Frontline shares ended flat after a volatile session Tuesday swayed by mixed global cues, while tier II and share III remained under pressure. Indices edged lower at the start of the day tracking declines in its Asian peers, but shrugged early losses amid speculation the US Federal Reserve will lower interest rates by 100 basis points later this evening.

The Bombay Stock Exchange’s Sensex rose to a high of 15,169.61 from a low of 14,677.24, and finally settled at 14,833.46, up 24 points or 0.16 per cent over Monday’s close.

The National Stock Exchange’s Nifty finished 30 points or 0.66 per cent higher at 4533. Intraday, the index rose from a low of 4468.55 to a high of 4617.95.

“The core issue is the lack of liquidity and conviction in our market. There is hardly any value buying after the market falls. It is only day traders who are entering on dips and selling at every rise, unsure of whether gains will be sustained. Also, with the market closed on Thursday and Friday, traders are reluctant to carry over positions. Unless foreign institutions and HNIs start buying aggressively, one cannot be convinced of any upmove,” said Suresh Kumar Iyer, technical analyst at Asit C Mehta Investment Interrmediates.

Apart from uplifting global cues, fourth quarter advance tax payments from corporate India also cheered investors. Going by the numbers, fourth quarter earning should pleasantly surprising for the market.

But the benchmarks posted gains spear headed by the likes of DLF (up 5.3%), Hindustan Unilever (3.8%), Ranbaxy Laboratories (3.4%), Tata Consultancy Services (3.17%) and Reliance Energy (3.09%), secondline stocks were subdued. With the blue chips having corrected about 20 per cent from January highs, investors shied away from the mid-caps.

The BSE Mid-cap Index ended 1.48 per cent lower, while the BSE Small-cap Index lost 2.09 per cent. The exchange saw 2734 shares change hands with 749 gainers and 1918 losers.

Later this evening, all eyes will be on Fed Chairman Ben Bernanke, who is widely expected to lower interest rates by 75-100 basis points. If he does as expected, one could expect a rally Wednesday.

Source : The Economic Times

MUMBAI: Equities opened flat to negative on Tuesday morning, tracking mixed cues from Asian peers and amid uncertainty in the overall sentiment. At 10:05 am, the Bombay Stock Exchange’s Sensex was up 37 points or 0.25 per cent at 14,846.64. The index touched a high of 14,725.68 and low of 14,677.24 in trade so far.

Sensex gainers comprised Larsen & Toubro (up 0.98%), Maruti Suzuki (0.43%) and DLF (0.35%). HDFC Bank (down 3.11%), Ranbaxy Laboratories (1.82%), Satyam Computer (1.63%), Hindalco Industries (1.24%), Tata Motors (1.05%) and Infosys Technologies (1.05%) were the major losers. The National Stock Exchange’s Nifty was up 28 points or 0.62 per cent at 4531.05. The index touched a high of 4533.95 and low of 4468.55 in trade so far.

“We might see a flat opening due to global sentiments, but at the same time, a fresh short built up could be seen. The PCR (put-call-ratio) has come down to 0.85, indicating a huge short build up is happening in call options. In any technical bounce back, the Nifty might face very strong resistance around 4600 levels,” Standard Chartered - STCI Capital Market, said in a note.

Asian stocks fell, reversing earlier gains, after Chinese Premier Wen Jiabao said his government will take ``forceful'' measures to combat inflation. China’s CSI 300 Index was down 2.98 per cent, the Hang Seng was down 2.28 per cent in Hong Kong, the Straits Times lost 0.81 per cent in Singapore, while Japan’s Nikkei 225 was 0.48 per cent higher.

US stocks shook off the bulk of their steep losses on Monday, with JP Morgan Chase fronting a blue-chip rise just one day after its heavily discounted bid for Bear Stearns and the Federal Reserve's extraordinary discount rate cut. The Dow Jones Industrial Average finished 0.18 per cent higher, while the Standards & Poor’s 500 Index was down 0.9 per cent and the Nasdaq Composite Index shed 1.6 per cent.

Source : The Economic Times

Transformers and Rectifiers (India), one of the major players in the Indian market manufacturing a wide range of transformers ranging from power generation, transmission, distribution transformers, industrial transformers and a wide range of speciality transformers, has opened for subscription with an initial public offering of 29,95,000 equity shares of Rs 10 each for cash at a premium to be decided through a 100% book-building process.

The issue will close on December 12, 2007. The price band is between Rs 425 and Rs 465 per equity share.

The equity shares are proposed to be listed on the Bombay Stock Exchange and the National Stock Exchange.

The issue includes a reservation of 150,000 equity shares for eligible employees and the net issue to the public will be 28,45,000 equity shares. The issue will constitute 23.17% of the fully diluted post-issue paid-up capital of the company and the net issue will constitute 22.01% of the fully diluted post issue paid-up capital of the company.

The objects of the proposed Issue are to finance the setting up of the proposed greenfield manufacturing facility at Moraiya, near Ahmedabad, Gujarat, for manufacturing transformers and to part-finance incremental working capital requirements.

The company manufactures transformers upto 220 kV Class, having an installed capacity of 7,200 MVA transformers per annum. It currently operates through two manufacturing units, located at Changodar, near Ahmedabad and Odhav, in Ahmedabad, both in Gujarat.

Enam Securities Private Limited is the sole book running lead manager to the issue.

Source : MoneyControl