Futures and Options - Dec 22 2009
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Tuesday, December 22, 2009
Asian markets trace Wall Street gains
Sensex, Sydney, Seoul edge higher while Shanghai looses some of its value
Stock market in Asian region edged higher on Tuesday, 22 December 2009, following the overnight rally on Wall Street. The bargain-hunting occurred after recent losses buoying up stock prices to a significant extent. The mood across the region remained fairly bullish as stocks in most of the markets come off their higher levels due to profit taking in select stocks.
On Wall Street, stocks closed solidly higher, buoyed by blue-chip upgrades, deal news and a surging health care sector. The Dow Jones Industrial Average finished up 85 points, or 0.8%, to 10,414. The S&P 500 rose 12 points, or 1.1%, to 1114, while the Nasdaq added 26 points, or 1.2%, to 2238.
In the commodity market, crude oil traded little changed before the Organization of Petroleum Exporting Countries meets today in Angola, where the group is expected to maintain production targets.
Crude oil for February delivery was at $73.85, up 13 cents, in electronic trading on the New York Mercantile Exchange at 3:13 p.m. Singapore time. The January contract, which expired yesterday, fell 89 cents, or 1.2%, to $72.47 a barrel.
Brent crude oil for February settlement traded at $73.04 a barrel, up 5 cents, on the London-based ICE Futures Europe exchange at 3:13 p.m. Singapore time. Yesterday, the contract lost 76 cents, or 1%, to settle at $72.99 a barrel.
Gold, little changed in London today, may gain as a weaker dollar prompts investors to buy bullion after the metal's decline to the lowest level in more than six weeks. Gold for immediate delivery added $2.60, or 0.2%, to $1,096 an ounce at 8:49 a.m. London time. Bullion futures for February delivery on the New York Mercantile Exchange's Comex unit were little changed at $1,096.40 an ounce.
In the currency market, US dollar remains firm in a quite trading as traders are looking for the Christmas holiday long weekend.
The Japanese yen softened against the major currencies after Bank of Japan Governor Masaaki Shirakawa said he would persistently keep policy rates at virtually zero and the yield spread of US debt over Japanese bonds reached the widest in more than a year. Japan's currency was quoted at 91.41 yen per dollar, from yesterday's close of 91.17 yen.
The Hong Kong dollar was trading at HK$ 7.7561 against the dollar. Actually the Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.
In Sydney trade, the Australian dollar hit fresh 11-week lows against a broadly firmer US dollar today as US yields jumped to four-month highs, crimping the local currency's interest rate advantage. At the local close, the dollar was trading at 87.96 US cents, down from 88.57 US cents yesterday, having earlier touched a trough of 87.64 US cents. It has now lost over 5 cents from the months' high of $US0.9326.
In Wellington trade, the New Zealand dollar came under pressure from a rising US dollar today and did not get much of a lift from better-than-expected current account data for the September quarter. By 5pm the NZ dollar was at US70.32c from US70.65c at 8am and US71.04c at 5pm yesterday. It traded as low as US70.28c, a level not seen since late November.
The South Korean won ended at 1,179.90 won against the greenback, up 3.80 won from Monday's close, as foreign investors snapped up stocks.
The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.3550, 0.0290 up from Monday's close of NT$32.3840.
In equities, Asian markets finished mostly higher as technology stocks tracked gains in their U.S. counterparts and a weaker Japanese yen helped pull exporters higher in Tokyo, lifting the Nikkei 225 to its highest closing level in three months.
In Japan, the shares market finished the session higher, lifted by gains in Wall Street overnight, positive Asia-Pacific bourses, and softening yen against greenback, with benchmark Nikkei hits three month closing high on the back of strong bid for exporters and high-tech stocks. Mining stocks hold early gains, as base metal prices were generally higher on the London Metal Exchange on Monday.
At the closing bell, the Nikkei 225 Stock Average index was at 10,378.03, grew 194.56 points or 1.91% from its previous close, while the broader Topix of all First Section issues on the Tokyo Stock Exchange rose 11.58 points, or 1.3%, to 903.06.
In Mainland China, the share market plummeted with steep losses across the board as market participants consolidate gains following strong rally this year and also due capital outflow to flood of new shares from existing equities. Banks and financials and properties plummeted amid persistent fears that the government measures to curb its red-hot real estate market might damp economic growth, while materials, industrials, and energy stumbled after remarks by the central bank governor triggered worries of monetary-policy tightening next year.
At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, plummeted 72.45 points, or 2.32%, to 3,050.52, meanwhile the Shenzhen Component Index on the smaller Shenzhen Stock Exchange dropped 2.79% or 363.64 points, to 12,647.51. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, succumbed 2.68%, to 3,305.54.
On the economic front, the General Administration of Customs of China report showed country's crude oil import were 17.12 million tons or 4.2 million barrel per day in November, up 28% year on year. In the period from January to November, crude oil imports rose 11% year on year to 182.5 million tons.
In Hong Kong, the share market traded firmly in the green with benchmark Hang Seng Index climbed up, snapped five days of losing streak as positive Wall Street and Asia-Pacific bourses and firmer base metal prices helped push up the local financials, properties, and resources sectors.
At the closing bell, the Hang Seng Index spurted 143.94 points, or 0.69%, to 21,092.04, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, climbed up 146.69 points, or 1.2%, to 12,349.86.
In Australia, the market spurted on broad based gains across the sector as investors rode a wave of positive sentiment out of Wall Street overnight and other overseas markets, cheered by expectations that global economic recovery would accelerate and continue into next year. At the closing bell, the benchmark S&P/ASX200 index climbed up 69.1 points, or 1.49%, to 4,704.20, meanwhile the broader All Ordinaries rose 64.90 points, or 1.39%, to 4,724.4.
On the economic front, the Conference Board reported today that the leading index declined 0.3% month-on-month in October. The private sector group also said that its coincident index, which measures current activity advanced 0.1% compared to the previous month in October.
In New Zealand, stocks gained after inching down yesterday. The share market started the day strong after sharp rises on stock exchanges in the United States and Europe. The NZX50 increased further by 0.9% or 29.38 points to 3179.18. The NZX 15 rose 0.99% or 57.38 points to close at 5779.14.
On the economic front, New Zealand's September 2009 quarter surplus was $340 million, compared with a deficit of $4.0 billion for the September 2008 quarter, driven by falls in the investment income deficit and imports of goods. A surplus in the current account means that New Zealand's earnings abroad are greater than its expenditures.
Meanwhile, the current account deficit was $5.7 billion (3.1 percent of GDP) for the year ended September 2009 and the smallest as a percentage of GDP since March 2002. The deficit has fallen from 8.4 percent a year ago, when the current account deficit was $15.4 billion.
In South Korea, stocks finished higher as foreign and institutional investors scooped up shares after Wall Street gains. The benchmark Korea Composite Stock Price Index (KOSPI) jumped 11.31 points to close at 1,655.54, breaking a four-session losing streak.
In Singapore, the share market spurted followed a strong lead from Wall Street overnight and other Asia-Pacific bourses. Banks, properties, and resource stocks led gains on optimism about the sustainability of global economic recovery. At the closing bell, the blue chip Straits Times Index was at 2,823.82, added 37.01 points or 1.33%.
In Taiwan, stock market attained its highest close in 1-½ years as United Microelectronics Corporation and other chip shares leading the way on growing optimism over technology demand for 2010. The shares also got a boost from a 2.27% rise on the U.S. Philidelphia semiconductor sub-index boosting local semiconductor sector stocks. The benchmark Taiex share index extended gains for the third straight session, by finishing the day higher by 68.73 points or 0.88% at 7856, the highest closing since 23 June 2008 when market finished the day at 7876.49.
In Philippines, the stock market closed marginally lower bucking the trend in Asian equities. However, deficit concerns dragged the composite index lower. Moreover, flat movement was seen as most investors are already in a holiday mood. Investors are either picking on certain issues to position for next year or cashing in their gains to stay liquid during the holidays. The market stayed in the negative territory for most of the trading session. At the final bell, the benchmark index PSEi lost 0.14% or 4.40 points to 3,016.16, while the Al Shares index went down 0.13% or 2.60 points to 1,888.93.
In India, the key benchmark indices edged higher, snapping last three days' losses, as global stocks rose. Higher advance tax payment by India Inc also underpinned sentiment. The BSE Sensex was up 90.80 points or 0.55% to 16692. The Sensex opened with an upward gap of 32.61 points at 16,633.81 which was also the day's low. The S&P CNX Nifty was up 33.25 points or 0.67% to 4,985.85. It hit a high of 4997.30.
Elsewhere, Malaysia's Kula Lumpur Composite index finished slightly higher at 1260.42 while stock markets in Indonesia's Jakarta Composite index jumped 36.25 points ending the day lower at 2467.64.
In other regional market, Shares in Europe advanced modestly on Tuesday, helped by further gains for oil and gas producers and as technology stocks followed Asian peers higher. On a regional level, the U.K. FTSE 100 index rose 1% or 50.62 points to 5,345, the German DAX index climbed 0.4% or 24.53 points to 5,955 and the French CAC-40 index advanced 0.7% or 26.97 points to 3,899.
Nifty December 2009 futures at premium
Turnover declines
Nifty December 2009 futures were at 4,996, at a premium of 10.15 points as compared to the spot closing of 4,985.85. Turnover in NSE's futures & options (F&O) segment was Rs 60,289.04 crore, sharply lower than Rs 70,627.77 crore on Monday, 21 December 2009.
Aban Offshore December 2009 futures were at premium at 1,216.10 compared to the spot closing of 1,211.40.
Steel Authority of India December 2009 futures were at discount at 226.50 compared to the spot closing of 227.50.
Sesa Goa December 2009 futures were at discount at 379.50 compared to the spot closing of 380.85.
In the cash market, the S&P CNX Nifty rose 33.25 points or 0.67% at 4,985.85.
Gujarat Pipavav Port likely to raise over Rs 500 crore through IPO
To fund Pipavav port expansion
Private port operator Gujarat Pipavav Port (GPPL) is reportedly planning to raise at least Rs 500 crore through an initial public offering (IPO). Reports further indicated that a formal announcement on the planned IPO is expected in the next few days.
The company plans to utilise the IPO proceeds to fund its Pipavav port expansion plans
GPPL also plans to set up a dedicated coal terminal, a coal conveyor belt and a new coal handling system, designed to handle 20 mt of coal by 2016. The port currently handles bulk, containerized and liquefied petroleum gas cargo.
APM Terminals Management BV, the world's third biggest container port operator, owns 54.8% in GPPL, which has rights to develop and operate the port for 30 years that began in September 1998. APM Terminals had acquired control of GPPL from the original promoter, SKIL Infrastructure, in April 2005.
The other shareholders of the company include New York Life International India Fund (Mauritius) LLC, IDFC Infrastructure Fund, IL&FS Trust Company, Jacob Ballas Capital India, Axis Bank, IDBI Bank and India Infrastructure Fund.
Earlier in October 2008, GPPL had filed a draft prospectus with the market regulator Securities & Exchange Board of India (Sebi) for a proposed public offering of shares, which was withdrawn in March 2009 citing poor market conditions.
Sensex ends up 91 pts; snaps 3-day losing streak
The Sensex ended on a positive note with strong gains enhanced by metal, PSU, realty and banking stocks while IT and healthcare dipped. It belled positive with a gain of 32.61 points, at 16,633.81 on Tuesday on firm global cues and witnessed range bound movements for most part of the day. Later it gained ground on the back of sustained buying interest seen among the pivotal stocks and also on positive opening of European market. Finally the Indian barometer closed in the green after touching a day`s high of 16,738.12.
European stocks gained, sending the Dow Jones Stoxx 600 Index to a five-week high, before US economic reports that may show the recovery is strengthening. US futures also climbed, Standard & Poor`s 500 Index futures added 0.3% today. UK`s benchmark index FTSE 100 advanced 54.65 points, or 1.04%, to trade at 5,348.73. French benchmark index CAC 40 increased 26.10 points or 0.67% to trade at 3,898.08. Germany`s benchmark index DAX rose 21.44 points or 0.37% to trade at 5,952.62. (4.25 pm)
FY11 Budget may be tabled on February 27,2010 but the final decision is yet to be taken by the finance minister.
UK Q3 GDP stood (-) 5.1% on a year-on-year basis. This was unchanged from the last estimates
BSE Midcap and Smallcap index rose 0.78% and 0.99% respectively.
The Sensex ended the day with a gain of 90.80 points, or 0.55% at 16,692.00 after touching a high of 16,738.12 and a low of 16,633.81. The broad-based NSE Nifty gained 33.25 points, or 0.67% at 4,985.85 after hitting a high of 4,997.30 and a low of 4,953.35.
Leaders in the 30-share index were Tata Steel (3.97%), Bharti Airtel (3.84%), Hindalco Industries (3.65%), NTPC (3.27%), ICICI Bank (1.95%), and Reliance Capital (1.74%).
On the other hand, ACC (1.92%), Oil & Natural Gas Corporation (1.28%), Tata Consultancy Services (1.19%), Mahindra & Mahindra (1.04%), Jaiprakash Associates (0.98%), and Grasim Industries (0.89%) were the major losers in the Sensex pack.
Overall market breadth was positive. Out of the total 2,885 stocks traded at BSE, 1,694 advanced, 1,107 declined while 84 remained unchanged.
Among the sectoral indices, BSE Metal which went up 2.87%, PSU gained 1.59%, Realty went up 1.51%, Bankex gained 1.16% and Power climbed 1.00%, while BSE IT declined 0.35% and HC lost 0.17%.
``The market is expected to continue to consolidate. The trading range is expected to be 4,850 to 5,050,`` said Avinash Gupta, assistant vice president Research Equity, Bonanza Portfolio while opining on the trend of equity market.
BSE Bulk Deals to Watch - Dec 22 2009
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
22/12/2009 523537 APM Inds AJR FISCAL PVT LTD B 50000 39.30
22/12/2009 523537 APM Inds VARUNRAJ GARHIA S 50000 39.30
22/12/2009 530355 Asian Oilfield ALCHEMIST CAPITAL LIMITED B 60000 66.56
22/12/2009 512109 Aviva Inds AADESH CORPORATION S 12000 18.15
22/12/2009 505506 Axon Infotech ABSOLUTE LEASING & FINANCE PVT LTD B 3700 14.98
22/12/2009 590059 Bihar Tubes FORT SHARE BROKING PVT LTD. B 100000 83.22
22/12/2009 590059 Bihar Tubes GAURISUTA BUSINESS PVT.LTD B 150000 82.75
22/12/2009 590059 Bihar Tubes MAVI INVESTMENT FUND LTD A/C GDR S 127600 82.42
22/12/2009 532781 Blue Bird India ABHISHEK VIJAYKUMAR SHAH B 590754 32.78
22/12/2009 532781 Blue Bird India ABHISHEK VIJAYKUMAR SHAH S 590754 32.89
22/12/2009 500280 Century Enka SHARAD KANTILAL SHAH S 111758 266.99
22/12/2009 517973 DMC Intl CENTENARY SOFTWARE PVT LTD B 38402 19.06
22/12/2009 517973 DMC Intl CENTENARY SOFTWARE PVT LTD S 46590 19.16
22/12/2009 504000 Elpro Intl KEDCO PROCESSORS PRIVATE LIMITED B 25000 598.00
22/12/2009 504000 Elpro Intl KEYNOTE COMMODITIES LTD S 25000 598.00
22/12/2009 530337 Exelon Infra KAMALA KANTA GUPTA S 32704 59.29
22/12/2009 532022 Filatex Fash BHAKTI ARVIND RAMBHIA B 61000 14.55
22/12/2009 532022 Filatex Fash KANTILAL PREMJI DEDHIA S 62301 14.55
22/12/2009 532672 Glodyne Tech SHARAD KANTILAL SHAH B 172934 423.37
22/12/2009 532672 Glodyne Tech SI INVESTMENTS & BROKING PVT. LTD S 200000 423.00
22/12/2009 509567 Goa Carbon A.K.G. STOCK BROKERS PVT. LTD. B 60275 123.11
22/12/2009 509567 Goa Carbon A.K.G. STOCK BROKERS PVT. LTD. S 60275 122.99
22/12/2009 522059 Indage Vintners Naman Securities & Finance Pvt. Ltd. B 210140 64.79
22/12/2009 522059 Indage Vintners DYNAMIC STOCK BROKING INDIA PVT LTD B 147473 66.10
22/12/2009 522059 Indage Vintners Naman Securities & Finance Pvt. Ltd. S 108590 65.24
22/12/2009 522059 Indage Vintners DYNAMIC STOCK BROKING INDIA PVT LTD S 93970 66.34
22/12/2009 519248 JVL Agro Inds ANIRUDHA BUBNA TRUST B 49538 108.10
22/12/2009 519248 JVL Agro Inds GYAN TRADERS LIMITED S 49538 108.10
22/12/2009 532283 Kaashyap Tech HITEN MEHTA B B 3564315 0.73
22/12/2009 532283 Kaashyap Tech PRIYESH ARVIND BHATT B 2330820 0.72
22/12/2009 532283 Kaashyap Tech TAIB SEC MAURITIUS LTD S 4000000 0.73
22/12/2009 532268 Kale Consl HITESH SHASHIKANT JHAVERI B 118218 88.79
22/12/2009 532268 Kale Consl HITESH SHASHIKANT JHAVERI S 123709 88.67
22/12/2009 524500 Kilitch Drugs SHARON BIO MEDICINE LTD S 100000 135.47
22/12/2009 531731 Kuvam Intl Atulkumar Mulji Katira B 60000 50.15
22/12/2009 531731 Kuvam Intl DOUBLE A PORTFOLIO SERVICES P LTD S 17500 50.15
22/12/2009 531515 Mahan Inds JASMIN S BAJORIYA B 77671 21.85
22/12/2009 590111 MASTER VENKATA BADRINARAYAN AMMA GOLLAPUDI B 27000 73.95
22/12/2009 590011 Moving Picture PARVEEN SHARMA B 54769 4.67
22/12/2009 519560 Neha Intl VIKRAMKUMAR BHAWARLAL BAGMAR B 75000 48.80
22/12/2009 519560 Neha Intl HITESH SHASHIKANT JHAVERI S 70541 48.72
22/12/2009 519560 Neha Intl JAI SALASAR BALAJI INDUSTRIES PVT LTD S 150000 48.80
22/12/2009 531791 Novagold Petro NILESH KRUSHNA PALANDE S 79000 3.10
22/12/2009 533015 Nu Tek India STRUZZO CAPITAL SERVICES PVT L S 100000 87.55
22/12/2009 531496 Omkar Overseas RESHMA NAYAN SHAH B 32100 42.43
22/12/2009 524372 Orchid Chem GENUINE STOCK BROKERS PVT. LTD. B 409666 185.94
22/12/2009 524372 Orchid Chem GENUINE STOCK BROKERS PVT. LTD. S 409666 185.92
22/12/2009 511702 Parsharti Inv JANAK RAY VITHAL DAS SONI B 17000 32.45
22/12/2009 530111 Raj Packaging PARESH SHAH MEET B 34634 16.68
22/12/2009 511652 Ram Kaashyap PRIYESH ARVIND BHATT B 30000 10.30
22/12/2009 511652 Ram Kaashyap PUNJABI JYOTI BEN S 29900 10.30
22/12/2009 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 73512 33.64
22/12/2009 590077 Ranklin Sol V MANIKYALA RAO B 29000 50.09
22/12/2009 530271 Rich Capital RAVI PRAKASH SHARMA B 41401 137.16
22/12/2009 530271 Rich Capital CHETAN DOGRA B 66808 139.65
22/12/2009 530271 Rich Capital CHETAN DOGRA S 59050 136.15
22/12/2009 531099 Rubra Med WINNERS SALES PRIVATE LIMITED B 48500 24.55
22/12/2009 531099 Rubra Med BHARTI CHANDRAKANT SHETH S 85900 24.55
22/12/2009 531099 Rubra Med NARENDER KUMAR GUPTA S 40000 24.55
22/12/2009 521206 Samtex Fashions EQUITY INTELLIGENCE INDIA PRIVATE LIMITED B 50000 34.67
22/12/2009 521206 Samtex Fashions DEEPAK GUPTA HUF B 50000 35.75
22/12/2009 521206 Samtex Fashions R.S.DUA HUF S 55575 35.43
22/12/2009 521206 Samtex Fashions DHEERAJ LOHIA S 44000 35.75
22/12/2009 505075 Setco Auto MINAL BHARAT PATEL B 50000 150.00
22/12/2009 505075 Setco Auto ATLAS NETWORK PRIVATE LTD. S 50000 150.00
22/12/2009 531444 Stresscrete JIGAR DEEPAK VACHHARA JANI B 55000 14.49
22/12/2009 531444 Stresscrete RITA DEEPAK VACHHARA JANI S 55000 14.49
22/12/2009 512257 Swasti Vinay Gem DEEPIKA CHURIWALA B 200000 5.08
22/12/2009 512257 Swasti Vinay Gem ASHIRWAD SHELTERS PVT. LTD. S 200000 5.03
22/12/2009 530595 Telecanor Glob OMPRAKASH KANAYALAL SHAH S 30748 25.04
22/12/2009 531830 Todays Writing DB (INTL) OWN TRADING B 78414 25.21
22/12/2009 531830 Todays Writing DB (INTL) OWN TRADING S 78414 25.12
22/12/2009 531830 Todays Writing AJAY GUPTA S 67761 25.55
22/12/2009 506720 Zandu Pharma GENUINE STOCK BROKERS PVT. LTD. B 4786 7447.67
22/12/2009 506720 Zandu Pharma SMART EQUITY BROKERS PRIVATE LIMITED B 9571 7820.82
22/12/2009 506720 Zandu Pharma MARWADI SHARES AND FINANCE LTD. B 5786 7582.28
22/12/2009 506720 Zandu Pharma OPG SECURITIES P LTD B 19821 7840.64
22/12/2009 506720 Zandu Pharma GENUINE STOCK BROKERS PVT. LTD. S 4786 7443.46
22/12/2009 506720 Zandu Pharma SMART EQUITY BROKERS PRIVATE LIMITED S 9571 7823.69
22/12/2009 506720 Zandu Pharma MARWADI SHARES AND FINANCE LTD. S 5786 7546.75
22/12/2009 506720 Zandu Pharma OPG SECURITIES P LTD S 19821 7854.52
22/12/2009 506720 Zandu Pharma DIWAKAR VINIYOG PVT LTD S 7758 7450.11
NSE Bulk Deals to Watch - Dec 22 2009
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
22-DEC-2009,AUSTRAL,Austral Coke & Projects L,ANURADHA MEETAL,BUY,1654192,10.21,-
22-DEC-2009,AUSTRAL,Austral Coke & Projects L,ARIHANT SEC & INVESTMENT,BUY,1945927,10.14,-
22-DEC-2009,GLOBUSSPR,Globus Spirits Limited,SATYEN KANORIA,BUY,144685,95.71,-
22-DEC-2009,GOACARBON,Goa Carbon Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,69341,122.99,-
22-DEC-2009,GOACARBON,Goa Carbon Ltd,OM INVESTMENTS,BUY,66515,123.87,-
22-DEC-2009,HARITASEAT,Harita Seating Systems Li,MADHUKANTA DHANVANTRAI MEHTA,BUY,42800,76.95,-
22-DEC-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,BUY,7237333,20.07,-
22-DEC-2009,ITI,ITI Ltd.,JETHI KAPIL,BUY,131780,44.54,-
22-DEC-2009,KALINDEE,Kalindee Rail Nirman (Eng,MODEX INTERNATIONAL SECURITIES LTD.,BUY,101476,175.91,-
22-DEC-2009,ORCHIDCHEM,Orchid Chemicals Ltd.,GENUINE STOCK BROKERS PVT LTD,BUY,424451,186.02,-
22-DEC-2009,SASKEN,Sasken Commu Techno Ltd,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD.,BUY,386895,198.03,-
22-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,DHARMSHI VASHRAM DESAI,BUY,69505,299.37,-
22-DEC-2009,TODAYS,Todays Writing Products L,DB (INTERNATIONAL) STOCK BROKERS LTD.,BUY,104185,25.07,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,BP FINTRADE PRIVATE LIMITED,BUY,4839,7727.52,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,5553,7439.24,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,5411,7575.32,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,5457,7665.20,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,6897,7570.15,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,5709,7664.84,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,PRB SECURITIES PRIVATE LTD.,BUY,6575,7862.57,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,5171,7657.62,-
22-DEC-2009,AUSTRAL,Austral Coke & Projects L,ANURADHA MEETAL,SELL,1654192,10.05,-
22-DEC-2009,AUSTRAL,Austral Coke & Projects L,ARIHANT SEC & INVESTMENT,SELL,1940927,9.94,-
22-DEC-2009,AUSTRAL,Austral Coke & Projects L,RATANLALBRIJLALTAMAKHUWALA,SELL,4576755,9.50,-
22-DEC-2009,GLOBUSSPR,Globus Spirits Limited,SATYEN KANORIA,SELL,144685,95.96,-
22-DEC-2009,GOACARBON,Goa Carbon Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,69341,123.23,-
22-DEC-2009,GOACARBON,Goa Carbon Ltd,OM INVESTMENTS,SELL,66515,123.90,-
22-DEC-2009,ISPATIND,Ispat Industries Limited,JAYPEE CAPITAL SERVICES LTD.,SELL,7069292,20.08,-
22-DEC-2009,ITI,ITI Ltd.,JETHI KAPIL,SELL,47470,44.15,-
22-DEC-2009,KALINDEE,Kalindee Rail Nirman (Eng,MODEX INTERNATIONAL SECURITIES LTD.,SELL,101476,175.86,-
22-DEC-2009,ORCHIDCHEM,Orchid Chemicals Ltd.,GENUINE STOCK BROKERS PVT LTD,SELL,424451,186.16,-
22-DEC-2009,SASKEN,Sasken Commu Techno Ltd,ASIT C MEHTA INVESTMENT INTERRMEDIATES LTD.,SELL,396895,198.02,-
22-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,DHARMSHI VASHRAM DESAI,SELL,69505,299.52,-
22-DEC-2009,TODAYS,Todays Writing Products L,DB (INTERNATIONAL) STOCK BROKERS LTD.,SELL,104185,25.18,-
22-DEC-2009,TODAYS,Todays Writing Products L,SHASHI KANT AGARWAL,SELL,69174,25.36,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,BP FINTRADE PRIVATE LIMITED,SELL,4839,7738.84,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,5553,7444.51,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,5411,7595.80,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,5457,7684.81,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,6897,7605.91,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,5527,7697.85,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,PRB SECURITIES PRIVATE LTD.,SELL,6575,7882.96,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,SUNTRACK COMMERCE PVT LTD,SELL,12329,8030.90,-
22-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,5171,7679.73,-
Bulls push back
Today's major news
Aegis Logistics acquires Shell Gas; the stock shots up 10.82%.
Wire and Wireless India targets townships for HITS expansion; the stock jumps 3.91%.
Reliance Infrastructure to commission projects worth Rs10,000 crore; the stock surges 0.79%.
Reliance Industries announces third successive gas discovery in KG basin; the stock closes the day 0.22% higher.
Aban Offshore's subsidiary redeems bonds worth Rs8 billion; the stock rises 4.30%.
Post-market summary
Global signals
The European indices opened positive for the second successive day on Tuesday led by rise in financial and pharmaceutical stocks. At the time of writing this report FTSE 100 was trading 0.88% higher than its previous close.
All the Asian indices except Shanghai Composite (down 2%) closed higher. SGX Nifty was 56 points up for the day.
US stock futures opened higher as investors keep an eye on third quarter GDP numbers, existing home sales and Richmond Fed survey for December.
Indian indices
Taking leads from buoyant markets globally, the Indian indices opened higher and remained up all through the day. The Sensex opened 32 points high, hit the intra-day high of 16738 and the day’s low of 16633. At closing bell, the Sensex was at 16692, 91 points higher. Nifty closed 33 points higher at 4986.
Sensex sentiment
The market breadth was positive. Out of 2,885 stocks traded on the BSE, 1,694 stocks advanced, whereas 1,107 stocks declined. Eighty four stocks closed unchanged.
Sectoral & stock screening
Out of the 13 sector indices on the BSE, only BSE IT and BSE HC closed with marginal loss. The remaining indices ended higher. Among gainers BSE Metal surged the most by 2.87% followed by BSE PSU that rose by 1.59% for the day.
On stocks’ front, SAIL surged the most by 6.47% followed by REI Agro that rose 5.97% and Opto Circuits that jumped 5.07% up. Among losers, Lupin slid the most by 3.49% followed by Piramal Healthcare that fell 3.14%.
Viewing volumes
Wind turbine maker Suzlon Energy’s stock was the darling of the day with over 0.97 crore shares changing hands on the BSE followed by realtor Unitech (0.68 crore shares), Ispat Industries (0.64 crore shares), IFCI (0.59 crore shares) and SAIL (0.29 crore shares).
PSU OMCs edge higher as market recovers
The key benchmark indices edged higher on bargain hunting, as global stocks rose. Higher advance tax payment by India Inc also underpinned sentiment. The BSE Sensex rose 90.80 points or 0.55%, off close to 60 points from the day's high and up close to 45 points from the day's low. Index heavyweight Reliance Industries pared intraday gains in volatile trade. The company today, 22 December 2009, announced a new gas discovery at one of its exploration blocks in the Krishna Godavari basin.
Bargain hunting emerged after a recent slide. From a recent high of 17227.68 on 8 December 2009, the Sensex had lost 626.48 points or 3.63% to settle at 16,601.20 on Monday, 21 December 2009.
Banking and realty stocks gained. Metal stocks also rose tracking higher metal prices on the London Metal Exchange on Monday, 21 December 2009. Shares of public sector oil marketing companies rose after Finance Secretary Ashok Chawla said the government may offer cash instead of bonds to state-run oil firms for compensating them for selling fuel at lower than market price. The market breadth was strong.
The market surged in early trade tracking firm Asian stocks. It soon trimmed gains. The market regained strength in mid-morning trade. The Sensex surged to a fresh intraday high in mid-morning trade. The market cut gains later as Chinese stocks fell extending their recent losses. The Sensex pared gains soon after hitting a fresh intraday high in afternoon trade.
The government could improve upon its aims to slow the growth of greenhouse gas emissions by 2020, the environment minister said on Tuesday after returning from climate change talks in Copenhagen. The government said it was willing to rein in its "carbon intensity" -- the amount of carbon dioxide (CO2) emitted per unit of economic output -- by between 20 and 25% by 2020, from 2005 levels.
The government has signed two loan agreements totalling $850 million with the Asian Development Bank (ADB), the finance ministry said in a statement on Tuesday. The ADB will provide a $700-million loan, in three tranches in as many years, to state-run India Infrastructure Finance Company to fund the country's infrastructure programme. The Manila-based bank will lend $150 million in four tranches over a period of three years, the statement added, for the restructuring and development of Khadi industry, which makes India's traditional handspun fabric.
The government is unlikely to meet the indirect tax receipt target for the current fiscal year that ends in March 2010, Finance Secretary Ashok Chawla said on Tuesday.
Meanwhile, corporate advance tax payments for the October-December 2009 quarter shot up sharply, suggesting a higher profit growth in corporate sector in the third quarter (October-December) of the current fiscal, pointing to a firm broad-based economic recovery. Corporate advance tax payments for the quarter were up 44% to Rs 48,300 crore against a 3.7% decline in April-June quarter and a 14.7% increase in July-September quarter. The company-wise break-up of advance tax collection suggests a broad-based recovery with automobiles, cement, metals and consumer goods, doing well.
The sharp surge in food prices reflects the impact of the drought and inefficient distribution, which could not be addressed by monetary policy, the deputy head of India's Planning Commission Montek Singh Ahluwalia said on Tuesday. While the increase in food prices was to some extent expected, it was a concern -- food prices rose an annual 20 % in early December -- but they should decline in January 2010, Ahluwalia said today.
"From January 2010 you will see a decline a food prices. What you see now is speculative, probably due to the drought situation. The stock situation is relatively OK," Singh said. "Problems such as this cannot be tackled by blunt instruments like monetary policy." "Price increase at the retail level is much more than the increase at the wholesale level. This is because of dysfunctionality in the distribution system," Ahluwalia said. "The ministry is looking into it, but whenever required, we should import," he added.
India's food-price inflation cannot be tackled through monetary and other policy steps, while inflationary expectations will not stay long, Chawla said on Monday. Earlier on Monday, the Prime Minister's economic advisor C Rangarajan said India's central bank may have to raise the cash reserve ratio (CRR) to drain money from the banking system if prices do not decline in December.
India is battling soaring food prices after a poor monsoon and then flooding in parts of the country hit crops. "Unlike previous inflation, this is very sector specific. It is a very peculiar inflation which needs to be attacked at the level of the sector," said Kaushik Basu, chief economic advisor to the finance ministry.
India's central bank governor D Subbarao had earlier said that monetary policy is not the right tool to fix supply problems such as food shortages, but added that if not contained soaring food prices would stoke inflationary pressures in the broader economy.
Food prices surged an annual 20% in early December and rising food prices contributed to a faster-than-expected 4.78% increase in the wholesale price index in November 2009. Last week, Mukherjee had said containing inflation is high on the government's agenda and it is monitoring the price situation.
In overseas news, rating agency Moody's cut Greece's debt to A2 from A1 on Tuesday over soaring deficits, becoming the third major rating agency to downgrade the highly-indebted country's rating this month. Moody's kept Greece on a negative outlook. Its rating is still two notches above that of Fitch and S&P, which earlier this month cut their rating on the indebted country to BBB+, the euro area's lowest level.
European shares advanced for a second straight session on Tuesday, tracking sharp gains on Wall Street and in Asia, with banks featuring among the top gainers. The key benchmark indices in Frnace, Germany and UK rose by between 0.36% to 1.05%.
Britain's gross domestic product contracted by 0.2% in the third quarter, the Office for National Statistics said Tuesday. That's compared to an earlier estimate of a 0.3% quarterly decline.
Asian stocks rose on Tuesday as a weaker yen boosted the earnings outlook for Japanese makers of electronics and cars and after metal prices advanced. The key benchmark indices in Hong Kong, Indonesia, Japan, South Korea, Singapore and Taiwan rose by between 0.69% to 1.91%. But China's Shanghai Composite fell 2.32% on concerns more initial public offering subscriptions by the year-end could impact market liquidity.
The yen hit a fresh 7-week low against the dollar in Asia Tuesday, as rising long-term US interest rates prompted hedge funds to buy the higher-yielding currency.
Trading in US index futures indicated Dow could gain 34 points at the opening bell on Tuesday, 22 December 2009.
US stocks gained on Monday with the Nasdaq closing at a new 15-month high. Positive earnings and upgrades for Alcoa and Intel triggered gains despite the dollar index gradually gaining traction. The Dow Jones Industrial Average was up 85.25 points, or 0.83% at 10,414.14. The Standard & Poor's 500 Index gained 11.58 points, or 1.05%, to 1,114.05. The Nasdaq Composite Index rose 25.97 points, or 1.17%, to end at 2,237.66, its highest close since September, 2008.
The BSE Sensex rose 90.80 points or 0.55% to 16692. The Sensex rose 136.92 points at the day's high of 16,738.12 in afternoon trade. The Sensex opened with an upward gap of 32.61 points at 16,633.81 which was also the day's low.
The S&P CNX Nifty rose 33.25 points or 0.67% to 4,985.85. It hit a high of 4997.30. Nifty December 2009 futures were at 4,996, at a premium of 10.15 points as compared to the spot closing of 4,985.85. Turnover in NSE's futures & options (F&O) segment was Rs 60,289.04 crore, sharply lower than Rs 70,627.77 crore on Monday, 21 December 2009.
The market breadth, indicating the overall health of the market was strong. On BSE, 1687 shares advanced as compared with 1116 that declined. A total of 84 shares remained unchanged.
Among the 30-member Sensex pack, 17 rose while rest fell.
BSE clocked a turnover of Rs 3616 crore lower than Rs 3878.06 crore on Monday 21 December 2009.
A deluge of global liquidity has boosted stocks across the globe this year. Governments and central banks around the world have injected trillions of dollars in the past one year to pull the world out of a most severe recession since the 1930s Great Depression. The Sensex is up 7044.69 points or 73.02% in calendar year 2009, as on 22 December 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 8531.60 points or 104.54% as on 22 December 2009.
Coming back to today's trade, the BSE Mid-Cap index rose 0.78% and the BSE Small-cap index fell 0.99% Both the indices outperformed the Sensex.
The sectoral indices on BSE showed a mixed trend. The BSE Metal index (up 2.87%), the BSE PSU index (up 1.59 %), the BSE Realty index (up 1.51%), the BSE Bankex (up 1.16%), the BSE Power index (up 1%), outperformed the Sensex.
The BSE IT index (down 0.35%), the BSE Healthcare index (down 0.17%), the BSE Auto index (up 0.17%), the BSE Oil & Gas index (up 0.2%), the BSE Consumer Durables index (up 0.33%), the BSE Capital Goods index (up 0.47%), the BSE Teck index (up 0.47%), the BSE FMCG index (up 0.49%), underperformed the Sensex.
India's largest private sector firm by market capitalisation Reliance Industries (RIL) witnessed alternate bouts of buying and selling to end up just 0.22% to Rs 1018.80. It hit a high of Rs 1029 and a low of Rs 1011.60. Reliance Industries said on Tuesday it had made a gas discovery in one of its exploration blocks in the Krishna Godavari basin off the country's east coast. Reliance Industries holds a 90% interest in the block, which covers an area of 3,288 square kilometres, and Hardy Exploration and Production India holds the rest.
RIL's plans to gain control of the bankrupt petrochemical major LyondellBasell may reportedly come undone if rival billionaire Len Blavatnik has his way. Reliance Industries' (RIL) bid fails to factor in the potential turnaround gains of the bankrupt petrochemicals-maker, said a top official of the part-owner of the LyondellBasell, signalling that RIL may have to revisit its offer, if it has to realise its dream of becoming one of the world's biggest petrochem players. The official from Access Industries, promoted by Russian-born billionaire Len Blavatnik, said the $12 billion at which RIL has reportedly valued LyondellBasell was too low.
Meanwhile, Reliance Industries may reportedly face a probe by the Registrar of Companies (RoC) in a matter related to purchase of shares in it by a group of privately-owned promoter companies in 2000, allegedly using its own funds. The expected probe follows the Securities & Exchange Board of India's report to the government earlier this month seeking 'appropriate action' on those transactions conducted nearly a decade ago.
RIL's advance tax payment rose 82.89% to Rs 834 crore in Q3 December 2009 over Q3 December 2008.
Banking shares rose on firm American depository receipts on Monday. Banking stocks had drifted lower in the past few days on a likely monetary tightening by the RBI. India's largest private sector bank by net profit ICICI Bank rose 1.95% as its ADR rose 1.31% on Monday. ICICI Bank has launched a home-loan scheme under which 8.25% interest rate will be fixed for the first two years. The floating rates will apply after 2 years. These rates will be applicable to loans sanctioned between December 2009 and January 2010.
ICICI Bank's advance tax payment declined by 51.8% to Rs 301 crore in Q3 December 2009 as compared with Rs 625 crore in Q3 December 2008.
India's largest bank by net profit and branch network State Bank of India rose 0.89%. The state-run bank's Q3 advance tax rose 5.59% to Rs 1795 crore over a year ago.
Among other PSU stocks, Punjab National Bank, Bank of Baroda and Bank of India rose by between 0.61% to 2.55%.
But, India's second largest private sector bank by net profit HDFC Bank fell 0.3% even as its ADR rose 1.77% on Monday.
Metal stocks rose after LMEX, a gauge of six metals traded on the London Metal Exchange, rose 1.5% on Monday, 21 December 2009. Sterlite Industries, Hindalco Industries, Hindustan Zinc, Steel Authority of India, National Aluminum Company rose by between 0.22% to 6.47%.
India's largest steel maker by sales Tata Steel rose 3.97% The company's Q3 advance tax rose 160% to 650 crore. The company's European unit Corus recently secured a 350 million euro contract to supply rails tracks to French railway operator SNCF.
Realty stocks rose on bargain hunting after recent fall. Indiabulls Real Estate, Unitech and Omaxe rose by between 0.38% to 2.13%.
India's largest realty player by market capitalization DLF rose 1.47%. DLF recently announced a merger of its commercial realty arm DLF Assets (DAL) with itself, a move aimed at repaying some of DAL's debt. The new structure involves the merger of DLF subsidiary DLF Cyber City Developers with Caraf Builders and Constructions, which is the holding company of DAL. The valuation ratio approved by the board for Cyber City and Caraf is in the ratio of 60:40.
This means that DLF shareholders will have access to 60% and promoters to 40% of the merged entity. However, this will be a cashless transaction. DLF sells commercial property to DAL, which is controlled by KP Singh who owns 78% in the latter along with his son and DLF promoter Rajeev Singh. DAL buys commercial property from DLF and collects lease rentals from it. With this merger, the debt on DLF's books would be an additional Rs 2,460 crore.
Shares of public sector oil marketing companies rose after Finance Secretary Ashok Chawla today said the government is likely to offer cash instead of bonds to state-run oil firms before 31 March 2010 for compensating them for selling fuel at lower than market price. Indian Oil Corporation, BPCL and HPCL rose by between 1.09% to 2.76%.
The oil ministry has sought Rs 20,000 crore of bonds for state-run firms as compensation during the full fiscal year ending March 2010.
IT stocks fell on profit taking. India's largest IT exporter by sales Tata Consultancy Services fell 1.19%. The company's Q3 advance tax surged 37.21% to Rs 177 crore. India's third largest IT exporter by sales Wipro fell 0.01%.
India's second largest software services exporter Infosys Technologies fell 0.27% as its ADR fell 1.02% on Monday. The company's Q3 advance tax surged 166.7% to Rs 400 crore. Infosys Technologies expects revenue growth in the fiscal year starting in April to be better than 2009/10 as a recovery in the global economy spurs investments by its clients, Subhash Dhar, senior vice-president and head of global sales and marketing said recently.
Telecom stocks rose after telecom Minister Andimuthu Raja said on Monday government plans to start auctioning third-generation wireless spectrum as scheduled from 14 January 2010. India's largest mobile services provider by sales Bharti Airtel rose 3.81%. The company's Q3 advance surged to Rs 272 crore compared to Rs 5.5 crore last year.
Among other telecom stocks, Reliance Communications, Idea Cellular and Spice Communications rose by between 1.49% to 2.1%.
Cement stocks fell on profit taking. ACC fell 1.92%. Among other cement stocks, Ultratech Cements and Ambuja Cements, fell by between 0.88% to 2.06%.
Cement prices are reportedly seen hardening in the January-March 2010 quarter as demand from state projects picks up and rural housing drives volume growth. Prices went up by Rs 8-10 for a 50 kg bag southern India late November to Rs 155-175, while a similar hike in Mumbai on 2 December 2009 raised prices to Rs 240-245 per bag.
India's largest thermal power generator by sales NTPC rose 3.27%. The company's Q3 advance tax payment rose 67.93% to Rs 1078 crore. As per reports the government plans to mop up around Rs 11,000 crore from the disinvestment of 5% stake in the utility giant.
Among other power stocks, Reliance Power, Reliance Infrastructure, Tata Power Company rose by between 0.3% to 0.91%.
India's largest engineering and construction firm by sales Larsen & Toubro rose 0.5% on bargain hunting after a recent slide. The stock had lost 2.38% on Monday as the company's Q3 advance tax decline 13.46% to Rs 270.crore.
India's largest power equipment maker by sales, Bharat Heavy Electricals (Bhel), was flat after falling 1.36% on Monday after the company's Q3 advance tax fell 21.88% to Rs 500 crore. Bhel on Monday said it had got orders worth Rs 640 crore.
Among other capital goods stocks, ABB, Thermax and Praj Industries rose by between 0.93% to 2.65%.
India's largest cigarette maker by sales ITC rose 1.11%. The company's Q3 advance tax rose 39.39% to Rs 690 crore.
Among other FMCG stocks, Tata Tea, Nestle India, United Spirtis rose by between 0.04% to 1.04%.
Auto stocks rose on strong sales in the month of November 2009 and higher advance tax payment in the third quarter. India's largest small car maker by sales Maruti Suzuki India rose 0.4%. The company's Q3 advance tax rose 196.3% to Rs 400 crore. Suzuki Motor Corp and Volkswagen AG will start detailed discussions over joint projects after 10 January 2010, Suzuki CEO Osamu Suzuki last week. Japan's Suzuki Motor said on 9 December 2009 it will sell a 19.9% stake to Volkswagen (VW) for $2.5 billion and use half the proceeds to buy shares in the German automaker, as the two firms form a formidable force in the auto industry. Japan's Suzuki has a 54.2% stake in Maruti Suzuki India.
Maruti's total vehicle sales spurted 66.60% to 87,807 units in November 2009 over November 2008. Domestic sales spurted 60.10% to 76,359 units, while exports surged 128.60% to 11,448 units in November 2009 over November 2008.
India's second largest bike maker by sales Bajaj Auto rose 1.39%. Bajaj Auto on 9 December 2009 launched a 135 cc Pulsar, pushing the Pulsar brand into the mass segment. Bajaj expects a sell a minimum 30,000 units per month of the new Pulsar model. The automaker had recently refreshed the entire Pulsar lineup and expects total Pulsar sales to cross 80,000 units per month.
The company's total vehicle sales rose 73% to 2.76 lakh units in November 2009 over November 2008. Motorcycles sales jumped 84% to 2.42 lakh units.
India's largest motorcycle maker by sales Hero Honda Motors rose 1.2%. The company's Q3 advance tax rose 44.1% to Rs 213 crore. The company's total vehicle sales jumped 32% to 3.81 lakh units in November 2009 over November 2008.
India's top truck maker by sales Tata Motors was flat. The company on Thursday reported a 62% jump in its total global sales in November 2009 to 75,775 units. The company paid Rs 100 crore as advance tax in third quarter versus Nil same quarter last year.
India's top tractor marker by sales Mahindra & Mahindra (M&M) fell 1.04%. M&M on Monday signed a joint venture agreement with Yueda Group, China's second largest tractor producer, to set up a tractor company with a combined investment of Rs 175 crore. The new company, Mahindra Yueda (Yancheng) Tractor Company (MYYTCL) will be a 51:49 joint venture, where M&M will hold the majority. Investments by both companies will be in the ratio of their stakes in the venture. The plant will be operational in the next 12-15 months.
Car sales in India rose an annual 61% to 1,33,687 in November 2009 over November 2008, boosted by improved consumer sentiment, easier availability of loans and a low sales base a year earlier, an industry body said on Tuesday. Sales of trucks and buses, a gauge of economic activity, doubled to 40,847 units in November from 20,631 a year earlier, data from the Society of Indian Automobile Manufacturers showed.
Cals Refineries clocked highest volume of 4.32 crore shares on BSE. Suzlon Energy (0.97 crore shares), Kasshyap Technologies (0.8 crore shares), Austral Coke & Projects (0.7 crore shares) and Unitech (0.68 crore shares) were the other volume toppers in that order.
Tata Steel clocked the highest turnover of Rs 150.22 crore on BSE. Zandu Pharmaceuticals (Rs 136.69 crore), Suzlon Energy (Rs 81.91 crore), Reliance Industries (Rs 78.86 crore) and Aban Offshore (Rs 73.88 crore) were the other turnover toppers in that order.
Market Trading Holidays - 2010 - NSE - BSE
26-Jan-10 Tuesday Republic Day
12-Feb-10 Friday Mahashivratri
01-Mar-10 Monday Holi
16-Mar-10 Tuesday Gudi Padwa
24-Mar-10 Wednesday Ram Navmi
01-Apr-10 Thursday Annual Closing of Banks
02-Apr-10 Friday Good Friday
14-Apr-10 Wednesday Ambedkar Jayanti
27-May-10 Thursday Buddha Pournima
19-Aug-10 Thursday Parsi New Year
10-Sep-10 Friday Ramzan ID
30-Sep-10 Thursday Half Yearly Closing of Banks
05-Nov-10 Friday Diwali / LaxmiPuja*
17-Nov-10 Wednesday Bakri ID
17-Dec-10 Friday Moharram
The holidays falling on Saturday / Sunday are as follows:
27-Feb-10 Saturday Id-e-Milad
28-Mar-10 Sunday Mahavir Jayanti
01-May-10 Saturday May Day
15-Aug-10 Sunday Independence Day
11-Sep-10 Saturday Ganesh Chaturthi
02-Oct-10 Saturday Gandhi Jayanti
17-Oct-10 Sunday Dussera-Vijaya Dashami
07-Nov-10 Sunday Bhau Bhij
21-Nov-10 Sunday Gurunanak Jayanti
25-Dec-10 Saturday Christmas
Analyst upgrades fuel US stocks
Alcoa and Intel jointly contribute around 12 points for Dow to rise
US stocks managed a strong start and finish for the day on Monday, 21 December 2009. A relatively weak dollar helped stocks right out of the gate since today morning. Other than that, couple of better than expected earning reports and analyst upgrades of some key companies also helped stocks stay strong today. But dollar also recovered since the open. Some merger related news also aided the rally in the broader market.
At the end, the Dow Jones Industrial Average ended higher by 85.25 (0.8%) points at 10,414.14. Nasdaq ended higher by 25.97 points (1.1%) at 2237.66. S&P 500 ended higher by 11.58 points (1%) at 1114.05.
All the ten economic sectors ended higher for the day led by materials, consumer discretionary and financial sectors.
Health-care stocks also helped to lead the market higher after the Senate voted on Monday to advance health-care legislation in an initial procedural vote, beginning a process that puts the bill on track for passage later this week.
Alcoa was among the key gainers among the Dow components and led the rally in the broader market following an upgrade at Morgan Stanley. The component also aided in the rally in the commodities sector.
In the technology sector, Intel was the major driving force after getting an upgrade at Barclays. Apple, Microsoft, and Cisco Systems were other tech stocks that sported strong gains.
Alcoa and Intel jointly contributed around 12 points of hike in the Dow.
Among earning reports expected for the day, Walgreens and ConAgra announced better-than-expected earnings for the latest quarter. ConAgra also announced an increase in its outlook for fiscal 2010.
In the merger and acquisition area, Terex agreed to sell its mining business to Bucyrus for $1.3 billion.
Crude prices ended lower on Monday, 21 December 2009. Prices fell as traders mulled over the fact that there might be an interest rate hike in the medium term. The relatively strong dollar was also a reason for a drop in prices today. There are a plethora of economic reports expected at US market this week which might show that the economy is slowly emerging out of the recession and hence lead to a rate hike.
On Monday, crude-oil futures for light sweet crude for January delivery closed at $72.47/barrel (lower by $0.89 or 1.2%). Earlier in the day, it was trading higher.
In the currency market on Monday, the greenback started the day relatively weak with the dollar index trading with a fractional loss after it was down roughly 0.2% earlier this morning. Then, the dollar's move caused a pullback in commodity prices. The dollar index, which weighs the strength of dollar against the basket of six other currencies rose by almost 0.3%. Last week, the dollar index gained almost 1.7%.
Indian ADRs ended mixed on Monday with more losers than gainers. HDFC Bank and ICICI Bank were the main gainers adding 1.8% and 1.3% to their last closing prices. VSNL and Wipro Technologies were the main losers slipping 5.5% and 3.5% respectively.
For tomorrow, there are two economic reports scheduled to be released before the open. They are the GDP (Third estimate) and GDP Prices data. Couple of earning reports is also expected.
Market may snap last three days of fall on firm Asia
The market may gain tracking firm Asian stocks after US stocks surged on Monday. Higher advance tax payment by India Inc may further boost sentiment.
Advance tax payments by Indian firms rose an annual 24 % in October-December, signaling higher corporate profits and raising prospects that the country may exceed the target for direct taxes, a finance ministry official said on Monday. The corporates paid about Rs 55,900 crore in advance tax in the December quarter compared to about Rs 50500 crore during July-September quarter, and about Rs 41,600 crore during the year-ago quarter.
Top 100 firms' advance tax payments were up more than 30 % in the December quarter. The net direct tax receipts, which include corporate tax and income tax paid by individual tax payers grew by about 8.5 % during October-December compared to a year ago.
India's food-price inflation cannot be tackled through monetary and other policy steps, while inflationary expectations will not stay long, Finance Secretary Ashok Chawla said on Monday. Earlier on Monday, the Prime Minister's economic advisor C Rangarajan said India's central bank may have to raise the cash reserve ratio (CRR) to drain money from the banking system if prices do not decline in December.
India is battling soaring food prices after a poor monsoon and then flooding in parts of the country hit crops."Unlike previous inflation, this is very sector specific ... It is a very peculiar inflation which needs to be attacked at the level of the sector," said Kaushik Basu, chief economic advisor to the finance ministry.
India's central bank governor Duvvuri Subbarao had earlier said that monetary policy is not the right tool to fix supply problems such as food shortages, but added that if not contained soaring food prices would stoke inflationary pressures in the broader economy.
Food prices surged an annual 20 % in early December and rising food prices contributed to a faster-than-expected 4.78 % increase in the wholesale price index in November 2009. Last week, Mukherjee had said containing inflation is high on the government's agenda and it is monitoring the price situation.
Asian stocks rose on Tuesday on course for its first gain in four days, as the weaker yen boosted the earnings outlook for Japanese makers of electronics and cars and after metal prices advanced. The key benchmark indices in Hong Kong, Indonesia, Japan, South Korea, Singapore and Taiwan rose by between 0.36% t o 1.43%. But China's Shanghai Composite fell 0.51%.
Wall Street gained on Monday with the Nasdaq closing at a new 15-month high. Positive earnings, upgrades for Alcoa and Intel and the senate health-care bill advancing triggered gains despite the dollar index gradually gaining traction. The Dow Jones Industrial Average was up 85.25 points, or 0.83% at 10,414.14. The Standard & Poor's 500 Index gained 11.58 points, or 1.05%, to 1,114.05. The Nasdaq Composite Index rose 25.97 points, or 1.17, to end at 2,237.66, its highest close since September, 2008.
The key benchmark indices drifted lower in a volatile session of trade on Monday despite positive European markets and higher US index futures. The BSE Sensex fell 118.63 points or 0.71% to 16601.20 its lowest closing since 10 November 2009 on that day.
As per provisional figures on NSE, foreign funds sold shares worth Rs 291.94 crore and domestic funds bought shares worth Rs 353.83 crore on Monday.
Grey Market Premium - DB Corp, JSW Energy
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| D.B. Corp. | 212 (For Retail Investor Rs. 210) | 20 to 21 (High Rs. 28) |
| JSW Energy Ltd. | 100 (For Retail Investor Rs. 95) | 2.50 to 3 (Low Rs. -6/7) |
| Godrej Properties | 490 | 28 to 29 |
| MBL Infra | 165 to 180 | 5.5 to 6.5 |
Sensex may open higher
Headlines for the day
India Inc pays 20% more advance tax on strong showing - Business Line
Mahindra Yueda rolls out plans for China - Business Line
Zee Entertainment mulls ETC Biz recast - DNA Money
TVS Motor plans 200cc motorcycle - Business Standard
WWIL targets townships for HITS expansion - Business Standard
Events for the day
Major corporate action:
Ex-date for dividend of Centrum Capital, Emami, Fedders Lloyd Corporation, GHCL, LGS Global, RR Financial Consultants & Sharon Bio-Medicine.
Ex-date for final dividend of Triveni Engineering & Industries.
Ex-date for Scheme of Arrangement of Emami Ltd & Zandu Pharmaceuticals Ltd.
Ex-date for stock split of Kanani Industries from Rs10 per share to Rs5 per share.
Ex-date for consolidation of shares of Firstobject Technologies Ltd
Pre-market report
Global signals
The European stocks were closed strong on Monday as banking stock recovers its recent losses and buying in energy stock. FTSE 100 closed 1.87% higher at 5294.
On Monday, the US markets were closed positive after a healthcare reform bill advanced in the Senate. Nasdaq hitting a 15-month high and closed the day at 2238, 26 points higher.
In today's trade, all the Asian indices are trading with gains except Shanghai Composite that trading marginally lower by 0.12%. At the time of writing this report, SGX Nifty is trading 33 points higher.
Indian markets
On the back of positive & strong signals coming from the global market, the domestic indices are expected to open higher and may remain strong.
Among the local indices, the Nifty could test the 5000-5050 range on the up side, while on the down side it could find support at 4900 and 4920. While the Sensex is likely to get support at 16500 and may face resistance at 17000.
Indian ADR's
Indian ADRs trading on the US bourses showed the mixed trend, among gainers HDFC Bank surged the most with gains of 1.77%. On other hand Tata Communications fell the most by 5.54%
Commodity cues
In the commodity space, wherein the Crude oil prices recorded marginal loss, with the Nymex light crude oil for January series down by $0.81 to settle at $72.55 a barrel.
In the metals space, Comex Gold for February series fell $15.50 to settle at $1096.00 to a troy ounce.
Daily trend of FII/MF investment in equities
On December 21, 2009, FIIs were the net sellers of the Indian Stocks in the tune of Rs83.40 crore (with the gross purchase of Rs2234.80 crore and gross sales of Rs2318.20 crore).
While the Domestic mutual funds, on December 17, 2009, were the net seller of the stocks in the tune of Rs27.20 crore (with gross purchase of Rs707.40 crore and gross sales of Rs734.60 crore).
Daily News Roundup - Dec 22 2009
M&M signed a joint venture agreement with Yueda Group, China’s second largest tractor producer, to set up a tractor company with a combined investment of Rs1.8bn. (BS)
Tata Motors plans to roll out hybrid city buses which are aimed at providing eco-friendly transportation solutions. (FE)
Reliance Infrastructure is on track to commission over Rs100bn worth of infrastructure projects in the next seven months. (BS)
TVS Motor plans to launch diesel auto-rickshaws as part of its strategy to grow in the domestic market. (ET)
Nava Bharat Ventures acquired a 65% equity stake in Maamba Collieries Ltd (MCL) of Zambia at a total outlay of US$26mn. (BS)
The Orissa government has granted Prospecting License (PL) in favour of Bhushan Steel over an area of 280.755 hectares spread over Marsuan,Tiriba and Narasinghapur villages in Keonjhar district. (BS)
S Tel, the latest entrant in the Indian cellular market, aims to be present in six telecom circles of the country by the end of 2010. (BS)
Fortis Healthcare, post-acquisition of 10 hospitals from the Wockhardt group, will spend around Rs2.5bn to complete the ongoing hospitals in Mumbai, Kolkata and Bangalore. (BL)
Ranbaxy Laboratories plans to market an antihypertensive originally, discovered by Daiichi Sankyo, in six African countries. (BL)
Tata Realty And Infrastructure Ltd (TRIL), a wholly owned subsidiary of Tata Sons, plans to develop the Rs35bn ‘Ramanujan IT City' in Chennai. (BL)
Aegis Logistics has acquired Shell Gas (LPG) India and expects the whole acquisition process to be completed in the next 90-days. (FE)
Fortis will expand and add 600 beds in the first half of 2010. (FE)
Ansal Properties plans to raise Rs6bn through qualified institutional placement. (ET)
Ranbaxy labs to launch its parent companies anti-hypertensive drug, Olmesartan Medoxomil, in six African countries under the brand name — Olvance. (ET)
Indirect tax receipts for eight months (April-November 2009) dipped 21% to Rs1,458bn. (BS)
Nuclear Power Corporation has projected an investment of Rs10,000bn for nuclear capacity addition of 10,000MW by 2020. (BS)
The advance tax collection from India Inc rose 20% in the first nine months of FY10, compared to the same period last year, with automobiles, consumer goods and metals leading the pack. (BS)
The life insurance industry logged a 21% yoy increase in premium collections during the first seven months of FY10. (BS)
The empowered Group of Ministers decided that auctions for 3G mobile spectrum will take place in January and will be given to four successful bidders excluding BSNL and MTNL. However, all the successful bidders will get 3G spectrum simultaneously only in August 2010. (BL)
The Petroleum Minister has sought oil bonds worth Rs208bn to partially compensate the public sector OMCs for selling cooking fuels below the market price during the three quarters of the current fiscal. (BL)
The government is set to accept the recommendations of a ministerial group and ban FDI in tobacco, dealing a blow to the plans of international tobacco firms that have long eyed a bigger presence in the Indian market. (ET)
The companies are rushing to buy-back FCCBs as deadline set by RBI for repurchase of these securities ends this month. (ET)
Right at start!
Money will come when you are doing the right thing.
The right thing appears to be really on a long holiday. The key indices have gone nowhere in the past 3-4 weeks and the trend has been extremely dull. Traded volume too has tapered off and is likely to remain low in the face of the upcoming holidays.
Thanks to firm global cues, we expect a higher opening and another choppy day. Can’t call it Christmas shopping, though! On the whole, the current lackluster trend is expected to continue. The Nifty will find some support and could surpass the 5000 mark again. The near-term trading range may be between 4900-5100.
Volatility will prevail given the murky outlook and F&O expiry next week. Stock centric action will continue based on the news flow. Short term traders are likely to take profit at every rise. A major break down is ruled out for now but avoid risky bets. Don’t read too much into what goes in the market these days as bulls and bears both seem to be lacking conviction.
Indices in the US and Europe started the week with decent gains, helped by signs of a weakening dollar. Upgrades to Alcoa and Intel boosted US stocks, helping to reverse last week's losses.
OPEC will almost certainly leave its production levels unchanged when it meets later today. Speculation of an impending reversal in monetary cum fiscal stimulus worldwide has increased. This has curbed inflation expectations to some extent and reduced gold's investment appeal.
FIIs were net sellers in the cash segment on Monday at Rs2.92bn on a provisional basis. The local funds were net buyers of Rs3.54bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net sellers at Rs517.2mn. FIIs were net buyers of Rs834mn in the cash segment on Friday.
US stocks rallied on Monday, pushing the Dow back into positive territory for the month, as investors cheered a combination of analyst upgrades and corporate deal-making.
The Dow Jones Industrial Average gained 85 points, or 0.8%, to end at 10,414.14. The blue-chip average is now up 0.7% for December. The S&P 500 index rose 11 points, or 1.1%, to close at 1,114.05. The Nasdaq Composite index advanced 26 points, or 1.2%, to 2,237.66, its highest level since Sept. 2008.
Aluminum producer Alcoa's shares surged nearly 9% after analysts at Morgan Stanley upgraded the stock and the company announced a $10.8 billion joint venture with Saudi Arabia to develop a major mining operation.
Technology stocks advanced after analysts at Barclays Capital upgraded Intel to "overweight." Shares of the chip titan rose 2.4%.
Big health-care companies rose after the US Senate voted to end debate on revisions to a major healthcare reform bill, a key step toward finalizing the controversial legislation.
The healthcare sector was also supported by news that Sanofi-Aventis will buy retail health products maker Chattem for $1.9bn.
Wall Street will have a holiday-shortened week. The stock market will close early on Thursday and will remain shut on Friday for the Christmas holiday. In fact, many market participants will take the entire week off, which means trading volume will be lower.
Many money managers have closed their books. Those that are still trading will probably avoid risky bets. A lot of people have packed their bags for the week and for the year. So, one shouldn't read too much into any of the moves this week.
French pharmaceutical company Sanofi-Aventis announced plans to acquire Chattanooga, Tenn.-based Chattem, which makes over-the-counter healthcare products like Icy Hot. The deal, which would create the world's fifth-largest consumer healthcare company, is part of an ongoing plan to expand Sanofi's presence in the US market, the company said in a statement.
Elsewhere, mining equipment maker Bucyrus International said on Sunday that it would buy rival Terex Corp. for $1.3 billion in cash.
Also on Sunday, Dutch automaker Spyker said that it had made a new offer to General Motors (GM) for the Swedish car brand Saab. GM had announced on Friday that it would let the car brand die after failing to reach a deal with potential buyers, including Spyker and Swedish carmaker Koenigsegg. Spyker said late on Monday that it would extend the deadline on its offer until further notice. GM says it is considering the offer.
In other corporate news, Citadel Broadcasting Co., the nation's third-largest radio group, filed for Chapter 11 bankruptcy on Sunday. The company, which has stations in 25 states, listed liabilities of $2.5 billion on assets of $1.4 billion, according to court papers filed in the Southern District of New York.
No economic reports were released on Monday.
The dollar rose against major international rivals.
Crude oil for January delivery fell 89 cents to settle at $72.47 a barrel.
Gold for February delivery fell $15.50 to settle at $1096.00 an ounce.
European stocks climbed, led by energy plays due to the cold weather on both sides of the Atlantic. After finishing with a 0.4% increase last week, the Dow Jones Stoxx 600 index rose 1.3% to 249.41, led by oil producers including BP, as oil traded around $75 a barrel.
The UK's FTSE 100 index rose 1.9% to 5,293.99, while the German DAX index added 1.7% to 5,950.53 and the French CAC 40 index added 2.1% to 3,872.06.
After enjoying a stellar 2009, some fatigue has surely set in the Indian equity markets towards the last two weeks of the year. Since we have two back-to-back extended weekends, traders and investors preferred booking profits and offload their positions as the year end gets closer.
Yet again Monday saw an insipid start and after staying lackluster for first half, key indices lost strength led by losses in the Capital Goods, Metals and the Auto stocks.
Technically also daily charts are showing signs of an intermediate correction. The benchmark Nifty index has taken out its 50 Day Moving average which has so far acted as a strong support for the index in the past. In addition, the medium term trend line has also been breached indicating possibility of further downfall.
Finally, the BSE Sensex fell 119 points to end at 16,601 after touching a high of 16,751 and a low of 16,578. The NSE Nifty slipped 35 points to end at 4,953.
In Asia, the Nikkei in Japan was up 0.4%, while Australia's S&P/ASX ended lower by 0.3%. Shanghai SE Composite was up 0.3% and Hang Seng index in Hong Kong was down 1%.
In Europe, stocks were trading in the green. The DAX in Germany was up 0.6% and the CAC 40 index in France was up 0.3%. The FTSE in the UK was up 0.3%.
Coming back to India, among the BSE sectoral indices, the Capital Goods index was the top loser, shedding 1.6%, followed by the Metal index that was down 1.6% and the BSE Auto index was down 1.5%.
Major gainers were BSE Consumer Durables index up 1.3% and BSE Oil & Gas index up 0.2%.
The BSE Mid-Cap index ended marginally lower by 0.5% while the BSE Small-Cap index was down 0.2%.
Among the 30-components of Sensex, 24 stocks ended in the red and 6 ended in the positive terrain. Hindalco, M&M, JP Associates, L&T, Bharti Airtel and DLF were among the top laggards.
On the other hand, among the major gainers were TCS, Reilance Industries, Wipro, NTPC and ICICI Bank.
Outside the frontline indices, the big losers in the broader market were Bajaj Holdings, Essar Oil, Central Bank, Balrampur Chini, IDFC and Asian Paints. On the other hand, gainers included Ackruti City, REI Agro, Titan, Apollo Hospitals and Godrej Cons.
Shares of Prime Focus erased early gains and ended higher by 3% to end at Rs2347 after reports stated that the company earned ~Rs180mn from a deal to create 200 shots of the 1,600-odd shots in Avatar. Fox Star Studios is believed to have spent over Rs8.4bn on special effects.
A significant part of Avatar, which had a budget of over Rs11bn, has been brought to life Prime Focus.
Reports stated that Prime Focus has worked on some box-office blockbusters like New Moon and GI Joe. Almost 80% of New Moon’s special effects were done by the company, added reports.
The scrip opened at Rs235 it touched an intra-day high of Rs252 and a low of Rs233 and recorded volumes of over 0.17mn shares on BSE.
BHEL secured a repeat order worth Rs6.4bn from Adhunik Power and Natural Resources for the main plant package of the second new-rating unit of 270 MW at its upcoming Thermal Power Project (TPP) in Jharkhand.
However, shares of BHEL slipped by 1.5% to end at Rs2282. The scrip opened at Rs2320 it touched an intra-day high of Rs2334 and a low of Rs2267 and recorded volumes of over 83,000 shares on BSE.
Zee Entertainment announced that the Board of Directors will meet on December 23, 2009, to consider a proposal for restructuring of the businesses of ETC Networks Ltd, a Subsidiary of the company.
Shares of Zee Entertainment surged by 4% to Rs262, the scrip opened at Rs248 it touched an intra-day high of Rs263 and a low of Rs248 and recorded volumes of 0.17mn shares on NSE.
Shares of PBA Infrastructure gained by 3.3% to end at Rs70.4 after the company announced that it won a contract worth Rs1.45bn from M/s. Oriental Structural Engineers Pvt. Ltd for 4 Laning of km 0 to km 20 in Nagpur Bypass Section of MH-7
The scrip opened at Rs71 it touched an intra-day high of Rs74 and a low of Rs70 and recorded volumes of over 20,000 shares on BSE.
Shares of ING Vysya Bank advanced by 1.7% to end at Rs267 after ~2.3mn shares, or 1.9% of its equity changed hands in two block deals on the NSE. The scrip opened at Rs292 it touched an intra-day high of Rs312 and a low of Rs291 and recorded volumes of over 2.4mn shares on NSE.
Precious metals lose some sheen
Prices drop on speculation of interest rate hike in medium term
Bullion metal prices fell on Monday, 21 December 2009. Prices fell as traders mulled over the fact that there might be an interest rate hike in the medium term. The relatively strong dollar was also a reason for a drop in prices today.
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 Monday, gold for February delivery ended at $1,095.4 an ounce, lower by $15.4 (1.4%) an ounce on the New York Mercantile Exchange. Gold fell below the $1,100 level for first time in more than one and half months. Last week, gold shed 1.1%. The metal fell for three straight weeks.
Gold ended November 2009 higher by 13%. Before that, for the third quarter it ended higher by 8.7%. For the second quarter, gold ended higher by 0.5%. The metal had gained 4.3% in the first quarter of this year. On a year to date basis, gold price is higher by 25.2%.
On Monday, December Comex silver futures ended lower by 28.5 cents (1.7%) at $17.035 an ounce. Last week, silver registered marginal fall. The metal has gained 51.3% this year until date.
In the currency market on Monday, the greenback started the day relatively weak with the dollar index trading with a fractional loss after it was down roughly 0.2% earlier this morning. Then, the dollar's move caused a pullback in commodity prices. The dollar index, which weighs the strength of dollar against the basket of six other currencies rose by almost 0.3%. Last week, the dollar index gained almost 1.7%.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for February delivery closed lower by Rs 14 (0.08%) at Rs 16,969 per ten grams. Prices rose to a high of Rs 16,991 per 10 grams and fell to a low of Rs 16,942 per 10 grams during the day's trading.
At the MCX, silver prices for March delivery closed Rs 24 (0.08%) higher at Rs 27,315/Kg. Prices opened at Rs 27,315/kg and rose to a high of Rs 27,341/Kg during the day's trading.
Copper inches up
Prices go up on strong demand hopes from China
Copper prices once again ended higher at Comex and LME on Monday, 21 December 2009. Prices rose as traders anticipated that the demand for metals would rise in the coming months, especially from China, as the country is targeting an 8% growth in the next couple of years. Prices went up despite the relatively strong dollar.
At USA, copper futures for March delivery ended higher by 2 cents (0.6%) to 3.1585 a pound. Last week, copper remained almost unchanged. Copper ended November 2009 higher by 6.6%. On a year to date basis, copper has climbed 116%.
On the London Metal Exchange, copper for delivery in three months ended higher by $78 (1.3%) at $6,935.65 a metric ton. On 3 July, 2008, prices had touched an all time intra day high of $8,940.
In the currency market on Monday, the greenback started the day relatively weak with the dollar index trading with a fractional loss after it was down roughly 0.2% earlier this morning. Then, the dollar's move caused a pullback in commodity prices. The dollar index, which weighs the strength of dollar against the basket of six other currencies rose by almost 0.3%. Last week, the dollar index gained almost 1.7%.
The U.S. buys about 13% of the 17 million metric tons of copper sold annually and China buys about 20%.
In FY 2008, copper prices dropped by 54%. Prior to 2008, copper prices ended FY 2007 with a gain of mere 5.5% after a whopping 44% gain in FY 2006. The price of copper gained every year since 2002 as global economic growth boosted demand for the metal used in pipes and wires.
At the MCX, copper for February delivery closed at Rs 324.85/Kg. The closing price was Rs 0.2/Kg (0.06%) higher than previous closing price. Prices rose to a high of Rs 325.2/Kg and fell to a low of Rs 324.1/Kg during the day's trading.
Among other metals traded in the LME on Monday, lead fell marginally to $2,350.5 a ton and zinc gained 1.3% to end at $2,438.3 a ton. Nickel gained 1.4% at $17,340. Aluminium rose 0.5% at $2,249 a ton.
Crude slips gain
Prices drop as dollar heads up and traders anticipate a rate hike
Crude prices ended lower on Monday, 21 December 2009. Prices fell as traders mulled over the fact that there might be an interest rate hike in the medium term. The relatively strong dollar was also a reason for a drop in prices today. There are a plethora of economic reports expected at US market this week which might show that the economy is slowly emerging out of the recession and hence lead to a rate hike.
On Monday, crude-oil futures for light sweet crude for January delivery closed at $72.47/barrel (lower by $0.89 or 1.2%). Earlier in the day, it was trading higher.
Last week, crude ended higher by almost 5%. Crude ended month of November, higher by 0.4%. It reached a high of $82 earlier in October this year but since then it has been dropping most of the days.
Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 50% since then.
Oil prices shot up last Friday, after Iraq said Iranian forces occupied the area around an oil well 280 miles south of Baghdad. The countries have the world's second and third biggest oil reserves in the world.
In the currency market on Monday, the greenback started the day relatively weak with the dollar index trading with a fractional loss after it was down roughly 0.2% earlier this morning. Then, the dollar's move caused a pullback in commodity prices. The dollar index, which weighs the strength of dollar against the basket of six other currencies rose by almost 0.3%. Last week, the dollar index gained almost 1.7%.
OPEC ministers are scheduled to meet this week at Angola and decide on the production quota. Market is anticipating no change in the same.
Last week, in the latest report, OPEC, revised higher its forecast for world oil demand next year by 70,000 barrels a day, to 85.13 million barrels, citing demand from developing countries such as China and India. However, the cartel said the pace of recovery in developed countries, especially in the U.S., remained at risk and could dampen demand.
The cartel also said that the supply of oil from non-OPEC nations will likely expand by 500,000 barrels a day this year, slightly higher than last month's forecast. In November, OPEC crude production averaged 29.1 million barrels a day.
Among other energy products on Monday, January gasoline futures fell 2.6% to $1.8691 a gallon, January heating oil fell 1.1% to $1.9452 a gallon.
Also on Monday, January natural gas dropped 2% to $5.669 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 January delivery closed unchanged at Rs 3,504/barrel. Natural gas for December delivery closed higher by Rs 2.7 (1%) at Rs 272.3/mmbtu.
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