Sensex ends above 17k, Nifty above 5k

Indian equities wrapped the day on a cheerful note supported by metal, oil & gas, power, capital goods and IT stocks. It belled positive with a gain of 31.96 points, at 16,723.96 on Wednesday on firm Asian shares. It continued to trade higher on sustained buying interest seen in pivotal stocks among the investors ahead of long weekend. The index in the second half gained further ground, regaining 17,000 mark on the back of domestic institutions and mutual funds. Finally the index rallied further to close on a buoyant note after touching a high of 17,252.09. Broader markets and opening of positive European markets also led the upsurge.

BSE Midcap and Smallcap index rose 1.57% and 1.51% respectively.

The Sensex ended the day with a gain of 539.11 points, or 3.23% at 17,231.11 after touching a high of 17,252.09 and a low of 16,723.96. The broad-based NSE Nifty gained 158.75 points, or 3.18% at 5,144.60 after hitting a high of 5,150.60 and a low of 4,990.05.

All shares in the Sensex settled on a positive note. Major were Hindalco Industries (7.77%), NTPC (6.96%), Sterlite Industries (India) (5.05%), Reliance Industries (4.62%), Tata Steel (4.45%), and ICICI Bank (4.30%).

Overall market breadth was sharply positive. Out of the total 2,922 stocks traded at BSE, 1,907 advanced, 924 declined while 91 remained unchanged.

All sectoral indices settled positive. BSE Metal rose 4.05%, Oil & Gas climbed 3.43%, Power gained 3.37%, Capital Goods rose 2.99% and IT climbed 2.95%.

European stocks rose, sending the Dow Jones Stoxx 600 Index to a 14-month high, before reports that may show US consumer spending and new-home sales increased

BSE Bulk Deals to Watch - Dec 23 2009

Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
23/12/2009 532230 Bengal Tea BALA SUBRAMANIAM SHANKAR B 50249 54.44
23/12/2009 526666 Bhartiya Intl MERULAND INSURANCE SERVICES PRIVATE LIMITED B 41611 71.52
23/12/2009 526666 Bhartiya Intl MERULAND INSURANCE SERVICES PRIVATE LIMITED S 40099 70.14
23/12/2009 530249 Bridge Sec VISHAL PRAGNESHBHAI SHAH B 20000 14.40
23/12/2009 533026 Chemcel Bio DASAMANTHA RAO K S 240400 11.16
23/12/2009 533026 Chemcel Bio ACHAL KUMAR DAGA S 140360 11.61
23/12/2009 517973 DMC Intl CENTENARY SOFTWARE PVT LTD B 51834 20.17
23/12/2009 517973 DMC Intl CENTENARY SOFTWARE PVT LTD S 53302 20.23
23/12/2009 504351 Empower Inds HITESH JAYESH THAKAR B 415000 35.07
23/12/2009 504351 Empower Inds JASMIN SUSILKUMAR BAJORIYA S 79558 35.00
23/12/2009 504351 Empower Inds JIGNESH CHANDRAKANT SHAH S 255643 35.11
23/12/2009 530337 Exelon Infra KAMALA KANTA GUPTA B 69500 57.01
23/12/2009 530337 Exelon Infra MADHU CHHAPARIA B 26300 57.90
23/12/2009 530337 Exelon Infra AMIT SARAOGI B 30000 57.57
23/12/2009 530337 Exelon Infra KAMALA KANTA GUPTA S 50000 57.41
23/12/2009 530337 Exelon Infra VADLAMUDI SRIKRISHNA S 52800 56.76
23/12/2009 530337 Exelon Infra MADHU CHHAPARIA S 26300 57.66
23/12/2009 590094 FARMAX RET SANI KOMMUNAGI REDDY B 75000 173.75
23/12/2009 532768 FIEM Inds PARAM COMMODITIES PVT.LTD. S 61402 117.87
23/12/2009 500155 Garden Silk ABHISHEK VIJAYKUMAR SHAH B 248910 82.68
23/12/2009 511543 GSB Finance GSB SECURITIES PVT LTD B 88520 8.10
23/12/2009 511543 GSB Finance GSB CAPITAL MARKETS LTD. S 80100 8.10
23/12/2009 532894 Indowind Ener DHIRAJLAL V SANGHVI HUF B 244729 58.15
23/12/2009 532894 Indowind Ener DHIRAJLAL V SANGHVI HUF S 244692 58.40
23/12/2009 532283 Kaashyap Tech NARENDRA AMRATLAL AMIN B 2500000 0.70
23/12/2009 532283 Kaashyap Tech NARENDRA AMRATLAL AMIN S 2500000 0.70
23/12/2009 530255 KAY Power KAUSHALYA GARG S 76914 10.65
23/12/2009 500256 Lok Housing ANGEL INFIN PRIVATE LIMITED B 436079 47.76
23/12/2009 500256 Lok Housing ANGEL INFIN PRIVATE LIMITED S 369978 47.57
23/12/2009 590111 MASTER PUNIT KAPOOR B 26750 74.83
23/12/2009 590011 Moving Picture PARK LTD. B 52000 5.12
23/12/2009 531834 Natura Hue Chem CHETAN DOGRA HUF B 40000 38.54
23/12/2009 531834 Natura Hue Chem CHETAN DOGRA S 51000 38.42
23/12/2009 519560 Neha Intl RAJESH GOPALKRISHNA RATHI B 100000 51.20
23/12/2009 511551 Networth Stock GIRISH DEV S 60000 45.00
23/12/2009 590090 Octant Inter RUPAK DEVELOPERS PRIVATE LIMITED B 165000 15.10
23/12/2009 531496 Omkar Overseas PINABEN PRAKASHKUMAR SHETH B 45000 41.05
23/12/2009 531496 Omkar Overseas VIJAYKUMAR KASHMIRILAL PUNJABI B 25000 41.95
23/12/2009 531496 Omkar Overseas GAGANO ARORA B 25100 41.95
23/12/2009 531496 Omkar Overseas AMBIKA SHYAM SHUKLA B 50000 41.95
23/12/2009 531496 Omkar Overseas PRAKASH KUMAR DEVSILAL SHETH B 45000 41.15
23/12/2009 531496 Omkar Overseas NAYANKUMAR SHAH KALPANABEN S 35000 41.34
23/12/2009 531496 Omkar Overseas SHANKARLAL GOPIRAM AGARWAL S 100000 41.95
23/12/2009 511702 Parsharti Inv SHIVA INVESTMENT B 25000 33.00
23/12/2009 531855 Prabhav Inds ATREYA PETROCHEM LIMITED S 70000 35.39
23/12/2009 531273 Radhe Dev RAVI VASANTBHAI PAWAR B 1308187 8.64
23/12/2009 531273 Radhe Dev RAVI VASANTBHAI PAWAR S 1290000 8.84
23/12/2009 530111 Raj Packaging JAYESH RATILAL GADA B 30500 20.06
23/12/2009 530111 Raj Packaging SUMAN DEVI B 19934 19.40
23/12/2009 530111 Raj Packaging SUMAN DEVI S 19934 19.14
23/12/2009 530111 Raj Packaging PARESH SHAH MEET S 24745 19.61
23/12/2009 524037 Rama Phosphates HITESH SHASHIKANT JHAVERI B 37994 27.48
23/12/2009 524037 Rama Phosphates HITESH SHASHIKANT JHAVERI S 27756 27.40
23/12/2009 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 97722 34.24
23/12/2009 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA S 94978 34.13
23/12/2009 590077 Ranklin Sol NITIN CHADHA B 30851 49.77
23/12/2009 590077 Ranklin Sol GLOBAL WEALTH CREATORS S 31161 49.61
23/12/2009 511585 Regency Trust MUKESH JINDAL B 30300 19.16
23/12/2009 511585 Regency Trust SUNIL KAJARIA S 50000 19.16
23/12/2009 531646 RFL Intl MITTAL SECURITIES FINANCE LTD B 52000 1.82
23/12/2009 530271 Rich Capital SAROJ DOGRA B 43793 132.95
23/12/2009 530271 Rich Capital CHETAN DOGRA HUF B 68732 136.76
23/12/2009 530271 Rich Capital SAROJ DOGRA S 38293 136.39
23/12/2009 530271 Rich Capital CHETAN DOGRA HUF S 68732 132.90
23/12/2009 521206 Samtex Fashions KINOFOLK INDUSTRIES LTD. B 42042 31.24
23/12/2009 505141 Scooters India TEJRAM DHRUW B 10425 28.00
23/12/2009 505827 SNL Bearings SHAREKHAN LTD A/C Diversified Equity B 37000 18.50
23/12/2009 532711 Sunil Hitech SMART EQUITY BROKERS PRIVATE LIMITED B 116322 199.20
23/12/2009 532711 Sunil Hitech SMART EQUITY BROKERS PRIVATE LIMITED S 116322 199.36
23/12/2009 533121 THINKSOFT REGENT FINANCE CORPORATION PVT. LTD. B 54847 305.08
23/12/2009 533121 THINKSOFT A.K.G. STOCK BROKERS PVT. LTD. B 52043 305.81
23/12/2009 533121 THINKSOFT REGENT FINANCE CORPORATION PVT. LTD. S 54847 308.19
23/12/2009 533121 THINKSOFT A.K.G. STOCK BROKERS PVT. LTD. S 52043 305.66
23/12/2009 531874 Venus Ventures ANITHA YARLAGADDA S 67156 15.10
23/12/2009 531249 Well Pack Papers PANDYA YAMINIBEN M B 30806 353.04
23/12/2009 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR B 31651 353.56
23/12/2009 531249 Well Pack Papers SHREEDHAR YELLAIAH KODAM B 25000 352.69
23/12/2009 531249 Well Pack Papers SHOBHNABEN R PARMAR S 23945 353.85
23/12/2009 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR S 27483 353.12
23/12/2009 531249 Well Pack Papers AMAR PREMCHAND WALMIKI S 30216 352.96
23/12/2009 506720 Zandu Pharma GENUINE STOCK BROKERS PVT. LTD. B 5960 6320.95
23/12/2009 506720 Zandu Pharma TRANSGLOBAL SECURITIES LTD. B 4620 6580.32
23/12/2009 506720 Zandu Pharma MARWADI SHARES AND FINANCE LTD. B 10688 6505.23
23/12/2009 506720 Zandu Pharma OPG SECURITIES P LTD B 15597 6685.46
23/12/2009 506720 Zandu Pharma Naman Securities & Finance Pvt. Ltd. B 5552 6401.12
23/12/2009 506720 Zandu Pharma GENUINE STOCK BROKERS PVT. LTD. S 5960 6325.13
23/12/2009 506720 Zandu Pharma TRANSGLOBAL SECURITIES LTD. S 4620 6574.03
23/12/2009 506720 Zandu Pharma MARWADI SHARES AND FINANCE LTD. S 10688 6495.81
23/12/2009 506720 Zandu Pharma OPG SECURITIES P LTD S 15597 6687.41
23/12/2009 506720 Zandu Pharma Naman Securities & Finance Pvt. Ltd. S 5574 6428.46
23/12/2009 506720 Zandu Pharma EMAMI LIMITED S 38406 6310.93

NSE Bulk Deals to Watch - Dec 23 2009

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
23-DEC-2009,AUSTRAL,Austral Coke & Projects L,JMP SECURITIES PVT LTD,BUY,2085000,9.05,-
23-DEC-2009,AUSTRAL,Austral Coke & Projects L,RATANLALBRIJLALTAMAKHUWALA,BUY,5702,9.05,-
23-DEC-2009,FIEMIND,Fiem Industries Limited,PARAM COMMODITIES PRIVATE LIMITED,BUY,29984,119.40,-
23-DEC-2009,GLOBUSSPR,Globus Spirits Limited,SATYEN KANORIA,BUY,229917,98.58,-
23-DEC-2009,ITI,ITI Ltd.,JETHI KAPIL,BUY,29318,46.32,-
23-DEC-2009,KALINDEE,Kalindee Rail Nirman (Eng,MBL & COMPANY LTD.,BUY,68400,179.97,-
23-DEC-2009,SUNILHITEC,SUNIL HITECH ENGR. LTD,KOTAK MAHINDRA UK A/C VOYAGER FUND MAURITIUS LTD,BUY,105000,193.25,-
23-DEC-2009,SUNILHITEC,SUNIL HITECH ENGR. LTD,MANSUKH SECURITIES & FINANCE LIMITED,BUY,63627,198.82,-
23-DEC-2009,TATAELXSI,Tata Elxsi (India) Ltd,SHARAD SHAH,BUY,192703,251.18,-
23-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,58359,305.69,-
23-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,DHARMSHI VASHRAM DESAI,BUY,165519,307.67,-
23-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,RAVINDER REDDY NANDI,BUY,51186,310.95,-
23-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,REGENT FINANCE CORPORATION PVT. LTD.,BUY,73706,306.09,-
23-DEC-2009,UNICHEMLAB,Unichem Laboratories Ltd.,BAJAJ ALLIANZ LIFE INSURANCE CO. LTD,BUY,200000,306.11,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,10656,6371.33,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,14462,6419.73,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,4892,6455.13,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,NITU SINGHI,BUY,6158,6484.04,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,6358,6520.29,-
23-DEC-2009,AUSTRAL,Austral Coke & Projects L,JMP SECURITIES PVT LTD,SELL,2025000,9.07,-
23-DEC-2009,AUSTRAL,Austral Coke & Projects L,RATANLALBRIJLALTAMAKHUWALA,SELL,3054076,9.05,-
23-DEC-2009,FIEMIND,Fiem Industries Limited,PARAM COMMODITIES PRIVATE LIMITED,SELL,83302,119.12,-
23-DEC-2009,GLOBUSSPR,Globus Spirits Limited,SATYEN KANORIA,SELL,279034,98.59,-
23-DEC-2009,GSLNOVA,GSL Nova Petrochemicals L,SHUBLAXMI DYEING AND PRINTING MILLS P LTD,SELL,147000,12.00,-
23-DEC-2009,ITI,ITI Ltd.,JETHI KAPIL,SELL,125848,46.12,-
23-DEC-2009,KALINDEE,Kalindee Rail Nirman (Eng,MBL & COMPANY LTD.,SELL,68400,179.93,-
23-DEC-2009,SUNILHITEC,SUNIL HITECH ENGR. LTD,MANSUKH SECURITIES & FINANCE LIMITED,SELL,63627,199.22,-
23-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,58378,306.04,-
23-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,DHARMSHI VASHRAM DESAI,SELL,165519,308.02,-
23-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,RAVINDER REDDY NANDI,SELL,1186,312.95,-
23-DEC-2009,THINKSOFT,Thinksoft Global Ser Ltd,REGENT FINANCE CORPORATION PVT. LTD.,SELL,73706,304.22,-
23-DEC-2009,VITLINFO,Vishal Information Techno,AMAS INDIA INVESTMENTS MAURITIUS LTD,SELL,2270302,12.05,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,EMAMI LIMITED,SELL,72728,6391.58,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,10656,6376.86,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,14462,6435.39,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,4892,6488.51,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,NITU SINGHI,SELL,5158,6297.87,-
23-DEC-2009,ZANDUPHARM,Zandu Pharma works Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,6358,6532.34,-

Asian markets edge higher

Sensex, Hang Seng led regional gains while Shanghai, Seoul follows

Stock market in Asian region finished higher on Wednesday, 23 December 2009, as investors turned cautious mood ahead of Christmas weekend. Most of the regional markets extended gains taking cues from Wall Street where the major averages ended with modest gains on positive home sales data. Continuing strength in the dollar and rise in oil prices after OPEC decided to keep the production quotas unchanged also lifted sentiment.

On Wall Street, stocks finished higher for the third day in a row as data showing a surge in existing-home sales offset a downward revision in third-quarter GDP. The Dow Jones Industrial Average rose 51 points, or 0.5%, to 10,465. The S&P 500 added 4 points, or 0.4%, to 1118, while the Nasdaq improved by 15 points, or 0.7%, to 2253.

In the commodity market, crude oil held steady above $74 a barrel in New York before a U.S. Energy Department report likely to show crude stockpiles fell last week as temperatures dropped.

Crude oil for February delivery rose as much as 39 cents, or 0.5%, to $74.79 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $74.76 as of 9:19 a.m. London time. Futures closed yesterday at $74.40, the highest settlement since 4 December 2009.

Brent crude oil for February settlement traded up 44 cents at $73.78 a barrel on the London-based ICE Futures Europe exchange at 9:23 a.m. local time. The contract earlier rose as much as 0.7% to $73.94. Yesterday, Brent advanced 47 cents, or 0.6%, to settle at $73.46 a barrel.

Gold, little changed in London today, may decline for a third day as gains in the dollar prompt investors to sell the metal before year’s end. Gold for immediate delivery added $2.07, or 0.2 percent, to $1,086.07 an ounce at 9:10 a.m. local time. Gold for February delivery in New York was 0.02 percent higher at $1,086.90 an ounce.

In the currency market, the US dollar remains firm in Asia today after overnight's rally on better than expected existing home sales data.

The Japanese yen was quoted at 91.82 yen per dollar, from yesterday’s close of 91.41 yen.

The Hong Kong dollar was trading at HK$ 7.7540 against the dollar. Actually the Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.

In Sydney trade, the Australian dollar was pinned near 11-week lows by the US dollar, which found strength in upbeat housing data and a steepening yield curve. At the local close, the dollar was trading at $US0.8760, from $US0.8792 on Tuesday and 93 US cents earlier in the month.

In Wellington trade, the New Zealand dollar fell on news the economy is crawling its way out of recession. The 0.2% rise in gross domestic product in the September quarter was less than the 0.3% rise the market was expecting and the 0.4% rise the Reserve Bank of New Zealand predicted in its December monetary policy statement. The NZ dollar fell to US69.80c by early afternoon, its lowest level since mid September, from around US70.20c before the data.

The South Korean won closed at 1,183.6 won to the U.S. dollar, down 3.7 won from Tuesday's close, as offshore investors increased their holding of the greenback.

The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.3500, 0.0050 up from Tuesday’s close of NT$32.3550.

In equities, Asian share markets were mostly higher in holiday-thinned trade Wednesday, with Australian coal stocks shining on corporate action and technology firms advancing across the region.

In Japan, stock markets were closed on the account of public holiday.

In Mainland China, the share market surged on bottom fishing after benchmark Shanghai Composite hit at its lowest in seven weeks yesterday. Materials, industrials, and energy stocks rallied today on bargain hunting amid expectations that global economic recovery would accelerate and continue into next year spurring raw materials demand. Telecommunication sector buoyed up on strong subscriber growth. Steelmakers benefited on hopes of they will raise steel prices due to raising iron ore prices and growing demand.

At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, advanced 23.26 points, or 0.76%, to 3,073.77, meanwhile the Shenzhen Component Index on the smaller Shenzhen Stock Exchange grew 1.31% or 165.78 points, to 12,813.29. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, added 0.94%, to 3,336.48.

On the economic front, China’s domestic demand will continue to grow next year, with fixed asset investment up 25% from a year earlier and retail sales up 18.5%, the State Information Center (SIC) forecast in a report issued Tuesday. However, domestic consumption may not grow as quickly as this year considering the inflationary expectations, the SIC stated. China's Ministry of Commerce said Tuesday that annual overseas direct investment (ODI) from non-financial sectors is expected to top $42 billion in 2009. Non-financial ODI in the first 9 months stood at $32.87 billion, up 0.5% year on year.

In Hong Kong, the share market reversed morning losses to finish the session higher, with gains in export related stocks amid signs the health of US economy is recovering on positive home sales data. Steelmakers benefited on hopes of they will raise steel prices due to raising iron ore prices and growing demand. Banking stocks bounced; led by HSBC Holdings after BNP Paribas delivered upbeat comment. Materials and recourses advanced amid sign of increasing iron ore demand from steelmakers, spurred by the government’s $586 billion stimulus package.

At the closing bell, the Hang Seng Index rebounded 236.70 points, or 1.12%, to 21,328.74, 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 178.80 points, or 1.45%, to 12,528.66.

In Australia, the market finished the session higher with benchmark indices All Ordinaries hits three week closing high, as banking stocks soared and takeover activity in the materials sector boosted the miners. The gains were broad-based, with all sectors closed above the gains line. At the closing bell, the benchmark S&P/ASX200 index surged 35.10 points, or 0.75%, to 4,739.30, meanwhile the broader All Ordinaries rose 31.70 points, or 0.67%, to 4,756.1.

In New Zealand, the NZX50 increased by 0.9% or 30.38 points to 3209.56. The NZX 15 rose 1.01% or 58.29 points to close at 5837.43.

In South Korea, stocks finished higher after range-bound trading as foreign investors continued buying for a second session. The benchmark Korea Composite Stock Price Index (KOSPI) managed to add 5.81 points to 1,661.35 after moving in a narrow range.

In Singapore, the share hold up early gains throughout the session, finishing up in choppy trade, inspired from positive Wall Street overnight and firmer other Asian bourses. Gains in the Straits Times Index were drove by banks, properties and other blue chips amid signs the US economy is improving after sales of existing US homes in November rose to the highest level in almost three years. At the closing bell, the blue chip Straits Times Index was at 2,841.56, added 17.74 points or 0.63%.

On the economic front, Singapore's Department of Statistics data showed that country’s consumer price index for November increased by 0.4% from October due to higher costs of recreation & others. On year on year, CPI fell 0.2% in November, after falling 0.8% in October, mainly due to lower housing costs.

Singapore's central bank has forecast inflation for 2010 in a range of 2.5% to 3.5%, versus an earlier projection of 1-2%, citing an increase in property tax that will take effect next year. The government has forecast 2010 GDP to grow between 3% and 5%, and has maintained its 2009 GDP forecast for a contraction between 2.5 and 2%.

In Taiwan, stock market in Taiwan advanced for another day, touching a new 1- ½ years high, as the regional stocks followed the gains on Wall Street. However, the gains were limited as the talk between Taiwan and China on Taxation issue failed to bring positive developments.

Both the countries decided not to sign the agreement for double-taxation avoidance and taxation cooperation (or taxation agreement, for short) during the on-going cross-Taiwan Strait talk in Taichung, citing technical problems. In a press conference held hastily, Lee Sush-der, finance minister, attributed the shelving of the agreement to differences over tax-revenue allocation, the ceiling of withholding-tax rate, and income definition, refusing to confirm the reported cause of sovereignty issue, however.

The benchmark Taiex share index attained a new 1-½ year high after extending gains for the fourth flat session, ending the day higher by 45.50 points or 0.58% at 7901, the highest closing since 19 June 2008 when market finished the day at 8047.74.

On the economic front, Taiwan’s unemployment rate declined for a second month as employers hired more people amid signs the economy is emerging from a recession. The seasonally adjusted rate fell to 5.98% last month from 6.04% in October.

According to the statistics bureau, the increased hiring comes as exports, which account for more than two-thirds of Taiwan's economy, climbed for the first time in 15 months in November. The number of unemployed people declined to 657,000 in November from 661,000 in October. Without adjusting for seasonal factors, Taiwan's jobless rate fell to 5.86% from 5.96% in October.

In Philippines, equities garnered steady gains despite not so positive economic news as investors preferred to follow the modest up tick in the Asian equities ahead of a long weekend. The benchmark index PSEi escalated 0.27% or 8.17 points to 3,024.33, while the All Shares index mounted 0.66% or 12.52 points to 1,901.45.

In India, buying frenzy continued in late trade as key benchmark indices spurted on comments by Finance Minister Pranab Mukherjee that the economy can grow 7.75% in the fiscal year that ends in March 2010 (FY 2010). Higher advance tax payment by India Inc and firm global stocks, also underpinned sentiment. The BSE Sensex was up 539.11 points or 3.23% to 17231.11. The S&P CNX Nifty was up 158.75 points or 3.18% to 5,144.60.

Elsewhere, Malaysia’s Kula Lumpur Composite index finished slightly higher at 1260.53 while stock markets in Indonesia’s Jakarta Composite index jumped 7.25 points ending the day lower at 2474.88.

In other regional market, European shares rose to 14-month highs, as banks and miners, which have made much of the running this year, gaining again. On the regional-stock-market level, the U.K. FTSE 100 index rose 0.8% or 42.41 points to 5,371, the German DAX index climbed 0.7% or 39.06 points to 5,985 and the French CAC-40 index advanced 0.7% or 27.54 points to 3,926.

Tata Tele connects 3.3 mn mobile users in November

Tata Teleservices, India's sixth-largest mobile operator, said it signed 3.3 million users in November, leading industry additions for the fourth straight month and taking its customer base to 54 million.
Tata Tele, in which Japan's NTT DOCOMO owns a 26 percent stake, was the first mobile operator to introduce per-second billing and unlimited calls for a fixed price, which has helped it add about 15 million users in the last four months.
Top mobile operator Bharti Airtel added 2.8 million mobile users in November to have a total of 116 million.

In today’s trade Tata Tele closed at Rs26.35 up by 1.35% with a volume of 467122 shares on the BSE.

Sensex scales 2-month closing high as heavyweights rally

The key benchmark indices spurted after Finance Minister Pranab Mukherjee that the economy can grow 7.75% in the fiscal year that ends in March 2010 (FY 2010). Higher advance tax payment by India Inc and firm global stocks, also underpinned sentiment. The BSE Sensex jumped 539.11 points or 3.23%.

The BSE Sensex breached the psychological 17,000 mark and the 50-unit S&P CNX Nifty moved past the psychological 5,000 mark. The Sensex attained its highest closing level in more than two months. The Nifty struck a 2-week closing high.

Index heavyweight Reliance Industries (RIL) spurted on a new gas find in the prolific KG basin. Three other index heavyweights - ICICI Bank, Infosys and L&T, also surged. Metal, power, capital goods, realty, banking and IT stocks, jumped. All the sectoral indices on BSE were in green. All the 30 Sensex stocks rose. The market breadth was strong.

After opening with a modest upward gap, the Sensex surged in early trade. The market extended gains in mid-morning trade. The uptrend continued later. The market soared in early afternoon trade boosted by the finance minster's comments on strong growth this year. The market extended gains later.

The market remains closed for four days in a row from Friday, 25 December 2009 to Monday, 28 December 2009. The market remains closed on Friday on account of Christmas. It remains closed on Monday on account of Moharram.

India VIX, a volatility index based on the S&P CNX Nifty index option prices, declined further after Tuesday's sharp slide. It declined 2.77% to 23.84. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days.

The government will wait until the February 2010 budget to consider withdrawing some of the fiscal stimulus measures, Finance Minister said on Wednesday. Mukherjee said on Wednesday that inflation and fiscal consolidation are major challenges in short to medium term. Growth outlook for the second half of FY 2010 looks better, he added. The finance minister said farm output must grow 4% for the economy to expand 9-10% annually. He said industrial production has started picking up.

The finance minister said sustaining higher growth remains a priority for the government. The government is open to making changes in the draft direct tax code, Mukherjee said. The draft code has proposed various reform measures, including cutting in corporate tax rate to 25% and streamlining tax laws.

Meanwhile, the latest data showed that corporate advance tax payments for the October-December 2009 quarter shot up sharply, suggesting a higher profit growth in corporate sector in the third quarter (October-December) of the current fiscal. Corporate advance tax payments for the quarter were up 44% to Rs 48,300 crore against a 3.7% decline in April-June quarter and a 14.7% increase in July-September quarter. The company-wise break-up of advance tax collection suggests a broad-based recovery with automobiles, cement, metals and consumer goods, doing well.

Planning Commission deputy chief Montek Singh Ahluwalia said on Wednesday FY 2010 GDP growth is likely to be better than 7% and that negative impact of drought will be evident in third quarter.

Ahluwalia said on Tuesday the sharp surge in food prices reflects the impact of the drought and inefficient distribution, which could not be addressed by monetary policy. 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.

Ahluwalia said food prices are likely to decline from January 2010. He attributed the surge in food prices to speculation. The stock situation is relatively OK, Ahluwalia aid. 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.

India's food-price inflation cannot be tackled through monetary and other policy steps, while inflationary expectations will not stay long, Finance Secreatary 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'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. Finance Minister Pranab Mukherjee, last week, said containing inflation is high on the government's agenda and it is monitoring the price situation.

In overseas news, Moody's Investors Service cut Greece's debt rating on Tuesday but partially reassured financial markets by saying the country remained far from a crisis. Moody's downgraded Greece to A2 from A1, citing the country's swelling budget deficit. It was Greece's third downgrade by a major credit rating agency this month; Fitch took action early this month, followed by Standard & Poor's.

European shares rose on Wednesday, the last full trading day before the Christmas holiday, extending a recent rally, with banks leading. The key benchmark indices in France, Germany and UK rose by between 0.46% to 0.83%.

Members of the Bank of England's Monetary Policy Committee unanimously backed the decision earlier this month to maintain the size of the bank's asset-purchase plan at 200 billion ($318.7 billion), according to minutes of the committee's Dec. 9-10 meeting released Wednesday. The panel also unanimously backed the decision to keep its key lending rate at a historic low of 0.5%.

Asian shares edged higher on Wednesday tracking overnight gains in US stocks after stronger-than-expected existing home sales data in the US. The key benchmark indices in Indonesia, South Korea, Singapore, Taiwan, China and Hong Kong rose by between 0.35% to 1.12%. Japan's markets were closed for the Emperor's Birthday.

The People's Bank of China (PBOC) on Wednesday said the economic recovery is still insufficient and that correcting structural problems for the nation's growth is urgent, in a statement on its Web site, citing the fourth-quarter Monetary Policy Committee meeting. The PBOC said it will seek to keep policy flexible and focus on decreasing economic volatility and manage the pace of loan growth.

Trading in US index futures indicated Dow could gain 30 points at the opening bell on Wednesday, 23 December 2009.

Broad-based buying sent the S&P 500 to fresh 52-week high on Tuesday despite a surprise downward revision to third quarter GDP and a gain by the greenback. Better-than-expected existing home sales report supported sentiment. The Dow Jones Industrial Average added 50.79 points, or 0.5%, to 10,464.93. The Standard & Poor's 500 index rose 3.97 points, or 0.4%, to 1,118.02, while the Nasdaq Composite Index was up 15.01 points, or 0.7%, to 2,252.67.

The market mood was tempered by news that third quarter GDP was determined to have increased at a slower-than-expected annualized rate of 2.2%, lower than consensus prediction.

The housing data provided some relief. It showed that existing home sales climbed at a stronger-than-expected jump of 7.4% to 6.54 million units in November 2009. That lifted the annualized rate to 6.54 million units.

US Treasury Secretary Timothy Geithner expressed confidence on Tuesday that the US economy was on a solid recovery path, but said tight lending practices by banks still pose a risk.

A trade group for the lenders that finance half the capital equipment investment in the United States said on Tuesday the sharp pullback in business borrowing that marked the recent downturn moderated markedly in November 2009 - an encouraging sign companies may be growing more confident in the sustainability of the recovery.

Fed-funds futures for July 2010 registered a slightly higher probability for a boost in the short-term funds rate by the middle of next year. The July 2010 contract priced in a 50% chance for the Federal Reserve to raise the Fed funds rate to 0.5% at its policy meeting in late June 2010. The same contract had priced in a 46% chance at Monday's (21 December 2009) settlement and a 38% chance at Friday's (18 December 2009) settlement.

The BSE Sensex rose 539.11 points or 3.23% to 17231.11, its highest closing since 17 October 2009. The Sensex rose 560.09 points at the day's high of 17252.09 at the fag end of the trading session. The Sensex opened with an upward gap of 31.96 points at 16723.96 which was also the day's low.

The S&P CNX Nifty rose 158.75 points or 3.18% to 5,144.60, its highest closing since 8 December 2009. Nifty December 2009 futures were at 5,157.50, at a premium of 12.90 points as compared to the spot closing of 5,144.60. Turnover in NSE's futures & options (F&O) segment spurted to Rs 117607.57 crore from Rs 60289.04 crore on Tuesday, 22 December 2009.

The market breadth, indicating the overall health of the market was strong. On BSE, 1898 shares advanced as compared with 931 that declined. A total of 92 shares remained unchanged.

All the stocks from 30-member Sensex pack rose.

BSE clocked a turnover of Rs 4933 crore, higher than Rs 3640 crore on Tuesday, 22 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 7583.80 points or 78.61% in calendar year 2009, as on 23 December 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 9070.71points or 111.15% as on 23 December 2009.

Coming back to today's trade, the BSE Mid-Cap index rose 1.57% and the BSE Small-cap index rose 1.51%. Both these indices underperformed the Sensex.

The sectoral indices on BSE showed a mixed trend. The BSE Metal index (up 4.05%), the BSE Oil & Gas index (up 3.43%), the BSE Power index (up 3.37%), outperformed the Sensex.

The BSE Consumer Durables index (up 0.79%), the BSE Healthcare index (up 0.84%), the BSE Auto index (up 1.84%), the BSE FMCG index (up 1.91%), the BSE PSU index (up 2.36 %), the BSE Teck index (up 2.47%), the BSE Bankex (up 2.64%), the BSE Realty index (up 2.79%), the BSE IT index (up 2.95%), the BSE Capital Goods index (up 2.99%), underperformed the Sensex.

India's largest private sector firm by market capitalisation Reliance Industries (RIL) rose 4.62%. 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.

Meanwhile, 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, the Ministry of Corporate Affairs (MCA) has asked the Securities and Exchange Board of India (Sebi) for details of its investigation pertaining to Reliance Industries (RIL). The market regulator had acted on a complaint that RIL had allegedly routed funds to dummy companies to buy its own shares nine years ago. The ministry's response came after Sebi, in a letter on 1 December 2009, wanted MCA to take appropriate action on the alleged routing of money from RIL and erstwhile Reliance Petroleum (RPL) to 34 private companies to enable them to subscribe to RIL's equity shares.

RIL's advance tax payment rose 82.89% to Rs 834 crore in Q3 December 2009 over Q3 December 2008.

India's largest thermal power generator by sales NTPC rose 6.96% extending Tuesday's 3.27% gains. 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 11000 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 1.37% to 3.31%.

India's largest engineering and construction firm by sales Larsen & Toubro rose 3.37%. The company's Q3 advance tax declined 13.46% to Rs 270.crore.

India's largest power equipment maker by sales, Bharat Heavy Electricals (Bhel), rose 2.95%. 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, Siemens and Praj Industries rose by between 1.07% to 5.85%.

Metal stocks rose on strong domestic demand. Sterlite Industries, Hindalco Industries, Hindustan Zinc, Steel Authority of India rose by between 2.81% to 7.77%.

India's largest steel maker by sales Tata Steel rose 4.45%, extending Tuesday's nearly 4% rally. 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.

National Aluminium Company gained 4.5%, after the company hiked prices of aluminium products by Rs 3,500 a tonne on the back of higher metal prices on the London Metal Exchange.

IT stocks rose on jump in existing home sales in November 2009 in the US. US is the biggest market for Indian IT firms. India's largest IT exporter by sales Tata Consultancy Services rose 2.8%. The company's Q3 advance tax surged 37.21% to Rs 177 crore. India's third largest IT exporter by sales Wipro rose 2.11% even as its ADR fell 0.45% on Tuesday.

India's second largest software services exporter Infosys Technologies rose 3.28%. Its ADR rose 0.68% on Tuesday. 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.

Realty stocks rose on bargain hunting after recent fall. Indiabulls Real Estate, Unitech and Omaxe rose by between 1.95% to 2.89%.

India's largest realty player by market capitalization DLF rose 2.9% extending Tuesday's 1.47% gains. 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.

Banking shares rose on firm American depository receipts on Tuesday. 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 4.3% as its ADR rose 4.03% on Tuesday. 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 2%. 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 0.87% to 1.89%.

India's second largest private sector bank by net profit HDFC Bank rose 2.5% as its ADR rose 1.27% on Tuesday.

Telecom stocks extended Tuesday's gains after telecom Minister Andimuthu Raja said on Monday that the 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 1.27%, extending Tuesday's near 4% rally. 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 0.82% to 2.49%.

Cement stocks rose on bargain hunting after recent losses. ACC, Ultratech Cements and Ambuja Cements, rose by between 2.17% to 2.97%.

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.

Construction shares rose on government's thrust on infrastructure. Hindustan Construction Company, Nagarjuna Construction Company, Jaiprakash Associates, Valech Engineering, Gayatri Projects rose by between 1.88% to 3.88%. The government has set a target of spending $20 billion a year on road construction.

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 1.83% after Chief General Manager, Marketing, Shashank Srivastava said Maruti will launch a new multi-purpose vehicle EECO on 7 January 2010. The vehicle, available in 5-seater and 7-seater versions, is expected to initially sell 40,000 units annually, he said. Maruti's Q3 advance tax rose 196.3% to Rs 400 crore.

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 0.61%. 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 0.79%. 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 rose 2.91%. 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) rose 3.04%. 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.

Shares of public sector oil marketing companies rose after Finance Secretary Ashok Chawla on Tuesday 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 0.42% to 1.5%.

Cals Refineries clocked the highest volume of 6.45 crore shares on BSE. Suzlon Energy (1.63 crore shares), NHPC (1.27 crore shares), Radhe Developers (1.08 crore shares) and Unitech (0.85 crore shares) were the other volume toppers in that order.

Tata Steel clocked the highest turnover of Rs 218.90 crore on BSE. Reliance Industries (Rs 149.07 crore), Suzlon Energy (Rs 144.14 crore), Zandu Pharmaceuticals (Rs 129.29 crore) and Housing Development & Infrastructure (Rs 111.26 crore) were the other turnover toppers in that order.

Grey Market Premium - Godrej Properties, DB Corp

Company Name	Offer Price (Rs.)	Premium (Rs.)
D.B. Corp.	212 (For Retail Investor Rs. 210)	21 to 22 (High Rs. 28)
JSW Energy Ltd.	100 (For Retail Investor Rs. 95)	3 to 3.50 (Low Rs. -6/7)
Godrej Properties	490	28 to 30
MBL Infra	165 to 180	5 to 6

Copper drops

Rising inventory and firm dollar hammer prices

Piling inventories at LME and firm dollar pushed copper prices lower at Comex and LME on Tuesday, 22 December 2009. The strong housing data also failed to boost copper price.

At USA, copper futures for March delivery ended lower by 2.05 cents (0.6%) to 3.138 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 115%.

On the London Metal Exchange, copper for delivery in three months ended lower by $54 (0.8%) at $6,881 a metric ton. On 3 July, 2008, prices had touched an all time intra day high of $8,940.

Latest reports showed that inventories tallied by the London Metal Exchange rose 0.3% today to 480,900 metric tons. Global supplies, monitored by the LME and exchanges in Shanghai and New York, have surged 74% this year.

In the currency market on Monday, the greenback started the day in the mixed mode. 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 0.2%.

The National Association of Realtors in US reported on Tuesday, 22 December 2009 that resale of U.S. homes increased by 7.4% to 6.54 million in November, 2009.

The sales pace was the highest since February 2007 and was the third-straight large increase in existing home sales. Sales are up 28% since August. The report also stated that sales are up a record 44.1% in the past year, reflecting a recovery in the housing market after the sharpest downturn in decades.

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 326.6/Kg. The closing price was Rs 1.75/Kg (0.53%) higher than previous closing price. Prices rose to a high of Rs 328/Kg and fell to a low of Rs 324.4/Kg during the day's trading.

Among other metals traded in the LME on Tuesday, lead was almost unchanged at $2,350 a ton and zinc fell marginally to end at $2,430 a ton. Nickel gained 2.3% to end at $17,775. Aluminium fell marginally to end at $2,242 a ton.

Crude pares early losses

Prices end higher as traders anticipate a drop in inventory

Crude prices erased earlier losses and ended higher for the day on Tuesday, 22 December 2009. Prices rose despite the firm dollar. The rise in price was mainly because traders anticipate a drop in crude inventories in tomorrow's weekly inventory data.

On Tuesday, crude-oil futures for light sweet crude for February delivery closed at $74.4/barrel (higher by $0.68 or 0.9%). Earlier in the day, it was trading as low as $72.72.

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 49% since then.

Market is expecting a drop of 2 million and 1.3 million of crude and gasoline inventories in tomorrow's report.

In the latest meet at Angola, members of the OPEC oil cartel decided to make no changes to current production quotas. The decision was in line with market expectations. In keeping its quotas unchanged, OPEC cited "shrinking industrial production, low private consumption and high unemployment" in the global economy.

OPEC said in its monthly report that the 11 members bound by production quotas produced 26.6 million barrels a day of crude in November, up for an eighth straight month. OPEC had agreed to set their quotas at 24.845 million barrels a day starting from the beginning of this year.

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.

In the currency market on Monday, the greenback started the day in the mixed mode. The dollar index, which weighs the strength of dollar against the basket of six other currencies, then rose by almost 0.2%.

The National Association of Realtors in US reported on Tuesday, 22 December 2009 that resale of U.S. homes increased by 7.4% to 6.54 million in November 2009.

The sales pace was the highest since February 2007 and was the third-straight large increase in existing home sales. Sales are up 28% since August. The report also stated that sales are up a record 44.1% in the past year, reflecting a recovery in the housing market after the sharpest downturn in decades.

Among other energy products on Tuesday, January gasoline ended up 1.97 cents, or 1.1%, at $1.8888 a gallon. January heating oil gained slightly to $1.9486 a gallon

Also on Tuesday, January natural gas rose 4.6 cents, or 0.8%, to $5.715 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 lower by Rs 35 (0.99%) at Rs 3,469/barrel. Natural gas for December delivery closed lower by Rs 6.9 (2.5%) at Rs 265.4/mmbtu.

Precious metals lose more glitter

Prices drop again as dollar firms up after housing data

Bullion metal prices turned paler on Tuesday, 22 December 2009. Prices fell as the dollar firmed up following a batch of better than expected economic data, mainly in the housing sector.

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 Tuesday, gold for February delivery ended at $1,086.7 an ounce, lower by $8.7 (0.8%) an ounce on the New York Mercantile Exchange. Yesterday, 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 24.4%.

On Tuesday, December Comex silver futures ended almost unchanged (marginally lower) at $17.03 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 in the mixed mode. 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 0.2%.

The National Association of Realtors in US reported on Tuesday, 22 December 2009 that resale of U.S. homes increased by 7.4% to 6.54 million in November, 2009.

The sales pace was the highest since February 2007 and was the third-straight large increase in existing home sales. Sales are up 28% since August. The report also stated that sales are up a record 44.1% in the past year, reflecting a recovery in the housing market after the sharpest downturn in decades.

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 264 (1.55%) at Rs 16,705 per ten grams. Prices rose to a high of Rs 17,024 per 10 grams and fell to a low of Rs 16,672 per 10 grams during the day's trading.

At the MCX, silver prices for March delivery closed Rs 338 (1.23%) lower at Rs 26,977/Kg. Prices opened at Rs 27,405/kg and fell to a low of Rs 26,921/Kg during the day's trading.

Market may extend gains on higher Asian stocks

The market may extend Tuesday's (22 December 2009)'s gains tracking higher Asian stocks. Higher advance tax payment by India Inc may further support market. US stocks ended higher on Tuesday on better monthly home sales data.

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.

Ahluwalia said food prices are likely to decline from January 2010. He attributed the surge in food prices due to speculation. The stock situation is relatively OK, Ahluwalia aid. 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.

India's food-price inflation cannot be tackled through monetary and other policy steps, while inflationary expectations will not stay long, Finance Secreatary 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'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. Finance Minister Pranab Mukherjee, last week, said containing inflation is high on the government's agenda and it is monitoring the price situation.

In overseas news, Moody's Investors Service cut Greece's debt rating on Tuesday but partially reassured financial markets by saying the country remained far from a crisis. Moody's downgraded Greece to A2 from A1, citing the country's swelling budget deficit. It was Greece's third downgrade by a major credit rating agency this month; Fitch took action early this month, followed by Standard & Poor's.

Asian shares edged higher on Wednesday tracking overnight gains in US stocks after better existing monthly home sales data in the US. The key benchmark indices in China, Japan, South Korea, Singapore and Taiwan rose by between 0.05% to 1.91%. But the key benchmark indices in Indonesia and Hong Kong fell by between 0.05% to 0.37%.

Broad-based buying sent the S&P 500 to fresh 52-week highs despite a surprise downward revision to third quarter GDP and a gain by the greenback. Better-than-expected existing home sales report supported sentiment. The Dow Jones Industrial Average added 50.79 points, or 0.5%, to 10,464.93. The Standard & Poor's 500 index rose 3.97 points, or 0.4%, to 1,118.02, while the Nasdaq Composite Index was up 15.01 points, or 0.7%, to 2,252.67.

The market mood was tempered by news that third quarter GDP was determined to have increased at a slower-than-expected annualized rate of 2.2%, lower than consensus prediction.

The housing data provided some relief. It showed that existing home sales climbed at a stronger-than-expected jump of 7.4% to 6.54 million units in November 2009. That lifted the annualized rate to 6.54 million units.

US Treasury Secretary Timothy Geithner expressed confidence on Tuesday that the US economy was on a solid recovery path, but said tight lending practices by banks still pose a risk.

Closer home, the key benchmark indices edged higher on bargain hunting on Tuesday, 22 December 2009 as global stocks rose. Higher advance tax payment by India Inc also underpinned sentiment. The BSE Sensex rose 90.80 points or 0.55% to 16692 on that day.

As per provisional figures on NSE, foreign funds sold shares worth Rs 110.06 crore and domestic funds bought shares worth Rs 510.59 crore on Tuesday.

Daily News Roundup - Dec 23 2009

Reliance Industries announced its third successive gas discovery in a deepwater exploration block in the Krishna-Godavari basin, which the company had bagged in the fifth round of NELP. (BS)

The MCA has asked SEBI for details of its investigation pertaining to a complaint that Reliance Industries had allegedly routed funds to dummy companies to buy its own shares nine years ago. (BS)

ONGC has replaced Reliance Industries with Repsol YPF SA, Spain’s biggest oil company and Malaysia’s Petronas to bid for Venezuelan oil blocks next month. (BS)

ONGC has said it is ready to accept a special oil tax on any super-normal profits from high crude oil prices, if the subsidy-sharing regime is rationalized. (FE)

Phase-II construction of the Bengaluru International Airport Ltd, a consortium of Siemens, GVK Group, Unique Zurich Airport, Karnataka State Industrial Investment & Development Corporation and Airports Authority of India, is expected to begin by the second half of 2010. (BS)

CCEA may take up Jet Airways proposal to raise Rs20bn through sale of shares to institutional investors. (ET)

Tata Motors plans to increase its market share by 2-3% in the utility segment with the launch of utility vehicle Grande MK II, an upgraded version of its premium Sumo Grande. (BS)

Reliance Power is likely to invest over Rs 60bn over the next four to five years to produce 6.6bn tons of coal per annum. (FE)

Sun Pharmaceutical is getting greater support, to acquire Israeli drug major Taro Pharmaceutical, from independent advisory firms like Glass, Lewis & Co. who has recommended a vote against the proposals of the Taro board at the AGM. (BS)

Tata Teleservices and Novatium Solutions Ltd. have joined hands to launch ‘Nova Navigator', which is claimed to be the country's first cloud computing on wireless broadband service. (BL)

Sun TV is restructuring its distribution business into two new divisions - 1) to handle South India operations and international business and 2) to focus on expanding the Sun TV bouquet into the northern, western and eastern markets of India. (BS)

Aban Offshore has repaid bonds worth Rs8bn along with accrued interest. (ET)

Nalco increased prices of aluminium by Rs3,500/ton. (ET)

Sistema Shyam TeleServices, which recently launched MTS mobile service network, is looking to raise around US$2bn to ramp up infrastructure. (ET)

Meghalaya government has finally decided to hand over two 450Mw each hydel power projects - Kynshi stage I and Kynshi Stage II, to Athena Power and Jaypee Group respectively. (BS)

Jindal Saw received orders worth Rs11bn for the supply of large diameter welded pipes and ductile iron pipes. (BL)

Bharati Shipyard received 10.2mn shares in the open offer made for acquiring an additional stake of 20% in Great Offshore at Rs590/share. (BS)

Lupin settled all its ongoing patent litigation with US-based Forest Laboratories on the Alzheimer’s disease treatment drug, Namenda. (BS)

The promoters of Hotel Leelaventure are increasing their stake to 55% from the current 52.5% through creeping acquisition. (BL)

Gati will hold an extraordinary general meeting on January 11 to seek shareholders’ approval for raising Rs789mn through the issue of warrants to promoters and the Infrastructure Fund of India. (ET)

JK Tyre is exploring possibilities to acquire a company in the South-east Asian region. (BS)

Tata Realty & Infrastructure, a 100% subsidiary of Tata Sons, has unveiled its plans to develop "Ramanujan IT city" at Taramani in Chennai at an estimated to cost Rs35bn. (ET)

The Centre has indicated that it would consider giving direct cash subsidy to state-owned oil marketing companies this year, instead of bonds, to compensate them for selling cooking fuel at lower than market price. (BS)

The Centre has stopped allocating coal blocks to state governments till the Mines and Mineral (Development & Regulation) Act is implemented with the amendments. (BS)

The country’s multiplex industry is likely to invest Rs4bn in setting up new properties, new genre movies and at least two big-budget bollywood releases every month over the next one year. (BS)

The Petroleum and Natural Gas Regulatory Board said that 19 out of the total 330 city gas distribution networks identified in the country for supply of natural gas to domestic users are located in Andhra Pradesh. (BS)

Inorder to arrest aggregate technical and commercial losses of power, all the three state power distribution companies of Madhya Pradesh are now allowed to invite franchisee partners for power distribution. (BS)

The power ministry has floated a Cabinet note to resolve a contentious issue in implementing open access that allows large users - typically consuming 1 Mw and above - to choose their electricity supplier. (BS)

The Planning Commission indicated that the Ministry of Road Transport and Highways was in a position to bid out contracts for the construction of 8,000 km of roads within the current financial year. (BS)

As the Government decides to allocate spectrum for 3G only by August next year, some of the Indian operators are reviewing their strategy and looking at the possibility of leapfrogging to the 4G technology. (BL)

India and Bhutan signed MoUs on initiating DPR work on the Amochu Reservoir (620 MW), Kuri-Gongri (1800 MW), Kholongchu (486 MW) and Chamkharchu-I (670 MW) projects in Bhutan and for initiating consultancy services aimed at the preparation of a transmission grid master plan. (BL)

The Union Food and Agriculture Minister has asked sugar mills not to default on their ethanol supply commitments to oil marketing companies. (BL)

The high-power committee, constituted by the Union Ministry of Shipping, to look into the issues of sinking of vessels carrying iron ore cargo along the Indian coast, plans to recommend the ban on ships more than 25 years old from loading iron ore cargo. (BL)

Lenders have asked the RBI to allow them to decide interest rates on loans below Rs0.2mn to enable them reach out to unbanked sections which are presently serviced by microfinance institutions and money lenders at high rates. (ET)

India signed two loan agreements totaling US$850mn with the Asian Development Bank, to fund the country’s infrastructure program. (ET)

The proposed civil nuclear deal between India and the UK has been delayed as both sides are yet to complete negotiations. (FE)

No jingle on the street!

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

If only we knew the unexpected, Christmas season would have brought some cheer. With only five trading sessions to go in 2009, don’t get too perturbed by the market movement. Overall trend has been extremely lackluster and is unlikely to change dramatically anytime soon. Volume has also dipped as traders and investors alike take a pause after a stellar rally.

Today, we expect the market to open lower as global cues are pretty inconclusive. The Nifty will continue to trade in a range of 4900-5100. Some short covering is not ruled out in the run up to the F&O expiry. Support is expected to kick in at around 4900. Protecting the gains made so far in the year should be the aim instead of loading up more.

In the New Year, the market will have plenty to consider like fund flows, quarterly earnings, impending rate hike, reversal of fiscal stimulus, budget and global developments. Stay on the sidelines till then.

FIIs were net sellers in the cash segment on Tuesday at Rs1.1bn on a provisional basis. The local funds were net buyers of Rs5.1bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers at Rs11.97bn. FIIs were net sellers of Rs2.58bn in the cash segment on Monday.

The US economy grew at a revised annual growth rate of 2.2% in the third quarter, much slower than initially reported, the Commerce Department said on Tuesday. Global stocks may make new 2009 highs before the year winds down. An upward revision to UK third-quarter GDP helps to improve the mood in the UK and Europe. A downgrade of Athens' government bond ratings by Moody’s caused little-disturbance. OPEC kept its oil production unchanged. US existing-home sales jump 7.4% in November on tax-credit rush.

On the fund flows side, global equity markets moved sideways in mid-December as investors began to close the book on 2009 and think about the prospects 2010, according to EPFR Global. The book on 2009 makes for generally good reading, with many fund groups posting good to excellent performance numbers and on course for record setting years in terms of attracting fresh money. But 2010 promises to be another testing year as fiscal and monetary stimulus in many of the world’s major economies begins to wane.

US stocks rose for a third day on Tuesday, with the Dow and S&P 500 ending just below 14-month highs, after two economic reports continued to fuel optimism about the economy in a thin trading session.

The Dow Jones Industrial Average gained 51 points, or 0.5%, at 10,464.93. The S&P 500 index rose 4 points, or 0.3%, to 1,118.02. Both the indices are near their highest levels since October 2008. The S&P 500 briefly traded above its 14-month high during the session.

The Nasdaq Composite index advanced 12 points, or 0.5%, to 2,252.67, closing at its highest level since September 2008.

US stocks opened on an upbeat note after a government report showed the economy grew in the third quarter, although at a more tepid pace than forecast. The advance gained steam after an industry report showed sales of existing homes rose in November to the highest level in three years. But stocks settled into a narrow range during the afternoon amid a lack of market moving news.

Wall Street has been listless of late as investors are reluctant to take any fresh bets with only a few days to go in the year. The market has rallied broadly since March as a flood of government stimulus has helped the US economy emerge from one of the deepest recessions on record.

For the year, the major US indexes are all on track to post double-digit percentage gains. The Dow has gained nearly 19% so far this year, while the S&P 500 is up about 23% year to date. The Nasdaq has been the best performer of the year, climbing about 42%.

The undertone should remain subdued for the rest of the holiday-shortened week. The US stock market will close early on Thursday and remain shut on Friday for the Christmas holiday. Lower volume could mean more volatility.

The Commerce Department released its final revision of third-quarter gross domestic product (GDP). The government said that GDP rose 2.2% in the three months ended in September. That was less than the 2.7% gain projected by economists.

The final GDP figure was also below the 3.5% growth rate the government first reported in October. Nonetheless, it was still a marked improvement over the previous four quarters in which economic activity shrank.

The National Association of Realtors said that sales of existing homes rose 7.4% in November to an annual rate of 6.54 million units, driven largely by government subsidies. Economists expected the annual sales rate to rise to 6.25 million units.

The data helped boost optimism that the economy is headed for a strong recovery. But analysts were quick to point out that sales have been supported by government subsidies, including an $8,000 tax credit and the Federal Reserve's $1.25 trillion mortgage asset purchasing program.

Boeing rose 1.5% after the plane maker increased its stake in Global Aeronautical LLC to bring more of the 787 Dreamliner's operations under its direct control.

Ford Motor announced on Monday that it is offering buyouts and early retirement to its 41,000 US factory workers. The carmaker is looking to cut payroll costs in its effort to return to profitability by 2011.

Treasury prices fell, with the yield on the benchmark 10-year note rising to 3.74%.

The dollar eased against the euro and the UK pound, but gained versus the yen.

Crude oil for February delivery rose 68 cents to settle at $74.40 a barrel. OPEC kept oil production unchanged, as expected.

Gold for February delivery dropped $9.30 to settle at $1,086.70 an ounce.

Shares in Europe rose for the second straight day, lifted by strong gains by oil majors and a big rebound by selected banks.

The pan-European Dow Jones Stoxx 600 index rose 0.6% to close at 251.15. That follows Monday's 1.6% jump, which was the biggest one-day rise since the start of December.

The UK's FTSE 100 index rose 0.7% to settle at 5,328.66, while Germany's DAX index climbed 0.3% to 5,945.69 and the French CAC-40 index advanced 0.7% to 3,898.38.

After sliding for three consecutive days, bulls staged a smart bounce as indices in the US and Europe started the week with decent gains. The banking and the realty stocks which were beaten down in the past two trading session were back in demand. Oil marketing stocks hogged the limelight on hopes that government would compensate them with cash.

On the other hand, the IT and the Pharma stocks were under pressure.

The BSE Sensex gained 91 points to end at 16,692 after touching a high of 16,738 and a low of 16,647. The NSE Nifty advanced 33 points to end at 4,986.

In Asia, the Nikkei in Japan was up 2%, while Australia's S&P/ASX ended higher by 1.5%. However, the Shanghai SE Composite fell 2.5% and Hang Seng index in Hong Kong was up 0.7%.

In Europe, stocks were trading in the green. The DAX in Germany was up 0.5% and the CAC 40 index in France was up 0.7%. The FTSE in the UK was up 1%.

Coming back to India, among the BSE sectoral indices, the Metal index was the top gainer, adding 3%, followed by the PSU index that was up 1.6% and the BSE Realty index was up 1.5%. Even the BSE Mid-Cap index gained 0.8% while the BSE Small-Cap index was up 1%.

Major losers were BSE IT index down 0.3% and BSE Pharma index down 0.2%.

Among the 30-components of Sensex, 17 stocks ended in the positive terrain and 13 ended in the red. Tata Steel, NTPC, Hindalco, Bharti Airtel and ICICI Bank were among the top gainers.

On the other hand, among the major losers were ACC, ONGC, Grasim and TCS.

Outside the frontline indices, the big gainers in the broader market were REI Agro, Hindustan Copper, Opto Circuits, Glenmark and Central Bank. On the other hand, losers included Piramal Health, Jain Irrigation, Apollo Hospital and Exide Ind.

Shares of Aban Offshore rallied by over 4% to end at Rs1210 after the company announced that Sinvest AS, a wholly owned subsidiary of the company, has redeemed the bonds having a principal amount aggregating to Norwegian Kroner(NOK) 1bn (equivalent to Rs8bn) alongwith accrued interest, on the due date (i.e.) December 22, 2009.

Reliance Industries announced its third successive gas discovery in the exploration block KG-DWN-2003/1 (KG-V-D3) of NELP-V. The deepwater block KG-DWN-2003/1 is located in the Krishna basin, about 45 kilometers off the coast in the Bay of Bengal. The block covers an area of 3288 square kilometers. RIL holds a 90% participating interest and Hardy Exploration and Production India Inc holds 10% of PI in the block.

The stock managed marginal gains and ended at Rs1018. The scrip opened at Rs1022 it touched an intra-day high of Rs1029 and a low of Rs1011 and recorded volumes of over 0.77mn shares on NSE.

Shares of BPCL gained by 2.7% to end at Rs610 after the company announced that it sold ~8.66bn of oil bonds to cut debt and to meet capital expenditure requirements, the company said.

The scrip opened at Rs592 it touched an intra-day high of Rs613 and a low of Rs592 and recorded volumes of over 45,000 shares on BSE.

Shares of Adani Power ended lower by 0.5% to end at Rs97. The company announced that Adani Power Rajasthan Ltd a 100% subsidiary of the company has been awarded Letter of Intent by Rajasthan Rajya Vidhyut Utpadan Nigam Ltd for purchase of upto 1,200 MW of power on long-term basis.

Shares of Kavveri Telecom gained 2% to end at Rs63.5 after the company’s subsidiary Kavveri Telecom Infrastructure Ltd. has signed a long term agreement for ten years on BOL (Build, own, operate and Lease) basis with fifth operator, who is one of the major pan-India cellular operators, for the INBUILDING WIRELESS solutions.

This agreement will contribute to substantial revenues of Kavveri Telecom Infrastructure Ltd.

Shares of Nava Bharat Ventures shot up to by 5% to end at Rs420 after Nava Bharat (Singapore) Pte Limited signed a Share Sale and Purchase Agreement for acquiring 65% equity stake in Maamba Collieries Limited with The Government of the Republic of Zambia holding the Golden Share, acting through the Minister of Finance and ZCCM-IH (ZCCM), holding 100% of the paid up equity capital of MCL.

Nava Bharat (Singapore) Pte Limited (NBS) is a subsidiary of Nava Bharat Ventures Limited (NBVL), a power centric diversified entity. A group of individuals (Zambian Consortium) joined NBS to form Nava Bharat Consortium (Nava Bharat).

SGX Nifty Live Update- Dec 23 2009

4,997.00 +1.00