Market Summary 13 March 08

The markets underperformed its peers yesterday when sensex loses all its gains , sensex from the high of 16600 came down to close marginal flat closing on account of the profit booking and fresh short being created in the morning.
The Asian indices where managed to close with tha gains of 1-2 % , sensex underperformed them , the trigger was bad IIP numbers . We warned the moneygurus memebers about all this much before and actively booked profits and we can see where all landed up.

As of now the markets seems to be under pressure so after yesterday rally and sell off of nearly 500 points looks like there is another tight day on charts, Markets looking to have a weak day today as all the Asian indices are trading low and in deep cut . Indina markets wont see a much deeper cut as we already shown the effect yesterday .
nifty made a return journey towards 4800 mark looks like after watching 5000 from some distance.

The bad trigger was ofcourse the IIP numbers..
growth in index of industrial production (IIP) slipped to 5.3% in January 2008 as compared with 11.6% in January 2007, the lowest since October 2006, when it stood at 4.51%. Growth in the manufacturing sector declined to 5.9% in January 2008 as against 12.3% in January 2007..

The next thing to watch here is advance tax being paid up by the comp , data of which is to be released on 15th march .
Rate cut by RBI does'nt loooks like feasible specially after the commom man budget.

REC Electrification Corporation a public sector enterprise engaged in financing and promoting transmission, distribution and generation projects started trading at Rs124.65 against the issue price of Rs105. During the day the scrip took a beating hitting a low of Rs118, however, it managed to make a come back finally closing at Rs121 translating into a premium of 15%. .

DLF REIT to raise Rs20bn from a clutch of PE investors..

NTPC Board approves an investment of Rs73.4bn in 1,920 MW Barh super thermal power project stage-II in Bihar..

Tata Steel to source chrome ore from Iran for its upcoming ferro chrome plant in South Africa. ..

Bharti Airtel signs a US$100mn investment agreement with the Board of Investment of Sri Lanka to begin operations there..

Alok Industries has taken 50% stake in Ashford Infotech through a 100% subsidiary for joint development of realty projects..

Gayatri Projects to enter the urban infrastructure and water treatment business segments..

Goldstone Tech plans to roll-out IPTV services in 11 countries by the end of FY09..
Blackstone has picked up minority interest in Titagarh Wagons at Rs672/share..

Shriram Properties to invest Rs5bn to develop mid-income housing projects across India over next 2-3 years..

Nifty supprt at 4650 resis at 4980-5073...

Have a grt daY!!!