Corp Headlines, Results:Larsen,HCL,Cont.Corp etc

Results:

Container Corporation Of India net profit rises 28.48% in the September 2008 quarter
Net profit of Container Corporation Of India rose 28.48% to Rs 223.68 crore in the quarter ended September 2008 as against Rs 174.10 crore during the previous quarter ended September 2007. Sales rose 9.78% to Rs 903.36 crore in the quarter ended September 2008 as against Rs 822.88 crore during the previous quarter ended September 2007

HCL Technologies net profit declines 3.93% in the September 2008 quarter
Net profit of HCL Technologies declined 3.93% to Rs 253.79 crore in the quarter ended September 2008 as against Rs 264.17 crore during the previous quarter ended September 2007. Sales rose 6.61% to Rs 1175.80 crore in the quarter ended September 2008 as against Rs 1102.86 crore during the previous quarter ended September 2007.

CMC net profit rises 18.53% in the September 2008 quarterSales decline 28.41% to Rs 177.36 crore
ICSA India net profit rises 66.31% in the September 2008 quarter
Larsen & Toubro net profit rises 32.25% in the September 2008 quarter
HCL Tech Q1 net profit at Rs 356.2 cr

Electrosteel Casting Q2 net profit at Rs 42.1 cr
L&T Q2 PAT up 32.47% at Rs 461 crore
South Indian Bank Q2 net profit up at Rs 51.6 cr
IFCI Q2 net profit at Rs 259 cr
Sonata Software Q2 Cons net profit at Rs 21.6 cr
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Business HEADLINES

JPMorgan profit plummets on loan losses
ICICI regains most valued domestic private bank status
RIL plans power foray with mining, coal-to-oil projects
RIL, NTPC may smoke peace pipe on KG gas
1,900 staff are being given notices of separation: Jet

Reliance Infrastructure plans to spend Rs 30000 crore in next 5-6 years
Nehru was nominated for Nobel peace prize 11 times
RBI cuts CRR by 100 basis points
Govt, RBI agree on more policy steps: P Chidambaram
Frontline stocks likely to lead rally when market rebounds

L&T stock falls 10% as OPM down 20 bps
Hotel Industry
ONGC
Lupin, Axis Bank, Sterlite Industries, India Banki...

Post Session Commentary - Oct 15 2008
Below 11k again
Indian market underperforms global peers as Sensex...
Trading Calls - Oct 15 2008
India Investment Strategy
MRPL
Media Sector

Source:Indiaearnings, ET, Capital Market, Deadpresident etc

Sensex lose 675 pts, RBI cuts CRR 100 bps, Larsen Toubro Results below estimates

Weak global cues, disappointing L&T nos thrashed mkts

It was a dreadful session for the markets, as benchmark indices have given up 70-75% gain, which they had seen in first two days of this week. It seemed that markets fizzled out two days pullback rally due to bad global cues, wherein financial stability is still big concern for global banks. Asian and European markets have witnessed huge selling pressure. The Sensex has closed below 10,900 and the Nifty tanked below 3350.

Redemption pressure has led this sell off. Incremental flows are negative at FII desk; selling in metal pack continues. A leading foreign fund has turned negative on the metal sector. L&T has failed to impress street by its second quarter numbers; entire capital goods space is under pressure post results. Midcap and small cap stocks are still vulnerable to margin call pressure.
Finance Minister P Chidambaram said that the inter-bank lending still remains constrained and that it was important to enhance credit limits. The government and the Reserve Bank of India or RBI have agreed that measures have to be taken immediately, he said.

RBI is going to announce some measures in the evening to ease liquidity in financial system; experts feel that this news would be good for tomorrow's gap up opening. But nervousness in global markets due to financial instabliity could nullify RBIs move.

Liquidity concerns have taken a centrestage, a high-powered panel of bankers met in Mumbai to assess the needs to boost credit flow and the announcement is likely shortly. After speaking to three-four Chairmen from the meeting, Suvashree Ghosh of NewsWire18 said that they have lobbied for a CRR, Repo and an SLR cut in the meeting. “They explained that further liquidity will be injected in the system and measures will be taken to ensure that there is adequate credit flow across the sectors.”

Experts feel that CRR cut may be between 50-100 bps. SLR is also expected to be cut and interest caps on NRI deposits may be removed. There are not much hopes of repo cut, but that would not be ruled out.

Shankar Sharma of First Global feels RBI's last few CRR hikes may have been excessive. On liquidity, Sharma said India had a lot of liquidity but it was sucked out by RBI. "The central bank may be slightly behind the curve in freeing liquidity. Sentiment in market has soured, so fresh liquidity may not work. The Monetary Policy may not change the course of downward trend."

Larsen and Toubro crashed 11% on the back of dissappointing second quarter numbers. The company's Q2 topline is in line while bottomline is below street expectations. Net sales stood at Rs 7682.20 crore and net profit at Rs 460.26 crore while CNBC-TV18 estimated numbers were Rs 7,314 crore and Rs 494 crore, respectively. Margins also declined to 8.8% from 10.7% YoY.
Speaking on L&T numbers, Ajay Parmar, Head-Ideas Research at Emkay Global Financial Services, said, "Results of a company like L&T gives a perspective of the entire industry. If the margin goes from 10% to 8%, an almost 25% cut, then it seems that the slowdown in the industry has now been getting crystallized into numbers.” He sees tough times ahead for engineering companies and that is the reason for the fall in the L&T stock."

BSE Capital Goods index plunged 788.19 points or 8.88% to 8,088.01. Areva T&D, Punj Lloyd, Crompton Greaves and Thermax fell 12-14%. Elecon Engg, Suzlon Energy, BEML, ABB, Alstom Projects and BHEL lost 6-8%.

The BSE Sensex plummeted 674.28 points or 5.87%, to settle at 10,809.12, after hitting an intraday low of 10,760.33. The NSE Nifty Fifty has touched an intraday low of 3324.55, before closing the day down by 180.25 points or 5.12% at 3338.40.

The BSE Midcap Index tumbled 171.55 points or 4.41% to 3,720.48 and the Small Cap Index closed at 4,393.45, down 222.44 points or 4.82%.Short build continued in Nifty futures; it ended at 0.6 premium. Aggressive short build up was seen in Index heavyweights. Aggressive short build up was also seen in infrastructure stocks post L&T results and short build up continued in Metal stocks. Fresh Short build up was seen in IT stocks as well.

Among the frontliners, Jaiprakash Associates, Reliance Communication, Reliance Infrastructure, L&T, Tata Steel and Sterlite Industries fell 10-14.5%. Not a single stock was in green on the Sensex while only three stocks namely Sun Pharma, BPCL and Hero Honda were in green on the Nifty.............MOre Weak global cues, disappointing L&T nos thrashed mkts

Sensex slips below 11K again; L&T tumbles 11%

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RBI cuts CRR by 100 bps to 6.5% / CRR cut again

RBI cuts CRR by 100 bps; announces measures to improve liquidity

The Reserve Bank of India, or RBI, has cut the CRR by 100 bps to 6.5% with effect October 11, reports CNBC-TV18. CRR is the amount that banks park with the central bank. The move will inject Rs 40,000 crore into the system.
The banks may borrow up to 50% of free Tier-I from foreign branches. The 0.5% NDTL Leeway on SLR will be in addition to 1% given since September 16. The additional leeway on SLR is purely a temporary measure to meet mutual funds’ cash needs. The central bank said it has been continuously monitoring the liquidity situation. The banks can borrow 0.5% more of NDTL at the special repo to lend to mutual funds. The rate ceiling on 1-3 year NRE(E)RA deposit will be Libor plus 100 bps. The higher FCNR(B), NR(E)RA deposit rates are effective immediately.

On October 10, RBI had cut the cash reserve ratio, or CRR, by 150 basis points to 7.5% to infuse liquidity into the system. This included a 50 bps CRR cut on October 6.The cut injected liquidity to the tune of Rs 60,000 crore into the system.

Earlier today, Finance Minister P Chidambaram said RBI will provide Rs 25,000 crrore to lending institutions immediately, reports CNBC-TV18. "It will give Rs 7,500 crore to commercial banks and Rs 17,500 crore to Nabard, or National Bank for Agriculture and Rural Development."

RBI’s measures have infused considerable additional liquidity into the market, he said. "The central bank will enable smooth flow of credit for term loans and working capital."

MOre @ RBI cuts CRR by 100 bps to 6.5%

CRR cut may soften lending rates: Bankers

------------------------------------------------

L&T Q2 net up 32% / L&T Q2 net up 32% at Rs 460 cr

Larsen and Toubro Ltd has posted 32 per cent rise in net profit at Rs 460.2 for the second quarter ended September 2008 against Rs 348.02 crore in July-September 2007.

The engineering and construction major posted a 42 per cent increase in its total income for Q2 at Rs 7,842.2 crore as against Rs 5,523.2 crore in same periods last year, according to filing with Bombay Stock Exchange.
The earnings per share after extra-ordinary item was Rs 15.74.
On October 08, the company allotted bonus equity shares of Rs 2 each, fully paid up, and in the ratio of one bonus share for every existing share to all registered shareholders as on the record date (October 3, 2008).
The earnings per share data disclosed above exclude the effect of the allotment of bonus shares.

---------------------------------------------

Source: ET,SIfy,BS etc

Q2 Results: IFCI, NDTV,South Indian Bk etc

IFCI net profit declines 47.91% in the September 2008 quarter

Sales decline 35.24% to Rs 383.11 crore
Net profit of IFCI declined 47.91% to Rs 259.06 crore in the quarter ended September 2008 as against Rs 497.29 crore during the previous quarter ended September 2007. Sales declined 35.24% to Rs 383.11 crore in the quarter ended September 2008 as against Rs 591.60 crore during the previous quarter ended September 2007.

---------------------------------------
South Indian Bank net profit rises 44.80% in the September 2008 quarter
Net profit of South Indian Bank rose 44.80% to Rs 51.68 crore in the quarter ended September 2008 as against Rs 35.69 crore during the previous quarter ended September 2007. Total operating income rose 31.22% to Rs 400.84 crore in the quarter ended September 2008 as against Rs 305.47 crore during the previous quarter ended September 2007.

Modern India net profit rises 63.92% in the September 2008 quarter
Jubilant Organosys reports net loss of Rs 24.39 crore in the September 2008 quarter
New Delhi Television reports net loss of Rs 13.04 crore in the September 2008 quarter
Sonata Software Q2 Cons net profit at Rs 21.6 cr

Indo Tech Q2 net profit at Rs 14.2 cr view table
Indo Tech Transformers has declared its second quarter results. Its net profit was at Rs 14.2 crore versus Rs 10.24 crore.

Mastek cons Q1 net profit at Rs 41.2 cr

Other Corp News:
RBI to inject Rs 20,000 cr to help MFs
Mark Mobius sees markets close to bottom
‘India will get 35% power from n-plants’
Banks allowed to take positions in interest futures

Larsen and Toubro to foray into Brazil by 2009
Jet, Kingfisher in talks for strategic tie-up
RBI to pump in Rs 20,000 cr to help MFs meet redemption needs
RBI sets rules on derivative contracts
Govt, RBI set to ease liquidity


Source:ET,Sify,BS, CM, IE etc

Sensex slides from intra-day high, but still ends 174 pts up

Sensex slides from intra-day high, but still ends 174 pts up
Nifty ends with modest gains as rally fizzles out

Equities ended off highs on Tuesday as profit booking set in at higher levels half way through the session. While buying was seen in IT and healthcare stocks, meltdown in commodities market weighed on metal stocks.

The Sensex and Nifty opened higher by 500 points and 150 points respectively, as other Asian markets welcomed the move by global economies to infuse liquidity in banks. Reserve Bank of India’s decision to infuse funds to the tune of Rs 20,000 crore through short-term lending route to help mutual funds meet their liquidity needs and overcome redemption pressure, further lifted sentiments. But the euphoria was short-lived as traders took it as opportunity to offload positions pulling indices to lower levels.

The BSE Sensex ended at 11,483.40, up 174.31 points or 1.54 per cent from its previous close. The index fell 400 points from the high of 11,870. NSE’s Nifty fell 130 points from its high of 3648.25 to close at 3,518.65, up 0.80 per cent or 27.95 points. The index touched a low of 3,491.50.

“Market opened with a gap-up but as selling emerged at higher levels the gap closed and the market ended on weak note. We are in a corrective rally and the bottom is not made yet. If 3,100 doesn’t hold, Nifty may fall to 2800-2850,” said, Bharat Dalal, fund manager, Dawnay Day AV Financial Services. BSE Midcap Index ended up 1.60 per cent and BSE Smallcap Index closed 2.25 per cent higher. BSE IT Index was up 5.36 per cent, BSE Healthcare Index moved 4.66 per cent higher and BSE Realty Index gained 1.84 per cent. BSE Metal Index ended 1.94 per cent lower.

Biggest Sensex gainers were Satyam Computer (7.38%), Infosys Technologies (5.87%), Jaiprakash Associates (5.2%), ICICI Bank (5.18%) and Reliance Infrastructure (5.09%). However, losses in Reliance Communications (-4.83%), Hindalco Industries (-4.11%), ONGC (-3.81%), HDFC Bank (-3.47%) and NTPC (2.7%) capped the upside. Market breadth on BSE showed 1,656 declines against 972 advances.

European markets continued with their up-run after several European governments came forward to inject funds in the banking system. FTSE 100 was up 5.69 per cent, CAC 40 advanced 5.09 per cent and DAX was up 5.33 per cent. US stock index futures are also pointing towards a gap-up opening on reports of plans to inject $250 billion into embattled banks. Dow Jones futures were up 0.4 per cent and Nasdaq 100 futures were up 1.2 percent.

Source:ET,Sify

If you had invested Rs 1 lakh on Jan 10, 2008...What would be the Value As on Oct 10 2008

If you had invested Rs 1 lakh on Jan 10, 2008...

A bout of negative news flows over the last few weeks has led to high volatility in the stock markets across the globe, including India. So much so that the Sensex has already fallen by more than 50 per cent from the all-time peak of 21206 on January 10 this year, and experts believe the markets might shed more weight in the near term owing to the current financial crisis, weak international cues and concerns of slowing down of world economy.

Last Friday also, the Sensex shed 800.17 points, after being down by close to 1,100 points at one stage, and ended at 10,527.85. In the current scenario, have you ever tried to find out the worth of your money if you had invested Rs 1 lakh in any of the following scrips on Jan 10, 2008?

Jaiprakash Associates
Closing on Jan 10: Rs 430.95
Closing on Oct 10: Rs 76.15
Change (%): (-) 82.33
Your Rs 1 lakh would now be worth: Rs 17,670

More Stk Comparison with details: If you had invested Rs 1 lakh on Jan 10, 2008...

Source:ET

Top Headlines Today

Top Headlines Today
Mkt recover on FM comments, positive global cues
Jet, Kingfisher join forces to tide over slump
Nano may roll out on Ratan Tatabs 71st bbday
No risk for ICICI UK arm: Moody's, S&P
Axis Bank Q2 net goes up by 77 per cent

BSNL to roll out 3G services in NE states, Chennai by Jan
Figures too can lie: IIP under cloud, govt works on new index
ICICI Bank surges 19 pc after CEO's assurance
Kamath asserts ICICI Bank has no liquidity problem
Billionaire investor Soros backs US' rescue plan

Axis Bank net surges 77% to Rs 403cr
Moody's, S&P also give clean chit
US stocks: Futures jump on bank rescues; Morgan higher
Core Projects and Technologies massive Fall
BSE Bulk Deals to Watch - Oct 13 2008
NSE Bulk Deals to WAtch - Oct 13 2008

Capital Goods
Futures and Options - Oct 13 2008
India Pharma
Markets pull back
Post Session Commentary - Oct 13 2008
Market recovers on firm global stocks

Suzlon Energy
CRR Cut, Infosys Technologies, Results Preview
Chemcel Biotech ends at 68% discount over IPO pric...
Reliance Industries
Market may remain volatile
Bullion metals drop for second straight day
Market may recover in volatile trade

SOurce:Sify,ET,Deadpresident,BS etc

Sensex (+781 pts) recover on FM comments, positive global cues

Mkt recover on FM comments, positive global cues

Bulls staged a strong comeback on Monday as sentiments turned positive on assuring comments from Finance Minister P Chidambaram and also as global markets opened higher after steps by European markets to curb on-going financial crisis.

After the worst fall last week, markets opened with a gap-up in line with other Asian markets on reports that European countries were collectively infusing funds to ease credit in banking system. In another development, UK government said it would inject $63 billion into three banks to keep liquidity crunch at bay.

Back home, Finance Minister Chidambaram’s statement that Indian economy was growing at a robust pace and assurances that the Reserve Bank of India will infuse more funds to fight credit squeeze boosted sentiments. Investors began taking long positions in frontline stocks which were battered heavily. Efforts by management of ICICI Bank to clear air on their financial positions helped as the scrip shot up recovering losses in previous sessions. “In early part of trade there was build-up of long positions and later as the market gained momentum, traders began to cover short positions, taking indices to higher levels,” said technical analyst, Birendra Kumar Singh of Religare Securities.

Bombay Stock Exchange’s Sensex closed at 11,309.09, up 7.42 per cent or 781.24 points. The index touched an intra-day high of 11,361.32 and low of 10,817.68. National Stock Exchange’s Nifty ended at 3490.70, up 210.75 points or 6.43 per cent. It touched a high of 3510.20 and low of 3272.90 during the day.

BSE Midcap Index was up 4.40 per cent and BSE Smallcap Index gained 3.85 per cent. “In this bear phase, Sensex has seen four pull-back rallies from its channel supports. Friday’s low of 10,239 was the fourth channel support. On earlier occassion, Sensex rallied some 3,000 points and now we may see 1,500-3,000 points rally. Targets for the Sensex will be 11,700, 12,000 and 12,500, provided it manages to close above 11,501. But if it falls below Friday’s low then we may see a continuation of negative trend and next target would be 9,898,” said Birendra Kumar. Reliance Communications (19.92%), Reliance Infrastructure (17.13%), ICICI Bank (16.71%), Sterlite Industries (15.99%) and HDFC Bank (12.58%) were the major Sensex gainers. Ranbaxy Laboratories (-5.88%) and ONGC (-1.02%) were the only losers. Market breadth remained extremely positive through the day. On BSE, there were 1687 advances against 926 declines.
---------------------------------------
Sensex gains 809 pts on strong global cues
Equities pull-back to close higher
Sensex above 11,000, ICICI Bank up 20%
Jet, Kingfisher join forces to tide over slump
-----------------------------------------------
AXIS Bank Q2 net up at Rs 402.91 cr
Bankex surges 12.3%, Axis Bank zooms 20% on strong Q2

AXIS Bank Ltd has announced the following Unaudited results for the quarter ended September 30, 2008:

The Bank has posted a net profit of Rs 402.91 crore for the quarter ended September 30, 2008 as compared to Rs 227.82 crore for the quarter ended September 30, 2007. Total Income has increased from Rs 2059.37 crore for the quarter ended September 30, 2007 to Rs 3239.45 crore for the quarter ended September 30, 2008.


Source: SIfy,ET

Investors Guide from ET and Mkt Outlook

Investor's Guide

Is there any respite on the anvil?13 Oct, 2008, 0455 hrs IST
Technical analysis assumes that all news, including what lies ahead, has been factored in the price of an asset. ETIG presents a snapshot of what the charts of Nifty and everything that affects it tell us...

The bull is dead, long live the bull 13 Oct, 2008, 0446 hrs IST, Shakti Shankar Patra
The very existence of free market capitalism seems to be at stake. JUST STAY OUT.

Markets in a bottomless pit 13 Oct, 2008, 0442 hrs IST, Deepak Mohoni
The market’s longterm (major) trend clearly remains down. It will be best to take the level to be crossed for a major uptrend (i.e. bull market) as the last but one intermediate top of 15,580, made on August 12.

Credit crisis may spur oil mergers in Africa 13 Oct, 2008, 0440 hrs IST
The global credit crunch can usher in a new wave of mergers and acquisitions (M&As ) in the oil sector, especially in Africa where small firms will find it difficult to bankroll exploration.

Oil on slippery terrain 13 Oct, 2008, 0435 hrs IST, Ramkrishna Kashelkar
Recent fall in crude oil prices will ease pressure on the government’s treasury, but refining companies are likely to take a hit.

Health check: Cipla and Dr Reddy's Labs 13 Oct, 2008, 0427 hrs IST, Kiran Kabtta
While Cipla follows a low-risk strategy of branded generics and alliances to grow in overseas markets, DRL believes in taking big bets.

Edelweiss maintains 'buy' recommendation on Opto Circuits 13 Oct, 2008, 0422 hrs IST
Edelweiss cancelled the proposed $100-million acquisition of an European company as the demanded price was not justifiable from an economic value perspective.

BNP Paribas maintains 'buy' rating on Shiv-Vani Oil & Gas 13 Oct, 2008, 0421 hrs IST
BNP Paribas maintains ‘buy’ rating on Shiv-Vani Oil & Gas, while reducing the target price from Rs 800 to Rs 522 on higher borrowing costs and multiple contractions.

Indian debt market: It ain't so grim after all 13 Oct, 2008, 0418 hrs IST, Karan Sehgal
The yield curve in the Indian debt market doesn’t necessarily suggest that doomsday is upon us.

Jain Irrigation Systems is good long-term bet for investors 13 Oct, 2008, 0413 hrs IST, Shikha Sharma....Jain Irrigation Systems’ expansion plans, diversified business model and improving efficiencies make it a good long-term bet for investors.
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Maximum downside of 3,050

Last week saw global carnage with all the major markets down by double-digits. The Nifty lost over 14 per cent at 3,279.95 points and it hit a low of 3,199 on Friday. The Sensex was off 15.95 per cent and the Defty down 16.65 per cent as the rupee tested support at Rs 49 before settling at Rs 48.72.

The FIIs have sold close to Rs 5,000 crore of equity in October and Indian institutions have sold about Rs 900 crore. Smaller stocks were harder hit with the Nifty Junior and the Midcaps 50 down 19.9 per cent and 21 per cent respectively. The BSE 500 was off 17.5 per cent. Volumes were moderate and calculation of advance-decline ratios was absurd, since there were almost no advances.

Outlook
Next week prices are likely to move between 3,050-3,450. By closing below 3,800, the market set a maximum downside target of 3,050-3,100, which could be fulfilled. Momentum indicators are oversold but prices could fall until short-covering is triggered close to settlement. But any bounce will be very sharp and a 200-250 point rise in a single-session is likely sometime next week. Either way, big intra-day swings are probable.

Rationale
There has seldom if ever, been a down move of comparable dimensions. Chart patterns of support/resistance are now based on mid-2006 trading patterns. Volumes have been low. There is no major short-term resistance between the Friday close of 3,279 and 3,450. A single session of buying could therefore drive prices up a lot.

Counter-view
Gut-feel says delivery-backed selling will continue, interspersed with occasional short-covering. But there is a chance the market could recover and consolidate with range-trading between 3,400-3,800. The intermediate downtrend started in mid-July and could mature over the next week or two.

Bulls & bears
Stay away from anything outside the highly liquid F&O population. Instead of seeking bullish stocks, which are not easy to locate, long traders could focus on over-sold counters. This is where bounces could generate 7-10 per cent in a single session. Power Grid and Ranbaxy are among the few stocks that actually seem bullish.
On the short side, most stocks that made downside breakouts have fulfilled initial target projections. But many stocks look as though weakness could intensify. These include GMR Infra, HCL Tech, HDFC, Hero Honda, RCom, Idea, Reliance Capital, Dabur, HUL, RPower and Suzlon.
In terms of critical sectors, metals may be bottoming out. While Tata Steel, Sesa Goa and Jindal Steel look to have further downsides, SAIL, Hindalco and Sterlite appear to have found support. In banking, PSUs such as Canara, Indian Overseas, Oriental and SBI look much stronger than ICICI, Kotak, Yes Bank, etc. The IT sector seems to have some downside as well – HCL Tech and Wipro look quite exposed along with second-rank stocks like Rolta and the entire ITES segment.

MICRO TECHNICALS
HCL TechCurrent Price: Rs 170.25Target Price: Rs 145
The stock made a downside breakout on high volumes. It has a target of Rs 145 and in fact, hit that level briefly on last Friday. Keep a stop at Rs 179 and go long. Wide stops are necessary because there could be a huge intra-day swing. Below Rs 150, start booking profits.

RILCurrent Price: Rs 1,527Target Price: Rs 1,630

The stock made another downside breakout when it closed below Rs 1,630. It appears to have good support at the current level and short-covering could pull the price back till Rs 1,630. Keep a stop at Rs 1,510 and go long. Book profits above Rs 1,615.

Reliance PowerCurrent Price: Rs 124.15Target Price: Rs 112
The stock has made a downside breakout to hit another historic low. It has a possible target of about Rs 110. Keep a stop at Rs 127 and go short. Start booking profits below Rs 114. If the stock does climb above the Rs 128 stop, it could move till Rs 136 on the bounce.

Yes BankCurrent Price: Rs 71.95Target Price: Rs 65
The stock has made a downside breakout on a big volume expansion. It has a likely target of Rs 65 although there could be some support at current levels. If it bounces within the next three sessions, the upside target will be about Rs 90. Take a stop at Rs 75 and go short. Cover at Rs 65. If the stop is triggered, go long with a target of Rs 90 and a stop at Rs 74.

Source: ET,BS

Mkt Outlook,Stk analysis from BusinessLine

Index Outlook

Sensex (10527.8)
Last week’s rout in stock prices was on a scale that none of us have witnessed in our lifetimes. Sample this, the Dow Jones Industrial Average declined 18 percent, its worst weekly decline ever, Nikkei crashed 18 per cent in just three sessions, the unshakeable DAX, the German stock index, recorded a 21 per cent weekly decline and the volatility index of Chicago Board Options Exchange, the investor’s fear gauge, touched 77 on Friday. This index has not risen beyond 48 in the last two decades.
It was capitulation with a capital C as investors abandoned equities and stock prices were sucked in to a black hole. The decline was broad-based, giving investors no place to hide. The selling was spear-headed by the FIIs who have already pulled out close to $1 billion in October so far. The tally of net outflow this year has crossed $10 billion. Static open interest shows that traders are equally bewildered by the market’s moves.
With the breaking of the 12000 bastion and the 2000-point weekly slump, the possibility of resumption of the structural up-trend in the near future appears remote. Sensex closed emphatically below 12000 on Monday and went on to record a trough at 10240 on Friday. Oscillators have moved deep in to over sold zone, but the downward momentum is not showing any sign of abating yet.
The movement of the index last week has resolved the quandary that we were mulling over – whether the second leg of the correction from 21206 peak has ended at 15579 or if it will continue for a few more months resulting in a range between 12000 and 16000. The breadth, swiftness and the wide-spread devastation of the move last week leaves no room for doubt that the third wave from the 21206 is currently unfolding. We had indicated in our column dated September 28, 2008 that the minimum target for this wave was 10207. This target was achieved last week. Since we are reviewing the long-term counts in a separate column, we will stick to medium and short-term view in this week’s index outlook.
Both medium and short term trends are down. However, the index is approaching a band where a cluster of long-term supports are positioned. The levels where medium-term supports can be expected are - 9972 (July 2006 trough), 9700 (61.8 per cent retracement of the up-move from 2001 and 8800 (trough formed in June 2006). Even if the vertical decline halts at either of these levels, there would be a period of intense volatility for a few weeks before a bottom is formed.
The resistances for the week ahead would be at 11433 and then 11753. Failure to move above these resistances would mean that the down trend would continue. The negative medium term outlook will be mitigated only on a weekly close above 12500.

Nifty (3279.9)

Nifty declined below the 3800 level on Monday and recorded a trough at 3198.9 on Friday, way below our outermost medium-term target. Though we were anticipating a decline, the swiftness definitely took us by surprise. The supports on the long-term charts for the Nifty are now at 2940 (61.8 per cent retracement of the up-move from 2001) and then at 2595 (June 2006 trough). The medium term outlook will turn positive only on a weekly close above 3800.
Near term resistances would be at 3530 and 3610. Reversal below these levels will indicate further weakness. Subsequent resistance is at 3879.Global Cues
Most global indices lost between 15 to 25 per cent last week, proclaiming it as the worst week ever for stocks. The DJIA sliced through the support band between 10200 and 9900 to an intra week trough at 7882. The four-year old bull-market in DJIA has been decimated with the index just a whisker short of the 2003 trough at 7416. We are now staring at the possibility of a multi-year bear market in DJIA that corrects the entire up-move from 1932. The situation is similar in FTSE. Italy’s MIBTEL index has already reached its 2003 trough.
Asian and Latin American markets were relatively resilient, having yielded about 60 per cent of the gains made since 2003. Nikkei is the only exception, the index is just 600 points above its 2003 trough. Commodities too reeled as risk aversion spread to all asset classes. CRB index declined 9 per cent. This index has now given up more than 50 per cent of the gains made since 2001.
------------------------------------------------

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Reliance Infra (October 12, 2008)
Query Corner: What the charts say (October 12, 2008)
Index Outlook (October 12, 2008)
Reliance (October 12, 2008)
SBI (October 12, 2008)
Tata Steel (October 12, 2008)
Infosys (October 12, 2008)
Unitech (October 12, 2008)

STOCKS: Union Bank of India: BuyInvestors can consider buying the Union Bank of India stock with an investment horizon of more than a year. A low price-to-book value, with a high return on equity, indicates the stock to be relatively undervalued. Investors should, however, ...

STOCKS: GlaxoSmithKline Consumer Healthcare: BuyFMCG stocks have withstood the market fall better than others, but with the ongoing ‘flight to safety’ bidding up their prices, frontline stocks in the sector are now quite expensive in relation to the rest of the ...

DERIVATIVES MARKETS: Another volatile swing on the cards for NiftyBears tightened their grip heavily on the markets causing one of the steepest falls in the history of ...

Stocks now valued at 2005 levelViews differ on whether valuations are attractive

ICICI Bank sends SMS to allay fears of depositors

Source:BusinessLine.