HOW MARKET FARED

Outlook remains cloudy

Losing streak for the bulls extends to fourth trading session on back of weak global cues and all round selling pressure. After starting off with a negative gap down, bulls were unable to stage a comeback led by fall in the Banking, IT and the capital Good stocks. The IT stocks after being in the upward trend in the past trading sessions also were under pressure after U.S. based Cognizant Technology Solutions Corp. forecast second-quarter profit and sales that missed analysts' estimates.

Finally, the BSE benchmark Sensex ended 258 points lower to close at 17,080 and the Nifty index lost 53 points to close at 5,081.

Overall about 1,106 stocks advanced; 1,589 stocks declined while 51 stocks remained unchanged. Among the 50-Nifty 35 stocks ended in red and 15 stocks ended in green.

Among the BSE Sectoral indices, BSE Bankex index (down 3%), BSE IT index (down 3%) and BSE FMCG index (down 2.7%). The BSE Metal index was the only gainer (up 0.5%).

TCS declined by 2.2% to Rs943. The company announced that it has renewed its managed services contract with one of the world’s leading long haul airlines Virgin Atlantic. By entrusting the management of its IT infrastructure and applications management to TCS, Virgin Atlantic is in a position to focus on core business activities and flex with the future challenges of the international airline industry. The scrip touched an intra-day high of Rs971 and a low of Rs919 and recorded volumes of over 2,00,000 shares on BSE.

Uttam Galve steels dropped by over 3% to Rs38 after the company said that it cut galvanized steel prices. The scrip touched an intra-day high of Rs40 and a low of Rs38.45 and recorded volumes of over 76,000 shares on BSE.

Ashok Leyland declined by over 3% to Rs40. The company announced that its Q4 net profit was at Rs1.81bn (up 5.2%) revenues were at Rs25.7bn (up 11.2%). The scrip touched an intra-day high of Rs41 and a low of Rs40 and recorded volumes of over 31,00,000 shares on BSE.

Patni Computer was down by a 2% to Rs271. The company on Thursday announced that it has partnered with Schindler, a leading global mobility company, for the development, enhancement and testing services for Schindler's double-deck elevator. The scrip touched an intra-day high of Rs283 and a low of Rs267 and recorded volumes of 1,00,000 over shares on BSE.

IFCI was down by 3.5% to Rs60 after LIC seeks to dilute its holding in the company and is awaiting cues from the government on its future strategy, reports stated. The insurance major has approached the IFCI management to reduce its holding from 11.39% to 8.39%, the level it was at prior to conversion of debt into equity earlier this year, according to reports. The scrip touched an intra-day high of Rs61 and a low of Rs57 and recorded volumes of over 14,00,000 shares on BSE.

Videocon Industries was up by 3% to Rs366 after reports stated that the company would be setting up a multi-product industrial park and a 1,320 MW thermal power plant in the West Godavari District of Andhra Pradesh. The scrip touched an intra-day high of Rs372 and a low of Rs345 and recorded volumes of over 6,00,000 shares on BSE.

Indiabulls Real Estate dropped by over 1.5% to Rs547. The company announced that it acquires Dev Property development. The scrip touched an intra-day high of Rs554 and a low of Rs520 and recorded volumes of over 5,00,000 shares on BSE.

HCL Technologies declined by over 2% to Rs288. The company has announced a significantly expanded partnership with Serena Software, Inc. Further strengthening a seven relationship between the two companies, HCL will now provide end-to-end product development, sustenance engineering and release managemønt for Serena PVCS Professional and Serena Dimensions RM, and will open a dedicated offshore development center for Serena. The scrip touched an intra-day high of Rs295 and a low of Rs283 and recorded volumes of over 39,000 shares on BSE.

MRPL was down by over 5% to Rs97. During the Q4 ended 31st March 2008, MRPL recorded tunover of Rs1081.2mn and earned net profit of Rs22.5mn after providing the interest Rs3.6mn, Depreciation Rs9.5mn and Tax Provision Rs8.4mn. During the Financial year ended 31st March 2008, company has earned net profit of Rs127.2mn as compared to Rs52.5mn in the previous year, after providing interest and finance charges of Rs14.8mn, depreciation of Rs37.8mn and tax liability of Rs46.1mn.The exports during the year were Rs1123.2mn. The scrip touched an intra-day high of Rs102 and a low of Rs96 and recorded volumes of over 25,00,000 shares on BSE.

Tata Investment gained by 2.5% to Rs542 after the company announced that the Board of Directors of the Company would meet on May 16, 2008 to consider raising of additional long term funds. The scrip touched an intra-day high of Rs550 and a low of Rs530 and recorded volumes of over 5,000 shares on BSE.