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Wednesday, March 17, 2010
Asia witnesses post Fed rally
Regional benchmarks record steady to impressive gains, dollar slips
Asian stocks managed to garner steady to impressive gains as the strong overnight cues from the US markets, higher commodity prices and a continued wave of risk appetite in assisted the global markets. The BOJ eased its monetary conditions further while World Bank revised up its 2010 economic growth outlook for China aiding to gains in the regional benchmarks.
US stocks clocked solid gains on Tuesday as traders digested the Federal Reserve's decision to once again leave rates near their historic lows. The Dow ended the session at a nearly two-month closing high, while the Nasdaq and the S&P 500 both reached their best closing levels in well over a year.
With strong overnight cues, the Asian markets surged right from the start. Japanese stocks rose to an eight-week high, as the BOJ eased monetary conditions. The BOJ, which left its policy rate at 0.1%, said it would lend another Y10 trillion in 3-month funds at the 0.1% fixed rate to banks, on top of its current Y10 trillion. The move was widely expected, as the BOJ has been under steady political pressure in recent months to help fight deflation. The benchmark Nikkei 225 closed at 10,847, up 125 points or 1.17% and the broader Topix index of all Tokyo Stock Exchange First Section issues rose 9 points or 1% to 947.
South Korea's KOSPI finished at 1,683, up 35 points or 2.11%. South Korea's seasonally adjusted jobless rate fell to 4.4% in February from January's ten-year high of 4.8%, the National Statistical Office said Wednesday. The unadjusted rate of unemployment stood at 4.9%, down from 5% in the previous month.
The Australian market ended sharply higher, as higher commodity prices lifted resources stocks and a surge in new home starts in the December quarter boosted sentiment. The Australian Bureau of Statistics said today that construction starts for new homes in Australia increased a seasonally adjusted 15.1% in the December quarter compared to the September quarter, the biggest quarterly increase since 2001. Compared to a year ago, dwelling starts were up 26% in the December quarter. While the benchmark S&P/ASX 200 rose 56 points or 1.17% to 4,853, the broader All Ordinaries index ended at 4,867, up 58 points or 1.20%.
The World Bank on Wednesday revised up its 2010 economic growth outlook for China and said the country may need to tighten its monetary policy eventually to address risks of asset price bubbles. In its latest China quarterly update, the bank revised up its growth projection for this year to 9.5% from 8.7% in its East Asia and Pacific update released in November and 9% expansion predicted in January's global economic outlook. China's benchmark Shanghai Composite Index, which covers both A and B shares, also closed up 58 points or 1.93% at 3,050, led by miners.
In Mumbai, the key benchmark indices cut gains in the later half of day's trade after hitting their highest level in nearly two months earlier in the day. The BSE 30-share Sensex was provisionally up 106.39 points or 0.61%, off close to 90 points from the day's high. Metal and capital goods stocks rose while realty stocks fell.
However, the New Zealand markets dropped. The benchmark NZX50 closed in red for a second straight day, as heavyweight Telecom hit a new all-time low and a strong kiwi dollar dragged exporters including Fisher & Paykel Appliances. The benchmark NZX-50 closed at 3,201, down 7 points or 0.21%.
Yesterday, the Federal Open Market Committee left rates unchanged and also made little change in the language behind the decision, stating that economic activity continued to strengthen and the labor market is stabilizing. The Fed said that its remaining mortgage security purchases are near completion and will end in March, while reiterating that economic conditions are likely to warrant low levels of the federal funds rate for an extended period.
In the statement, the Fed also reiterated that economic conditions are likely to warrant low levels of the federal funds rate for an extended period, although Kansas City Fed President Thomas Hoenig continued to vote for a change in the language.
Dollar has slipped after the US Fed statement yesterday and the dollar index is currently holding at one-month lows. Commodities rallied with crude oil trading near $82, adding nearly 1% while Gold managed to gain nearly by the same magnitude, holding above $1130 an ounce.
Persistent Systems IPO receives poor investor response
Issue subscribed just 4% by 16:00 IST on day one
The initial public offer (IPO) of IT firm Persistent Systems (India) was subscribed just 4% by 16:00 IST on the first of the issue today, 17 March 2010. The IPO got bids for 2.39 lakh shares compared with 54.19 lakh shares on offer. The issue closes on Friday, 19 March 2010. The price band for the IPO is Rs 290 to Rs 310 per share.
Persistent Systems (India), promoted by technocrat Dr Anand Deshpande is one of the leading players in outsourced software product development services. The company designs, develops and maintains software systems and solutions, creates new applications and enhances the functionality of its customers' existing software products. Currently, the company is present in the telecom & wireless, life sciences & healthcare and infrastructure & systems space. It has been working on new technologies like cloud computing, analytics, enterprise mobility and enterprise collaboration
Fed’s low-rate pledge buoys markets
Today's major news
Hindustan Unilever plans legal action against strikers at Haldia; the stock slides 1.28%
Reliance Industries eyes JV with Atlas Energy for Marcellus Shale; the stock is down by 0.02%
L&T gets Rs1013 crore order from ONGC; the stock surges 1.62%
Click here for more stories
Post-market summary
Global signals
The European markets were higher in the early trades on Wednesday, March 17, 2010, with banks benefiting from the US Federal Reserve's (Fed) move to keep the interest rates near zero for an extended period. At the time of writing this report, FTSE 100 was trading 0.60% higher.
All the Asian indices closed higher on Fed’s move. SGX Nifty closed 36 points higher.
US stock futures opened higher on Wednesday indicating a higher opening on the Wall Street.
Indian indices
Stocks continued to move up on the Fed’s and Japan’s decision to keep interest rates unchanged. On strong global cues, the benchmark indices extended their gains. The Indian indices opened almost flat at 17389, up by 6 points and did not see those levels again. In today’s session, BSE PSU, BSE HC and BSE Metal witnessed heavy buying.
In the mid session, the Sensex stood by near 1% to the two-month high at 17,550 levels and touched the day’s high at 17576, while the broad-based NSE index Nifty advanced by near 1.1% to 5,250. At the closing, the market erased some of its earlier gains, as the Sensex components like Maruti Suzuki, HUL and Tata Power under performed. The Sensex closed the session at 17490, 107 points or 0.61% higher, while Nifty finished the day at 5231, 34 points or 0.65% higher.
Market sentiment
The equities were witnessing a tremendous buying activity after the US and Japan decided to keep interest rates unchanged. Of the 2,928 shares traded on the BSE, 1250 (42%) shares advanced whereas 1586 (54%) shares declined, while ninety-two shares remained unchanged.
Sectoral & stock screening
All the 13 sectoral indices closed higher, except realty, auto, FMCG and consumer durables that fell for the day. PSU index topped the gainers list that was energised by ONGC, one of the 30-share index of Sensex that lifted the index by 2.04%, followed by Health Care index that rose by 1.66%.
The top 3 gainers included Hindustan Copper that rose by 18.71%, followed by NMDC that surged by 8.87% and MMTC that was up by 4.61%.
The top 3 losers included Shree Renuka Sugars that slid the most by 3.61%, followed by Jet Air India that was down by 3.30% and United Spirits that declined by 3.29%.
Viewing volumes
India’s second largest realty company, Unitech, was the most traded share with over 0.52 crore shares changing hands on the BSE, followed by steel maker — Ispat Industries (0.48 crore shares), wind power major — Suzlon Energy (0.44 crore shares), natural resources company — Reliance Natural Resources (0.34 crore shares) and copper maker — Hindustan Copper (0.31 crore shares).
NSE Bulk Deals to Watch - March 17 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
17-MAR-2010,ARCHIES,Archies Limited,TRANSGLOBAL SECURITIES LTD.,BUY,39969,102.53,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,BP FINTRADE PRIVATE LIMITED,BUY,139058,865.54,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,C D INTEGRATED SERVICES LTD.,BUY,112865,863.23,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,82059,848.86,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,102021,853.36,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,JMP SECURITIES PVT LTD,BUY,66210,844.62,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,127116,856.63,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,234550,855.75,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,113544,860.52,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,109002,867.83,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,NEPTUNE FINCOT PVT LTD,BUY,81300,858.75,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,PRB SECURITIES PRIVATE LTD.,BUY,74551,878.85,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SARAVANA SECURITIES D.SATHYAMOORTHI,BUY,90000,919.72,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SARAVANA STOCKS INVT. P LTD.,BUY,75000,835.25,-
17-MAR-2010,FIEMIND,Fiem Industries Limited,PARAM COMMODITIES PRIVATE LIMITED,BUY,20561,104.14,-
17-MAR-2010,MBLINFRA,MBL Infrastructures Ltd,SARAVANA SECURITIES D.SATHYAMOORTHI,BUY,93734,215.07,-
17-MAR-2010,MSKPROJ,MSK Projects (India) Limi,QUICK PAY SUPPLIERS PVT LTD,BUY,134000,130.80,-
17-MAR-2010,PAEL,PAE Limited,DB (INTERNATIONAL) STOCK BROKERS LTD.,BUY,77871,47.52,-
17-MAR-2010,SEJALGLASS,Sejal Architectural Glass,AMBIT SECURITIES BROKING PVT. LTD.,BUY,191854,71.32,-
17-MAR-2010,SEJALGLASS,Sejal Architectural Glass,AMISHA DEVELOPERS LTD,BUY,148525,72.27,-
17-MAR-2010,SEJALGLASS,Sejal Architectural Glass,NEELANCHAL MERCANTILE PVT.LTD.,BUY,380639,70.42,-
17-MAR-2010,SELMCL,SEL Manufacturing Company,SAFFRON FINANCE LIMITED,BUY,926005,70.09,-
17-MAR-2010,SHLAKSHMI,Shri Lakshmi Cotsyn Limit,SRG INFOTECH LTD,BUY,25000,141.98,-
17-MAR-2010,TANTIACONS,Tantia Constructions Limi,T.J.STCXOK BROKING PVT.LTD.,BUY,100000,123.10,-
17-MAR-2010,TATAELXSI,Tata Elxsi Limited,SHARAD SHAH.,BUY,168712,301.31,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,144610,143.39,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,AJAY ASSET MANAGEMENT PRIVATE LIMITED,BUY,37973,151.22,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,BLUE PEACOCK SECURITIES PVT LT,BUY,124000,148.18,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,BP FINTRADE PRIVATE LIMITED,BUY,152770,139.85,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,C D INTEGRATED SERVICES LTD.,BUY,126405,141.68,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,67134,145.62,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,CPR CAPITAL SERVICES LTD.,BUY,275845,147.58,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,70094,142.91,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,DINESH MUNJAL(HUF),BUY,97581,141.87,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,G RAMAKRISHNA,BUY,110000,147.91,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,885054,144.71,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,159648,139.46,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,LAXMI GOVIND KULKARNI,BUY,82405,142.52,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,368166,142.21,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,320172,147.78,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,291029,143.05,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,NIMIT JAYENDRA SHAH,BUY,155409,143.10,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,OM INVESTMENTS,BUY,87161,141.70,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,PINAC STOCK BROKERS PVT LTD,BUY,207748,156.99,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,PRATAP PURKAIT,BUY,58945,141.79,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R APPALA RAJU,BUY,100000,143.08,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R S SINDHU,BUY,66960,143.41,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R.M. SHARE TRADING PVT LTD,BUY,184156,148.58,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,RAJEEV KUMAR AGARWAL,BUY,50000,142.09,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,RAVINDER REDDY NANDI,BUY,80000,157.47,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SANDIP RASIKLAL SHAH HUF,BUY,117106,144.61,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SMART EQUITY BROKERS PRIVATE LIMITED,BUY,71271,148.59,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SMITA M PATEL,BUY,59992,139.58,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,73020,142.21,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,VAIBHAV DOSHI,BUY,131092,151.32,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,VIMALA.S.,BUY,64145,143.10,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,VORA VILPABEN PRANAVBHAI,BUY,277881,158.78,-
17-MAR-2010,VAKRANSOFT,Vakrangee Softwares Limit,MANISH VRAJLAL SARVAIYA,BUY,171041,88.00,-
17-MAR-2010,ARCHIES,Archies Limited,TRANSGLOBAL SECURITIES LTD.,SELL,39969,102.58,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,BP FINTRADE PRIVATE LIMITED,SELL,139348,867.22,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,C D INTEGRATED SERVICES LTD.,SELL,114865,863.30,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,82059,843.38,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,102021,852.22,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,JMP SECURITIES PVT LTD,SELL,77710,817.05,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,127116,856.74,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,234550,856.39,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,113544,857.29,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,103987,866.31,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,NEPTUNE FINCOT PVT LTD,SELL,80300,859.47,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,PRB SECURITIES PRIVATE LTD.,SELL,74551,879.52,-
17-MAR-2010,ARSSINFRA,ARSS Infra Proj. Ltd,SARAVANA SECURITIES D.SATHYAMOORTHI,SELL,40000,828.64,-
17-MAR-2010,FIEMIND,Fiem Industries Limited,PARAM COMMODITIES PRIVATE LIMITED,SELL,74740,101.75,-
17-MAR-2010,MSKPROJ,MSK Projects (India) Limi,QUICK PAY SUPPLIERS PVT LTD,SELL,19000,129.57,-
17-MAR-2010,PAEL,PAE Limited,DB (INTERNATIONAL) STOCK BROKERS LTD.,SELL,77871,47.39,-
17-MAR-2010,SEJALGLASS,Sejal Architectural Glass,AMBIT SECURITIES BROKING PVT. LTD.,SELL,191904,71.72,-
17-MAR-2010,SEJALGLASS,Sejal Architectural Glass,AMISHA DEVELOPERS LTD,SELL,245,73.70,-
17-MAR-2010,SEJALGLASS,Sejal Architectural Glass,NEELANCHAL MERCANTILE PVT.LTD.,SELL,225639,69.67,-
17-MAR-2010,SEJALGLASS,Sejal Architectural Glass,SOMERSET INDIA FUND RHODES DIVERSIFIED,SELL,150000,67.51,-
17-MAR-2010,SELMCL,SEL Manufacturing Company,CREDO INDIA THEMATIC FUND LIMITED,SELL,162093,70.00,-
17-MAR-2010,SELMCL,SEL Manufacturing Company,KUVERA CAPITAL PARTNERS LLP A/C KUVERA FUND LIMITED,SELL,547578,68.68,-
17-MAR-2010,SELMCL,SEL Manufacturing Company,SAFFRON FINANCE LIMITED,SELL,926005,72.13,-
17-MAR-2010,SHLAKSHMI,Shri Lakshmi Cotsyn Limit,SRG INFOTECH LTD,SELL,500000,137.00,-
17-MAR-2010,TANTIACONS,Tantia Constructions Limi,TARUN JAIN,SELL,100000,123.10,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,144610,143.76,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,AJAY ASSET MANAGEMENT PRIVATE LIMITED,SELL,67993,149.87,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,BLUE PEACOCK SECURITIES PVT LT,SELL,124000,151.62,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,BP FINTRADE PRIVATE LIMITED,SELL,159070,141.13,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,C D INTEGRATED SERVICES LTD.,SELL,131405,142.49,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,SELL,67134,145.94,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,CPR CAPITAL SERVICES LTD.,SELL,275845,147.56,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,SELL,70094,143.08,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,DINESH MUNJAL(HUF),SELL,97581,141.72,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,DIPALDEVENDRAKUMARSHAH,SELL,65000,155.93,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,G RAMAKRISHNA,SELL,110000,147.41,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,885054,144.77,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,159648,139.72,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,LAXMI GOVIND KULKARNI,SELL,82405,140.88,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,368166,142.29,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,320172,147.95,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,334023,145.85,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,NIMIT JAYENDRA SHAH,SELL,155409,140.02,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,OM INVESTMENTS,SELL,87161,141.54,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,PINAC STOCK BROKERS PVT LTD,SELL,207748,154.21,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,PRATAP PURKAIT,SELL,58945,141.42,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R APPALA RAJU,SELL,100000,143.97,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R S SINDHU,SELL,66960,143.52,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,R.M. SHARE TRADING PVT LTD,SELL,184156,148.51,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,RAJEEV KUMAR AGARWAL,SELL,90000,145.24,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,RAVINDER REDDY NANDI,SELL,50000,134.03,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SANDIP RASIKLAL SHAH HUF,SELL,117106,144.75,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SMART EQUITY BROKERS PRIVATE LIMITED,SELL,71271,148.66,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,SMITA M PATEL,SELL,59992,139.51,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,73020,142.41,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,VAIBHAV DOSHI,SELL,141092,151.97,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,VIMALA.S.,SELL,64145,144.04,-
17-MAR-2010,TEXMOPIPES,Texmo Pipe & Products Ltd,VORA VILPABEN PRANAVBHAI,SELL,277881,149.75,-
17-MAR-2010,VAKRANSOFT,Vakrangee Softwares Limit,MANISH VRAJLAL SARVAIYA,SELL,171041,87.73,-
BSE Bulk Deals to Watch - March 17 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
17/3/2010 531897 Accentia Tech INDIUM HOME CARE PRIVATE LIMITED S 80785 275.97
17/3/2010 517356 ACI Infocom VINSAN BROTHERS PVT LTD S 50000 19.00
17/3/2010 517356 ACI Infocom SHREE HARIVANSH SEC PVT LTD S 240000 19.00
17/3/2010 517356 ACI Infocom MESSRS SHREEKANT PHUMBHRA S 53000 19.00
17/3/2010 517356 ACI Infocom EXIM SCRIPS DEALERS PVT LTD S 165543 19.00
17/3/2010 517356 ACI Infocom ROYAL COMPUTERS PVT LTD S 46099 19.00
17/3/2010 517356 ACI Infocom PRATYUSH KHAITAN S 126569 19.00
17/3/2010 513149 Acrow India VIRENDRA NAVNITLAL & CO B 4000 146.91
17/3/2010 513149 Acrow India SUNITA VIJAYKUMAR GUPTA B 4000 141.13
17/3/2010 513149 Acrow India VIRENDRA NAVNITLAL & CO S 4000 141.13
17/3/2010 513149 Acrow India SUNITA VIJAYKUMAR GUPTA S 4000 146.91
17/3/2010 532212 Archies OPG SECURITIES P LTD B 47811 102.47
17/3/2010 532212 Archies OPG SECURITIES P LTD S 47811 102.58
17/3/2010 533163 ARSS INFRA GENUINE STOCK BROKERS PVT. LTD. B 115008 854.53
17/3/2010 533163 ARSS INFRA SMART EQUITY BROKERS PRIVATE LIMITED B 499660 853.23
17/3/2010 533163 ARSS INFRA MATRIX EQUITRADE PRIVATE LIMITED LIMITED B 156173 857.83
17/3/2010 533163 ARSS INFRA CHANDARANA INTERMIDIARY BROKERS PVT LTD B 90308 843.37
17/3/2010 533163 ARSS INFRA MARWADI SHARES AND FINANCE LTD. B 93763 860.59
17/3/2010 533163 ARSS INFRA EUREKA STOCK & SHARE BROKING SERVICES LTD B 77218 852.55
17/3/2010 533163 ARSS INFRA SANJEEV SINGHAL B 232727 844.79
17/3/2010 533163 ARSS INFRA OPG SECURITIES P LTD B 299589 853.12
17/3/2010 533163 ARSS INFRA NIRMAL BANG SECURITIES PRIVATE LIMITED B 88118 865.09
17/3/2010 533163 ARSS INFRA JMP SECURITIES PVT LTD B 178260 868.18
17/3/2010 533163 ARSS INFRA GENUINE STOCK BROKERS PVT. LTD. S 115008 856.23
17/3/2010 533163 ARSS INFRA SMART EQUITY BROKERS PRIVATE LIMITED S 499660 854.34
17/3/2010 533163 ARSS INFRA MATRIX EQUITRADE PRIVATE LIMITED LIMITED S 156123 859.40
17/3/2010 533163 ARSS INFRA CHANDARANA INTERMIDIARY BROKERS PVT LTD S 90308 848.59
17/3/2010 533163 ARSS INFRA MARWADI SHARES AND FINANCE LTD. S 93763 865.38
17/3/2010 533163 ARSS INFRA EUREKA STOCK & SHARE BROKING SERVICES LTD S 77218 853.89
17/3/2010 533163 ARSS INFRA SANJEEV SINGHAL S 232727 845.79
17/3/2010 533163 ARSS INFRA OPG SECURITIES P LTD S 299589 854.31
17/3/2010 533163 ARSS INFRA JMP SECURITIES PVT LTD S 151056 843.38
17/3/2010 532995 Avon Corp VINOD AMRATLAL NAAI B 437697 6.47
17/3/2010 532995 Avon Corp OUDH FINANCE & INVESTMENT PRIVATE LIMITED S 325892 6.26
17/3/2010 532995 Avon Corp VINOD AMRATLAL NAAI S 462258 6.27
17/3/2010 532989 Bafna Pharma LAKSHIMI NARAYANA S B 117741 31.67
17/3/2010 532989 Bafna Pharma RAJ INVESTMENT B 89297 29.12
17/3/2010 532989 Bafna Pharma JAYA KUMAR B 103253 31.16
17/3/2010 532989 Bafna Pharma RENEKA M S 180000 31.70
17/3/2010 532989 Bafna Pharma MARLIN DEEPA R S 112500 31.70
17/3/2010 532989 Bafna Pharma RAJ INVESTMENT S 89297 30.33
17/3/2010 531591 Bampsl Sec SUNIL KUMAR GUPTA B 865000 1.37
17/3/2010 531591 Bampsl Sec PRAKASH CHAND GUPTA S 991800 1.37
17/3/2010 500045 Bellary Steels DUNGARPUR CAPITAL SERVICES PVT LTD B 1249000 2.65
17/3/2010 500045 Bellary Steels ABHISHEK FINCAP SERVICES PRIVATE LIMITED S 1249000 2.65
17/3/2010 505923 Ceekay Daikin DEUTSCHE MUTUAL FUND B 24000 169.34
17/3/2010 500083 Century Extr MAHIPAT IWDARMAL MEHTA B 261501 8.13
17/3/2010 526141 Compact Disc KISHAN MOHTA B 50000 64.74
17/3/2010 517973 DMC Intl CENTENARY SOFTWARE PVT LTD B 132755 22.13
17/3/2010 517973 DMC Intl CENTENARY SOFTWARE PVT LTD S 133135 21.76
17/3/2010 504000 Elpro Intl PADMAKSHI FINANCIAL SERVICES PVT. LTD. B 30000 657.00
17/3/2010 504000 Elpro Intl KEYNOTE COMMODITIES LIMITED S 30000 657.00
17/3/2010 512219 Finaventure Cap SHRIYA CHEMICALS PRIVATE LIMITED B 500100 87.98
17/3/2010 512219 Finaventure Cap FINAVENTURE ADVISORY SERVICES INDIA PRIVATE LIMITED S 494020 88.00
17/3/2010 532139 G Tech Info VIJAY TUKARAM CHILE S 618600 5.20
17/3/2010 508918 GREYCELLS PADMAKSHI FINANCIAL SERVICES PVT. LTD. B 42204 57.00
17/3/2010 508918 GREYCELLS I G E INDIA LIMITED S 42204 57.00
17/3/2010 524314 Gujarat Terce BP FINTRADE PRIVATE LIMITED B 29161 13.03
17/3/2010 511682 IFL Promoters SHIVCHARAN DASS MITTAL B 20000 9.04
17/3/2010 511682 IFL Promoters SHIVCHARAN DASS MITTAL S 20000 9.75
17/3/2010 531025 Inca Finlease RAMAVATAR JAGATNARAYAN PATHAK B 25000 82.00
17/3/2010 531025 Inca Finlease PRITI MERCANTILE COMPANY LTD S 17200 83.33
17/3/2010 531025 Inca Finlease BIRLA YAMAHA LIMITED S 72035 82.08
17/3/2010 531968 Indo Green Proj NOSTALGIA FINVEST PRIVATE LIMITED B 36361 35.99
17/3/2010 532342 IT People IT PEOPLE PRIVATE LIMITED B 5100000 4.75
17/3/2010 532342 IT People ICG Q LTD S 5132952 4.75
17/3/2010 507789 Jagsonpal Phar PRAGNESH JAGDISHBHAI PATEL B 179687 20.82
17/3/2010 531784 Kadamb Constr JAYSHREE SOMANI S 125000 54.08
17/3/2010 531784 Kadamb Constr SHANTA CHORDIA S 70000 54.03
17/3/2010 530955 Kailash Ficom MANDVI DYES & CHEMICALS CO PVT LTD B 185000 26.78
17/3/2010 530955 Kailash Ficom SHREE HARIVANSH SEC PVT LTD S 75000 26.80
17/3/2010 523810 Kaleidoscope Films SHANTI KUMAR SURANA B 345000 7.25
17/3/2010 523810 Kaleidoscope Films CHEVIOT INTERNATIONAL LTD S 500000 7.26
17/3/2010 530255 KAY Power BAMPSL SECURITIES LTD B 624351 17.16
17/3/2010 530255 KAY Power PRAKASH CHAND GUPTA B 100000 16.18
17/3/2010 530255 KAY Power ASHOK KUMAR SONI B 103000 17.50
17/3/2010 530255 KAY Power SUNIL KUMAR GUPTA B 100000 17.39
17/3/2010 530255 KAY Power GIRRAJ PRASAD GUPTA B 101000 16.15
17/3/2010 530255 KAY Power BAMPSL SECURITIES LTD S 409685 16.51
17/3/2010 530255 KAY Power ANJALI KAUSHIK S 85998 16.15
17/3/2010 530255 KAY Power VISHAL PIPES LTD S 100000 17.40
17/3/2010 530255 KAY Power NARENDER GUPTA S 73750 17.40
17/3/2010 530255 KAY Power SUNIL KUMAR GUPTA S 88000 16.73
17/3/2010 530255 KAY Power SUNDER DASS AGARWAL S 70000 17.60
17/3/2010 532092 Kirti Finvest RAMSHANKAR VISHWANATH SHUKLA B 403460 0.37
17/3/2010 532092 Kirti Finvest JUPITER ENTERPRISES LTD S 386807 0.37
17/3/2010 507912 LKP Fin INDIA MAX INVESTMENT FUND LIMITED B 350000 139.53
17/3/2010 507912 LKP Fin PADMAKSHI FINANCIAL SERVICES PVT. LTD. S 309700 140.00
17/3/2010 590082 LOHIA SECURI AACHMAN VANIJYA PRIVATE LIMITED S 28500 64.77
17/3/2010 513303 Modern Steel HITESH SHASHIKANT JHAVERI B 45002 37.95
17/3/2010 513303 Modern Steel SUNITA GOYAL B 40000 37.95
17/3/2010 513303 Modern Steel HITESH SHASHIKANT JHAVERI S 45000 37.95
17/3/2010 532553 MSK Projects NEELAKSHI TIKOO B 4480000 129.05
17/3/2010 532553 MSK Projects ASHOK MADHAVDAS KHURANA S 2330000 128.63
17/3/2010 532553 MSK Projects AMIT ASHOK KHURANA S 1385000 129.50
17/3/2010 532553 MSK Projects MANJU ASHOK KHURANA S 765000 129.50
17/3/2010 519560 Neha Intl AJMERA SHARES TRADING PRIVATE LIMITED B 100000 134.05
17/3/2010 519560 Neha Intl A3N HOLDINGS S 150000 134.05
17/3/2010 532912 Net 4 India INDIA MAX INVESTMENT FUND LIMITED B 100000 89.16
17/3/2010 531272 Nikki Global KAMTA PRASAD PANDEY B 21400 98.25
17/3/2010 531465 Nouveau Multi KANODIA STOCK BROKING (P) LTD B 89945 100.71
17/3/2010 531465 Nouveau Multi MACRO EQUICOM B 100000 101.20
17/3/2010 590090 Octant Inter HANDFUL INVESTRADE PVT LTD B 320000 10.62
17/3/2010 590090 Octant Inter KEYSTONE STOCKFIN PVT LTD S 322500 10.62
17/3/2010 531496 Omkar Overseas S N INVESTMENT B 26340 59.93
17/3/2010 531496 Omkar Overseas JATINKUMAR PRAVINBHAI PATEL B 25000 59.68
17/3/2010 531496 Omkar Overseas BHUTIYA HITESH KANABHAI S 27887 60.14
17/3/2010 512097 Oregon Comm SHYAM CONSTRUCTION S 13400 210.36
17/3/2010 517230 PAE DB (INTL) OWN TRADING B 73322 47.66
17/3/2010 517230 PAE DB (INTL) OWN TRADING S 73322 47.79
17/3/2010 526823 Rajeswari Found JOGI DAS GUPTA B 30000 16.75
17/3/2010 526823 Rajeswari Found RUCHIKA GUPTA S 25000 16.75
17/3/2010 522257 Rajoo Engineers CHUNILAL L PANDYA S 225000 9.72
17/3/2010 590077 Ranklin Sol A HYMAVATHI B 32276 55.85
17/3/2010 590077 Ranklin Sol MANIKYALA RAOVURA B 26883 58.73
17/3/2010 530271 Rich Capital SCOPE VYAPAR PRIVATE LIMITED B 72500 86.13
17/3/2010 531312 Sanraa Media SUBHASH P RATHOD S 2834994 0.38
17/3/2010 531781 Sapan Chem ABHIJAI INVESTMENT S 80000 5.00
17/3/2010 533056 SARK SYS SWETA TIBREWALA B 57150 16.04
17/3/2010 533056 SARK SYS DATTATRAY LAXMAN RAOPATIL S 50000 16.04
17/3/2010 532993 Sejal Arch AMBIT SECURITIES BROKING PRIVATE LIMITED B 147274 71.93
17/3/2010 532993 Sejal Arch SARSWATI VINCOM LTD B 197760 69.50
17/3/2010 532993 Sejal Arch NIRAJHAR SUKHLAL SANGHAVI B 226158 71.05
17/3/2010 532993 Sejal Arch AMBIT SECURITIES BROKING PRIVATE LIMITED S 147319 71.61
17/3/2010 532993 Sejal Arch NIRAJHAR SUKHLAL SANGHAVI S 226158 72.94
17/3/2010 532993 Sejal Arch SOMERSET INDIA FUND S 181396 67.49
17/3/2010 532886 SEL Mfg Company SAFFRON FINANCE LIMITED B 475359 69.73
17/3/2010 532886 SEL Mfg Company KII LIMITED S 356000 69.82
17/3/2010 532886 SEL Mfg Company KUVERA CAPITAL PARTNERS LLP A/C KUVERA FUND LIMITED S 169526 68.15
17/3/2010 532886 SEL Mfg Company SAFFRON FINANCE LIMITED S 465537 69.79
17/3/2010 526137 Shetron PADMAKSHI FINANCIAL SERVICES PVT. LTD. B 295930 31.45
17/3/2010 526137 Shetron ELPRO INTERNATIONAL LIMITED S 279644 31.45
17/3/2010 512289 Shirpur Gold MEHTA NEMISH JAYKISHOR B 259267 180.36
17/3/2010 512289 Shirpur Gold MEHTA NEMISH JAYKISHOR S 260367 179.84
17/3/2010 532793 Shree Ashtavina SAFFRON FINANCE LIMITED B 1223457 12.28
17/3/2010 532793 Shree Ashtavina RIMJIM SECURITIES PVT LTD S 1400000 12.11
17/3/2010 532793 Shree Ashtavina SAFFRON FINANCE LIMITED S 1223457 12.19
17/3/2010 531693 Shri Ganesh Spi CONCAST EXIM LIMITED S 300000 14.42
17/3/2010 526049 Shri Lakshmi PAN INDIA CORPORATION LIMITED S 100000 137.01
17/3/2010 526049 Shri Lakshmi SHALINI DHOOP P. LTD S 400000 137.01
17/3/2010 524719 SOCRUS BIO HANDFUL INVESTRADE PVT LTD B 208000 3.57
17/3/2010 524719 SOCRUS BIO KEYSTONE STOCKFIN PVT LTD S 204676 3.57
17/3/2010 502465 Speciality Pap JINALBEN BHAVIKBHAI VORA S 50000 18.09
17/3/2010 522087 Sulzer India FIDELITY MULTITRADE PVT. LTD. B 34000 1338.87
17/3/2010 526133 Supertex Inds RAMESH KUMAR MISHRA B 715000 2.47
17/3/2010 531102 Surana Corp DINESH CHAND SURANA B 258000 65.00
17/3/2010 531102 Surana Corp THE INDIAMAN FUND MAURITIUS LIMITED S 284000 65.00
17/3/2010 512257 Swasti Vinay Gem ACHALA ELECTRICALS PRIVATE LIMITED S 153700 5.58
17/3/2010 533164 TEXMO PIPES GENUINE STOCK BROKERS PVT. LTD. B 797845 145.22
17/3/2010 533164 TEXMO PIPES SMART EQUITY BROKERS PRIVATE LIMITED B 481076 142.01
17/3/2010 533164 TEXMO PIPES CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 69694 142.67
17/3/2010 533164 TEXMO PIPES A K G STOCK BROKERS PRIVATE LIMITED B 170481 142.43
17/3/2010 533164 TEXMO PIPES VILPABEN PRANAVBHAI VORA B 156836 158.53
17/3/2010 533164 TEXMO PIPES RAVINDER REDDY NANDI B 70000 157.23
17/3/2010 533164 TEXMO PIPES MATRIX EQUITRADE PRIVATE LIMITED LIMITED B 59599 140.75
17/3/2010 533164 TEXMO PIPES CHANDARANA INTERMIDIARY BROKERS PVT LTD B 64579 144.40
17/3/2010 533164 TEXMO PIPES MARWADI SHARES AND FINANCE LTD. B 281081 147.69
17/3/2010 533164 TEXMO PIPES SANJAY SINGHAL & SONS (HUF) B 58474 142.59
17/3/2010 533164 TEXMO PIPES SANJEEV SINGHAL B 263874 144.58
17/3/2010 533164 TEXMO PIPES OPG SECURITIES P LTD B 387760 143.81
17/3/2010 533164 TEXMO PIPES DHRUMIL NARESHKUMAR CHOGANWALA B 84380 138.96
17/3/2010 533164 TEXMO PIPES KHUSHBU A NATHWANI B 61501 151.95
17/3/2010 533164 TEXMO PIPES R M SHARES TRADING PRIVATE LIMITED B 180037 148.63
17/3/2010 533164 TEXMO PIPES Naman Securities & Finance Pvt. Ltd. B 91085 143.40
17/3/2010 533164 TEXMO PIPES RKSV SECURITIES INDIA PRIVATE LIMITED B 89068 148.23
17/3/2010 533164 TEXMO PIPES KUSUM MAHENDRA SHAH B 166464 140.75
17/3/2010 533164 TEXMO PIPES NAVEEN TAPARIA B 124215 142.74
17/3/2010 533164 TEXMO PIPES GENUINE STOCK BROKERS PVT. LTD. S 797845 145.33
17/3/2010 533164 TEXMO PIPES SMART EQUITY BROKERS PRIVATE LIMITED S 481076 142.10
17/3/2010 533164 TEXMO PIPES CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 69694 142.87
17/3/2010 533164 TEXMO PIPES A K G STOCK BROKERS PRIVATE LIMITED S 169481 142.30
17/3/2010 533164 TEXMO PIPES VILPABEN PRANAVBHAI VORA S 156836 154.38
17/3/2010 533164 TEXMO PIPES MATRIX EQUITRADE PRIVATE LIMITED LIMITED S 59599 140.93
17/3/2010 533164 TEXMO PIPES PARESH PRAMODCHANDRA THAKKAR S 92728 138.00
17/3/2010 533164 TEXMO PIPES CHANDARANA INTERMIDIARY BROKERS PVT LTD S 64579 144.14
17/3/2010 533164 TEXMO PIPES MARWADI SHARES AND FINANCE LTD. S 281081 147.57
17/3/2010 533164 TEXMO PIPES SANJAY SINGHAL & SONS (HUF) S 58474 142.64
17/3/2010 533164 TEXMO PIPES SANJEEV SINGHAL S 263874 144.71
17/3/2010 533164 TEXMO PIPES OPG SECURITIES P LTD S 387760 143.95
17/3/2010 533164 TEXMO PIPES DHRUMIL NARESHKUMAR CHOGANWALA S 84380 150.22
17/3/2010 533164 TEXMO PIPES KHUSHBU A NATHWANI S 61501 145.04
17/3/2010 533164 TEXMO PIPES R M SHARES TRADING PRIVATE LIMITED S 180037 148.82
17/3/2010 533164 TEXMO PIPES Naman Securities & Finance Pvt. Ltd. S 100587 148.40
17/3/2010 533164 TEXMO PIPES RKSV SECURITIES INDIA PRIVATE LIMITED S 89068 148.70
17/3/2010 533164 TEXMO PIPES KUSUM MAHENDRA SHAH S 166464 140.85
17/3/2010 533164 TEXMO PIPES NAVEEN TAPARIA S 124215 142.88
17/3/2010 507205 Tilaknagar Inds CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED B 1500000 115.01
17/3/2010 507205 Tilaknagar Inds SHIVANI AMIT DAHANUKAR S 1500000 115.00
17/3/2010 532948 Tulsi Extr RAMAN KUMAR GULATI B 89071 32.07
17/3/2010 531874 Venus Ventures METRO CITY COMMODITIES & DERIVATIVES LIMITED B 30000 11.11
17/3/2010 531874 Venus Ventures SOSHA CREDIT PRIVATE LIMITED S 30000 11.11
17/3/2010 531249 Well Pack Papers PANDYA YAMINIBEN M B 250190 30.92
17/3/2010 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR B 310890 30.81
17/3/2010 531249 Well Pack Papers ADITI M GANDHI B 231259 29.85
17/3/2010 531249 Well Pack Papers ADITI M GANDHI S 399474 29.32
17/3/2010 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR S 383141 29.60
17/3/2010 532883 Zylog Systems SHARAD SHAH B 300000 433.43
17/3/2010 532883 Zylog Systems VENKATRAMAN VISWANATHAN S 190000 430.00
* B - Buy, S - Sell
Sensex retraces from two-month high; breadth negative
The key benchmark indices cut gains in the later half of day's trade after hitting their highest level in nearly two months earlier in the day. The BSE 30-share Sensex was provisionally up 106.39 points or 0.61%, off close to 90 points from the day's high. The market breadth turned weak in contrast to a strong breadth earlier in the day. World stocks rose after the US Fed held benchmark rates near zero and maintained its pledge to keep them low for an extended period.
Metal stocks rose on gains in metal prices on London Metal Exchange on Tuesday, 16 March 2010. Capital goods stocks also rose. But realty stocks fell. Index heavyweight Reliance Industries trimmed early gains.
The market surged in early trade tracking firm global stocks. It extended gains in morning trade. The market trimmed gains in early afternoon trade after hitting its highest level in nearly two months in morning trade. The market moved in a narrow range in afternoon trade. A bout of volatility was witnessed in mid-afternoon trade as the Sensex traded off the day's highs.
Equities have witnessed a strong post-Budget rally driven by sustained buying by foreign funds since the presentation of the Union Budget 2010-2011 on 26 February 2010. As per data from the stock exchanges, foreign institutional investors (FIIs) bought stocks worth a net Rs 9225.19 crore this month, till 16 March 2010.
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.
European shares hit two-month highs on Wednesday, led by the banking sector, after the US Federal Reserve pledged to keep interest rates near zero for an extended period. The key benchmark indices in France, Germany and UK rose by between 0.21% to 0.49%.
Earlier in the day Asian stocks rose boosted by the Fed decision. The key benchmark indices in China, Hong Kong, Japan, Indonesia, South Korea, Singapore and Taiwan rose by between 0.79% to 3.25%.
The Bank of Japan kept its key interest rate unchanged at 0.1% Wednesday by unanimous vote, as had been widely expected, and also announced plans to double the scale of a lending program introduced in December 2009. The central bank also said it will encourage a decline in the longer-term interest rates by substantially increasing the amount of funds to be provided through the fixed-rate operation.
Meanwhile, the World Bank raised its 2010 growth and inflation forecasts for China and recommended a tighter monetary policy as well as a stronger exchange rate to restrain inflation expectations and asset bubbles.
Trading in US index futures indicated that the Dow could gain 22 points at the opening bell on Wednesday, 17 March 2010.
US markets closed higher on Tuesday, 16 March 2010 after the Federal Reserve held benchmark rates near zero and renewed its pledge to keep them exceptionally low for an extended period. The S&P 500 closed at highest levels since October 2008. Weakness in the dollar aided the rally in US stocks.
In other important economic data, Housing starts for February hit a higher-than-expected rate of 5,75,000 and building permits for February made a smaller-than-expected dip to an annualized rate of 6,12,000. The Dow Jones Industrial Average closed 43.83 points or 0.41% higher at 10,685.98. The Nasdaq Composite ended at 2,378.01, up 15.80 points or 0.67% and the S&P 500 was at 1,159.46, up 8.95 points or 0.78%.
The US Federal Reserve renewed its pledge on Tuesday to keep interest rates near zero for an "extended period" even as it sounded more upbeat about jobs. Still, it repeated its view that the economy's recovery would likely be moderate for a time and that inflation was likely to remain subdued. The US Central Bank said that the Fed's policy continues to anticipate that economic conditions, including low rates of resource utilisation, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the Federal funds rate for an extended period.
International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said on Wednesday he was worried countries were not working together closely enough to overcome the global economic crisis. Working together will help lay the groundwork for stronger and more stable growth, he told a committee in the European Parliament.
Close home, several companies have paid a higher tax this quarter according to the preliminary data, indicating better fourth quarter results. Reliance Industries has paid Rs 770 crore as advance tax for the March quarter compared with Rs 365 crore a year ago. Infosys' tax outgo has doubled to Rs 250 crore from Rs 125 crore. Tata Consultancy Services paid Rs 178 crore, compared from Rs 53 crore earlier. State-run Union Bank of India paid Rs 185 crore compared with Rs 253 crore a year ago. ICICI Bank's Q3 advance tax stood at Rs 350 crore versus Rs 250 crore a year ago. Asian Paints paid Rs 60 crore, versus Rs 43 crore year earlier.
State Bank of India has paid Rs 1857 crore verses Rs 1810. HDFC paid Rs 280 crore, unchanged from a year earlier. Tata Motors paid Rs 115 crore versus Nil a year ago. Bank of Baroda paid Rs 300 crore verses Rs 280. Zee Entertainment Enterprises paid Rs 97 crore versus Rs 109. Tata Steel paid Rs 513 crore versus Rs 406 crore. L&T paid Rs 270 crore versus Rs 275 crore. Bajaj Auto paid Rs 177 crore versus Rs 60 crore. M&M paid Rs 235 crore versus nil a year earlier.
Cement maker ACC paid Rs 330 crore compared to Rs 340 crore a year ago. Ambuja Cement paid Rs 120 crore, compared with Rs 125 crore a year ago. Aditya Birla Group firm Grasim Industries paid Rs 216 crore as advance tax in the period under review, as compared to Rs 65 crore a year ago. Life Insurance Corp of India (LIC) has paid Rs 864 crore as advance tax for the March quarter, compared with Rs 810 crore year ago.
On the macro front, the headline inflation topped expectations and came within touching distance of double digits in February 2010, making a rate increase by the Reserve Bank all but inevitable at its scheduled April 2010 policy review. Annual wholesale price inflation accelerated to 9.89% in February, the highest since October 2008 and well above the Reserve Bank of India's end-March projection of 8.5% and the 8.56% January reading.
The inflation data comes on the heels of a 16.7% annual jump in industrial output in January, with the unexpectedly strong economic pickup also backing the case for the central bank to raise policy rates by at least 25 basis points. The December inflation figure was revised upwards to 8.1% from 7.3%. Rising inflation and the government's plan to borrow a record $100 billion in the fiscal year that starts 1 April 2010, most of which is expected in the first half, have weighed on bond prices.
Finance Minister Pranab Mukherjee on Tuesday expressed hope that the economy would soon return to a high growth trajectory, but cautioned that high inflation and heavy borrowings posed significant challenges. India could see double-digit inflation in March, the Finance Minister said.
C Rangarajan, chairman of Prime Minister's economic advisory council on Tuesday expressed concern over rising inflation and said he is hopeful that the numbers will come down in a few months because of the decline in food prices.
The Reserve Bank of India should consider carefully returning to normal monetary policy, Montek Singh Ahluwalia, deputy chairman of India's Planning Commission, said on Wednesday. He added that headline inflation is expected to come down over the next two months
Meanwhile, Railway minister Mamata Banerjee has reportedly refused to include any of the public sector companies under her ministry in the government's divestment plan, a development that could force the government to meet its sell-off target for the next fiscal from fewer companies.
As per provisional figures, the BSE 30-share Sensex was up 106.39 points or 0.61% to 17,489.57. The barometer index rose 193.60 points at the high of 17,576.78 in morning trade, its highest since 20 January 2010. The Sensex rose 6.29 points at the day's low of 17,389.47 in early trade.
The S&P CNX Nifty was up 35.10 points or 0.68% at 5233.20 as per provisional figures. It hit the day's high of 5260.50 in morning trade, its highest since 19 January 2010.
The BSE Mid-Cap index rose 0.14%. The BSE Small-Cap index fell 0.11%. Both these indices underperformed the Sensex.
BSE clocked a turnover of Rs 5104 crore, higher than Rs 3752.03 crore on Tuesday, 16 March 2010.
The market breadth turned weak in the latter part of the trading session. The breadth was strong earlier in the day. On BSE, 1231 shares advanced as compared with 1582 that declined. A total of 104 shares remained unchanged.
From the 30 Sensex stocks 23 stocks rose and the rest fell.
Index heavyweight Reliance Industries (RIL) fell 0.15% to Rs 1065.20 on profit taking after recent strong gains. The stock came off the day's high of Rs 1,082.90. Reliance Industries is reportedly seeking a joint venture with Atlas Energy to develop the US firm's Marcellus Shale gas operations. As per the market buzz, RIL's Q4 advance tax surged to Rs 770 crore in Q4 March 2010 from Rs Rs 365 crore a year ago.
Reliance Industries on Sunday, 14 March 2010 announced a sports and entertainment joint venture with IMG Worldwide, a global leader in sports marketing and management. The equal venture, IMG Reliance, will set up modern infrastructure and coaching facilities for sports and create and operate sports and entertainment assets including celebrity management.
Reliance Communications, India's No. 2 mobile services provider by sales rose 0.12% after the company said it has formed a partnership with Polycom Inc. to launch video conferencing services in India. Reliance said in a statement on Wednesday it expected a revenue upside of Rs 400 crore ($88 million) over 5 years from the tie-up.
India's largest car maker by sales Maruti Suzuki India fell 1.71% extending recent losses triggered by fears increase in competition may dent sales. Last week Ford India entered the small car market with 'Figo'.
Maruti Suzuki India, last week said that Japanese auto giant Nissan has placed orders for 35,000 units of its small car A- Star for 2010-11 to sell it in the European market. Nissan sources the A-Star from Maruti's Manesar facility and sells it in the European market as 'Pixo'.
India's largest tractor maker by sales Mahindra & Mahindra (M&M) fell 1.01%. The company paid Rs 235 crore in advance tax in Q4 March 2010 versus nil payment a year earlier.
Metal stocks rose after LMEX, a gauge of six metals traded on the London Metal Exchange, rose 1.34% on Tuesday, 16 March 2010. Steel Authority of India, Sterlite Industries, National Aluminum Company, Jindal Saw, JSW Steel, Hindalco Industries rose by between 0.21% to 2.42%.
India's largest steel maker by sales Tata Steel rose 0.81%, gaining for the straight third day. Its Q4 advance tax payment rose to Rs 513 crore from Rs 406 crore a year earlier.
India's largest engineering & construction firm by sales Larsen & Toubro (L&T) rose 1.7%, extending Tuesday's 2.8% gains. The company today said it got orders worth Rs 1013 crore. The company on Monday said that it won orders worth Rs 2000 crore. L&T's advance tax payment fell marginally to Rs 270 crore in Q4 March 2010 from Rs 275 crore a year earlier.
Among other capital goods stocks, ABB, Bharat Heavy Electricals, BEML and Crompton Greaves rose by between 0.1% to 2.53%.
Realty shares reversed early gains as the Budget proposed to impose service tax on the realty sector both on commercial rentals as well as on sale of under-construction housing units. The service tax would come to be about 3.5% of the cost of the apartment that includes the value of the land and also the cost of construction, realty body Credai said recently. Unitech, Indiabulls Real Estate, DLF, HDIL, Phoenix Mills fell by between 0.08% to 2.84%.
Realty major DLF recently hinted that properties would turn dearer as developers would have to pass on the service tax burden to end-users.
Piramal Healthcare rose 1.41% after a leading foreign broker rated the stock as 'buy' with a 12 months price target of Rs 515 per share.
Triveni Engineering and Industries jumped 5.09%, extending gains for the second day after the company's board approved demerger of the steam turbine business into a separate company to be named Triveni Turbines.
Latest Grey Market Premiums - Pradip Overseas, Persistent Systems, United Bank of India, DQ Entertainment
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| United Bank of | 60 to 66 | 9 to 9.50 |
| DQ Entertainment (Inter.) | 75 to 80 | 53 to 55 |
| NMDC (FPO) | 300 | 25 to 30 |
| Pradip Overseas | 100 to 110 | 17 to 18 |
| ILFS Transportation | 242 to 258 | 37 to 38 |
| Persistent Sys. | 290 to 310 | 145 to 150 |
| Shree Ganesh Jewellery | 260 to 270 | -- |
Markets to open positive on strong global cues
Headlines for the day
Nissan scouts for yet another Indian partner
Banks commit over Rs 10,000 crore to Hindalco plant
Birla to fight wadia on Worli land makeover
Events for the day
Major corporate action
Ex-date for final dividend of Arihant Foundations & Housing
Ex-date for interim dividend of Best Eastern Hotels
Persistent Systems IPO opens today
Pre-market report
Global signals
On Tuesday, March 16, 2010, European markets closed higher gaining all its previous session losses, after Standard & Poor's affirmed its credit ratings on Greece's debt.
The US markets rose to a fresh 17-month high on Tuesday after the Federal Reserve held benchmark rates near zero and maintained its pledge to keep them low for an extended period.
In today's trade, all the Asian indices are trading in the positive territory. At the time of writing this report, SGX Nifty was trading 32.50 points higher.
Indian markets
The Indian equities are set to open higher and extend gains from the previous session on the back of strong global markets after the US Federal Reserve maintained benchmark rates near zero. The market volatility is expected to remain low and the Nifty would trade in the limited range bound of 5092-5300.
Commodity cues
In the commodity space, the Crude oil prices posted gain after the two straight session of losses, with the Nymex light crude oil for the April series up by $1.90 per barrel, whereas in the metals space, the Comex Gold for the April series was up by $17.10 and the Comex Silver and May series was up by $0.25 to a troy ounce respectively.
Daily trend of FII/MF investment in equities
The foreign institutional investors (FIIs) were the net buyers of the Indian stocks to the tune of Rs388.90 crore on March 15, 2010, whereas the domestic mutual funds, on March 12, 2010, were the net sellers of the stocks to the tune of Rs116.60 crore.
ILFS Transportation Subscription Details
| Qualified Institutional Buyers (QIBs) | 52.6077 |
| Non Institutional Investors | 39.3943 |
| Retail Individual Investors (RIIs) | 4.5636 |
Market may extend Tuesday's gains on firm Asian stocks
The market may extend Tuesday (16 March 2010)'s gains on firm global stocks after U.S. Federal Reserve indicated it plans to hold interest rates low and gave a mildly optimistic assessment of the economy.
Asian stocks rose on Wednesday as the U.S. Federal Reserve pledged to keep borrowing costs near zero for an “extended period” and the yen weakened. The key benchmark indices in China, Hong Kong, Japan, Indonesia, South Korea, Singapore and Taiwan rose by between 0.25% to 1.55%.
The US markets closed higher on Tuesday, 16 March 2010 after the Federal Reserve held benchmark rates near zero and renewed its pledge to keep them exceptionally low for an extended period. The S&P 500 closed at highest levels since October 2008. The dollar index slipped to a fresh session low also helped sentiment.
In other important economic data, Housing starts for February hit a higher-than-expected rate of 5.75 lakh and building permits for February made a smaller-than-expected dip to an annualized rate of 6.12 lakh. The Dow Jones Industrial Average closed 43.83 points or 0.41% higher at 10,685.98. The Nasdaq Composite ended at 2,378.01, up 15.80 points or 0.67% and the S&P 500 was at 1,159.46, up 8.95 points or 0.78%.
The US Federal Reserve renewed its pledge on Tuesday to keep interest rates near zero for an "extended period" even as it sounded more upbeat about jobs. Still, it repeated its view that the economy's recovery would likely be moderate for a time and that inflation was likely to remain subdued. The US Central Bank said that the Fed's policy continues to anticipate that economic conditions, including low rates of resource utilisation, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the Federal funds rate for an extended period.
Close home, the Q4 March 2010 advance tax payment numbers of top Indian firms were encouraging. Reliance Industries has paid Rs 770 crore as advance tax for the March quarter compared with Rs 365 crore a year ago. Infosys' tax outgo has doubled to Rs 250 crore from Rs 125 crore. Tata Consultancy Services paid Rs 178 crore, compared from Rs 53 crore earlier. State-run Union Bank of India paid Rs 185 crore compared with Rs 253 crore a year ago. ICICI Bank's Q3 advance tax stood at Rs 350 crore versus Rs 250 crore a year ago. Asian Paints paid Rs 60 crore, versus Rs 43 crore year earlier.
State Bank of India has paid Rs 1857 crore verses Rs 1810. HDFC paid Rs 280 crore, unchanged from a year earlier. Tata Motors paid Rs 115 crore versus Nil a year ago. Bank of Baroda paid Rs 300 crore verses Rs 280. Zee Entertainment Enterprises paid Rs 97 crore versus Rs 109. Tata Steel paid Rs 513 crore versus Rs 406 crore. L&T paid Rs 270 crore versus Rs 275 crore. Bajaj Auto paid Rs 177 crore versus Rs 60 crore. M&M paid Rs 235 crore versus nil a year earlier.
Cement maker ACC paid Rs 330 crore compared to Rs 340 crore a year ago. Ambuja Cement paid Rs 120 crore, compared with Rs 125 crore a year ago. Aditya Birla Group firm Grasim Industries paid Rs 216 crore as advance tax in the period under review, as compared to Rs 65 crore a year ago. Life Insurance Corp of India (LIC) has paid Rs 864 crore as advance tax for the March quarter, compared with Rs 810 crore year ago.
On the macro front, the headline inflation topped expectations and came within touching distance of double digits in February 2010, making a rate increase by the Reserve Bank all but inevitable at its scheduled April 2010 policy review. Annual wholesale price inflation accelerated to 9.89% in February, the highest since October 2008 and well above the Reserve Bank of India's end-March projection of 8.5% and the 8.56% January reading.
The inflation data comes on the heels of a 16.7% annual jump in industrial output in January, with the unexpectedly strong economic pickup also backing the case for the central bank to raise policy rates by at least 25 basis points. The December inflation figure was revised upwards to 8.1% from 7.3%. Rising inflation and the government's plan to borrow a record $100 billion in the fiscal year that starts 1 April 2010, most of which is expected in the first half, have weighed on bond prices.
Finance Minister Pranab Mukherjee on Tuesday expressed hope that the economy would soon return to a high growth trajectory , but cautioned that high inflation and heavy borrowings posed significant challenges. India could see double-digit inflation in March, Finance Minister said.
C Rangarajan, chairman of Prime Minister's economic advisory council, on Tuesday expressed concern over rising inflation and said he is hopeful that the numbers will come down in a few months because of the decline in food prices.
Meanwhile, Railway minister Mamata Banerjee has reportedly refused to include any of the public sector companies under her ministry in the government's divestment plan, a development that could force the government to meet its sell-off target for the next fiscal from fewer companies.
The finance ministry has reportedly circulated a proposal that aims to ask state-run banks to exit noncore businesses, notably insurance, to force greater capital efficiency and ensure that periodic capital infusion into them goes into increasing the spread of banking rather than propping up money-losing ventures.
The key benchmark indices attained their highest closing levels in nearly two months in a late surge on Tuesday, 16 March 2010 as encouraging advance tax figures of top Indian firms for Q4 March 2010 indicated better fourth quarter results. Higher European stocks aided the rally on the domestic bourses. The BSE 30-share Sensex was up 218.19 points or 1.27% to 17,383.18, its highest since 20 January 2010 on that day.
As per provisional figures on NSE, foreign funds bought shares worth Rs 377.84 crore and domestic funds sold shares worth Rs 158.56 crore on Tuesday
Daily News Roundup - March 17 2010
RIL loses bid for Canadian firm Value Creation to British energy major BP Canada, which has taken a controlling stake for ~US$1.2bn. (BS)
Bharti Airtel has issued a term sheet to banks to raise up to US$8.5bn in offshore loans to fund the acquisition of African mobile operator Zain. (ET)
State Bank of India is likely to raise Rs200bn via rights issue by the year-end. (ET)
Hindalco Industries has received a loan commitment of over Rs100bn from more than 10 banks for the Rs49bn debt the company plans to raise for its Utkal Alumina Refinery. (BS)
Boeing will pay US$145mn compensation to Air India (AI) for delay in deliveries of the Dreamliner B787-800. (BS)
Nissan Motor along with its joint venture French partner Renault, has invested around Rs28.8bn at Oragadam, near Chennai. (BS)
Nissan Motor scouts for yet another Indian partner to develop one more car that will be placed between Micra and proposed ultra low cost (ULC). (BS)
Reliance Communications has said that it was open to acquisitions in the country to grow its presence in the domestic market. (ET)
PFC to pick up 26% stake in power projects. (BS)
Mahanadi Coalfields Ltd (MCL) to cross 100mn tons coal production this year. (BL)
Dhruvi Securities, a subsidiary of GMR Infrastructure has acquired shares of ING Vysya Bank from another GMR group subsidiary GMR Airports Holdings Private Ltd for a sum of Rs107.3mn. (BL)
Strides Arcolab has informally offered to buy the remaining 43% stake in its Australian venture, Ascent Pharmahealth Ltd at Rs1.45bn. (BS)
Patni Computer Systems has set up a new North American hub for BPO operations in El Paso, Texas. (ET)
State-owned fuel retailers — Indian Oil, BPCL and HPCL— are likely to end the fiscal with a loss of ~Rs480bn on selling petrol, diesel, domestic LPG and kerosene below cost. (ET)
The government has asked the five telecom operators, Bharti Airtel, Reliance communication, Tata, Vodafone and BSNL, to give their accounting details for three years (2006-07 to 2008-09) to the Comptroller and Auditor General of India. (ET)
Religare Enterprises has decided to set up an asset management, sales and distribution business in Japan and has hired a team from KBC Financial Products for the same. (ET)
The finance ministry has circulated a proposal that aims to ask state-run banks to exit noncore businesses, notably insurance, to force greater capital efficiency and ensure that periodic capital infusion into them goes into increasing the spread of banking rather than propping up money-losing ventures. (ET)
Nothing to worry!
Nothing is often a good thing to do and always a clever thing to say - Will Durant
Bulls could extend Tuesday’s rally thanks to the Federal Reserve’s move to do nothing on its ultra loose monetary policy. What’s more, the US central bank offered a more optimistic assessment on the state of the labour market.
European stocks finished higher, extending gains late in the session after Standard & Poor's said Greece was on track to meet its near-term budget goals.
Asian markets are mostly higher this morning. It’s a no-brainer that given the slightly optimistic global cues, the Indian market too will advance further. Whether it closes up or not is anybody’s guess. It’s best to do nothing with the stocks you hold now.
The Nifty could take a shot at 5300 in the near term, provided global markets remain firm. However, it may take a while for it to touch 5500. On the way down, strong support is now seen at 5100.
One cause for concern of late has been the low traded volume and constant selling by local funds. At the same time, volatility remains pretty low. One may see the main indices consolidate in a range of 5100-5300.
Bulls were in a festive mood on Tuesday, as the market finally chose the auspicious day of Gudi Padwa to march ahead after several days of sluggish movement. The index heavyweight Reliance Industries led from the front amid expectations of strong show in the Oct-Dec quarter.
In terms of global cues, markets in Asia was pretty much subdued but European stock benchmarks gained as the region’s finance ministers worked out a strategy for emergency loans for Greece. US stock futures were nearly unchanged ahead of the Federal Reserve’s policy meeting.
The BSE Sensex ended at 17,383 surging 218 points after touching a high of 17,417 and a low of 17,150. The NSE Nifty surged 69 points to end at 5,198.
In Asia, the Nikkei in Japan was down 0.3%, while Australia's S&P/ASX edged higher by 0.4%. Shanghai SE Composite ended higher by 0.5% and Hang Seng index in Hong Kong was down 0.4%.
In Europe, stocks were trading with a positive bias. The DAX in Germany was up 0.9%, the CAC 40 index in France was up 0.9% and the FTSE in the UK was up 0.6%.
Coming back to India, among the BSE sectoral indices, the Oil & Gas index was the top gainer, adding 2.7%, followed by the Metal index that was up 1.7% and the BSE Capital Goods index was up 1.7%. Even, the BSE Mid-Cap index added 1% and BSE Small-Cap index was up 1.2%.
Outside the frontline indices, the big gainers in the broader market were Jai Corp, M&M Fin, Idea, Indian Hotels and Ashok Leyland. On the other hand, losers included NMDC, Hindustan Copper, Nestle and PFC.
Reliance Industries plans to buy three Shale gas assets in the US according to reports. The company may acquire a 40% to 50% stake in the US based company and the deal size is likely to be between US$1bn and US$2bn, added reports.
The stock shot up by over 4% to end at Rs1067. The scrip opened at Rs1027 it touched an intra-day high of Rs1070 and a low of Rs1028 and recorded volumes of over 10.5mn shares on BSE.
Shares of Bharti Airtel have slipped by 1.6% to end at Rs294 after reports stated that the special auditors appointed by the government to probe the issue revealed that Bharti Airtel may owe the government Rs1.74bn. The scrip opened at Rs295 it touched an intra-day high of Rs301 and a low of Rs292 and recorded volumes of over 0.82mn shares on BSE.
ITC has reportedly hiked prices by up to 20% following a duty hike in the budget. According to reports, ITC which had previously hiked the prices of its Gold Flake Kings brand by 7% prior to the budget, raised prices again by 8-20% across all brands. The stock ended flat at Rs259. It opened at Rs260 it touched an intra-day high of Rs261 and a low of Rs254 and recorded volumes of over 0.15mn shares on BSE.
Shares of Jet Airways advanced by 3% to end at Rs484 after the airline reported a 31% rise in its international traffic and 22% growth in domestic traffic in February compared with a year ago. Jetlite, Jet Airways' all economy subsidiary, registered a 10.4% growth in passenger traffic on a seat factor of 80% in February 2010.
The scrip opened at Rs470 it touched an intra-day high of Rs490 and a low of Rs471 and recorded volumes of over 0.25mn shares on BSE.
JSW Steel won additional carbon credits for reducing greenhouse gas emissions at a project in the southern state of Karnataka. JSW Steel was awarded ~504,214 credits by the United Nations Clean Development Mechanism. The additional credits are worth about 5.8mn euros.
Shares of JSW Steel advanced by 1.5% to end at Rs1198. The scrip opened at Rs1185 it touched an intra-day high of Rs1203 and a low of Rs1180 and recorded volumes of over 0.46mn shares on BSE.
Shares of Madhucon Projects surged by over 3.1% to end Rs153 after the company announced that it got a coal mining license in Indonesia for 30,970 hectares in South Sumatra region. The scrip opened at Rs155 it touched an intra-day high of Rs163 and a low of Rs152 and recorded volumes of over 0.3mn shares on BSE
Kale Consultants
Traders with short-term trading perspective can consider buying the stock of Kale Consultants. The stock found long-term significant support at Rs 20 in late 2009 and has reversed direction shaping an inverse head and shoulders pattern, a bottom reversal pattern. It broke through the neckline at Rs 60 in September 2009 and met its price objective in January 2010. However, following a corrective decline, the stock appears to have resumed its intermediate-term uptrend. The stock conclusively breached its 21-day moving average on March 5 and decisively closed above its 50-day moving average on March 16 by jumping almost 5 per cent with above average volumes.
The immediate key supports are pegged at Rs 85 and Rs 80. Both the daily as well as weekly relative strength index have re-entered in to the bullish zone from the neutral region. The daily moving average convergence and divergence indicator is on the verge of entering the positive territory while the weekly indicator is featuring in this territory. Our short-term forecast on the stock is bullish. We expect it to move up further to Rs 98 and then to Rs 100. Short-term traders can enter the stock while maintaining stop-loss at Rs 90.
via BL
Wall Street cheers Fed's decision
Indices stay strong with no new surprises from Fed
With no new surprises from the Federal Reserve, US stocks were pushed higher on Tuesday, 16 March 2010, with support from the financial sector as Fed hinted at keeping interest rates low for an extended period of time. Economic data for the day that checked in were mixed in nature. The dollar slipped considerably.
At the end of the day on Tuesday, the Dow Jones Industrial Average ended higher by 43.83 points at 10685.98. Nasdaq ended higher by 15.8 points at 2378.01. S&P 500 ended higher by 8.95 points at 1159.56. Dow opened 6 points lower earlier during the day.
All ten economic sectors ended higher for the day led by the materials, financials, and industrial sectors.
Among major Dow components, Boeing shares dropped as news came that Air Berlin canceled some $1.7 billion worth of firm orders for the 787 Dreamliner. Home Depot also fell due to the worse than expected housing data.
Intel rallied 3% after the chipmaker officially launched its new Xeon chip. General Electric rose 2.8% after its chief financial officer said the conglomerate expects to raise its dividend next year.
During mid day trading, the dollar's decline provided a boon for the broader market in the face of uncertainty ahead of the FOMC statement. Stocks extended their gains from the past few weeks to hit fresh highs for the year. Materials stocks benefited most from this session's advance. Strength among commodities has also helped basic materials stocks. Health care stocks were the only sector to trade in the red.
The latest FOMC policy statement that came out today was little changed from previous directives. The Fed has left its target federal funds rate unchanged at a range of 0.00% to 0.25% and the Fed said that it continues to expect an exceptionally low level for an extended period.
After this, the financial sectors received an extra boost with major support from Citigroup thereby taking stocks higher.
In the currency market on Tuesday, the dollar index slipped by almost 0.6% following Fed's comments.
In other economic news, investors were relieved to see U.S. import prices last month post their first monthly drop since July, reducing the specter of inflationary pressures. But housing starts declined more than expected - a reminder that the U.S. real-estate market remains under pressure.
The Labor Department said the price of imports declined 0.3% in February, the first drop in seven months. Separately, the Commerce Department reported that new-home construction fell 5.9% to a seasonally adjusted annual rate of 575,000. The January count was revised up to a pace of 622,000 units.
Crude prices ended higher on Tuesday, 16 March 2010. Prices rose as the dollar slipped following comments from Federal Open Market Committee, which hit the wires in the noon hours. On Tuesday, crude-oil futures for light sweet crude for April delivery closed at $81.7/barrel (higher by $1.9 or 2.3%). During intra day trading, it rose to a high of $82.09. Prices lost 0.4% last week.
Barring WNS, all Indian ADRs ended higher on Tuesday. ICICI Bank and Tata Motors were the main winners gaining 2.5% and 2% respectively.
Bullion metals rise
Prices shine as dollar slips following Fed's comments
Precious metal prices ended higher on Tuesday, 16 March 2010. Prices rose as the dollar slipped following comments from Federal Open Market Committee, which hit the wires in the noon hours.
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 April delivery ended at $1,122.5 an ounce, higher by $17.1 (1.5%) an ounce on the New York Mercantile Exchange. Last week, gold fell 2.4%. In FY 2010, gold touched a high of $1,154 in January.
On Tuesday, April Comex silver futures ended higher by 24.2 cents (1.4%) at $17.35 an ounce. Last week, silver ended lower by almost 1.9%.
The latest FOMC policy statement that came out today was little changed from previous directives. The Fed has left its target federal funds rate unchanged at a range of 0.00% to 0.25% and the Fed said that it continues to expect an exceptionally low level of interest rate for an extended period.
In the currency market on Tuesday, the dollar index slipped by almost 0.6% following Fed's comments.
According to the latest dose of U.S. data, investors were relieved to see U.S. import prices last month post their first monthly drop since July, reducing the specter of inflationary pressures. But housing starts declined more than expected - a reminder that the U.S. real-estate market remains under pressure.
Gold had ended FY 2009 higher by 24%. Silver futures had ended 2009 up 50%. The dollar index had lost 4.2% against its counterparts last year.
Last year, after hitting a low at $807.30 per ounce on 15 January 2009, gold futures rallied almost 51% to hit an all-time high at $1217.40 per ounce during early December of 2009 but fell from those levels at the end. Silver futures had hit a low at $10.42 on 15 January 2009 and hit a high at $19.30 per ounce on 2 December 2009. Like gold, silver also ended lower than its all time high level.
At the MCX, gold prices for April delivery closed higher by Rs 180 (1.08%) at Rs 16,718 per ten grams. Prices rose to a high of Rs 16,766 per 10 grams and fell to a low of Rs 16,554 per 10 grams during the day's trading.
At the MCX, silver prices for May delivery closed Rs 286 (1.06%) higher at Rs 27,037/Kg. Prices opened at Rs 26,820/kg and rose to a high of Rs 27,159/Kg during the day's trading.
Crude shoots up
Prices witness good increase after Fed's comments
Crude prices ended higher on Tuesday, 16 March 2010. Prices rose as the dollar slipped following comments from Federal Open Market Committee, which hit the wires in the noon hours.
On Tuesday, crude-oil futures for light sweet crude for April delivery closed at $81.7/barrel (higher by $1.9 or 2.3%). During intra day trading, it rose to a high of $82.09. Prices lost 0.4% last 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. Crude has risen 70% in last one year.
The latest FOMC policy statement that came out today was little changed from previous directives. The Fed has left its target federal funds rate unchanged at a range of 0.00% to 0.25% and the Fed said that it continues to expect an exceptionally low level of interest rate for an extended period.
In the currency market on Tuesday, the dollar index slipped by almost 0.6% following Fed's comments.
According to the latest dose of U.S. data, investors were relieved to see U.S. import prices last month post their first monthly drop since July, reducing the specter of inflationary pressures. But housing starts declined more than expected - a reminder that the U.S. real-estate market remains under pressure.
IEA was the latest one to raise demand forecast for crude last week. The IEA revised up by 70,000 barrels a day its oil demand forecast for 2010, pointing to growth in Asia. As per the report, global oil demand is expected to rise by 1.6 million barrels a day, or 1.8% year-on-year, to 86.6 million barrels a day in 2010. In contrast, demand is estimated to have contracted by 1.2 million barrels a day, or 1.4% year-on-year, to 85.0 million barrels a day in 2009.
The report detailed that after five consecutive quarters of decline, global oil demand began growing again on a yearly basis in the fourth quarter of 2009. However, this year's demand growth will be fueled entirely by emerging countries, particularly those in Asia.
Among other energy products on Tuesday, gasoline for April delivery 6.7 cents to $2.27 a gallon and heating oil for the same month rose 5.2 cents to $2.11 a gallon.
Also on Tuesday, natural gas for April delivery bucked the trend, falling 4.1 cents to $4.35 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.
At the MCX, crude oil for March delivery closed Rs 74 (2.03%) higher at Rs 3,719/barrel. Natural gas for March delivery closed at Rs 198.5/mmbtu, lower by Rs 4 (1.97%).
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