Results Today:

Alfa Laval, Aventis Pharma,

Bata India,

HeidelbergCement, Mphasis

and Strides Arcolab.

सेन्सेक्स (16286.32) 49.27 अंक चढ्कर, नीफ़्टी (4870.05)13.65 अंक चढ्कर, बंद..

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FIIs were net buyers in the cash segment on Tuesday at Rs5.5bn on a provisional basis while the local funds were net sellers of Rs1.8bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs2.38bn. On Monday, FIIs were net buyers of Rs396mn in the cash segment, while Mutual Funds were net buyers at Rs889mn, according to SEBI web site.

Buy ICICI Bank for intraday, target 860 & 880

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European markets upde: FTSE Index up 0.7%, CAC Index up 0.6% and DAX Index up 0.8%

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Buy ICICI BANK post buget target 950,1000 plus

BUDGET DEL CALLS

Buy and Hold TATA STEEL post budget target 625 and 650 plus

BUDGET DEL CALLS!"

Buy EduCOMP post budget target 800 plus

BUDGET DEL CALLS

FIIs were net sellers in the cash segment on Monday at Rs1.02bn on a provisional basis while the local funds were net buyers of Rs1.17bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs9.11bn. On Friday, FIIs were net buyers of Rs2.93bn in the cash segment, while Mutual Funds were net sellers at Rs1.48bn, according to SEBI web site.

Pre Market Commentary ...

Today, though India has successfully weathered the financial storm, the market remains in a limbo. With budget a couple of days away, the lackluster trend may remain. We expect a slightly lower start given that most world markets are in the red.

The main indices have been stuck in a tight range amid concerns over fresh local as well as external headwinds. Even the broader market has been largely lackluster. FII flows have been erratic with a negative bias. Buying from local funds has been anything but tepid. The NSE Nifty could meet resistance at around 4930. It has to sustain above 4950 convincingly to signal start of a fresh advance. Conversely, a break below 4800 might take it as low as 4650. We expect Nifty to remain in a range of 4800 to 4900 in the near-term. Of course, the budget could potentially alter the current market direction.

Global markets made a tentative start to the week as concerns about the speed of monetary tightening and worries over Greece’s fiscal position policy linger.

Corporate Snippets

± RIL has raised its offer for Lyondell Basell (LB) to US$14.5bn, US$1bn higher than its previous offer made in November. (BS)

± Power Grid Corp of India plans to raise Rs35bn by selling shares to fund an expansion of its grid to end blackouts. (BS)

± Religare Enterprises is close to buying a majority stake in US based venture capital and private equity investment firm Northgate for US$200m (ET)

± Tata Steel expects the arrival of equipment and machinery worth Rs5bn for the 6mtpa project at Kalinganagar by the end of FY10. (BS)

± The devastating fire at IOC’s Jaipur fuel depot has delayed commissioning of Cairn India’s pipeline for transporting crude from its Rajasthan oil fields. (BS)

± The Government is likely to approach state-owned banks and institutions, including the biggest local investor, Life Insurance Corporation (LIC), to bail out REC’s equity issue, if investors choose to stay away. (ET)

± Apollo Tyres plans to make Chennai its hub for both manufacturing and research and development (R&D) and is setting up a Rs20bn manufacturing facility. (BS)

± ITC plans to launch noodles under the ‘Sunfeast’ brand name. (BS)

± L&T will finalise plans to unlock value in its financial services arm in the next 12 months. (ET)

± US-based investor fund QVT has proposed an alternative debt restructuring plan to Wockhardt. (BS)

..सेन्सेक्स (16204.37) 12.74 अंक चढ्कर, नीफ़्टी (4856.40)11.50.. अंक चढ्कर, बंद..

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IDFC : HOLD 2DAYS call trading strong at 152 HOLD FOR NEXT TARGET RS.157 AND 164

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SAIL: Delivery call Trading Strong ~ at 212, HOLD for target of 240 plus

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Buy and Hold TATA STEEL post budget target 625 and 650 plus

BUDGET DEL CALLS

Buy ICICI BANK post buget target 950,1000 plus

BUDGET DEL CALLS

Buy EduCOMP post budget target 800 plus

BUDGET DEL CALLS

Delivery Call ... Buy and Hold PFC

Power Finance Corporation (PFC) - BUY

CMP Rs235, Target Price Rs299, Upside 27.3%

Power Finance Corporation (PFC) with prominent market share (20%+) in power financing business is expected to be the key beneficiary of the hefty capex plan as articulated in the XIth Five Year Plan. The company has witnessed robust 32% CAGR in sanctions over FY05-FY09. With an improving investment appetite, we expect PFC to capitalise on the growth opportunity. Predominant exposure towards generation segment, increasing proportion of disbursement towards private sector and near zero levels of NPA would drive a sturdy 21% CAGR in balance sheet and 22% CAGR in loan book over FY09-11E. Recommend BUY.

Corporate Snippets

± SBI may not raise deposit rates before May-June. (BL)

± REC FPO subscribed just 0.29 times receiving bids for 34.90mn shares out of the total issue size of 171.73mn shares on opening day. (BS)

± HDFC Bank increases the rates on fixed deposits by up to 150bps across maturities. (BL)

± Reliance MediaWorks has made an open offer to purchase a controlling stake in Fame India. (Mint)

± Bharti Airtel chairman says his company does not need any regulatory approvals in India to acquire African assets of Zain Telecom; hopes the deal would be concluded by the end of April. (TOI)

± Bharti Airtel lines up funds aggregating US$9bn from foreign and local banks for its proposed acquisition of Zain Telecom, as it settles to finance the entire deal through debt in the first phase. (ET)

± S&P and Crisil placed Bharti Airtel’s long-term bank facilities and debt programme on ‘rating watch with negative implications. (ET)

± Ambuja Cements plans to spend around Rs35bn to expand its capacity to 24mn tons from the current 19mn tons by year-end. (ET)

± Shree Renuka Sugars announces the acquisition of 51% stake in Equipav S.A. Acucar e Alcool, one of the largest sugar and ethanol companies in Brazil, for Rs15bn. (BL)

± Patel Engineering plans to dilute as much as 40% of equity in its power subsidiary, Patel Energy Resources. (BS)

± The Foreign Investment Promotion Board asks United Breweries Holdings to clarify some issues on an application to bring in foreign investment. (BS)

Market Commentary ..

A good start to an action-packed week will at least save you the Monday blues. Asian markets are all smiling with the Nikkei 225 up nearly 3%. The Railway Budget, Economic Survey and Union Budget and F&O expiry will see the bulls and bears have a slug-fest especially later this week.

Besides the Q3 GDP figures later this week, the report of the 13th Finance Commission will also be closely watched. A new FDI policy is expected to be unveiled on March 31, according to a report which adds that the government has begun the process of restricting fresh foreign investment in the tobacco sector.

A lot of economic reports are due from the US this week, including numbers on housing and revision in third quarter GDP. The Federal Reserve Chairman Ben Bernanke will testify on the state of the economy and monetary policy on Wednesday.