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Wednesday, December 22, 2010
Stocks gyrate to a moslty bearish close
Continued worries over Euro zone hurts appetite amid thin trades
Asian equities mostly slipped lower after the yesterday's gains as fluctuating conditions in the Euro zone peripheral economies kept the sentiments suppressed ahead of the Christmas break. The tensions in Korean peninsula continued to simmer and investors preferred to stay on the sidelines ahead of US Gross Domestic Product data today. The overnight trades witnessed US stocks posting solid gains with the Dow adding 55.03 points or 0.5% to close at 11,533.16. However, this failed to have a spill over effect as Ratings agency Fitch's warned today that it may lower Greece's credit rating to "junk" status.
Markets lose momentum as heavyweights drag
The Indian markets slipped in late trade and closed the session with modest losses owing to profit booking in select index heavyweights
Major headlines
Ispat Industries recovers on open offer
Reliance Industries, Russia's SIBUR plan butyl rubber venture
Tata Consultancy Services, Hilton Worldwide ink pact for IT services
BSE Bulk Deals to Watch - Dec 22 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
22/12/2010 517546 Alfa Trans INDUSTRIAL DESIGNS AND SERVICES LIMITED B 30000 32.51
22/12/2010 517546 Alfa Trans PRADEEP VEGUNTA S 29652 32.51
22/12/2010 531591 Bampsl Sec NAVEEN GUPTA B 539218 2.13
NSE Bulk Deals to Watch - Dec 22 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
22-DEC-2010,GRAVITA,Gravita India Limited,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,176209,235.82,-
22-DEC-2010,JINDALPOLY,Jindal Poly Films Limited,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,263118,524.18,-
Market snaps three day gains; Nifty belw 6000
The key benchmark indices edged lower in a choppy trade on profit taking snapping three days gains. The indices had hit two-week highs in intraday trade today before reversing gains. The volumes were subdued as foreign fund activity remain sluggish towards the year end. Index pivotal Reliance Industries declined more than 1%. The market breadth was marginally positive weakening compared with strong breadth earlier in the day. Capital goods and consumer durables stocks fell. Banking stocks reversed initial gains.
Calm positive feeling
If ‘ifs’ and ‘buts’ were candy and nuts, wouldn't it be a Merry Christmas? ~Don Meredith.
There’s no real jingle on the street as yet but looks like world markets are in no mood to spoil their Christmas party. At the same time, peace on earth remains a distant hope with terror alerts just being issued in cities like Mumbai and Ahmedabad.
Record high for copper at New York
Shipment halt at Collahuasi and Chinese trade data lift prices
Copper prices touched record highs on Tuesday, 21 December 2010 at Comex. Shipment halt at Collahuasi and Chinese trade data on Tuesday lifted prices to all time high.
Grey Market Premiums - Dec 22 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Ravi Kumar Distilleries | 64 (Upper) | 10 to 12 |
| A 2 Z Maintenance | 400 (Lower) | 2 to 4 |
| Punjab & Sind Bank | 113 to 120 | 32 to 33 |
Market may open higher extending last three days gains
The key benchmark indices may edge higher in early trade extending last three days gains on modestly higher Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate a gain of 5.50 points at the opening bell.
Asian shares rose modestly in early trading Wednesday, 22 December 2010 after a $6.3 billion banking deal sent Wall Street to new two-year highs. The key benchmark indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan rose by between 0.04% to 0.46%. But, Indonesia's Jakarta Composite fell 0.05%.
Daily News Roundup - Dec 22 2010
JSW Steel will become India’s largest steel company by capacity, as it agreed to buy a controlling 41.29% stake in Ispat Industries for Rs21.5bn. (BS)
ONGC and Russian conglomerate Sistema have agreed to merge their oil & gas businesses in Russia under a joint venture, in a no-cash deal where the Indian firm will have a 25% shareholding with a say in the management. (ET)
Nifty ends above 6000 mark
Indian markets gained for the second straight day on Tuesday with the BSE Sensex closing above 20,000 while the NSE Nifty ended at 6,000. The broader indices ended with smart gains with Small-Cap shares outpacing the Mid-Cap shares.
Sustained buying was seen in Metals, Banking and Realty counters, while defensive plays such as Pharma, FMCG and IT stocks were subdued.
Global cues to lift markets at start
Markets are likely to start on positive note on supportive global cues. JSW Steel to announce open offer for Ispat Industries today, the stocks may remain in action.
Headlines for the day:
Tata makes foray into branded pulses
RIL to form JV with Russia's SIBUR to set up rubber plant
DoT to impose fine on infra companies
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