Market Comments - Bulls in Control

Markets opened strong yesterday but could not sustain as some profit booking was evident. Strong global cues will have the opening impact of 100 to 150 points and then the drama will start again today.

IFCI was star performer and in another couple of days we can know who are the contenders for the stake sale. This will make the price move up but I believe IFCI share holders should get something close to 100 and if the competition is intense, share holders will benefit.

Global markets are volatile and so are our markets but if you focus on specific stocks forgetting the sensex for now, you will reap rich benefits. Reliance Petro moved smartly from my recommended levels and so also my other picks. GMR Infra was at 680 levels when markets corrected and is now at 800 levles but I expect it to move to 1000 by October 8th.

Power Grid Corporation IPO closes tomorrow and we should have some idea of oversubscription by tomorrow morning. At present the retail part subscribed by 0.4 times but most of the bids from retail will come in on the last day. However the issue size is big and so those who apply in the high end of 1875 shares will have a good chance of getting allotment.

" If you have patience that itself is a form of Wealth"