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Friday, December 03, 2010
Year-end profit taking may cap upside
With key economic data due in the US, Indian stocks will take cue from global cues at the onset of the trading next week. The US government will release the data on US non-farm payroll for November 2010 on Friday, 3 December 2010. The non-farm payrolls number is forecast to increase by 144,000 in November from October, when it climbed by 151,000. The jobless rate, meanwhile, may stand unchanged at 9.6%, as per economists' expectations. A strong US jobs report may lead investors to expect that the Federal Reserve could scale back its latest quantitative easing measures.
Market snaps three-week losing streak on strong economic data
A slew of positive global and domestic economic data and bargain hunting after recent steep losses, helped the market snap a three-week losing streak. The key benchmark indices posted smart gains in the week ended Friday, 3 December 2010, logging gains in four out of five trading sessions. Mid-cap and small-cap indices on BSE underperformed the Sensex.
Muted response from FIIs to Shipping Corp FPO
Domestic institutions put in bids for 16.60 crore shares
The follow-on public offer (FPO) of state-run Shipping Corporation of India (SCI) was subscribed 4.25 times by 16:00 IST, on the last day of the bidding for the issue today, 3 December 2010, NSE data showed. The IPO got bids for 36 crore shares, compared with 8.46 crore shares on offer. Bidding for the issue by qualified institutional buyers (QIB) had ended on Thursday, 2 December 2010.
BSE Small-Cap index drops 3%
The key benchmark indices registered small losses in as the market took a breather after strong gains in the previous four trading sessions. Intraday volatility was high. A broad-based selling was witnessed in small-cap and mid-cap shares as the market sentiment turned weak after the stock market regulator Securities & Exchange Board of India (Sebi) on Thursday, 2 December 2010, barred founders and related entities of a total of four companies from trading on the stock exchanges as these firms had indulged in "fraudulent and unfair" trade practices".
Grey Market Premiums - Dec 3 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| R.P.P. Infra Projects Ltd. | 75 | 1 to 1.25 |
| Claries Life science | 228 to 235 | 8 to 10 |
| Manganese Ore Ltd. | 340 to 375 | 250 to 255 |
| Shipping Corporation | 135 to 140 | -- |
| Ravi Kumar Distilleries | 56 to 64 | 6 to 8 |
Daily News Roundup - Dec 3 2010
ONGC will bring to production various clusters of its marginal fields on the western offshore in the next two years. (BS)
Australia’s leading mining contractor, Leighton Holdings, won a 22-year contract from India’s NTPC for US$5.5bn. (BS)
Sensex spurts anew...Nifty ends above 6k
The bulls continued their effort to gradually make their way back into the market following the recent reversals, with the two key stock indices piercing key psychological barriers.
Ride the global wave
All that spirits desire, spirits attain. - Kahlil Gibran.
Markets seem to be getting ready for Christmas with the bulls staging a spirited comeback. This week has been a pretty good one after a turbulent November. It looks like the market will close out the week on a positive note with global markets holding firm.
Global rally to lift markets at start
Indian markets are set to start the session on a positive note buoyed by the improved global sentiments. Markets may rally as the global sentiment has improved owing to assurance by ECB.
Headlines for the day:
SEBI bans 4 companies, 3 broking firms
R-Power to double Rosa project capacity
Apollo may offload 49% stake in pharmacy arm
Market may extend gains
Data showing resumption of buying by foreign funds and firm Asian stocks may help Indian stocks extend this week's strong gains. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate a gain of 21.50 points at the opening bell.
Foreign funds bought shares worth a net Rs 386.12 crore on Thursday, 2 December 2010, as per the provisional data from the stock exchanges. The inflow in the first two trading days this month reached Rs 878 crore. Domestic funds sold shares worth a net Rs 225.04 crore on Thursday, as per the provisional figures.
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