Money Tree

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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We are giving hereunder a list of some multi baggers recommended on our site last year. Only those stocks are listed here which have more than doubled and other stocks which have given less than 100 percent returns are not included here.

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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 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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Reliance Capital

We had recommended Reliance Capital at Rs. 745 on 3rd May 2007 and thereafter it has been in an uptrend and has crossed Rs. 1000 levels recently. The stock did not go below our recommeded level since then. The current market price of the stock is Rs. 971.95.

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 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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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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What’s buzzing today

Divi’s Lab

Divi’s Lab is leading the midcap pharma pack. On the back of good quarterely results, the stock is up more than 8 percent at Rs. 4398 as against a close of Rs.4057 yesterday. Matrix Labs has also posted good set of numbers and is following the trend, the stock is up 6.7 percent at Rs. 235 as against its yesterday’s close of Rs. 220.20.

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