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Thursday, December 31, 2009
R Power's Rosa project commences power generation
Reliance Power Ltd. announced that its first power project - 1200 MW Rosa Power Project has commenced power generation. With this milestone, the project has become the first thermal IPP to start generation in the Northern Region. The 1,200 MW coal based project is being set up at Rosa in Shahjahanpur District of Uttar Pradesh in two stages of 600 MW each. Stage I of the Rosa Power Project will supply the entire 600 MW power to UP Power Corporation Ltd. for which a Power Purchase Agreement (PPA) was signed on November 12, 2006. As per the PPA, the project is scheduled to commence supply of power to UPPCL from April 2010 from Unit I and July 2010 from the second unit.
Expansion of the Rosa Project (Stage II - 600 MW) is also making rapid progress. All major milestones in respect of Stage II, including coal linkage, award of EPC Contract and Financial Closure have been achieved and construction is in progress. Stage II of the project would supply 300 MW power to UP Power Corporation Ltd. for which a power purchase agreement (PPA) has been signed. The balance 300 MW power will be sold on merchant basis. With the progress achieved, the Stage II of the project is expected to begin operation in the XI Five-year Plan i.e. by March 2012 as against earlier envisaged in the XII plan.
Govt to sell 8.4% in NMDC via FPO NMDC
NMDC Ltd. said that the Government will sell a 8.38% stake in the public sector mining and minerals company through a follow on public offer (FPO) in the current financial year. The stake sale is likely to be completed by March 31. “The Government of India has desired to complete the process of disinvestment of 8.38% of paid-up equity in NMDC Ltd., out of the Government’s shareholding through further public offer in the domestic market during the current financial year,” NMDC said in a filing to the exchanges. As of September 31, 2009, the Government held about 98.38% in NMDC, and the rest were with the public. Based on NMDC's current market value, the Government could raise about US$3bn through the FPO. Since August, the government has raised US$1.8bn by selling shares in NHPC and Oil India. Morgan Stanley, Citigroup, RBS, UBS and Kotak Mahindra Capital have been shortlisted as merchant bankers for the FPO.
Govt extends deadline for meeting sugar export obligation
The Cabinet Committee on Economic Affairs (CCEA) approved the extension of the period for fulfillment of export obligation of advance license holders who imported raw sugar between Sept. 21, 2004 and April 15, 2008. There was a shortfall in sugar production in 2004-05 sugar season (Oct-Sept). The Central Government, with a view to augment domestic stocks of sugar, allowed import of raw sugar on ‘ton-to-ton’ basis under Advance Authorization Scheme (then Advance License Scheme). This policy of ‘ton-to-ton’ remained in vogue from Sept. 21, 2004 and April 15, 2008. The export obligation against imported raw sugar under this relaxed policy was 20.75 lakh tons. The export obligation of 9.67 lakh tons is yet to be fulfilled.
In January 2009, the Government had decided to extend the period for discharge of pending export obligation till Dec. 31, 2009. In view of anticipated low production of sugar in the current sugar season, the Government has approved the following two options to Advance License Holders who are yet to fulfill their export obligation:-
a. Further extension of time up to March 31, 2011 for export without payment of composition fees
b. Pay customs duty as applicable during the relevant period, in which case they will be discharged fully from the export obligation for the quantity that they have not been able to export under the policy.
Advance authorization holders may exercise either of the two options mentioned above.
3G spectrum auctions likely from Feb 13: report
Bidding process for the third generation (3G) spectrum is likely to start from February 13, according to reports. The last date for accepting applications will be January 25 after which mock auctions will be held on February 10 and the DoT will issue notice inviting applications (NIA) on January 10. The new dates have been set following a decision by the Empowered Group of Ministers to release 3G spectrum by August 2010. Reports stated that mobile operators winning the auction for 3G mobile spectrum might be asked to pay the entire bid amount upfront within 20 days after the bidding process is completed. They will however get the spectrum in August only. The successful operator would have to pay 25% of the bid amount in five days of the auction closing and the remaining amount in 15 days. This will be the fourth time in the last one year that the DoT will be setting dates for 3G auction. Earlier attempts to go ahead with the auction could not materialise after the Defence Ministry had raised objections with respect to releasing spectrum.
Asia-Pacific economies may rebound in 2010: S&P
The Asia-Pacific economies are expected to post positive GDP growth in 2010, according to a new report, "Asia-Pacific Economic Outlook Q4 2009: Exit Strategies And Inflation Are Main Issues For 2010 As Region recovers," published by Standard & Poors. But concerns and challenges remain-inflation is an issue for some while the questions of when and how to exit from expansionary monetary and fiscal policies are critical for all, the report quoted.
The report reviews the quarterly performances of Australia, New Zealand, Japan, China, India, Hong Kong, Singapore, Korea, Taiwan, Indonesia, Malaysia, Philippines, Thailand, and Vietnam.
It also provides an outlook opinion on Asia-Pacific economies based on recent data. Policy focus is gradually shifting from managing the crisis to managing the ongoing recovery. A critical challenge for all economies is how and when to exit from expansionary monetary and fiscal policies in a way that secures recovery. Most countries are likely to begin by exiting monetary easing, then gradually withdraw fiscal stimulus. The report looks at which countries are likely to exit monetary easing first.
Just as Asia-Pacific is leading the world in economic recovery, so too will it lead the exit strategy. In our opinion, the coming year will see all Asia-Pacific economies adopt a tightening stance in one form or the other," the report added.
Weekly Newsletter - Dec 31 2009
The market has had quite a rollercoaster ride in the last couple of years. After hitting all-time highs in January 2008, the market came crashing down like a pack of cards in the wake of the western financial storm and the subsequent economic downturn. The Sensex lost more than 50% as FIIs pulled out US$13bn. The meltdown continued into the initial months of 2009 as well with no signs of stability in the western banking sector. The key indices touched new lows in early March before rebounding like a phoenix bird as economic activities started turning around. UPA's convincing win in election added fuel to the fire, with the market being frozen in upper circuit. The dull Budget did play spoilsport for a brief period but the indices bounced back to scale new peaks for the year in October. Since then, it was a topsy turvy journey which culminated in an extremely insipid December. Still, the undertone was strong enough to enable the indices to make new highs.
The new year will start differently for India, as exchanges will kick off trading at 9 am from Jan. 4. Things will be a little quiet to start with, as market players return from a long New Year weekend. In any case, the market will await fresh catalysts to push ahead. Also, concerns are building up on the inflation side, with food inflation shooting through the roof. Commodity prices have also started to inch higher. So, a reversal in easy money policy is imminent. Earnings will also be closely followed and scrutinized for hints on future prospects for India Inc. Valuations though not cheap, does leave some more head room as India is a long-term growth story. Fund flows may not match this year's performance, but should still cross double-digits. Budget and other policy measures from the UPA will also play a key role in determining the direction of the market. Global factors to keep an eye on will be Fed action and execution of 'exit' strategies.
High fiscal deficit cannot be sustained for long: FM
India's fiscal deficit can’t be sustained for long, Finance Minister Pranab Mukherjee said. “We shall have to strike a balance between the requirements of the economy and the capacity of the economy to bear this level of fiscal deficit,” Mukherjee told reporters in New Delhi. However, separately, the Finance Minister said that immediate withdrawal of the fiscal stimulus measures may not be the correct approach to tackle the high fiscal deficit, which is set to hit a 16-year peak this fiscal year. India’s fiscal deficit is forecast to increase to 6.8% of gross domestic product (GDP) in the year ending March 2010. A widening budget deficit has made Indian bonds the worst performers this year among the top 10 local-currency debt markets in Asia outside Japan, with a 5% loss.
Mukherjee is borrowing a record Rs4.51 trillion this year to fund a series of stimulus packages announced in the wake of last year's global financial crisis to revive growth in Asia’s third-largest economy. Meanwhile, Chairman of the 13th Finance Commission Dr. Vijay Kelkar said that the panel has recommended a new path to cut the Government’s budget deficit. Kelkar’s report, due to be placed in parliament early next year, has assessed the impact of the proposed goods and services tax (GST) on trade and made recommendations on oil bonds, he said, without providing details.
The Finance Minister said that the recommendations of the 13th Finance Commission, which submitted its report to President Pratibha Patil earlier in the day, will be reflected in the Budget 2010-11. “There is a system. The report will be tabled in Parliament as per the system,” Mukherjee told reporters on the sidelines of a function in New Delhi. After that, the report will be reflected in the Budget, he said.
The report of the 13th Finance Commission, headed by the former Finance Secretary, Dr. Vijay Kelkar, assumes importance since reforms in the direct and indirect taxes areas are likely to be in place in the next couple of years in the form of GST and Direct Taxes Code. The report will be given by the President to the Finance Ministry. The Cabinet will then adopt the report and is expected to table it in the Budget session of Parliament.
Food price inflation turn higher again
Food price inflation inched higher again in the week ended Dec. 19 after a brief drop in the previous week, data released by the Government showed. Prices of even Non-food items and Fuel products have started firming up, as per the latest Government figures. The point-to-point inflation in the Food Articles group stood at 19.83% in the week under review as against 18.65% in the week ended Dec. 12, the Commerce & Industry Ministry said. Food price inflation was at 19.95% in the week ended Dec. 5.
The index for the Primary Articles group declined by 0.2% to 284.1 from 284.7 in the previous week. Inflation in the Primary Articles group rose to 15.49% in the week ended Dec. 19 versus 14.66% in the preceding week. Primary Articles inflation was at 10.81% during the week ended Dec. 20, 2008.
The index for the Fuel, Power & Light group remained unchanged at its previous week's level of 344.9. Year-on-year inflation in the Fuel, Power & Light group increased to 4.45% from 3.95% in the week ended Dec. 12. Inflation in the Fuel & Power group stood at (-) 0.75% during the corresponding week (Dec. 20, 2008) of the previous year.
Year-on-year inflation in the Non-food Articles group climbed to 8.74% in the third week of this month compared to 7.97% in the second week. Inflation in the Minerals group stood at -5.91% in the week ended Dec. 19 as against -3.28% in the preceding week. Inflation in the Mineral Oils group rose to 6.56% from 5.67%.
Monthly auto, cement sales may set the tone
For the trading fraternity, the New Year begins early as trading starts at 9:00 IST from Monday, 4 January 2010, with stock exchanges deciding to extend trading hours by 55 minutes. Trading will end at 15:30 IST as usual.
The first trading day of the New Year marks listing of power utility JSW Energy on Monday. The company had priced its initial public offer (IPO) at the lower end of the Rs 100-115 price band following a tepid investor response. The company will issue shares to retail individual bidders at discount of Rs 5 to the issue price.
Auto, cement and steel stocks, will be focus in the first trading week of 2010 as companies unveil their sales data for December 2009. Steel shares may get a boost from a likely hike in steel prices in the New Year.
Asian stocks have bounced sharply from March 2009 lows, reflecting renewed risk appetite from investors as the global downturn began to ebb early in the year. The BSE Sensex jumped 81% in calendar 2009, its biggest yearly gain since 1991, when it jumped a record 82.1%. Markets in Asia and elsewhere next year will be influenced by the pace of economic recovery, the expected timing of US interest rate hikes and policymakers' strategies for unwinding emergency stimulus plans introduced during the global financial crisis.
The July 2010 fed-funds contract on Wednesday, 30 December 2009, priced in a 76% chance for the Federal Open Market Committee to raise the Fed funds rate to 0.5% at its meeting in late June 2010. On Tuesday, 29 December 2009, the July 2010 contract had priced in a 78% chance for a 0.5% rate. The funds rate has stayed inside a record low range of 0% to 0.25% for the past year, one of many Fed actions designed to stimulate the economy.
A likely record fund raising by Indian firms in 2010 could suck liquidity from the secondary market. As per one report, Indian companies have lined up equity raising plans of Rs 150000 crore in calendar 2010, close to two-and-a-half times of what they raised through share sales in calendar 2009.
Stock and sector-specific activity may dominate trade on the domestic bourses in the near term as Q3 December 2009 results start trickling in. IT bellwether Infosys and two-wheeler major Bajaj Auto, kickstart the reporting season on 12 January 2010.
Small-cap, mid-cap indices outperform Sensex
The market closed the last truncated week of the year with strong gains after Prime Minister Manmohan Singh said economic growth may accelerate. Prime Minister Singh's forecast in a speech on 28 December 2009, came after the Indian economy expanded 7.9% in the three months ended 30 September 2009, the quickest in six quarters. The growth lagged behind only China among the major world economies.
Foreign funds invested Rs 83,070.09 crore (till 29 December 2009) in Indian equities in 2009, after pulling out Rs 52,987.10 crore last year when the global financial crisis rattled investors and triggered a flight to the safety of bonds and gold. The inflow boosted the Sensex 81.03% in calendar 2009 as investors chased bargains after the market had slumped over half in 2008.
The BSE 30-share Sensex rose 104.20 points or 0.60% to 17,464.81 in the week ended Thursday, 31 December 2009. The S&P CNX Nifty rose 22.65 points or 0.43% to 5,201.05 in the week
The BSE Mid-Cap index outperformed the Sensex, rising 1.15% to 6,717.82. The BSE Small-cap index, too, outperformed the Sensex, rising 2.92% to 8,357.62 in the week.
The bourses were open for trading only for three days. They remained closed on Monday, 28 December 2009 on account of Moharram. The market remains shut on Friday 1 January 2010, on account of the new year holiday.
Key benchmark indices extended gains for the fourth straight session on Tuesday, 29 December 2009, on sustained buying demand for pivotals. Global cues were positive with European stocks and most Asian markets trading firm. The BSE 30-share Sensex rose 40.95 points or 0.24% to 17,401.56. The S&P CNX Nifty rose 9.55 points or 0.18% to 5187.95.
Profit booking in index pivotals following four straight days of gains pulled the key benchmark indices lower in what was a volatile trading session on Wednesday, 30 December 2009. The BSE 30-share Sensex was down 57.74 points or 0.33% to 17,343.82. The S&P CNX Nifty settled 18.50 points or 0.36% lower at 5169.45.
Volatility ruled the roost on Thursday, 31 December 2009, as traders rolled over positions in the derivatives segment, to January 2010 series from the near-month December 2009 series. The December 2009 derivatives contracts expired on Thursday.
India's largest private sector firm by market capitalisation Reliance Industries (RIL) rose 1.32% in the week. RIL has successfully tested the design capacity of its massive eastern offshore Krishna-Godavari basin D6 field production facilities. A flow rate of 80 million standard cubic meters was achieved through the KG-D6 facilities and delivered to the pipeline
Banking stocks rose on expectations of a pick up in credit offtake. According to the latest Reserve Bank of India (RBI) figures, total loans, including food credit loans to Food Corporation of India for foodgrain procurement and non-food credit (all other loans) amounted to Rs 29,41,293.07 crore as on 19 December 2009. This represents a sequential growth of Rs 34,028 crore since 27 November 2009 compared to a growth of Rs 7,698 crore in the whole of November 2009.
India's largest bank by net profit and branch network State Bank of India rose 2.32%. The state-run bank paid advance tax of Rs 1795 crore in Q3 December 2009 versus Rs 1700 crore in Q3 December 2008
India's largest private sector bank by net profit ICICI Bank rose 1.51%. The bank is reportedly raising up to Rs 1200 crore by selling bonds. But, India's second largest private sector bank by net profit HDFC Bank fell 0.66%.
India's largest engineering & construction firm by sales Larsen & Toubro fell 0.17%. The company won two orders totaling Rs 580 crore.
Auto stocks extended recent gains on the back of strong sales in the month of November 2009 and higher advance tax payment in the third quarter.
India's largest tractor marker by sales Mahindra & Mahindra (M&M) advanced 1.78%. After announcing its entry into the medium and heavy commercial space, the company is reportedly making new inroads in the mini truck segment. It is set to launch one tonner Maxximo at the upcoming Auto Expo from its light commercial vehicle (LCV) space.
From two wheeler space, Hero Honda Motors fell 1.04%, while Bajaj Auto rose 3.63%.
India's top truck maker by sales Tata Motors rose 1.62%. The company has reportedly commenced trial production of the first batch of the Nano at the new mother plant at the Sanand facility last week. The company will start commercial production of the 'People's Car' from March 2010 onwards.
Tata Motors had shifted its mother plant to Gujarat last year after facing local protests in West Bengal spearheaded by Trinamool Congress leader Mamata Banerjee.
Telecom stocks rose bargain hunting. The government on Thursday, 31 December 2009, said it will introduce mobile number portability across the country by 31 March 2010, pushing back its introduction by up to 3 months. India's largest mobile services provider by sales Bharti Airtel rose 2.46%. But India's second largest mobile services provider by sales Reliance Communications fell 0.92%.
Mobile Number Portability (MNP), which allows users to retain their number even if they switch operators, was to be introduced in metro cities and the so-called Category A telecom zones from 31 December 2009 and in other areas by March 20, 2010.
Nifty January 2010 futures above 5,200
Turnover jumps
Nifty January 2010 futures were at 5,219.55, at a premium of 18.50 points as compared to the spot closing of 5201.05. Turnover in NSE's futures & options (F&O) segment spurted to Rs 105421.96 crore from Rs 79,691.40 crore on Wednesday, 30 December 2009.
The December 2009 derivatives contracts expired today, 31 December 2009. Rollover in Nifty futures from December 2009 series to January 2010 stood at 58% at the end of Wednesday's (30 December 2009) trade. Rollover in Mini Nifty futures stood at about 50% and the market wide rollover was about 67%.
Bharat Heavy Electricals January 2010 futures were at premium at 2,408.10 compared to the spot closing of 2400.
Larsen & Toubro January 2010 futures were at premium at 1,686.70 compared to the spot closing of 1677.25.
Maruti Suzuki India January 2010 futures were at premium at 1,572 compared to the spot closing of 1,569.
In the cash market, the S&P CNX Nifty rose 31.60 points or 0.61% at 5,201.05.
Asian markets finish 2009 on fabulous note
Hang Seng, Shanghai, Taiex, Sensex, Sydeny, Seoul edge higher as Nikkei, Kospi remain close
Stock market in Asian region finished 2009 on higher side on Thursday, 31 December 2009, as a jump in US consumer confidence reinforced views that the world's largest economy is gradually recovering. The key benchmark indices in China, Hong Kong, Singapore and Taiwan rose by between 0.45% - o 1.75%. Markets in Japan, South Korea, Thailand, Indonesia and the Philippines were closed. Most markets in the world will be closed on Friday for the New Year day holiday.
On Wall Street, stocks danced around the flat line Wednesday despite promising business activity in the Midwest and strong demand for the government's final bond auction of the year. The Dow Jones Industrial Average closed slightly ahead, adding 3.1 points to 10,548.5. The S&P 500 was up by less than a point at 1126.4 and the Nasdaq was up by 2.9 points, or 0.1%, at 2291.3.
On the economic front, the Institute of Supply Management-Chicago purchasing manager's index hit 60, its highest level in nearly four years. The PMI figure was well above November's level of 56.1. In other news, the Energy Information Administration said crude oil inventories declined by 1.5 million barrels, which was better than the 1.7 million-barrel build reported by the American Petroleum Institute late Tuesday.
In the commodity market, crude oil rose for a seventh day as colder weather in the U.S. increased demand for heating fuels. Prices are poised for the biggest annual gain since 1999 on optimism consumption will rebound as the global economy recovers.
Crude oil for February delivery rose as much as 57 cents, or 0.7%, to $79.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $79.68 at 3:20 p.m. Singapore time.
Brent crude oil for February settlement climbed as much as 71 cents, or 0.9%, to $78.74 a barrel on the London-based ICE Futures Europe exchange. It was at $78.58 at 3:19 p.m. Singapore time.
Gold rose in London, heading for a ninth straight annual gain, on speculation climbing commodity prices and a weaker dollar will spur demand for the metal as a hedge against inflation. Bullion for immediate delivery jumped $12.10, or 1.1%, to $1,105.01 an ounce at 9:19 a.m. London time. Gold futures for February delivery climbed 1.2% to $1,105.40 an ounce on the New York Mercantile Exchange's Comex unit.
In the currency market, the major pairs traded in very tight ranges on subdued volumes.
The Hong Kong dollar was trading at HK$ 7.7546 against the dollar. Actually the Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.
In Sydney trade, the Australian dollar was higher today as moves on bulk commodities markets lifted the currency towards 90 US cents in quiet trading. At midday, the Australian dollar was trading at 89.72 US cents, up from yesterday's close of 89.07 US cents. It was also buying 82.95 yen, 62.46 euro cents and 55.77 pence. During the morning, the local unit moved between 89.25 and 89.73 US cents.
In Wellington trade, the New Zealand dollar's rapid rise on year-end positioning gave exporters little to cheer about going into the New Year holiday weekend. The kiwi peaked at US72.68c in today's domestic trading session before easing to US72.57c at 5pm - more than US1c higher than its US71.50c level 24 hours earlier.
The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.0550, 0.1830 up from Wednesday's close of NT$32.2380.
In equities, Asian stock markets were mostly higher, but investors were finishing the year with more of a whimper than a bang, as activity was thin with shortened trading sessions. Stock markets in Japan, South Korea, Thailand, Philippines, Indonesia were closed for holiday.
In Mainland China, the share finished the seesaw session up in the last trading day of a year, with outstanding performances from financials, technology, and other major heavyweights on expectation government would maintain a moderately loose monetary policy in 2010 to sustain the economic rebound.
At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, spurted 14.54 points, or 0.45%, to 3,277.14, while the Shenzhen Component Index on the smaller Shenzhen Stock Exchange soared up 0.41% or 55.50 points, to 13,699.97. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, grew 0.47%, to 3,575.68.
In Hong Kong, share market ended higher in the last trading session of the year, as all sectors advanced in thin trading, supported by optimism over the prospects for 2010. Trading was shortened due to the New Year holidays. Financial markets in Hong Kong will be closed Friday and reopen Monday. Compared with the final trading day of 2008, the Hang Seng Index was up 7,485.02 points, or 52%.
At the closing bell, the Hang Seng Index shot up 375.88 points, or 1.75%, to 21,872.50, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, grew 263.36 points, or 2.1%, to 12,794.13.
In Australia, the market hit their highest levels this year in the last trading day of 2009, with benchmark All Ordinaries surged 0.8% in thin volume, as many people stepped away from the market on shortened trading day ahead of tomorrow's New Year's Day holiday.
At closing bell, the benchmark S&P/ASX200 index spurted 37.30 points, or 0.77%, to 4,870.60, meanwhile the broader All Ordinaries surged 35.70 points, or 0.74%, to 4,882.70. The benchmark All Ordinaries index has gained 1,223.4 points, or 33.4% in 2009, meanwhile All Ordinaries added 167.2 points or 3.5% in December 2009.
In New Zealand, equities ended the last trading day of the year 2009 in the positive terrain gaining almost 17% through the year. The domestic share market that had started to drop down since October 2008 on account of the global financial turmoil that affected equity markets worldwide gained to its years high by October 2009.
After dipping down to its lows of less than 2500 levels early 2009, NZX gained more than 34% by the end of the year. The benchmark index is currently hovering above the 3200 level mark for the fifth session in a row, a level last seen in early October 2008.
NZX closed an hour early for the New Year holiday with the benchmark NZX-50 index up 9.23 points, or 0.29 percent, to 3230.14 and 19 percent higher than it finished 2008. This year's peak was 3257.54 and low was 2411.16. Meanwhile, the NZX 15 gained 0.09% or 5.04 points to close at 5865.04.
In Singapore, the share market surged in the final shortened session on 2009, ahead of tomorrow's New Year's Day holiday, with standout performance from major blue chips, financials, and commodity stocks on brightened prospects for emerging stock market strengthened typical year-end “window-dressing”. Export related shares benefited as a jump in US consumer confidence reinforced views that the world's largest economy was gradually recovering. Market gains were also supported by optimism over the prospects for 2010. At the closing bell, the blue chip Straits Times Index was at 2,897.62, climbed up 17.86 points or 0.62%, off an intraday low of 2,863.46.
On the economic front, the central bank of Singapore said today that total bank lending in rose 1.01% to S$278.2 billion in November from S$275.4 billion in October. Housing loans to consumers rose almost 2% to S$90.86 billion from S$89.1 billion in October.
In Taiwan, stock markets finished year 2009 at nineteen month high, posting a yearly gain of 78%. All sectoral indices posted gains on the last trading day of the year, indicating a solid start for the year 2010.
The benchmark Taiex share index attained a new nineteen month high, by ending the day higher by 75.83 points or 0.93% at 8188.11 - the highest closing since 18 June 2008 when market finished the day at 8217.58.
In India, volatility ruled the roost in late trade as traders rolled over positions in the derivatives segment, to January 2010 series from the near-month December 2009 series. The December 2009 derivatives contracts expired today, 31 December 2009.
The BSE 30-share Sensex was up 120.99 points or 0.70% to 17,464.81. The S&P CNX Nifty was up 31.60 points or 0.61% at 5201.05. It hit a high of 5221.85 it's highest since 5 May 2008.
Elsewhere, Malaysia's Kula Lumpur Composite index finished slightly higher at 1272.78.
In other regional market, European shares climbed Thursday in a shortened final trading session of 2009 as the region prepared to wrap up its best trading year in a decade. The French CAC 40 index rose 0.4% to 3,950.13 Thursday. The U.K.'s FTSE 100 index on Thursday rose 0.4% to 5,417.77.
BSE Bulk Deals to Watch - Dec 31 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
31/12/2009 524412 Aarey Drugs JIPAL SHAH PINESHKUMAR B 30700 42.63
31/12/2009 524412 Aarey Drugs BHAVINI VIJAYKUMAR SHAH B 25000 42.70
31/12/2009 524412 Aarey Drugs RAMESH DHARSHI KORDIA S 25000 42.70
31/12/2009 513513 Aditya Ispat INVENTURE GROWTH & SECURITIES LTD. B 30548 10.49
31/12/2009 513513 Aditya Ispat INVENTURE GROWTH & SECURITIES LTD. S 35897 10.54
31/12/2009 523694 Apcotex Inds APCOTEX INDUSTRIES LIMITED B 166000 87.59
31/12/2009 523694 Apcotex Inds PAYASH SECURITIES PVT.LTD. S 165988 87.59
31/12/2009 530355 Asian Oilfield LOTUS GLOBAL INVESTMENTS LIMITED B 200000 64.66
31/12/2009 530355 Asian Oilfield EUREKA CREDIT FINANCE PRIVATE LIMITED S 177000 64.70
31/12/2009 505506 Axon Infotech CHOICE INFOTECH PVT LTD B 5000 16.60
31/12/2009 500045 Bellary Steels JMP SECURITIES PVT LTD S 1418273 3.37
31/12/2009 531337 Channel Guide MULTIPLEX INFOTECH PRIVATE LIMITED S 30433 26.65
31/12/2009 533026 Chemcel Bio VENKATA RAMA SASTRY MARTY S 140000 11.74
31/12/2009 532363 Compulearn VIVEK KESARI B 67275 25.91
31/12/2009 532363 Compulearn VIVEK KESARI S 103365 25.44
31/12/2009 532363 Compulearn P PRASAD S 91330 25.45
31/12/2009 531460 Continental Contr ANIL KABRA HUF S 22556 3.52
31/12/2009 532542 Crew Bos SMART EQUITY BROKERS PRIVATE LIMITED B 103745 66.65
31/12/2009 532542 Crew Bos HITESH SHASHIKANT JHAVERI B 70008 69.95
31/12/2009 532542 Crew Bos SMART EQUITY BROKERS PRIVATE LIMITED S 103745 66.71
31/12/2009 532542 Crew Bos HITESH SHASHIKANT JHAVERI S 70007 69.95
31/12/2009 517973 DMC Intl J A FINANCIAL AND MANAGEMENT CONSULTANTS PVT LTD B 163063 24.55
31/12/2009 517973 DMC Intl CENTENARY SOFTWARE PVT LTD B 71454 24.52
31/12/2009 517973 DMC Intl KAPIL GUPTA B 55000 24.55
31/12/2009 517973 DMC Intl CENTENARY SOFTWARE PVT LTD S 71221 24.55
31/12/2009 517973 DMC Intl KAPIL GUPTA S 71000 24.55
31/12/2009 517973 DMC Intl SHARK COMMUNICATION PVT LIMITED S 36558 24.55
31/12/2009 590022 Eastern Silk SANDIP PRAVINCHANDRA VORA B 442018 18.06
31/12/2009 504000 Elpro Intl GOEL FINTRADE P LTD B 60000 613.00
31/12/2009 504000 Elpro Intl KEYNOTE COMMODITIES LTD S 60000 613.00
31/12/2009 532958 ETC Networks SAL REAL ESTATES PVT LTD B 50000 232.08
31/12/2009 533109 EURO MULTI UMESH O KEDIA B 132000 35.36
31/12/2009 530337 Exelon Infra KAMALA KANTA GUPTA B 32371 58.42
31/12/2009 530337 Exelon Infra KAMALA KANTA GUPTA B 22000 57.70
31/12/2009 530337 Exelon Infra KAMALA KANTA GUPTA S 32371 58.10
31/12/2009 530337 Exelon Infra RAHUL BALLODIA S 22000 56.09
31/12/2009 513579 Foundry Fuel DIMPLE PROPERTIES PVT LTD B 37199 14.76
31/12/2009 531939 Genus Commu SOBHA AGARWAL B 60000 1.06
31/12/2009 531939 Genus Commu ASHI AGARWAL S 68100 1.06
31/12/2009 590043 Harita Seat PRIYA D THAKKAR B 20000 74.50
31/12/2009 590043 Harita Seat AMITA N THAKKAR S 20584 74.51
31/12/2009 530979 India Home MAYURIBEN VIJAYBAHAI THAKKAR B 25000 29.60
31/12/2009 531398 Inwinex Pharma JIGNAS ANIKUNJ SHAH B 4770 6.45
31/12/2009 523467 Jai Mata Glass GROWMORE PROPERTIES PVT LTD S 107462 2.71
31/12/2009 520051 Jamna Auto GANDIV INVESTMENT PVT. LTD. B 150000 66.89
31/12/2009 520051 Jamna Auto DINERO FINANCE S 150000 66.90
31/12/2009 522259 Kalindi Rail MBL & Co. LTD. B 81519 224.89
31/12/2009 522259 Kalindi Rail MBL & Co. LTD. S 81519 224.52
31/12/2009 530255 KAY Power KAUSHALYA GARG S 100000 11.57
31/12/2009 524000 Magma Fin CPIM STRUCTURED CREDIT FUND A 1000 LIMITED S 155492 161.19
31/12/2009 514450 Mahalaxmi Rub NEELAM JAIN B 51221 82.33
31/12/2009 590011 Moving Picture AZMAT ULLAH MD S 84348 4.85
31/12/2009 531834 Natura Hue Chem CHETAN DOGRA HUF S 40354 38.35
31/12/2009 523820 Neo Corp FRATERNITY PLASTOFAB PVT. LTD B 61819 62.67
31/12/2009 523820 Neo Corp VINAY KUMAR S 79698 61.76
31/12/2009 531083 Nihar Info VENKATA SIVAGAGADHAR RAO B 32000 3.10
31/12/2009 531083 Nihar Info ALLURI PRASADRAJU B 76100 3.10
31/12/2009 531083 Nihar Info S MALLESHWARI B 50150 3.10
31/12/2009 531083 Nihar Info SHARMILA PAMIDI S 70000 3.10
31/12/2009 531083 Nihar Info RAGHU RAMARAO PAMIDI S 100000 3.10
31/12/2009 531272 Nikki Global SUMIT MODI HUF B 20000 58.45
31/12/2009 531272 Nikki Global ANITA MODI B 20000 58.43
31/12/2009 531272 Nikki Global SUMIT MODI B 20000 58.40
31/12/2009 531272 Nikki Global AKASH GOENKA S 21354 58.42
31/12/2009 532854 Nitin Fire OPG SECURITIES P LTD B 90730 318.59
31/12/2009 532854 Nitin Fire OPG SECURITIES P LTD S 90730 318.64
31/12/2009 531996 Odyssey Corp MOON ENTERPRISES PVT LTD S 30000 24.45
31/12/2009 511702 Parsharti Inv TRUPTI HIMANSHU SHAH B 16052 34.00
31/12/2009 511702 Parsharti Inv SANJIV ASHOKKUMAR GANDHI B 25000 34.00
31/12/2009 511702 Parsharti Inv SHIVA INVESTMENT S 25000 34.00
31/12/2009 513228 Pennar Inds RAJASTHAN GLOBAL SEC LTD S 706877 31.09
31/12/2009 526588 Photoquip India JINALBEN BHAVIKBHAI VORA B 24000 36.60
31/12/2009 526588 Photoquip India AMAR MUKESH SHAH B 52000 36.60
31/12/2009 526588 Photoquip India ADITYA NITINBHAI PAREKH B 24000 36.40
31/12/2009 526588 Photoquip India ADITYA NITINBHAI PAREKH S 24000 36.60
31/12/2009 531273 Radhe Dev CHAMPAKLAL JETHALAL SHAH B 1500000 7.23
31/12/2009 531273 Radhe Dev CHAMPAKLAL JETHALAL SHAH S 1500000 6.94
31/12/2009 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 129040 34.03
31/12/2009 590077 Ranklin Sol RAMA TULASI MORTHA S 30000 48.95
31/12/2009 507649 Rasoi GITADEVI DALMIA B 15482 290.51
31/12/2009 507649 Rasoi FOLLOWEL ENGINEERING LTD S 15500 290.51
31/12/2009 532687 Repro India SMART EQUITY BROKERS PRIVATE LIMITED B 57033 128.26
31/12/2009 532687 Repro India OPG SECURITIES P LTD B 153582 128.34
31/12/2009 532687 Repro India MANSUKH SECURITIES & FINANCE LTD B 55342 123.68
31/12/2009 532687 Repro India SMART EQUITY BROKERS PRIVATE LIMITED S 57033 128.40
31/12/2009 532687 Repro India KANCHAN CHHABRA S 60438 122.17
31/12/2009 532687 Repro India OPG SECURITIES P LTD S 153582 128.42
31/12/2009 532687 Repro India MANSUKH SECURITIES & FINANCE LTD S 55342 124.16
31/12/2009 532604 SAL Steel JMP SECURITIES PVT LTD B 452201 16.47
31/12/2009 532102 SBEC Sugar T C HEALTHCARE PVT. LTD. B 520000 16.30
31/12/2009 532102 SBEC Sugar CUPRUM BAGRODIA LIMITED S 520000 16.30
31/12/2009 532886 SEL Mfg Company NIKON FINLEASE PVT.LTD B 93192 78.56
31/12/2009 532886 SEL Mfg Company SMART EQUITY BROKERS PRIVATE LIMITED B 247810 83.91
31/12/2009 532886 SEL Mfg Company TRANSGLOBAL SECURITIES LTD. B 310552 83.78
31/12/2009 532886 SEL Mfg Company MATRIX EQUITRADE PVT. LTD. B 156364 83.58
31/12/2009 532886 SEL Mfg Company OPG SECURITIES P LTD B 506229 83.45
31/12/2009 532886 SEL Mfg Company NIKON FINLEASE PVT.LTD S 96074 78.53
31/12/2009 532886 SEL Mfg Company SMART EQUITY BROKERS PRIVATE LIMITED S 247810 84.02
31/12/2009 532886 SEL Mfg Company TRANSGLOBAL SECURITIES LTD. S 310542 83.60
31/12/2009 532886 SEL Mfg Company MATRIX EQUITRADE PVT. LTD. S 156364 83.78
31/12/2009 532886 SEL Mfg Company OPG SECURITIES P LTD S 506229 83.45
31/12/2009 532218 South Indian Bank FIRST GULF BANK S 625000 145.79
31/12/2009 531645 Southern Ispat DHARMESH MANHARBHAI GANDANI B 160000 39.02
31/12/2009 531433 Sungold Cap CHANDRAKANT R KIKANI S 37000 10.73
31/12/2009 512257 Swasti Vinay Gem SANJAY KUMAR CHURIWALA B 150000 4.87
31/12/2009 512257 Swasti Vinay Gem CHOICE INTERNATIONAL LIMITED S 400000 4.89
31/12/2009 524156 TCM MURALI DHARANT P B 30000 23.51
31/12/2009 533121 THINKSOFT A.K.G. STOCK BROKERS PVT. LTD. B 99972 332.51
31/12/2009 533121 THINKSOFT A.K.G. STOCK BROKERS PVT. LTD. S 99972 332.68
31/12/2009 504966 Tinplate Co SMART EQUITY BROKERS PRIVATE LIMITED B 633963 91.51
31/12/2009 504966 Tinplate Co TRANSGLOBAL SECURITIES LTD. B 969939 91.56
31/12/2009 504966 Tinplate Co MATRIX EQUITRADE PVT. LTD. B 415708 91.18
31/12/2009 504966 Tinplate Co OPG SECURITIES P LTD B 1246242 91.34
31/12/2009 504966 Tinplate Co SMART EQUITY BROKERS PRIVATE LIMITED S 633963 91.62
31/12/2009 504966 Tinplate Co TRANSGLOBAL SECURITIES LTD. S 970439 91.54
31/12/2009 504966 Tinplate Co MATRIX EQUITRADE PVT. LTD. S 415708 91.30
31/12/2009 504966 Tinplate Co OPG SECURITIES P LTD S 1246242 91.42
31/12/2009 506985 Twilight Litaka ANUSHA RAMANI S 150000 84.49
31/12/2009 532384 Tyche Inds LALITKUMAR PODDAR B 50000 18.50
31/12/2009 532384 Tyche Inds KOSTUB INVESTMENT LTD. S 50000 18.50
31/12/2009 531874 Venus Ventures ANITHA YARLAGADDA S 152351 12.53
31/12/2009 531249 Well Pack Papers PANDYA YAMINIBEN M B 28851 361.66
31/12/2009 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR B 29999 361.80
31/12/2009 531249 Well Pack Papers SHOBHNABEN R PARMAR S 22382 361.50
31/12/2009 531249 Well Pack Papers PANDYA YAMINIBEN M S 26622 360.94
31/12/2009 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR S 24755 361.05
31/12/2009 531249 Well Pack Papers SHREEDHAR YELLAIAH KODAM S 25000 361.29
31/12/2009 526586 Wim Plast TECKNOPOINT MERCANTILE COMPANY PVT LTD B 46235 162.10
31/12/2009 526586 Wim Plast SAINATH HERBAL CARE MARKETING P.LTD B 69276 162.04
31/12/2009 526586 Wim Plast VALLA KATI S 36964 158.15
31/12/2009 526586 Wim Plast USHA SHAH S 42000 160.49
31/12/2009 526586 Wim Plast TECKNOPOINT MERCANTILE COMPANY PVT LTD S 46235 162.84
31/12/2009 522108 Yuken India SHIV SWAROOP JAGMOHANLAL GUPTA B 15546 125.26
NSE Bulk Deals to Watch - Dec 31 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
31-DEC-2009,CENTENKA,Century Enka Ltd,SHARAD SHAH,BUY,115952,297.22,-
31-DEC-2009,ETC,ETC Networks Limited,SAL REAL ESTATES (P) LTD,BUY,50000,232.16,-
31-DEC-2009,FCSSOFT,FCS Software Solutions Li,PATEL PRAKASHBHAI NARSINHBHAI,BUY,2025757,15.01,-
31-DEC-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,8705113,22.24,-
31-DEC-2009,KALECONSUL,Kale Consultants Limited,HARESH N KHATRI,BUY,100000,91.29,-
31-DEC-2009,KALINDEE,Kalindee Rail Nirman (Eng,MBL & COMPANY LTD.,BUY,124135,225.31,-
31-DEC-2009,REPRO,Repro India Limited,KANCHAN CHHABRA,BUY,32914,122.67,-
31-DEC-2009,REPRO,Repro India Limited,MANSUKH SECURITIES & FINANCE LIMITED,BUY,71683,124.31,-
31-DEC-2009,REPRO,Repro India Limited,MBL & COMPANY LTD.,BUY,62719,125.24,-
31-DEC-2009,SALSTEEL,S.A.L. Steel Limited,JMP SECURITIES PVT LTD,BUY,521808,16.54,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,189742,84.96,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,MARWADI SHARES AND FINANCE LIMITED,BUY,103105,84.89,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,111824,84.29,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,NEPTUNE FINCOT PVT LTD,BUY,92752,85.36,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,NIKON FINLEASE PVT. LTD,BUY,114359,78.95,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,OM INVESTMENTS,BUY,252622,83.49,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,TRANSGLOBAL SECURITIES LTD.,BUY,314056,83.34,-
31-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,113584,331.45,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,DINESH MUNJAL,BUY,440631,91.68,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,GENUINE STOCK BROKERS PVT LTD,BUY,420265,90.97,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,591132,92.09,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,MANIPUT INVESTMENTS PVT. LTD.,BUY,594402,90.79,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,OM INVESTMENTS,BUY,781167,90.61,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,TRANSGLOBAL SECURITIES LTD.,BUY,885888,91.55,-
31-DEC-2009,FCSSOFT,FCS Software Solutions Li,INNOVA E SERVICES PRIVATE LIMI,SELL,2539824,15.00,-
31-DEC-2009,FCSSOFT,FCS Software Solutions Li,PATEL PRAKASHBHAI NARSINHBHAI,SELL,2025757,15.14,-
31-DEC-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,8754241,22.27,-
31-DEC-2009,KALECONSUL,Kale Consultants Limited,HARESH N KHATRI,SELL,50000,93.75,-
31-DEC-2009,KALINDEE,Kalindee Rail Nirman (Eng,MBL & COMPANY LTD.,SELL,124135,225.77,-
31-DEC-2009,MAGMA,Magma Fincorp Limited,CPIM STRUCTURED CREDIT FUND A 1500 LIMITED FDI,SELL,117308,161.00,-
31-DEC-2009,MAGMA,Magma Fincorp Limited,CPIM STRUCTURED CREDIT FUND A 20 LIMITED FDI,SELL,127200,161.28,-
31-DEC-2009,MAGMA,Magma Fincorp Limited,NAMOKAR COMMERCIAL PVT LTD.,SELL,125000,161.41,-
31-DEC-2009,PTC,PTC India Limited,HSBC GLOBAL INVESTMENT FU NDS MAURITIUS LTD,SELL,1682891,113.74,-
31-DEC-2009,REPRO,Repro India Limited,KANCHAN CHHABRA,SELL,108789,122.51,-
31-DEC-2009,REPRO,Repro India Limited,MANSUKH SECURITIES & FINANCE LIMITED,SELL,71683,124.22,-
31-DEC-2009,REPRO,Repro India Limited,MBL & COMPANY LTD.,SELL,62719,125.20,-
31-DEC-2009,REPRO,Repro India Limited,MOTILAL OSWAL SECURITIES LTD,SELL,141193,125.64,-
31-DEC-2009,SALSTEEL,S.A.L. Steel Limited,JMP SECURITIES PVT LTD,SELL,529559,16.57,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,189742,84.93,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,MARWADI SHARES AND FINANCE LIMITED,SELL,103105,84.93,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,91270,84.50,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,NEPTUNE FINCOT PVT LTD,SELL,92752,85.30,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,NIKON FINLEASE PVT. LTD,SELL,111477,79.04,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,OM INVESTMENTS,SELL,252622,83.55,-
31-DEC-2009,SELMCL,SEL Manufacturing Company,TRANSGLOBAL SECURITIES LTD.,SELL,314056,83.57,-
31-DEC-2009,SOUTHBANK,South Indian Bank Ltd.,FIRST GULF BANK,SELL,625000,145.87,-
31-DEC-2009,TATASPONGE,Tata Sponge Iron Ltd.,BIRLA SUN LIFE INSURANCE CO LTD,SELL,85000,324.12,-
31-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,113584,331.77,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,DINESH MUNJAL,SELL,440631,91.88,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,GENUINE STOCK BROKERS PVT LTD,SELL,420265,90.96,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,591132,92.17,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,MANIPUT INVESTMENTS PVT. LTD.,SELL,594402,90.89,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,OM INVESTMENTS,SELL,781167,90.68,-
31-DEC-2009,TINPLATE,THE TINPLATE CO. (I) LTD,TRANSGLOBAL SECURITIES LTD.,SELL,888388,91.66,-
Raise a toast for 2010
Today's major news
Mahindra & Mahindra to launch mini truck Maxximo at Auto Expo; the stock rises to 1.73%
National Thermal Power Corporation set to get nod to sell 10% power at market price; the stock closes the day 1.20 higher
Sical wins Rs163 crore order from Hindustan Copper; the stock jumps 9.31%
Larsen & Toubro secures orders worth Rs581 crore; the stock surges 0.87%
Government to split NALCO in three; the stock shots up 7.29%
Click here for more stories
Post-market summary
Global signals
European indices are currently trading marginally higher. At the time of writing this report FTSE 100 is trading 0.09% higher.
All the Asian indices closed the year on a high note. SGX Nifty closed 33 points higher.
US stock futures opened marginally higher, as investors keep an eye on Initial Claims as on December 26 and Continuing Claims as on December 19.
Indian indices
Taking leads from buoyant markets globally, the Indian indices opened higher and remained up all through the day. The Indian markets hit the yearly high in a day’s trade, as the Sensex for the first time in 18 months touched the 17500-mark. Nifty also closed above 5200 level. The Sensex opened 22 points higher and never saw that level again. The day’s high was 16531. At closing bell, the Sensex was at 17465, 121 points higher. Nifty closed 31 points higher at 5201.
Market sentiment
The market breadth was positive. Of 2,965 stocks traded on the BSE, 1,670 stocks advanced, whereas 1,212 stocks declined. Eighty three stocks closed unchanged
Sectoral & stock screening
Out of the 13 sector indices on the BSE, only BSE FMCG, BSE HC and BSE Realty closed with marginal loss. The remaining 10 indices ended higher. Among gainers, BSE Power surged the most by 1.16% followed by BSE CG that rose by 1.10% for the day.
On stocks’ front, Central Bank of India surged the most-- by 10.95%-- followed by Nalco that rose by 7.29% and Shriram Transport Finance that jumped 6.92% up. Among losers, Tata Chemicals slid the most by 3.20% followed by Gujarat NRE coke that fell 2.92%.
Viewing volumes
Leading integrated steel maker Ispat Industries was the most traded shares with over 0.92 crore shares changing hands on the BSE followed by wind power major Suzlon Energy (0.64 crore shares), Industrial finance company IFCI (0.48 crore shares), India’s second largest infrastructure company Unitech, (0.45 crore shares) and Praj Industries (0.24 crore shares)
Sensex vaults 81% in 2009 on ample global liquidity, higher risk appetite
The key benchmark indices attained their highest closing level in nearly 20 months on the last trading day of calendar 2009 as Asian stocks rose. Volatility surged in late trade as traders rolled over positions in the derivatives segment, to January 2010 series from the near-month December 2009 series. The December 2009 derivatives contracts expired today, 31 December 2009. The BSE 30-share Sensex rose 120.99 points or 0.7%, off close to 65 points from the day's high.
The Sensex and S&P CNX Nifty today, 31 December 2009, scaled their highest closing level in nearly 20 months. Reliance Industries rose. Capital goods and auto stocks, also edged higher. But banking stocks pared gains. Telecom stocks were mixed. The market breadth was strong.
Rollover in Nifty futures from December 2009 series to January 2010 stood at 58% at the end of Wednesday's (30 December 2009) trade. Rollover in Mini Nifty futures stood at about 50% and the market wide rollover was about 67%.
From 4 January 2010, trading will start at 9:00 IST and end at 15:30 IST compared to the current timing of 9:55 IST to 15:30 IST. The market remains closed on Friday, 1 January 2010, for the New Year holiday.
The Reserve Bank of India (RBI) will review interest rates at its next policy review scheduled for 29 January 2010 and not before, K.C. Chakrabarty,a deputy RBI governor said on Thursday. He further said credit growth will rise to 17-18% when GDP growth reaches 8-9%.
The government is reportedly expected to sell shares in 17 to 18 state firms in each of the next two fiscal years, with an issue happening every two to three weeks. The ministry of disinvestment was consulting with administrative ministries of more than 50 state-owned firms to assess the preparedness for public offer, report said.
Meanwhile, the Thirteenth Finance Commission has suggested the path of fiscal consolidation and sharing of tax revenues between the Centre and the states, in its report submitted to President Pratibha Patil on Wednesday. The report has assessed the impact of the proposed goods and services tax (GST) on trade. It has also suggested steps to deal with the growing off-Budget expenditure, especially, oil bonds, the implications of environment and climate change, and ways to improve outcomes and outputs of public expenditure.
The report of the Thirteenth Finance Commission, headed by former finance secretary Vijay Kelkar, will be given by the President to the finance ministry, which will take it up with the Cabinet.
Food price index rose 19.83% in the 12 months to 19 December 2009, data released by the government today, 31 December 2009, showed. The primary article index jumped 15.49% and the fuel price index rose 4.45%. The worst monsoon in nearly four decades and flooding in some parts of the country have pushed up food prices.
Finance Minister Pranab Mukherjee said on Wednesday that the government needs to strike a balance between economic growth and cutting fiscal deficit. India's fiscal deficit is estimated at 6.8% of gross domestic product for 2009/10 (April-March), higher than 6.2% in the previous year as the government cut tax rates and boosted spending.
Recently C. Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister, raised concern over the rising food inflation, which is at an 11-month high now, stating that the task ahead was to check food inflation. He indicated that the Reserve Bank of India could look at raising the cash reserve ratio (CRR) to suck out excess liquidity from the system, even though the central bank may watch the price movements for some more time before taking any decision on rate hike.
The focus of India's monetary policy is shifting to managing recovery and containing inflation from one concentrated on fostering growth after the global downturn, Reserve Bank of India deputy governor Shyamala Gopinath said early this week. She said rising food prices were fuelling concerns of broader price pressures in India and the policy challenge was to address the supply-side constraints.
She said effective assessment of the inflation process and using monetary policy actions at the right time would be critical. Gopinath's comments follow those from fellow Deputy Governor Subir Gokarn on Thursday, 24 December 2009, who said the January 2010 policy review would focus both on growth and inflation, instead of the previous policy focus on growth.
Finance Minister Pranab Mukherjee said last week that containing inflation and cutting fiscal deficit are the major challenges for the government in the short-to-medium term. The Indian economy can grow at 7.75% in the fiscal year ending March 2010, the Finance Minister said.
Data earlier this month showed that corporate advance tax payments for the October-December 2009 quarter shot up sharply, suggesting a higher profit growth in corporate sector in the third quarter (October-December) of the current fiscal. Corporate advance tax payments for the quarter were up 44% to Rs 48,300 crore against a 3.7% decline in April-June quarter and a 14.7% increase in July-September quarter. The company-wise break-up of advance tax collection suggests a broad-based recovery with automobiles, cement, metals and consumer goods, doing well.
European shares gained on Thursday on the final day of the year, as banks and commodity stocks gained ground amid firm risk appetite. The key benchmark indices in France and UK rose by between 0.12% to 0.29%. Stock markets in Germany were closed.
Asia stocks rose on Thursday, racking up a 68% gain for the year, as a jump in US consumer confidence reinforced views that the world's largest economy is gradually recovering. The key benchmark indices in China, Hong Kong, Singapore and Taiwan rose by between 0.45% to 1.75%.
Markets in Japan, South Korea, Thailand, Indonesia and the Philippines were closed. Most markets in the world will be closed on Friday for the New Year day holiday.
Beijing will stick to its loose monetary stance, but will try to be more flexible in implementing its policies, People's Bank of China Governor Zhou Xiaochuan said on Thursday.
Trading in US index futures indicated the Dow could gain 15 points at the opening bell on Thursday, 31 December 2009.
US stocks spent almost the entire session trading with moderate losses until some late support helped the major indices improve their position on Wednesday. Better-than-expected report on Midwest manufacturing helped sentiment. The Dow Jones industrial average added 3.10 points, or 0.03%, at 10,548.51. The Standard & Poor's 500 Index was up 0.22 point, or 0.02%, to finish at 1,126.42. The Nasdaq Composite Index gained 2.88 points, or 0.13%, to close at 2,291.28.
The Chicago purchasing-manager's index jumped to 60 in December 2009 from 56.1 in November 2009, the highest since January 2006 and well above expectations. The employment gauge also rose, hitting its highest since November 2007.
With many of the major market players done for the year, prices were moderately higher Wednesday for US interest rate futures even as data revealed a significant pick-up in the economy. The July 2010 fed-funds contract priced in a 76% chance for the Federal Open Market Committee to raise the Fed funds rate to 0.5% at its meeting in late June 2010. On Tuesday, the July 2010 contract had priced in a 78% chance for a 0.5% rate. The funds rate has stayed inside a record low range of 0% to 0.25% for the past year, one of many Fed actions designed to stimulate the economy.
Closer home, the BSE 30-share Sensex rose 120.99 points or 0.7% to 17,464.81 its highest closing since 5 May 2008. The Sensex gained 187.12 points at the day's high of 17,530.94 in afternoon trade. The Sensex opened with an upward gap of 21.55 points at 17,365.37, also the day's low.
The S&P CNX Nifty gained 31.60 points or 0.61% at 5201.05, its highest closing since 2 May 2008. It hit a high of 5221.85 in intraday trade
BSE clocked a turnover of Rs 4618 crore, higher than Rs 4327.29 crore on Wednesday, 30 December 2009.
The market breadth, indicating the overall health of the market was positive. On BSE, 1672 shares advanced as compared with 1210 that declined. A total of 83 shares remained unchanged.
Among the 30-member Sensex pack, 22 rose while rest declined.
A deluge of global liquidity boosted stocks across the globe this year. Governments and central banks around the world have injected trillions of dollars in the past one year to pull the world out of a most severe recession since the 1930s Great Depression. The Sensex rose 7817.50 points or 81.03% in calendar year 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex was up 9304.41 points or 114.01% as on 31 December 2009. The S&P CNX Nifty rose 2241.90 points or 75.76% in calendar year 2009.
FII inflow in December 2009 totaled Rs 10,233.10 crore (till 30 December 2009). FII had bought equities worth Rs 5469 crore in November 2009. FII inflow in the calendar year 2009 totaled Rs 83,423.90 crore (till 30 December 2009).
Coming back to today's trade, the BSE Mid-Cap index rose 0.31% and the BSE Small-Cap index rose 0.6%. Both these indices underperformed the Sensex.
Sectoral indices on BSE showed mixed trend. The BSE Power index (up 1.16%), the BSE Capital Goods index (up 1.1%), the BSE Consumer Durables index (up 1.07%), the BSE Oil & Gas index (up 1%), the BSE Auto index (up 0.96%), the BSE IT index (up 0.73%), the BSE PSU index (up 0.71%), outperformed the Sensex.
The BSE FMCG index (down 0.19%), the BSE Healthcare index (down 0.14%), the BSE Realty index (down 0.09%), the BSE Bankex (up 0.19%), the BSE Metal index (up 0.23%), the BSE Teck index (up 0.55%), underperformed the Sensex.
India's largest private sector firm by market capitalisation Reliance Industries (RIL) rose 1.34%. RIL has successfully tested the design capacity of its massive eastern offshore Krishna-Godavari basin D6 field production facilities. A flow rate of 80 million standard cubic meters was achieved through the KG-D6 facilities and delivered to the pipeline, the company said in a statement recently.
Oil exploration firms rose, after the crude oil moved past $79 a barrel. India's second biggest oil and gas exploration firm by revenue, India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) rose 0.23%. Cairn India advanced 1.19%. But, Oil India, fell 0.35%. Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms. Light, sweet crude oil gained 41 cents, or 0.52%, to $79.28 a barrel on the New York Mercantile Exchange on Wednesday, 30 December 2009 after US government inventory data showed a draw down in stockpiles last week.
Banking stocks pared early gains triggered by reports credit offtake has picked up this month. According to the latest Reserve Bank of India (RBI) figures, total loans, including food credit loans to Food Corporation of India for foodgrain procurement and non-food credit (all other loans) amounted to Rs 29,41,293.07 crore as on 19 December 2009. This represents a sequential growth of Rs 34,028 crore since 27 November 2009 compared to a growth of Rs 7,698 crore in the whole of November 2009.
India's largest bank by net profit and branch network State Bank of India rose 1.99% to Rs 2269.45. But the stock came off the day's high of Rs 2283.80. The state-run bank paid advance tax of Rs 1795 crore versus Rs 1700 crore. India's second largest private sector bank by net profit HDFC Bank rose 0.55% to Rs 1700.40. The stock came off the day's high of Rs 1708.70.
India's largest private sector bank by net profit ICICI Bank fell 0.49% to Rs 875.70. The stock came off the day's high of Rs 890. The bank is reportedly raising up to Rs 1200 crore by selling bonds.
India's largest engineering & construction firm by sales Larsen & Toubro rose 0.67% after it won two orders totaling Rs 580 crore.
Among other capital goods stocks, ABB, Bharat Heavy Electricals, BEML and Praj Industries rose by between 1.47% to 4.91%.
Auto stocks extended recent gains on the back of strong sales in the month of November 2009 and higher advance tax payment in the third quarter.
India's largest tractor marker by sales Mahindra & Mahindra (M&M) advanced 1.73%. After announcing its entry into the medium and heavy commercial space, the company is reportedly making new inroads in the mini truck segment. It is set to launch one tonner Maxximo at the upcoming Auto Expo from its light commercial vehicle (LCV) space.
From two wheeler space, Hero Honda Motors and Bajaj Auto rose by between 0.54% to 3.72%.
India's top truck maker by sales Tata Motors rose 0.61%. The company has reportedly commenced trial production of the first batch of the Nano at the new mother plant at the Sanand facility last week. The company will start commercial production of the 'People's Car' from March 2010 onwards.
Tata Motors had shifted its mother plant to Gujarat last year after facing local protests in West Bengal spearheaded by Trinamool Congress leader Mamata Banerjee.
But, India's top small car marker by sales Maruti Suzuki India fell 0.64%.
Telecom stocks were mixed after government said it will introduce mobile number portability across the country by 31 March 2010, pushing back its introduction by up to 3 months. India's largest mobile services provider by sales Bharti Airtel rose 1.01%. India's second largest mobile services provider by sales Reliance Communications fell 0.52%.
Mobile Number Portability (MNP), which allows users to retain their number even if they switch operators, was to be introduced in metro cities and the so-called Category A telecom zones from 31 December 2009 and in other areas by March 20, 2010.
India's largest thermal power generator by sales NTPC rose 1.2% on reports the government plans to allow the firm to sell around 10% of its power capacity at market-determined prices.
Among other power stocks, Tata Power Company, Torrent Powr and Power Grid Corporation of India rose by between 1.19% to 2.72%.
Consumer durables stocks gained on hopes higher sales in the ongoing festive season will boost profitability. Lloyd Electric, Videocon Industries, and Gitanjali Gems gained by between 0.98% to 5.98%.
Some FMCG stocks fell on profit taking. Tata Tea, Hindustan Unilever and United Spirits fell by between 0.26% to 1.57%.
Cement shares gained on speculation cement prices will increase in the first quarter of calendar year 2010 on rise in infrastructure activity. Ambuja Cement, UltraTech Cement, Birla Corporation ACC (up 1.17%), rose by between 0.07% to 2.92%.
Software pivotals rose on encouraging economic data in the United States. US is the biggest market for Indian IT firms. India's second largest software services exporter Infosys rose 1.01%. India's largest software services exporter TCS rose 0.91%. But, India's third largest software services exporter Wipro fell 0.26%.
Rate sensitive realty realty stocks fell on profit taking. India's largest realty player by market capitalization DLF fell 1.27%. On 16 December 2009, the company's board approved merger of its commercial realty arm DLF Assets (DAL) with itself, a move aimed at repaying some of DAL's debt.
Among other realty stocks, Housing Development & Infrastructure, Parsvanath Developers and Unitech fell by between 0.42% to 2.01%.
Metal stocks rose as the base metals traded on the Shanghai Futures Exchange racing higher as the April 2010 copper, zinc, aluminum contracts all hit new 2009 highs on fund buying. Steel makers rose as steel companies are reportedly eyeing higher prices in 2010 as stronger economic growth worldwide drives up demand for the critical building material. Tata Steel, Steel Authority of India, JSW Steel rose by between 0.01% to 1.18%.
Last week, Tata Steel raised prices by Rs 2,000 a tonne, while state-owned Steel Authority of India (SAIL) withdrew the Rs 750-1,500 per tonne rebate it had started offering in November 2009, following the increase in raw material cost.
Among non ferrous stocks, National Aluminum Company, Stelite Industries, Hindalco Industries rose by between 0.44% to 7.29%.
Cals Refineries clocked the highest volume of 2.64 crore shares on BSE. Radhe Developers (1.42 crore shares), Triplate Company (1.32 crore shares), Gammon Infrastructure (1.18 crore shares) and Ispat Industries (0.92 crore shares) were the other volume toppers in that order.
State Bank of India clocked the highest turnover of Rs 153.01 crore on BSE. Tata Steel (Rs 130.79 crore), Triplate Company (Rs 119.66 crore), Reliance Industries (Rs 78.70 crore) and Larsen & Toubro (Rs 77.94 crore) were the other turnover toppers in that order.
Sensex, Nifty scale new highs
The key benchmark indices extended early gains to hit their highest level in nearly 20 months tracking firm Asian stocks and higher US index futures. Index heavyweight Reliance Industries extended early gains. Power, auto and realty stocks, also edged higher. The BSE 30-share Sensex was up 158.34 points or 0.93%. The Sensex and S&P CNX Nifty scaled their highest level in nearly 20 months. The market breadth was strong. All the sectoral indices on BSE rose.
Volatility may remain high today, 31 December 2009, ahead of the expiry of the near month December 2009 futures & options (F&O) contracts. Rollover in Nifty futures from December 2009 series to January 2010 stood at 58% at the end of Wednesday's (30 December 2009) trade. Rollover in Mini Nifty futures stood at about 50% and the market wide rollover was about 67%
From 4 January 2010, trading will start at 9:00 IST and end at 15:30 IST compared to the current timing of 9:55 IST to 15:30 IST. The market remains closed on Friday, 1 January 2010, for the New Year holiday.
The government will today unveil data on some wholesale price indices for the year through 19 December 2009 viz. the food price index, the primary articles index and the fuel price index.
The government is reportedly expected to sell shares in 17 to 18 state firms in each of the next two fiscal years, with an issue happening every two to three weeks. The ministry of disinvestment was consulting with administrative ministries of more than 50 state-owned firms to assess the preparedness for public offer, report said.
Meanwhile, the Thirteenth Finance Commission has suggested the path of fiscal consolidation and sharing of tax revenues between the Centre and the states, in its report submitted to President Pratibha Patil on Wednesday. The report has assessed the impact of the proposed goods and services tax (GST) on trade. It has also suggested steps to deal with the growing off-Budget expenditure, especially, oil bonds, the implications of environment and climate change, and ways to improve outcomes and outputs of public expenditure.
The report of the Thirteenth Finance Commission, headed by former finance secretary Vijay Kelkar, will be given by the President to the finance ministry, which will take it up with the Cabinet.
Finance Minister Pranab Mukherjee said on Wednesday that the government needs to strike a balance between economic growth and cutting fiscal deficit. India's fiscal deficit is estimated at 6.8% of gross domestic product for 2009/10 (April-March), higher than 6.2% in the previous year as the government cut tax rates and boosted spending.
Recently C. Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister, raised concern over the rising food inflation, which is at an 11-month high now, stating that the task ahead was to check food inflation. He indicated that the Reserve Bank of India could look at raising the cash reserve ratio (CRR) to suck out excess liquidity from the system, even though the central bank may watch the price movements for some more time before taking any decision on rate hike.
The focus of India's monetary policy is shifting to managing recovery and containing inflation from one concentrated on fostering growth after the global downturn, Reserve Bank of India deputy governor Shyamala Gopinath said early this week. She said rising food prices were fuelling concerns of broader price pressures in India and the policy challenge was to address the supply-side constraints.
She said effective assessment of the inflation process and using monetary policy actions at the right time would be critical. Gopinath's comments follow those from fellow Deputy Governor Subir Gokarn on Thursday, 24 December 2009, who said the January 2010 policy review would focus both on growth and inflation, instead of the previous policy focus on growth.
Food price index rose 18.65% in the 12 months to 12 December 2009, data released by the government on 24 December 2009, showed. The primary article index jumped 14.66% and the fuel price index rose 3.95%. The worst monsoon in nearly four decades and flooding in some parts of the country have pushed up food prices.
Finance Minister Pranab Mukherjee said last week that containing inflation and cutting fiscal deficit are the major challenges for the government in the short-to-medium term. The Indian economy can grow at 7.75% in the fiscal year ending March 2010, the Finance Minister said.
Data earlier this month showed that corporate advance tax payments for the October-December 2009 quarter shot up sharply, suggesting a higher profit growth in corporate sector in the third quarter (October-December) of the current fiscal. Corporate advance tax payments for the quarter were up 44% to Rs 48,300 crore against a 3.7% decline in April-June quarter and a 14.7% increase in July-September quarter. The company-wise break-up of advance tax collection suggests a broad-based recovery with automobiles, cement, metals and consumer goods, doing well.
In global news, encouraging US economic data helped lift Asian stocks on Thursday. The key benchmark indices in China, Hong Kong, Singapore and Taiwan rose by between 0.44% to 1.75%.
Markets in Japan, South Korea, Thailand, Indonesia and the Philippines were closed. Most markets in the world will be closed on Friday for the New Year day holiday.
Beijing will stick to its loose monetary stance, but will try to be more flexible in implementing its policies, People's Bank of China Governor Zhou Xiaochuan said on Thursday.
Trading in US index futures indicated the Dow could gain 12 points at the opening bell on Thursday, 31 December 2009.
US stocks spent almost the entire session trading with moderate losses until some late support helped the major indices improve their position on Wednesday. Better-than-expected report on Midwest manufacturing helped sentiment. The Dow Jones industrial average added 3.10 points, or 0.03%, at 10,548.51. The Standard & Poor's 500 Index was up 0.22 point, or 0.02%, to finish at 1,126.42. The Nasdaq Composite Index gained 2.88 points, or 0.13%, to close at 2,291.28.
The Chicago purchasing-manager's index jumped to 60 in December 2009 from 56.1 in November 2009, the highest since January 2006 and well above expectations. The employment gauge also rose, hitting its highest since November 2007.
With many of the major market players done for the year, prices were moderately higher Wednesday for US interest rate futures even as data revealed a significant pick-up in the economy. The July 2010 fed-funds contract priced in a 76% chance for the Federal Open Market Committee to raise the Fed funds rate to 0.5% at its meeting in late June 2010. On Tuesday, the July 2010 contract had priced in a 78% chance for a 0.5% rate. The funds rate has stayed inside a record low range of 0% to 0.25% for the past year, one of many Fed actions designed to stimulate the economy.
Closer home, at 11:20 IST, the BSE 30-share Sensex was up 158.34 points or 0.93% to 17,502.16. The Sensex gained 170.08 points at the day's high of 17,513.90 in mid-morning trade, its highest level since 5 May 2008. The Sensex opened with an upward gap of 21.55 points at 17,365.37, also the day's low so far.
The S&P CNX Nifty was up 44.75 points or 0.87% at 5214.20. It hit a high of 5218 its highest since 5 May 2008.
The BSE Mid-Cap index rose 0.9% and the BSE Small-Cap index rose 1.36%.
The market breadth, indicating the overall health of the market was strong. On BSE, 1791 shares advanced as compared with 600 that declined. A total of 64 shares remained unchanged.
Among the 30-member Sensex pack, 29 rose while only one declined.
India's largest engineering & construction firm by sales Larsen & Toubro rose 1.27% after it won an order worth Rs 580 crore.
India's largest private sector firm by market capitalisation Reliance Industries (RIL) rose 1.58%. RIL has successfully tested the design capacity of its massive eastern offshore Krishna-Godavari basin D6 field production facilities. A flow rate of 80 million standard cubic meters was achieved through the KG-D6 facilities and delivered to the pipeline, the company said in a statement recently.
India's largest thermal power generator by sales NTPC jumped 2.77% on reports the government plans to allow the firm to sell around 10% of its power capacity at market-determined prices.
Among other power stocks, Reliance Power, Tata Power Company, Reliance Infrastructure rose by between 0.62% to 0.94%.
Auto stocks extended recent gains on the back of strong sales in the month of November 2009 and higher advance tax payment in the third quarter.
India's top truck maker by sales Tata Motors advanced 0.25%. The company has reportedly commenced trial production of the first batch of the Nano at the new mother plant at the Sanand facility last week. The company will start commercial production of the 'People's Car' from March 2010 onwards.
Tata Motors had shifted its mother plant to Gujarat last year after facing local protests in West Bengal spearheaded by Trinamool Congress leader Mamata Banerjee.
India's largest tractor marker by sales Mahindra & Mahindra (M&M) advanced 1.67%. After announcing its entry into the medium and heavy commercial space, the company is reportedly making new inroads in the mini truck segment. It is set to launch one tonner Maxximo at the upcoming Auto Expo from its light commercial vehicle (LCV) space.
From two wheeler space, Hero Honda Motors and Bajaj Auto rose by between 0.25% to 1.74%. But, India's top small car marker by sales Maruti Suzuki India fell 0.17%.
Rate sensitive realty shares gained on fresh buying boosted by a recent Cushman & Wakefield report that the real estate sector, particularly the retail space, will perform better in the year 2010 as a number of mall projects are getting back on track.
India's largest realty player by market capitalization DLF rose 0.6%. On 16 December 2009, the company's board approved merger of its commercial realty arm DLF Assets (DAL) with itself, a move aimed at repaying some of DAL's debt.
Among other realty stocks, Ackruti City, Indiabulls Rela Estate and Unitech rose by between 0.8% to 2.93%.
Strides Arcolab rose 0.83% , after the company said it has bought back foreign currency convertible bonds aggregating $1.5 million.
HCL Infosystems gained 3.26%, after the company secured a radio network contract worth Rs 100 crore.
Sensex to open gap-up
Headlines for the day
TCS to step up hiring as info-tech spending takes off - Business Line
Nalco to locate smelter project in East Kalimantan - Business Line
Britannia may go for another price revision - DNA Money
Mahindra to trump Ace with Maxximo - Business Standard
JSPL may raise offer for Australia's Rocklands - Business Standard
Events for the day
Major corporate action:
Ex-date for dividend of Nelco Ltd
Ex-date for reduction of capital of KMC Speciality Hospitals India Ltd.
Ex-date for consolidation of shares of RFL International Ltd
Weekly Inflation number
Pre-market report
Global signals
On Wednesday, the European stocks end its 6-day winning streak; a banking & pharma stock lead the losers pact. FTSE 100 closed 0.73% lower at 5398.
The US markets closed marginally higher on Wednesday. Nasdaq closed at 2291, 3 points higher.
In today's trade, all the Asian indices are trading higher. Nikkei, Kospi & Jakarta Composite closed today. At the time of writing this report, SGX Nifty trading higher by 17 points
Indian markets
Following the positive cues from the global market, the domestic indices are expected to open higher.
Among the local indices, the Nifty could test the 5214-5250 range on the up side, while on the down side it could find support at 5100 and 5150. While the Sensex is likely to get support at 17000 and may face resistance at 17494.
Indian ADR's
Indian ADRs trading on the US bourses showed mixed trend, among gainers Patni Computers surged the most by 2.09%, on other hand Rediff fell the most with loss of 2.31%.
Commodity cues
In the commodity space, wherein the Crude oil prices recorded marginal gain, with the Nymex light crude oil for February series rose by $0.13 to settle at $79.00 a barrel.
In the metals space, Comex Gold for February series sheds marginally by $6.10 to settle at $1092.00 to a troy ounce.
In the metals space, Comex Silver for March series declined by $0.33 to settle at $16.79 to a troy ounce.
Daily trend of FII/MF investment in equities
On December 30, 2009, FIIs were the net buyers of the Indian Stocks in the tune of Rs384.50 crore (with the gross purchase of Rs1776.10 crore and gross sales of Rs1391.70 crore).
While the Domestic mutual funds, on December 24, 2009, were the net buyers of the stocks in the tune of Rs144.50 crore (with gross purchase of Rs713.90 crore and gross sales of Rs569.40 crore).
Grey Market Premiums - DB Corp, JSW Energy
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| D.B. Corp. | 212 (For Retail Investor Rs. 210) | 26 to 28 |
| JSW Energy Ltd. | 100 (For Retail Investor Rs. 95) | 4 to 5.50 |
| Godrej Properties | 490 | 23 to 25 |
| MBL Infra | 165 to 180 | 9 to 11 |
Market may edge higher on positive Asia; food inflation data eyed
The market may edge higher tracking positive Asian stocks after encouraging economic data from the US. However, market may remain volatile ahead of the expiry of December 2009 futures & options contract today. The government will today unveil data on some wholesale price indices for the year through 19 December 2009 viz. the food price index, the primary articles index and the fuel price index. The market remains closed on Friday, 1 January 2010, for the New Year holiday.
Meanwhile, the market will open at 9:00 IST and close at 15:30 IST from 4 January 2009 from the current 9:55 IST to 15:30 IST as fixed by the stock exchanges NSE and the BSE.
Finance Minister Pranab Mukherjee said on Wednesday that the government needs to strike a balance between economic growth and cutting fiscal deficit. India's fiscal deficit is estimated at 6.8% of gross domestic product for 2009/10 (April-March), higher than 6.2% in the previous year as the government cut tax rates and boosted spending.
C. Rangarajan, Chairman of the Economic Advisory Council to the Prime Minister, on Tuesday raised concern over the rising food inflation, which is at an 11-month high now, stating that the task ahead was to check food inflation. He indicated that the Reserve Bank of India could look at raising the cash reserve ratio (CRR) to suck out excess liquidity from the system, even though the central bank may watch the price movements for some more time before taking any decision on rate hike.
The focus of India's monetary policy is shifting to managing recovery and containing inflation from one concentrated on fostering growth after the global downturn, Reserve Bank of India deputy governor Shyamala Gopinath said early this week. She said rising food prices were fuelling concerns of broader price pressures in India and the policy challenge was to address the supply-side constraints.
She said effective assessment of the inflation process and using monetary policy actions at the right time would be critical. Gopinath's comments follow those from fellow Deputy Governor Subir Gokarn on Thursday, 24 December 2009, who said the January 2010 policy review would focus both on growth and inflation, instead of the previous policy focus on growth.
Food price index rose 18.65% in the 12 months to 12 December 2009, data released by the government on 24 December 2009, showed. The primary article index jumped 14.66% and the fuel price index rose 3.95%. The worst monsoon in nearly four decades and flooding in some parts of the country have pushed up food prices.
Finance Minister Pranab Mukherjee said last week that containing inflation and cutting fiscal deficit are the major challenges for the government in the short-to-medium term. The Indian economy can grow at 7.75% in the fiscal year ending March 2010, the Finance Minister said.
Meanwhile, the latest data showed that corporate advance tax payments for the October-December 2009 quarter shot up sharply, suggesting a higher profit growth in corporate sector in the third quarter (October-December) of the current fiscal. Corporate advance tax payments for the quarter were up 44% to Rs 48,300 crore against a 3.7% decline in April-June quarter and a 14.7% increase in July-September quarter. The company-wise break-up of advance tax collection suggests a broad-based recovery with automobiles, cement, metals and consumer goods, doing well.
In global news, encouraging U.S. economic data helped lift Asian stocks on Thursday. The key benchmark indices in China, Hong Kong, Indonesia, Japan, South Korea, Singapore and Taiwan rose by between 0.35% to 1.26%.
Beijing will stick to its loose monetary stance, but will try to be more flexible in implementing its policies, People's Bank of China Governor Zhou Xiaochuan said on Thursday.
US stocks spent almost the entire session trading with moderate losses until some late support helped the major indices improve their position on Wednesday. Better-than-expected report on Midwest manufacturing helped sentiment. The Dow Jones industrial average added 3.10 points, or 0.03%, at 10,548.51. The Standard & Poor's 500 Index was up 0.22 point, or 0.02%, to finish at 1,126.42. The Nasdaq Composite Index gained 2.88 points, or 0.13%, to close at 2,291.28.
Encouraging economic data provided support to the market. The Chicago purchasing-manager's index jumped to 60 in December 2009 from 56.1 in November, the highest since January 2006 and well above expectations. The employment gauge also rose, hitting its highest since November 2007.
Closer home, profit booking in index pivotals following four straight days of gains pulled the key benchmark indices lower in what was a volatile trading session on Wednesday, 30 December 2009. The BSE 30-share Sensex was down 57.74 points or 0.33% to 17,343.82 on that day.
As per provisional figures on NSE, the foreign funds bought shares worth Rs 113.47 crore and domestic funds bought shares worth Rs 69.11 crore on Wednesday.
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