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All eyes on FED

This article was posted on Oct 29, 2008 and is filed under Market Outlook

Avoid any fresh buying unless you want to pick up stocks for the long term. Thursday being a holiday, you never know how global markets shape up. F&O expiry and speculations of the US FEDs decision on the interest rate kept the Indian markets highly volatile. After extending gains in the early trades key indices witnessed wild gyrations throughout the trading session. Alternate bouts of buying and selling often tossed the Indian bourses in the positive and negative terrain. Finally, the BSE benchmark Sensex gained 36 points or 0.4% to close 9,044 and the NSE Nifty index was up 12 points to close at 2,697.

Alok Industries reported net sales of Rs6.98bn for the quarter ended 30 September 2008, a jump of 50.21% over the corresponding quarter of the previous year (Rs4.64bn). Sales for the six months ended 30 September 2008 stood at Rs12.41bn – a 40.50% increase over the same period of the previous fiscal (Rs8.83bn)

Export Sales for the second quarter stood at Rs2.61bn, representing a 29.67% increase over the Rs2.01bn achieved during the quarter ended 30 September 2007. At a cumulative level, export sales for the half-year ended 30 Sep 2008 reached Rs4.59bn – an increase of 18.02% over the figure reported for the six months ended 30 September 2007 (Rs3.89bn).

The stock ended lower by 2.3% to Rs17.7 after hitting an intra-day high of Rs19 and a low of Rs17 and recorded volumes of over 2,00,000 shares on BSE.

Educomp rallied by over 6% to Rs2026on the back of huge volumes. The scrip touched an intra-day high of Rs2400 and a low of Rs1830 and recorded volumes of over 7,00,000 shares on BSE.

L&T pared all its gains and ended with losses, the stock was down 1.5% to Rs763. According to reports, the company would set up heavy engineering facility in Oman to manufacture high-pressure heat exchangers and reactors. The scrip touched an intra-day high of Rs815 and a low of Rs751 and recorded volumes of over 8,00,000 shares on BSE.

M&M advanced by 8% to Rs302 after reports stated that the company would spend Rs3bn towards the brand building and promotion for launching vehicles in US.

The company also came up with its quarterly results.

The gross revenues and other income for the quarter ended 30th September 2008 grew by 19.1% to Rs77.41bn from Rs65.02bn in Q2 last year. The profit before exceptional items and tax for the quarter is Rs6.23bn as compared to Rs6.94bn in Q2 of FY08.

During the period there was also an exceptional profit of Rs331mn that accrued to the group out of the private placement of shares by group subsidiaries, Mahindra Retail Pvt Ltd and Mahindra Residential Developers Ltd. The consolidated profit after tax for Q2 after deducting minority interests is Rs3.73bn as against Rs3.92bn earned in Q2 previous year.

Reliance Capital gained by 2.5% to Rs635. According to reports, the company awaits an approval from NHB and RBI for its housing finance and consumer finance business. The scrip touched an intra-day high of Rs665 and a low of Rs620 and recorded volumes of over 21,00,000 shares on BSE.

Markets players would keep a close track of the overnight developments in the US markets specially the decision of the Federal Reserve on interest rates. Avoid any fresh buying unless you want to pick up stocks for the long term. Thursday being a holiday, you never know how global markets shape up as we open on Friday morning.

source: Indiainfoline

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