POST MARKET REPORT - 29.05.2008

[K.Karthik Raja]

India Stocks Review: End down after volatile session on F&O expiry
Thursday, May 29

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Bombay Stock Exchange : National Stock Exchange
Sensex: 16316.26, dn 209.11 pts (1.3%) : Nifty: 4835.30, dn 83.05 pts
(1.7%)
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The stock market swung between positive and negative territory,to
finally give in to losses and end down over 1% on selling by foreign
institutional investors, but the close was off the 2% low touched
earlier.
The late sell-off to liquidation of long positions in the futures
and
options segment on expiry of the May series.
It (sell-off) was on account of the VWAP (volume weighted average
price)
effect in the last hour of trade, where investors sell off positions
that
they cannot roll over.

Turnover on BSE and NSE combined was over 243 bln rupees, compared
with
188 bln rupees in the previous session.CNX Midcap ended down 0.2% and
S&P
CNX 500 fell 1.3%.

Some selling could also be attributed to caution ahead of inflation
and
gross domestic product data to be released Friday, and on fears of a
possible
fuel price hike.

LOSERS
*Tata Motors, down by 8% was the worst hit on Nifty on equity
dilution
fears after the company Wednesday announced plans to raise 72 bln
rupees via three rights issues.
*Mahindra & Mahindra, which Wednesday reported a 6.4% on year fall
in Jan-
Mar net profit, ended down 5.5%
*Sun Pharmaceuticals ended down 5% at 1,384 rupees after the company
late
Wednesday said it has received a notice from Israel-based Taro Pharma
for
termination of its merger agreement.The company has said Taro is not
entitled to terminate the merger agreement.
*Ambuja Cements, which gained 7% in the previous session on news of
easing of the ban of exports, ended down 6% at 98 rupees as investors
took
profits.
*Suzlon Energy ended down 5% at 275 rupees, extending its fall for
the
third straight session.

GAINERS
*Larsen & Toubro, up over 6% at 2,882 rupees, was the top Nifty
gainer
after the company announced a 1-for-1 bonus share issue, and better-
than-
expected Jan-Mar earnings.
*Reliance Communications ended up nearly 4% at 572 rupees on the
back of
short covering by funds
*Cipla was up over 3% at 214 rupees on defensive buying.Company is
going
to oppose 60 drug patents of global companies.
*Power Grid Corp, which has postponed its Jan-Mar earnings, closed
up 2%
at 102 rupees.
*Satyam Computer Services was up over 2% at 525 rupees.
*IFCI ended up over 6% at 62 rupees after the company said its
board will
mull induction of a strategic investor today

KEY MARKET MOVES
* In the 50-share Nifty, 9 rose and 41 fell.
* In the 30-share Sensex, 6 rose and 24 fell.
* On BSE, there were 1,115 advances and 1,537 declines.
* BSE Auto: Down 3.3%; BSE Capital Goods: Up 2%.

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Bombay Stock Exchange : National Stock Exchange
Sensex: 16316.26, dn 209.11 pts (1.3%) : Nifty: 4835.30, dn 83.05 pts
(1.7%)
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K.Karthik Raja
www.kences1.blogspot.com