Drop knows no respite: Gateway Distripark Ltd(recommended at Rs.167)remains firm in a bad day. Keep buying on all declines: BSEL Infrastructure Realty Ltd shruggs off initial losses: Southern Online Bio Technologies Ltd closes flat when the Sensex drops more than 300 points. Buy as much as you and hold on for 45-60 days to see the magic: Regallia Realty Ltd which recently changed its name to Sudsun Housing Ltd to fool the investors is again rising, inspite of company making constant losses; just on the news of preference issue at Rs.24.5:Speculative positions are built up in Peerless Abasan Ltd:Teledata Infosystem, a companpy having no focus and going acquisition after acquisiton falls flat on the nose, after I gave a sell call yesterday. Lot of operators were active on the counter. It will go straightway down to around Rs.54, before falling further. Just keep watch:Flat Products Equipments Ltd(recommended at Rs.94 and Rs.105) hits another Buyer freeze on a day when the markets tanks:

Today's Recommendation:Buy Acrow India Ltd at the CMP of Rs.231, with a target of Rs.400 in 6-8 months time frame:

[Updated]

The market was weak right from the word go, as index pivotals were offloaded after a steady rally of the past few days. The market may remain under pressure, and traders may refrain from building fresh positions ahead of a slew of holidays next week and also due to a subdued-to-weak trend in Asian markets. The next week will be shorter on account of two public holidays, on Tuesday (1 May) and Wednesday (2 May). At 13:25 IST the BSE Sensex was down 256.68 points, at 13,974.10. It had opened lower, at 14,219.25, and started declining immediately after. The benchmark index also breached the 14,000 level, to touch a fresh low of 13,950.78. The market-breadth suffered as small-cap and mid-cap shares came under selling pressure. There were over two losers for every gainer on BSE. Against 1,661 shares that declined, 749 had advanced. A total of 63 scrips remained unchanged. Meanwhile, the key set of data that the market awaited has been released. India's wholesale price index rose 6.09% in the 12 months to 14 April 2007, unchanged from the previous week, and analysts said they expect it to dip below 6% in the coming weeks. This figure matched street expectations. The total turnover on BSE amounted to Rs 2330 crore. Among the 30-Sensex pack, 25 declined while the rest advanced. Pharma major Cipla plunged 15.76% to Rs 213.35, on high volumes of 43.01 lakh shares. Cipla reported 34% fall in net profit in Q4 March 2007 at Rs 126 crore from Rs 191 crore, mainly due to a sharp decline in active pharmaceutical ingredient (APIs) exports and rising material costs. The company's performance in the corresponding quarter last year, was exceptionally good because of strong sales in western markets. Net sales for the quarter were up 6.3% to Rs 938.5 crore, on the back of a 14.4% growth in domestic revenues to Rs 399.7 crore. Exports were flat at Rs 529.3 crore in the quarter ended 31 March 2007, from Rs 526.6 crore in last year’s corresponding quarter. A change in product mix also contributed to the decrease in profits. Cipla reported 8% increase in net profit at Rs 660.82 crore for the year ended 31 March 2007, as compared to Rs 607.64 crore in FY 2006. Net sales were up at Rs 3572.1 crore compared to Rs 2985.9 crore in the year ended 31 March 2006. The results were declared after trading hours on Thursday. Cipla expects its exports business to show modest growth in the next two quarters, on account of ever-rising pricing pressure in the US. ICICI Bank (down 2.68% to Rs 938), Tata Steel (down 3.20% to Rs 542.65), and Bharti Airtel (down 3.35% to Rs 833) were the other losers. Index heavyweight Reliance Industries (RIL) was down 3% to Rs 1548.80, on a volume of 7.63 lakh shares. After trading hours on Thursday, Reliance Industries (RIL) reported Q4 results that beat market expectations. RIL reported 14% growth in net profit in Q4 March 2007 at Rs 2853 crore compared to Rs 2520 crore in Q4 March 2006, on the back of strong refining margins. The company said refining margins for the March 2007 quarter were $13 a barrel, higher than the benchmark Asian Dubai crack margin, which averaged less than $7 in the quarter. Net sales rose 5.5% to Rs 25895 crore from Rs 24542 crore. In its key refining division, Reliance Industries (RIL) processed 8.1 million tonnes of crude in Q4 March 2007, which was nearly 4% higher y-o-y. RIL posted a net profit of 10908 crore for FY 2007, compared with a net profit of Rs 9069 crore in FY 2006. Net sales rose to Rs 105363.30 crore from Rs 81211 crore. The company's earnings per share (EPS) rose to Rs 78.3 in FY 2007 from Rs 65.10 in FY 2006. RIL targets sales of more than $24 billion by 2011 from the retail business. RIL has set up 135 retail stores in 16 cities during FY-2007, the company said on Thursday. IT major Satyam Computers was the top-gainer, up 2.50% to Rs 470.65, on a volume of 8.12 lakh shares. It had surged to a high of Rs 473. Auto stocks were firm on account of renewed buying. Bajaj Auto (up 0.23% to Rs 2498) and Maruti Udyog (up 1.29% to Rs 807) had gained. NTPC (up 0.82% to Rs 159) and Wipro (up 0.44% to Rs 565.60), were the other gainers. The market-wide rollover of April derivative contracts to May contracts was around 70-72%, which is almost the same as for the previous expiry, but lower than the 12-month average. Many investors let their long positions expire as they do not expect the market to sustain its recent gains. Corporate results, FII inflows, RBI’s pause on rate hike and firm global markets helped the Sensex gain 1,773.51 points (14.2%) from a low of 12,455.37 on 2 April 2007. The Sensex had tanked 617 points in a single trading session on 2 April 2007, following the Reserve Bank of India (RBI)’s surprise hike in interest rates announced after trading hours on 30 March 2007. FIIs have pumped money heavily into Indian stocks, this month. Their inflow picked up after IT major Infosys on 13 April 2007, issued a strong guidance for FY 2008, putting to rest concerns of a US economic slowdown on the IT sector. FII inflow for April 2007 (till 25 April) reached Rs 6514.20 crore. FIIs had pulled out a net Rs 1082 crore in March 2007. As per provisional data, FIIs were net sellers to the tune of Rs 89 crore on Thursday (26 April). Domestic institutional investors were net sellers to the tune of Rs 178 crore on Thursday. US stocks gained on Thursday, as better-than-expected profits from such companies as 3M Co and Exxon Mobil Corp propelled the blue-chip Dow Jones Industrial Average to its second straight close above 13,000. The Dow finished up 15.61 points, or 0.12%, at 13,105.50. The Standard & Poor's 500 Index ended down 1.17 points, or 0.08%, at 1,494.25. The Nasdaq Composite Index closed up 6.57 points, or 0.26 percent, at 2,554.46. London Brent crude, currently seen as most representative of global oil prices, was up 17 cents at $67.82, supported by a slew of refinery outages in the United States that have thinned gasoline stocks. Meanwhile, India joined the elite trillion-dollar economy club this week, but a danger of overheating remains. Some analysts believe it may not remain a member of the rarefied pack for long, at least in the short run. A report from Credit Suisse pointed out that the development was largely the result of the rapid appreciation of the rupee, which strengthened to below 41 against the dollar on Wednesday. The Bombay Stock Exchange (BSE), with a capitalisation of $944 billion, is also inching toward the magic $1 trillion mark. The other countries in the trillion-dollar club are the US, UK, Japan, Germany, China, France, Italy, Spain, Canada, Brazil and Russia. “The U.K. is the only economy to stop being a trillion-dollar economy for a while after attaining the status for the first time,” the report said. Credit Suisse said that for 10 economies that crossed the $1 trillion mark in GDP, stock markets rose the year afterward in eight.