Money Tree

The markets today have opened almost flat and the NIFTY is at 4293 just 4 points down from its previous close. Major gainers are Hindal which is up more than 7 percent and Rain Calcining is up 20 percent at Rs. 42.60.

The Promoters of Mount Everest Mineral Water are likely to sell 11 percent stake to Tata Tea and it would take the total holding of Tata Tea in Mount Everest to more than 42 percent. Mount Everest is the market leader in mineral water market with its brand Himalaya having 75 percent market share. Both the stocks have reacted to the news today and Mount Everest is locked in the upper circuit at Rs.127.65 and Tata Tea is up more than 3 percent at Rs. 910.

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We had recommended Dish TV on 3rd May 2007 at Rs. 110-112 with a short term target of Rs. 135. Today the stock traded above our target price for a long time and closed at Rs. 134.15 today. We had maintained that once the stock crosses Rs. 110 level decisively then it would have its next target placed at Rs. 122 and then Rs. 135. Today it has aceived our final short term target and the stock afer crossing Rs. 110 level did not go below that as indicated in our recommedaiton.

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We had recommended Carborundum Universal on 3rd May between Rs. 140 and Rs. 145 and today it touched Rs. 187 in the morning and currently is quoting at Rs. 168. The stock did not go below Rs. 140 which acted as a strong support as suggested at our site on the day of recommendation, it remained in the range of Rs. 141 to 147 and then started shooting up last week to reach a high of Rs. 187 today. We had set a short term target of Rs.180 for the stock which has been acheived today.

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GLOBAL MARKETS

US Markets

The US markets closed positive on friday.

Dow Jones closed at 13507.28 up 66.15 points or 0.49 percent
Nasdaq Composite closed at 2557.19 up 19.27 points or 0.76 percent.

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The inflation as announced today for the week ended on 12th May 2007 stood at 5.27 as compared to 5.44 the previous number. This is slightly above the expected level, however it has improved from the previous level and is marching towards the targeted level of below 5.
The inflation number is being watched closely by the Reserve Bank of India as it may need to take some measures to bring it below the desired level.
The rupee has found support between 40.55 to 40.60 levels, some traders predict that RBI has started intervening and may not let the dollar fall below 40.5 levels. A big quantum of foreign money is expected to come into the system in the coming month and then it would become very difficult for the dollar to hold above Rs. 40 levels. Some experts are now contemplating another CRR hike by the RBI to suck the excess liquidity from the banking system.

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GLOBAL MARKETS

US Markets

The US markets closed almost flat on Wednesday.

Dow Jones closed at 13525.65 down 14.30 points or 0.11 percent
Nasdaq Composite closed at 2577.05 up 10.97 points or 0.42 percent.

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The much awaited DLF ipo is expected to open on 11th June 2007 and the price band is likely to be Rs. 510 to Rs. 600 per share. The total issue size is expected to be near Rs. 10,000 crores, one of the biggest issues in Indian primary market.
SEBI has given its nod to the OMAXE IPO and the same should also hit the markets in the month of June or in early July. The last real estate player to come out with an IPO was Orbit Corporation which came out with a successful IPO last month.
The overall real estate sector is in an uptrend with Unitech recently making its all time high and other players like Ansal Properties, Parsvnath Developers, Mahindra Gesco, Sobha Developers, etc also in an upmove.

Within few minutes of the opening trade, NIFTY has crossed its previous all time high of 4245, as indicated by us in the morning, and is currently at 4250.

The stock markets after opening negative, have recovered all the losses of the morning and are now almost flat. NIFTY is at around 4218 and Sensex is at around 14300 at 10.22 a.m.