Markets at a glance

The week opened with a postive stride in the market, the Sensex made a new intra-day high of 15,868 points on Tuesday.

However, due to the strong sell-off on Friday, the Sensex touched an intra-day low of 15,160 points. The week ended with a loss of 2 per cent in the Sensex at 15,234.57, which was triggered by the meltdown in global markets.

The US markets crumbled on account of further weakness in the housing market, triggering a global sell-off. Besides India's inflation went up to 4.41 per cent creating concerns ahead of the monetary policy review.

STOCK TO WATCH

OCL INDIA
OCL India, a manufacturer of cement and refractories, announced its board approval of capital expenditure on Saturday. The company will invest about Rs 400 crore including Rs 142 crore for setting up another cement grinding unit.

This also includes Rs 250 crore for setting up two 25 MW thermal captive power plants and Rs 7.66 crore for setting up 1 million tonne per annum hammer mill.

The stock dropped earlier on Friday but recovered in the closing trades with a loss of 3.4 per cent. At current market price of Rs 141.45, the stock is trading at a significant discount to its 52-week high of Rs 205 and low price-earnings multiple of 7.5 times its FY07 earnings.