Pre-Market report on 24.04.2008

[N.Sukumar]

Midcaps hot in the ring , positive day in the offing
===================================================
US Markets gained ground today with Dow Jones closing marginally up
42.99
points at 12,763 while Nasdaq ended the day at 2,405, up 28 points on
strong
results from Boeing and Broadcom. After hours tech gaint Apple Inc
declared
numbers along with Amazon, the internet shoppe which are inline with
market
estimates but the guidance appear to be slightly lower. We do not
expect any
trouble to US markets due to the above mentioned results. Incidentally
Dow
Jones is back in the reckoning above 12,750 level. Japanese markets
are
trading marginally higher with Nikkei at 13,599, up 20 points.

Back home markets are in a lacklustre zone, given the triple witching
day
today, expiry of F&O contracts for April. Surprisingly Textile stocks
jumped
yesterday on the reports that Indian textile companies are likely to
benefit
as China's textile exports to US slumped in Jan-Feb 2008 period. Also
Indian
exporters posted a stunning growth of 8.26 percent in Feb.

Arvind Mills led the rally aided by Alok Textiles, Gokaldas Exports,
House of
Pearl and others. Offlate these stocks have been on a steady uptrend
after
hitting the bottom. The Italian company Diesel SpA is set to call off
the JV
with Arvind Mills unveiled in May last year. The government is
expecting a 15
per cent growth in textile exports in 2008-09, even as it fell short
of
achieving the 25 billion dollar export target set last year.

Indiabulls Securities jumped with huge volumes of 2.4 crore shares
yesterday
on bargain hunting. Merryl Lynch recently increased its stake to above
5
percent through open market purchases.

Volumes slowly started picking up by analyzing the top traded
counters. Newly
listed stock TItagarh Wagons continued to attract market fancy,
gaining 5.9
percent to end the day at Rs.710.50. Dalal Street is likely to trade
in the
positive zone today with Sensex likely to gain around 100-200 point
range.

Market Close Box
BSE Sensex 16698.04 -85.83
NSE Nifty 5022.80 -26.50
USD Rs.39.88
Oil Nymex $118.3

N.Sukumar
Research Analyst