The initial public offer of Adani Power, which closed on Friday, got subscribed over 14 times with most of the bids coming in from Institutional Investors.

The issue which has roped in institutional investors like Credit Suisse and T Rowe Price International Inc, received bids for over 350.26 crore shares against 24.87 crore shares on offer, achieving a demand for 14.08 times the shares on offer.

FII and DII activity that was seen on Friday, July 31, 2009 is shown below. The report shows that FII were net buyers of Rs 582.12 crore where as DII saw buyers of Rs 316.11 crore.

Electrical equipment maker ABB Ltd on Friday reported a fall of 36.5 per cent in net profit to Rs 83.60 crore for the second quarter ended June 30.

Total income of the company also dropped to Rs 1,525.87 crore during the April-June period of current fiscal from Rs 1,637.62 crore of the same period last year.

Shares of ABB were trading at Rs 700.60 on BSE, up 1.93 per cent from its previous close.

Anil Ambani group firm Reliance Capital today reported a 56 per cent decline in consolidated net profit at Rs 151.04 crore for the first quarter ended June 30, 2009, as it booked lower capital gains.

Total income also declined three per cent to Rs 1,469.25 crore in the same quarter.

The company said the profit was lower on the back of “lower capital gains booked this quarter as substantial gains likely to be booked later this year from planned stake sale in Reliance Life Insurance.”

As of June 30, the net worth of the company stood at Rs 7,500 crore. The total assets of the company stood at Rs 25,074 crore, an increase of 26 per cent over the same period previous fiscal.

The total premium income in the segment during the quarter increased 20 per cent to Rs 903 crore for the quarter as against Rs 749 crore in the corresponding previous period.

Shares of Reliance Capital closed at Rs 883.85, up 2.61 per cent.

Reliance Communications, India’s second-biggest mobile phone operator, posted an 8.3 percent rise in quarterly profit on Friday.

Reliance communications said its net profit rose to 16.37 billion rupees ($340 million) in its fiscal first quarter ended June, from 15.12 billion in the same period last year.

However the stock fell 2.18% at 275.75

US government report shows the economy sank at a pace of just 1 percent in the second quarter of the year. It was a better-than-expected showing that provided the strongest signal yet that the longest recession since World War II is finally winding down.

The Commerce Department says the dip in gross domestic product for the April to June period comes after the economy was in a free fall, tumbling at 6.4 percent pace in the first three months of this year. That was the sharpest downhill slide in nearly three decades.

Many economists were predicting a slightly bigger 1.5 percent annualized contraction in second-quarter GDP. It’s the total value of all goods and services produced within the United States.

Yesterday: Indian Stock Market closed positive with 200 points on the sensex led by short-covering in the bank shares specially ICICI and SBI. The positive global cues were also supporting the market to stay above 4550 on the nifty.

Today: Indian Stock Market is expected to open positive say 40-50 points on nifty. But now 15600 is a big resistive zone for the market & still market up-move is driven by short covering and not because of fresh buying so today is the most important day for the market. Corporate results would play an important role to decide the market direction.

Note: Stocks to trade for intraday, short-term delivery, long term delivery, short selling and Futures and when to exit those stocks would be sent to paid subscribers live during the market hours through SMS.

BSE Sensex: (15388) The support for the Sensex is 15000 and the resistance to the up move is at 15600.

NSE Nifty: (4571) The support for the Nifty is at 4450 and the resistance to the up move is at 4630-4650.

F&O Cues: FII were net sellers of 151 crore in Index Future and sellers of 2 crore in stock futures.

Results to be declared today: Unitech, Aban, GMR Infra, ABB, Dish Tv, Orchid Chem, Adlabs, Suzlon, Tata Power, Rcom, Relcapital, TVS Motor