Markets at a glance

After a long rally in the recent past, the markets were smashed on Wednesday and the Sensex locked at the 10 per cent lower circuit due to ambiguity on participatory notes. It recovered later that day after clarifications on the issue.

However, the same could not be sustained in the subsequent days as uncertainty prevailed in the market. Sensex closed the week at 17,559.98 with a loss of 860 points or 4.66 per cent.

What to expect this week
With uncertainty this week on F&O expiry, Sebi's decision on participatory notes and the Congress-Left meeting on nuclear deal, investors are advised to be cautious.

Experts suggest that they use this volatile period to pick up fundamentally sound scrips or have a stock-specific approach. The rising oil prices may continue to have a negative impact on sectors such as auto and oil marketing companies, whereas it may be positive for offshore and sugar companies.

Stock to watch

GREAT OFFSHORE
Last week's close (Rs)	779.65
Prev. week's close (Rs)	806.78
Week's high (Rs)	854.50
Week's low (Rs)	738.03
Last week's ave. daily turnover (Rs cr)	6.97
Prev. week's ave. daily turnover (Rs cr)	6.24
Number of up/down move	2/3

Amongst few stocks resisting the fall in the markets, Great Offshore closed flat at Rs 781.40, despite the vertical fall in the market on Friday. Though the scrip is down 3 per cent in the last one week and 7 per cent in month, it may show positive gains driven by recent developments.

The company had raised $42 million by way of FCCB, which have been listed on the Singapore Exchange convertible into equity at a price of Rs 875. On the results front, it reported 19.9 per cent y-o-y growth in net sales to Rs152.3 crore in Q2 FY08 compared to Rs 127.1 crore in Q2FY06.

The company's growth is expected to be driven by a higher number of vessels - 40 vessels on September 2007 against 36 on September 2006. Also, rising crude oil prices has been good news as this results in higher charter rates for its vessels.