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	Rex Mathewnews

	19 March 2007


	Helped by strong gains across other Asian markets, indices rallied today and ended with very good gains. ONGC led the large caps with a strong performance and was ably supported by many other frontline stocks. Sensex closed with gains of 215 points at 12645 and the Nifty added 70 points to end at 3679. Nifty March futures closed at a discount of 12 points to the spot index. ONGC surged today and helped the indices in a big way. The stock finally ended 4 per cent higher. Gail India added 4.9 per cent. BHEL was the best performer among index stocks with gains of 6.6 per cent. Reliance Communications saw a major up move and closed 5.3 per cent higher. MTNL added 4.1 per cent. Tata Motors sustained the up trend with gains of 3.1 per cent Jet Airways closed 3 per cent higher. Among banks, OBC added 2.9 per cent while HDFC Bank ended 2.3 per cent higher. Gujarat Ambuja Cements was the other major gainer, closing 3.3 per cent higher. Select pharma stocks came under pressure today. Glaxo lost a per cent and Dr. Redy's gave up 0.9 per cent. Sun Pharma lost 0.7 per cent. Among metals, Nalco shed a per cent and Hindalco lost 0.7 per cent. Tata Steel closed 0.2 per cent lower. ITC was the worst performer among index stocks with losses of 2.1 per cent. Hero Honda slipped 1.5 per cent after the previous day's gains. Tata Power was the other loser among index stocks, closing 0.5 per cent lower. Global markets / crude oil Most Asian markets rallied today and ended with significant gains. Shanghai surged 2.85 per cent, which helped Hong Kong to rally 1.65 per cent. Japan ended nearly 1.6 per cent higher and Singapore added 1.45 per cent. South Korea added 1.1 per cent and Malaysia ended 0.85 per cent higher. Thailand closed nearly 0.3 per cent lower. Gains in Asia have helped the European markets as well. Major European indices are trading with gains of between 0.5 per cent and 0.9 per cent each in afternoon trades. Crude oil prices remain weak after the previous week's decline. Near month NYMEX futures are trading with losses of around 0.5 per cent in European trades today. Large-cap news flow Reliance Communications has received High Court approval for the de-merger of passive infrastructure and telecom tower assets to a subsidiary. GE Shipping has taken delivery of a newly built 37,159 dwt product tanker Canara Bank would divest a 49 per cent stake in its asset management subsidiary to a Dutch group for an unspecified sum Reliance Industries may invest $4 billion to build a gas pipeline from Andhra Pradesh to Gujarat to transport natural has from its reserves in the KG basin Mid-Cap Action Mid-caps and small caps also did well and the movements were in line with the trend in large caps. All the major mid-cap and small cap indices ended with decent gains. Tea plantation stocks had an excellent day on rumours of a large financial package from the government. Jayshree Tea ended in 20 per cent upper circuit while BBTC, Williamson Magor and McLeod Russell closed at 10 per cent upper circuits. Among prominent mid-caps, Max India added 10 per cent while i-flex gained 6 per cent. NIIT Technologies closed with gains of 8 per cent. Pritish Nandy, RPG Transmission, Nicholas Piramal and Shree Cements were among the other mid-cap gainers. JK Industries, Abhishek, Graphite Industries, La Opala, Khandwala Securities and Kamat Hotels were the other major losers among mid-caps. Mid-cap news flow Parsvnath Developers has launched a new Rs450 crore premium residential project in Haryana Shoppers Stop has decided to acquire a 19 per cent stake in HyperCity Retail, a developer of hypermarkets. The company has the option to acquire an additional 32 per cent in HyperCity India Infoline has clarified media reports that existing promoters may sell their stake to a large US-based investment bank Punjab Chemicals would form JV's to market agro-chemicals and other products ABG Shipyard would build a pollution control vessel for the Cost Guard Srei Infrastructure has fixed the exercise price of convertible warrants at Rs29 per share Cadila Healthcare has received US FDA approvals for three more drugs Weizmann would sell its entire holdings in Weizmann Homes to AIG for an unspecified sum RSWM has acquired a 48 per cent stake in Cheslind Textiles at Rs25 per share from existing promoters. An open offer for another 20 per cent would be made subsequently at the same price Stone India has received an order for wagon air brake systems from China The board of Pidilite has decided to de-merge a manufacturing unit of one of its subsidiaries into the company Diamond Cables has received new orders worth Rs44 crore for transmission conductors KPIT Cummins would raise $9 million by issuing equity shares and convertible warrants to an overseas investor on a preferential basis Ginni Filaments has opened its new facility for manufacturing non-woven fabrics *Disclaimer: The author may have positions in some of the stocks specifically mentioned above at the time of writing this article. This analysis / report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content the author or publisher shall not be held responsible for any loss caused to any person whatsoever.