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Monday, December 06, 2010

Markets erase early gains, end flat

The Indian markets erased all its early gains in late trade and closed the session on a flat note owing to sell-off in banking, realty and FMCG space

Major headlines

JSW Steel November production up 6%; the stock closes 4.37% higher

State Bank of India declines after raising deposit rate; the stock ends 3.86% lower

Tata Steel rises as Rio Tinto bids for Riversdale; the stock closes up by 3.38%

Ravi Kumar Distilleries

Ravi Kumar Distilleries, promoted by Mr. R. V. Ravikumar, is engaged in the business of manufacturing Indian Made Foreign Liquor (IMFL) under its own brand portfolio. The IMFL comprises of Whisky, Brandy, Rum, Gin & Vodka. In addition to manufacturing and marketing of its own liquor products, it also has tie-up arrangement with various leading liquor companies of India like .Radico Khatian Ltd., Shashi Distilleries Pvt. Ltd., John Distilleries Ltd., Gemini Distilleries (Pondy) Pvt. Ltd., and Mondovi Distilleries & Breweries Pvt. Ltd for manufacturing and marketing of their popular brands.

Mixed Monday for Asia

Stocks end amid uncertain direction post disappointing non-farm data

Asian markets ended mixed today with the modestly higher closing in the US stocks on Friday despite weaker than expected jobs report for November not helping shape the sentiments either way. The Irish Department of Finance on Saturday confirmed that the 2011 budget deficit would fall to 12.2% of gross domestic product (GDP), before Budget Day adjustments, from 32% in 2010. This turned out to be a slightly positive news from the point of view of easing the Eurozone debt troubles to some extent. Meanwhile, on Friday, in a disappointing piece of data, the US unemployment rate edged up to 9.8% in November, and nonfarm payroll employment gained just 39000, as per the latest report from US Bureau of Labour Statistics. Temporary help services and health care continued to add jobs over the month, while employment fell in retail trade. Employment in most major industries changed little in November.

Market ends flat after hitting 3-week high; bank shares drop

The key benchmark indices ended almost unchanged, giving up initial strong gains as profit taking emerged after the Sensex hit 3-month high. Weak European stocks and lower US index futures triggered profit taking on the domestic bourses. The BSE 30-share Sensex was up 14.38 points or 0.07%, off close to 235 points from the day's high and up close to 35 points from the day's low. The market breadth turned negative when compared with a strong breadth earlier in the day.

Daily Grey Market Premiums - Dec 6 2010

Company Name

Offer Price




R.P.P. Infra Projects Ltd.


+/- 3 to 5

Claries Life science

228 to 235

3 to 3.5

Manganese Ore Ltd.

340 to 375

195 to 205

Shipping Corporation

135 to 140


Ravi Kumar Distilleries

56 to 64

3 to 5

Crude pares early losses

Prices rise despite weak job report

Crude prices pared its earlier losses rose substantially on Friday, 03 December 2010 at Nymex. Prices rose mainly due to the weak dollar. Earlier prices dropped following a disappointing job report at Wall Street.

Daily News Roundup - Dec 6 2010

Dalmia Bharat Enterprises plans to invest Rs25bn to set up two greenfield cement plants in Karnataka and Meghalaya. (BL)

Larsen & Toubro has bagged an Rs7.2bn infrastructure contract from the Department of Transport, Abu Dhabi. (BL)

Sensex dips below 20,000...Broader market slumps

After having a turbulent November, the first week of December began with smart gains. However, the Indian markets ended the week on a slightly sour note with the broader market particularly badly battered.

Don’t Hurry, Be Happy

An unhurried sense of time is in itself a form of wealth. - Bonnie Friedman.

The market is running nowhere as yet. Most Asian markets are up this morning; which means the Indian market will also see a higher start. Stay away from "risky" Small-Caps and Mid-Cap stocks and from sectors facing severe headwinds. Watch out for the latest IIP data to be released on Friday. The upswing may continue with 5900 acting as near term support. Overall, the trading range on the Nifty is expected to be 5800-6200. But don’t be in a hurry to make your purchases.

Market may edge higher on firm Asian stocks

The market may extend last week's strong gains on firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate a gain of 15 points at the opening bell. The market will heave a sigh of relief after the transporters' union -- the All India Motor Transport Congress (AIMTC) called off the proposed strike after the government assured it of some level of reduction in toll charges for trucks with three axles, among other issues. AIMTC had threatened to go on strike from 5 December 2010 if the toll charges were not reduced.

Markets to open on a firm note

Headlines for the day:

Telcos reject Trai's tariff plan

Bhushan Power & Steel eyes London IPO

IRDA likely to set uniform norms for health cover

SGX Nifty Live Update - Dec 6 2010

6,041.00 +15.00