Markets at a glance

After hitting the lifetime high level of 12,671.11 during intra-day trade on Thursday, market succumbed to the pressure of profit booking, on the news of the Left parties' victory in the assembly elections in Kerala and West Bengal, hike in interest rates by the US Federal Reserve and the Indian government toying with the idea of hike in domestic petroleum prices.

Over the week, the Sensex lost 74.59 points or 0.6 per cent to settle at 12,285 and S&P CNX Nifty shed 13.9 points or 0.37 per cent to close at 3,650.05. The market breadth was marginally negative. Activity of FIIs and mutual funds has been erratic in the past week.

What to expect this week
The market is likely to take a pause of its profit booking activity happening at higher levels. Moreover, cash-rich mutual funds may give support at lower levels.

The results of major companies such as Tata Motors, Bajaj Auto and Tata Steel are yet to be announced.

Stock to watch 

GUJARAT NRE COKE
Last week's close (Rs)	90.95
Prev. week's close (Rs)	91.08
Week's low (Rs)	90.05
Last week's ave. daily turnover (Rs cr)	12.00
Number of up/down move	3/2

Gujarat NRE Coke, the largest non-captive manufacturer of low-ash metallurgical coke, is witnessing some buying interest from overseas institutional investors.

Recently, Goldman Sachs has bought 38 lakh shares or 3.84 per cent of the total shares of the company. The company's products are used in soda ash plants, cast iron, brass foundries and the blast furnaces of steel plants.

After acquiring coking coal mines in Australia, the company plans to set up a new coke oven plant in Dharwad, Karnataka, by July 2007, which will have a capacity of 4 lakh tonne a year.

Stock of the week 

GOETZE INDIA
Last week's close (Rs)	299.00
Week's high (Rs)	348.40
Week's low (Rs)	212.20
Last week's ave. daily turnover (Rs cr)	26.58
Number of up/down move	3/2

The Goetze India stock gained 40.75 per cent in the week to close at Rs 298.45. The sharp gain was on the back of news that automotive giant Federal Mogul, which already holds 26.64 per cent stake in the company, will increase it to 50.1 per cent.

This has raised the hopes that the US-based auto parts major may make Goetze India its outsourcing partner.

Federal Mogul is a leading auto ancillary company supplying ancillaries to auto majors like General Motors and Daimler Chrysler. Goetze India caters to auto players like Tata Motors, Bajaj Auto and TVS.