Ajmera Broking ISO 9001:2000 CERTIFIED The Growth Catalyst® _____________________________________________________ EQUITY, DERIVATIVES, CURRENCY, COMMODITY, PMS & DEPOSITORY ___________________________________________________________________________________________________________ Corp. off.: 63/67, 4th Floor Carmello Bldg, L. T Marg, Pathakwadi, Mumbai – 400 002. INDIA. Tel: 022-4062 8888 Fax :022-4062 8989 Email : firstname.lastname@example.org CLOSING BELL as on April 17, 2009 Thought for the Day:- “ Rule No.1 is never lose money. Rule No.2 is never forget rule number one." INDEX WATCH S&P CNX NIFTY Close Points Chg % S&P CNX Nifty 3384.40 14.90 0.44 SENSEX 11023.09 75.69 0.69 BSE Midcap 3472.60 33.87 0.98 BSE Smallcap 3951.56 22.57 0.57 BSE - 100 5636.13 48.02 0.86 BSE - 200 1303.49 12.12 0.94 BSE - 500 4037.84 37.43 0.94 SENSEX IT 2461.60 69.83 2.92 Capital Goods 7842.15 196.64 2.57 Bankex 5526.33 157.16 2.93 Power 2092.29 20.89 1.01 Metal 6790.76 -114.36 -1.66 FMCG 2087.49 -13.52 -0.64 Oil & Gas 7878.25 -23.12 -0.29 Realty 2166.49 65.75 3.13 WORLD INDICES TOP GAINERS / LOSERS GAINERS Closing LOSERS Closing Close Points Chg % HANG SENG 15601.27 18.28 0.12 UNITECH LTD 52.60 HINDALCO LTD 54.90 NIKKEI 8907.58 152.32 1.74 ALLAHBAD BANK 53.45 IBULL REAL EST 128.80 STRAITS 1896.56 4.81 0.25 JAI CORP 187.00 JSW STEEL 316.45 FTSE 4094.16 41.18 1.02 IOB LTD 66.50 TECH MAHINDRA 334.85 CAC 3076.62 38.34 1.26 ORACLE FIN SERV 869.85 RCF LTD 42.35 DAX 4670.28 60.82 1.31 Immense volatility in late trade A sudden fall pushed the Sensex briefly into the red in late trade with index heavyweight Reliance Industries (RIL)and metal shares leading the slide. The market, however, came off the lows on rally in other heavyweights Infosys Technlogies, Larsen & Toubro and ICICI Bank. The BSE 30-share Sensex provisionally rose 106.46 points or 0.97% Four out of 12 sectoral indices on BSE were in the red. Market breadth, which was strong throughout the session, lost steam in late trade. By the end of the day, there were 1317 gainers as against 1236 losers on BSE. A total of 80 shares were unchanged. Government's forecast that the South West monsoon, critical to the country's $240 billion agricultural economy, will probably be near normal this year, supported the market at lower level. Rains in the June-September rainy season will probably be 96% of the average between 1941 and 1990, the New Delhi-based India Meteorological Department said in a statement today, 17 April 2009. Actual rainfall can be five percent more or less than the forecast, the bureau said. The monsoon outlook is most widely watched indicator because India's 235 million farmers represent about 20% of the $1.2 trillion economy. The market was volatile. After a sharp surge in early afternoon trade, the market cut gains later. The market firmed up again in afternoon trade as investor sentiment was strong on sustained buying by foreign funds. Profit taking ahead of the weekend pulled the market sharply lower in mid-afternoon trade. The market cut losses in late trade on forecast of a near-normal rains this year. Foreign funds were net buyers in Thursday's trade despite a near 3% fall in the barometer index BSE Sensex on that day. As per the provisional data released by the stock exchange, foreign funds bought shares worth a net Rs 479.09 crore on Thursday. FIIs have made heavy buying in the past few weeks after heavy sales in the first two months of calendar 2009. There was a huge outflow of Rs 1124.24 crore by domestic institutional investors (DIIs) on Thursday. Meanwhile, the government has reportedly postponed its largest auction of oil and gas fields after confusion about a tax holiday for natural gas production and the ongoing national elections European markets moved between positive and negative zone as investors eyed a mixed set of earnings from companies such as Carrefour and mobile handset maker Sony Ericsson. Germany's DAX index rose 0.47%. France's CAC 40 was up 0.87%. UK's FTSE fell 0.18%. The European Central Bank's President Jean-Claude Trichet said Friday that the ECB would do what was necessary to restore confidence in the global economy. Trichet said the central bank would decide on non- standard policy steps in May, but that it was important not to create expectations. Asian shares were mostly in green on Thursday led higher by technology stocks after their US peers gained on hopes for better demand and some stability in the economy there. Key benchmark indices in Hong Kong, Indonesia, and Singapore were up by 0.12% to 0.60%. But key indices in South Korea and Taiwan were down 0.58% to 4.03%. Japan's Nikkei 225 was up 1.74% after consumer confidence in Japan climbed in March 2009. However, Bank of Japan Governor Masaaki Shirakawa said Friday the Japanese economy is worsening and the downturn has yet to run its course. China's Shanghai Composite was down 1.19%. Chinese industrial production expanded by 8.3% in March 2009 from a year earlier, up from 3.8% in the first two months. The data was released by the statistics bureau yesterday, 16 April 2009, in Beijing. Trading in US index futures showed the Dow could fall 42 points at the opening bell on Friday. US index futures declined ahead of earnings from industrial bellwether General Electric and banking giant Citigroup Wall Street gained Thursday amid hopes for an economic bottom in the US. US jobless claims declined. The number of people filing new claims for unemployment insurance in the week to 11 April 2009 fell to 6,10,000, the lowest number of new claims since late January 2009 and well below the 6,55,000 economists expected. The BSE Mid-Cap index outperformed the Sensex, rising 1.53%. The BSE Small-Cap index outperformed the Sensex, rising 1.08%. The BSE clocked a turnover of Rs 5555 crore, lower than Rs 7149.45 crore on 16 April 2009. India's largest engineering and construction firm by revenue Larsen & Toubro rose 4.63% as the company expects its order inflow to grow by 25-35% in the year ending March 2010 (FY 2010). The company said during trading hours on Thursday new orders grew 24% to Rs 52000 crore in the financial year that ended on 31 March 2009. India's second largest software outsourcer by sales Infosys Technologies rose 4% on bargain hunting after it fell 5.96% in past three session to Rs 1341.30 on 15 April 2009 from Rs 1426.45 on 9 April 2009. The stock had tumbled after the company issued a weak guidance for the year ending March 2010 (FY 2010). It has the second highest weightage of 8.33% on the Sensex. Infosys has forecast a 3.1% to 6.7% decline in revenue to between $4.35 billion and $4.52 billion as per US GAAP for the year ending March 2010 (FY 2010). The company forecast a 9.5% to 13.6% decline in consolidated earnings per American Depositary Share in the range of $ 1.91 and $ 2.00 for FY 2010. The pricing for the quarter ended March 2009 declined by 3%, S.D.Shibulal, chief operating officer, Infosys said in a statement. Banking shares were in demand after US bank JPMorgan Chase & Co on Thursday, posted a better-than- expected quarterly profit and fuelled hopes the world banking sector was stabilizing. A further fall in bond yields also aided rally in bank shares. India's largest commercial bank by branch network State Bank of India rose 3.51% on reports its credit growth could rise 25% in 2009-10 even as the banking sector may see loan growth of 19-20%. O.P. Bhatt, Chairman, State Bank of India said with increase in efficiency and opening of more number of branches, SBI should be able to achieve higher growth figure. SBI, which has the largest network of branches at over 11,111, added 1,600 branches in 2008-09. The bank is planning to add another 800-1,000 branches in 2009-10, with the majority in rural and semi-urban areas. Private sector bank and Sensex pivotal ICICI Bank rose 4.53%. It has the fourth highest weightage of 6.05% on the Sensex. At 13:30 IST, the 6.05% 2019 government bond yield was at 6.40%, off its early low of 6.36%, which was its lowest since 16 March 2009. It had ended at 6.43% on Thursday. It may be recalled that many banks had reported robust Q3 December 2008 results on the back of treasury gains as bond prices soared. Bond yields and bond prices are inversely related. Power sector lender Power Finance Corporation rose 6.95% after its net profit rose 32.22% to Rs 390.58 crore on a 33.09% rise in operating income to Rs 1819.27 crore in Q4 March 2009 over Q4 March 2008. Brokearge Motilal Oswal Financial Services jumped 2.24% after the scrip entered the S&P CNX 500 index, replacing RSWM, in the broad-based index. India's largest aluminium maker by sales Hindalco Industries slipped 5.18%. According to recent reports, Hindalco is actively considering scaling down production of alloy wheels at its Silvassa unit due to low demand from the auto industry for premium products. Aluminium April futures fell 0.90% on the Multi Commodity Exchange at 15:30 IST. India's largest copper maker by sales Sterlite Industries tumbled 3.12% after copper April futures fell 0.99% on the Multi Commodity Exchange at 15:30 IST. India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) fell 1.09%, extending losses for the second sessions in a row. The stock had lost 4.88% in the previous session on profit taking. Earlier the stock had risen 20.44% in eight straight sessions to Rs 1825.55 on 15 April 2009 from Rs 1515.70 on 30 March 2009. The scrip has the highest weightage on the Sensex. The company recently started pumping gas from the Krishna Godavari (KG) which is estimated to add close to $2 billion to the companys profit at peak production levels. India's largest passenger car maker by sales Maruti Suzuki fell 1.67%. The stock had risen 5.47% in past three session to Rs 851.55 on 16 April 2009 from Rs 807.35 on 9 April 2009. Sugar shares extended recent gains on reports retail sugar prices may hit Rs 30 per kilogram from current Rs 28.50 on acute shortage of cane. DCM Shriram Industries (up 6.61%), Simbhaoli Sugars (up 5%), Triveni Engg Industries (up 2.99%), Balrampur Chini (up 1.88%), EID Parry (up 1.79%), Shree Renuka Sugars (up 1.36%), and Bajaj Hindustan Sugar (up 3.64%), galloped. The reason for shortage of sugar is attributed to shortage of cane, a raw material used in production of sugar. In response to price rise government may hike quota release for Q1 June 2009. The government, recently waived import duty on both raw and refined sugar to avert any rise in the price of this politically-sensitive commodity. In the wholesale markets, sugar prices have shot up by Rs 30 per quintal in the last fortnight to Rs 2,700-2,750 per quintal in Delhi. The rise in sugar prices stand to improve the operating margins of sugar producers. Private sector airliner Jet Airways India rose 1.34% on reports the company is restructuring its business operations that would trim its workforce and enhance efficiency. State-run power transmission utility Power Grid Corporation of India rose 2.96% after 20 lakh shares changed hands in a block deal on NSE at Rs 96.25 each. Security products maker Zicom Electronic Security Systems was locked at 5% upper limit after a block deal of five lakh shares was executed on BSE at Rs 84.45 per share. Disclaimer: The information contained in this report is obtained from reliable sources and is directed at market professionals and institutional investors. In no circumstances should it be considered as an offer to sell/buy or, a solicitation of any offers to, buy or sell the securities or commodities mentioned in this report. Ajmera, and/or its affiliates, may or may not have position in securities mentioned in this report. No representation is made that the transactions undertaken based on the information contained in this report will be profitable, or that they will not result in losses. Ajmera Associates Ltd and/or its representatives will not be liable for the recipients’ investment decision based on this report.
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