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Thursday, November 05, 2009
BSE Bulk Deals to Watch - Nov 5 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
5/11/2009 500031 BAJAJ ELECTR BAJAJ HOLDINGS & INVESTMENTS LTD. B 100000 754.20
5/11/2009 500031 BAJAJ ELECTR BAJAJ INTERNATIONAL PVT.LTD. S 100000 754.20
5/11/2009 519500 BKV INDUSTRS SANJAY JAIN B 47620 5.22
5/11/2009 519500 BKV INDUSTRS NIKUNJ PRAVIN SHAH S 57352 5.56
5/11/2009 531682 CAT TECHNOL VINOD AMRATLAL NAAI B 778628 15.21
5/11/2009 531682 CAT TECHNOL VINOD AMRATLAL NAAI S 875660 15.30
5/11/2009 526839 CCAP LTD DEVKANT SYNTHETICS INDIA PVT. B 25000 39.25
5/11/2009 530755 CORAL NEWSPR RAKESH KUMAR ARORA ( HUF ) B 31500 2.02
5/11/2009 530755 CORAL NEWSPR GANGADEVI SODHANI S 31200 2.02
5/11/2009 533090 EXCEL INFO PARESH SANATKUMAR RACHH B 751870 78.53
5/11/2009 533090 EXCEL INFO TRANSGLOBAL SECURITIES LTD. B 179168 77.63
5/11/2009 533090 EXCEL INFO JATIN LAXMIKANT TRIVEDI S 129912 67.52
5/11/2009 533090 EXCEL INFO PARESH SANATKUMAR RACHH S 814493 76.71
5/11/2009 533090 EXCEL INFO TRANSGLOBAL SECURITIES LTD. S 175633 77.69
5/11/2009 526951 GOLDE LAMINA RAJ KRISHAN S 45600 22.35
5/11/2009 507438 IFB AGRO IND IFB AUTOMOTIVE PRIVATE LIMITED B 1624720 65.29
5/11/2009 507438 IFB AGRO IND MIDELEC MARKETING PVT LTD. S 385000 66.10
5/11/2009 507438 IFB AGRO IND IFB PRIVATE LIMITED S 781850 65.00
5/11/2009 507438 IFB AGRO IND DIVINE COMMOTRADE PVT LTD S 457870 65.10
5/11/2009 523467 JAI MATA GLA MOTI LAL BHASIN S 200000 2.76
5/11/2009 516007 MANGALA TIM ADITYA MARKETING & MANUFACTURING LIMITED B 260000 29.73
5/11/2009 516007 MANGALA TIM GANESHKUMAR SINGHANIA S 236800 29.75
5/11/2009 531834 NATURA HUE C JINESH DEVENDRA BHATT S 30561 28.26
5/11/2009 531496 OMKAR OVERSE VARSHA RAJNIKANT AGARWAL S 49421 53.73
5/11/2009 532944 ONMOBILE ONMOBILE SYSTEMS INC S 295239 360.24
5/11/2009 511702 PARSHART INV SHIVA INVESTMENT B 18998 30.74
5/11/2009 511702 PARSHART INV PRADIPBHAI RAMBHAI PATEL B 36411 30.00
5/11/2009 590077 RANKLIN SOLU JYOTHI G B 29500 34.45
5/11/2009 590077 RANKLIN SOLU OMPARKASH GUPTA S 32944 34.03
5/11/2009 590077 RANKLIN SOLU DEVAIANH MONDI S 32800 33.89
5/11/2009 532687 REPRO INDIA PRAMOD KRISHNAGOPAL KHERA B 112500 88.90
5/11/2009 532687 REPRO INDIA Niranjan Rajnikant Mehta S 112500 88.90
5/11/2009 531693 SHR GANE SPI RAJESH DAMODARDAS SHAH B 350000 2.10
5/11/2009 531693 SHR GANE SPI MANJU JAIN S 299800 2.10
5/11/2009 504375 SOFTBPO GLOB SHILPA MILIND DESAI S 750 483.67
5/11/2009 531370 SPARC SYSTEM SANMITRA COMMERCIAL LTD S 34649 8.62
5/11/2009 512048 SPLASH MEDIA SUVUDHA SECURITIES PVT LTD S 26010 355.07
5/11/2009 532887 SUJANATOWER NAIDU RAMACHANDRA CHEREOOI B 232000 53.69
5/11/2009 533121 THINKSOFT DEEPAK SHANTILAL CHHEDA B 74858 223.67
5/11/2009 533121 THINKSOFT AMIT MANILAL GALA B 106778 224.18
5/11/2009 533121 THINKSOFT GENUINE STOCK BROKERS PVT. LTD. B 84459 223.79
5/11/2009 533121 THINKSOFT PASHUPATI CAPITAL SERVICE PVT LTD B 57900 219.67
5/11/2009 533121 THINKSOFT TRANSGLOBAL SECURITIES LTD. B 227495 220.99
5/11/2009 533121 THINKSOFT DINESHGORDHANBHAI PARMAR B 127645 215.48
5/11/2009 533121 THINKSOFT MBL & Co. LTD. B 92403 224.23
5/11/2009 533121 THINKSOFT SUNEET LAL B 79061 224.06
5/11/2009 533121 THINKSOFT PRAKASHBHAI NARSINHBHAI PATEL B 60503 236.22
5/11/2009 533121 THINKSOFT AMBIT SECURITIES BROKING PRIVATE LIMITED B 78356 228.62
5/11/2009 533121 THINKSOFT MATRIX EQUITRADE PVT. LTD. B 115685 219.04
5/11/2009 533121 THINKSOFT CHANDARANA INTERMIDIARY BROKERS PVT LTD B 51907 220.79
5/11/2009 533121 THINKSOFT MARWADI SHARES AND FINANCE LTD. B 113016 219.84
5/11/2009 533121 THINKSOFT EUREKA STOCK & SHARE BROKING SERVICES LTD B 55421 217.91
5/11/2009 533121 THINKSOFT SANJEEV SINGHAL B 60251 213.02
5/11/2009 533121 THINKSOFT OPG SECURITIES P LTD B 332420 213.44
5/11/2009 533121 THINKSOFT MANSUKH STOCKS BROKERS LTD. B 79376 221.87
5/11/2009 533121 THINKSOFT R.M.SHARES TRADING PVT.LTD B 74522 223.22
5/11/2009 533121 THINKSOFT JMP SECURITIES PVT LTD B 125332 221.77
5/11/2009 533121 THINKSOFT DINDAYAL BIYANI STOCK BROKER LTD B 53275 217.93
5/11/2009 533121 THINKSOFT RAKHI KALPESH BHANDARI B 105329 219.08
5/11/2009 533121 THINKSOFT NAVEEN TAPARIA B 73354 218.06
5/11/2009 533121 THINKSOFT DEEPAK SHANTILAL CHHEDA S 74858 223.98
5/11/2009 533121 THINKSOFT AMIT MANILAL GALA S 106778 224.23
5/11/2009 533121 THINKSOFT GENUINE STOCK BROKERS PVT. LTD. S 84459 223.26
5/11/2009 533121 THINKSOFT PASHUPATI CAPITAL SERVICE PVT LTD S 57900 220.40
5/11/2009 533121 THINKSOFT TRANSGLOBAL SECURITIES LTD. S 227995 220.49
5/11/2009 533121 THINKSOFT DINESH GORDHANBHAI PARMAR S 127645 217.23
5/11/2009 533121 THINKSOFT MBL & Co. LTD. S 92403 223.58
5/11/2009 533121 THINKSOFT SUNEET LAL S 79061 223.78
5/11/2009 533121 THINKSOFT PRAKASHBHAI NARSINHBHAI PATEL S 60503 224.61
5/11/2009 533121 THINKSOFT AMBIT SECURITIES BROKING PRIVATE LIMITED S 78356 228.78
5/11/2009 533121 THINKSOFT NARENDRABHAI AMTRATLAL AMIN S 58500 230.50
5/11/2009 533121 THINKSOFT MATRIX EQUITRADE PVT. LTD. S 115685 219.17
5/11/2009 533121 THINKSOFT CHANDARANA INTERMIDIARY BROKERS PVT LTD S 51907 220.59
5/11/2009 533121 THINKSOFT MARWADI SHARES AND FINANCE LTD. S 113016 219.43
5/11/2009 533121 THINKSOFT EUREKA STOCK & SHARE BROKING SERVICES LTD S 55421 218.01
5/11/2009 533121 THINKSOFT SANJEEV SINGHAL S 60251 213.05
5/11/2009 533121 THINKSOFT OPG SECURITIES P LTD S 332420 213.44
5/11/2009 533121 THINKSOFT MANSUKH STOCKS BROKERS LTD. S 79376 220.97
5/11/2009 533121 THINKSOFT R.M.SHARES TRADING PVT.LTD S 74522 222.74
5/11/2009 533121 THINKSOFT JMP SECURITIES PVT LTD S 129909 222.44
5/11/2009 533121 THINKSOFT DINDAYAL BIYANI STOCK BROKER LTD S 53275 218.57
5/11/2009 533121 THINKSOFT AAKRUTI TEXTILES S 55000 218.18
5/11/2009 533121 THINKSOFT RAKHI KALPESH BHANDARI S 105329 219.57
5/11/2009 533121 THINKSOFT NAVEEN TAPARIA S 73354 220.60
5/11/2009 531088 TULIP STAR H JIGYASA PROPERTIES PRIVATE LIMITED B 23698 66.35
5/11/2009 531088 TULIP STAR H PRITAMDAS HARICHAND HUF S 33000 67.02
5/11/2009 531249 WELL PACK PA NAVNATH SAKHARAMGHONE B 26500 270.49
NSE Bulk Deals to Watch - Nov 5 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
05-NOV-2009,ABAN,Aban Offshore Ltd.,C D INTEGRATED SERVICES LTD.,BUY,265923,1205.13,-
05-NOV-2009,EXCELINFO,Excel Infoways Limited,JATIN LAXMIKANT TRIVEDI,BUY,108800,67.65,-
05-NOV-2009,EXCELINFO,Excel Infoways Limited,PARESH SANATKUMAR RACHH,BUY,898279,76.80,-
05-NOV-2009,EXCELINFO,Excel Infoways Limited,SHINDE BALASO VITHAL,BUY,110700,79.34,-
05-NOV-2009,EXCELINFO,Excel Infoways Limited,TRANSGLOBAL SECURITIES LTD.,BUY,195545,77.30,-
05-NOV-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,8046225,19.04,-
05-NOV-2009,SUZLON,Suzlon Energy Limited,GENUINE STOCK BROKERS PVT LTD,BUY,8350282,59.90,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,AAKRUTI TEXTILES,BUY,55000,215.34,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,AANGI SHARES & SERVICES PVT. LTD,BUY,236999,215.46,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,AMBIT SECURITIES BROKING PVT. LTD.,BUY,82378,230.02,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,BP FINTRADE PRIVATE LIMITED,BUY,103765,219.50,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,CHIMANLAL P. MATALIA,BUY,55090,223.09,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,DINDAYAL BIYANI STOCK BROKERS LTD,BUY,63479,217.44,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,DINESH MUNJAL,BUY,110525,214.15,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,G RAMAKRISHNA,BUY,83000,224.80,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,106885,221.33,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,172804,216.96,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MANAN P DALAL,BUY,55693,221.21,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,126838,220.09,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MANSUKH SECURITIES & FINANCE LIMITED,BUY,139629,220.30,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,123843,218.79,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MBL & COMPANY LTD.,BUY,137868,221.72,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,74696,225.00,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,NARENDRABHAI AMTRATLAL AMIN,BUY,50814,213.05,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,OM INVESTMENTS,BUY,298669,225.27,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,PASHUPATI CAPITAL SERVICES PVT. LTD.,BUY,71905,218.52,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,PRASHANT JAYANTILAL PATEL,BUY,101303,216.94,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,R.M. SHARE TRADING PVT LTD,BUY,80970,222.91,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,SMITA M PATEL,BUY,69769,218.67,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,SUNEET LAL,BUY,71169,223.03,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,225965,219.39,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,TRUPTIBEN KAUSHALBHAI SHAH,BUY,70994,217.06,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,VIJETA BROKING INDIA PRIVATE LIMITED,BUY,52808,227.14,-
05-NOV-2009,ABAN,Aban Offshore Ltd.,C D INTEGRATED SERVICES LTD.,SELL,265923,1205.82,-
05-NOV-2009,EXCELINFO,Excel Infoways Limited,JATIN LAXMIKANT TRIVEDI,SELL,143444,67.07,-
05-NOV-2009,EXCELINFO,Excel Infoways Limited,PARESH SANATKUMAR RACHH,SELL,898279,76.62,-
05-NOV-2009,EXCELINFO,Excel Infoways Limited,SHINDE BALASO VITHAL,SELL,115533,78.22,-
05-NOV-2009,EXCELINFO,Excel Infoways Limited,TRANSGLOBAL SECURITIES LTD.,SELL,196010,77.40,-
05-NOV-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,7893002,19.06,-
05-NOV-2009,ONMOBILE,OnMobile Global Limited,ONMOBILE SYSTEMS INC,SELL,300000,360.24,-
05-NOV-2009,SUZLON,Suzlon Energy Limited,GENUINE STOCK BROKERS PVT LTD,SELL,8350282,59.96,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,AAKRUTI TEXTILES,SELL,5000,242.01,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,AANGI SHARES & SERVICES PVT. LTD,SELL,284138,218.84,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,AMBIT SECURITIES BROKING PVT. LTD.,SELL,82378,228.91,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,BP FINTRADE PRIVATE LIMITED,SELL,104265,219.23,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,CHIMANLAL P. MATALIA,SELL,55090,223.64,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,DINDAYAL BIYANI STOCK BROKERS LTD,SELL,63479,217.49,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,DINESH MUNJAL,SELL,110525,214.22,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,G RAMAKRISHNA,SELL,83000,225.85,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,106885,221.73,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,172804,216.81,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MANAN P DALAL,SELL,55693,221.52,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,126838,220.17,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MANSUKH SECURITIES & FINANCE LIMITED,SELL,139629,220.94,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,123843,219.06,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,MBL & COMPANY LTD.,SELL,137868,221.99,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,74696,225.15,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,NARENDRABHAI AMTRATLAL AMIN,SELL,104814,222.31,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,OM INVESTMENTS,SELL,298669,225.39,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,PASHUPATI CAPITAL SERVICES PVT. LTD.,SELL,71905,218.21,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,PRASHANT JAYANTILAL PATEL,SELL,101303,217.16,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,R.M. SHARE TRADING PVT LTD,SELL,80970,223.46,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,SMITA M PATEL,SELL,69769,218.58,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,SUNEET LAL,SELL,71169,223.57,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,225965,220.07,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,TRUPTIBEN KAUSHALBHAI SHAH,SELL,70994,222.63,-
05-NOV-2009,THINKSOFT,Thinksoft Global Ser Ltd,VIJETA BROKING INDIA PRIVATE LIMITED,SELL,52808,227.37,-
05-NOV-2009,XLTELENE,XL Telecom & Energy Ltd,MORGAN STANLEY MAURITIUS COMPANY LTD,SELL,150500,28.86,-
Post Session Commentary - Nov 5 2009
The Indian stock market made a sharp turnaround to recover from the day’s low to close with decent gains on heavy buying across the sectoral indices in the final hours. Though the cues from the Asian markets and European markets are not supportive, the market staged smart recovery due to some favoring cues from the domestic arena. The government said that the income tax receipts during April-October 2009 surged 2.9% to Rs. 63,195 crore while the corporate tax receipts during the period grew by 4.6% to Rs. 1,10,000 crore and the direct tax receipts shot up by 3.9% to Rs. 1,73,000 crore. Besides this, the Union Cabinet gave the approval of listing the state run firms on the stock exchanges, which have a track record of profits in the past three years. Moreover, the government decided that the proceeds from the equity divestment in State run firms can be utilized for capital expenditure on social sector programmes instead of routing it through the National Investment fund. Moreover, the government today announced that there will be no more weekly headline inflation data and it will release the monthly wholesale price index for October 2009 on November 12, 2009. Heavy buying across the sectoral indices led the BSE Sensex to bounce back from the negative territory to close above the 16,000 mark while Nifty just above 4,760 mark. From the sectoral front, the Metal index (up 2.93%), Realty index (up 2.58%) and Power index (up 2.56%) attracted the investors’ confidence as most buying was witnessed from this basket.
The market witnessed volatility during the trading session. After a gap down opening tracking the weakness in the Asian markets, the domestic market drifted downward further to touch fresh intraday low but later recover on sustained buying support but did not able to sustain at that level and tumbled a bit but heavy buying in the final hours led the market to close on a good note. From the global markets, the US market on a mixed note. The US Federal Reserve kept its benchmark Federal Funds Rate unchanged and repeated that it will keep interest rates near zero for “an extended period”. Moreover, it specified that the policy will stay unchanged as long as expectations of inflation are stable and the unemployment fails to decline. Ben Bernanke, Chairman of US Federal Reserve said that household spending appears to be expanding, but remains constrained by ongoing job losses as well as sluggish income growth, lower housing wealth and tight credit.
The Finance Minister, Pranab Mukherjee yesterday said that the government does not plan to withdraw the stimulus, which it had announced earlier in order to revive the economy or impose curbs on the rising capital inflows. Also the rising of inflation that rose to 1.51 for the week ended October 17, 2009 does not seems to be a concern for the Finance Minster.
Moreover, Montek Singh Ahluwalia, Planning Commission Deputy Chairman, said that the government would push for reforms in the financial sector and also said that the country would miss a target of 9% annual growth between 2007-08 and 2011-12 as the output was being hit due to global slump and weakest monsoon in four decades. The planning commission said in a report that the economy is expected to expand by 6.3% in the year to March 2010.
Among the Sensex pack 23 stocks ended in positive territory and 7 stocks in negative territory. The market breadth indicating the overall health of the market remained strong as 1,827 stocks closed in green while 841 stocks closed in red and 77 stocks remained unchanged in BSE.
The BSE Sensex closed higher by 151.77 points or (0.95%) at 16,063.90 and NSE Nifty closed up by 54.75 points or (1.16%) at 4,765.55. The BSE Mid Caps closed higher by 121.04 points at 6,115.44 and the BSE Small Caps closed up by 125.32 points at 7,013.85. The BSE Sensex touched intraday high of 16,092.38 and intraday low of 15,564.89.
Losers from the BSE Sensex pack are SBI (1.14%), ITC (0.90%), ACC (0.78%), Infosys (0.74%), TCS (0.31%) and L&T (0.29%).
Gainers from the BSE Sensex pack are Reliance Infra (5.59%), Reliance Comm (5.34%), Hindalco (5.08%), Bharti Airtel (4.50%), M&M (3.56%), Tata Steel (3.28%), Bhel (2.47%), Hero Honda (2.31%) and JP Associates (2.26%).
On the global markets front, the Asian markets that opened before the Indian market, closed in negative. Seoul Composite, Strait Times, Taiwan Weighted and Hang Seng closed lower by 1.75%, 0.73%, 0.66% and 0.63% at 1,552.24, 2,629.35, 7,417.46 and 21,479.08 respectively.
European markets, which opened after the Indian market, are trading in red. In Paris the CAC 40 is lower by 0.20% at 3,662.86, in Frankfurt DAX index is trading down by 0.13% at 5,436.91 and in London FTSE 100 is lower by 0.42% at 5,086.54.
BSE REALTY indexwas at 3,884.50 up by 97.68 points or by (2.58%) The main gainers were Housing Dev up by (6.42%) at Rs.341.6, Phoenix Mill up by (6.09%) at Rs.162.9, Orbitco up by (5%) at Rs.254.2, Mahindralife up by (3.62%) at Rs.335, Unitech Ltd up by (3.59%) at Rs.85.15.
BSE METAL index was at 14,218.25 up by 404.93 points or by (2.93%) The main gainers were Jsw Sl up by (7.34%) at Rs.774, Gujara Nre C up by (6.43%) at Rs.58.8, Jindal Saw up by (5.22%) at Rs.729.25, Hindalco In up by (5.08%) at Rs.125.2, Nmdc Ltd up by (4.64%) at Rs.307.65,
BSE BANKEX index was at 9,523.84 up by 85.93 points or by (0.91%) The main gainers were Yes Bank up by (5.53%) at Rs.239.5, Idbi Bank L up by (4.98%) at Rs.117.1, Karnataka Bk up by (4.85%) at Rs.132, Oriental Bk up by (4.68%) at Rs.257.25, Allahabad Bk up by (4.63%) at Rs.123.1.
BSE CG index was at 12,769.35 up by 177.97 points or by (1.41%) The main gainers were Suzlonenergy up by (13.33%) at Rs.62.5, Bharat Elect up by (6.15%) at Rs.1618.25, Punj Lloyd up by (5.78%) at Rs.207.6, Everest Kant up by (4.73%) at Rs.143.9, Abb Ltd up by (4.67%) at Rs.759.05.
BSE POWER index was at 2,932.59 up by 73.11 points or by (2.56%) The main gainers were Suzlonenergy up by (13.33%) at Rs.62.5, Lanco Infra up by (6.93%) at Rs.519.9, Tornt Power up by (5.72%) at Rs.312.15, Rel Infra up by (5.59%) at Rs.1089.3, Abb Ltd up by (4.67%) at Rs.759.05.
BSE IT index was at 4,440.90 down by 3.14 points or by (0.07%) The main losers were Infosys Technologies Ltd.-Ordi down by (0.74%) at Rs.2223.1, Tcs Ltd down by (0.31%) at Rs.623.9.
Wipro Limited closed up by 0.42% at Rs. 598.30. The company has signed an agreement to acquire the Yardley business in Asia, Middle East, Australasia and certain African markets for consideration of approx. $45.5 million, from UK-based Lornamead Group. This transaction adds another jewel to Wipro Consumer Care and Lighting (FMCG arm of Wipro Limited) following its acquisition of Unza in 2007.
Maytas Infra Limited surged 4.99% to close at Rs. 149.45. The company has bagged the Purie-Sholapur road contract worth Rs. 7900 million from IL&FS Transportation Networks Limited
Sensex past 16k, recovers morning losses
Today's major news
Wipro buys Yardley’s personal care businesses for $45.5 million; the stock ends 0.42% higher.
Banks to refinance $750 million loan to Suzlon Energy; the stock closed 13.33% higher.
Reliance Industries becomes the first private firm to buy Cairn crude; the stock ends the day 1% higher.
Maytas Infrastructure bags Rs790 crore worth of road contract; the stock closed the session 4.99% higher.
Employee union threatens strike against State Bank of Indore-State Bank of India merger; the stock closed the day 1.14% lower.
Click here for more stories
Post market summary
Global signals
The US markets on Wednesday gave a mixed bag overnight performance, while the European indices rose sharply by over 1% each. In today's trade, the European indices opened weak and were trading lower with marginal losses, including FTSE 100 that was trading at 5070 with loss of 38 points or 0.74% down at the time of writing this report. The traders in the US will be keenly watching the data on the initial and continuing claims.
In today's trading session, all the major Asian indices closed in red with losses in the range of 0.20-1.29%, except for the Sensex and the Shanghai Composite were up by 1.00% and 0.85% respectively. SGX Nifty that opened weak ended the day 53 points higher.
Indian indices
The domestic market that fell sharply in the early trades recovered over 500 points or 3% from its day’s low and closed in green. The bellwether opened weak with marginal gains of 14 points and again witnessed high volatility on the back of heavy profit booking in early trades. However, the market bounced back in the closing hours and ended the day over 152 points higher, despite weak closing of the Asian indices and negative cues from the European markets. The positive comments coming in from the finance ministry on direct tax code and the home ministry on the divestment of all unlisted non-loss making public sector units helped the market to surge in the closing hours.
The Sensex opened marginally higher but slipped from this level to see the low of 15565. However it surged from that point and made a high of 16092 in the closing trade. It closed slightly lower from the day’s high and ended the day at 16064, gaining 152 points or 0.95% in intra-day’s trade and closed above the significant psychological level of 16000.
The market rallied strongly on the back of heavy buying in realty and metal stocks for the second consecutive day, followed by power stocks. Nifty gained 55 points to end the day at 4766.
Sensex sentiment
The market breadth was very positive, as out of 2,745 stocks traded on the BSE, 1,827 stocks advanced, whereas 841 stocks declined. Seventy-seven stocks closed unchanged. The volumes rose across the board.
Sectoral and stock screening
Among the sectoral indices, every index closed in green except BSE IT and BSE FMCG, which fell marginally. BSE Metal advanced the most with gains of 2.93%, followed by BSE Realty that rose over 2.58%. The other remaining indices ended the day higher in the range of 0.39% to 2.56%.
On stocks’ front, Spice Communications jumped the most and surged by 18.17% followed by IFCI that gained over 13.78%, while Suzlon Energy, Rashtriya Chemical and Fertilisers, Hindustan Copper and Reliance Capital rose by over 9% each. Among the losers, Ambuja Cement fell the most by 3.33%, followed by India Cement that slid 3.16%. Container Corporation of India, Madras Cement, GVK Power and Power Finance declined by over 1.50% each.
Viewing volumes
On turnover front, Over 2.95 crore shares of Suzlon Energy changed hands on the BSE followed by IFCI (2.48 crore shares), Unitech (1.78 crore shares), Reliance Natural Resources (0.94 crore shares) and Ispat Industries (0.85 crore shares).
Market extends gains as Fed pledges to hold rates at record-lows
The key benchmark indices reversed steep intraday losses and ended firm after the US Federal Reserve on Wednesday, 4 November 2009, promised again to keep interest rates exceptionally low for an extended period because it expects only a weak recovery. Metal, realty, auto and telecom stocks led the rally. The BSE 30-share Sensex rose 151.77 points or 0.95%, up close to 500 points from the day's low. The Sensex had jumped 3.29% on Wednesday.
The Sensex today, 5 November 2009, regained the psychological 16,000 mark. Index heavyweight Reliance Industries jumped. Another index heavyweight ICICI Bank also gained. The market breadth was strong.
Intraday volatility was immense. The market drifted lower in early trade on weak Asian stocks. The market cut losses in mid-morning trade. However, the intraday recovery proved short-lived. The market tumbled to a fresh intraday low in early afternoon trade. The market soon cut losses. The market weakened again later before cutting losses. A sharp rally was witnessed in mid-afternoon trade. But the market soon lost ground. The market surged to hit a fresh intraday high in late trade.
With short-term interest rates very low, global traders have turned to borrowing funds cheaply in the US and then reinvesting the proceeds in equities and commodities, looking to lock in higher returns and benefiting from further erosion in the dollar. There has been a solid surge in inflows in emerging markets equity funds this year.
These so called US dollar carry trades have kept putting pressure on the dollar as investors short the currency to invest elsewhere.
Meanwhile, the Union Cabinet today decided that there should be at least 10% public holding in all profitable state-run firms. The Cabinet also decided that all the unlisted, but profitable state-run enterprises, must be quoted and traded on the stock exchanges. The decision means there will a deluge of public offerings by state-run firms over the next few years.
Union Home Minister P Chidambaram said there were a large number of central undertakings identified by the Department of Disinvestment for sale of equity. In another major decision taken on Thursday, the government decided that proceeds from the divestment of equity in state-run firms can be directly used for capital expenditure on social sector programmes, rather than routing it through the National Investment Fund. Out of 419 public sector firms under the central government, 51 are listed.
Chidambaram said to qualify for divestment and listing, a state-run company should have a positive net worth, no accumulated losses and have made net profits for the past three consecutive years. On the decision to use proceeds from divestment directly, the home minister said this was on a special dispensation for the next three years and restricted to programmes identified by the Planning Commission and accepted by the government. Thus far, proceeds from divestment went to the National Investment Fund that has a corpus of over Rs.2,000 crore.
Meanwhile, the government has raised the price it will pay to farmers to buy new season wheat to Rs 1,100 per 100 kilogram, Chidambaran said on Thursday. The government paid farmers Rs 1,080 per 100 kg for the 2009 harvest.
The finance ministry today said it is reviewing existing tax laws including that on saving schemes, capital gains of non-residents and tax agreements with various nations. The tax authorities are also considering changes in rules on the Minimum Alternate Tax (MAT) based on gross assets, taxation of foreign companies operating in India, charitable firms and house property, it said. The government is also considering scraping exemptions on saving schemes and taxing them at the time of withdrawal.
On the basis of interactions with the stakeholders, the government has identified nine critical areas for further detailed examination.
The government's income tax receipts rose 2.9% to Rs 63,195 crore in April-October 2009 while April-October corporate tax receipts rose 4.6% to Rs 110000 crore. Direct tax receipts rose 3.9% to Rs 173000 crore
The government said today it will release monthly wholesale price index (WPI) for October 2009 on 12 November 2009 and there will be no more weekly headline inflation data. It said food article index rose 13.39% and the primary articles index rose 8.94% in the year to 24 October 2009. The fuel price index fell 6.2%
Planning Commission Deputy Chairman Montek Singh Ahluwalia on Wednesday said the government would push for reforms in the financial sector but said such a move would not jeopardise India's growth prospects. He also said food price inflation was a concern but it should moderate by the end of this year. Ahluwalia said the country would miss a target of 9% annual growth between 2007/08 and 2011/12 as the global slump and the weakest monsoon in four decades hit output. The planning commission plans to reset the target.
The economy is expected to expand by 6.3% in the year to March 2010, the Planning Commission said in a report on Wednesday. The plan panel expects wholesale price inflation to go beyond 4-5% by end of March 2010.
Earlier, Finance Minister Pranab Mukherjee said on Tuesday, 3 October 2009 that the government has to continue with its fiscal stimulus and is confident of attaining it medium-term fiscal targets. He said non-farm credit growth remained an area of concern and said banks have been told to enhance credit growth.
Comments by the Finance Minister on Tuesday that there are no immediate plans to place curbs on capital inflows, send equities surging on Wednesday, 4 November 2009. His comments have put to rest speculation of government clamping capital controls after a deluge of foreign portfolio inflows this year. Brazil, another emerging economy, had last month slapped a 2% tax on foreign investments into equities and fixed income instruments.
The Reserve Bank of India at its monetary policy review, on 27 October 2009, left its key rates unchanged, but raised the wholesale price-based inflation projection for end-March 2010 sharply to 6.5% with an upward bias, from 5 % earlier.
Meanwhile, the finance ministry has reportedly firmed up details of its budget announcement that listed companies will have to achieve at least 25% public holding in a phased manner, opening up the possibility of a plethora of equity offerings from such firms. Beginning 1 April 2010, those companies falling short of the set target would have to divest at least 5% stake within a year and a similar amount in the following year till they reach the threshold prescribed, reports suggest.
The HSBC Markit Business Activity Index, based on a survey of 400 firms, rose to a 13-month peak of 56.78 in October 2009 after having dropped to a three-month low of 54.37 in September 2009. The index has been above 50, which separates expansion from contraction, for six months. Before that, it shrank for six months, hitting a trough of 40.3 in February 2009.
The business expectations sub-index recorded its fastest expansion since March 2008, at 79.47 in October 2009, compared with 74.82 in September 2009. Better market conditions, promotional strategies and good reputations were the main reasons for the increased confidence, the survey said
Rising crude oil costs have raised India's subsidy burden but the government has not taken any decision to revise state-set fuel prices, Oil Secretary R.S. Pandey said on Wednesday
European shares edged lower on Thursday, with banks and commodity stocks the biggest losers. The key benchmark indices in France, Germany and UK were down by between 0.43% to 0.59%.
At a regular policy meeting, the Bank of England (BoE) today, 5 November 2009, decided to expand its quantitative easing program by 25 billion pounds. Some in the market had expected an even bigger expansion of the program that buys up gilts and other assets. The BoE kept interest rates in the UK at a record low of 0.5%.
The European Central Bank (ECB) also holds a regular meeting later in the day on interest rates. Market watchers expect the ECB to keep rates at a record low 1% at its meeting, though they will be keeping a close eye on any clues to exit strategies.
UK new car registrations rose 31.6% in October 2009 to 168,942 units, the Society of Motor Manufacturers and Traders said Thursday.
British manufacturing and industrial output jumped more than expected in September 2009, government data showed Thursday. Manufacturing output saw a 1.7% monthly rise, while falling 9.3% from the year-ago level. Economists had forecast a 1% monthly rise and a 9.7% year-on-year decline. Industrial production saw a 1.6% monthly rise and a 10.3% year-on-year decline. Economists had expected a 1.3% monthly rise and a 10.2% annual fall.
Asian stocks fell on Thursday weighed by Wall Street's weak finish overnight and as the US Federal Reserve's policy statement provided few fresh cues. Key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan fell by between 0.63% to 1.75%. But China's Shanghai Composite rose 0.85%.
The Federal Open Market Committee left its target interest rate unchanged and maintained its language suggesting ultra-low rates would be maintained for an extended period. The result was widely expected. Earlier, some investors were worried the Fed's language would be more hawkish.
Trading in US index futures indicated Dow could fall 5 points at the opening bell on Thursday, 5 November 2009.
In US on Wednesday, the Dow Jones Industrial Average lost most of its intraday gains in the last half hour of trade and closed up just 0.2%. Stocks had opened higher earlier in the day as investors cheered some encouraging readings on the economy.
The Dow rose 30.23 points, or 0.3%, to 9,802.14. The S&P 500 index rose 1.09 points, or 0.1%, to 1,046.50. The Nasdaq Composite Index fell 1.80 points, or 0.1%, to 2,055.52.
The Fed specified for the first time that policy will stay unchanged as long as inflation expectations are stable and unemployment fails to decline. The Fed said household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.
In a statement, the Fed said the US economy had continued to pick up since its last meeting in September 2009, but it expressed concern the recovery was likely to be muted. The US central bank was more explicit than it had been previously on why it expects to be able to keep rates exceptionally low for a long time, citing the slack that has built up in the economy and the lack of an inflationary threat.
In another shift, the Fed said it would buy only about $175 billion of debt issued by federal housing agencies. It had planned to buy up to $200 billion to help keep mortgage costs low. The the Fed said it curtailed purchases because the supply of the debt was scarce.
In the latest economic data from the US, the ISM on Wednesday reported its gauge of the services sector dropped to 50.6 in October from 50.9 in September. The ADP reported that fewer jobs were lost in October than in previous months. ADP only estimates private sector jobs, not government jobs
The US government releases its official October employment report on Friday, 6 November 2009. The US unemployment rate is forecast at 9.9% in October 2009, slightly higher than 9.8% in September 2009, while non-farm payrolls are forecast to fall 175,000 from a drop of 263,000. But given the strong manufacturing data for the month which was released recently, the unemployment number could be better than expected
Governments and central banks around the world have injected trillions of dollars in the past year or so to pull the world out of a most severe recession since the 1930s Great Depression.
Meanwhile, policymakers from the Group of 20 club of rich and developing nations will gather in St Andrews, Scotland, on 6-7 November 2009 to follow up on agreements made at a leaders' summit in Pittsburgh in September 2009. The Chancellor, Alistair Darling, will host the meeting, with ministers acting on agenda items set for them at the Pittsburgh summit - economic recovery and finding funds to tackle climate change.
Closer home, the supply of paper by Indian firms appear limitless, raising concerns that additional share sales will suck liquidity from the secondary equity market. As per reports, Indian firms have garnered about $9 billion (Rs 32,400 crore at the current exchange rates) through sale of shares and convertible bonds to institutional buyers since April 2009. Indian companies are taking advantage of a surge in liquidity to recapitalize and fund capital expenditure after being starved of cash last year.
The BSE 30-share Sensex rose 151.77 points or 0.95% to 16063.90. The Sensex fell 347.24 points at the day's low of 15564.89 in early afternoon trade. The Sensex rose 180.25 points at the day's high of 16092.38 in late trade.
The S&P CNX Nifty gained 54.75 points or 1.16% to 4765.55. Nifty November 2009 futures were at 4,777, at a premium of 11.45 points as compared to the spot closing of 4,765.55. Turnover in NSE's futures & options (F&O) segment surged to Rs 96,498.50 crore from Rs 72,239.34 crore on Wednesday, 4 November 2009.
BSE clocked a turnover of Rs 5950 crore, higher than Rs 5142.75 crore on Wednesday, 4 November 2009.
The market breadth, indicating the overall health of the market was strong. On BSE, 1816 shares advanced as compared with 840 that declined. A total of 74 shares remained unchanged. The breath was negative in early trade.
From the 30 share Sensex pack, 23 stocks rose and rest fell.
From a low of 15,404.94 on 3 November 2009, the Sensex has gained 658.96 points or 4.27% in the last two trading sessions to current 16063.90. The Sensex is up 6416.59 points or 66.51% in calendar year 2009, as on 5 November 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 7903.50 points or 96.85%, as on 5 November 2009.
FII inflow in October 2009 totaled Rs 8303.80 crore, till 30 October 2009. Their inflow amounted to Rs 68,441.10 crore in the calendar year 2009.
The BSE Mid-Cap index rose 2.02% and the BSE Small-cap index gained 1.82%. Both these indices outperformed the Sensex.
The BSE Metal index (up 2.93%), the BSE Realty index (up 2.58%), the BSE Power index (up 2.56%), the BSE Auto index (up 1.93%), the BSE Oil & Gas index (up 1.68%), the BSE PSU index (up 1.67%), the BSE Capital Goods index (up 1.41%), the BSE Teck index (up 1.17%) and outperformed the Sensex.
The BSE Healthcare index (up 0.93%), the BSE Bankex (up 0.91%), the BSE Consumer Durables index (up 0.39%), the BSE IT index (don 0.07%), the BSE FMCG index (down 0.08%), and underperformed the Sensex.
Energy giant Reliance Industries rose 1% to Rs 1939.80. The stock came off the day's low of Rs 1850.90. One of the judges on Wednesday withdrew from the Supreme Court hearing on gas dispute, citing potential conflict of interest. Justice B. Sudershan Reddy replaces R.V. Raveendran on the three-member bench headed by Chief Justice K.G. Balakrishnan. Raveendran stepped down yesterday saying his daughter works at a law firm that advises Mukesh Ambani's Reliance Industries.
In the previous hearing on 27 October 2009, the Supreme Court had observed that gas is a national resource owned by the Government and, therefore, subject to Government policy. The Court also asked why the brothers cannot settle the matter through arbitration or mutual consensus. The two brothers are fighting a legal battle in the apex court over division of natural gas produced by RIL from KG-D6. The Supreme Court began hearing arguments on the dispute from 20 October 2009.
The government on 27 October 2009 allocated additional 50 million cubic metres a day (mmscmd) of gas from Reliance Industries-operated east coast block D6. Power plants and refineries will get the bulk of Reliance Industries' gas from the Krishna-Godavari basin beyond the previously allotted 40 million metric standard cubic metres per day (mmscmd).
The empowered group of ministers (eGoM) also made some allotments for Reliance's petrochemical plants and refineries.
Oil exploration stocks were mixed as crude futures settled above $80 a barrel Wednesday after a surprise draw in oil inventories and as the dollar took a big step back toward lows for the year against the euro. Light, sweet crude for December 2009 delivery settled 80 cents, or 1%, higher at $80.40 a barrel on the New York Mercantile Exchange on Wednesday. Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms.
Cairn India rose 2.11% after the company signed a pact with Reliance Industries for supply of crude oil. India's biggest state-run oil exploration firm by revenue Oil & Natural Gas Corporation (ONGC) rose 1.88%. But, India's second biggest state-run oil exploration firm by revenue Oil India fell 0.05%.
PSU OMCs rose as crude oil declined on Thursday, snapping three-days of gains. Fall in crude oil prices will reduce under-recoveries on domestic sale of petrol, diesel, kerosene and LPG at controlled prices. HPCL, Indian Oil Corporation (IOC) and BPCL rose by between 0.26% to 1.43%.
Crude oil for December 2009 delivery fell as much as 82 cents, or 1% to $79.58 a barrel on Asian electronic trading.
Metal stocks rose as LMEX, a gauge of six metals traded on the London Metal Exchange, rose 1.59% on Wednesday, 4 November 2009. Hindalco Industries, National Aluminum Company, Hindustan Zinc and Sterlite Industries rose by between 0.41% to 5.08%.
Steel stocks reversed early losses on reports major steel producers have posted strong sales volumes for the month of October 2009. Steel Authority of India (Sail) rose 2.15%. Sail has posted 28% growth in saleable steel volumes to 0.85 million tonnes in October 2009 over October 2008.
JSW Steel rose 7.34%. JSW steel's sales doubled to 0.4 million tonnes in October 2009 over October 2009.
Among other steel stocks Bhushan Steel, Tata Steel and Jindal Steel & Power rose by between 2.4% to 5.92%.
Demand for steel remains strong auto, rural construction and infrastructure sectors. Also demand for construction grade steel has improved post monsoon season, and has resulted into higher sales. Another reason for the surge in sales in October 2009 was lower base effect, as last year demand dropped significantly owing to economic downturn. Most steel companies had cut production in October last year due to the global economic crisis and steep fall in demand.
Telecom stocks rose on reports the Department of Telecom (DoT) will seek a fast-track approval from the finance ministry to slash the annual licence fee by up to a third for telecom operators with large network presence. It will also propose to the finance ministry that all licence fee be exempted for landline services, reports suggest. Bharti Airtel, reliance Communications and Idea Cellular rose by between 4.5% to 5.34%.
Auto stocks reversed early fall on jump in sales in October 2009 . Low interest rates and attractive benefits offered by companies pushed the aggregate sales of the industry in October 2009. The auto sales figures were announced on 2 November 2009.
India's largest small car marker by sales Maruti Suzuki India rose 1.82% The company's total sales grew 32.4% to 85415 units in October 2009, compared with 64490 units posted in the same month a year ago.
India's largest tractor maker by sales Mahindra & Mahindra rose 3.56%. The company's overall sales climbed 32% in October this year to 18,410 units against 13,935 units in the same month last year.
India's largest truck marker by sales Tata Motors rose 1.09%. Its total sales grew 18% to 20,011 units last month against 17,014 units in the same period last year.
India's second largest bike marker by sales Bajaj Auto rose 1.4% The company reported 51.06% rise in total two-wheeler sales to 2,49,974 units in October 2009 as compared with 1,65,477 units in the same period a year ago.
India's largest bike marker by sales Hero Honda Motors rose 2.32%. The company reported a marginal increase in October sales at 354,156 units as against 352,449 units in the same month last year
Rate sensitive realty shares reversed early fall on bargain hunting. Unitech, Omaxe, Akruti City DLF and Indiabulls Real Estate rose by between 0.46% to 6.42%.
Realty stocks had declined sharply in the past few days after the RBI raised the provisioning requirements for loans to commercial real estate from 0.4% to 1% in its monetary policy review meet on 27 October 2009.
IT stocks fell on profit taking after a recent sharp rally triggered by better than expected Q2 results. India's largest software company by sales Tata Consultancy Services (TCS) fell 0.31%. The company recently secured a 150 million pounds software implementation contract for 15 years from Cardiff city council, UK.
India's second largest software company by sales Infosys fell 0.74% even as its ADR rose 1.56% on Wednesday. Infosys said on Thursday its chairman's wife sold company shares worth $92 million for setting up a venture capital fund.
Sudha Murthy, wife of Infosys co-founder and chief mentor N.R. Narayana Murthy, sold 20 lakh shares, or about 22 % of her total holding, on the Bombay Stock Exchange on Thursday, the company said in a filing. Last month, Narayana Murthy, who co-founded Infosys with six other software engineers in 1981 with $250, had sold a total of 800,000 shares worth $37 million to set up a venture capital fund which he plans to set up in India. The company said the Murthys have confirmed they did not plan to raise further capital for the fund.
India's third largest software company by sales Wipro rose 0.42% as its ADR rose 2.36% on Wednesday. The company said on Thursday it had agreed to buy some personal care businesses of Yardley for about $45.5 million, adding to its consumer goods business. Wipro said it had signed an agreement with UK-based Lornamead group, which owns the Yardley brand, for the businesses in Asia, the Middle East, Australasia and some African markets.
FMCG stocks rose on defensive buying. Dabur India, United Spirits, Nestle India, Hindustan Unilever, Tata Tea and Marico rose by between 0.17% to 3.75%.
Banking shares rose on bargain hunting after recent fall. India's largest private sector bank by net profit ICICI Bank rose 2.04% as its ADR rose 7.19% on Wednesday. The bank's net profit rose 2.6% to Rs 1040.13 crore on a 12.7% decline in total income to Rs 8480.73 crore in Q2 September 2009 over Q2 September 2008. The result was announced during trading hours on 30 October 2009.
India's second largest private sector bank by net profit HDFC Bank rose 0.2% as its ADR rose 4.15% on Wednesday.
But, India's largest bank by net profit State Bank of India (SBI) fell 1.14%. The bank's consolidated net profit rose 28.29% to Rs 3,133.16 crore on 22% rise in consolidated income to Rs 33,101.65 crore in Q2 September 2009 over Q2 September 2008. The results were announced on 31 October 2009.
Last week, the RBI did not relax mark-to-market rules for bank's debt holdings at a quarterly policy review on 27 October 2009. The market was been agog with talks over the past few days of the central bank hiking the ceiling on the portion of government securities that banks can park in held-to-maturity (HTM).
Another trigger for the recent pressure on banking stocks was the central banks' decision to streamline provisioning requirement on non-performing assets. The RBI, last week, asked banks to ensure by September 2010 that the total provisioning coverage against non-performing or bad loans aren't less than 70% of the outstanding amount.
Select construction shares rose on government's thrust on infrastructure. Hindustan Construction Company, Gammon India, Punj Lloyd, Jaiprakash Associates rose by between 0.05% to 5.78%.
Higher government spending on infrastructure sector in the Union Budget 2009-2010 to provide a stimulus to the economy, may result in increase order flow for construction. The government has set a target of spending $20 billion a year on road construction.
Suzlon Energy clocked the highest volume of 2.95 crore shares on BSE. IFCI (2.48 crore shares), Unitech (1.78 crore shares), Cals Refineries (1.72 crore shares) and Reliance Natural Resources (0.94 crore shares) were the other volume toppers in that order.
Infosys clocked the highest turnover of Rs 499.13 crore on BSE. Housing Development & Infrastructure (Rs 229.09 crore), State Bank of India (Rs 197.70 crore), Reliance Capital (Rs 185.74 crore) and Suzlon Energy (Rs 184.43 crore) were the other turnover toppers in that order.
Daily News Roundup - Nov 5 2009
RIL gets two weeks to amend plea in NTPC dispute. (ET)
RIL has entered into an initial agreement to buy crude oil from Cairn India’s Rajasthan fields. (ET)
Tata Steel cuts prices of flat products by 4%. (BS)
Corus, a Tata Steel subsidiary to operate at full capacity by end of the current fiscal. (BS)
Finance Ministry has asked RBI to consider ADAG ECB plea. (ET)
IOC, BPCL and HPCL may get oil bonds by year-end. (ET)
Tata Motors plans to build as many as 25,000 Jaguar XJ luxury cars per annum starting from next quarter. (BS)
The US$500mn JV between Nissan and Ashok Leyland is witnessing a massive scale down. (ET)
Tata Communication enters SaaS market through a tie-up with SugarCRM. (FE)
Power Grid to raise Rs30bn by January 2010 through bonds. (BS)
IVRCL Infra, in JV with Unity Projects has bagged an order worth Rs11.4bn. (FE)
L&T Info is in talks to acquire a majority shareholding in Patni Computers. (FE)
Kingfisher and BPCL have resolved the dispute on the formers outstanding of Rs3.4bn. (ET)
Godrej Consumer is eyeing a global acquisition and has earmarked a budget of Rs10bn. (ET)
PVR Cinemas to release twilight series in India. (ET)
IL&FS scouts for overseas acquisition. (ET)
TVS Shriram Growth Fund has picked up close to 25% stake in Landmark, a subsidiary of Trent. (BL)
DoT seeks fast track approval to slash the annual license fee by up to a third for telecom operators. (ET)
Food and Agriculture minister says, sugar mills must pay gap between FRP and SAP. (ET)
Indian telecom subscriber base crossed 500mn mark at the end of September 2009, taking overall tele-density to 43.5%. (BS)
Truck sales accelerate 50% yoy in October 2009. (FE)
Subdued start, some swing later!
A conclusion is a place where you got tired thinking.
Bulls and bears cannot arrive at a conclusion though both appear to be tired. How else will you explain the sharp swing in the last two days? Technically, 4600 could prove to be a major support for the Nifty. Again there is nothing sacrosanct as further falls cannot be ruled out. On the upside, the bulls could face stiff resistance at around 4720-4830. Over the long-term, things should continue to look up as the recovery will meet with periodic bumps.
We expect a flat to slightly lower start as Asian markets are in the red and US stocks could not hold on to intra-day gains. Wild gyrations are a given as the market consolidates after hitting multi-month highs last month. Stay highly alert as the near-term outlook remains murky and volatility is likely to persist for a while.
A couple of labor market reports signal that the pace of layoffs in the US is slowing. All eyes are on Friday’s monthly numbers. Cisco results have surpassed consensus estimates. The Bank of England (BOE) and ECB will announce their latest policy decisions later today.
Earnings from Societe Generale, Bank of Ireland and Adidas were also cheered by investors. Meanwhile, US lawmakers passed a bill extending unemployment benefits by up to 20 weeks. The legislation also extends homebuyer tax credit into next year.
Markets, be they stocks, emerging markets or commodities, have rallied too far, too fast because the global economy will experience an anemic recovery rather than the hoped-for V-shaped recovery, New York University economist Nouriel Roubini said on Wednesday.
But, Jim Rogers, the investor who predicted the start of the commodities rally in 1999, said that Roubini is wrong about the threat of bubbles in gold and emerging-market stocks. “What bubble?” Rogers said. “It’s clear Mr. Roubini hasn’t done his homework, yet again.”
Investors worldwide are fueling “huge” bubbles that may spark another financial crisis by borrowing dollars in “the mother of all carry trades,” Roubini said. Many commodities are still down from record highs and equity markets aren’t on the brink of collapse, Rogers, chairman of Singapore-based Rogers Holdings, countered.
Separately, Arnab Das of Roubini Global Economics said that emerging markets are poised to extend their biggest rally in a decade as investors borrow dollars to buy stocks, bonds and currencies in the world’s fastest growing economies.
FIIs were net buyers in the cash segment on Wednesday at Rs2.34bn on a provisional basis. The local funds were net buyers of Rs5.57bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers at Rs26.39bn. On Tuesday, the foreign funds were net buyers of Rs3bn in the cash segment. FIIs' net investments in Indian stocks this year is above $14bn.
US stocks ended mixed on Wednesday, giving up bigger gains after the Federal Reserve kept interest rates unchanged and said that it will keep them low for an extended period.
The Dow Jones Industrial Average gained 30 points, or 0.3%, to 9,802.14. The Dow had gained as much as 156 points in the afternoon, but couldn't sustain those gains through the close. The S&P 500 closed nearly flat at 1,046.50, and the Nasdaq Composite index lost 2 points, or 0.1%, to 2,055.52.
Since hitting a 2009 closing high of 1097.91 on Oct. 19, the S&P 500 has lost just short of 5% as of Wednesday's close. That retreat followed a massive rally that saw the broad index gain 63% after bouncing off a 12-year low.
US stocks rose through the early afternoon as investors welcomed a pair of labor market reports that signaled the pace of layoffs is slowing. But markets were volatile in the afternoon, cutting gains after the Fed announcement, recharging the advance in the late afternoon, and then abandoning most of the gains by the close. The sentiment turned lower on a bearish banking call by influential analyst Meredith Whitney and the S&P 500's inability to hang on above a key technical level.
The Fed policymakers opted to hold interest rates steady at historic lows near zero, as expected, following its two-day policy meeting. In its closely watched statement, the bankers said economic activity is likely to remain weak for some time.
Payroll services firm ADP said Wednesday that employers in the private sector cut 203,000 jobs from their payrolls in October after cutting 227,000 in September. A consensus of economists expected 198,000 job cuts.
A separate report, from outplacement firm Challenger, Gray & Christmas, showed the number of planned layoffs slowed to 55,679 in October, down 16% from September.
In other economic news, the Institute for Supply Management's reading on the services sector of the economy fell to 50.6 in October from 50.9 in September. Economists thought it would rise to 51.5.
In company news, Time Warner reported weaker quarterly sales and earnings that topped forecasts. The company also boosted its full-year 2009 forecast and said that its outlook has improved, although it expects to take a $100 million charge in the quarter as it restructures its Time Inc. division.
Dow component Kraft Foods reported weaker quarterly earnings that topped estimates on weaker revenue that missed estimates. The company also boosted its 2009 earnings forecast and cut its revenue outlook. Shares fell 3%.
Drugmaker Merck rallied after it said it expects annual earnings growth of nearly 10% until 2013.
Comcast reported higher quarterly earnings that topped forecasts.
The dollar fell versus the yen and gained against the euro.
US light crude oil for December delivery rose cents 80 cents to settle at $80.40 a barrel on the New York Mercantile Exchange.
COMEX gold for December delivery climbed $2.40 to settle at $1,087.30 an ounce and hit an intraday record high of $1,098.50 an ounce in electronic trading.
Treasury prices fell, raising the yield on the 10-year note to 3.49% from 3.47% on Tuesday.
After the close, Cisco Systems reported weaker quarterly earnings and revenue that beat estimates. Cisco CEO John Chambers said current-quarter revenue would top estimates and that business conditions had bottomed at least six months ago. Cisco shares gained 4% in extended-hours trading.
European shares advanced, led by the mining sector and pushed up shares in Societe Generale, Bank of Ireland, Adidas and Marks & Spencer in the wake of forecast-beating results. The pan-European Dow Jones Stoxx 600 index rose 1.8% to close at 239.13, as miners advanced strongly after gold futures surged to a record and other metal futures also gained ground. A weak dollar and India's recent purchase of bullion continued to whet investors' appetite for the precious metal.
Germany's DAX index rose 1.7% to settle at 5,444.23, the French CAC-40 index gained 2.4% to end at 3,670.33 and the UK's FTSE 100 index climbed 1.4% to finish at 5,107.89.
After suffering badly for the past seven trading sessions, the bulls finally managed to muster up courage to stage a strong rebound. Today’s sharp turnaround erased all of Tuesday’s losses, which were triggered in reaction to a few adverse events abroad. But, thankfully the recent run of decline was arrested after the US market did fairly well overnight. Reliance Industries the index bellwether bounced back from its 200 DMA surging over 5%. The Supreme Court will hear the gas dispute case afresh as judgea withdrew from the judge panel. The Supreme Court will appoint a newpanel of judges to hear the case. High beta stocks which were badly battered on Tuesday bounced back strongly and were in demand through the day. The realty stocks and the Metals stocks were among the major gainers. Even the telecom stocks attracted buying interest. On Wednesday, the BSE Sensex surged 507 points to end at 15,912 after touching a high of 15,929 and a low of 15,487. The index opened at 15,487 against the previous close of 15,404. The NSE Nifty advanced 146 points to shut shop at 4,710. In Asia, Hang Seng index in Hong Kong advanced by 1.7% on the other hand, the Nikkei in Japan gained 0.5%, Australia's S&P/ASX ended higher by 0.2% and Shanghai SE Composite was up 1.7%. In Europe, stocks were in the green. The FTSE in the UK was up 0.7%, The DAX in Germany was up 1.5% and the CAC 40 index in France gained 1.3%. Coming back to India, among the BSE sectoral indices, the Realty index was the top gainer, surging 9.7%, followed by the Metal index that was up 5.3% and the BSE IT index was up 4%. Even, the BSE Mid-Cap index gained 3.5% and the BSE Small-Cap index was up 2.1%. Among the 30-components of Sensex, 27 stocks ended in the green and only Sun Pharma, Grasim and Tata Power ended in the negative terrain. JP Associate, DLF, Hindalco, Sterlite, Tata Steel and Reliance Industries were among the major gainers. Outside the frontline indices, the big gainers in the broader market were Indiabulls RealEstate, Educomp, Lic Housing, India Cement and Jet Airways. On the other hand, losers included Union Bank, Cummins India, Marico and Castrol India. Sugar stocks climbed despite the UP government announced that it has banned import of raw sugar. Bajaj Hind and Balrampur Chini were up a day after a proposed M&A deal between the two companies fell through. Shares of Bajaj Hindusthan have gained by 0.6% to Rs197, Balrampur Chini advanced 3% to Rs138, Renuka Sugars added 7% to Rs196 and Dhampur Sugar gained by 1.5% to Rs109. JSW Steel announced that it has posted 34% increase in Crude steel production for October 2009. The break-up of production is as below. Rolled Products out put was flat at 2.96 Lakh Tons in October 2009 as against 2.48 Lakh Tons posting a growth of 19%. Long Rolled Products production was at 0.75 Lakh Tons in October 2009 as against 0.30 Lakh Tons a growth of 145%. The production for the month of October'09 was lower sequentially due to unprecedented & incessant rains followed by floods in the southern part of India during the first week of the month disrupting the plant operations at Vijayanagar works. The Company's plant at Vijayanagar works is now operating normally. Shares of JSW Steel surged by 6% to Rs721. The stock opened at Rs727 and made an intra-day high of Rs690 and a low of Rs652. Total traded volumes stood at 0.6mn shares. Shares of TCS surged by over 3% to Rs625 after the company announced that it bagged a £150mn software implementation contract from Cardiff City Council, its first win from the local government space in UK. TCS is chosen as a strategic IT partner for 15 years by the City Council of Cardiff in Britain. TCS will bring its global technical expertise and private sector commercial know-how to support a major change in the way the council’s technology infrastructure supports its day-to- day operations and facilitates improved service delivery to the citizens and communities of Cardiff. Shares of Mahindra Satyam surged over 4% to Rs103 after the company announced its plans to collaborate with defence and security company Saab to develop its operations in India for the global defence and homeland security market. The stock opened at Rs100 and made an intra-day high of Rs104 and a low of Rs100. Total traded volumes stood at 3.6mn shares. Shares of M&M advanced by 3.5% to Rs927 after Domestic sales for the month of October 2009 stood at 17796 units, as compared to 14800 units for the same period last year, an increase of 20%. Combined September – October festive sales (domestic + exports) registered a record 36% growth at 35758 units, as compared to 26333 units for the same period last year. Total tractor sales (domestic + exports) for October 2009 stand at 18772 units, as compared to 15465 units for the same period last year, an increase of 21%.
YTD domestic sales registered a 42% increase at 98407 units, as against 69343 units for the same period last year. The company’s YTD sales (domestic + exports) registered a 38% increase at 102639 units, as compared to 74358 units for the same period last year.
Pre Market - Nov 5 2009
Headlines for the day
RIL's Jamnagar refineries to buy Cairn crude - Business Standard
After 12 years, credit grows in single digits - Business Standard
Tata Motors plans 25K Jaguar XJs a year- Business Standard
Rashtriya Chemicals forays into cement distribution - Business Line
Tata Steel to run Corus facilities at full capacity by year-end - Business Line
Government may tweak FDI norms affecting banks classification - Mint
Events for the day
Major corporate action:
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Ex-date for interim dividend of Birla Corporation, Crisil, DCM Shriram Consolidated, Dynamic Technologies, Brahmaputra Infraprojects, KCP Ltd., M.R.F., Mindtree, REI Agro, Relaxo Footwear and ex-date for dividend of Visaka Industries and Voith Paper.
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Ex-date for the stock split of Madhucon Projects from Rs2 to Re1.
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Inflation
Market Commentary
Global signals
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The European indices rose sharply with gains of close to 1.50% each on the back strong Asian cues, the heavy buying in the financial and auto stocks doubled with more evidence of economic recovery in the US, ahead of Federal Reserves statement.
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The stocks in the US rose in the early trades on the back of strong and positive global cues, however it lost stem in the closing sessions and ended mixed after the Federal Reserves kept the interest rates unchanged. This was despite the labor market report showing signs of slowdown in the layoffs and also the confidence expressed by Federal Reserves in the economic recovery. The Dow and S&P 500 closed marginally higher with gains of 0.30% and 0.10% respectively, while Nasdaq fell marginally with loss of 0.09%.
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In today's trade, all the major Asian markets were trading in the marginally red with the loss in the range of 0.07%-1.15% each, wherein Nikkei 225 fell the most. Even SGX Nifty opened weak, at the time of writing this report was trading lower with loss of 30 points over its previous close.
Indian markets
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Sensex in todays trade may open lower owing to the weak signals from the Asian market and it may again remain volatile and range-bound in the days trade.
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Among the local indices, the Nifty could test the 4750- 4800 range on the up side, while on the down side it could find support at 4650 and 4550. The Sensex is likely to get support at 15600 and may face resistance at 16000.
Indian ADR's
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Among the Indian ADRs trading on the US bourses, each ADR ended the day in green with gains in the range of 0.67%- 7.19%, with ICICI Bank gaining the most.
Commodity cues
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In the commodity space, Crude oil prices continued to rise for the third day, with the Nymex light crude oil for December series surging by $0.80 to close at $80.40 a barrel.
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In the metals space, the Comex Gold for December series surged by $2.10 to settle at $1087.00 a troy ounce, while Comex Silver for December series rose by $0.22 to settle at $17.40 a troy ounce.
Daily trend of FII/MF investment in equities
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On November 04, 2009, FIIs were the net sellers of the Indian Stocks in the tune of Rs300.80 crore (with the gross purchase of Rs2188.10 crore and gross sales of Rs2488.90 crore).
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While the Domestic mutual funds mutual funds, on November 03, 2009, were also net seller of the stocks in the tune of Rs30.30 crore (with gross purchase of Rs879.80 crore and gross sales of Rs910.10 crore).
Market may fall on weak Asia; inflation eyed
The market may fall after Wednesday's (4 October 2009) sharp rebound tracking weak Asia. Investors will closely watch inflation data for the year to week ended 24 October 2009 due to be announced by the government today. The headline inflation for the week ended 17 October 2009 rose 1.51% compared to a rise of 1.21% previous week.
Montek Singh Ahluwalia, deputy chairman of the Planning Commission said on Wednesday, India will push ahead with financial sector reforms, which will not destablise growth, and can absorb a welcome rise in foreign investment flows. He also said food price inflation was a concern but it should moderate by the end of this year. Ahluwalia said the country would miss a target of 9 % annual growth between 2007/08 and 2011/12 as the global slump and the weakest monsoon in four decades hit output. The planning commission plans to reset the target.
The economy is expected to expand by 6.3% in the year to March 2010, the Planning Commission said in a report on Wednesday. The plan panel expects wholesale price inflation to go beyond 4-5% by end of March 2010.
Meanwhile, Finance Minister Pranab Mukherjee said on Tuesday, 3 October 2009 that the government has to continue with its fiscal stimulus and is confident of attaining it medium-term fiscal targets. He said non-farm credit growth remained an area of concern and said banks have been told to enhance credit growth.
The Reserve Bank of India at its monetary policy review, on 27 October 2009, left its key rates unchanged, but raised the wholesale price-based inflation projection for end-March 2010 sharply to 6.5% with an upward bias, from 5 % earlier.
The finance ministry has reportedly firmed up details of its budget announcement that listed companies will have to achieve at least 25% public holding in a phased manner, opening up the possibility of a plethora of equity offerings from such firms. Beginning 1 April 2010, those companies falling short of the set target would have to divest at least 5% stake within a year and a similar amount in the following year till they reach the threshold prescribed report said.
The HSBC Markit Business Activity Index, based on a survey of 400 firms, rose to a 13-month peak of 56.78 in October 2009 after having dropped to a three-month low of 54.37 in September 2009. The index has been above 50, which separates expansion from contraction, for six months. Before that, it shrank for six months, hitting a trough of 40.3 in February 2009.
The business expectations sub-index recorded its fastest expansion since March 2008, at 79.47 in October 2009, compared with 74.82 in September 2009. Better market conditions, promotional strategies and good reputations were the main reasons for the increased confidence, the survey said
Meanwhile, rising crude oil costs have raised India's subsidy burden but the government has not taken any decision to revise state-set fuel prices, Oil Secretary R.S. Pandey said on Wednesday
Energy giant Reliance Industries will be in action after controversy in the court case between the Ambani brothers over gas pricing ratcheted up a notch with Justice R V Raveendran dramatically recusing himself from hearing the case, saying his daughter was associated with a solicitors' firm called AZB Partners that was advising the Mukesh Ambani group on other global projects. The incident caused opposing counsels to trade charges over the incident.
Asian stocks fell on Thursday led by consumer companies and banks, as South Korea said it's “unclear” whether the economic rebound will be sustained and New Zealand's unemployment rate rose to a nine-year high. The key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan fell by between 0.19% to 1.29%. But China's Shanghai Composite rose 0.22%.
US markets ended mixed on Wednesday as a rally that had started post the Fed's statement fizzled. Stocks had opened higher earlier in the day as investors cheered some encouraging readings on the economy.
The Federal Reserve meanwhile, kept its benchmark federal funds rate unchanged and repeated it will keep interest rates near zero for "an extended period". The Fed specified for the first time that policy will stay unchanged as long as inflation expectations are stable and unemployment fails to decline.The Fed said household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit.
The Dow rose 30.23 points, or 0.3%, to 9,802.14. The S&P 500 index rose 1.09 points, or 0.1%, to 1,046.50. The Nasdaq Composite Index fell 1.80 points, or 0.1%, to 2,055.52.
In economic data from the US, the ISM reported its gauge of the services sector dropped to 50.6 in October from 50.9 in September. The ADP reported that fewer jobs were lost in October than in previous months.
Back home, bulls staged a strong return after suffering a sharp setback in previous six trading sessions on Wednesday. The BSE 30-share Sensex surged 507.19 points or 3.29% to 15,912.13 on that day.
As per provisional data on NSE, foreign funds bought shares worth Rs 234.31 crore and domestic funds bought shares worth Rs 557.19 crore on Wednesday.
The supply of paper by Indian firms appear limitless, raising concerns that additional share sales will suck liquidity from the secondary equity market. As per reports, Indian firms have garnered about $9 billion (Rs 32,400 crore at the current exchange rates) through sale of shares and convertible bonds to institutional buyers since April 2009. Indian companies are taking advantage of a surge in liquidity to recapitalize and fund capital expenditure after being starved of cash last year.
Unlisted Reliance Infratel announced on 22 September 2009 its intention to raise Rs 5,000 crore from the primary market. Divestment of state-run firms by the government may also increase the supply of paper in the market.
The government recently approved stake sales in state-run power producer NTPC and another unlisted power firm Satluj Jal Vidyut Nigam which reflects the country's resolve to speed up reforms and raise more resources for social schemes.
The government has approved a follow-on public offering of 20% of state run Steel Authority of India, the steel minister said on 21 October 2009. The Government of India owns nearly 86% of Sail. Also the government gave its approval for 15% follow on public offer for Rural Electrification Corporation on 29 October 2009.
GMR Infrastructure
We recommend a buy in GMR Infrastructure from a short-term perspective. It is apparent from the charts the stock has been on a long-term uptrend from its October 2008 low of Rs 22.75. However, after encountering resistance around Rs 90 in June it was on a medium-term decline till the July support level at Rs 60. With in the long-term uptrend, the stock has been consolidating sideways in the range of Rs 60 and Rs 75 since July. The key support at Rs 60 along with the positive divergence in the daily relative strength index (RSI) backed the stock’s 7 per cent jump on November 4. The daily RSI is on the verge of entering the neutral region from the bearish zone and the weekly RSI is hovering over the neutral region. Considering that the stock’s long-term uptrend-line is in tact we are bullish on it from a short-term perspective. We expect the stock to move up until it hits our price target Rs 69.5. Traders with a short-term perspective can buy the stock while maintaining a stop-loss at Rs 60.
via BL
Crude tops $80 mark
Prices rise as crude inventory registers unexpected drop
Crude prices ended higher at Nymex on Wednesday, 04 November, 2009. Prices rose a energy department reported unexpected drop in crude inventories for last week. The weak dollar also aided in rising crude prices.
On Wednesday, crude-oil futures for light sweet crude for December delivery closed at $80.02/barrel (higher by $0.42 or 0.05%). Earlier, during intra day trading, it rose to a high of $81.1.
The EIA reported in its weekly inventory report today that crude inventories fell 4 million barrels in the week ended 30 October, 2009. The report also showed that gasoline inventories decreased 300,000 barrels during the week under review. The EIA also reported a 400,000 decline in distillate inventories, which include heating oil and diesel.
The Institute for Supply Management reported on Wednesday, 04 November, 2009 that its nonmanufacturing index fell to 50.6% from 50.9% in September.
The report showed that business conditions improved in October across a narrower group of companies in the U.S. nonmanufacturing sectors. Readings above 50% indicate more firms said business is improving than said it's worsening.
In the currency market on Wednesday, the dollar index, which calculates the strength of the dollar against a basket of six other currencies fell by 0.5%.
Also on Wednesday, December gasoline futures rose 1.3% to $2.0261 a gallon, and December heating oil added 1% to $2.0948 a gallon.
December natural-gas futures lost 1.5% to $4.847 per million British thermal units.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for November delivery closed higher by Rs 22 (0.6%) at Rs 3,771/barrel. Natural gas for November delivery closed lower by Rs 5.5 (2.4%) at Rs 225.8/mmbtu.
Yellow metal marks another new high
Gold touches new high of $1,094 an ounce
Precious metal prices ended substantially higher on Wednesday, 04 November, 2009. Yellow metal marked another record high. Prices shot up as Federal Reserve said that it will continue with its ongoing monetary policy and the same weakened the dollar.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Wednesday, gold for December delivery ended at $1,092.1, higher by $4.8 (0.44%) an ounce on the New York Mercantile Exchange. Earlier, it rose to a high of $1094. This was an all time high for the yellow metal. Year to date, gold prices are higher by 24%.
Gold ended October 2009 higher by 3.8%. For the third quarter it ended higher by 8.7%. Before this, for the second quarter, gold ended higher by 0.5%. The metal had gained 4.3% in the first quarter of this year.
On Wednesday, December Comex silver futures ended higher 22 cents (1.3%) at $17.405 an ounce.
Year to date, silver has climbed 60.8% this year. For 2008, silver had lost 24%.
The Institute for Supply Management reported on Wednesday, 04 November, 2009 that its nonmanufacturing index fell to 50.6% from 50.9% in September.
The report showed that business conditions improved in October across a narrower group of companies in the U.S. nonmanufacturing sectors. Readings above 50% indicate more firms said business is improving than said it's worsening.
In the currency market on Wednesday, the dollar index, which calculates the strength of the dollar against a basket of six other currencies fell by 0.5%.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for December delivery closed lower by Rs 30 (0.18%) at Rs 16,588 per 10 grams. Prices rose to a high of Rs 16,677 per 10 grams and fell to a low of Rs 16,527 per 10 grams during the day's trading.
At the MCX, silver prices for December delivery closed Rs 276 (1.02%) higher at Rs 26,990/Kg. Prices opened at Rs 27,0120/kg and rose to a high of Rs 27,994/Kg during the day's trading. .
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