On Monday, The SENSEX opened healthy with a positive gap of 253.45 points at 18,496.03, following positive global cues in the early trades. Asian markets advanced after US manufacturing rose, easing concerns of the economy heading towards recession. SENSEX rose 417.54 points, or 2.29%, to close at 18,660.32 while the Nifty closed at 5,463.50, up 146.45 points, or 2.75%.

On Tuesday, Sensex opened negative at 18,592.58 mirroring weak global cues in the early trades. Later, it recovered to touch a high of 18,729.83 and again fell into the negative due to profit booking in frontliners. SENSEX closed marginally up 2.84 points, or 0.02%, at 18,663.16, while Nifty closed at 5,483.90, up 20.4 points, or 0.37%.

On Wednesday, Sensex followed the downward trend and opened with a negative gap of 416 points at 18,247.03. Finally, the index touched an intraday low of 17,936.01, to close on negativenod. Sensex plunged 523.67 points, or 2.81%, at 18,139.49, while Nifty closed at 5,322.55, down 161.35 points, or 2.94%.

On Thursday, market down , on concern that growth of the Asia`s third-biggest economy, India will slow down for the first time in 3 years. India is expected to grow at 8.7% in fiscal 2008, the lowest pace since 2005. The 30-share index slid 612.56, points, or 3.38%, at 17,526.93, Nifty closed at 5,133.25, down 189.30 points, or 3.56%.

On Friday, sensex declined by further 62 points paced by banking, realty and infrastructure, and metal shares. On the other hand, IT, technology and FMCG stocks helped to recover from losses. The Sensex slid 62.04 points, or 0.35%, to close at 17,464.89, Nifty closed at 5,120.35, down 12.90 points, or 0.25%.

IPO

Emaar MGF Land, a joint venture between one of the world`s leading real estate companies, Emaar Properties PJSC of Dubai, and MGF Development of India, has withdrawn and postponed its initial public issue to an appropriate time. EmaarMGF decided to postpone the issue despite receiving applications worth Rs 57.79 billion in the light of discouraging market dynamics. This decision has been taken despite the fact that the QIB and HNI portions were fully subscribed and the book was already filled to almost 85%. The retail portion had over 225,000 applicants demonstrating significant appetite and demand for the issue.

Wockhardt Hospitals decided to pull back the initial public offering after the company failed to receive required subscription despite repetitive attempts to attract investors. The IPO of the company was subscribed 20%. The company received 4.90 million bids as against issue size of 25.08 million shares. The price band was between Rs 225 to Rs 260 a share

Tomorrow is the day of RELIANCE POWER.. we expect it to list at around Rs570 and come down to Rs515-550 ..

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