Oil price hits record USD 115

London, April 17: The price of New York oil on Wednesday struck a historic peak at 114.50 dollars, winning support as the US currency tumbled to an all-time low against the euro, traders said.

Later Wednesday, New York`s main oil contract, light sweet crude for delivery in May, stood at 114.20 dollars a barrel, up 41 cents on Tuesday`s close.

London`s Brent North Sea crude for June struck its own record high of 112.35 dollars on Wednesday. It later stood at 111.96 dollars, up 38 cents.

"It`s very much the dollar that`s (behind) the increase," said MF Global analyst Robert Laughlin.

In the foreign exchange market, the European single currency rocketed to a record 1.5968 dollars on Wednesday after official data showed annual inflation across the eurozone had hit an all-time peak.

Inflation in the 15 nations sharing the euro jumped to an annual rate of 3.6 percent in March, the highest since the launch of the European single currency in 1999.

The weak dollar encourages demand for dollar-priced goods like crude which become cheaper for buyers using stronger foreign currencies, traders said.

"Crude oil is advancing now towards the target of 115 dollars," said Petromatrix analyst Olivier Jakob.

This week, oil prices scaled historic heights, breaking through 114 dollars late Tuesday as investment demand was also driven by widespread concerns over tightening world energy supplies, analysts said.

Traders will focus later Wednesday on a crucial inventories report in key energy consumer the United States.

Analysts said recent price gains were underpinned by expectations that the inventory report would show further declines US in gasoline (petrol) stockpiles.

Victor Shum, senior principal at Purvin and Gertz energy consultancy in Singapore, said oil prices would continue to rally.

"The market has generally ignored bearish news (such as forecasts of slower demand) and focused on the bullish," Shum said, suggesting that the US report would likely show a fall in motor fuel inventories.

Recent production stoppages have also stoked supply worries but the reopening of seveal facilities in Mexico on Tuesday eased those concerns, analysts said.

Mexico said Monday it had closed four export terminals due to bad weather while oil giant Shell said shipments through its 1.1 million-barrel-per-day Calpine pipeline in the southern United States had been temporarily disrupted.

Reports also emerged of minor supply outages in Nigeria.

"The physical oil market appears tight and appears highly sensitive to news of any supply interruption," said Fairfax analyst John Mayer.

"Further supply issues are expected in Nigeria and other difficult areas for the industry."

Bureau Report

Daily Market Outlook : 17th April, 2008 (Thursday)

Markets in rocking mood. Yetsrerday almost all stocks like Tech Mahind, Rolta, Satyam, Mindtree, I-Flex, Naukri, KLG, CMC, GAIL, Polaris, Titan, RPL, and Essar Oil. But the star was Tech Mahindra.

Once again Nifty resistance given by us was 4954 and it reversed from 4952, it seems that market has made a habit of reversing from our resistance levels !!!

Today Nifty will open with a gap, but once again it will be important to close above 4951. Inflation figure to be announced at noon will make the market choppy. If inflation comes lower then expected, the current rally to gain further strength and momentum.

SENSEX RESISTANCE AT 16315-16397-16452-16613. SUPPORT AT 16148-16099-15829.

NIFTY RESISTANCE AT 4939-4951-4971-5019-5036. SUPPORT AT 4874-4857-4791-4761.

Free Indian Stock Tips

1. Recap: GMR Infra gave a profit of Rs 850/-, GAIL gave a profit of Rs 800/- and Bank of India gave a profit of Rs 350/- per 100 shres bought as per the recommendation. Union bank of India did not reach the recommended price which was 158.75 and we can see the stock reversed from 158 levels.

2. Indian Market diary: Indian market lost the early gains and closed the day for 16 Apr with marginal gains. Day after i.e. 18 Apr being a holiday and thus it can be stated that people will lighten their portfolio by booking the profit. Thus market has to wait till monday for the real direction to be displayed. Nifty has to sustain above 4905 to show positive move to continue. However it will encounter resistance at 4971.

3. Strong Future Stocks:

Orchid Chemicals
Bombay Dyeing
Guj Alkalies
Essar Oil
Strides Arcolab
Patni computers
Arvind Mills
Chambal Fertilisers
BRFL
APIL

4. Weak Future Stocks

SAIL
ZEEL
Nagarjuna Fertilisers
Indian Bank
Patel Engineering
Ansal Infrastructures
Sobha developers
Unitech
Maharashtra Seamless
NALCO

5. Free Indian Day Trading Tips:

Buy GMR Infra>150.5,153.75,157.65 sl 148.8
Buy GAIl>456.1,461.00,467.00 sl 452

Premium Market

Latest Grey Market Premium Dt. 17-4-2008

Company Name	Offer Price (Rs.)	Premium (Rs.)	Kostak (Rs. 1 Lac.)
Titagarh Wagons Ltd.	540	15 to 20	--
Kiri Dyes & Chemicals	150	15 to 18	--
Aishwarya Telecom	32 to 35	6 to 8	1700 to 1800

Allotment

Kiri dyes allotment likely on 21^st April

Listing

Titagarh wagons Ltd. likely to list on 21^st April

Kiri dyes & chemicals likely to list on 24^th April

New Public Issue(IPO)

Public Issues (IPO) Dt.: 17-4-2008

Company Name	Open Date	Close Date	Issue Size	Offer Price	Rating	Recomm.
Aishwarya Telecom Ltd. (Book Building)	15-4-08	17-4-08	40 Lakh Shares (Rs. 14 Cr.)	32 to 35	38 %	Avoid

Speculative Scrips

Company Name	CMP	Company Name	CMP
HMT	76.05	Anil Special Tube	20.00
Shanti Builders	74.00	RCF	63.45
GTL Infira	48.20	WWIL	40.15
R.S. Software	31.50	Surana Tele	39.00
Nakoda Textiles	42.80	Vaibhav Gems	67.50
Assam Brook	15.65	Clariant Chemicals	234.90
STL Global	20.00	Manali Petro	14.26
Manju Shree	23.85	Krypton Ind.	38.55
VST Ind.	336.95	Apollo Tyre	43.00
ITDC	90.00	Nagrika Export	29.00
Hind. Tin Works	34.00	Panasonic Battery	69.70
Deccan Gold	52.00	Infotrak	48.00

Excellent Performance of our Last Recommendations:

(From Intra Day High Rate)

Surana Tele (+7), Infotrak (+6), TCFC Finance (+3), Sanket International (+2),

Cupid Ltd. (+2), Elnet Techno (+4), Deccan Gold (+3), WWIL (+4), Bhagyanagar India (+3),

VBC Ind. (+3), KLG Capital (+6), Tuticorin Alaklies (+1), Anil Chemicals (+5),

Ultramarine & Pigments (+2), VLS Finance (+1), TVS Motors (+2)

Funda-Picks

Company Name	Recomm.	CMP
Neyveli Lignite	Buy	139.15
Tata Tele	Buy	29.00
Gujarat Alkalies	Buy	196.00
First Source	Buy	42.45
Reliance Power	Buy	375.00
GIPCL	Buy	98.05
RPL	Buy	184.00
GTL	Buy	275.00
S. Kumar	Buy	109.00
Autoline Ind.	Buy	211.00
Nagarjuna Fertlisers	Buy	41.45
Ispat Ind.	Buy	29.70
J. P. Hydro	Buy	62.30
Chambal Fertlisers	Buy	56.90
Banco Products	Buy	38.15
Fag Bearing	Buy	512.55
Sonata Software	Buy	40.20
Nalwa Sons	Buy	847.00
Gail	Buy	446.00
South Indian Bank	Buy	152.05
Century Textiles	Buy	789.55
Kalyani Forge	Buy	197.00
Binani Cement	Buy	72.30
Arvind	Buy	46.740

Company Name	BSE Code	CMP	Stoploss	Target
Krypton	523550	39	35	45
Shree Precoated	513349	181	170	205
Super Tannery	523842	10	9	16
Samrat Pharma	530125	13	17	20
Uniabex	504605	95	85	125

Superb Performance of our Last Recommendations:

(From Intra Day High Rate)

HEG (+20), Reliance Power (+20), Four Soft (+2), Ind. Bank Merchant (+2), IDBI (+5),

J. P. Hydro (+4), Petronet LNG (+9), Reliance Petro (+6), J. K. Tyre (+2), Gemini Comm. (+8),

Sical Logistics (+18), West Cost Paper (+6), Autolite Ind. (+3), Super Sales (+4), Future Capital (+22)