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Saturday, May 26, 2007

Poor week performance

No Support from Global cues, profit booking seen across the board.

Another weak session for the day from start. Global cues were subdued for the day with no support for the Indian Markers. Former Commmented on the overheated the Chinese market which saw weakness across all the Indices. Indian indices started the day in subdued note but in green and lost its strength from beginning of the day. Indices faced intense selling pressure which intensified at the final hpours of trading. Bank stocks ended in red on fears of CRR hike, which we think wont happen. Steel stocks were under pressure because of statement by Steel Minister that companies should not hike prices as of now. Tata Steel was the major looser. The rising Crude impacted Refineries which witnessed profit booking. Heavy selling pressure was seen across the board except the selective stocks in IT, FMCG and Cement ended in green. Selective Mid and Small caps managed to trade up but as of all succumbed to selling. Asian markets ended in red, so do the European markets which are trading in red.

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