Market Report 05-Mar 08

Sensex is trading in its weakest mood from the past three years, the nifty is down and is touching its support llvls of 4800 , anything below that will definately be invitinng 4400-4480 lvls.
Dow jones turned back from its support and gave a nice come back with moving 180 + points of rally in the closing bell .Asian markets are trading mixed with nikkei down on account of meet for the rate change.
SEBI yesterday cleared that it is no mood of banning the FII as they are not behind the recent fall, meanwhile in today meet SEBI is expected to clear some of the infrastructure fund as well.

Markets yesterday tried to cvr up 2-3 times but each time it comoes up it fell down woth profir booking , recent gains are not ruled out, We belive market may take another 1 week before settling down to some lvls and till then volatility will be as such.

Below 5050 we dont advise to trade for traders and buy and go long only if nifty holds 4975 on charts.
yesterday bad news by media about ICICI, the subprime link of ICICI Bank, which the bank later denied. However ICICI Bank and its overseas banking subsidiaries have an aggregate exposure of USD 2.2 billion in credit derivatives.As of January 31, 2008, the mark-to-market negative on this portfolio due to movement of credit spreads was about US$ 155 million. The current declines should be used by long term investors to buy the stock. With ICICI Securities IPO coming up and demerger of many of the subsidaries will unlock the value in the stock...
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keep an eye on stocks..

Reports suggest Hindalco Industries has raised aluminium prices by Rs 5,000 a tonne on rising global aluminium prices..

Tata Motors is looking out for the possibility of global licencing Nano...

IRB Infra was awarded the maintenance and operating contract of the entire road infrastructure in Kolhapur city, Maharashtra...

Punjab National Bank is planning to sell a 26% stake in its primary dealership subsidiary, PNB Gilts...

Unitech’s US$1.5bn QIP postponed to first quarter of 2008..

M&M acquires Italian automotive design company G.R. Grafica Ricerca Design for an undisclosed amount..

Tata Power plans to spend Rs170bn on Mundra plant..

Ranbaxy secures USFDA approval to sell generic version of Risperdal..

Gail bids for 5.2% stake in Petronet LNG Ltd for Rs15bn..

NTPC to enter into a JV with two Indonesian coal firms Persada Investama and Sugico Graha..

Today we will advise to stay away and wait and watch policy ..

Have a grt dAY1!!!