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Wednesday, October 20, 2010
Asian stocks mostly end weak
Markets price in Chinese rate hike, utterly bearish cues from the US markets also clutter sentiments
Asian markets mostly ended lower today, as the utterly bearish cues from the overnight US markets hurt the sentiments and the full impact of Chinese rate hike yesterday was factored in. The markets started on a tentative note and were mired mostly in negative territory throughout the day though modicum of buying emerged as the session progressed. The investors seemed to be buying into dips as the attractiveness of Asia as an investment destination remains in tact. Markets also eyed the yesterday's forecast from the World Bank, which raised its growth forecast for East Asia's developing countries. The bank also said that governments in the region needed to control rising risks from surging capital inflows and currency strains. Output has rebounded to above pre-crisis levels and regional growth should hit 8.9 %this year, up from a previous forecast of 8.7 percent, the bank said. Last year's expansion was 7.3 percent.
Coal India IPO subscribed more than 10 times
Gets bids for 656.15 crore shares
Investors have made a beeline for Coal India shares as the initial public offer (IPO) of the state-run coal giant was subscribed more than 10 times by 16:00 IST on the last day of the bidding for the issue by qualified institutional bidders (QIBs) today, 20 October 2010. The IPO got bids for 656.15 crore shares, compared with 63.16 crore shares on offer.
Correction continues; Nifty below 6000
Major headlines
Jet Airway's India passenger traffic up 37% in September; the stock ends 0.03% higher
State Bank of India hikes BPLR, base rate; the stock closes 0.87% lower
Kotak Mahindra Bank Q2 consolidated net profit up 21% yoy; the stock ends 0.95% lower
Nifty falls below 6,000 as metal, realty shares slide
The key benchmark indices edged lower, registering their fourth decline in five days, as a strong response to the mega initial public offer of Coal India indicated diversion of funds from the secondary market to primary market. High volatility was the hallmark of the day's trading session. The BSE Sensex and the 50-unit S&P CNX Nifty settled below the psychological 20,000 and 6,000 levels respectively. Inflows into the secondary equity market might be hit in the short-term due to a strong response to the mega initial public offer of Coal India which was subscribed 10.39 times by 16:00 IST on day three today, 20 October 2010. The institutional portion of the Coal India IPO closes today, 20 October 2010, while retail investors have one more day to bid for the issue. The government plans to raise about Rs 15000 crore from divestment of 10% stake in Coal India.
BSE Bulk Deals to Watch - Oct 20 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
20/10/2010 526955 ABL Biotech SWARNALATHA P B 70115 17.88
20/10/2010 526955 ABL Biotech SUNDARARAMAN GOWRI SHANKAR S 94915 17.88
20/10/2010 517494 Accel Trans EQUITY INTELLIGENCE INDIA PRIVATE LIMITED B 60000 23.26
NSE Bulk Deals to Watch - Oct 20 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
20-OCT-2010,ABGSHIP,ABG Shipyard Limited,BLACKSTONE ASIA ADVISORS,LLC,BUY,273500,323.57,-
20-OCT-2010,BEDMUTHA,Bedmutha Indust Ltd,ALFA FISCAL SERVICES PVT LTD,BUY,234480,277.07,-
Coal India IPO Subscription Details - Day 3
Qualified Institutional Buyers (QIBs) 24.70
Non Institutional Investors 2.89
Retail Individual Investors (RIIs) 1.10
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Coal India Latest Grey Market Premium
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Oberoi Realty | 260 (Upper) | 10 to 12 |
| B.S. Trans | 248 (Lower) | Discount |
| Prestige Estate | 183 (Upper) | 6 to 7 |
| Gyscoal Alloy | 71 (Upper) | 11 to 12 |
| Coal India | 225 to 245 | 30 to 31 |
Market seen extending Tuesday's slide on weak global cues
The market is likely to open lower, extending Tuesday's 0.92% fall, on weak global cues. Asian markets declined today after an overnight tumble in US stocks on fears banks might be on the hook for billions of dollars in souring mortgage bonds. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate that the Nifty could fall 25.50 points at the opening bell.
Bull in a China shop
Don't take the bull by the horns, take him by the tail; then you can let go when you want to. - Josh Billings
A weak Wednesday is in store at start. Investors and traders are getting nervous given the wild swings being seen in the market.
Daily News Roundup - Oct 20 2010
Reliance Industries will shut a crude distillation unit (CDU) for scheduled maintenance at its 660,000 barrel-per-day (bpd) for around a month starting November. (BS)
NMDC has been offered coal mines in Russia's Siberian region for US$400mn by Intergeo. (FE)
Sensex ends below 20000…Infy, DLF drag
The Indian markets extended its losing streak to the fourth straight trading session on Tuesday. After opening with smart gains and trading in a range for majority part of the day, the benchmark indices pared all its gains in the last hour of the trading session.
Markets set for a weak opening
Headlines for the day:
Tata Motors aims to raise UV market share in Gujarat
Phase-I of Tata Steel's Kalinganagar plant by March 2014
Coal India could raise price after wage revision
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