Markets at a glance

Indian markets could not remain immune to the gloom that spread across global markets last week. Doubts about the growth prospects of the world's largest economy and the weakening credit market saw investors press the sell button.

The Sensex fell for six consecutive days and despite the 327 point rally on Friday, the Sensex lost 845.49 points to 18,852.87 while the Nifty tanked nearly 300 points to 5608.60 for the week ended November 23.

What to expect this week
Sales by FIIs last week and the expiry of the November 2007 contracts on Thursday point to a volatile week ahead.

However, short-covering may provide the bullishness before the settlement ends. If the FIIs continue to book profits as the year draws to an end, markets could end lower.

Stock to watch 
 

BHAGWATI BANQUETS AND HOTELS
Last week's close (Rs)	84.17
Prev. week's close (Rs)	77.25
Week's high (Rs)	85.85
Week's low (Rs)	74.62
Last week's ave. daily turnover (Rs cr)	10.23
Prev. week's ave. daily turnover (Rs cr)	9.80
Number of up/down move	3/2

The board of Bhagwati Banquets and Hotels is meeting on November 30, 2007, to consider raising of funds. The company also intends to increase its authorised share capital and FII limit.

The company unveiled its plans to launch exclusive clubs named "TGB Club" in Surat, along with its upcoming five-star hotel.

The stock is trading at Rs 84, and is up 103 per cent over the past month. On a P/E multiple basis, it is trading at 32 times its annualised earnings of H1 FY08. Bhagwati had revenues of Rs 35.54 crore in FY07, whereas for H1 FY08, revenues were Rs 22.77 crore.