Trading day: Friday, 11 April
4:10 PM - And the market had a poisitive week too! The BSE Sensex gained 3% and the NSE Nifty, 2.8%. But it was better for the midcaps and smallcaps, as the CNX Midcap index gained 4.5% and BSE Smallcap index gained 4.8% over the week. Sector-wise, BSE Oil & gas index added 7.3%, BSE Capital Goods index, 5%, BSE Bankex, 4.5% and BSE Metal index, 3.9%. But the BSE IT index lost 0.8% over the week. The market will remain closed on Monday, 14 April, on account of Ambedkar Jayanti and re-open on Tuesday, 15 April, 2008.
4:05 PM - The last day of the week turned out to be much better than expected! Despite high inflation, the market traded in the positive terrain all day, thanks to positive IIP data and good global cues. Sensex closed at 15,807, up 112 points from the previous close. Nifty shut shop at 4777, up 44 points. Midcaps and smallcaps too had a good day; CNX Midcap index was up 0.7% and BSE Smallcap index, up 0.6%. Sector-wise, capital goods saw buying interest return after pleasing IIP numbers. Oil & gas and power stocks were also popular today. On the other hand, FMCG, banking and realty stocks witnessed some selling pressure. Top gainers on the Sensex include BHEL, L&T and Reliance Industries, while losers are Ambuja Cements, Infosys and HUL, among others.
4:00 PM - The Nifty has a good base at 4650-4700 now, says Ashwani Gujral, technical analyst, on CNBC-TV18. If it closes above 4800, then one can expect 4950 on the Nifty, he adds.
3:54 PM - JK Tyre has acquired 100% of Mexican tyre company, Tornel for Rs 270 crore, reports CNBC-TV18. The deal will be made through SPV route and is expected to be closed by May-end. The stock closed at Rs 116.35, down 0.3% on the BSE today.
3:49 PM - Indian markets are holding up better than the Chinese markets, says Ray Barros, CEO of Ray Barros Trading Group, on CNBC-TV18. But if the Nifty breaks 4668, then the market may test January lows, he adds.
3:44 PM - Karvy Stock Broking has a target price of Rs 585 on Nitin Fire, reports CNBC-TV18. The stock is at Rs 450.50, up 1.1% on the BSE.
3:36 PM - One can look at buying Unitech at Rs 225-230 and sell it at rallies towards 300, says Hitendra Vasudeo, technical analyst, on CNBC Awaaz. The stock will face resistance at Rs 300, he adds. It is at Rs 263.90, up 0.3% on the BSE.
3:29 PM - It was an important day, with the inflation and IIP data being announced. Inflation came out at a 40-month high, but the market remained firm, thanks to good IIP numbers and positive global cues. Sensex ended the day at 15,816, up 121 points (provisional) from the previous close. Nifty shut shop at 4785, up 52 points. (provisional). CNX Midcap index too gained 0.8% (provisional).
3:26 PM - Allied Digital Services has a target of Rs 1,400, says Ashish Maheshwari, MD, India Capital Markets, on CNBC-TV18. The stock is currently trading at Rs 791, down 1.1% on the BSE.
3:20 PM - IRB Infra will outperform the market in the coming days and maybe even cross its earlier highs, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 180, up 2.1% on the BSE.
3:14 PM - Hold Cairn with a stoploss of Rs 245 and for a target of Rs 258, says Vijay Bhambwani, technical analyst, as a closing market strategy, on CNBC-TV18.
3:13 PM - Hold Nifty longs with stoploss of 4700, says Ashwani Gujral, technical analyst, as a closing market strategy, on CNBC-TV18.
3:07 PM - Maytas Infra has a bottom at Rs 500-505, but for the stock to gain momentum, it has to sustain above Rs 740, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 651.25, up 1.7% on the BSE.
3:01 PM - Punj Lloyd has bagged orders worth Rs 1,864 crore, reports NDTV Profit. The stock is currently trading at Rs 330.30, up 4.2% on the BSE.
2:57 PM - The next target that RIL has is of Rs 2,600, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 2,540, up 3% on the BSE.
2:50 PM - ICSA India has a year's target of Rs 580-600, says Ashish Maheshwari, MD, India Capital Markets, on CNBC-TV18. It has monopoly in the embedded technology space and is available at 9x PE of FY09 earnings, he adds. The stock is currently trading at Rs 382, up 2.3% on the BSE.
2:44 PM - Koutons is consolidating and has a good support base at Rs 740-750 now, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. For the stock to gain momentum, it has to sustain above Rs 930, he says. It is currently trading at Rs 800, up 1% on the BSE.
2:37 PM - BHEL has support at Rs 1,750-1,800 and will consolidate between Rs 1,800-2,050 for some time now, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 1,827.25, up 3.5% on the BSE.
2:30 PM - Emkay Share & Stock Brokers have a target price of Rs 260 on Yes Bank, reports CNBC-TV18. The stock is currently trading at Rs 160.50, down 2.8% on the BSE.
2:24 PM - Gujarat Industries Power has a target price of Rs 160, says Ashish Maheshwari, MD, India Capital Markets, on CNBC-TV18. The company has a stable business model of supplying power to the Gujarat State Electricity Board and is currently available at 8x PE of FY09 earnings, he adds. The stock is currently tarding at Rs 95.95, up 1.1% on the BSE.
2:17 PM - NIIT Technologies has a target of Rs 160-165, if companies like Infosys give decent guidance, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock has support at Rs 105, he adds. It is currently trading at Rs 125.60, up 3.3% on the BSE.
2:10 PM - Jain Irrigation is a good long term investment, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The stock has 15-18 month target of Rs 950, he adds. It is currently trading at Rs 670, up 2.4% on the BSE.
2:03 PM - European markets have opened higher. The market back home is off the day's highs, but still in the positive terrain. Sensex is at 15,881, up 186 points from the previous close. Nifty is at 4795, up 62 points. CNX Midcap index is up almost 1% and BSE Smallcap index, up 0.7%. Market breadth is positive, with 755 advances against 447 declines on the NSE.
1:55 PM - CLSA has a 'buy' rating on Ipca Labs, with a target price of Rs 815, reports CNBC-TV18. The stock is currently trading at Rs 610, up 0.9% on the BSE.
1:48 PM - Inflation will rise further due to higher food prices, says Indranil Pan, Chief Economist, Kotak Mahindra Bank, on NDTV Profit. He expects a CRR rate hike in the monetary policy. Concerns over economy slowdown still prevails, he adds.
1:41 PM - Infosys may not be able to swing the market either way this time, says PN Vijay, portfolio manager, on CNBC-TV18. If the guidance is bad, then it may take the market down, but not the other way because the focus now is on the old economy stocks, IIP growth and inflation, he explains. The stock is currently trading at Rs 1,426, down 1.9% on the BSE.
1:34 PM - Primary steel exports and cement exports will be banned with immediate effect, says Kamal Nath, Commerce Minister, on CNBC-TV18. Interest subvention will be extended by one year to 2009. The sunset clause on EOUs has been extended to 2010.
1:27 PM - Polaris has a target price of Rs 135, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock has resistance at Rs 115-125 and support at Rs 76-65, he says. The stock is currently trading at Rs 88, up 3.09% on the BSE.
1:20 PM - Religare has a price target of Rs 250 for IDFC, reports CNBC TV18. The stock is currently trading at Rs 156, up 1.04% on the BSE.
1:13 PM - The rally seen in the market is mostly due to short covering, say dealers, reports CNBC-TV18. Local funds are buyers inthe market today, but the FII desk is seeing selective selling in largecap stocks, they say. Capital goods stocks are is witnessing buying post positive IIP numbers.
1:06 PM - Inflation has come in at 7.41% versus expectations of 7%, reports CNBC-TV18. This is the highest since November 8, 2004.
12:59 PM - Positive cues from Asian markets and good IIP numbers have the market trading higher. Sensex is at 15,933, up 238 points from the previous close. Nifty is at 4805, up 72 points.
12:57 PM - Reliance Industries has resistance at Rs 2600 and if it can close above that it could even go to Rs 3000, says Kiran Jadhav, technical analyst, on NDTV Profit. The stock is currently trading at Rs 2503, up 1.46% on the BSE.
12:52 PM - NIIT Tech has a target price of Rs 240, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock has resistance at Rs 135-155-207 and support at Rs 111-102-88, he says. The stock is currently trading at Rs 126, up 3.66% on the BSE.
12:45 PM - Wipro has a target price of Rs 500, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock has resistance at Rs 425-450 and support at Rs 390-375-325, he says. The stock is currently trading at Rs 409, up 0.56% on the BSE.
12:36 PM - Good IIP numbers take the market up. Sensex is trading at 15914, up 219 points and Nifty is at 4805, up 72 points from the previous close. The CNX Midcaps index is up 0.76% and BSE Smallcaps index is up 0.80%. The market breadth is positive with advances at 818 against declines of 375 on the NSE.
12:31 PM - February IIP numbers seen at 8.6% versus 5.3%, reports CNBC TV18. NW18 poll expected the industrial growth numbers to be at 7.2%.
12:25 PM - TCS has a target price of Rs 1150-1200, says Ashu Kakkar, technical analyst, on NDTV Profit. The stock has resistance at Rs 1045-1075 and support at Rs 845-815-775, he says. The stock is currently trading at Rs 925, up 2.49% on the BSE.
12:17 PM - Government bans primary steel exports, says Kamal Nath, minister of commerce and industry, reports CNBC TV18. Primary steel has been removed from focus product scheme. Steel stocks took a knock with this news, JSW Steel down 2.47%, Tata Steel down 1.01%, Ispat down 1.03%, Jindal Stainless down 1.39% and Sesa Goa down 0.31%.
12:10 PM - RPL has resistance at Rs 200 and support at Rs 150, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 179, up 1.9% on the BSE.
12:03 PM - HT Media has a long-term target of Rs 300, says Rajesh Tambe, investment expert, on CNBC Awaaz. It is a cash rich company with 26% for FDI (foreign direct investors) and it is doing well in the print media, he says. The stock is currently trading at Rs 143, up 2% on the BSE.
11:54 AM - HT Media has resistance at Rs 190-200, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 143, up 2% on the BSE.
11:46 AM - The market is looking good. Sensex and Nifty up 1%. Sensex is trading at 15875, up 179 points and Nifty is at 4793, up 60 points from the previous close.
11:40 AM - Government says India's FY08 exports are at $155 billion and is aiming for FY09 exports to be $200 billion, reports NDTV Profit. Tax refund plan (DEPB) to continue in FY09.
11:31 AM - RBI may hike CRR and reverse repo rates, says CLSA on CNBC TV18. It expects inflation to remain high and is looking at 7.7% GDP growth versus 8.3% forecast earlier.
11:23 AM - Citi downgrades JSW Steel to Rs 995 from Rs 1243, reports CNBC TV18. The stock is currently trading at Rs 728, up 0.66% on the BSE.
11:14 AM - The market is showing resilience and trading steady despite poor inflation numbers. Sensex is trading at 15807, up 112 points and Nifty is at 4771, up 38 points from the previous close. The CNX Midcaps index is up 0.25% and BSE Smallcaps index is up 0.50%. The market breadth is positive with advances at 687 against declines of 449 on the NSE.
11:05 AM - Reliance Energy has resistance at Rs 1390, says E Mathew, technical analyst, on CNBC TV18. The stock is currently trading at Rs 1306, up 4.16% on the BSE.
10:57 AM - CRR hike likely to come earlier than expected, says DK Joshi, principal economist with Crisil, obn NDTV Profit. More indirect price control may come in now with a relook at food subsidy, he adds.
10:50 AM - RBI may come out with a 50 bps CRR hike, says Sucheta Dalal with Standard Chartered, on CNBC TV18 on the inflation numbers. The government will use every available tool at its disposal to curb inflation now, she adds.
10:43 AM - Poor inflation numbers push the market down. Sensex and Nifty reacted to the numbers and slipped into the negative but gained ground again. Sensex is trading at 15782, up 87 points and Nifty is at 4762, up 29 points from the previous close. The CNX Midcaps index is up 0.18% and BSE Smallcaps index is up 0.45%. The market breadth is positive with advances at 766 against declines of 199 on the NSE.
10:39 AM - Inflation for the week ended March 29 is at 7.41% versus 7%, the market estimated it at 7%, reports CNBC TV18. Inflation number is the highest since November 8, 2004. Iron and steel inflation up 5.6%.
10:34 AM - The market is still not showing a decisive situation and the result season will act as a trigger, says Venkat Subramanium, investment adviser, on NDTV Profit. One can take heart that the market has really not broken down, he adds. If inflation numbers today are above 7%, the market could see a sell off which would be a good opportunity to buy, he says.
10:25 AM - Sterlite Industries is looking overbought and the stock has resistance at Rs 840-850, says E Mathew, technical analyst, on CNBC TV18. The stock is forming an attractive base at Rs 680-685 and one can buy the stock for the long term at Rs 715-720, he says. The stock is currently trading at Rs 789, up 0.48% on the BSE.
10:17 AM - Emkay Share and Stock Brokers has a price target of Rs 260 for Yes Bank, reports NDTV Profit. The stock is currently trading at Rs 166, up 0.59% on the BSE.
10:04 AM - GVK Power has seen a breakout at Rs 42, yesterday's closing and it now has a target of Rs 52-55, says E Mathew, technical analyst, on CNBC TV18. The stock is currently trading at Rs 45, up 3.5% on the BSE.
9:53 AM - The Asian markets are trading in the positive. Good global cues see a higher opening for the Indian market. Sensex is trading at 15856, up 161 points and Nifty is at 4783, up 50 points from the previous close. The CNX Midcaps index is up 1.08% and BSE Smallcaps index is up 0.73%.
9:45 AM - The NDTV Opinion Poll expects to see a positive opening today. Nifty range is expected to be 4650-4850 and a break above 4837 is important. Stocks to watch out for are GTC Industries, Sterlite Optical and Reliance Industries.
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