Buying in bank stocks as interest-rate hike worry recedes:The S&P CNX Nifty, the benchmark index of the National Stock Exchange, hit an all-time high of 4,261.40 today, 21 May 2007, surpassing its previous all-time high of 4,245.30, which it had stuck on 8 February 2007: Balaji Telefilms Ltd hits the buyer Freeze: Brisk Buying in Southen Online Bio Technologies Ltd,the stock is expected to shoot in the days ahead......: Also I have recommended Sa....Pa...Ltd. toady at Rs.33.00, to some select persons,the stock is rocking after wonderful Results for Fy-2006-07. The EPS for Fy-2006-07 is nearly Rs.9; both Sales and Net profit rising up even though the sector in which it performs isn't doing too well:

Bank shares extended recent gains as inflation worries eased. Also analysts rule out any fresh interest-rate increases in the near future. In fact, they expect rate cuts. The BSE’s banking sector index Bankex was up 84.08 points, or 1.11%, to 7,688.05. India’s largest commercial bank State Bank of India (SBI) advanced 1.75% to Rs 1349.40 on 2.66 lakh shares. It has taken up a plan to reach 100,000 unbannked villages in the country within the next two years. It aims is to open at least one bank account for each family in these villages. SBI plans to access one lakh villages in India within the next two years. SBI’s strong Q4 March 2007 results announced on Saturday, 12 May 2007, has aided the rally. Oriental Bank of Commerce (up 3% to Rs 235), Canara Bank (up 3% to Rs 259), Bank of Baroda (up 2% to Rs 287), Bank of India (up 2.3% to Rs 211.90), Punjab National Bank (up 2% to Rs 561.50), Union Bank of India (up 1.9% to Rs 123.25), UTI Bank (up 3.7% to Rs 556.90), Federal Bank (up 3% to Rs 287) and Kotak Mahindra Bank (up 2% to Rs 571), advanced. Meanwhile, the 30-share benchmark index of BSE, which had crossed the 14,400 level in the opening session, slipped from higher levels, as profit booking emerged. At 12:26 IST, the Sensex was up 108.94 points to 14,410.84. It opened higher at 14,415.44 and surged to strike an intra-day high of 14,450.20, tracking firm global markets. Its intra-day low for the day was 14,384.61 The S&P CNX Nifty, the benchmark index of the National Stock Exchange, hit an all-time high of 4,261.40 today, 21 May 2007, surpassing its previous all-time high of 4,245.30, which it had stuck on 8 February 2007. The total turnover on BSE amounted to Rs 3,131 crore, boosted by a series of block deals. Prominent of them was three block deals of 44.10 lakh shares executed on the Reliance Energy (REL) counter at an average price of Rs 513 per share in opening trade. REL surged 5.91% to Rs 541.50 on huge volumes of 1.37 crore shares. It was the top traded counter on BSE, with turnover of Rs 709.32 crore. These block deals resulted in roughly around 5.44% of REL's equity changing hands. Other major block deal was executed on the Adlabs Films counter on BSE: 48.12 lakh shares at Rs 535 per share by 10:23 IST. The scrip was up 3.45% to Rs 543.70 on volumes of 51.49 lakh shares. It was the second top traded stock on BSE with a turnover of Rs 275.38 crore. This block deal amounted close to 11.5% equity of Adlabs changing hands. The market breadth was positive, though weaker, on BSE with advance to decline ratio pegged at 1.6. ON BSE 1,449 shares advanced as compared to 970 that declined. In the morning session, there were four gainers for every loser. The BSE Mid-Cap index was up 0.61%, while the BSE Small-Cap index rose 0.99%. PSU oil exploration major ONGC advanced 1.89% to Rs 926.50 after Brent crude oil rose 28 cents to $69.70 a barrel on Monday, 21 May 2007, while US benchmark crude gained 20 cents to $65.14, boosted by concerns over supplies from major exporters Iran and Nigeria. Index heavyweight Reliance Industries (RIL) was up 2.15% to Rs 1,736 on 3.46 lakh shares. It also struck an all time high of Rs 1738.70. The scrip shrugged off media reports it is likely to miss the June 2008 deadline for commercial production of gas from the Krishna Godavari basin. The delay is mainly due to late deliveries of deepwater drilling rigs by Transocean Inc. RIL is relying on these oil rigs to the start the commercial production of gas from the basin. Tata Motors slumped 2.26% to Rs 726 as selling continued after its Q4 March 2007 OPM shrank to 11.69% from 12.9% in Q4 March 2006. On 18 May 2007, Tata Motors reported a 25.57% increase in consolidated net profit to Rs 2,169.99 crore in the year ended March 2007 compared with Rs 1,728.09 crore in FY 2006. Total income moved up to Rs 32,579.59 crore (Rs 24,012.97 crore). The group posted a net profit of Rs 649.81 crore in Q4 March 2007 as against Rs 522.60 crore in Q4 FY 2006. Total income increased to Rs 9,790.09 crore (Rs 7,866.06 crore). IT stocks declined on fresh selling as rising rupee, hardening interest rates and costly inputs are taking a toll on the profit margin of Indian exporters. The rupee had hit a nine-year peak of 40.53 on 9 May 2007. It has gained more than 8% against the dollar this year to be Asia's best-performing currency. TCS was down 1.17% to Rs 1237, Satyam Computers 1.30% to Rs 449.40, Wipro 1.50% to Rs 535.80, and Infosys Technologies 0.89% to Rs 1964. Infosys Technologies is to invest Rs 306 crore for setting up a development centre in Kerala. Surging for the fourth day in a row after acquiring Scottish spirits maker Whyte & Mackay for 595 million pound sterling, United Spirits jumped 5% to Rs 1,124. The acquisition of Whyte & Mackay (W&M) allows the new owners to promote the company's Whyte & Mackay Scotch and Jura single malt brands in India and China, the focus of operations of United Spirits and the world's two fastest-growing major markets for Scotch. At the time of the acquisition last week, UB Group chairman Vijay Mallya had said W&M's spread of brands across the spectrum from "value" to "super premium" made it the ideal vehicle with which to penetrate the well-segmented Indian market. Whyte & Mackay's inventory of 155 million litres of spirits has been valued at between £350m and £400m, and United Spirits a "captive supply" of whisky for blending with Indian whiskies. JP Associates, which announced its results on Saturday, 19 May 2007, rose 0.37% to Rs 673.50 after its net profit surged to Rs 131 crore in Q4 March 2007 as compared to Rs 70 crore in Q4 March 2006. Net sales rose to Rs 886 crore (Rs 855 crore). Foreign institutional investors (FIIs) bought shares worth a massive Rs 1060.80 crore on Thursday, 17 May 2007. The large inflow came after they had pulled out Rs 470 crore in two trading sessions from Tuesday, 15 May 2007 to Wednesday, 16 May 2007. But their inflow was muted Rs 56.64 crore on Friday, 18 May 2007, as per provisional figures. Domestic institutions were net buyers of Rs 58-crore equities on Friday, 18 May 2007. Meanwhile, in a major development, the Indian government late on Friday, 18 May 2007, tightened overseas borrowing rules, making it harder for less creditworthy and smaller local companies to raise funds, a measure seen aimed at curbing soaring capital flows and calm the hot real-estate sector. The finance ministry said in a statement late on Friday that the ceiling has been lowered to 150 basis points (bps) over six-month Libor from the earlier 200 bps for overseas borrowings by Indian companies for maturities between three and five years. For maturities over five years the ceiling has been reduced to 250 bps over six-month Libor from 350 bps. It said the ceilings had been revised in view of the upgrading of the country's sovereign credit ratings China's stocks held steady on Monday, 21 May 2007, helping Asian markets react calmly to China's surprise move to widen the yuan's trading band and raise interest rates, while the yen slid to a record-low against the euro. Sentiment was underpinned by Wall Street, where US blue chip shares hit a record high on Friday, 18 May 2007 China's shares initially slumped more than 3% in open trades in their first reaction to the flurry of monetary announcements late Friday, 18 May 2007. However, they pared back the losses to stand broadly steady later in the day. MSCI's measure of Asia Pacific stocks excluding Japan rose 0.53% to near a record high set last Thursday 17 May 2007. Wall Street was boosted on Friday, 18 May 2007, by fresh takeover activity and after a gauge of consumer sentiment rose more than expected in May 2007, reassuring investors about the strength of the US economy. Dow Jones Industrial Average gained 79.81 points, or 0.59%, to a record closing high of 13,556.53. The Nasdaq Composite Index gained 19.07 points, or 0.75%, to 2,558.45. [With inputs from the internet]