Pre Market Report

Key benchmark indices are seen opening strong on the back of
positive Asian indices. The SGX Nifty futures for April 2009 expiry
surged 52.50 points in Singapore. However volatility may hit roof
with derivatives contracts for April 2009 series expiring today, 29
April 2009.

Aggregate results of 475 firms showed 3.6% fall in net profit on
4.5% rise in sales in Q4 March 2009 over Q4 March 2008.

Expiry of derivatives contracts today, 29 April 2009 may heighten
volatility on the bourses. As per reports, rollover of Nifty
positions from April 2009 series to May 2009 series stood at 61%
while those of stock futures were 54%, as on Tuesday, 28 April
2009.

Political uncertainty, with polling for India's 15th Lok Sabha
underway, may also prop volatility. The month-long parliamentary
elections that began on 16 April 2009 will conclude on 13 May 2009
with results due on 16 May 2009. Poll estimates point to a
fractured mandate.

Meanwhile, turnover on the bourses may take a hit with traders
refraining to take freh positions ahead of a long weekend. The
stock market will remain shut on Thursday, 30 April 2009 as voting
takes place in Mumbai for the parliamentary elections and also on
Friday, 1 May 2009 on account of Maharashtra Day.

Today Market Report

BSE 30-share Sensex was almost unchanged at 11,330.58, off close to
50 points from the day's high and up close to 150 points from the
day's low.

Banking stocks extended gains as bond prices rose. Index
heavyweight Reliance Industries recovered. IT stocks remained weak
even as cement stocks gained.

After a weak opening caused by weakness in Asian stocks, Indian
stocks had bounced back shortly.

The expiry of the near-month derivatives contracts has been
advanced to 20 April 2009 from 30 April 2009 as the stock market
remains closed on 30 April 2009 on account of voting for the
parliamentary elections in Mumbai on 30 April 2009. Rollover of
Nifty positions from April 2009 series to May 2009 series stood at
38% while those of stock futures were 26%, as on Friday, 24 April
2009.

Political uncertainty may lead to volatile swings on the bourses in
the next few weeks with polling underway for India's 15th Lok
Sabha. The month-long parliamentary elections that began on 16
April 2009 will conclude on 13 May 2009 with results due on 16 May
2009. Poll estimates point to a fractured mandate.

Asian stocks slipped on Monday as the outbreak of swine flu in
North America hurt shares of airlines and transport companies. Key
benchmark indices in China, Hong Kong, Taiwan, South Korea, and
Singapore fell by between 0.62% and 2.99%. But Japan's Nikkei rose
0.02%.

Trading in US index futures showed the Dow could fall 119 points at
the opening bell on Monday, 27 April 2009.