.96%) The main gainers were Glenmark Pharma up by (2.94%) at Rs.254.1, Aurobindo Phar up by (2.16%) at Rs.786.15, Biocon up by (1.82%) at Rs.267.9, Sun Pharma Adv up by (1.63%) at Rs.84, Sun Pharma up by (1.56%) at Rs.1437.

BSE OIL&GAS index was at 10,170.93 up by 152.39 points or by (1.52%) The main gainers were Bharat Petro Cor up by (2.6%) at Rs.521.1, Reliance Inds up by (2.07%) at Rs.2125.15, Aban Offshore up by (1.79%) at Rs.1372.4 and Hindustan Petro up by (1.58%) at Rs.340.7.

BSE IT index was at 4,842.94 up by 41.59 points or by (0.87%) The main gainers were Niit up by (2.27%) at Rs.65.35, Moser Baer up by (2.1%) at Rs.85.25, Tcs up by (2.02%) at Rs.693.3 and Rolta India up by (1.72%) at Rs.174.75.

Nagarjuna Constructions Company (NCC) closed up by 1.96% at Rs. 166.45. The company is set to form a joint venture with an Indonesian coal mining company to help supply of coal for its Rs 14,000-crore thermal power plant in Andhra Pradesh. The stock is now trading higher by (1.32%) at Rs. 165.40.

Jindal Drilling & Industries surged 10.42% to close at Rs. 576.35. The company has bagged an order worth Rs 635 crore from ONGC for hiring a drilling unit ''''Noble Ed-holt'''' for a five-year period. This rig is likely to get deployed in the month of December 2009. The stock is now trading higher by (9.31%) at Rs. 570.55.

Edelweiss Capital closed up by 0.86% at Rs. 485.25. The company has entered into a joint venture agreement with Japan-based Tokio Marine Holdings to form a life insurance JV. The company said companies would invest Rs 550 crore as initial capital in JV. The stocks is now trading higher by (0.81%) at Rs. 485.

Source: Bloomberg.

Aban Offshore Ltd. Ltd. (ABAN IN): India's largest oil rig company raised 6.98 billion rupees selling shares to institutional investors, it informed the Bombay Stock Exchange. The stock advanced 1.6 percent to 1,374.20 rupees.

Adhunik Metaliks Ltd. (ADML IN): The maker of products for automotive and engineering sectors sold 18.96 million shares at 98.23 rupees, according to a regulatory filing. Adhunik shares fell 1.1 percent to 99.45 rupees.

Bharat Heavy Electricals Ltd. (BHEL IN): Alstom SA, the world's third-largest power plant builder, plans to set up a venture with Nuclear Power Corp. of India and Bharat Heavy to supply equipment in India, three people familiar with the matter said. Bharat Heavy and Nuclear Power agreed in April last year to form the venture with an overseas company to provide engineering, procurement and construction services. Bharat Heavy shares fell 0.1 percent to 2,261.4 rupees.

Edelweiss Capital Ltd. (EDEL IN): Galleon Group LLC, the U.S. hedge fund whose founder Raj Rajaratnam has been charged with insider trading, sold its stake in Edelweiss Capital for 2.6 billion rupees. New York-based Galleon sold 5.27 million Edelweiss shares at 485 rupees, according to the Bombay Stock Exchange. Shares of Edelweiss rose 3.2 percent to 500.5 rupees.

Essar Oil Ltd. (ESOIL IN): Royal Dutch Shell Plc is in talks to acquire a 10 percent stake in Essar Oil, the Economic Times reported on Nov. 21 citing unidentified people. Shell will buy the stake, valued at about $364 million, as part payment for selling three of its European refineries to Essar, the newspaper said. Shares of Essar rose 1.5 percent to 136.85 rupees.

ICICI Bank Ltd. (ICICIBC IN): India's second-biggest lender will sell $750 million of bonds due March 2015, according to bankers involved in the transaction. The notes may be priced to yield 337.5 to 350 basis points more over Treasuries, the bankers said. Bank of America-Merrill Lynch, Credit Suisse Group AG and HSBC Holdings Plc are managing the sale. Shares of the lender rose 1.2 percent to 897 rupees.

Punjab National Bank. (PNB IN): The state-owned lender plans to raised 7 billion rupees selling bonds. The stock fell 1.7 percent to 914.45 rupees.

Reliance Industries Ltd. (RIL IN): India's biggest company by market value bid for bankrupt chemicals and fuels maker LyondellBasell Industries AF, as it seeks to take advantage of the global financial crisis to expand overseas. The refiner and energy explorer controlled by billionaire Mukesh Ambani on Nov. 21 offered an undisclosed amount of cash to buy a controlling stake in LyondellBasell. The Mumbai-based company may have to pay at least $12 billion, the Times of India reported, citing an unidentified banker. Reliance's shares rose 1.9 percent to 2,123.3 rupees.

Suzlon Energy Ltd. (SUEL IN): The founders of India's biggest maker of wind turbines have pledged a total 28.28 percent of shares, according to a filing to the Bombay Stock Exchange. Suzlon declined 2.9 percent to 73 rupees.

Techno Electric & Engineering Co Ltd. (TEE IN): The company has agreed to buy Simran Wind Project Pvt. Ltd., a power generating company with capacity of 50.45 megawatt. Shares of Techno Electric rose 2 percent to 167.5.

INVESTMENT VIEW
Modern Dairies-Calling Attention

BSE 519287

-A BSE listed milk processor based out of Karnal, Haryana sees it's stock hit 9 upper circuits to nearly gain 70 per cent in value at Rs 49.65..in a matter of 9 trading sessions.

-So is something amiss?

-For one there is the extra-ordinary record of the promoters..2 years ago fed by rumours of private deals with Reliance Dairy, the stock was ratcheted up to Rs 200 from Rs 29 in a matter of six months.

-Nearing the top, the company announced a Bonus issue of 1:1, after which the stock kept falling till it reached Rs 50.

-IFC Washington was brought in with a Equity placement of 46.50 lakh shares at Rs 60 or a 20 per cent stake.

-A large number of warrants exercisable at Rs 80 were issued to promoters, a part of which were excercised but mostly allowed to lapse.

-Then after consecutive quarters of substantial losses, the stock fell to Rs 11.

-Modern Dairies immediately after approached the Corporate Debt Restructuring mechanism created by GOI Banks for write-offs/bail-out and got one package approved in March 2009.

-On the financial front though nothing changed, neither did the reporting competence of the management.

-Results for quarter ending June 2009 were released in November 2009, while results for quarter September 2009 also released in November 2009.

-Both quarters again show losses, though on a reduced scale beyond which the company has bothered to share no further communication with it's investors.

-Finally, bulk deals of the nature of circular trading appeared in the counter on Friday November 20th 2009, which is represented below.

-Sebi/BSE are requested to look into this highly un-usual stock move and conclude of nefarious agencies are at play in the counter.

Arvind Parekh

+ 91 98432 32381

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