Daily Market Outlook - Oct 15 2010
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Thursday, October 14, 2010
Centre rules out cap on microfinance rates
The Centre has ruled out capping of interest rates charged by microfinance institutions (MFIs).
The proposed Microfinance Regulation Bill will also not have any provision seeking to regulate lending rates of MFIs, a senior Finance Ministry official has said.
Prestige Estates Projects IPO subscribed 2.26 times
Gets bids for 12.91 crore shares
The initial public offer (IPO) of the Bangalore-based real estate firm Prestige Estates Projects was subscribed 2.26 times by 16:00 IST on the last day of the issue today, 14 October 2010. The IPO garnered bids for 12.91 crore shares, compared with 5.72 crore shares on offer.
Asian stocks end mostly higher
However, the boost given by the quantitative easing talks by the Fed seems to slightly evaporate
Asian markets ended mostly higher today though the boost given by the quantitative easing talks by the Fed seemed to slightly evaporate in the late session trades. Select indices came off their highs but all in all it turned out to be decent day for the stocks in the region following the sharp upward surge in the US stocks in overnight trades and persistent drop in the value of the US dollar. US stocks rallied to fresh five-month highs yesterday on strong quarterly results and unrelenting risk appetite. The Dow added 75.68 points or 0.7% to 11,096.08.
Markets retreat from 33-month high
Major headlines
Axis Bank Q2 net profit up 38% yoy; the stock closes 1.59% lower
LIC Housing Q2 net profit zooms 37% yoy; the stock ends 0.96% higher
Godrej Consumer gallops on merger nod; the stock closes 2.79% up
BSE Bulk Deals to Watch - Oct 14 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
14/10/2010 532664 Amar Remedies RASHMIKANT HASMUKHLAL KAMDAR B 132149 123.27
14/10/2010 532664 Amar Remedies ASHOKA FINSTOCK LTD B 156907 121.88
NSE Bulk Deals to Watch - Oct 14 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
14-OCT-2010,AGRODUTCH,Agro Dutch Industries Ltd,NARESH JAIN,BUY,310000,31.96,-
14-OCT-2010,AMLSTEEL,AML Steel Limited,DINESH RAJ SHARMA,BUY,19535,45.94,-
14-OCT-2010,ASHOKA,Ashoka Buildcon Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,966251,341.51,-
Infosys scales record high ahead of Q2 results
The key benchmark indices edged lower in choppy trading session as profit booking emerged after the market scaled 33-month high at the onset of the trading session. European stocks came off initial highs. The market breadth was weak, in contrast with a strong breadth at the onset of the trading session. The BSE 30-share Sensex lost 190.24 points or 0.92%, off close 360 points from the day's high and up close to 55 points from the day's low.
Gyscoal Alloys, Prestige Estates Grey Market Premiums
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Ashoka Buildcon | 324 (Upper Band) | 18 to 20 |
| Sea TV Network | 100 (Upper) | 16 to 17.50 |
| Bedmutha Ind. | 102 (Upper) | 15 to 17 |
| Commercial Engg. | 127 (Upper) | + / - 3 to 5 |
| Oberoi Realty | 260 (Upper) | 6 to 8 |
| B.S. Trans | 248 to 257 | Discount |
| Prestige Estate | 172 to 183 | Discount |
| Gyscoal Alloy | 65 to 71 | 10 to 12 |
| Coal India | 225 to 245 | 20 to 22 |
Precious metals back on their winning spree
Prices rise as dollar slumps following Fed's comments
Precious metals once again rose to new highs on Wednesday, 13 October 2010 at Comex. Prices rose as the dollar slumped following Federal Reserve's latest comments on last Tuesday.
Market seen extending Wednesday's rally
The market is headed for an upbeat start, extending Wednesday's 2.4% rally, on positive global cues. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate that the Nifty could gain 17 points at the opening bell.
Reliance Industries (RIL) may see action on reports the company has started marketing a proposed issue of bonds denominated in US dollars
Sensex head towards a strong start
Headlines for the day:
Coal India expects 25% rise in this year's profit
Govt plans to divest 10% in IOC, 5% in ONGC
RBI likely to open second repo window ahead of Coal India issue
Seeking new highs!
Only as high as I reach can I grow, only as far as I seek can I go, only as much as I dream can I be. Karen Ravn.
Bulls seem to be doing festive shopping on the bourses and that too paying premium prices. Fears if any are being conveniently discounted as the key indices are within sniffing distance of all-time highs. Another bright start is in the offing and global cues are supportive. We see the Nifty testing new record high in the coming days with 6150 as a strong support.
Daily News Roundup - Oct 14 2010
Coal India to invest Rs27.85bn in 20 beneficiation plants. (BL)
IOC, HPCL and BPCL may have to absorb part of the losses incurred on sale of subsidized LPG and kerosene in the first half of this fiscal. (BL)
Sensex sky rockets…Nifty ends above 6200
After trading in a narrow trading range for the past seven days, the bulls were back with a bang on Dalal-Street on Wednesday. The BSE Sensex soared over 450 points and the NSE Nifty rose by over 140 points, among the biggest single-day gains in recent memory.
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