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Friday, November 12, 2010
Freaky Friday: China, Irish woes shake markets
The Indian markets slump extending losing run for the third consecutive day, as rate hike fears in China and Irish’s debt woes weigh
Major headlines
IIP at 4.4%, lowest in 15 months
Oil India Q2 net profit soars 27%; the stock closes 1.73% down
Educomp Solutions Q2 consolidated PAT at Rs58 crore; the stock ends 8.24% lower
Click here for more stories
Market slumps on across-the-board sell-off
The market plummeted last week as traders locked gains, while weak global markets kept the sentiment subdued. Selling pressure intensified in last two trading sessions of the week after key indices in China and South Korea plunged. Sentiment also remained weak as euro zone debt woes resurfaced.
Fund-flow to dictate market trend; inflation data eyed
Activity of institutional investors, liquidity scenario and global and domestic economic data will dictate the market trend in the forthcoming week. The wholesale price index for the month of October to be announced on Monday, 15 November 2010 will be closely watched.
BSE Bulk Deals to Watch - Nov 12 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
12/11/2010 531678 Anand Credit PRAFUL LILACHAND SHAH S 75000 12.03
12/11/2010 533068 ARROW TEX BP COMTRADE PVT LTD S 100000 21.31
12/11/2010 533068 ARROW TEX BP FINTRADE PRIVATE LIMITED S 74141 21.30
NSE Bulk Deals to Watch - Nov 12 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
12-NOV-2010,ACKRUTI,Ackruti City Limited,CITIGROUP GLOBAL MARKETS MAURITIUS PRIVATE LIMITED,BUY,1899080,441.01,-
12-NOV-2010,ALOKTEXT,Alok Industries Limited,ADROIT SHARE & STOCK BROKER PVT. LTD.,BUY,4639477,32.58,-
Power Grid FPO subscribed 14.37 times
Gets bids for 1209.96 crore shares against 84.17 crore on offer
The follow-on public offer (FPO) of the state-run transmission firm Power Grid Corporation of India was subscribed 14.37 times by 16:00 IST on fourth and the final day of bidding today, 12 November 2010. The FPO garnered bids for 1209.96 crore shares against 84.17 crore on offer.
Sensex corrects 4.03% from record closing high
The key benchmark indices tumbled in late trade, extending two-day losses, as a plunge in Chinese stocks dragged world markets lower with investors fretting Beijing will initiate fresh steps to cool the world's second largest economy. Domestic economic data of industrial output rising lower than forecast in the month of September also dampened sentiment. Metal, banking realty and consumer durables stocks fell. The market breadth was weak. The BSE 30-share Sensex was down 432.20 points or 2.1%, off close to 440 points from the day's high and up close to 50 points from the day's low.
Precious metals add some gains
Prices rise despite a strong dollar amid G20 meeting
Precious metal prices ended higher once again on Thursday, 11 November 2010 at Comex. Prices rose despite the strong dollar amid the ongoing G20 meet at Seoul. Precious metals have been striking new records since past few days trended following last week's confirmation of a new round of quantitative easing. Yesterday, reports of tighter margin requirement for silver pricing acted as the dampener for the recent upsurge in bullion metal prices.
Gravita India Grey Market Premium zooms
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Gravita India Ltd. | 125 | 62 to 65 |
| Power Grid Corporation | 85 to 90 | --- |
Daily News Roundup - Nov 12 2010
Commercial production of Tata Motors’ first electric car to start in Q1 of 2011. (BS)
SAIL ties up with Switzerland-based CBMM Technology Suisse for research and development of high-end steel items used in the transportation of oil and natural gas. (BS)
Sensex drifts lower in listless session
Indian market ended another insipid day with modest losses on Wednesday as weak Asian and European markets weighed on the sentiment. US stocks had also closed in the red on Tuesday.
"The benchmark stock indices continued to remain rangebound and are unable to find any specific direction after last week’s strong rally. Globally too, equities have struggled this week as the dollar has strengthened against major rivals", says Amar Ambani, Head of Research (India Private Clients) - IIFL.
That paranoid feeling…
While Cisco’s poor outlook weighed on Wall Street, especially the technology sector, markets in Europe were hit by mounting fiscal issues in countries like Ireland and Portugal.
A paranoid is someone who knows a little of what's going on. - WS Burroughs.
Markets set for a gap-down start; IIP nos eyed
The Indian indices are expected to start the session in the red tracking negative global markets. The IIP numbers for September 2010 will be eyed.
Headlines for the day:
ICICI, Axis Bank infra NBFCs hit RBI hurdle
Sun Pharma buys out Templeton in Taro
Maran picks up another 7.68% in SpiceJet
Market may extend losses; Industrial output data eyed
The key benchmark indices may extend losses for the third straight day tracking weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate that the Nifty could fall 30 points at the opening bell.
Tata Power Company and Tata Steel will announce their Q2 results today, 12 November 2010.
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