Market Watch

Stock Market Prediction
The stock market hardly had a chance to wake up to the opportunities before the Union Budget announcements for 2008-09.
The “irrational exuberance” of the third quarter of 2007-08 lost its steam early in January and the market is yet to recover fully from the wounds of the crash.
Easy money-driven rally is not on for Dalal Street now.
Apart from the consolation of remaining “technically” in a bull market, the equity street is still far from reflecting optimism.
Bulls have tenaciously kept the Sensex bound within a range for the past three weeks, but did not have the heart to step into another adventure, lest it might again turn sour.
This week, the last before the Budget, Dalal Street may remain sedate and let the chances of revaluations largely go by.

It'll be a green opening but as always. I'm expecting a two-sided movement again! Things are too volatile to even predict stuff now! One doesn't know whats gonna happen in the next hour.
But a green opening is expected because Asia will mirror America's strong closing on Friday.

The dramatic recovery in the US market in the last half an hour of trade on Friday could provide some respite to bulls across key Asian markets, including India, when trading resumes on Monday. The Dow Jones Industrial Average ended 96.72 points higher after trading weak for most part of the session on bailout reports of bond insurer Ambac, which guarantees more than $500 billion in debt.
Some Good news are moving around
HDFC-CBoP Merger( Swap Ratio 29:1)
Reliance Bonus

Corporate Announcement
Essar Shipping - Outcome of EGM
Essar Shipping Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 23, 2008, have approved the following by way of Special Resolutions:
1. Issue, offer and allotment of equity shares, FCCBs, GDRs etc., upto an aggregate amount not exceeding US$ 1 billion in terms of the resolution at item No. 1 of the notice of the EGM.
2. Change of name of the Company to Essar Ports & Logistics Ltd.
3. Ratification / enhancement of the loans / guarantee limits upto US$ 100,000,000.

Reliance Energy - Outcome of Board Meeting
Reliance Energy Ltd has informed BSE that the Board of Directors of the Company was held on February 24, 2008.The following media release issued by Reliance Power Ltd, which, inter alia, incorporates the decisions of Board of Reliance Energy Ltd, which is self explanatory:"Reliance Power Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 24, 2008, has approved a proposal for issuing free bonus shares to all categories of shareholders, excluding the promoter group (comprising of Reliance Energy Ltd. and the ADA Group), in the ratio of 3 shares for every 5 shares held, subject to necessary approvals.The proposed bonus offering will result in reduction of the cost of Reliance Power shares below the IPO price as follows:

Rs 269 per share for retail investors, 40% lower than the IPO price of Rs 430.
Rs 281 per share for other investors, 37% lower than the IPO price of Rs 450.

In a related development, Mr. Anil D Ambani, Chairman, Reliance ADA Group, on February 24, 2008 simultaneously announced a voluntary contribution of 2.6% of his shareholding in Reliance Power to Reliance Energy Ltd., to protect the Company from any dilution of its existing 45% stake in Reliance Power, as a result of the bonus proposal.