India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Monday, July 27, 2009
BSE Bulk Deals to Watch - July 27 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
27/7/2009 524412 AAREY DRUGS NIKHIL VINUKANT SHAH S 29000 49.16
27/7/2009 532937 ABC PAPER DHIRENDRA SANGHAVI B 59000 46.00
27/7/2009 532937 ABC PAPER LIFE INSURANCE CORPORATION OF INDIA S 55301 46.00
27/7/2009 532981 ANU LABS ATULBHAI GORDHANBHAI VAJA B 765353 17.69
27/7/2009 532981 ANU LABS ATULBHAI GORDHANBHAI VAJA S 765353 17.19
27/7/2009 531733 BAFNA SPINNI PUKHRAJ HIRACHAND BAFNA S 222832 1.65
27/7/2009 500019 BANK OF RAJ. SURBHI INV & TRADING CO PVT LTD B 1512993 63.24
27/7/2009 524276 DUJOD PAPE C MULTIQUIP CONSTRUCTION EQUIPMENT PRIVATE LTD B 60000 7.85
27/7/2009 524276 DUJOD PAPE C N J DESGIN BUILD S 60000 7.85
27/7/2009 590080 EASTERN GAS KAMLESH NAHAR B 56929 56.89
27/7/2009 590080 EASTERN GAS SB LIQUOR DISTRIBUTORS PVT LTD. S 54626 56.90
27/7/2009 532764 GWALIOR CHEM MORGAN STANLEY MAURITIUS COMPANY LIMITED B 1000000 88.20
27/7/2009 532764 GWALIOR CHEM GOLDMAN SACHS INVESTMENTS MAURITIUS I LTD S 1000000 88.20
27/7/2009 517370 INCAP LIMITE CHALLAGULLA NEELIMA B 150000 12.28
27/7/2009 517370 INCAP LIMITE NUZIVEEDU SEEDS LIMITED S 150000 12.28
27/7/2009 531784 KADAMB CONST AS VANIJYA PRIVATE LIMITED B 13670 50.00
27/7/2009 531784 KADAMB CONST DINESH B SOMANI S 15000 50.05
27/7/2009 523810 KALE FILMS KIRAN SUTTAMCHAND B 308000 1.19
27/7/2009 523810 KALE FILMS SOHANRAJ UTTAMCHAND B 271752 1.19
27/7/2009 523810 KALE FILMS MESSRS SHREEKANT PHUMBHRA S 350000 1.19
27/7/2009 523810 KALE FILMS VINTEL SECURITIES PVT LTD S 497550 1.19
27/7/2009 502933 KATARE SPG. BHARATKUMAR N. VACHHANI S 16872 10.65
27/7/2009 531602 KOFF BR PICT PATHIKNAYAN BHAI SHAH B 600000 4.26
27/7/2009 530273 LIBERTY PHOS SADIQUA BANU S 61574 27.09
27/7/2009 523832 MUKAT PIPES MULTIQUIP CONSTRUCTION EQUIPMENT PRIVATE LTD B 52000 9.94
27/7/2009 523832 MUKAT PIPES N J DESGIN BUILD S 52000 9.94
27/7/2009 512047 NATRAJ FIN SAMRIDDHI COMMOTRADE PRIVATE LIMITED S 30000 34.35
27/7/2009 531467 POLYPRO FIBR DAVID CASTELINO S 43000 23.45
27/7/2009 502448 ROLLATAINERS WLD INVESTMENTS P.LTD. S 100000 145.10
27/7/2009 521206 SAMTEX FASHI R.S.DUA HUF B 143225 11.37
27/7/2009 521206 SAMTEX FASHI RAJASTHAN GLOBAL SECURITIES LTD S 48000 11.37
27/7/2009 521206 SAMTEX FASHI RAJASTHAN GLOBAL SECURITIES LT S 48000 11.37
27/7/2009 521206 SAMTEX FASHI RAJASTHAN GLOBAL SEC LTD S 48000 11.37
27/7/2009 532886 SEL MANUF DRB SECURITIES PVT LTD B 126054 69.99
27/7/2009 532886 SEL MANUF MASTER TRUST LTD S 100000 70.00
27/7/2009 532886 SEL MANUF DRB SECURITIES PVT LTD S 117604 69.74
27/7/2009 512413 SPECTACLE SUVIDHA SECURITIES PVT LTD S 380000 45.67
27/7/2009 512413 SPECTACLE BHARAT G VAGHELA S 416625 42.98
27/7/2009 590037 STEEL EXCH KIRAN SUTTAMCHAND B 185000 35.30
27/7/2009 530611 STURDY INDS KINOFOLK INDUSTRIES LTD. B 81724 31.85
27/7/2009 530611 STURDY INDS KINOFOLK INDUSTRIES LTD. S 72227 32.00
27/7/2009 526133 SUPERTEX IND KUMKUM STOCK BROKER PVT LTD B 57124 59.23
27/7/2009 526133 SUPERTEX IND KUMKUM STOCK BROKER PVT LTD S 50920 59.17
27/7/2009 530109 VANTA COR SE NIRMALA PRAVINGALA B 20000 19.38
27/7/2009 530109 VANTA COR SE GAURAV DOSHI B 15416 19.38
27/7/2009 530109 VANTA COR SE GAURAV DOSHI S 20416 19.36
27/7/2009 530109 VANTA COR SE PRADIP BHIMSHI SHAH S 18000 19.38
27/7/2009 503657 VEER ENERGY VJPATEL INVESTMENT B 10201 289.90
27/7/2009 531249 WELL PACK PA PANDYA HARDIK M B 31425 162.20
27/7/2009 531249 WELL PACK PA PANDYA HARDIK M S 25744 161.33
NSE Bulk Deals to Watch - July 27 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
27-JUL-2009,BANKRAJAS,Bank Of Rajasthan Ltd,SURBHI TRADING CO, PVT LTD,BUY,1716746,62.67,-
27-JUL-2009,BARTRONICS,Bartronics India Limited,ASIT C MEHTA FOREX PRIVATE LTD,BUY,184884,183.27,-
27-JUL-2009,EMCO,Emco Limited,RAJENDRA ANIL MAYUR,BUY,650100,90.23,-
27-JUL-2009,EMCO,Emco Limited,SUWALAL CHHAGANMAL BAFNA,BUY,547109,89.86,-
27-JUL-2009,FSL,Firstsource Solutions Lim,JAYPEE CAPITAL SERVICES LTD.,BUY,3282405,26.88,-
27-JUL-2009,GLORY,Glory Polyfilms Limited,KSHITIJ-PORTFOLIO-PVT.-LTD.,BUY,87467,21.50,-
27-JUL-2009,GLORY,Glory Polyfilms Limited,PRASHANT JAYANTILAL PATEL,BUY,147220,22.17,-
27-JUL-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,9961521,22.31,-
27-JUL-2009,PRITHVI,Prithvi Information Solut,BP FINTRADE PRIVATE LIMITED,BUY,122053,64.73,-
27-JUL-2009,PRITHVI,Prithvi Information Solut,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,BUY,94594,64.81,-
27-JUL-2009,SELMCL,SEL Manufacturing Company,DKG SECURITIES PVT. LTD.,BUY,222458,69.87,-
27-JUL-2009,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,1132749,18.97,-
27-JUL-2009,BANKRAJAS,Bank Of Rajasthan Ltd,Copthall Mauritius Investment Ltd,SELL,1000000,62.33,-
27-JUL-2009,BANKRAJAS,Bank Of Rajasthan Ltd,SURBHI TRADING CO, PVT LTD,SELL,46000,64.50,-
27-JUL-2009,BARTRONICS,Bartronics India Limited,ASIT C MEHTA FOREX PRIVATE LTD,SELL,184884,183.64,-
27-JUL-2009,EMCO,Emco Limited,RAJENDRA ANIL MAYUR,SELL,564183,90.14,-
27-JUL-2009,EMCO,Emco Limited,SUWALAL CHHAGANMAL BAFNA,SELL,550000,90.25,-
27-JUL-2009,FSL,Firstsource Solutions Lim,JAYPEE CAPITAL SERVICES LTD.,SELL,3317283,26.80,-
27-JUL-2009,GANESHHOUC,Ganesh Housing Corp Ltd,JANPATH MARKETING PVT LTD,SELL,250004,79.33,-
27-JUL-2009,GLORY,Glory Polyfilms Limited,KSHITIJ-PORTFOLIO-PVT.-LTD.,SELL,7467,22.40,-
27-JUL-2009,GLORY,Glory Polyfilms Limited,PRASHANT JAYANTILAL PATEL,SELL,147220,21.82,-
27-JUL-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,10322168,22.31,-
27-JUL-2009,PRITHVI,Prithvi Information Solut,BP FINTRADE PRIVATE LIMITED,SELL,121791,64.87,-
27-JUL-2009,PRITHVI,Prithvi Information Solut,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,SELL,88204,64.59,-
27-JUL-2009,SELMCL,SEL Manufacturing Company,DKG SECURITIES PVT. LTD.,SELL,103339,69.91,-
27-JUL-2009,SELMCL,SEL Manufacturing Company,MASTER TRUST LTD,SELL,200000,70.00,-
27-JUL-2009,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,1132749,18.99,-
HUL spurts, RIL drops as key indices end almost unchanged
Key benchmark ended almost unchanged after gyrating either side throughout the day. Global cues were positive with Asian and European markets trading higher. The BSE 30-share Sensex slipped 3.92 points or 0.03% to 15,375.04, off 88.05 points from the day's high, but up 146.58 points from the day's low. The BSE small and mid-cap indices outperformed the Sensex
The market opened on a subdued note as index heavyweight Reliance Industries (RIL) fell on weak Q1 June 2009 results it announced after trading hours on Friday, 24 July 2009. The market firmed up soon on buying in banking and IT pivotals. The Sensex hit its highest level in 1-1/2 months. However, the rally proved short-lived. The Sensex once again slipped into the red. The Sensex dropped to intraday low in afternoon trade before cutting losses. Rally in FMCG, metal and realty shares aided further recovery on the bourses in late trade
The market may remain volatile this week as investors rollover positions from July 2009 contacts to August 2009 contracts ahead of expiry of July 2009 futures and options (F&O) contract on Thursday, 30 July 2009.
With some initial public offers (IP)) lined up in the next few days starting with Adani Power's IPO on Tuesday, 28 July 2009, investor focus may shift to primary market from secondary market. Close on the heels of Adani Power, state-run NHPC is ready to hit the primary market in August to raise Rs 1,680 crore. Besides, Oil India and Pipavav Shipyard collectively plan to raise over Rs 2000 crore
The Q1 June 2009 results announced so far have encouraging, with lower costs helping bottomline growth. The combined net profit of 698 companies rose 15.7% to Rs 42183 crore on 2% growth in sales to Rs 321044 crore in Q1 June 2009 over Q1 June 2008.
Annual monsoon rains, running between June to September, are seeing a revival after a sluggish start. India's monsoon rains were 15% above normal in the week to 22 July 2009, the second consecutive week of above-average rainfall after an exceptionally dry patch at the start of the season. Total cumulative monsoon, which runs from June to September, was 19% below average, improving from a 27% deficit in the previous week, the India Meteorological Department said on on Thursday, 23 July 2009.
More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.
On the flip side, India's exports declined by 29.7% in June 2009 from a year earlier, R.S. Gujaral, Director General of Foreign Trade, said Friday, 24 July 2009. The declining trend in exports is expected to continue for some more time, he said.
European markets were trading firm today, 27 July 2009, extending a 2-week rally, on gains in bank stocks. Key benchmark indices in UK, Germany and France were up by between 0.23% and 1.2%.
Asian markets were trading firm today, 27 July 2009 on upbeat corporate earnings. Key benchmark indices in Hong Kong, China, Taiwan, Singapore, South Korea and Japan rose by between 0.79% and 1.86%.
Wall Street ended on a mixed note on Friday, 24 July 2009. The Nasdaq Composite index fell, snapping a 12-day winning streak, following Microsoft Corp's disappointing quarterly results. But gains in pharmaceutical and energy shares lifted the Dow and the S&P 500 to fresh 8-month closing highs. The Dow rose 23.95 points, or 0.26%, to 9,093.24. The Standard & Poor's 500 Index rose 2.97 points, or 0.30%, to 979.26. But the Nasdaq Composite Index declined 7.64 points, or 0.39%, to 1,965.96.
Trading in US index futures showed the Dow could rise 32 points at the opening bell on Monday, 27 July 2009.
The BSE 30-share Sensex was down 3.92 points or 0.03% to 15,375.04. The Sensex opened 28.07 points lower at 15,350.89. The Sensex rose 84.13 points at the day's high of 15,463.09, its level since 12 June 2009, in early trade. The Sensex lost 150.50 points at the day's low of 15,228.46 in afternoon trade.
The S&P CNX Nifty was up 3.75 points or 0.08% to 4,572.30. Nifty July 2009 futures were at 4576.30, at a premium of 4 points as compared to the spot closing.
The Sensex is up 5727.73 points or 59.31% in calendar year 2009 as on 27 July 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex has risen 7,214.64 points or 88.41% as on 27 July 2009.
Coming back to today's trade, turnover on NSE's futures & options (F&O) segment was Rs 50,488.19 crore, sharply lower than Rs 72,581.23 crore on Friday, 24 July 2009. The BSE clocked a turnover of Rs 6036 crore, lower than Rs 6,846.64 crore on Friday, 24 July 2009
The market breadth, indicating the overall health of the market, was strong. On BSE, 1672 shares advanced as compared with 985 that declined. 87 shares remained unchanged.
The BSE Mid-Cap index gained 1.63% to 5,469.50 and BSE Small-Cap index rose 1.53% to 6,142.74. Both these indices outperformed the Sensex
The BSE Realty index (up 3.11%), the BSE Consumer Durables index (up 1.66%), BSE Capital Goods index (up 0.69%), the BSE Power index (up 2.29%), the BSE IT index (up 0.61%), the BSE TECk index (up 0.88%), the BSE FMCG index (up 3.64%), the BSE Metal index (up 1.93%), BSE PSU index (up 0.33%), the BSE Healthcare index (up 0.27%), outperformed the Sensex.
The BSE Auto index (down 0.51%), the BSE Oil & Gas index (down 3.09%), the BSE Bankex (down 0.07%), underperformed the Sensex.
Among the 30-member Sensex pack, 16 declined while the rest gained
India's largest private sector firm by market capitalisation and oil refiner Reliance Industries (RIL) lost 3.81% to Rs 1937 after the company reported disappointing Q1 June 2009 results after trading hours on Friday, 24 July 2009. But the stock came off the day's low of Rs 1908. RIL has a 14.12% weightage in the Sensex.
RIL's net profit fell 11.5% to Rs 3636 crore on a 22.9% decline in sales to Rs 32055 crore in Q1 June 2009 over Q1 June 2008. RIL saw its net profit dip for the third straight quarter, as margins from its refining business halved and the global recession reduced fuel demand. RIL's gross refining margins (GRMs) - the difference between cost of crude oil and the price of refined petroleum products - came down 52.22% to $7.5 per barrel in Q1 June 2009 compared with $15.7 per barrel in Q1 June 2008.
India's largest state-run oil explorer by market capitalisation ONGC slumped 2.99% on reports the company is delaying the development of as many as 66 small discoveries because production from the fields may not be enough to recover costs.
GAIL India slumped 3.61% after net profit fell 26.9% to Rs 655.84 crore on 5.1% rise in net sales to Rs 6021.42 crore in Q1 June 2009 over Q1 June 2008. The company declared its results on Saturday, 25 July 2009.
Shares of state run oil marketing companies slipped on rise in crude oil prices. HPCL (down 1.42%), and Indian Oil Corporation (down 0.74%), edged lower. However, BPCL rose 0.14%. Higher oil prices will results in increase underrecoveries at the state-run oil firms on domestic sale of petrol, diesel, LPG and kerosene at a controlled price.
Castrol India galloped 9.38% after net profit rose 55% to Rs 128.40 crore on a 2.56% rise in total income to Rs 646.80 crore in Q2 June 2009 over Q2 June 2008. The result was announced during trading hours today, 27 July 2009.
India's largest truck market by sales Tata Motors gained 3.76% to Rs 387.55, rebounding sharply from day's low of Rs 356.80 after net profit rose 57.54% to Rs 513.76 crore on a 7.17% decline in total income to Rs 6723.99 crore in Q1 June 2009 over Q1 June 2008. Analysts had expected a steep fall in net profit due to lower sales volume. The result was announced at the fag end of the trading sessions today, 27 July 2009.
Tata Motors attributed the strong results to continued focus on cost efficiencies, decline in raw material prices and improvement in sales realization
But other auto stocks dropped on profit taking after a recent sharp surge. India's top small car maker by sales Maruti Suzuki India declined 0.79%. The stock had stuck a record high of Rs 1397.50 in intra-day trade on Friday, 24 July 2009 buoyed by better than expected results announced during market hours on Thursday, 23 July 2009.
India's largest bike manufacturer by sales Hero Honda Motors lost 2.81% ahead of its Q1 June 2009 results on 29 July 2009. India's biggest tractor maker by sales Mahindra & Mahindra dropped 1.92% ahead of its Q1 June 2009 results on 30 July 2009
India's largest private sector bank by net profit ICICI Bank slipped 1.75% to Rs 753.40, off day's high of Rs 784.80 on profit taking. The bank's net profit rose 20.63% to Rs 878.22 crore on a 2.2% decline in operating income to Rs 9223.32 crore in Q1 June 2009 over Q1 June 2008. The bank, which reported its earnings on Saturday, 25 July 2009, has a 7.61% weightage in Sensex.
Cost-cutting measures and treasury profits enabled the country's largest private lender, ICICI Bank, beat market estimates in Q1 June 2009. ICICI Bank recorded a treasury income of Rs 714 crore in Q1 June 2009 as against a loss of Rs 594 crore in Q1 June 2008.
India's biggest bank in terms of branch network State Bank of India (SBI) rose 0.44% after the state-run bank reduced interest rates on deposits by 25-50 basis points (a basis point equals one-hundredth of a percentage point) with effect from today, 27 July 2009.
Bank of Baroda lost 3.53% despite reporting a 84.80% rise in net profit to Rs 685.38 crore on 24.4% rise in total income to Rs 3806.37 crore Rs 4735.15 crore in Q1 June 2009 over Q1 June 2008.
Andhra Bank rose 1.29% after net profit jumped 230.10% to Rs 256.22 crore on 37.9% rise in total income rose to Rs 1,745.92 crore in Q1 June 2009 over Q1 June 2008. The bank declared results on Saturday, 25 July 2009.
Bank of India (BOI) lost 4.21% after the bank's net non-performing assets jumped 96.41% to Rs 1234.43 crore in Q1 June 2009 over Q1 June 2008. BoI's net profit rose 3.98% to Rs 584.32 crore on 22.09% rise in total income to Rs 5,023.61 crore in Q1 June 2009 over Q1 June 2008. The state-run declared its results during trading hours today, 27 July 2009.
Analysts expect the Reserve Bank of India (RBI) to maintain a status-quo on key policy rates in its quarterly policy meet on Tuesday, 28 July 2009 following surplus liquidity in the banking system and low demand for credit. The central bank is also likely to lay out a more clear roadmap to conduct the government borrowing programme in a smooth manner and may hike the GDP and inflation forecast for the year ending March 2010 (FY 2010).
Earlier, the Reserve Bank of India (RBI) had cut the repo rate, or its key short-term lending rate, by 425 basis points to 4.75% in six steps since October 2008 as it tried to guard a slowing economy against the global financial crisis. The central bank also slashed the reverse-repo rate by 275 basis points since early December 2008 and brought down the cash reserve requirement by 400 basis points to 5% since early October 2008 to keep credit flowing.
India's largest FMCG company by sales Hindustan Unilever surged 6.70% to Rs 301 after striking a 52-week high of Rs 305.40 on BSE in intra-day trade today, 27 July 2009. The stock advanced ahead of its Q1 June 2009 results on Tuesday, 28 July 2009. It was the top gainer from the Sensex pack.
Other FMCG stocks also logged gains on fresh buying after revival in monsoon. Nestle India (up 3.98%), Marico (up 2.62%), Britannia Industries (up 1.72%), Tata Tea (up 3.35%) and Dabur India (up 2.46%), gained. FMCG companies derive substantial revenue from rural sales.
Godrej Consumer Products surged 9.57% to Rs 227.30 after net profit jumped 75.9% to Rs 60.29 crore in Q1 June 2009 over Q1 June 2008. The stock hit a record high of Rs 235 today, 27 July 2009.
Asian Paints jumped 2.96% after net profit rose 67.8% to Rs 164.45 crore on a 17% rise in sales to Rs 1164.82 crore in Q1 June 2009 over Q1 June 2008.
India's second largest private sector power generation company by sales Tata Power Company surged 5.82%. The company during trading hours on 22 July 2009, said strong response for its global depository receipt (GDR) issue helped it raise $335 million as compared with an earlier announced plan to raise $250 million. The company will use the funds for its ongoing capital expenditure plans. Tata Power issued 14.8-million GDRs priced at $22.58 a piece, with each GDR representing one equity share, Tata Power said.
India's largest power generation firm by sales NTPC gained 1.33%. The company reported 27.05% rise in net profit to Rs 2193.62 crore on 24.59% rise in total income to Rs 12778.96 crore in Q1 June 2009 over Q1 June 2008. The results were declared by the company after market hours today, 27 July 2009
Realty stocks gained on the government's thrust on the housing sector in the Union Budget 2009-10. DLF (up 4.64%), Unitech (up 0.80%), Housing Development & Infrastructure (up 4.50%), Parsvnath Developers (up 5.72%), Omaxe (up 13.66%), and Indiabulls Real Estate (up 2.15%), advanced.
Telecom pivotals held firm of the first meet of group of ministers (GoM) to decide on the base price for 3G spectrum on 31 July 2009.
India's second largest cellular services provider by sales Reliance Communications rose 2.32%. India's largest listed cellular services provider by sales Bharti Airtel advanced 1.93%.
The GoM is set up to look into matters relating to pricing of spectrum and number of operators to be allowed in each telecom circle. The finance ministry had proposed a base price of Rs 4,040 crore for 3G spectrum, whereas the Department of Telecom (DoT) suggested a price of Rs 3,540 crore. While presenting the Union Budget, the finance minister, Mr Pranab Mukherjee, said Rs 35,000 crore was expected to be raised from the auction.
Metal stocks extended recent gains on firm base metal prices. LMEX, a gauge of six metals traded on the London Metal Exchange rose 0.43% on Friday, 24 July 2009. National Aluminium Company (up 0.62%), JSW Steel (up 6.21%), Tata Steel (up 3.93%), rose. India's largest private sector copper marker by sales Sterlite Industries India ended unchanged at Rs 652.80
Copper and aluminum jumped to the highest in nine months in Shanghai after China reiterated its commitment to sustain economic growth in the world's largest consumer of industrial metals. Zinc climbed to a 10-month high.
Infrastructure stocks rose on the government's thrust on the infrastructure sector in the Union Budget 2009-2010. Bharat Heavy Electricals (up 2.48%), Lanco Infratech (up 5.46%), GMR Infrastructure (up 3.99%), IVRCL Infrastructure (up 0.74%), GVK Power Infrastructure (up 6.40%), rose. However India's largest engineering & construction company by sales Larsen & Toubro was down 0.33%
India's largest dam builder by sales Jaiprakash Associates slipped 0.58% to Rs 240.10 on profit booking. The stock surged to day's high of Rs 254 after reporting 292.28% spurt in net profit to Rs 491.18 crore on a 77.19% spurt in total income to Rs 2116.86 crore in Q1 June 2009 over Q1 June 2008. The results were announced on Saturday, 25 July 2009.
IT stocks ended mixed on recent reports that the third largest global energy company British Petroleum is likely to award outsourcing contracts worth up to $1 billion in August 2009. India's second largest IT firm by sales Infosys rose 0.92%. However, India's largest IT exporter by sales TCS fell 0.72%. On 17 July 2009, TCS announced Q1 results that beat market expectations. India's third largest IT exporter by sales Wipro slipped 0.10%. On 22 July 2009, Wipro announced better-than-expected Q1 results.
Reliance Industries was the top traded counter on BSE with turnover of Rs 330.04 crore followed by DLF (Rs 280.43 crore), HDIL (Rs 222.42 crore), ICICI Bank (Rs 188.96 crore) and Jaiprakash Associates (Rs 188.20 crore).
Ispat Industries was the top traded counter on BSE with volume of 1.90 crore shares followed by Suzlon Energy (1.76 crore shares), Mahindra Satyam (1.70 crore shares), IFCI (1.59 crore shares) and Cals (1.50 crore shares).
Tyre shares gained on fresh buying following robust earnings reported by Apollo Tyres and JK Tyre. MRF (up 16.85%), Goodyear India (up 9.10%), and Apollo Tyres (up 4.56%), gained.
MRF today reported a 294% jump in net profit to Rs 125.70 crore on 12.4% rise in net sales to Rs 1433.55 crore in Q3 June 2009 over Q3 June 2008. JK Tyre reported a two fold spurt in net profit, while Apollo Tyres posted a 95% jump in net profit in Q1 June 2009 over Q1 June 2008.
Bharat Electronics surged 4.58% after net profit galloped 2785.3% to Rs 72.71 crore on 134.7% spurt in net sales to Rs 900.98 crore in Q1 June 2009 over Q1 June 2008. The company announced the results after market hours on Friday, 24 July 2009.
Gujarat NRE Coke spurted 9.11%. The company had on 20 July 2009, forfeited 4.55 crore convertible warrants and application money totaling Rs 39 crore held by promoter group consequent to expiry period of these warrants. The forfeiture of convertible warrants has eased concerns of equity dilution.
Godrej Industries soared 10% ahead of its Q1 June 2009 results on Wednesday, 29 July 2009.
Fortis Healthcare rose 8.82%. The company, during market hours on Friday, 24 July 2009, had reported 8.3% fall in net profit to Rs 1.56 crore on a 26.5% increase in sales to Rs 48.59 crore in Q1 June 2009 over Q1 June 2008.
Weak RIL results may cap upside
The market may extend gains of the preceding two trading sessions on firm Asian stocks. The SGX Nifty futures for July 2009 expiry jumped 32 points in Singapore. Index heavyweight Reliance Industries
(RIL) is likely to be under pressure after the company reported disappointing Q1 June 2009 results after trading hours on Friday, 24 July 2009. RIL has a 14.12% weightage in the the Sensex. ICICI Bank, on the other hand, may rally on strong Q1 results which it reported on Saturday, 25 July 2009. ICICI Bank has a 7.61% weightage in Sensex.
Tata Motors, Ashok Leyland, Bank of Baroda, Bank of India, GSK Pharma, NTPC, Punj Lloyd, RCF and TTML among others will announce their June 2009 quarterly result today, 24 July 2009. The Q1 June 2009 results announced so far have encouraging, with lower costs helping bottomline growth. The combined net profit of 634 companies rose 15.1% Rs 38710 crore on 3.2% growth in sales to Rs 285708 crore in Q1 June 2009 over Q1 June 2008.
Asian markets were trading firm today, 27 July 2009 on upbeat economic data and earnings. Key benchmark indices in Hong Kong, China, Taiwan, Singapore, South Korea and Japan rose by between 0.52% and 2.11%.
Wall Street ended on a mixed note on Friday, 24 July 2009. Both the Dow Jones and S&P 500 reversed early losses to finish with modest gains. The Nasdaq logged its first loss in more than two weeks as tech stocks came under pressure. Its decline put an end to its 12-session streak of gains. The Dow Jones was up 23.95 points, or 0.26%, to 9,093.24. and the S&P 500 gained 2.97 points, or 0.30%, to 979.26., while the Nasdaq shed 7.64 points, or 0.39%, to 1,965.96.
Back home, as per the provisional figures on the NSE, foreign institutional investors (FIIs) bought shares worth Rs 663.02 crore on Friday, 24 July 2009 while domestic institutional investors sold shares worth Rs 206.55 crore.
Meanwhile, bankers expect the Reserve Bank of India (RBI) to maintain a status-quo in its key rates in its quarterly policy meet on Tuesday, 28 July 2009 following surplus liquidity in the banking system and low demand for credit. The central bank is also likely to lay out a more clear roadmap to conduct the government borrowing programme in a smooth manner and may hike the GDP and inflation forecast for the year ending March 2010 (FY 2010).
Earlier, the Reserve Bank of India (RBI) had cut the repo rate, or its key short-term lending rate, by 425 basis points to 4.75% in six steps since October 2008 as it tried to guard a slowing economy against the global financial crisis. The central bank also slashed the reverse-repo rate by 275 basis points since early December 2008 and brought down the cash reserve requirement by 400 basis points to 5% since early October 2008 to keep credit flowing.
Annual monsoon rains, running between June to September, are seeing a revival after a sluggish start. India's monsoon rains were 15% above normal in the week to 22 July 2009, the second consecutive week of above-average rainfall after an exceptionally dry patch at the start of the season. Total cumulative monsoon, which runs from June to September, was 19% below average, improving from a 27% deficit in the previous week, the India Meteorological Department said on on Thursday, 23 July 2009.
More than two-thirds of the people live in villages and 60% of the farm land depends on the annual rains.
Equities may remain volatile this week as investors rollover positions from July 2009 contacts to August 2009 contracts ahead of expiry of July 2009 futures and options (F&O) contract on Thursday, 30 July 2009.
Pre Session Commentary - July 27 2009
Today domestic markets are likely to open positive as majority of Asian markets have opened with phenomenal gains. In the Domestic arena results of heavy weights like Reliance Industries and ICICI Bank will play a key role in guiding the traders’ sentiments. One could see some cautiousness trade at the beginning. Nonetheless, the opening of European markets will further decide the firmness in domestic arena as well.
On Friday, Indian markets closed higher on the back of bullish sentiments. The subdued opening along with profit booking pressures trapped the markets until the mid session. However the phenomenal quarterly results from majority of companies helped markets at broader level to trade in northward. Auto stocks were the charm of the day after Maruti Suzuki reported better than expected first quarter results. The company reported Q1FY10 net sales of Rs. 6,340 crore, a phenomenal growth of 34 per cent over the corresponding period previous year. Bharat Forge was the top gainer of the Auto Index with a gain of 14.06 per cent to Rs. 181.70. From the sectoral front Auto, Realty, Metal and CD led the markets with gains of 5.14%, 4.26%, 239% and 2.37% respectively. BSE Mid Cap and Small Cap index also gained by 1.67% and 1.81% respectively. Domestic markets are likely to trade positive today.
The BSE Sensex closed higher by 147.92 points at 15,378.96 and NSE Nifty ended higher by 10 points at 4,533.75 BSE Mid Caps and Small Caps closed up by 88.44 points and 107.35 points at 5,381.81 and 6,050.20 respectively. The BSE Sensex touched intraday high of 15,418.61 and intraday low of 15,168.52.
On Friday, the US stock markets closed mixed. Weakness in tech stocks weighed on Nasdaq for is first loss in more than two weeks. Microsoft reported its earnings which were inline with the expectations however its double digit percentage decline in revenue caused its topline to come short of expectations. The weakness in Nasdaq caused it to lag other headline indices during the trading session. Nasdaq was down by nearly 2 per cent at the session’s low, however as the trading progressed it managed to pare off its early losses. On the other hand, health care provided leadership with a gain of 1.6% amid news from Reuters that a leader of House fiscal conservatives said health care reform talks fell apart and that he sees no possibility of a deal. US light crude oil futures for August delivery closed at $67.86 per barrel up by 1.0% on the New York Mercantile Exchange.
The Dow Jones Industrial Average (DJIA) closed higher by 23.95 points at 9,093.24, NASDAQ index declined by 7.64 points to 1,965.90 and the S&P 500 (SPX) closed up by 2.97 points at 979.26.
Today major stock markets in Asia are trading positive. Hang Seng is up by 357.72 points at 20,340.51. Japan''s Nikkei is trading up by 224.62 points at 10,169.17. Jakarta Composite is up by 20.28 points at 2,186.07.
Indian ADRs closed mixed on Friday. In the IT space, Satyam Computers was up 2.6%, Infosys was up 0.04%, Wipro was up 0.93% and Patni Computers was up 0.25%. In the banking space, ICICI Bank was down 5.13% and HDFC Bank was down 4.18%. In the telecom space, MTNL was up 3.21% and Tata Communication was down 0.86%. In other sectors, Sterlite Industries was up 1.53%, Dr Reddy''s Labs was up 1.84% and Tata Motors was up 6.65%.
The FIIs on Friday stood as net buyers in equity and net sellers in debt. Gross equity purchased stood at Rs 5,307.00 Crore, while the gross equity sold stood at Rs 45,97.10 Crore and gross debt purchased stood at Rs 139.00 Crore, while gross debt sold stood at Rs 545.40 Crore. The net investment of equity reported was Rs 709.90 Crore and net debt was Rs (406.40) Crore.
On Friday, the partially convertible rupee ended at Rs 48.22/23, 0.50% weaker than its previous close at 48.46/47. The rupee gained strength as domestic stock markets marked huge gains.
On BSE, total number of shares traded were 51.87 Crore and total turnover stood at Rs 6,846.64 Crore. On NSE, total number of shares traded were 110.26 Crore and total turnover was Rs 20,529.74 Crore.
Top traded volumes on NSE Nifty – Suzlon Energy with total volume traded 94517529 shares, followed by Unitech with 61567227, DLF with 19129135, Idea Cellular with 15286534 and Tata Steel with 14808926 shares.
On NSE Future and Options, total number of contracts traded in index futures was 710285 with a total turnover of Rs 15,612.20 Crore. Along with this total number of contracts traded in stock futures were 741508 with a total turnover of Rs 22,416.4 crore. Total numbers of contracts for index options were 1418129 with a total turnover of Rs 32,321.61 Crore and total numbers of contracts for stock options were 72164 and notional turnover was Rs 2,231.02 Crore.
Today, Nifty would have a support at 4,574 and resistance at 4,622 and BSE Sensex has support at 15,468 and resistance at 15,612.
Grey Market Premiums
Excel Infoways Ltd. 85 5 to 7
Raj Oil Mills Ltd. 100 to 120 Discount
Adani Power 90 to 100 7 to 8
NHPC 28 to 33 (Approximate) 12 to 13
May start buoyant
The benchmark indices, Sensex and Nifty, are expected to commence on a firm note and witness significant rally during intra-day trades, as international markets backed by firm US and Asian indices may help the sentiment remain buoyant. Among the Asian majors, Nikkei Index has surged 1% while Hang Sang & Strait Times Index has scaled up nearly 1% each. On the technical front, the Nifty could test in the 4620-4670 range on the upside and has supports in the 4510-4460 range, while the Sensex has a likely support at 15200 and may face resistance at 15500.
US indices ended mixed on Friday with the Dow Jones gained 24 points at 9093, the Nasdaq shed 8 points to close at 1966.
Most of all the Indian ADRs traded firm on the US bourses. Tata Motors led the pack with gains of 6.65% while MTNL, Satyam and Dr Reddy gained around 1-4% each. However, Infosys, Wipro and Patni Computers ended with marginal gains. While ICICI Bank, HDFC Bank, Rediff and VSNL closed with loss of 1-5%.
Crude oil prices in the US market gained, with the Nymex light crude oil for September delivery advance by 89 cents to close at $68.05 per barrel . In the commodity segment, the Comex gold for August series lost $1.70 to settle at $953.10 a troy ounce.
Daily News Roundup - July 27 2009
SBI trims deposit rates by 25-50 basis points.(BL)
Indian Railways cancels a locomotive management system contract awarded to Mahindra Satyam in January this year. (ET)
BHEL rules out FPO, government may divest stake by open market sale. (BS)
ITC to invest Rs130bn in paper, hotels business.(BL)
Wockhardt is likely to go slow on its plans to divest non-core assets, including the proposed stake sale of its hospital chain. (BS)
Tata Motors will launch three new passenger cars over the next eight months.(TOI)
ONGC keeps on hold development of six prospective discoveries made in recent years due to lack of infrastructure. (BS)
Everonn Systems plans to set up training centres for the ITIs and polytechnics in the state. (BS)
NMDC plans to invest about Rs 12bn in Sponge Iron India.(DNA)
Areva SA has offered state-owned Nuclear Power Corp minority stakes in a handful of uranium mines.(BL)
GMR Infrastructure said its fully owned subsidiary GMR Energy has acquired EMCO Energy, which is developing a 600MW coal-based power plant in Warora, Maharashtra.(BL)
ONGC hires an ultra deep-sea drill rig from Reliance Industries for four years at close to Rs39.15bn. (BS)
Financial closure for CESC’s proposed Rs24bn, 2x300MW thermal power plant at Haldia is delayed as a small parcel of land is not available.(BL)
GMR has emerged as a surprise bidder in the £300mn auction for EDF Energy’s Eggborough power station in North Yorkshire, a media report has said.(TOI)
Air India plans to go ahead with its proposed acquisition of 111 aircraft, in spite of the huge losses of Rs50bn on its books. (BS)
Supreme Court paved the way for Daiichi Sankyo to go ahead with the proposed open offer to acquire 20% stake in Zenotech Laboratories.(BL)
Bank of Baroda plans to raise Rs35bn.(BL)
Gharda Chemicals, an Rs10bn agro-chemical firm, is
in takeover talks with around half-a-dozen peers, including United Phosphorus (DNA).
Finance ministry would give a final shape to a bailout package for Air India over the next fortnight.(DNA)
Oil India plans to float an IPO this September to raise around Rs25bn to fund its various exploration and production activities. (BS)
DCB board approves raising up to Rs4bn through a variety of instruments. (BS)
Godrej Consumer plans to acquire control of its FMCG joint venture with US-based Sara Lee Corp. (BS)
The EGoM has suggested a price band of Rs30 to Rs36 for the NHPC IPO. (ET)
Oil India plans to invest around Rs23.35bnn during the fiscal. (BS)
TajGVK Hotels is exploring the possibility of entering the value for money segment through the ‘Ginger’ brand in Andhra Pradesh. (BS)
Rashtriya Ispat Nigam may acquire majority stakes in 5 ailing PSUs. (BS)
ESS DEE Aluminium is in advanced talks to buy Comital, an Italian firm, for US$125-150mn. (ET)
Yes Bank plans to reconsider some of its diversification plans and instead focus strongly on growing its core banking business. (ET)
Foreign exchange reserves rose by US$2.3n to $266bn for the week ended July 17.(BL)
DoT may stop issuing any more cellular licences given the scarcity in spectrum.(BL)
Interest rate futures to be launched by August end.(FE)
The CERC is reviewing the 4 paise per unit cap on power traders’ margin. (BS)
SEBI proposes that stock brokers must settle the balance funds or securities in the trading accounts of clients on the last day of every month. (ET)
Retail sales of medicine in the domestic market grew by 18.3% to Rs32.3bn in June. (ET)
Strength at start!
What does not destroy me, makes me stronger.
India seems to be going from strength to strength, not just on the economic front but also in defence. It has entered a global elite club by launching its first indigenously made nuclear submarine, INS Arihant (which means destroyer of enemies). The bulls of course have been decimating the bears over the past couple of weeks. Given the healthy state of global markets and strong earnings, one shouldn’t be surprised if the current rally lasts another 10-20%.
The next crucial technical level to keep an eye on in the short term is 4700 on the Nifty. A breach of this level could propel the index past 5000. On the downside, support is likely to come in at around 4350-4400. We expect a positive start today, but the gains could be restricted by some pressure on index heavyweight Reliance Industries, whose Q1 results fell short of consensus estimates.
A lot of other big results came in during the weekend and some more are on their way. We also have to contend with the F&O expiry. Before that, the RBI will announce its quarterly policy review tomorrow. The markets do not expect the central bank to tinker with rates, but regulators and markets rarely think alike. The best approach is to wait and watch. In any case, most of the monetary and fiscal measures have been announced. The fear now is will the liquidity deluge and the government's massive borrowing programme fuel inflation going ahead? If it does, how that will impact the economy, India Inc. and the markets.
Results Today: Areva, Ashok Leyland, Balrampur Chini, BOB, BOI, Blue Star, Cadila, Castrol, Century Textiles, Chennai Petro, Dabur, EIH, Escorts, Finolex Industries, GSK Pharma, Glenmark, Gujarat Alkalies, Hinduja Ventures, Jindal Saw, Karnataka Bank, LMW, MRF, Morepen Labs, NTPC, Punj Lloyd, RCF, SpiceJet, Tata Motors, Tata Tele and Titan.
FIIs were net buyers of Rs6.63bn in the cash segment on Friday on a provisional basis while the local funds pulled out Rs2.06bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers at Rs332.2mn.
On Thursday, the foreign funds were net buyers in the cash segment at Rs2.6bn, as per SEBI data. With this, their net investment in Indian stocks this year has crossed Rs300bn or ($6bn). Mutual Funds were net buyers of Rs7.42bn in the cash segment on Friday.
Blue chip stocks and the broader market extended gains on Wall Street on Friday, but technology shares succumbed to selling pressure after software major Microsoft and Amazon.com posted disappointing results.
The Dow Jones Industrial Average logged it's best two-week rally since 2000, spurred by gains in energy producers after crude oil climbed. Sentiment also received a boost after Federal Reserve chairman Ben Bernanke said the central bank is withdrawing measures taken to end the financial crisis.
The Dow gained 23.95 points, or 0.26%, to end at 9093.24. For the week, the blue chip benchmark rose nearly 4%, marking its best two-week performance since March 2000. On Thursday, the Dow surpassed 9,000 for the first time since January. It has surged 12% since July 10.
The Standard & Poor's 500 (S&P) index added 2.97 points, or 0.30%, to shut shop at 979.26. For the week, the broader market barometer was up 4.1%. The Nasdaq Composite Index lost 7.64 points, or 0.39%, to close at 1965.96, its first fall in 13 sessions. For the week, the tech-heavy index gained 4.2%.
US stocks erased early losses on Friday, as energy companies rebounded from their lows, and Bernanke’s comments pushed the S&P 500 to its intraday peak. He told the House Financial Services Committee that the Fed’s emergency lending programs are diminishing in size.
US mutual funds received US$1.5bn of net inflows last week, the second-highest amount since February 2008, according to AMG Data Services in Arcata, California. The S&P 500 has surged 45% since March 9.
Shares of Exxon Mobil and ConocoPhillips advanced as oil and natural gas prices extended their weekly gain. Crude oil for September delivery added 1.3% in New York after falling 1%. Natural gas futures expiring next month climbed 4.1%.
Chubb Corp. shares jumped 6.5%, leading insurers higher, after raising its 2009 forecast. Chubb, the insurer of high-end homes and corporate boards, added 6.5%. Its second-quarter profit beat analysts’ estimates, and the company raised its 2009 forecast.
Microsoft and Amazon.com retreated more than 7% after quarterly results missed estimates.
Microsoft shares fell 8.3% after the software giant tumbled after it reported a profit fall and sales slide that left the Windows maker's topline over USUS$1bn short of analyst estimates. Microsoft reported a 29% drop in fiscal fourth-quarter earnings and posted sales that missed analysts’ estimates. Per share profit, excluding some items was 36 cents, missing the average forecast by 2.4%.
Amazon.com, which had climbed on Thursday following news of an acquisition, slumped 7.9%, as falling sales of videogames and consoles contributed to its weaker than expected second-quarter North American revenue growth. Its low prices and free-shipping offers have started to eat into profit, according to some analysts.
Coffee chain operator Starbucks surged mid-week after swinging to a fiscal third-quarter profit. For the week, the company's shares surged 19% but on Friday shares closed down 4 cents to 17.22.
Black & Decker shares gained 10%, after second-quarter earnings from the tool and home improvement products company beat Wall Street expectations.
Broadcom stock lost 6.8% after the chip maker's second-quarter profit plunged 90% as the company posted a double-digit revenue decline. However, the company issued a current-quarter revenue forecast that was above analysts' forecasts.
Confidence among US consumers fell in July for the first time in five months, as mounting unemployment and depressed wages shook households. The Reuters/University of Michigan final index of consumer sentiment decreased to 66, better than forecast, from 70.8 in June. A preliminary reading was 64.6.
Treasury prices slipped, raising the yield on the benchmark 10-year note to 3.66% from 3.67% on Thursday.
COMEX gold for August delivery fell US$1.70 to settle at US$953.80 an ounce.
Better-than-expected results and a few promising economic reports lifted stocks last week, leaving the Dow and S&P 500 at more than eight-month highs and the Nasdaq at a more than nine-month high. But after such a run, investors turned a bit cautious on Friday, particularly after a few earnings reports missed the mark.
The belief that corporate profits are improving has helped Wall Street resume the advance after a mostly flat May and weak June. However, for the current momentum to sustain in the longer run there has to be continuous flow of good news on the economy and earnings.
European shares ended lower on Friday, breaking a nine-day rally, after Ericsson and Syngenta posted earnings that missed analysts’ estimates and the UK economy registered a steeper-than-expected drop in the second quarter GDP.
The pan-European Dow Jones Stoxx 600 index fell 0.1% to close at 219.67, ending a nine-session winning streak. The benchmark index for European equities gained 4.3% this week, extending its rally since July 10 to 11%.
European markets had started the day on a weak note but managed to push back into positive territory before resuming the southward journey. National benchmark indexes declined in 11 of the 18 western European markets.
The UK's FTSE 100 index managed to hold on to gains to close 0.4% higher at 4,576.61. Germany's DAX index fell 0.3% to end at 5,229.36 and the French CAC-40 index slipped 0.2% to 3,366.45.
The BSE Sensex surged by 148 points or 1% to end at 14,379 after touching a high of 15,418 and a low of 15,168. The index opened at 15,272 against the previous close of 15,231. The NSE Nifty surged by 40 points or 0.9% to shut shop at 4,564.
In Asia, the Nikkei in Japan gained 1.5% to end at 9,944, while Australia's S&P/ASX ended higher by 0.6% at 4,089. The Hang Seng index in Hong Kong advanced by 0.8% to end at 19,982.
In Europe, stocks were trading in the green. The FTSE in the UK was up 0.8% at 4,596. The DAX was up 0.8% at 5,287 and the CAC 40 was up 0.8% at 3,399.
Coming back to India, among the BSE sectoral indices, the Auto index was the top gainer, gaining 5%, followed by the Realty index that was up 4.2%. The BSE Metal index up 2.3% and the BSE Consumer Durables index was up 2%.
The BSE Mid-Cap index advanced 1.6% and the BSE Small-Cap index rose 1.8%.
Within the Sensex, the major gainers were Tata Motors, DLF, Maruti, Tata Steel, JP Associates, Hero Honda, Hindalco and HUL. Among the major losers were, Sun Pharma, HDFC, SBI and Reliance Industries.
Outside the frontline indices, the top losers included Bharat Forge, Ashok Leyland, Videocon Ind, United Phos, LITL and Exide Ind.
Among the big losers in the broader market were Max India, Union Bank, Shriram Trans, Jai Corp, Bank of India, Madras Cement and PNB.
For the week,The top gainers: The top gainers in the BSE Sensex were DLF (up 18.4%), Tata Motors (up 18.1%), Maruti Suzuki (up 16.7%), Tata Steel (up 12.8%) and Hindalco (up 11.3%).
The Top Losers: The top losers in the BSE Sensex were HDFC (down 4.3%), Ambuja Cements (down 3.1%) and BHEL (down 0.7%).
The Realty Sector (up 13.3%): The top gainers in the real estate space were Parsvnath (up 31%), DLF (up 18.4%), Anant Raj Indus (up 18.2%), Omaxe (up 16.6%), Ansal Props (up 16.5%), Unitech (up 14.4%) and Ackruti City (up 7.3%).
Crude gains more than 7% for the week
Prices rise on signs of green shoots in the economy
Crude prices ended higher once again on Friday, 24 July, 2009. Prices continued to rise boosted by positive earning reports that literally almost confirmed that “green shoots” in the economy are really being visible.
On Friday, crude-oil futures for light sweet crude for September delivery closed at $68.05/barrel (higher by $0.89 or 1.3%). Trading was quite volatile during the week. Earlier during the week, it fell to a low of $66.46. For the week, crude ended higher by 7.1%.
For the month of June, 2009, crude ended higher by 5.5%. In May, crude had registered the largest monthly gain in a decade rising 30%. For the second quarter, crude ended higher by 40%. Crude prices had rallied 11.3% in the first quarter of 2009.
Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 53% since then. In July, 2009, it has dropped by 3.3% till date. Year to date, in 2009, crude prices are higher by 43%.
Among economic reports for the day on Friday, University of Michigan and Reuters reported that U.S. consumer sentiment rose in late July to 66.0 from 64.6 in early July, but this was still down from the June reading of 70.8.
On that day, U.S. stocks mostly reversed their earlier losses, continuing the two-week rally that had sent the Dow Jones Industrial Average back above 9,000 for the first time since January a day before.
EIA reported earlier during the week that total inventories of crude, gasoline and other petroleum products rose 1.9 million barrels in the week ended 17 July, 2009 to 1,117.6 million barrels, up for a sixth straight week to the highest level since September 1990. But crude oil inventories fell last week as the U.S. imported less oil, but inventories gains in gasoline and other products were more than the drop in crude. Meanwhile, petroleum demand rose slightly, but still stayed way below last year's level.
The report also said that crude oil inventories fell by 1.8 million barrels last week. Gasoline inventories rose by 800,000 barrels and distillate stockpiles, which include diesel and heating oil, increased by 1.2 million barrels.
Also at the Nymex on Friday, August reformulated gasoline rose slightly to end at $1.9159 a gallon and August heating oil added 1% to $1.7813 a gallon.
August natural-gas futures rose 14.5 cents, or 41%, to $3.695 per million British thermal units.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
Subscribe to:
Posts (Atom)