Calls...[ 11/09/2007]

BEST BUY

PATNI COMP (BUY) 473.5 (Target1) 479 ( Target 2) 485 (Sl) 462

GSFC (BUY) 230 (Target1) 235.4 ( Target 2) 238 (Sl) 225

GITANJALI (BUY) 300 (Target1) 304 ( Target 2) 307 (Sl) 293

Bulls stage a comeback

The BSE 30-share benchmark Sensex gained 6 points to close at 15596. NSE Nifty ended flat at 4507.

After opening in deep red, markets bounced back. Bulls staged a smart comeback as Sensex recovered nearly 250 points and Nifty ended above the 4500mark recovering over 50 points from days low. Buying interest in Index heavyweights like Reliance Industries, ITC and SBI provided support to the key indices. Also positive opening from the European markets and recovery in the Hang Seng index in Asia lifted the sentiments.



All the key sectoral indices ended in green except for the IT sectors as strengthening rupee dragged the IT stocks lower. Even the Mid-Cap and the Smallcap stocks participated in the recovery.



Finally, BSE 30-share benchmark Sensex gained 6 points to close at 15596 hitting an intra-day high of 15626 and a low of 15363. NSE Nifty ended flat at 4507 touching an intra-day high of 4515 and low of 4452.



Bharti Airtel gained by 0.6% to Rs853 after the company secured license from Singapore to offer Global Connectivity. The scrip touched an intra-day high of Rs857 and a low of Rs835 and recorded volumes of over 6,00,000 shares on NSE.



Reliance Communication marginally slipped 0.3% to Rs543. The company announced that they have started blackberry Service in India. The scrip touched an intra-day high of Rs545 and a low of Rs534 and recorded volumes of over 26,00,000 shares on NSE.



Satyam Computer slipped by 1.5% to Rs442. The company announced that they would expand market in Europe and Asia Pacific. The scrip touched an intra-day high of Rs452 and a low of Rs438 and recorded volumes of over 25,00,000 shares on NSE.



Gammon India plunged over 8% to Rs420 after reports stated that a bridge collapsed in Hyderabad. Gammon India was the contractor of the bridge that crumbled. The scrip touched an intra-day high of Rs449 and a low of Rs402 and recorded volumes of over 20,00, 000 shares on NSE.



FMCG stocks ended higher led by gains in the index heavyweight, ITC advanced nearly by 4% to Rs184, Tata Tea was up by 2% to Rs775, McDowell gained 2.5% to Rs1581 and Nirma added 0.3% to Rs165.



Banking stocks also managed to stage a come back led by gains in the index heavyweights like SBI, the scrip was up by 1.3% to Rs1640, PNB gained by 0.8% to Rs493 and Union Bank added 1.1% to Rs147. However, ICICI Bank slipped by 1% to Rs910.



IT stocks were on the receiving end as Indian rupee yet again strengthened against the USD Satyam Computer slipped by 1.6% to Rs442, Wipro was down by 2.7% to Rs465, TCS slipped by 2.7% to Rs1047 and Infosys lost 2% to Rs1871.