Money Tree

DLF was listed at Rs. 582 in the morning as against its issue price of Rs. 525 and then it came down and is currently trading around Rs. 542. The stock has made a high of Rs.583.95 and a low of Rs.526.60 till 11.45 a.m. The poor listing impact has been felt across the board in the real estate sector and most of the real estate players have corrected significantly. Unitech is down more than 5 percent at Rs. 523, Parsvnath is down about 6 percent at Rs. 354, Mahindra Gesco is down about 3.5 percent at Rs. 554 and Indiabulls Real Estate is down about 5 percent at Rs. 428.

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Well that is a question behind every one’s mind now when we are at striking distance from the crucial level. Recently most of the global markets have made their all time highs and are continuously making new highs.

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The Sensex has made an all time high and is currently is at 14725 at 10.15 a.m.

The weekly inflation numbers are out and the inflation has come down to 4.28 percent for the week ended on 9th June 2007 as against 4.80 percent for the previous week. This has been better than the market expectations of 4.43 percent.

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The markets have turned around and NIFTY has crossed 4200 level on account of heavy buying in last one hour in NIFTY futures, bringing the NIFTY discount to almost zero. Some short covering is also seen and if the NIFTY closes above 4220 levels today we might resume the uptrend once again to make new highs. The markets opened flat in the morning and then drifted down in the red for some time and then after 2 p.m. again started rallying to cross 4200 levels. The advance decline ratio has also turned positive with 640 advancing stocks to 458 declining.

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Vishal Retail saw more interest among investors as compared to DLF as the issue is oversubscribed 81 times. The issue closed yesterday and the final figures of oversubscription were as under.

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After opening gap up in the morning NIFTY touched 4200 levels but could not hold on to that and remained around 4180 for a long time of the day and then in the last half hour from 2.30 p.m. onwards it started slipping and now has lost almost all its morning gains. Currently at 3.05 p.m NIFTY is 4145 and Sensex is at 14078. The advance decline ratio has also turned negative with 450 advancing stocks to 629 declining. The major pullers of NIFTY are Gail which is up 8.2 percent at 317, HP up 4.65 percent at Rs.273 and BP up 2.67 percent at Rs. 340. Zee is the major dragger of NIFTY, down almost 3 percent at Rs.276.5. The midcap index has turned negative and currently is down about 0.5 percent.

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Both NIFTY and Sensex closed in the red after a volatile session. The NIFTY had a gap down opening in the morning and slipped to 4126 and from there it bounced back and went in the positive territory for some time but fell down again in the last leg of trade to close at 4145 down 34.5 points from its previous close, Sensex also lost 122.37 points to close at 14063.81. The major contributors to the fall in NIFTY were ACC down 5.27 percent at 762, OBC down almost 5 percent at Rs. 212, HDFC down 3.72 percent at Rs. 1751, VSNL down 4.3 percent at Rs.452, TATA Steel down 5.19 percent at 583, SAIL down 4.57 percent at Rs. 124 and HP and BP were also down more than 3.5 percent at 261 and 331 respectively. A few Nifty gainers were hindalco up 3.23 percent at 128, satyam up 2.5 percent at 493.7 and ONGC up 2.3 percent at 872. The advance decline ratio was also negative with 368 advancing stocks to 729 declining.

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The markets after having a gap down opening bounced back in the morning and thereafter remained volatile to end negative in the end. The NIFTY closed at 4179.50 down 18.75 points and Sensex closed at 14186.18 down 69.75 points. The advance decline ratio was also negative with 399 advancing stocks to 667 declining stocks on NSE.
The NIFTY fell down near 4150 levels where it found support and was pulled back in the green. It remained above 4200 levels for quite some time but could not hold and fell down from above 4200 levels. We had indicated in the morning that a strong support exist at 4142 levels and if breached NIFTY would slide further, but the NIFTY did not breach this level and was pulled back from 4150 levels.

The markets today, after opening flat in the morning, fell down about 2 percent in the last 2 and half hours of trade. The sharp sell off came in when the NIFTY went below 4250 levels and thereafter it went below 4200 levels and closed at 4198.25 down 86.40 points and Sensex fell 279 points to close at 14255.93.
Some shorts also started building up after the NIFTY fell below 4250 levels and the NIFTY futures discount rose to 27.15 points with a very high turnover of Rs. 55,824 crores. It was a day of major profit booking with high volumes, which is not a good signal for the markets. The advance decline ratio was also negative with 861 declining stocks to 242 adcancing stocks on NIFTY.
The major draggers were Banking, oil and steel sectors with RIL down 3.3 percent at Rs.1687.35, RPL down 3.1 percent at Rs.98.55, PNB down 5.14 percent at Rs.509.75, SBI down 3.35 percent at Rs.1388.20, Tata Steel down 3.66 percent at Rs. 617.70 and sail down 4.67 percent at Rs. 132.55. The sentiment was negative as the ECB was expected to raise interest rates and there are apprehensions in the US markets that the US FED may also hike interest rates therefore the overall international sentiment was turned negative.

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