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Friday, November 26, 2010
Housing loan scam continues to haunt markets
The housing loan scam continued to haunt the domestic markets. Realty stocks witnessed a sharp fall as the CBI issued notices to 21 firms.
Major headlines
Housing scam: CBI issues notices to 21 companies
SC rejects Reliance Infrastructure road toll bid plea
Cairn seeks government nod to sell stake to Vedanta
Market slips for third week on housing loan scam
Domestic indices extended their losing streak to a third consecutive week after CBI exposed the housing loan scam. Realty stock tumbled over 13%.
Major news for the week
Fertiliser stocks dip as government cuts NBS subsidy
Siemens’ FY2010 consolidated net profit up 7% YoY
CBI unveils fake housing loan scam, 8 officials arrested
Food inflation eases to 10.15%
M&M to buy 5.5% of BT's stake in Tech Mahindra
Asian markets end mostly in red
Sentiments continue to be bearish ahead of weekends
Asian stocks markets headed mostly lower ahead of the weekend as investors eyed a mix of continued worries on the peripheral European economies and a rush to cover positions in risky assets amid thin trades owing to the Thanksgiving Day. The day started on moderately steady note on lack of cues from the overnight trades, as the US markets remained shut. The initial spell of gains was cut short by a reemergence of risk appetite during the late trades even as the Spanish PM Zapatero said that Spain is cutting its budget and dashed out possibilities of a rescue package for the European country. Most major indices ended in red with Japan being the only notable exception.
Bribery scandal rattles stocks
The bursting of a bribery scandal by the Central Bureau of Investigation on Wednesday, 24 November 2010, involving officials of some top PSU banks and finance firms rattled the bourses with key benchmark indices -- the BSE Sensex and S&P CNX Nifty hitting 2-1/2 month lows. The market fell for the third straight week after hitting record closing high early this month. Realty, construction, banking and some firms whose names were reportedly involved in the scandal took a heavy drubbing. The market fell in four out of five trading sessions during the week.
Sentiment remains weak
Investor sentiment has been hit by the latest bank loan bribery scandal. The Central Bureau of Investigation on Wednesday, 24 November 2010, unearthed a bank loans bribery scandal, arresting 5 senior officials of PSU banks and CEO of LIC Housing Finance.
Sensex drops 4% in four days on loan scam, euro-zone debt woes
Weakness persisted on the bourses as the key benchmark indices extended losses for the fourth day in a row, with a bank loans bribery scandal and weak global stocks weighing on investor sentiment. The barometer index BSE Sensex and the 50-unit S&P CNX Nifty settled at 2-1/2 month lows. The Sensex shed 181.55 points or 0.94% to 19,136.61, off 281 points from the day's high and up 181.79 points from the day's low. World stocks fell as worries over sovereign-debt contagion in the euro zone continued to escalate.
BSE Bulk Deals to Watch - Nov 26 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
26/11/2010 524412 AAREY DRUGS YOGESH ROSHANLAL GUPTA B 47000 29.40
26/11/2010 524412 AAREY DRUGS NIRUPAMA YOGESHBHAI GUPTA B 43000 29.40
NSE Bulk Deals to Watch - Nov 26 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
26-NOV-2010,BHARATGEAR,Bharat Gears Ltd,ADITYA DAMANI,BUY,46667,62.99,-
26-NOV-2010,COREPROTEC,Core Projects and Technol,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,1540839,206.19,-
26-NOV-2010,COREPROTEC,Core Projects and Technol,GENUINE STOCK BROKERS PVT LTD,BUY,970342,221.91,-
Daily News Roundup - Nov 26 2010
Government threatens to cancel coal field allocation to NTPC and CIL. (BS)
Tata Steel is looking at further acquisition to boost its capacity for meeting booming demand. (BS)
L&T bags an order worth Rs10.3bn for construction related works. (BS)
Maruti Suzuki estimates that 20% of the cars will run on CNG by 2016. (BL)
NTPC proposes to invite tenders for power generation equipments for all of its upcoming gas-based plants. (ET)
SBI not to go for overseas bond issue soon. (ET)
Maruti to hire 3,000 employees for expanding service network. (BS)
Supreme Court rejects Reliance Infra’s plea on toll bid disqualification. (BS)
Cairn seeks nod from the Government for transfer of its main assets. (ET)
Adani to develop non-LNG port at Hazira. (BL)
Kingfisher has received preliminary approval from lenders to recast its debt. (ET)
Jet Airways has entered into a pact with Alitalia to offer non-stop flights from Milano Malpensa to New Delhi. (BS)
Food inflation hits 3-month low of 10.5% for the week ended November 13. (ET)
MNP to be available pan-India from January 20, 2011. (ET)
Government may announce fresh round of exports sops in January 2011. (ET)
Current A/C deficit may exceed 3% of GDP, says Y V Reddy. (BL)
SEBI to probe the possibility of insider trading in shares of at least nine companies. (ET)
Sensex, Nifty spooked by late sell-off
The benchmark Indian stock indices fell to the lowest level in the past two months as investors dumped stocks left, right and center in the wake of the housing loan scam.
The late selling could have been amplified due to the F&O expiry for the month of November. India was the worst performing market in Asia even as other regional indices extended the previous session’s recovery.
Shaky start…select buying likely
We are inclined to believe those whom we do not know because they have never deceived us. - Samuel Johnson.
The bulls may be ‘down’ but whether they are ‘out’ only the coming days will tell. The market may recover some lost ground after the selloff in the past few sessions. The start today appears to be shaky and sluggish. Global cues are indecisive with European markets rising and Asian benchmarks in red. US markets were shut on Thursday on account of Thanksgiving holiday.
Asian cues may drag markets at start
Domestic indices are expected to open the session on a negative note on the back of weak Asian markets. The markets may consolidate before posting new gains
Headlines for the day:
Tata Steel eyes more acquisitions
Kingfisher Airlines board approves debt recast package
Cairn seeks govt nod for sale of assets to Vedanta
Market seen opening lower on weak Asian stocks
The market is likely to open on a subdued note, extending three-day fall, tracking weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate that the Nifty could decline 17 points at the opening bell.
Year-end profit taking may continue to weigh on the the domestic bourses in the near term. A number of stocks have clocked decent to strong gains this year. Funds based in US and Europe follow calendar year as their accounting year. The market has lost ground soon after hitting a record closing high early this month.
Grey Market Premium - MOIL
| R.P.P. Infra Projects Ltd. | 68 to 75 | 2 to 2.50 | -- | -- |
| Claries Life science | 278 to 293 | 20 to 22 | 1700 to 1800 | 3400 to 3600 |
| Manganese Ore Ltd. | 340 to 375 | 245 to 250 | 2400 to 2500 | 4800 to 5000 |
BSE Bulk Deals to Watch - Nov 25 2010
eal Date Scrip Code Company Client Name Deal Type * Quantity Price **
25/11/2010 530901 ACIL SONAL INTERNATIONAL LTD B 62812 21.97
25/11/2010 531761 Amulya Leas MOHIT VINODKUMAR AGRAWAL B 30000 47.00
25/11/2010 531761 Amulya Leas VANDANA MANGAT S 35300 47.00
25/11/2010 521131 Anjani Fabrics CHAMPALAL GOPIRAM AGARWAL B 50000 58.47
NSE Bulk Deals to Watch - Nov 25 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
25-NOV-2010,GRAVITA,Gravita India Limited,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,93929,265.14,-
25-NOV-2010,LICHSGFIN,LIC Housing Finance Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,1057952,1024.61,-
25-NOV-2010,LICHSGFIN,LIC Housing Finance Ltd,C D INTEGRATED SERVICES LTD.,BUY,1030439,1051.44,-
Volatile markets end at two-month low
The Indian markets witnessed volatility and took a cut in the last hour to close the session at two-month low; realty sector was the worst performer
Major headlines
Food inflation eases to 10.15%
Power Grid Corporation slips on FPO listing; the stock closes 0.36% lower
Larsen & Toubro secures Rs1,030 crore orders; the stock ends 3.48% down
Nifty December 2010 futures at premium
Turnover soars to a staggering Rs 2.5 lakh crore
Nifty December 2010 futures were at 5,857, at a premium of 57.25 points over spot closing of 5,799.75. Turnover in NSE's futures & options (F&O) segment jumped to Rs 251964.58 crore from Rs 215180.46 crore on Wednesday, 24 November 2010 as traders rolled over positions from the near-month November 2010 series to December 2010 series. The near month November 2010 derivatives contracts expired today, 25 November 2010.
Realty, financials lead decline; breadth weak
The key benchmark indices hit their lowest level in more than two months as the bursting of a bribery scandal by the Central Bureau of Investigation on Wednesday, 24 November 2010, involving officials of some top PSU banks and finance firms hurt sentiment for the second day in a row. Wild intraday swing in share prices was the order of the day as traders rolled over positions in the derivatives segment from the near-month November 2010 series to December 2010 series. The November 2010 futures & options (F&O) contracts expired today, 25 November 2010. The BSE 30-share Sensex lost 141.69 points or 0.73%, off close to 310 points from the day's high and up close to 60 points from the day's low.
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