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Monday, March 08, 2010
Sensex ends up 108.11 pts; Auto leads
Markets ended the buoyant trading day on a strong note on back of positive global cues. Buying was witnessed in auto, banking, healthcare and IT stocks. Marginal selling was seen in realty, metal, PSU and consumer durables stocks.
European and Asian shares climbed after French President Nicolas Sarkozy said the euro region is ready to rescue Greece should the government struggle to fund its budget deficit. U.S. index futures were little changed. UK`s benchmark index FTSE 100 increased 57.28 points, or 1.03%, to trade at 5,583.93. Germany`s DAX index shed 5.12 points or 0.09% 5,871.74. Meanwhile, Japanese benchmark index Nikkei 225 rose 216.96 points, or 2.09%, to end at 10,585.92. Hong Kong`s Hang Seng increased 408.90 points, or 1.97%, to end at 21,196.87. (4:09 p..m)
At the close, the benchmark 30-share index, BSE Sensex added 108.11 or 0.64% at 17,102.60 with 20 components posting rise. Meanwhile, the broad based NSE Nifty went up by 35 or 0.69% at 5,124 with 35 components registering rise (updated as on 16.02).
Sensex Movers
ICICI Bank contributed rise of 31.23 points in the Sensex. It was followed by I T C (20.76 points), Infosys Technologies (17.22 points), Larsen & Toubro (13.38 points) and Mahindra & Mahindra (12.65 points).
However, Bharti Airtel contributed fall of 10.91 points in the Sensex. It was followed by Reliance Industries (10.41 points), Hindustan Unilever (5.64 points), Hindalco Industries (3.29 points) and Reliance Infrastructure (3.09 points).
Major gainers in the 30-share index were Mahindra & Mahindra (4.33%), Hero Honda Motors (3.09%), ITC (2.43%), ICICI Bank (2.32%), ACC (2.12%), and Wipro (1.52%).
On the other hand, Bharti Airtel (2.13%), Hindustan Unilever (1.59%), Reliance Energy (1.52%), Hindalco Industries (1.10%), Reliance Communications (0.55%), and Reliance Industries (0.47%) were the major losers in the Sensex.
Mid & Small-cap Space
The BSE Mid and small caps outperformed their larger counterparts gaining 0.71% and 1.09% respectively.
The major gainers in the BSE Midcap were Core Projects and Technologies (5.63%), Aban Offshore (5.58%), Reliance MediaWorks (1.38%), Alstom Projects India (0.66%) and Alfa-Laval (India) (0.22%).
The major gainers in the BSE Smallcap were INEOS ABS (India) (11.97%), Provogue (India) (2.28%), ABG Shipyard (1.79%), Adhunik Metaliks (1.75%) and Abhishek Industries (0.07%).
Sectors in Limelight
The Auto index was at 7,688.14, up by 134.94 points or by 1.79%. The major gainers were Bharat Forge (3.61%), Apollo Tyres (3.29%), Hero Honda Motors (3.09%), Exide Industries (0.87%) and Bajaj Auto (0.57%).
The Bankex index was at 10,310.37, up by 111.38 points or by 1.09%. The major gainers were Allahabad Bank(5.33%), ICICI Bank (2.32%), Federal Bank (1.51%), Bank Of Baroda (0.92%) and Bank Of India (0.77%).
The HC index was at 5,095.33, up by 45.64 points or by 0.90%. The major gainers were Bilcare (5.86%), Dr Reddy`S Laboratories (1.26%), Biocon (0.63%), Dishman Pharmaceuticals & Chemicals (0.47%) and Cipla (0.14%).
On the other hand, the Realty index was at 3,439.87, down by 20.32 points or by 0.59%. The major losers were Housing Development and Infrastructure (1.5%), Peninsula Land (1.46%), Mahindra Lifespace Developers (1.21%), Indiabulls Real Estate (0.43%) and Ackruti City (0.35%).
Market Breadth
Market breadth was positive with 1,747 advances against 1,113 declines.
Value and Volume Toppers
State Bank Of India topped the value chart on the BSE with a turnover of Rs. 2,599.44 million. It was followed by ARSS Infrastructure Projects (Rs. 2,375.69 million), Jagran Prakashan (Rs. 1,946.41 million) and Rural Electrification Corporation (Rs. 1,205.91 million).
The volume chart was led by Shree Ashtavinayak Cine Vision with trades of over 17.17 million shares. It was followed by Jagran Prakashan (15.91 million), Suzlon Energy (8.24 million) and Unitech (6.89 million).
BSE Bulk Deals to Watch - March 8 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
8/3/2010 511706 Action Fin ESHA SECURITIES LTD S 74500 19.84
8/3/2010 517096 Aplab HEMPRABHADEVI TAPARIA B 25000 41.00
8/3/2010 517096 Aplab GITADEVI JAJU B 25000 39.00
8/3/2010 517096 Aplab HEMPRABHADEVI TAPARIA S 25000 39.00
8/3/2010 517096 Aplab GITADEVI JAJU S 25000 41.00
8/3/2010 533163 ARSS INFRA GENUINE STOCK BROKERS PVT. LTD. B 118953 797.27
8/3/2010 533163 ARSS INFRA SMART EQUITY BROKERS PRIVATE LIMITED B 214578 798.85
8/3/2010 533163 ARSS INFRA SANJEEV SINGHAL B 107107 798.41
8/3/2010 533163 ARSS INFRA OPG SECURITIES P LTD B 181400 798.87
8/3/2010 533163 ARSS INFRA GENUINE STOCK BROKERS PVT. LTD. S 118953 797.69
8/3/2010 533163 ARSS INFRA SMART EQUITY BROKERS PRIVATE LIMITED S 214578 799.33
8/3/2010 533163 ARSS INFRA SANJEEV SINGHAL S 107107 797.76
8/3/2010 533163 ARSS INFRA OPG SECURITIES P LTD S 181400 799.33
8/3/2010 532759 Atlanta PRIMORE SOLUTIONS PVT.LTD B 82429 206.92
8/3/2010 532759 Atlanta PRIMORE SOLUTIONS PVT.LTD S 85076 207.07
8/3/2010 512149 Avance Tech CHANDRAKANT B SHAH B 1316600 4.95
8/3/2010 512149 Avance Tech SUNDER DIPAK S 3000000 4.95
8/3/2010 532995 Avon Corp VINOD AMRATLAL NAAI S 340436 6.53
8/3/2010 531591 Bampsl Sec PRAKASH CHAND GUPTA B 600000 1.21
8/3/2010 531937 Beckons Inds DHANLAXMI FINANCE B 184343 10.30
8/3/2010 511607 Birla Shloka SARSWATI VINCOM LTD B 260200 62.54
8/3/2010 511607 Birla Shloka DEVKANT SYNTHETICS INDIA PVT. B 100000 61.00
8/3/2010 590076 Camson Bio SANATAN HERBAL AND NATURALS LIMITED S 225000 124.93
8/3/2010 531337 Channel Guide PKJ SHARE BROKER LIMITED B 35100 15.15
8/3/2010 531337 Channel Guide MUNISH BAJAJ & SONS HUF S 35100 15.15
8/3/2010 532456 Compuage Info RASHMI RAJESH BOTHRA B 190000 65.05
8/3/2010 532456 Compuage Info AASHKA CONSTRUCTION PVT LTD S 190000 65.05
8/3/2010 532760 Deep Inds ARCADIA SHARE & STOCK BROKERS PVT. LTD B 481247 117.49
8/3/2010 532760 Deep Inds HITESH SHASHIKANT JHAVERI B 180022 120.90
8/3/2010 532760 Deep Inds ARCADIA SHARE & STOCK BROKERS PVT. LTD S 363176 117.73
8/3/2010 532760 Deep Inds HITESH SHASHIKANT JHAVERI S 140956 120.94
8/3/2010 508860 Diamant Invest BHAGAVATI BEN GANDALAL PATEL B 8500 49.30
8/3/2010 508860 Diamant Invest HI KLASS TRADING AND INVESTMENT LIMITED B 7006 46.80
8/3/2010 508860 Diamant Invest MEENAT RADING B 8600 52.30
8/3/2010 508860 Diamant Invest JAYESH MEHTA B 7000 50.27
8/3/2010 508860 Diamant Invest BHAGAVATI BEN GANDALAL PATEL S 8500 52.30
8/3/2010 508860 Diamant Invest HI KLASS TRADING AND INVESTMENT LIMITED S 7006 50.24
8/3/2010 508860 Diamant Invest MEENA TRADING S 8600 49.30
8/3/2010 508860 Diamant Invest JAYESH MEHTA S 7000 46.80
8/3/2010 503796 Digjam SUMAN DEVI B 742285 12.26
8/3/2010 503796 Digjam SUMAN DEVI S 742285 12.26
8/3/2010 503796 Digjam ARCIL BIRLA VXL LIMITED TRUST S 718052 12.14
8/3/2010 517973 DMC Intl MAHENDER SINGH B 134875 21.55
8/3/2010 517973 DMC Intl CENTENARY SOFTWARE PVT LTD B 139747 21.59
8/3/2010 517973 DMC Intl SHARK COMMUNICATION PVT LIMITED B 125000 21.60
8/3/2010 517973 DMC Intl BHARAT GUPTA S 148652 21.62
8/3/2010 517973 DMC Intl CENTENARY SOFTWARE PVT LTD S 139847 21.60
8/3/2010 517973 DMC Intl KAPIL GUPTA S 117000 21.57
8/3/2010 504351 Empower Inds AJIT PANDURANG SAWANT B 65000 41.40
8/3/2010 504351 Empower Inds JITS SHARE TRADING PVT LTD S 390569 41.70
8/3/2010 511668 Fact Enterprise SUVIDHA SECURITIES PVT LTD S 30094 35.58
8/3/2010 511668 Fact Enterprise KALPESH J PATEL S 60000 35.67
8/3/2010 513579 Foundry Fuel KIRAN SATNALIWALA B 50000 9.48
8/3/2010 513579 Foundry Fuel KUM CONSTRUCTION AND FINANCE P LTD S 75000 9.47
8/3/2010 530945 Gangotri Iron HARISH KUMAR SINGHANIA B 50446 47.12
8/3/2010 530945 Gangotri Iron R B K SECURITIES PRIVATE LIMITED B 50000 47.05
8/3/2010 530945 Gangotri Iron HITESH SHASHIKANT JHAVERI B 155877 47.39
8/3/2010 530945 Gangotri Iron BP FINTRADE PRIVATE LIMITED B 54071 46.59
8/3/2010 530945 Gangotri Iron DEVENDRA JHUNJHUNWALA S 100772 47.39
8/3/2010 530945 Gangotri Iron HITESH SHASHIKANT JHAVERI S 128138 47.28
8/3/2010 530945 Gangotri Iron BP FINTRADE PRIVATE LIMITED S 54071 47.35
8/3/2010 530343 Genus Power KETAN BUDDHA BHATTI B 83469 169.81
8/3/2010 530343 Genus Power KETAN BUDDHA BHATTI S 74982 169.93
8/3/2010 531904 Globus Corp SANDEEP AGARWAL B 325000 1.32
8/3/2010 532836 Gremach Infra SICOM LTD S 204638 27.10
8/3/2010 513059 GS Auto RITU MERCANTILES PVT LTD S 63880 52.77
8/3/2010 524314 Gujarat Terce PRIYA CHANDRAKANT JALGAONKAR B 33895 18.51
8/3/2010 524314 Gujarat Terce PRIYA CHANDRAKANT JALGAONKAR S 33895 18.28
8/3/2010 509684 India Foils ESS DEE ALUMINIUM LTD S 387712 8.13
8/3/2010 523844 Invicta Meditek LAKSHIMINARAYANA S B 37010 5.52
8/3/2010 523844 Invicta Meditek VAIBHAV BALU ZORE B 25000 5.50
8/3/2010 523844 Invicta Meditek VISWANATHAN MAYURAM GANESAN S 91400 5.54
8/3/2010 522183 ITL Inds GIRISH GULATI S 21004 64.76
8/3/2010 532705 Jagran Prakashan INDEPENDENT NEWS & MEDIA INVESTMENTS LIMITED S 12618267 112.27
8/3/2010 523467 Jai Mata Glass SENTHIL CHINNAPPAN S 111287 3.59
8/3/2010 530955 Kailash Ficom SCOPE VYAPAR PRIVATE LIMITED B 55000 27.65
8/3/2010 530955 Kailash Ficom GOODNESS TRADING PRIVATE LIMITED B 168500 27.65
8/3/2010 530955 Kailash Ficom RAJRATAN TRADING PVT LTD B 110000 27.65
8/3/2010 530955 Kailash Ficom PRIME DPRIME DYES & CHEMICALS CO.PVT. LTDYES & CHEMICALS CO.PVT. B 100000 27.65
8/3/2010 530955 Kailash Ficom MAXILLA FINANCIAL SERVICES PVT B 110000 27.65
8/3/2010 530955 Kailash Ficom GOODNESS TRADING PRIVATE LIMITED B 107500 27.65
8/3/2010 530955 Kailash Ficom PREFERRED SECURITIES P LTD S 55000 27.65
8/3/2010 530955 Kailash Ficom PENGUINE EXIM PVT LTD S 100000 27.65
8/3/2010 530955 Kailash Ficom SHREE BAHUBALI INTERNATIONAL LTD S 100102 27.65
8/3/2010 530955 Kailash Ficom YASHMAN VYAPAR PVT LTD S 125000 27.65
8/3/2010 530955 Kailash Ficom PRACHI AGENCIES PRIVATE LIMITED S 100000 27.65
8/3/2010 523810 Kaleidoscope Films KIRAN DARAK S 766396 5.40
8/3/2010 530255 KAY Power BAMPSL SECURITIES LTD B 156054 18.12
8/3/2010 530255 KAY Power GIRRAJ PRASAD GUPTA B 166716 18.23
8/3/2010 530255 KAY Power BAMPSL SECURITIES LTD S 251240 17.86
8/3/2010 530255 KAY Power KAILASH CHAND GUPTA S 100000 18.10
8/3/2010 532368 LGS Glob SMARNIYA PROPERTIES PVT L TD B 200000 112.00
8/3/2010 532341 Logix Micro KANODIA FINANCE (P) LTD B 55000 52.66
8/3/2010 532341 Logix Micro KANODIA STOCK BROKING (P) LTD S 55000 52.66
8/3/2010 524000 Magma Fin NAMOKAR COMMERCIAL PRIVATE LIMITED S 123392 240.08
8/3/2010 514450 Mahalaxmi Rub MUKESH KUSHIRAM WADHWANI B 52859 77.15
8/3/2010 590060 MK Exim NAVIN CHANDRAMANILAL SHETH S 25000 24.65
8/3/2010 590057 Northgate Tech MACQUARIE BANK LIMITED S 416551 21.57
8/3/2010 531496 Omkar Overseas AMBIKA SHYAM SHUKLA B 68584 57.86
8/3/2010 531496 Omkar Overseas DINESHKUMAR RAMCHANDRA PANDEY S 32000 58.21
8/3/2010 531496 Omkar Overseas CHAMPALAL GOPIRAM AGARWAL S 50000 57.70
8/3/2010 512097 Oregon Comm SHYAM CONSTRUCTION B 19000 203.49
8/3/2010 512097 Oregon Comm SHIVA INVESTMENT S 5000 203.55
8/3/2010 517195 ORG Informatics HARINAM BALAL CHOKSI S 200000 12.60
8/3/2010 524689 Parenteral Drug CHOUKHANY LEASING & FINANCE CO. PVT. LTD. S 147000 203.70
8/3/2010 532742 Paushak HEMPRABHADEVI TAPARIA B 20000 67.50
8/3/2010 532742 Paushak GITADEVI JAJU B 20000 66.00
8/3/2010 532742 Paushak HEMPRABHADEVI TAPARIA S 20000 66.00
8/3/2010 532742 Paushak GITADEVI JAJU S 20000 67.50
8/3/2010 509839 Punjab Wool ANJU GARG S 60000 7.08
8/3/2010 502587 Rama Pulp OM PARKASH GUPTA B 54508 37.20
8/3/2010 502587 Rama Pulp JANAK CHIMANLAL THACKER B 50000 37.50
8/3/2010 502587 Rama Pulp RAVI BRIJKISHORE SAXENA B 107149 37.41
8/3/2010 502587 Rama Pulp RAJNEESH KANT SHRIVASTAVA B 69085 37.18
8/3/2010 502587 Rama Pulp SANDEEP BAKUL SHETH B 40000 37.15
8/3/2010 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 542027 37.20
8/3/2010 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA S 488113 37.28
8/3/2010 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA S 56500 37.14
8/3/2010 502587 Rama Pulp OM PARKASH GUPTA S 54508 37.45
8/3/2010 502587 Rama Pulp VENUS INFOSOFT PRIVATE LIMITED S 55000 37.30
8/3/2010 502587 Rama Pulp HARSH V JAIN S 50000 37.43
8/3/2010 502587 Rama Pulp RAVI BRIJKISHORE SAXENA S 107149 37.17
8/3/2010 502587 Rama Pulp RAJNEESH KANT SHRIVASTAVA S 69085 37.25
8/3/2010 502587 Rama Pulp JEEVAN FARMS PRIVATE LIMITED S 175000 37.29
8/3/2010 512359 Rotam Comm RAJU KUMAR MAHIPAL HUF B 7000 101.00
8/3/2010 512359 Rotam Comm S B MALANI SONS S 15000 101.19
8/3/2010 512359 Rotam Comm PATEL SHAILESH JIVANLAL S 9246 101.08
8/3/2010 531099 Rubra Med KAKUNURI RAJASEKHAR REDDY B 36000 19.00
8/3/2010 531099 Rubra Med NIRUPA GUPTA S 50000 19.00
8/3/2010 511754 Shalibhadra Fin CHOICE INTERNATIONAL LIMITED B 50000 19.95
8/3/2010 532793 Shree Ashtavina SUMAN DEVI B 2920223 12.74
8/3/2010 532793 Shree Ashtavina PVR IMPEX PRIVATE LIMITED B 956748 12.71
8/3/2010 532793 Shree Ashtavina TRANS FINANCIAL RESOURCES LIMITED B 2458000 13.02
8/3/2010 532793 Shree Ashtavina BP FINTRADE PRIVATE LIMITED B 988326 12.79
8/3/2010 532793 Shree Ashtavina SUMAN DEVI S 2920223 12.57
8/3/2010 532793 Shree Ashtavina AVR OVERSEAS PVT LTD S 966748 12.70
8/3/2010 532793 Shree Ashtavina TRANS FINANCIAL RESOURCES LIMITED S 2481598 12.55
8/3/2010 532793 Shree Ashtavina BP FINTRADE PRIVATE LIMITED S 983183 13.02
8/3/2010 532669 Southern Onlin GANESH KUMAR SINGHANIA S 200000 22.75
8/3/2010 526827 Spice Islands SHRI PARASRAM HOLDINGPVT LTD B 63502 27.28
8/3/2010 526133 Supertex Inds JIGESH AMRUTLAL HIRANI B 1578758 3.05
8/3/2010 526133 Supertex Inds OM PARKASH GUPTA S 525549 2.94
8/3/2010 526133 Supertex Inds PARAMESHWAR EXPORTS PRIVATE LIMITED S 610000 3.12
8/3/2010 533157 SYNCOM HEAL TRANSGLOBAL SECURITIES LTD. B 102044 114.89
8/3/2010 533157 SYNCOM HEAL SANJEEV SINGHAL B 111524 114.74
8/3/2010 533157 SYNCOM HEAL NAMAN SECURITIES & FINANCE PRIVATE LIMITED B 150000 114.93
8/3/2010 533157 SYNCOM HEAL BINOY RAJEN SHAH B 150000 111.95
8/3/2010 533157 SYNCOM HEAL TRANSGLOBAL SECURITIES LTD. S 102044 114.58
8/3/2010 533157 SYNCOM HEAL SANJEEV SINGHAL S 111524 114.62
8/3/2010 533157 SYNCOM HEAL NAMAN SECURITIES & FINANCE PRIVATE LIMITED S 150000 111.95
8/3/2010 533157 SYNCOM HEAL BINOY RAJEN SHAH S 150000 114.92
8/3/2010 507205 Tilaknagar Inds AMIT ARUN DAHANUKAR S 175000 113.02
8/3/2010 504605 Uni Abex Alloy KANNU DEVI B 10000 150.50
8/3/2010 504605 Uni Abex Alloy VISHU MITTAL B 10000 145.50
8/3/2010 504605 Uni Abex Alloy VISHU MITTAL S 10000 150.50
8/3/2010 504605 Uni Abex Alloy KANNU DEVI S 10000 145.50
8/3/2010 511431 Vakrangee Soft BLUEPEARL TRADING COMPANY PVT LTD B 200000 75.70
8/3/2010 526441 Vision Tech SURESHKUMAR SHYAMSUNDER SEKSARIA S 211282 4.34
8/3/2010 526441 Vision Tech ANUP NIGAM S 136000 4.04
8/3/2010 531249 Well Pack Papers REKHA BHANDARI B 40001 469.22
8/3/2010 514162 Welspun India KOTAK MAHINDRA (UK) LTD A/C SANDSTONE CAPITAL INDIA MASTER FUND L B 560000 95.03
8/3/2010 514162 Welspun India CRESENT TRADING P. LTD S 409972 95.00
5/3/2010 532927 Eclerx Serv CITIGROUP GLOBAL MARKETS MAURITIUS PVT LTD B 475000 539.39
5/3/2010 532927 Eclerx Serv NAMBE INVESTMENT HOLDINGS B 550000 539.39
* B - Buy, S - Sell
NSE Bulk Deals to Watch - March 8 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
08-MAR-2010,ABAN,Aban Offshore Ltd.,SLOANE ROBINSON LLP A/C SR GLOBAL (MAURITIUS) LIMITED (CLAS,BUY,323000,1279.74,-
08-MAR-2010,ALKALI,Alkali Metals Limited,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,51817,130.30,-
08-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,C D INTEGRATED SERVICES LTD.,BUY,82164,797.91,-
08-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,DINESH MUNJAL(HUF),BUY,81405,796.91,-
08-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,118562,797.37,-
08-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,74899,802.15,-
08-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SARAVANA SECURITIES D.SATHYAMOORTHI,BUY,85000,791.22,-
08-MAR-2010,ATLANTA,Atlanta Limited,PRIMORE SOLUTIONS PVT.LTD,BUY,83904,206.27,-
08-MAR-2010,DIGJAM,Digjam Limited,RICH APPARELS/ (PRO)MANOJ MEHTA,BUY,1019349,12.42,-
08-MAR-2010,DIGJAM,Digjam Limited,SUMAN,BUY,476095,12.52,-
08-MAR-2010,GLOBUSSPR,Globus Spirits Limited,PARESH N BHAGAT,BUY,100000,107.85,-
08-MAR-2010,GLOBUSSPR,Globus Spirits Limited,SATYEN KANORIA,BUY,168422,108.64,-
08-MAR-2010,HINDCOMPOS,Hindustan Composites Ltd,Bharat Patel,BUY,60400,362.32,-
08-MAR-2010,RAJTV,Raj Television Network Li,KANCHAN CHHABRA,BUY,68141,63.31,-
08-MAR-2010,SYNCOM,Syncom Healthcare Ltd,FRONTIER TRADERS PRIVATE LIMITED,BUY,171000,113.92,-
08-MAR-2010,SYNCOM,Syncom Healthcare Ltd,PINAC STOCK BROKERS PVT LTD,BUY,130735,114.93,-
08-MAR-2010,SYNCOM,Syncom Healthcare Ltd,REGENT FINANCE CORPORATION PVT. LTD.,BUY,87549,115.22,-
08-MAR-2010,SYNCOM,Syncom Healthcare Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,87546,114.55,-
08-MAR-2010,VAKRANSOFT,Vakrangee Softwares Limit,BLUEPEARL TRADING COMPANY PVT LTD,BUY,200000,75.63,-
08-MAR-2010,WELSPUNIND,Welspun India Limited,SANDSTONE CAPITAL INDIA MASTER FUND LIMITED ,BUY,1210000,95.01,-
08-MAR-2010,ZICOM,Zicom Electronic Security,MANSUKH SECURITIES & FINANCE LIMITED,BUY,65949,122.11,-
08-MAR-2010,ALKALI,Alkali Metals Limited,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,51817,130.41,-
08-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,C D INTEGRATED SERVICES LTD.,SELL,82664,798.17,-
08-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,DINESH MUNJAL(HUF),SELL,81405,797.73,-
08-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,118562,797.59,-
08-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,74899,802.69,-
08-MAR-2010,ASIANELEC,Asian Electronics Ltd,SHAH INVESTMENTS FINANCIAL DEV & CON PRIVATE LIMIT,SELL,159927,32.76,-
08-MAR-2010,ATLANTA,Atlanta Limited,PRIMORE SOLUTIONS PVT.LTD,SELL,74543,206.96,-
08-MAR-2010,DIGJAM,Digjam Limited,ARCIL BIRLA VXL LIMITED TRUST,SELL,1208730,12.05,-
08-MAR-2010,DIGJAM,Digjam Limited,RICH APPARELS/ (PRO)MANOJ MEHTA,SELL,1019349,12.33,-
08-MAR-2010,DIGJAM,Digjam Limited,SUMAN,SELL,476095,12.34,-
08-MAR-2010,GLOBUSSPR,Globus Spirits Limited,PARESH N BHAGAT,SELL,83294,110.05,-
08-MAR-2010,GLOBUSSPR,Globus Spirits Limited,SATYEN KANORIA,SELL,170393,109.29,-
08-MAR-2010,HINDCOMPOS,Hindustan Composites Ltd,Hardik Bharat Patel,SELL,60000,362.00,-
08-MAR-2010,IFL,India Foils Limited,ESS DEE ALUMINIUM LTD,SELL,304301,8.38,-
08-MAR-2010,JAGRAN,Jagran Prakashan Limited,INDEPENDENT NEWS & MEDIA INVESTMENTS LIMITED,SELL,10881733,112.31,-
08-MAR-2010,MAGMA,Magma Fincorp Limited,NAMOKAR COMMERCIAL PVT LTD.,SELL,133071,240.13,-
08-MAR-2010,NORTHGATE,Northgate Technologies Li,MACQUARIE BANK LIMITED,SELL,367000,21.56,-
08-MAR-2010,RAJTV,Raj Television Network Li,KANCHAN CHHABRA,SELL,22300,64.92,-
08-MAR-2010,SYNCOM,Syncom Healthcare Ltd,FRONTIER TRADERS PRIVATE LIMITED,SELL,171000,115.72,-
08-MAR-2010,SYNCOM,Syncom Healthcare Ltd,PINAC STOCK BROKERS PVT LTD,SELL,130735,115.87,-
08-MAR-2010,SYNCOM,Syncom Healthcare Ltd,REGENT FINANCE CORPORATION PVT. LTD.,SELL,87549,115.75,-
08-MAR-2010,SYNCOM,Syncom Healthcare Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,87546,114.90,-
08-MAR-2010,WELSPUNIND,Welspun India Limited,GATATRI EXIM PVT.LTD.,SELL,600000,95.00,-
08-MAR-2010,ZICOM,Zicom Electronic Security,MANSUKH SECURITIES & FINANCE LIMITED,SELL,65949,122.12,-
Nifty crosses 5100
Today's major news
Larsen & Toubro to pump Rs4,500 crore more into Rajpura plant; the stock surges 1.28%
The Reserve Bank of India postpones base rate implementation
Kansai Nerolac plans capital expenditure; the stock rises 1.53%
Reliance Industries likely to taste success again in Cauvery region; the stock closes 0.47% lower
Shree Cement commissions unit in Rajasthan; the stock closes 0.54% up
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Post-market summary
Global signals
European indices fell marginally in early trades on Monday. At the time of writing this report FTSE 100 was down 0.18%.
All the major Asian indices closed higher. Nikkei closed 2.09% higher while SGX Nifty closed 16 points higher.
US stock futures opened marginally lower on Monday.
Indian indices
After rallying in the last week, domestic indices continued their northbound journey on Monday on the back of better-than-expected US job unemployment data that pushed the markets across the globe up. This along with continuous buying in automobile and banking counters helped the indices breach past their crucial levels—the Sensex crossed 17000 and Nifty 5100. The Sensex opened 40 points higher at 17035, which was also its day’s low, and capitalized on these gains to touch the day’s high of 17187. At finishing line, the Sensex closed at 17103, 107 points higher over its yesterday’s close. Nifty closed 35 points higher at 5124.
Market sentiment
Of the 2,946 stocks traded on the BSE, 1,761 stocks advanced, whereas 1,097 stocks declined. Eighty-eight stocks closed unchanged.
Sectoral & stock screening
Of the 13 sector indices, nine closed higher while four closed lower. Among gainers BSE Auto surged the most by 1.79% followed by BSE Bankex that advanced 1.09%. On the other hand BSE Realty was hit the most—by 0.59%--while BSE CD, BSE Metal and BSE PSU fell marginally.
On stock’s front, the top three gainers were Essar Oil (up 6.43%), Lanco Infratech (up 6.35%) and Aban Offshore (up 5.58%). The top three losers were NMDC (down 3.35%), Indiabulls Financial (down 3.12%) and Oriental Bank of Commerce (down 2.98%).
Viewing volumes
Wind turbine maker Suzlon Energy was the most actively traded share with over 0.82 crore shares changing hands on the BSE followed by India’s second largest realty company Unitech (0.68 crore shares), oil major Essar Oil (0.55 crore shares), public sector unit Rural Electrification Corporation (0.49 crore shares) and infrastructure giant Lanco Infratech (0.45 crore shares).
Nifty March 2010 futures at discount
Turnover declines
Nifty March 2010 futures were at 5,118.40, at a discount of 5.60 points, over spot closing of 5,124. Turnover in NSE's futures & options (F&O) segment was Rs 59,633.67 crore, sharply lower than Rs 69,027.18 crore on Friday, 5 March 2010.
State Bank of India March 2010 futures were at premium at 2071.85 compared to the spot closing of 2064.50.
Jindal Saw March 2010 futures were near spot price at 215.15 compared to the spot closing of 214.80.
Tata Motors March 2010 futures were at discount at 790 compared to the spot closing of 794.40.
In the cash market, the S&P CNX Nifty rose 35.30 points or 0.69% at 5,124.
Bulls Dominate Asia
Most regional benchmarks record strong to steady gains in the first session of the week
Bullish sentiments dominated the trading in the Asian equities in the first session of the week on strong cues from the US markets Friday and a retreat in the US dollar, which spurred the demand for risky assets. Oil hit back above $82 per barrel while metals also stayed firm, making the resource sector stocks lead from the front for the benchmark regional indices.
Yesterday, French President Nicolas Sarkozy promised Greece on Sunday that euro zone countries would help it overcome its financial problems and vowed a crack down on financial speculators Athens blames for its woes. This spurred the Euro on expectations that Greece will get assistance from euro-zone governments. Euro traded enar 1.3700extdnign the recent gains after rebounding from nearly 10 month lows and pushed up oil in tandem with other commodities. Euro currently trades at 1.3648 against the US dollar from levels near 1.3500 last week.
Meanwhile, the other big story of the day came from China. A 17% year-on-year increase in China's broad money supply, and a target of 7.5 trillion yuan (1.1 billion U.S. dollars) for this year, indicated a relatively easy monetary policy, said Su Ning, deputy governor of the People's Bank of China, the country's central bank.
Speaking on the sidelines of the ongoing annual session of the top legislature, the National People's Congress (NPC), Su said the 17 percent increase in the nation's broad money supply was larger than the combined increase of targeted GDP and CPI growth, which suggested an "easy" monetary policy. Chinese Premier Wen Jiabao said Friday, in the government work report submitted to the NPC, that China targeted an approximate 3 percent rise in consumer prices and 8 percent GDP growth this year.
Chinese banking and property stocks broadly advanced in Hong Kong as well as Shanghai on hopes Beijing will retain its moderately loose policy stance following the assurance from the central bank. China's Shanghai Composite index, which covers both A and B shares, closed at 3,053, up 22 points or 0.73%, led by renewable energy stocks on hopes for government support to the industry. Baoshan Iron & Steel Co. rose nearly 3% and China Shenhua Energy Co. added 1.3%.
Hong Kong stocks also rose notably, with mining and property shares leading the gains. In Hong Kong the benchmark Hang Seng rose by 409 points or 1.97% to 21,197, led by China Construction Bank after the lender said its new lending would increase more than 10% this year. CCB gained nearly 2% to close at a six-week high, extending its gains from the previous session.
In other Asian trading, Japan's Nikkei Stock Average of 225 companies ended up 2.1% at 10,585.92, while Australia's S&P/ASX 200 was up 0.9%, South Korea's Kospi gained 1.6%, Hong Kong's Hang Seng Index advanced 2%, China's Shanghai Composite climbed 0.7% and Taiwan's Taiex was 1.3% higher.
South Korea's benchmark KOSPI closed 1.56% higher at 1,660, a one-month closing high, helped by strong buying by foreign investors. New Zealand's NZX-50 average rose by 9 points or a modest 0.29% to 3,223, its highest close since Jan 21. Elsewhere in Asia, Philippine shares gained 0.8% and New Zealand's NZX 50 finished 0.3% higher, with Indonesian stocks gaining 1.5% and Thailand's SET Index rising 0.1% in afternoon trading.
In India, the key benchmark indices pared gains as selling pressure emerged in mid-afternoon trade after a strong start. Political uncertainty weighed on the sentiment with Samajwadi Party and Lalu Prasad's Rashtriya Janata Dal on Monday deciding to withdraw support to the ruling UPA government. The BSE 30-share Sensex was up 96.53 points or 0.57% to 17,091.02, off 96.53 points from the day's high of 17,187.55. The Sensex had moved above the psychological 17,000 mark in opening trade on the back of positive global cues.
On Wall Street, stocks rallied on Friday, fueled by fairly impressive jobs data. The major averages rose over a percent each, with the Nasdaq reaching its best closing level in well over a year. A report from the U.S. Labor Department released Friday showed that the economy lost 36,000 jobs in February following a revised decrease of 26,000 jobs in January.
The report also revealed that the unemployment rate in February remained unchanged from the previous month at 9.7 percent. The unemployment rate had been expected to tick up to 9.8 percent.
Crude oil futures hit above $82 in the early Asian trades and currently trade at $81.86 per barrel, up 36 cents from the previous close. The COMEX Gold prices eased a bit though sentiments remained firmed and the commodity did not witnesses a steep drop as such. The April Gold futures are currently hovering at $1135, at the previous close only.
Market gains for the second straight day; Sensex above 17000 mark
Selling pressure in second half of the day's trade curtailed strong initial gains in key benchmark indices tracking firm Asian stocks in what was a volatile trading session. The market gained for the second straight day. The BSE 30-share Sensex rose 108.11 points or 0.64%, off close to 75 points from the day's high. The Sensex closed above the psychological 17,000 mark after regaining that mark in opening trade on the back of positive global cues. European stocks slipped in to the red after a firm start.
The market breadth was strong. Shares from banking, auto and healthcare sectors led gains. Shares of State Bank of India (SBI) and rose after the Finance Minister introduced a bill in the Lok Sabha on Monday to allow the bank to raise more capital from the market. IT stocks rose on strong US economic data. Telecom shares dipped on selling pressure after the recent rise. Index heavyweight Reliance Industries reversed early gains to slip in negative zone.
The Samajwadi Party and Lalu Prasad's Rashtriya Janata Dal (RJD) on Monday decided to withdraw support to the Congress-led United Progressive Alliance (UPA) Government after earlier disrupting the proceedings in both House of Parliament demanding quotas for Dalits, backward classes and Muslims within the Women's Reservation Bill. Both parties disrupted Question Hour in Rajya Sabha over non-implementation of Ranganath Misra Commission report on minority welfare, leading to adjournment of the House for three times. The Samajwadi Party has 23 MPs while the RJD has only 4 members of Parliament in the Rajya Sabha.
Meanwhile, major Opposition parties like the Bharatiya Janata Party and the Left Front have pledged their support to the Bill while many smaller parties, too, are likely to vote in its favour.
European markets reversed early gains triggered following forecast-beating US jobs data. Key benchmark indices in France, UK and Germany were down 0.09% and 0.22%.
Asian stocks rose Monday as better-than-estimated US jobs data and a pledge by French President Nicolas Sarkozy to support Greece boosted confidence in the global recovery. The key benchmark indices in Hong Kong, South Korea, Singapore, Taiwan, Indonesia, China and Japan rose by between 0.73% to 2.09%.
Japan's current account surplus totaled 899.8 billion yen in January 2010, a sharp reversal from the 132.7 billion yen deficit year earlier, shows preliminary data released Monday by the Finance Ministry. The trade and services balance was 37.3 billion yen in the black, compared with 1.05trillion yen in the red the previous year. The trade portion logged a surplus of 197.2billion yen, while services posted a deficit of 159.9 billion yen. In the previous year, both categories were in the red, at 844.8 billion yen for trade and 212.4 billion yen for services. The income balance shrank 8.1% to 911 billion yen. Imports were up 7.1% on year to 4.4 trillion yen, while exports surged 40.6% on year to 4.6 trillion yen.
US stocks jumped and the Nasdaq soared to its highest close in 18 months on Friday, 5 March 2010, as US employers cut fewer jobs than expected and consumers' appetite for credit showed signs of stabilizing. The Dow Jones Industrial Average climbed 122.06 points, or 1.17%, to 10,566.20 and the Standard & Poor's 500 Index gained 15.73 points, or 1.40%, to 1,138.70. Both these indices ended at the highest levels since 20 January 2009.
The Nasdaq Composite Index rose 34.04 points, or 1.48%, to 2,326.35, its highest closing since 3 September 2008.
Economic data showed US employers cut a net total of 36,000 jobs in February 2010, after jobs fell by 26,000 in January 2010, the government reported. That was short of the expected 68,000 jobs lost, according to a consensus of economists.
The unemployment rate, generated by a separate survey, held steady at 9.7%, versus forecasts for a rise to 9.8%.
Federal Reserve data showed that consumer credit rose to $4.96 billion in January 2010, its first increase in a year and the largest for any month since mid-2008.
In global fund news, investors pulled money out of Chinese and European equity funds last week following policy risks and fears about Greece's debt problems, EPFR Global said on Friday. Emerging equity funds had a third straight week of inflows, with a relatively modest $240 million flowing into the funds. Year-to-date net inflows have grown to $2.2 billion. Asia ex-Japan, Latin America and EMEA Equity Funds had net inflows ranging from $42 million to $169 million.
China equity funds had $17 million moving out of the door, while BRIC equity funds enjoyed inflows. The year-to-date average weekly inflow into BRIC funds however is less than half of the $190 million averaged in the fourth quarter of 2009.
Economic growth in the 16 countries that use the euro slowed in the fourth quarter, revised official data showed on Thursday, 4 March 2010. Quarterly gross domestic product growth slowed to 0.1% in the final three months of last year from 0.4% in the three months to the end of September, the European Union's Eurostat statistics agency said. However, the yearly drop in GDP in the third quarter was revised to show a deeper decline of 4.1% from the previous reading of 4%.
US index futures reversed initial gains. Trading in US index futures indicated that the Dow could fall 7 points at the opening bell on Monday, 8 March 2010.
Back home, the Securities and Exchange Board of India (Sebi) has mandated 100% application money for qualified institutional buyers (QIBs) in public issues from 1 May 2010, with a view to bringing about a level playing field for both large and small investors. In a move to bring greater stability and depth to the stock market, Sebi has decided in principle to allow stock exchanges to introduce physical settlement of equity derivatives. Sebi has also allowed, in principle, the introduction of equity derivatives contracts with tenures of up to five years as well as derivative products based on the volatility indices.
These announcements were made after a Sebi board meeting on Saturday, 6 March 2010 which was also marked by the Finance Minister's visit to the regulator's Mumbai head office.
Meanwhile, Rajan Bharti Mittal, the newly elected president of industry body FICCI said there's no room for hardening of interest rates and the Reserve Bank of India should maintain status quo on the rates to allow the industry to make fresh investments. He added that fresh investment announcement have begun across sectors and further increase in interest rates will only hamper economic growth.
Going forward liquidity will be a major concern with a spate of new and follow-on offerings and initial public offers to flood the market over the next few months. The government has estimated Rs 40000 crore from disinvestment for FY 2010-11. In the Union Budget on 26 February 2010 the government said it would raise Rs 25,958 crore through disinvestment in the fiscal to March 2010.
The follow on public offer (FPO) of NMDC is scheduled to open for subscription on Wednesday, 10 March 2010. The pricing for the disinvestment of 8.38% stake in NMDC will be decided on Monday, 8 March 2010 by an empowered group of ministers headed by finance minister Pranab Mukherjee.
The Indian market would act as a safe heaven for foreign investors as the state of the economy remains quite encouraging. The recent economic data showed surge in manufacturing and services activity in the month of February and rise in exports for the third consecutive month in January 2010.
The government will announce the industrial output data for the month of January 2010 on Friday, 12 March 2010. The data is expected to be robust after the infrastructure sector output which accounts for 26% of the industrial output showed a growth of 9.4% in January 2010 from a year earlier. Industrial output grew 16.8% in December 2009.
Also the fourth and the last installment of advance tax by India Inc due on 15 March 2010 will give a broad indication of fourth quarter earnings.
The government said on Friday it will seek parliamentary approval to spend an extra Rs 31780 crore for the fiscal year to end-March 2010, which it plans to fund through savings.
There is no risk that the government will borrow more than planned to fund supplementary spending, Revenue Secretary Sunil Mitra said on Friday. Of the additional spending, Rs 12000 crore would be spent on oil subsidy, Rs 8000 crore on fertiliser subsidy and Rs 2459 crore on food subsidy, among others. The government also sought parliament's nod for Rs 13.67 lakh crore of debt repayment in 2009-10. He further said that no difficulty will arise in achieving divestment target of Rs 40000 crore for FY 2011.The government has estimated Rs 35000 crore from sale of third generation telecom auctions in FY 2011.
Prime Minister Manmohan Singh said on Friday the economy would grow by at least 8% in the year through March 2011. Asia's third largest economy would expand 7.2-7.5% in 2009-10, he told parliament. Singh said prospects for the winter-sown crop are 'very encouraging'. He also said the government must pay good prices to farmers to ensure higher farm production. The prime minister said the government will take all practical measures to bring down food prices.
He said the government will continue commitment to pubic and private investment in agriculture. The prime minster said there is need to find ways and means to stabilise the sugar economy.
A good harvest is likely to bring down food inflation, which accelerated to nearly 18% in late February. The government, facing mounting criticism for rising food prices, is struggling to meet conflicting aims of controlling food inflation and trying to please farmers by paying them attractive prices.
Last week's hike in petrol and diesel prices will further increase headline inflation. Higher inflation will put further pressure on interest rates which in turn may impact corporate and consumer confidence. However, Prime Minister Manmohan Singh on Monday tried to allay fears of fuel price hike stoking inflation. He said the direct effect on the Wholesale Price Index (WPI) will be no more than 0.4%.
Food prices will be keenly watched in coming weeks for the second and third round impacts of the fuel price rise. Market men see a 25 basis points hike in the repo and reverse repo rates each by the RBI at the April 2010 policy review.
Meanwhile, Congress president Sonia Gandhi has reportedly signaled her support for a move to raise taxes on fuel in last year's Budget. The Congress president has reportedly praised finance minister Pranab Mukherjee for a well-balanced budget and said growth is the engine of the Budget
Prime Minister Manmohan Singh had earlier ruled out rolling back a price hike in fuel prices despite pressure from his main allies, saying populist policies would hurt the economy in the long-term. Petrol prices rose about 6% and diesel prices by 7.75% after the government increased factory-gate taxes and import duties on the fuels as part of last week's 2010-11 union budget 2010-11, which stressed fiscal prudence to cut a wide deficit
The government has set its gross market borrowing target for 2010/11 at a record Rs 4.57 lakh crore, up by 1.3% percent from the previous year, sending bond yields into a tizzy and sparking fresh worries on liquidity.
Business activity among Indian service companies grew at its fastest pace in 17 months in February 2010, climbing for the third straight month as both output and new orders increased, a survey showed on Wednesday, 3 March 2010. The HSBC Markit Business Activity Index, based on a survey of 400 firms, rose to 60.9 in February 2010, its highest since September 2008, and compared with 59 in January 2010. The business expectations sub-index rose for the second straight month to 73.1 in February 2010, its highest in four months. It stood at 66.6 in January 2010.
Finance minister Pranab Mukherjee's budgetary proposals last week offered a progressive cut in fiscal deficit over the next three fiscal years, changed personal tax rates lifting disposable incomes in the hand of individuals and reduced surcharge on corporate tax for domestic companies to 7.5% from 10%.
The Finance Minister in his budget speech on Friday, 26 February 2010 said the government aims to introduce the Goods and Services Tax (GST) and implement the direct tax code from 1 April 2011.
The fiscal deficit is pegged at 5.5% of GDP for 2010-2011, lower than an estimated 6.8% for the current fiscal year. The finance minister said the government also aimed to reduce the deficit further to 4.8% of GDP in the year starting 1 April 2011, and to 4.1% in the year from 1 April 2012. He said there is a need to review stimulus and move towards fiscal consolidation and review public spending.
A thrust on the infrastructure sector augurs well from a long-term growth perspective. The Finance Minister has provided Rs 1.73 lakh crore for infrastructure development in 2010-2011, which accounts for over 46% of the total plan expenditure for the year.
The stock market has applauded the Union Budget 2010-2011 due to its thrust on infrastructure development, government's pledge to reduce fiscal deficit over the next three years, a smaller-than-expected 2% hike in excise duties, and reduction in taxes for individuals which will boost disposable income. The Finance Minister has assumed a modest GDP of about 8% and inflation of about 4.5% for 2010-2011.
Going ahead, the key triggers for the stock market are structural reforms such as decontrol of petrol and diesel prices, targeting of food subsidies, and financial sector reforms such as increase in foreign direct investment in insurance sector.
Finance Minister Pranab Mukherjee on Wednesday, 3 March 2010 said India's economic recovery is still being driven by public spending and is not yet broad-based, further clouding the debate on the timing of rate hikes by the central bank.
The economy is likely to do better in the quarter to March than the three preceding quarters, Finance Secretary Ashok Chawla said on Friday, 26 February 2010. The economy grew a slower than expected 6% annually in the December quarter, data showed on Friday.
The manufacturing industry in February 2010 grew at its fastest pace in 20 months, expanding for the third month thanks to expanding output and new orders, a survey showed. The HSBC Markit Purchasing Managers' Index , based on a survey of 500 companies, rose to 58.5 in February, its strongest reading since June 2008, from 57.7 in January. A reading above 50 means activity is expanding.
Exports rose an annual 11.5% in January 2010 to $14.3 billion, the third consecutive rise after 13 straight months of decline, the government said on Tuesday. Imports rose 35.5% from a year earlier to $24.7 billion. The trade deficit stood at $10.4 billion in January compared with $5.4 billion a year earlier. Exports for April-January, the first 10 months of the 2009/10 fiscal year, were down 17.8% at $131.9 billion from the same period in the previous year.
The BSE 30-share Sensex rose 108.11 points or 0.64% to 17,102.60. The index rose 193.06 points at the day's high of 17,187.55 in early trade. The Sensex gained 40.43 points at the day's low of 17,034.92 in early trade.
The S&P CNX Nifty rose 35.30 points or 0.69% to 5124.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1731 shares advanced as compared with 1100 that declined. A total of 86 shares remained unchanged.
Among the 30-member Sensex pack, 20 advanced while the rest of them slipped.
The BSE Mid-Cap index rose 0.71% and the BSE Small-Cap index rose 1.09%. Both the indices outperformed Sensex.
The BSE Auto index (up 1.79%), the BSE Bankex (up 1.09%), the BSE HealthCare index (up 0.9%), the BSE Capital goods index (up 0.89%), the BSE FMCG index (up 0.76%), the BSE IT index (up 0.7%) outperformed Sensex.
The BSE Realty index (down 0.59%), the BSE Consumer Durables index (down 0.13%), the BSE Metal index (down 0.07%), the BSE PSU index (down 0.03%), the BSE Oil & Gas index (up 0.05%), the BSE Teck index (up 0.24%) and the BSE Power index (up 0.41%) underperformed the Sensex.
BSE clocked a turnover of Rs 5088 crore lower than turnover of Rs 5907.01 crore on Friday, 5 March 2010.
Auto stocks gained on follow-up buying after the government announced hike in excise duty by 2% to 10% from 8%. This came as a relief as the industry feared a 4% hike. A thrust on infrastructure and higher rural spending also augurs well for the auto sector. The rise in vehicle sales in the month of February 2010 also supported stocks.
India's largest tractor maker by sales Mahindra & Mahindra surged 4.33% and was the top gainer from the Sensex pack
India's largest two-wheeler maker by sales Hero Honda Motors jumped 3.09% to Rs 1913.45. The stock hit a 52-week high of Rs 1921 in intra-day trade today, 8 March 2010.
India's largest car maker by sales Maruti Suzuki India gained 1.39%. As per reports, Suzuki Motor Corporation has raised its stake in Maruti Suzuki to 55%, triggering speculation about the Japanese firm's intentions for its Indian subsidiary. Suzuki raised its stake in Maruti by 0.8% through secondary market purchases very recently and is set to increase its stake further, reports indicated. India's largest truck maker by sales Tata Motors rose 0.18%
Domestic passenger car sales jumped 33.20% to 1,53,845 units in February 2010 over February 2009, Society of Indian Automobile Manufacturers (SIAM) data showed. Sales of trucks and buses rose 87% to 58,024 units in the month.
Index heavyweight Reliance Industries (RIL) declined 0.47% to Rs 1005.20. The stock moved in volatile trade between Rs 1024 and Rs 1003.20 during the day. As per recent reports, RIL has no plans to increase its bid for bankrupt chemicals maker LyondellBasell Industries after creditors rejected a $14.5 billion offer.
Banking shares saw mixed trend. India's largest bank by net profit and branch network State Bank of India (SBI) jumped 1.16% to Rs 2070.25. The stock spurted to day's high of Rs 2114 after a bill, seeking to reduce Centre's shareholding in the State Bank of India from 55% now to 51% and to allow the bank to raise more capital from the market through preference shares, was introduced in the Lok Sabha on Monday.
The amendment bill seeks to provide for enhancement of the capital of SBI by issue of preference shares, to enable it to raise resources from the market by public issue or preferential allotment or private placement. The bill also aims to provide for flexibility in the management of the bank
India's largest private sector bank by net profit ICICI Bank rose 2.32% after the bank's American depository receipt, or ADR rose 3.51% to $40.96 on the New York Stock Exchange on Friday, 5 March 2010.
However, India's second largest private sector bank by net profit HDFC Bank fell 0.23% to Rs 1780.35. The stock reversed early gains after striking day's high of Rs 1799.
The Reserve Bank of India (RBI) said on Friday the new base lending rate for banks, to bring more transparency to loan pricing, will take effect from 1 July 2010. The actual lending rate charged to borrowers would be the base rate plus borrower-specific charges including operating costs. After the implementation of the new loan pricing system, existing borrowers would continue to pay at existing rates, while the base rate would apply to new customers. The new base rate system is intended to allow cuts in interest rates by banks to be passed on to all customers rather than a few large corporate clients.
IT stocks rose on strong US economic data. US is the biggest export market for the Indian IT firms. Infosys (up 0.98%), and Wipro (up 1.52%), rose. Tata Consultancy Services fell was flat.
Telecom shares dipped on selling pressure after the recent rise. India's largest cellular services provider by sales Bharti Airtel slumped 2.13% to Rs 292.20 and was the top loser from the Sensex pack. India's second largest cellular services provider by sales Reliance Communications declined 0.55%.
Shares of pharmaceutical firms rose. The finance minister Pranab Mukerjee in thee budget increased the weighted deductions for in house research and development from 150% to 200%. Lupin, Cipla, Dr Reddy's Laboratories, Sun Pharmaceutical Industries, Jubilant Organosys, Glenmark Pharma, Venus Remedies, Piramal Healthcare, Biocon and Suven Life Sciences 0.14% to 3.14%.
Realty shares fell on profit taking. Ackruti City, Unitech, Indiabulls Real Estate, HDIL, Omaxe fell by between 0.35% to 2.58%.
The Finance Minister allowed pending projects to be completed within a period of five years instead of four years for claiming a deduction on profits. The norms for built-up area of shops and other commercial establishments in housing projects is also proposed to be relaxed to enable basic facilities for their residents. On the negative side, the construction services have now been brought under the ambit of the service tax in an unexpected move that would raise cost of apartments that are still under construction. As per the Budget proposal, the finance ministry has suggested that construction would be deemed to be a taxable service if the building or complex is still under construction and approval from the concerned regulatory authority which in most cases is the resident municipal authority, hasn't yet been granted.
Consumer durables stocks extended recent gains on hopes rise in disposable income following widening of tax slabs in the Union Budget 2010-11 may boost sales. Videocon Industries, Lloyd Electric, Rajesh Exports, Gitanjali Gems, Asian Star Company and Blue Star Industries rose by between 0.38% to 1.28%.
Shares of oil exploration firms rose after crude oil prices gained nearly 2% on the New York Mercantile Exchange on Friday, 5 March 2010. Oil India (up 0.06%), Oil & Natural Gas Corporation (ONGC) (up 0.57%), and Cairn India (up 1.06%), gained.
Rise in crude oil prices would result in higher realizations from crude sales for oil exploration firms. Light, sweet crude oil gained $1.29 or 1.61%, to $81.50 a barrel on the New York Mercantile Exchange on Friday, 5 March 2010 as US government data showed a smaller cut in jobs than expected & bolstering economic recovery hopes.
Metal stocks rose after LMEX, a gauge of six metals traded on the London Metal Exchange, rose 1.66% on Friday, 5 March 2010. Tata Steel, Steel Authority of India, Jindal Saw, Hindustan Zinc, Sesa Goa, and Sterlite Industries rose by between 0.04% to 1.6%.
Cals Refineries clocked the highest volume of 7.95 crore shares on BSE. Shree Ashtavinayak Cine Vision (1.71 crore shares), Jagran Prakashan (1.59 crore shares), Sanraa Media (1.41 crore shares) and Suzlon Energy (0.82 crore shares) were the other volume toppers in that order.
State Bank of India clocked the highest turnover of Rs 259.94 crore on BSE. ARSS Infra (Rs
Copper turns strong
Prices end higher as job data raises hopes of economic recovery
Base metal prices ended higher on Friday, 05 March 2010. Prices rose as the dollar fell against the euro increasing metal's appeal against an alternate investment. The dollar fell due to stronger than expected job data.
At USA, copper futures for March delivery ended higher by 5 cents (1.5%) at $3.42 a pound. In February, copper ended higher by 7.1%. Copper ended FY 2009 higher by 140%. For the week, copper gained 3.5%.
At LME, copper for delivery in three months ended higher by $82 (1.1%) at $7,480. On 3 July, 2008, prices had touched an all time intra day high of $8,940.
Copper ended substantially higher last year on expectations of revived global economic growth along with a decline in the dollar. The dollar index had dropped almost 4.2% last year. The metal was also pushed higher by record first-half imports to China, the world's largest user.
The U.S. buys about 13% of the 17 million metric tons of copper sold annually and China buys about 20%.
In the currency market on Friday, the dollar gained ground initially but then slipped. The dollar index, which weighs the strength of the dollar against a basket of six other currencies initially went up by 0.4% but failed to sustain its gain and ended fractionally lower.
Among key economic data, the Labor Department in US reported on Friday that U.S. nonfarm payrolls declined for the 25th time in the past 26 months, falling by 36,000 in February to a seasonally adjusted 129.5 million. The nation's jobless rate was steady at 9.7%. Job losses in February were concentrated in construction, schools, transportation, insurance, and publishing sectors.
A day before copper fell after US data showed today that pending home sales for January dropped 7.6% month-over-month in a surprise decline.
The metal reached a seven-week high earlier during the week after an earthquake disrupted mining in Chile, the world's largest producer. The price has climbed 6.3% in three sessions.
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.
Among other metals traded in the LME on Friday, lead ended 0.7% higher at $2,185 a ton and zinc ended 0.3% lower at $2,260 a ton. Nickel ended 0.6% lower to end at $22,300. Aluminum ended 0.3% higher at $2,226 a ton.
US stocks register gains
February registers much less than expected job losses
US stocks registered strong gains for the week that ended on Friday, 05 March, 2010. Several notable earnings reports and some economic data remained the headlines for the week. While trading volume remained comparatively low for the week, traders spent most of the time in anticipation of Friday's non-farm payroll data. Other than that, the dollar fluctuated as and when Greece came out with its plans regarding the steps it will undertake to control its fiscal deficit.
For the week, that ended on Friday, 05 March, 2010, Dow ended higher by 240.94 points (2.3%) at 10,566.2. Nasdaq ended higher by 88.09 points (3.9%) at 2326.35. S&P 500 gained 34.2 points (3.1%) at 1138.7. All ten economic sectors ended higher led by substantial gains in materials and consumer discretionary sectors.
During the week, the economic reports during the earlier part of the week were a bit disappointing in nature. Pending home sales for January fell 7.6% month-over-month. A 1% monthly increase had been expected. Also, ISM Manufacturing for February came in at 56.5, which was below the 57.9 consensus.
During the week, Greece attempted to quell concern over its fiscal health with the release of a new austerity plan that includes civil service salary cuts and a sales tax increase. Despite such plans, problems persist for Portugal and Spain. Meanwhile, both the European Central Bank and the Bank of England left their benchmark interest rates unchanged, as expected. Bank of England also kept its quantitative easing measures unchanged. The dollar index just gained 0.1% for the week.
The Fed's Beige Book, which is largely full of anecdotal economic news, came with little surprise during the week. It indicated that nine of the 12 Fed districts reported modest improvement in economic activity during February, while consumer spending improved slightly in many districts.
Among major corporate news during the week, an announcement came from Medivation and Pfizer regarding the failure of their Alzheimer's drug to meet primary or secondary endpoints.
On Friday, 05 March, 2010, a smaller-than-expected decline in February nonfarm payrolls provided participants with a reason to bid stocks broadly higher, but financials booked the best gains for the second straight session. Stocks spent the entire session in higher ground. Stocks remained volatile for most part of the day for the fluctuating dollar but ultimately stocks registered their fourth straight gains.
On that day, the Dow Jones Industrial Average ended higher by 122.06 points at 10,566.2. Nasdaq ended higher by 34.04 points at 2326.35. S&P 500 ended higher by 15.73 points at 1138.7. All ten economic sectors ended higher for the day led by financial, energy and consumer discretionary sectors.
Among key economic data for the day, the Labor Department in US reported on Friday that U.S. nonfarm payrolls declined for the 25th time in the past 26 months, falling by 36,000 in February to a seasonally adjusted 129.5 million. Market was expecting a figure around 68,000. The nation's jobless rate was steady at 9.7%. Job losses in February were concentrated in construction, schools, transportation, insurance, and publishing sectors.
In the currency market on Friday, the dollar gained ground initially but then slipped. The dollar index, which weighs the strength of the dollar against a basket of six other currencies initially went up by 0.4% but failed to sustain its gain and ended fractionally lower.
Crude prices ended higher on Friday, 05 March. Prices rose as the dollar fell against the euro increasing commodities' appeal against an alternate investment. The dollar fell due to stronger than expected job data. Better than expected non-farm payroll data also pushed crude prices higher on anticipation of higher demand in coming months. On Friday, crude-oil futures for light sweet crude for April delivery closed at $81.5/barrel (higher by $1.29 or 1.6%). Prices rose to a high of $82.12 during intra day trading. Prices gained 2% for the week.
Indian ADRs ended substantially higher on Friday. Tata Motors and ICICI Bank were the main gainers soaring 4.4% and 3.5% respectively.
For the year, Dow, Nasdaq and S&P 500 are higher by 1.3%, 2.5% and 2.1% respectively
DQ Entertainment Grey Market Premium
| Company Name | Offer Price (Rs.) | Premium (Rs.) | Kostak (Rs. 1 Lac Application) |
| NTPC (FPO) | 201 | 4 to 5 | -- |
| Texmo Pipes | 90 | 18 to 19 | -- |
| Man Infraconst. | 252 | 80 to 82 | -- |
| REC (FPO) | 203 | 32 to 35 | -- |
| United Bank of | 60 to 66 | 8 to 9 | - |
| DQ Entertainment (Inter.) | 75 to 80 | 40 to 42 | 1800 to 2000 |
| NMDC (FPO) | - | - | 1900 to 1950 |
| Pradip Overseas | 100 to 110 | 18 to 20 | |
Market seen opening firm on strong global cues
The market is likely to see a buoyant start following upbeat US economic data which propelled the Nasdaq Composite index to its highest close in 18 months. The S&P CNX Nifty futures for March 2010 expiry were up 61 points in Singapore.
Asian stocks rose Monday as better-than-estimated US jobs data and a pledge by French President Nicolas Sarkozy to support Greece boosted confidence in the global recovery. The key benchmark indices in Hong Kong, South Korea, Singapore, Taiwan, Indonesia, China and Japan rose by between 0.88% to 1.99%.
US stocks jumped and the Nasdaq soared to its highest close in 18 months on Friday, 5 March 2010, as US employers cut fewer jobs than expected and consumers' appetite for credit showed signs of stabilizing. The Dow Jones Industrial Average climbed 122.06 points, or 1.17%, to 10,566.20 and the Standard & Poor's 500 Index gained 15.73 points, or 1.40%, to 1,138.70. The Nasdaq Composite Index rose 34.04 points, or 1.48%, to 2,326.35
US economic data showed non-farm payrolls shed 36,000 jobs in February 2010 compared with market expectations for a loss of 50,000. The US jobless rate was at 9.7% in February 2010, as against analysts' projection of 9.8% increase.
Federal Reserve data showed that consumer credit rose to $4.96 billion in January 2010, its first increase in a year and the largest for any month since mid-2008.
In global fund news, investors pulled money out of Chinese and European equity funds last week following policy risks and fears about Greece's debt problems, EPFR Global said on Friday. Emerging equity funds had a third straight week of inflows, with a relatively modest $240 million flowing into the funds. Year-to-date net inflows have grown to $2.2 billion. Asia ex-Japan, Latin America and EMEA Equity Funds had net inflows ranging from $42 million to $169 million.
China equity funds had $17 million moving out of the door, while BRIC equity funds enjoyed inflows. The year-to-date average weekly inflow into BRIC funds however is less than half of the $190 million averaged in the fourth quarter of 2009.
Economic growth in the 16 countries that use the euro slowed in the fourth quarter, revised official data showed on Thursday, 4 March 2010. Quarterly gross domestic product growth slowed to 0.1% in the final three months of last year from 0.4% in the three months to the end of September, the European Union's Eurostat statistics agency said. However, the yearly drop in GDP in the third quarter was revised to show a deeper decline of 4.1% from the previous reading of 4%.
Back home, the Securities and Exchange Board of India (Sebi) has mandated 100% application money for qualified institutional buyers (QIBs) in public issues from 1 May 2010, with a view to bringing about a level playing field for both large and small investors. In a move to bring greater stability and depth to the stock market, Sebi has decided in principle to allow stock exchanges to introduce physical settlement of equity derivatives. Sebi has also allowed, in principle, the introduction of equity derivatives contracts with tenures of up to five years as well as derivative products based on the volatility indices.
These announcements were made after a Sebi board meeting on Saturday, 6 March 2010 which was also marked by the Finance Minister's visit to the regulator's Mumbai head office.
Meanwhile, Rajan Bharti Mittal, the newly elected president of industry body FICCI said there's no room for hardening of interest rates and the Reserve Bank of India should maintain status quo on the rates to allow the industry to make fresh investments. He added that fresh investment announcement have begun across sectors and further increase in interest rates will only hamper economic growth.
Going forward liquidity will be a major concern with a spate of new and follow-on offerings and initial public offers to flood the market over the next few months. The government has estimated Rs 40000 crore from disinvestment for FY 2010-11. In the Union Budget on 26 February 2010 the government said it would raise Rs 25,958 crore through disinvestment in the fiscal to March 2010. Of this, it has already raised Rs 13,592 crore through divesting minority stakes in NHPC, Oil India, NTPC and REC.
The follow on public offer (FPO) of NMDC is scheduled to open for subscription on Wednesday, 10 March 2010. The pricing for the disinvestment of 8.38% stake in NMDC will be decided on Monday, 8 March 2010 by an empowered group of ministers headed by finance minister Pranab Mukherjee. Retail investors have largely shunned stake sales by the government in recent weeks in NTPC and REC. As per reports, the floor price for the NMDC IPO could be set at Rs 300, allowing the government to raise about Rs 9,000 crore.
The Indian market would act as a safe heaven for foreign investors as the state of the economy remains quite encouraging. The recent economic data showed surge in manufacturing and services activity in the month of February and rise in exports for the third consecutive month in January 2010.
The government will announce the industrial output data for the month of January 2010 on Friday, 12 March 2010. The data is expected to be robust after the infrastructure sector output which accounts for 26% of the industrial output showed a growth of 9.4% in January 2010 from a year earlier. Industrial output grew 16.8% in December 2009.
Also the fourth and the last installment of advance tax by India Inc due on 15 March 2010 will give a broad indication of fourth quarter earnings.
The key benchmark indices ended slightly higher in a volatile trading session on Friday, 5 March 2010, as profit taking emerged in frontline stocks after strong intraday gains. The BSE 30-share Sensex was up 22.79 points or 0.13% to 16,994.49, below the psychological 17,000 mark. The S&P CNX Nifty was up 8.45 points or 0.17% to 5088.70
As per provisional figures on NSE, foreign funds bought shares worth Rs 913.34 crore and domestic funds sold shares worth Rs 661.26 crore on Friday, 5 March 2010.
The government said on Friday it will seek parliamentary approval to spend an extra Rs 31780 crore for the fiscal year to end-March 2010, which it plans to fund through savings.
There is no risk that the government will borrow more than planned to fund supplementary spending, Revenue Secretary Sunil Mitra said on Friday. Of the additional spending, Rs 12000 crore would be spent on oil subsidy, Rs 8000 crore on fertiliser subsidy and Rs 2459 crore on food subsidy, among others. The government also sought parliament's nod for Rs 13.67 lakh crore of debt repayment in 2009-10. He further said that no difficulty will arise in achieving divestment target of Rs 40000 crore for FY 2011.The government has estimated Rs 35000 crore from sale of third generation telecom auctions in FY 2011.
Prime Minister Manmohan Singh said on Friday the economy would grow by at least 8% in the year through March 2011. Asia's third largest economy would expand 7.2-7.5% in 2009-10, he told parliament. Singh said prospects for the winter-sown crop are 'very encouraging'. He also said the government must pay good prices to farmers to ensure higher farm production. The prime minister said the government will take all practical measures to bring down food prices.
He said the government will continue commitment to pubic and private investment in agriculture. The prime minster said there is need to find ways and means to stabilise the sugar economy.
A good harvest is likely to bring down food inflation, which accelerated to nearly 18% in late February. The government, facing mounting criticism for rising food prices, is struggling to meet conflicting aims of controlling food inflation and trying to please farmers by paying them attractive prices.
Last week's hike in petrol and diesel prices will further increase headline inflation. Higher inflation will put further pressure on interest rates which in turn may impact corporate and consumer confidence. However, Prime Minister Manmohan Singh on Monday tried to allay fears of fuel price hike stoking inflation. He said the direct effect on the Wholesale Price Index (WPI) will be no more than 0.4%.
Food prices will be keenly watched in coming weeks for the second and third round impacts of the fuel price rise. Market men see a 25 basis points hike in the repo and reverse repo rates each by the RBI at the April 2010 policy review.
Meanwhile, Congress president Sonia Gandhi has reportedly signaled her support for a move to raise taxes on fuel in last year's Budget. The Congress president has reportedly praised finance minister Pranab Mukherjee for a well-balanced budget and said growth is the engine of the Budget
Prime Minister Manmohan Singh had earlier ruled out rolling back a price hike in fuel prices despite pressure from his main allies, saying populist policies would hurt the economy in the long-term. Petrol prices rose about 6% and diesel prices by 7.75% after the government increased factory-gate taxes and import duties on the fuels as part of last week's 2010-11 union budget 2010-11, which stressed fiscal prudence to cut a wide deficit
The government has set its gross market borrowing target for 2010/11 at a record Rs 4.57 lakh crore, up by 1.3% percent from the previous year, sending bond yields into a tizzy and sparking fresh worries on liquidity.
Business activity among Indian service companies grew at its fastest pace in 17 months in February 2010, climbing for the third straight month as both output and new orders increased, a survey showed on Wednesday, 3 March 2010. The HSBC Markit Business Activity Index, based on a survey of 400 firms, rose to 60.9 in February 2010, its highest since September 2008, and compared with 59 in January 2010. The business expectations sub-index rose for the second straight month to 73.1 in February 2010, its highest in four months. It stood at 66.6 in January 2010.
Finance minister Pranab Mukherjee's budgetary proposals last week offered a progressive cut in fiscal deficit over the next three fiscal years, changed personal tax rates lifting disposable incomes in the hand of individuals and reduced surcharge on corporate tax for domestic companies to 7.5% from 10%.
The Finance Minister in his budget speech on Friday, 26 February 2010 said the government aims to introduce the Goods and Services Tax (GST) and implement the direct tax code from 1 April 2011.
The fiscal deficit is pegged at 5.5% of GDP for 2010-2011, lower than an estimated 6.8% for the current fiscal year. The finance minister said the government also aimed to reduce the deficit further to 4.8% of GDP in the year starting 1 April 2011, and to 4.1% in the year from 1 April 2012. He said there is a need to review stimulus and move towards fiscal consolidation and review public spending.
A thrust on the infrastructure sector augurs well from a long-term growth perspective. The Finance Minister has provided Rs 1.73 lakh crore for infrastructure development in 2010-2011, which accounts for over 46% of the total plan expenditure for the year.
The stock market has applauded the Union Budget 2010-2011 due to its thrust on infrastructure development, government's pledge to reduce fiscal deficit over the next three years, a smaller-than-expected 2% hike in excise duties, and reduction in taxes for individuals which will boost disposable income. The Finance Minister has assumed a modest GDP of about 8% and inflation of about 4.5% for 2010-2011.
Going ahead, the key triggers for the stock market are structural reforms such as decontrol of petrol and diesel prices, targeting of food subsidies, and financial sector reforms such as increase in foreign direct investment in insurance sector.
Finance Minister Pranab Mukherjee on Wednesday, 3 March 2010 said India's economic recovery is still being driven by public spending and is not yet broad-based, further clouding the debate on the timing of rate hikes by the central bank.
The economy is likely to do better in the quarter to March than the three preceding quarters, Finance Secretary Ashok Chawla said on Friday, 26 February 2010. The economy grew a slower than expected 6% annually in the December quarter, data showed on Friday.
The manufacturing industry in February 2010 grew at its fastest pace in 20 months, expanding for the third month thanks to expanding output and new orders, a survey showed. The HSBC Markit Purchasing Managers' Index , based on a survey of 500 companies, rose to 58.5 in February, its strongest reading since June 2008, from 57.7 in January. A reading above 50 means activity is expanding.
Exports rose an annual 11.5% in January 2010 to $14.3 billion, the third consecutive rise after 13 straight months of decline, the government said on Tuesday. Imports rose 35.5% from a year earlier to $24.7 billion. The trade deficit stood at $10.4 billion in January compared with $5.4 billion a year earlier. Exports for April-January, the first 10 months of the 2009/10 fiscal year, were down 17.8% at $131.9 billion from the same period in the previous year.
Crude glides up
Prices register substantial rise after strong job data
Crude prices ended higher on Friday, 05 March 2010. Prices rose as the dollar fell against the euro increasing commodities' appeal against an alternate investment. The dollar fell due to stronger than expected job data. Better than expected non-farm payroll data also pushed crude prices higher on anticipation of higher demand in coming months.
On Friday, crude-oil futures for light sweet crude for April delivery closed at $81.5/barrel (higher by $1.29 or 1.6%). Prices rose to a high of $82.12 during intra day trading. Prices gained 2% for the week.
Crude prices rose 9.3% in February as supply-and-demand issues began to take hold in a market for months dominated by moves in the dollar. Prices have ranged between $69 and $84 a barrel since October.
In the currency market on Friday, the dollar gained ground initially but then slipped. The dollar index, which weighs the strength of the dollar against a basket of six other currencies initially went up by 0.4% but failed to sustain its gain and ended fractionally lower.
Among key economic data, the Labor Department in US reported on Friday that U.S. nonfarm payrolls declined for the 25th time in the past 26 months, falling by 36,000 in February to a seasonally adjusted 129.5 million. The nation's jobless rate was steady at 9.7%. Job losses in February were concentrated in construction, schools, transportation, insurance, and publishing sectors.
Earlier during the week, the EIA reported that crude-oil stockpiles rose 4.1 million barrels last week, topping the 1.1 million barrels expected by market. The report also showed that gasoline stockpiles rose 700,000 barrels while distillate inventories fell 900,000 barrels. Refineries operated at 81.9% of capacity.
Also on Friday, natural gas for April delivery added 1.8 cents, or 0.4%, to $4.593 per million British thermal units
Crude ended FY 2009 higher by 78%, the highest yearly gain since 1999. It reached a high of $82 earlier in October 2009 and hit a low of $33.98 on 12 February 2009. Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 45% since then. Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
Bulls run may continue
Reliance Industries, which has tasted success in a block in the Cauvery basin, could be close to striking hydrocarbon in an adjacent block in the region. (BL)
Zydus Cadila announces commencement of phase-II and III clinical trials of its swine flu vaccine. (ET)
Tata Steel sold 5.54mn tons of steel during April-February, registering a growth of 22% over the same period of 2008-09. (BS)
Adani Power has been shortlisted along with three other international bidders to build a 1,000MW coal-fired power plant in European nation Kosovo. (BS)
NMDC to double iron ore output to 50 mn tons by 2015. (BS)
NMDC along with two other companies has submitted a US$230mn non-binding bid to buy 70% stake in an Australian mine owned by Perth-based Atlas Iron. (BS)
NMDC plans Rs240bn capex for next 5 years. (BL)
Coal Minister approves a grant of fuel linkages to 11 new thermal power projects of NTPC and Damodar Valley Corporation. (BL)
The government to make a capital infusion of over Rs10bn in three public sector banks including UCO Bank, Central Bank of India and United Bank of India this month. (BS)
JSW Steel will be exporting 40,000 tons of steel slabs to its US subsidiary, Texas Works. (BL)
JSW Steel's crude steel production rose 69% in February to 0.5mn tonnes. (BL)
Punj Lloyd will likely write off in the fourth quarter an Rs1.6bn claim made by its client Ensus for delay in completion of its project. (DNA)
All mobile firms, except RCom and Tata Teleservices, have opposed the proposal to introduce 11-digit format. (ET)
Essar Minerals, a subsidiary of Essar Group, acquired US-based Trinity Coal Partners for US$600mn. (BS)
Essar Group is reported to have begun preparations for an US$8bn listing on the London Stock Exchange. (TOI)
REC signs MoU with NTPC Tamil Nadu Energy Company Ltd, to invest Rs21.14bn in the Phase-II development of greenfield power project at Vallur in North Chennai. (BS)
Zensar Technologies is looking at acquisitions in the US and Europe within the next six months to increase its scale of operations in overseas markets. (BS)
Zee Entertainment Enterprises set to acquire 9X, the Hindi general entertainment channel belonging to the loss-making INX Media. (DNA)
Schneider Electric India would buy two electronic security system business units of Zicom Electronic Security Systems, for Rs2.24bn. (BS)
The Reserve Bank of India has ordered a special audit of the accounts of Bank of Rajasthan following investigations into irregular dealings by the private sector bank. (ET)
ONGC Videsh has made two significant oil discoveries with a combined potential of 185mn barrels in a block in north eastern Syria. (BS)
Adani Group has decided to bid for Ahmedabad ‘the Manchester of the East’ franchise. (BS)
Orient Paper & Industries plans to expand its cement business by selling the commodity in new domestic markets. (ET)
Kansai Nerolac Paints plans to invest Rs4bn over the next three years to increase its paint manufacturing capacity by 40% to 2.8 lakh tons per annum. (BS)
Future Group and its UAE-based partner Axiom Telecom are on the verge of selling their mobile handset retail JV Future Axiom to the Essar Group’s The MobileStore. (ET)
BSNL decides to scrap Rs350bn GSM tender. (BS)
IndiGo and SpiceJet add frills to lure more passengers. (ET)
KPIT Cummins is considering about a 10% hike in salaries for its employees and hire 400 software professionals in the first two quarters of next fiscal. (ET)
Blackstone Group is likely to acquire a 12% stake in Monnet Ispat’s greenfield power plant to be set up in Orissa; deal is valued at Rs2.8bn. (DNA)
HT Media says its subsidiary Hindustan Media Ventures plans to raise up to Rs3bn through an initial public offer. (BL)
The Ruias plans to invest nearly Rs4bn in rolling out the first batch of Aegis campuses in India. (ET)
LIC expects about 18% growth in premium income in 2010-11 over the current financial year. (BL)
Just two months after it launched mobile services, STel has been asked by DoT to shut down the network in all the three regions where it is currently operational. (BL)
Economy Snippets
Foreign exchange reserve dipped US$375mn during the week ended February 26 to touch US$278.4bn. (ET)
State governments' FY11 market borrowings are expected to come down by at least Rs400bn, relieving the pressure on interest expenditure. (BL)
Truck rentals zoom 6-8%, retail freight up 12-15%. (BS)
Finance minister may expand railway’s exempted goods list. (BS)
The Reserve Bank of India postponed the implementation of the proposed base rate mechanism by three months. (BS)
Reserve Bank committee proposes collateral-free loans. (ET)
The government plans to relax entry norms for UMPP. It proposes to modify a clause that requires a bidding firm to hold at least 26% in a project, with a capital cost not less than Rs30bn. (ET)
The government has decided to allow only two players in each circle for broadband wireless services instead of three players earlier. (ET)
Draft bill on Direct Taxes Code is likely to be introduced in the monsoon session of the Parliament, according to the Revenue Secretary. (BL)
A capacity of 5,531MW grid-interactive power generations from various renewable energy sources has been installed up to January 31, 2010 against a target of 12,300MW for 11th Five-Year Plan. (BL)
SEBI has decided in principle to allow stock exchanges to introduce physical settlement of equity derivatives. (BL)
SEBI announces effective May 1, all QIBs will have to pay 100% of their bid amount in all public offers upfront, up from 10% now. (TOI)
Government has allows power producers in SEZs to sell electricity to outside customers by paying a customs duty of 16% of the sale price. (FE)
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