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Wednesday, November 30, 2011
Sensex ends volatile trade 115 points higher
The Indian markets rallied for the second consecutive day, with the Sensex rising by 115 points and the Nifty up by 27 points
Headlines for the day
India’s GDP at 6.9% in Q2 versus 7.7% in Q1
Economy likely to grow 7.3% in FY12: Pranab
Ansal Housing hits 20% upper circuit on buyback plan
Thomas Cook arm ties up with Bajaj Allianz
Bharti Airtel crosses 50 million mobile customers in Africa
Nifty December 2011 futures at premium
Turnover surges
Nifty December 2011 futures were at 4843.25, at a premium of 11.25 points compared to spot closing of 4832. Turnover on NSE's futures & options (F&O) segment surged to Rs 112728.47 crore from Rs 92298.96 crore on Tuesday, 29 November 2011.
ICICI Bank December 2011 futures were at 734.40, at a premium over spot closing of 730.30.
State Bank of India (SBI) December 2011 futures were at 1734, at a discount compared to spot closing of 1739.25.
Market edges higher amidst volatility
Key benchmark indices edged higher amidst volatility supported by gains in index heavyweight Reliance Industries (RIL), which jumped nearly 2%. News trickled in after market hours that China's central bank cut the reserve requirement ratio for its banks by 50 basis points for the first time in nearly three years to ease credit strains and shore up activity in the world's second-largest economy. The BSE Sensex was up 115.12 points or 0.72%, up close to 275 points from the day's low and off about 55 points from the day's high. The barometer index, BSE Sensex settled above the psychological 16,000 mark after alternately moving above and below that level earlier in the day. The market breadth was negative.
Daily News Roundup - Nov 30 2011
Reliance Industries has shut four wells in its Krishna Godavari-D6 gas fields, off the east coast, due to high water ingress leading to output dipping to 41mn cubic meters per day. (BS)
In yet another warning from Infosys about the economic environment, the company has said clients are asking for a slower start. (ET)
Lenders to the GTL group have sought a personal guarantee from the company’s promoter as part of the negotiations for corporate debt restructuring. (BS)
Sensex slips on political woes…Bucks global trend
Indian stock indices resumed their southbound journey, reversing part of the previous session’s stellar rally, after the Government failed to build a political consensus on the thorny issue of allowing FDI in multi-brand retail. The parliament was adjourned for the sixth consecutive day today as various parties, including key UPA allies, continued to demand a rollback of the Cabinet decision on opening up the retail trade.
Adding pressure to the fragile sentiment were reports that Standard & Poor's could downgrade the outlook on France's 'AAA' rating to negative in the next few days. Moody's Investors Service said that it may cut subordinated debt ratings on some EU banks. In addition, Fitch Ratings warned the US about its ballooning budget deficit.
Bitter trials continue!
What seems to us as bitter trials are often blessings in disguise – Oscar Wilde.
Blessings in the market are hard to come by for now. The bitter trials and tribulations continue even as a ray of hope appears in Europe. The ongoing hullabaloo over FDI in retail remains while the PM strongly, for a change, defends the move. Parliament has hardly functioned in the six sittings this winter session. The scenario may not change much, as the opposition to FDI in retail reaches a crescendo.
In fact, the Centre may have to brace for another political storm; this time over the proposed Lokpal Bill. Anna Hazare is not happy with a draft and has threatened another agitation. In short, political developments are likely to hog the headlines in the short term.
Mixed finish for bullions
Gold ends higher but silver turns pale
Precious metals ended mixed on Tuesday, 29 November 2011 at Comex. Yellow metal prices ended higher due to weak dollar and higher crude oil prices. Silver prices dropped.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa. But bullion metals have registered increase in prices despite strong dollar in recent times and vice versa.
Market may open lower on weak Asian stocks; Q2 GDP data eyed
The market may extend Tuesday's (29 November 2011) losses on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 13 points at the opening bell.
On the macro front, the government unveils Q2 September 2011 gross domestic product (GDP) data today, 30 November 2011. The GDP is seen rising 6.9% in Q2 September 2011 as per median estimate of a total of 14 economists polled by Capital Market. The economy expanded 7.7% in Q1 June 2011 from a year earlier, helped by strong growth in the services sector. The GDP is seen rising 7.3% in the fiscal year through March 2012 (FY 2012) as per median estimate of the poll.
Tuesday, November 29, 2011
BSE Bulk Deals to Watch - Nov 29 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
29/11/2011 533412 Aanjaneya Lifecare DOME - BELL ELECTRONICS INDIA PVT LTD B 80000 460.00
29/11/2011 533412 Aanjaneya Lifecare JHELUM HOLDING PRIVATE LIMITED S 80000 460.00
29/11/2011 532674 Bannari Amman Spg TRUPTI PETROLEUMS PRIVATE LIMITED B 222320 48.61
NSE Bulk Deals to Watch - Nov 29 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
29-NOV-2011,AANJANEYA,Aanjaneya Lifecare Ltd,DOMEBELL ELECTRONICS INDIA PVT.LTD,BUY,100000,461.90,-
29-NOV-2011,GTL,GTL Limited,AMPLE HOTELS AND RESORTS PRIVATE LIMITED,BUY,515234,42.91,-
29-NOV-2011,GTL,GTL Limited,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,517997,42.86,-
29-NOV-2011,HGSL,Hinduja Global Sols Ltd,AASIA CORPORATION,BUY,300000,327.00,-
Sensex underperforms its peers, closes 159 points lower
Today’s losses came on the back of big gains in the previous trade. The Sensex fell 159 points and the Nifty slid 46 points at the close
Headlines for the day
I-T raid at office, residential premises of Gitanjali Gems; stk falls
DB Realty soars as promoter Shahid Balwa gets bail
PSU OMCs decline on buzz of cut in petrol prices
GTL, GTL Infra gain on reports of conversion of debt to equity
Nifty December 2011 futures at premium
Turnover surges
Nifty December 2011 futures were at 4812, at a premium of 6.90 points compared to spot closing of 4805.10. Turnover on NSE's futures & options (F&O) segment surged to Rs 92298.96 crore from Rs 80615.34 crore on Monday, 28 November 2011.
State Bank of India (SBI) December 2011 futures were at 1741.80, at a discount compared to spot closing of 1755.90.
Sensex off 9.5% in November 2011 thus far
Key benchmark indices edged lower in choppy trade as the deadlock over allowing foreign direct investment (FDI) in retail sector continued as an all-party meeting failed to reach an agreement and both houses of Parliament were adjourned for the day amid protests by parties opposed to the move. Shares of organized retailers dropped. Data showing sustained selling by foreign funds over the past few days also weighed on sentiment. The BSE Sensex lost 158.79 points or 0.98%, off close to 200 points from the day's high and up about 55 points from the day's low. The market breadth was negative.
The Sensex has lost 1,696.67 points or 9.58% this month so far. The Sensex has slumped 4,500.75 points or 21.94% in calendar 2011. From a 52-week high of 20,664.80 on 3 January 2011, the Sensex has lost 4,656.46 points or 22.53%. From a 52-week low of 15,478.69 on 23 November 2011, the Sensex has risen 529.65 points or 3.42%.
Daily News Roundup - Nov 29 2011
Reliance Industries has sent an arbitration notice to the Oil Ministry over the move to disallow some of the expenditure the firm has made in the KG-D6 gas fields as punishment for falling output. (BS)
The State Bank of India-led consortium of banks has broadly agreed to the financial restructuring plan of Air India. (BL)
Ericsson has signed a five-year deal with Bharti Airtel to provide managed services for its Indian operations. (ET)
Infosys BPO has decided to set up rural centres in Tier II and Tier III towns in foreign countries. (BL)
Sensex leaps on global cues…Nifty reclaims 4800
Indian stocks rallied on Monday, kicking off the new trading week on a solid note, as investors chose to overlook the continued uproar in parliament and instead focused on the positive development in the eurozone. The BSE Sensex ended above 16,000 while the NSE Nifty finished above the 4,800 mark.
Key Indian stock indices accelerated on the back of healthy gains in other Asian markets and a positive opening in the European markets.
Reports said that European leaders have prepared draft rules for the region's bailout fund while Germany and France are looking at how to deepen fiscal integration in the euro zone. Also adding to the positive mood was news that US retail sales jumped over the Thanksgiving weekend.
Politics sours sentiment
"Politics is for the present, but an equation is for eternity." - Albert Einstein.
Government’s move to open up retail trade to foreign companies has kicked up a major political storm. Not just opposition parties but a couple of key UPA allies and the Kerala Congress unit are also resisting the decision. Parliament has hardly done any business of significance in five sittings. It may not function normally until the FDI in retail issue is settled.
Bullions revive upward journey following last week's sell off
Weak dollar and higher US stocks impart the shine
Precious metals ended substantially higher on Monday, 28 November 2011 at Comex. Prices ended solidly higher on Monday on bargain hunting and short covering following selling pressure seen last week. Prices also got a good push as dollar turned weak.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa. But bullion metals have registered increase in prices despite strong dollar in recent times and vice versa.
Crude kisses $100 mark during intra day trading
Prices rise in tandem with US stocks and upbeat holiday sales figure
Higher US stocks, weak dollar and upbeat holiday sales numbers pushed crude prices higher on Monday, 28 November at Nymex. Prices crossed $100 during intra day trading but dropped from session highs while going into close.
Light and sweet crude for January delivery rose $1.44 (1.5%) to $98.21 a barrel on the New York Mercantile Exchange on Monday. Prices touched a high of $100.74 during intra day trading. Last week, crude lost 0.7%. For the month of October, oil futures gained 18%. During the third quarter ending in September, crude incurred losses of 17%. It was the worst quarterly performance for crude in almost two years.
Market may open flat to slightly lower
Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 4.50 points at the opening bell. Asian shares traded mostly higher on Tuesday, 29 November 2011, extending an advance made in the previous session as investors hoped for a timely resolution to Europe's debt problems.
Key benchmark indices reached their highest closing level in nearly 1-1/2 week on Monday, 28 November 2011, as global stocks surged driven by renewed optimism that European officials were poised to take action to alleviate debt crisis wreaking havoc in the euro zone. The BSE Sensex jumped 471.70 points or 3.01% to settle at 16,167.13, its highest closing level since 18 November 2011.
Euro zone optimism may lift markets at start
The Indian markets expect a positive start on debt crisis action optimism. Developments in the Europe will continue to remain in focus.
Stock in News:
RIL sends arbitration notice to petroleum ministry
Adani Power to raise capacity to 5,500MW by March
DoT to meet industry to resolve 3G roaming issue
Fitch affirms low-default risk on Union Bank
Monday, November 28, 2011
Daily News Roundup - Nov 28 2011
Reliance Industries has scrapped its plan to acquire Bharti’s stake in the life and general insurance joint ventures with French insurer AXA. (ET)
Bharti Retail, a wholly-owned subsidiary of Bharti Enterprises, has said that it will now initiate talks with Walmart for equity partnership in its front-end stores. (FE)
Essar Oil Ltd has renewed a major product sale and purchase agreement with Indian Oil Corporation Ltd. (BS)
Subex is looking to raise US$135mn to pay back foreign currency convertible bond holders and service debt. (ET)
Stability at start!
“True stability results when presumed order and presumed disorder are balanced. A truly stable system expects the unexpected, is prepared to be disrupted, waits to be transformed.” - Tom Robbins.
The markets world over have been waiting to be transformed. For the time being, Investors can look forward to a positive start on the back of a couple of encouraging reports on the debt-stricken eurozone. European leaders have prepared draft operational rules for the European Financial Stability Facility (EFSF). The budget committee of Germany's lower house of parliament is scheduled to vote on the amended guidelines for the euro zone's rescue fund. Eurozone and EU finance chiefs are also scheduled to discuss EFSF terms of reference.
Asian stocks are up amid speculation that the IMF will help Italy financially after the nation’s borrowing costs surged. Belgium, Italy, Spain and France are due to raise money via debt auctions this week. Jobs data and other important statistics from the US will also be in focus this week.
Markets may see a positive start on Europe fund hopes
The Indian markets are likely to begin in the green zone on Europe fund hopes and IMF's Italy assistance report. Positive Asian cues may lift the sentiments.
Headlines for the day:
Petrol may turn cheaper by Re 1
Fitch lowers Dhanlaxmi Bank's outlook to 'stable'
DLF hopes to reduce debt to Rs10,000 crore in two years
Nalco expects 3-fold rise in exports
Lupin eyes Rs780 crore from US market by FY14
Government considering alternatives to SAIL disinvestment
Events for the day:
Results: Escorts, Triveni Engineering & Industries, NELCO
Market may open higher on firm Asian stocks
The market may open higher on firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 64.50 points at the opening bell. Asian shares jumped on Monday, 28 November 2011, as investors reacted to reports of European and international measures to get a grip on euro-zone debt crisis.
Reliance Industries (RIL) and its associate Reliance Industrial Infrastructure (RIIL) said on Friday that negotiations on contemplated acquisitions by RIL and RIIL of Bharti's 74% shareholding in Bharti AXA Life Insurance Company and Bharti AXA General Insurance Company were jointly terminated as parties were unable to reach agreement on the long-term vision and joint governance of the ventures with AXA. Reliance had said in June that it would buy out Bharti's stakes in joint ventures with France's AXA as it sought to build on moves beyond its core energy business. Bharti Enterprises, which controls leading Indian telecoms firm Bharti Airtel had set up the ventures -- Bharti AXA Life Insurance and Bharti AXA General Insurance -- with AXA, Europe's second biggest insurer, in 2006.
Sunday, November 27, 2011
IDFC and L&T Infrastructure Bonds for Tax Saving
Two more infrastructure bonds, which will get you an additional tax deduction of Rs. 20,000 under section 80CCF of the Income-tax Act, are out: IDFC Ltd launched its bond on 21 November and L&T Infrastructure Finance Co. Ltd launched its issue on 24 November. The tax benefit is available only for fiscal 2012.
Just a month back, Power Finance Corp. Ltd and Industrial Finance Corp. of India Ltd launched their infrastructure bonds.
IDFC to issue tax saving infra bonds
Infrastructure Development Finance Company Ltd has announced a Public Issue of long term infrastructure bonds. The fresh issue of Tranche 1 bonds will open for subscription on 21 November, 2011 and close on 16 December, 2011 or ealier as may decided by the Board of the Company. The Tranche 1 bonds are proposed to be listed on National Stock Exchange of India Ltd and BSE Ltd. The bonds will be issued in one or more tranches not exceeding Rs50bn for fiscal 2011-12. The first tranche bonds will carry interest rate of 9% per annum. The bonds will be issued in one or more tranches not exceeding Rs50bn for fiscal 2011-12. The funds raised through the Tranche 1 bonds issue will be utilized towards "Infrastructure bonds" as defined by Reserve bank of India as defined by Reserve Bank of India in the Regulations issued by it from time to time, after meeting the expenditures of and related to the issue.
Pipavav Defence sells strategic stake to US firm
Shares of Pipavav Defence and Offshore Engineering Co. Ltd. rallied on Nov. 22 after the company said that its Board of Directors had approved issue of up to 81,880,000 shares of Rs. 10 each to an international strategic investor in one or more tranches. The shares will be issued to the international strategic investor at a price not less than Rs. 110 per share or price to be determined as per the formula prescribed by market regulator SEBI. The share sale is subject to the approval of the shareholders of the Company and other requisite approvals. The investment will be a long-term strategic investment in the Company. The investor will initially subscribe to 5% of the paid up capital of the company and within specified time will increase its holding up to 10% of the paid-up capital of the company. The investor is a leading and externally reputed global conglomerate with strong interest in the defence sector. The investor will bring in critical technology required for the manufacture of complex and critical equipment, systems required by the armed forces. The investor will have a right to nominate one director on the Board of the company.
ONGC withdraws FPO documents...May file RHP again
State-run oil and gas explorer ONGC has withdrawn its FPO documents filed with market regulator SEBI apparently on the back of weak market conditions, dealing another blow to the Government's disinvestment programme. Last week, an oil ministry official reportedly said that the ONGC FPO may not take place in the year ending March 31. ONGC will file the red herring prospectus (RHP) again if instructed by the Government, Chairman and Managing Director Sudhir Vasudeva said today. "The withdrawal of RHP is technical. The document filed in September had a validity of 90 days and so we have withdrawn it. It is no reflection if the follow-on offer (FPO) is coming or not," he told reporters in New Delhi. "If and when required, we will file it again," Vasudeva said, adding that the timing will have to be decided by the Department of Disinvestment. ONGC had filed the RHP in September for the FPO whereby the Government had planned to sell a 5% stake, or 427.77 million shares, in the company.
GSM operators add 7.12 million users in Oct
A total 7.12mn subscribers have been added to the GSM operators in October compared with 6.52mn additions in the previous month. GSM subscriber base with this in the country stood at 625.41mn on October 31. According to reports, Bharti Airtel in October added 0.94mn users, taking its total subscriber base to 173.73 million. Vodafone Essar notched up 0.92mn new subscribers during the month. Its subscriber base reached 145.91 million in October. Idea Cellular with 1.63mn new users taking its total subscriber base to 101.81mn is added highest during the month. Aircel added 0.48mn customers to take its subscriber base to 60.28mn. Reports stated that BSNL and MTNL added 0.51mn and 34,919 new users, respectively, taking their subscriber base to 91.58mn and 5.36mn. MTS added 7.95mn customers, taking its total customer base to 14.06million. Reliance Communications has not been included in the Cellular Operators Association of India (COAI) data, added reports.
2G scam...Five corporate honchos get bail
Five India Inc. executives, who are accused in the 2G scam, have been granted bail by the Supreme Court, sending shares of RCOM, Unitech and DB Realty higher in a weak market. The five persons in question are: Sanjay Chandra of Unitech, Swan Telecom director Vinod Goenka and three Reliance-ADAG executives, Gautam Doshi, Hari Nair and Surendra Pipara. A bench comprising Justice GS Singhvi and Justice HL Dattu delivered the order on the bail pleas of five corporate honchos in the 2G case. They are presently lodged in Tihar Jail. The Delhi high court had denied them bail in the 2G case after the CBI opposed it saying that the accused were likely to tamper with the evidence and influence witnesses. The apex court directed the five accused to furnish two sureties of Rs. 5 lakh each. The bail to the five corporate officials has given hope to the other accused in the 2G case, including disgraced former Telecom Minister A. Raja and DMK MP Kanimozhi. On December 1, the Delhi High Court will hear the bail plea of Kanimozhi and four other accused, including Kalaignar TV Managing Director, Sharad Kumar, Director of Cineyug Media & Entertainment, Karim Morani, and Directors of Kusegaon Fruits & Vegetables, Asif Balwa and Rajiv Agarwal. Raja has not filed any application for bail so far. All the 2G accused are facing charges of criminal conspiracy, cheating, forgery and some provisions under the Prevention of Corruption Act, including abatement of offenses. The charges also include criminal breach of trust, which is punishable with imprisonment for life, or imprisonment for a term extending up to 10 years and fine.
High food prices may warrant more RBI action: Subbarao
Further monetary action from the Reserve Bank of India (RBI) cannot be ruled out as it tries to anchor inflation expectations amid persistently high food prices, central bank Governor D. Subbarao said on Tuesday. "The direct role of monetary policy in combating food price pressures is limited, but in the face of sustained high food inflation, monetary action may still be warranted to anchor inflation expectations," Subbarao said at the 25th Annual Conference of the Indian Society of Agricultural Marketing at Hyderabad. The RBI has raised rates 13 times since March 2010 to tame spiraling and sticky inflation largely driven by high food prices. But in its last policy meeting, the RBI hinted that it could hold rates steady in December policy review and maintain status quo if inflation remains within its projected trajectory. A lasting solution to food price pressures lies in a supply response that raises agricultural production and productivity, improves supply chain management and sets the right incentive framework for both producers and consumers, the RBI Governor said. The outlook on food inflation in the short to medium term will be determined by the speed and quality of such a supply response by the Government, he added. Government data released last week showed that India's food inflation rose 10.63% and the fuel inflation surged 15.49% in the year through Nov. 5. On the rupee hitting a new record low today, Subbarao said that the RBI's rupee policy remains the same. "Our (RBI's) policy remains the same, which is to manage volatility in exchange rate and to ensure that exchange rate volatility does not impair macro-economic stability," he said. Subbarao added that exchange rate movement, especially in the last three to four days was driven by global dynamics and the RBI expects reverse adjustment to take place when the European situation resolves itself.
Food inflation hits 9-week low...Fuel inflation steady
Food inflation in India fell sharply in the second week of November to touch its lowest level in nine weeks, and fuel inflation too remained static, data released by the Government showed on Thursday. The drop in food inflation could provide some much-needed breather to the consumers as well as the policymakers. However, one must wait and see if this is a broader trend or just a temporary relief. Food inflation declined to 9.01% in the week ended November 12 from 10.63% in the preceding week, the Commerce & Industry Ministry said today. Food inflation stood at 11.38% in the corresponding week last year. Inflation in the Primary Articles group also fell to 9.08% in the week under review, from 10.39% in the week ended November 5, according to the Commerce Ministry statement. It was at 15.18% in the year-ago period. Inflation in the Fuel & Power group stood at 15.49% in the week ended November 12, unchanged from the previous week, the Government data showed. It was at 10.57% in the comparable week of the previous year. Inflation in the Non-Food Articles space slid to 4.05% in the week under review from 5.33% in the previous week, the Government data showed. It was at 23.64% in the same period a year earlier. Inflation in the Minerals group rose to 18.51% in the week ended November 12 from 18.02% in the week ended November 5, according to the Commerce Ministry data. Inflation in this group stood at 28.87% in the year-ago period.
Weekly Stock Picks - Nov 27 2011
Buy Indian Hotels
Buy Educomp
Buy Bharti Airtel
Buy Mcdowell
Buy Tata Steel
Ratan Tata successor - Cyrus Pallonji Mistry is unanimous choice
The wait is finally over. Cyrus Pallonji Mistry is all set to succeed Ratan Tata at the top job in Tata Sons. The selection committee has unanimously recommended Mistry's name. Cyrus Mistry was a director of Tata Sons and Tata Elxsi (India) and graduated from the Imperial College, London with a BE in civil engineering. He also holds a masters degree in management from the London Business School, and is a fellow of the Institution of Civil Engineers. Cyrus Mistry, 43, was named deputy chairman of Tata Sons yesterday and will succeed Ratan Tata when he retires in December 2012. Cyrus Mistry's father Pallonji Mistry is the biggest shareholder in Tata Sons with a stake of 18%. Pallonji Mistry has been a director of Tata Sons since 2006. Forbes & Co. is part of the multi-billion dollar Shapoorji Pallonji Group. Cyrus Mistry’s elder brother Shapoor Mistry is Chairman of Forbes & Co. Pallonji Mistry's daughter and Cyrus Mistry's sister is married to Ratan Tata's half-brother Noel Tata, who was also in contention for Tata group Chairman's post. In August 2010, the Tata group named a five-person panel, which included Cyrus Mistry himself, to look for a successor to Ratan Tata. The panel met 18 times, and when Cyrus Mistry became a candidate for the top position in the Tata group conglomerate, he excluded himself from deliberations. Cyrus Mistry will be the sixth chairman of the 143-year-old group, and just the second non-Tata chief. The Tata group was founded as a textile business in 1868 by Ratan Tata's great-grandfather, Jamsetji Tata. Tata Sons holds the bulk of shares in key companies, and trusts endowed by the Tata family own 66% of Tata Sons.
Weekly Newsletter - Nov 27 2011
The undercurrent will remain weak as long as European leaders find a common ground as far as finding a lasting solution to the debt crisis is concerned. Right now they seem to be struggling in containing the financial malaise amid fears of it spreading to the core of the eurozone. At the same time, other developed economies like the US, Japan and the UK are also having their own set of problems.
Govt opens door to foreign retailers...Approves 51% FDI in multi-brand retail
The Union Cabinet on Thursday approved a proposal to allow foreign giants like Wal-Mart to enter multi-brand retail in the country. But the Centre’s move has drawn criticism from various opposition parties. In fact, even UPA allies like Trinamool Congress and DMK are apparently against the decision. In this context, Friday’s parliament session will be interesting after three days of near wash-out. The Cabinet has cleared up to 51% foreign direct investment (FDI) in multi-brand retail, and up to 100% FDI in single brand retail. At present, the Government allows up to 51% FDI in single brand retail, up to 100% in cash and carry (wholesale) business. FDI is not allowed in multi-brand retail currently. The Finance Ministry reportedly gave its consent to the draft Cabinet note on opening the multi-brand retail to foreign investment. The Department of Industrial Policy and Promotion (DIPP) had earlier circulated a draft Cabinet note to seek inter-ministerial views on the issue. Shares of retail companies like Pantaloon Retail, Provogue India and Shoppers Stop rose are yesterday on reports that the Union Cabinet will take up a proposal on allowing FDI in multi-brand retail besides considering increasing the FDI limit in single brand retail. The policy will allow foreign retailers to set up shop only in cities with a population of more than 10 lakh as per the 2011 Census. There are 55 such cities in India currently. Foreign investors will be required to invest up 50% of total FDI in back-end infrastructure, excluding the land cost and rentals. Retailers will need to source at least 30% of manufactured/processed products from small industries, excluding agricultural items. The Government has also retained the first right on sourcing agricultural produce. In terms of single-brand retail, the Government has made 30% sourcing from SMEs mandatory once the FDI limit exceeds 51%.
Auto, cement stocks could be in focus ahead of monthly sales data
Investors may continue to avoid riskier assets as ongoing debt crisis in Europe as well as the slowing global economy has hurt sentiments. However, bargain hunting cannot be ruled out after recent sell-off in stock prices. Investors will closely monitor foreign funds' activity. Foreign institutional investors (FIIs) have been heavy sellers in domestic equities recently. Weak corporate earnings, slowing economic growth and a faltering rupee remain a cause for concern.
The government unveils Q2 September 2011 gross domestic product (GDP) data on Wednesday, 30 November 2011. The economy expanded 7.7% in Q1 June 2011 from a year earlier, helped by strong growth in the services sector.
Market may remain weak
The markets continued their southbound journey for the fourth straight week. The Sensex registered a fresh two-year low at 15,479 - down 900 points for the week. The BSE benchmark index witnessed some recovery towards the end of the week, and finished with a loss of 512 points at 15,859.
In the process, it has plunged 11 per cent (1,947 points) in the last four straight weeks.
Friday, November 25, 2011
BSE Bulk Deals to Watch - Nov 25 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
25/11/2011 531358 Choice Intl ANIL ANANT MAHADIK B 129975 46.57
25/11/2011 531358 Choice Intl PRAVEEN KUMAR BANSAL B 70000 43.75
25/11/2011 531358 Choice Intl ANIL ANANT MAHADIK S 129722 45.35
25/11/2011 511672 Clarus Finance RUPAK TRADING PRIVATE LIMITED B 128387 32.58
25/11/2011 511672 Clarus Finance MERLIN DEVELOPERS S 105733 32.86
NSE Bulk Deals to Watch - Nov 25 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
25-NOV-2011,HINDUJAVEN,Hinduja Ventures Limited,AASIA CORPORATION,BUY,300000,317.00,-
25-NOV-2011,HOTELRUGBY,Hotel Rugby Ltd.,CELEBRITY CONSULTANTS PRIVATE LIMITED,BUY,124820,5.25,-
25-NOV-2011,LOVABLE,Lovable Lingerie Ltd,QUADEYE SECURITIES PRIVATE LIMITED,BUY,90347,345.91,-
25-NOV-2011,RAMANEWS,Rama Newsprint and Papers,AMAZING VINIMAY PRIVATE LIMITED,BUY,299543,9.53,-
25-NOV-2011,SUDAR,Sudar Garments Ltd,RAM MURTI KUNDRA,BUY,132571,70.16,-
25-NOV-2011,VASWANI,Vaswani Ind Ltd,RAJENDRA KUMAR JAIN,BUY,150000,11.00,-
Volatile week; Markets down 4% on Europe jitters, weak rupee
The Indian markets fell for the fourth consecutive week and closed 4% lower on account of European jitters and depreciating rupee
Major headlines for the week
Food inflation at 9.01% vs 10.63%
Cabinet approves FDI in retail sector
FM expects inflation to moderate
FY12 fiscal deficit to exceed 4.6% of GDP target: Montek
Market slumps as FIIs step up selling
Key benchmark indices fell for the fourth straight week on heavy selling by foreign funds. Concerns over slowing growth, weak corporate earnings and a faltering rupee affected investor sentiment adversely. Fears of a global economic slowdown also weighed on Indian stocks amid gloomy data from China and the United States. The market fell in three out of five trading sessions in the week just gone by.
The BSE Sensex tumbled 676.08 points or 4.13% to settle at 15,695.43 in the week ended Friday, 25 November 2011, its lowest closing level since 3 November 2009. The S&P CNX Nifty lost 195.75 points or 3.99% to 4,710.05.
Sensex settles at two-year low; organized retailers rally
Key benchmark indices edged lower for the tenth time in the past twelve trading session as data showing heavy selling by foreign funds recently and euro-zone debt worries hurt sentiment adversely. The barometer index, BSE Sensex, reached its lowest closing level in more than two years. The Sensex shed 163.06 points or 1.03%, off 195.62 points from the day's high and up 49.65 points from the day's low. The market breadth was positive. Index heavyweight Reliance Industries (RIL) extended intraday losses in late trade. High beta infrastructure stocks gained on bargain hunting after recent steep slide. IT stocks dropped on euro-zone debt worries.
Market likely to open lower on weak Asian stocks
The market may drift lower in opening trade on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 51.50 points at the opening bell.
Foreign institutional investors (FIIs) sold shares worth a massive Rs 1636.08 crore in a single trading session on Thursday, 24 November 2011, as per the provisional data from the stock exchanges. FIIs have pressed heavy sales of Indian stock recently. Their outflow totaled Rs 6483.66 crore in eight trading session from 15 to 24 November 2011, as per data from the stock exchanges.
BSE Bulk Deals to Watch - Nov 24 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
24/11/2011 531247 Alpha Hitech VISHAL NARENDRAKUMAR VORA B 23118 5.58
24/11/2011 522292 CHANDNI TE SHREE SUPRINIT TRADINVEST PVT.LTD B 1000000 2.07
24/11/2011 522292 CHANDNI TE SHREEMALLIKARJUN TRADINVEST PRIVATELIMITED B 1000000 2.12
24/11/2011 522292 CHANDNI TE SHEFALI DEEPAK SHAH B 3500000 2.09
24/11/2011 522292 CHANDNI TE SHAH DEEPAK RATILAL (HUF) B 2970340
2.05
NSE Bulk Deals to Watch - Nov 25 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
24-NOV-2011,HINDUJAVEN,Hinduja Ventures Limited,AASIA CORPORATION,BUY,300000,316.50,-
24-NOV-2011,HOTELRUGBY,Hotel Rugby Ltd.,CELEBRITY CONSULTANTS PRIVATE LIMITED,BUY,125100,5.50,-
24-NOV-2011,IFCI,IFCI Ltd.,ADROIT SHARE & STOCK BROKER PVT. LTD.,BUY,4807879,22.82,-
24-NOV-2011,IFCI,IFCI Ltd.,RELIGARE FINVEST LTD,BUY,8262706,23.97,-
24-NOV-2011,ONELIFECAP,Onelife Cap Advisors Ltd,MANOJ CHHAGANLAL RATHOD HUF,BUY,87611,274.16,-
24-NOV-2011,PANTALOONR,Pantaloon Retail (India),MACQUARIE BANK LIMITED,BUY,3260773,200.00,-
24-NOV-2011,RAMANEWS,Rama Newsprint and Papers,KAMNA CREDITS AND PROMOTERS PRIVATE LIMITED,BUY,300500,9.43,-
Smart Recovery; Sensex surges 159 points at close
After trading volatile for most part of the day, the Indian markets bounced back in late trade, with the Sensex closing 159 points higher and the Nifty up by 50 points
Major headlines
Food inflation at 9.01% vs 10.63%
No immediate decision on fuel price hike: Reddy
FM expects inflation to moderate
Fertiliser stocks in demand
SKS Microfinance hits 5% upper circuit after Akula quits
Auto shares lead recovery
Key benchmark indices edged higher in choppy trade after the latest data showed that food inflation eased in the year through 12 November 2011. A rally in European shares also aided intraday rebound on the domestic bourses in what was a choppy trading session. The 50-unit S&P CNX Nifty rebounded after hitting its lowest level in more than two years in mid-morning trade. Volatility was intense as traders rolled over positions in futures & options (F&O) segment from the near-month November 2011 series to December 2011 series. The November 2011 derivatives contracts expired today, 24 November 2011.
The barometer index, BSE Sensex, jumped 158.52 points or 1.01%, up close to 380 points from the day's low and off about 40 points from day's high. The market breadth turned positive from negative in late trade.
Thursday, November 24, 2011
Bullions end modestly lower
They lose their safe haven appeal after German government bond auction failed
Precious metals ended modestly lower on Wednesday, 23 November 2011 at Comex. Concerns regarding Germany's failed bond auction jittered investors. But prices ended well up from the daily low on Wednesday. Bargain hunters once again stepped in to buy the dip in prices. However, it was another “risk-off” day in the market place on Wednesday, and that had the raw commodity sector, including precious metals, under selling pressure. The dollar headed up firmly.
Crude slips on global demand concerns
Strong dollar, weekly inventory report and economic data push prices lower
Crude prices ended substantially lower on Wednesday, 23 November at Nymex. Weaker than expected economic data from China and Wall Street coupled with lingering Euro zone's debt problems pushed prices lower today. A strong dollar and weekly inventory report also impacted prices.
Light and sweet crude for January delivery fell $1.84 (1.9%) to $96.17 a barrel on the New York Mercantile Exchange on Wednesday. Losses had picked up as U.S. stocks opened broadly lower, but moderated somewhat after the latest weekly inventory report from the EIA. Last week, crude lost 1.6%. For the month of October, oil futures gained 18%. During the third quarter ending in September, crude incurred losses of 17%. It was the worst quarterly performance for crude in almost two years.
Market likely to open sideways; inflation data eyed
The market is likely to see a flat-to negative start on Thursday on mixed Asian markets. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 8.50 points at the opening bell. The market is likely to see high volatility today, 24 November 2011 as traders roll over positions in futures & options (F&O) segment from the near-month November 2011 series to December 2011 series.
The government will today, 24 November 2011, unveil data on some wholesale price indices viz. the food price index, the primary articles index and the fuel price index for the year through 12 November 2011.
Daily News Roundup - Nov 24 2011
Mr Cyrus P. Mistry will take over from Mr Ratan Tata as Chairman of the Tata Group when he retires in December 2012. (BL)
IL& FS Engineering and Construction Company Ltd (IECCL) has convened a meeting of shareholders and creditors next month under the direction of the Andhra Pradesh High Court, to secure approval to restructure the company capital.(BL)
BP and Indian Oil Corporation are planning to set up a 50:50 joint venture acetic acid plant in Gujarat. The two companies entered a memorandum of understanding to invest in a one-mn-tonne a year acetic acid plant with associated gasification facilities for production of synthesis gas. (BL)
Mayhem returns to D-Street...Sensex, Nifty hit 2-yr low
After a green day in the previous trading session, the Indian stock markets resumed their downfall, as a combination of domestic and overseas headwinds continued to play spoilsport.
Breaching of a key support level on the NSE Nifty was also partly responsible for heavy selling in the afternoon. What's worse, the sharp fall today came on rising volumes as traders looked to rollover their F&O contracts to the next month series.
The decline was massive as the Nifty fell as much as ~170 points intraday after the index slid below the 4650 mark, hitting two year lows. The BSE Sensex also touched a two-year low.
On a wing and a prayer
Helplessness induces hopelessness, and history attests that loss of hope and not loss of lives is what decides the issue of war. BH Liddell Hart.
We are looking at another weak start as overseas cues continue to be bleak and domestic headwinds remain strong. However, Asian indices have shown some resilience so far. Volatility will be high today on account of the F&O expiry. So, beware the intraday gyrations, especially in the afternoon. Some consolidation near 4600 is required in order to confirm an intermediate bottom.
Negative start likely; Volatile day in store
Mounting European debt concerns may continue to worry markets. The start looks negative today tracking weak global sentiment.
Headlines for the day:
Idea to sell Rs5,850 smartphone in 3G push
Government looking into misuse of complaints against Tata Tele, RCom
IOC signs MoU with BP for acetic acid plant
Cabinet to discuss FDI in multi-brand retail today
RBI directs co-op banks not to process 3-mth-old cheques
Vikram Akula steps down at SKS
Wednesday, November 23, 2011
BSE Bulk Deals to Watch - Nov 23 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
23/11/2011 521174 Arora Fibres BHARTI SANJEEV CHIRANIA B 25603 22.85
23/11/2011 521174 Arora Fibres ANITA DEEPAK SARAF S 25162 22.85
23/11/2011 532435 Asia HR Tech SANJAY KANAYALAL MAKHIJA B 100000 4.60
23/11/2011 532435 Asia HR Tech DINESH KANAYALAL MAKHIJA B 100000 4.60
23/11/2011 532435 Asia HR Tech SHAILESH VORA HUF B 50000 4.60
23/11/2011 532435 Asia HR Tech MILI SNEHA B 100000 4.60
NSE Bulk Deals to Watch - Nov 23 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
23-NOV-2011,HOTELRUGBY,Hotel Rugby Ltd.,CELEBRITY CONSULTANTS PRIVATE LIMITED,BUY,124900,5.65,-
23-NOV-2011,TAKE,Take Solutions Limited,SHRIRAM INDUSTRIAL HOLDINGS P LTD,BUY,1146946,20.60,-
23-NOV-2011,COX&KINGS,Cox & Kings Limited,MACQUARIE BANK LIMITED,SELL,867168,185.76,-
23-NOV-2011,GOLDINFRA,Goldstone Infratech Ltd.,JM FINANCIAL PRODUCTS PVT LTD,SELL,208036,8.33,-
23-NOV-2011,HOTELRUGBY,Hotel Rugby Ltd.,DARSHANA MAHENDRA THACKER,SELL,125000,5.65,-
23-NOV-2011,TAKE,Take Solutions Limited,DSP BLACKROCK MF A/C DSP ML MICRO CAP FUND,SELL,1616000,20.60,-
Nifty December 2011 futures below 4800
Turnover surges
Nifty November 2011 futures were at 4703.80, at a discount of 2.65 points compared to spot closing of 4706.45. Nifty December 2011 futures were at 4723, at a premium of 16.55 points over spot closing. Turnover on NSE's futures & options (F&O) segment surged to Rs 240442.89 crore from Rs 186019.48 crore on Tuesday, 22 November 2011.
State Bank of India (SBI) November 2011 futures were at 1656, at a discount compared to spot closing of 1658.05.
Sensex, Nifty settle at 2-year lows as FIIs step up selling
Key benchmark indices fell for the 9th time in the past ten trading sessions to reach 2-year closing lows as data showing heavy selling by foreign funds recently hit sentiment adversely. The barometer index, BSE Sensex, fell below the psychological 16,000, a day after regaining that level on Tuesday, 22 November 2011. The Sensex tumbled 365.45 points or 2.27%, up 221.28 points from the day's low and off 269.63 points from the day's high. The market breadth was weak. Also deteriorating sentiment junior finance minister S.S. Palanimanickam said the government has no proposal to lower the securities transaction tax for capital market transactions.
The Sensex has lost 2,005.04 points or 11.32% this month so far. The Sensex has slumped 4,809.12 points or 23.44% in calendar 2011. From a 52-week high of 20,664.80 on 3 January 2011, the Sensex has lost 4,964.83 points or 24.02%.
Daily News Roundup - Nov 23 2011
An international strategic investor has agreed to pick up 10 % equity stake in Pipavav shipyard in Gujarat for Rs9bn.(BL)
Ashok Leyland has entered the construction equipment business, along with American company John Deere, with the launch of the 435 backhoe loader.(BL)
In the next three-four weeks, the Petroleum Ministry will decide on the action to be taken against Reliance Industries Ltd for its gas output falling below target from the East Coast fields.(BL)
Federal Bank is planning to infuse Rs1.2bn equity in its non-banking financial company, Fedbank Financial Services Ltd.(BL)
Resuming their descent!
"The gates of Hell are open night and day; smooth the descent, and easy is the way: but, to return, and view the cheerful skies; in this, the task and mighty labor lies." - Virgil.
The cheerful skies are seeing a colour change. After a small breather, world equity markets have resumed their descent. A downward revision in US’ Q3 GDP is adding to the already bleak global backdrop. But, the US indices didn’t witness sharp cuts. They were down marginally. European benchmarks also closed in the red following a spike in Spanish and Belgian bond yields. Meanwhile, the Fed has announced a new set of stress tests for US lenders. Minutes of the last FOMC meeting show that the central bank is mulling inflation targets.
Rally fizzles out; Markets set for a weak opening
Weakness across the globe may pull the markets down in the opening trade. Lingering euro zone debt crisis and concerns about the faltering global economy may weigh on the sentiments.
Headlines for the day:
Airtel, Vodafone, Idea threaten to exit 3G
Reliance readies big-bang entry into new sectors
Property prices go down across nine cities in September quarter
Kingfisher Airlines needs more funds to stay afloat: Auditor
ONGC withdraws FPO papers, to file again if asked
CIL appoints PFC to select partner for Orissa project
Thomas Cook in debt crisis
Bullions gain back the luster they shed prior session
Prices end at almost session highs following inflation fears and weak economic data
Precious metals ended higher on Tuesday, 22 November 2011 at Comex. Bullions ended U.S. day session higher and nearer the daily high on Tuesday due to inflation fears following the day's economic report. Precious metals saw bargain hunting and short covering following the strong selling pressure seen the day before. A generally higher commodity market sector on Tuesday was also bullish for the metals.
Crude ends three day losing streak
Middle East tensions and somber dollar prop up prices
Crude prices ended higher on Tuesday, 22 November at Nymex. Prices rose for the first time in four days following a somber dollar and tension in the Middle East which gave rise to supply concerns. Weaker than expected economic data and recurring euro zone woes put a check to the price rise.
Light and sweet crude for January delivery rose $1.09 (1.1%) to $98.01 a barrel on the New York Mercantile Exchange on Tuesday. The contract rose to a high of $98.7 during intra day trading. Crude prices briefly pared gains earlier on Tuesday, after a disappointing estimate of U.S. third-quarter economic growth. Last week, crude lost 1.6%. For the month of October, oil futures gained 18%. During the third quarter ending in September, crude incurred losses of 17%. It was the worst quarterly performance for crude in almost two years.
Market seen opening lower on weak global cues
The market is geared for a negative start amid weak global cues. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 53.50 points at the opening bell. Asian shares fell on Wednesday, 23 November 2011, after a disappointing manufacturing survey from China and a weaker-than-expected estimate of US economic growth.
The market is likely to remain volatile in the immediate future as traders roll over positions in futures & options (F&O) segment from the near-month November 2011 series to December 2011 series. The near-month November 2011 F&O contracts expire tomorrow, 24 November 2011.
Tuesday, November 22, 2011
BSE Bulk Deals to Watch - Nov 22 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
22/11/2011 531247 Alpha Hitech MUKHTYARBEGUM NOORMIYAN SHAIKH B 21638 5.54
22/11/2011 524760 Arvind Intl-$ DINESH CHANDRA BAJORIA B 118252 12.40
22/11/2011 531568 Ashutosh Paper NIFTYS TECHNOLOGIES PRIVATE LIMITED B 33000 171.48
22/11/2011 531568 Ashutosh Paper MUKESH AGGARWAL S 33900 172.00
22/11/2011 531568 Ashutosh Paper SALASAR TECHNO ENGINEERING PRIVATE LIMITED S 40000 170.00
NSE Bulk Deals to Watch - Nov 22 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
22-NOV-2011,GITANJALI,Gitanjali Gems Limited,CHOKSI MEHUL CHINUBHAI,BUY,450000,331.67,-
22-NOV-2011,KIRLOSENG,Kirloskar Oil Eng Ltd,KIRLOSKAR INDUSTARIES LIMITED,BUY,2029000,139.99,-
22-NOV-2011,MOTOGENFIN,Motor & Gen Fin Ltd,BHAUBALI SERVICES LTD,BUY,130156,40.00,-
22-NOV-2011,PRAKASHCON,Prakash Constrowell Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,78210,204.54,-
REC bucks trend on buzz TNEB looking to up tariff
Rural Electrification Corporation jumped 3.77% at Rs 188.50 at 13:47 IST on BSE, extending Monday's 2.02% rise triggered by reports that Tamil Nadu Electricity Board has sought the regulator's approval to increase tariffs by 38%.
Meanwhile, the BSE Sensex was up 238.02 points, or 1.49%, to 16,184.12.
On BSE, 2.18 lakh shares were traded in the counter as against an average daily volume of 3.19 lakh shares in the past one quarter.
The stock hit a high of Rs 189.60 and a low of Rs 181.30 so far during the day. The stock had hit a 52-week low of Rs 155 on 4 October 2011. The stock had hit a 52-week high of Rs 364.90 on 1 December 2010.
Thomas Cook (India) slumps as shares of UK-based parent collapse
Thomas Cook (India) tumbled 10.53% to Rs 39.50 at 15:30 IST on BSE on a rub-off effect after shares of the company's UK-based parent Thomas Cook Group Plc slumped over 70% in London stock market today, 22 November 2011.
Meanwhile, the BSE Sensex was up 122.69 points, or 0.77%, to 16,068.79.
On BSE, 15.78 lakh shares were traded in the counter compared with average volume of 51,000 shares over the past two weeks.
Market snaps 8-day losing streak; Sensex reclaims 16,000
Key benchmark indices snapped an eight-session losing streak as bargain hunting emerged after a recent steep slide in share prices. Gains in European stocks aided recovery on the domestic bourses, with the barometer index, BSE Sensex, regaining the psychological 16,000 mark. The Sensex surged 119.32 points or 0.75%, off close to 145 points from the day's high and up about 95 points from the day's low. The market breadth was negative.
Bargain hunting emerged on the bourses today, 22 November 2011, after share prices witnessed steep slide recently. Indian stocks had tumbled recently on weak September 2011 corporate earnings and as European and US debt problems pulled world markets lower. The BSE Sensex had tumbled 1,623.43 points or 9.24% in eight trading sessions to settle at 15,946.10 on Monday, 21 November 2011, its lowest closing level since 5 October 2011, from a recent high of 17,569.53 on 8 November 2011.
Daily News Roundup - Nov 22 2011
MAN Truck and Bus AG of Germany is buying out its Pune-based joint venture partner Force Motors, in the venture that makes trucks and buses, for about Rs9.5bn.(BL)
NTPC Ltd has floated a tender for importing 4 mn tonnes of coal to bridge the shortfall of the fuel from domestic sources.(BL)
Reliance Infrastructure said it has commissioned a 140-km 400 kV double circuit transmission line between Ranchodpura (Vadavi) and Zerda (Kansari) in Gujarat.(BL)
Slightly better for now
We live in a moment of history where change is so speeded up that we begin to see the present only when it is already disappearing. - RD Laing.
The worries are not disappearing anytime soon but after a really terrible start to the week, we are set for a mildly positive to flattish opening. Asian markets are pretty mixed. In fact, Japanese, Korean and Australian stocks are trading off their worst levels. US stocks tumbled after a congressional panel formally admitted to the failure of stitching a deal to slash the nation’s soaring deficit.
But, S&P and Moody’s say they won’t lower US credit ratings. President Obama says he will veto any measure designed to override automatic budget cuts. So, there is a chance of slight recovery in sentiment after eight successive sessions of losses.
Copper witnesses largest one day drop in three weeks
Sovereign debt problems in Europe and US hammer red metal prices
Red metal prices at Comex witnessed the largest one day drop in three weeks on Monday, 21 November 2011. Prices dropped to a month low on mounting fears that heavy debt loads in Europe and the United States will hinder global economic growth, and with it, demand for industrial metals.
Copper for December delivery ended lower by 10 cents (2.9%) at $3.3 a pound at Comex on Monday. Last week, copper shed 1.7%.
Crude slips to two week lows
Concerns about debt problems in Europe and the US pressure crude oil prices today
Crude prices ended lower on Monday, 21 November at Nymex. Concerns about debt problems in Europe and the US pressured crude oil prices today.
Light and sweet crude for January delivery fell $0.75 (0.8%) to $96.92 a barrel on the New York Mercantile Exchange on Monday. The contract fell to a low of $95.24 during intra day trading. It was lowest settlement for crude in almost two weeks. Last week, crude lost 1.6%. For the month of October, oil futures gained 18%. During the third quarter ending in September, crude incurred losses of 17%. It was the worst quarterly performance for crude in almost two years.
Bullions shed glaze
Margin selling, caused by the sharp pullback in equities, pressured bullions today
Precious metals ended lower on Monday, 21 November 2011 at Comex. Margin selling, caused by the sharp pullback in equities, pressured gold and silver today. The strong dollar also pressured overall commodities including bullions.
Gold for December delivery ended lower by $46.5 or 2.7%, to end at $1,678.6 an ounce on the Comex division of the New York Mercantile Exchange on Monday. It fell to a low of $1,670.5 during intra day trading. Gold has been under pressure since past few sessions as many large funds have been selling positions in gold and other commodities. Last week, the yellow metal lost 3.5%. For the month of October, gold gained 6.3%. It registered a rise of 8% for the third quarter ending September.
Market seen halting eight-day slide on bargain hunting
Market is likely to open firm on Tuesday, 22 November 2011 on likely bargain hunting after posting losses in prior eight trading sessions. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a rise of 37 points at the opening bell. Global cues were mixed with Asian markets trading mixed today while US markets ended with steep losses on Monday.
Key benchmark indices skidded for the eighth straight day on Monday, 21 November 2011 to hit 6-1/2-week lows as European and US debt problems pulled world stocks lower. The BSE Sensex tumbled 425.41 points or 2.6% to settle at 15,946.10, its lowest closing level since 5 October 2011. The Sensex has lost 1,623.43 points or 9.24% in the past eight trading sessions from a high of 17,569.53 on 8 November 2011.
Downfall continues; Sensex tumbles 425 points at close
Weak global environment alongwith rupee falling to record low led to a severe fall in the Indian markets today. The Sensex slid 425 points and the Nifty fell 127 points
Major headlines
FY12 fiscal deficit to exceed 4.6% of GDP target: Montek
Infosys may miss upper end of FY12 $ revenue guidance
Jet Airways awarded 'Best Domestic Airline’
REC rises on buzz of tariff hike
RIL slips as oil min sanctions 'scrupulous' action
Bharti Airtel falls after CBI raid
Nifty December 2011 futures at premium
Turnover declines
Nifty November 2011 futures were at 4787, at a premium of 8.65 points compared to spot closing of 4778.35. Nifty December 2011 futures were at 4812.25, at a premium of 33.90 points over spot closing. Turnover on NSE's futures & options (F&O) segment declined to Rs 172938.68 crore from Rs 195058.74 crore on Friday, 18 November 2011.
State Bank of India (SBI) November 2011 futures were at 1670, same as spot closing of 1670.
Sensex, Nifty settle at 6-1/2-week lows on euro-zone, US debt woes
Key benchmark indices skidded for the eighth straight day to hit 6-1/2-week lows as European and US debt problems pulled world stocks lower. Data showing substantial selling by foreign funds recently hurt sentiment adversely. The barometer index, BSE Sensex, fell below the psychological 16,000 level. The BSE Sensex was down 425.41 points or 2.6%, off close to 350 points from the day's high and up close to 45 points from the day's low. The market breadth was weak. All the 13 sectoral indices on BSE were in the red.
The Sensex has lost 1,623.43 points or 9.24% in the past eight trading sessions from a high of 17,569.53 on 8 November 2011. The Sensex has lost 1,758.91 points or 9.93% this month so far. The Sensex has slumped 4,562.99 points or 22.24% in calendar 2011. From a 52-week high of 20,664.80 on 3 January 2011, the Sensex has lost 4,718.70 points or 22.83%. From a 52-week low of 15,745.43 on 4 October 2011, the Sensex has risen 200.67 points or 1.27%.
Monday, November 21, 2011
Daily News Roundup - Nov 21 2011
Maruti Suzuki India is planning to add more models with environment-friendly CNG option to its existing fleet of five such cars.(ET)
The Directorate General of Hydrocarbon has given a clean chit to Reliance Industries' capital expenditure of US$2.5bn spent up to 2007-08 in developing the KG-D6 gas fields because the CAG's audit has not quantified any loss to the exchequer.(ET)
Dr Reddy's Laboratories has requested the government to denotify its Special Economic Zone (SEZ) at Medak in Andhra Pradesh. (ET)
Sensex recovers to end modestly lower...Nifty holds 4900
There doesn't seem to be any respite from the ongoing pain in the equity markets across the globe as investors remain very nervous about the deteriorating fiscal conditions in the eurozone and dwindling fortunes for the Indian economy.
The Indian equity benchmarks slipped for a seventh straight trading session on Friday amid all-round selling. However, domestic stocks did recover in late trade with the NSE Nifty closing above 4,900. It had earlier dropped under the 4850 mark in the mid afternoon trades. The recovery was led by Oil & Gas and Pharma stocks. The BSE Sensex ended above the 16400 level.
Winter wonderland!
Every mile is two in winter. ~George Herbert.
The winter session of parliament starting on Tuesday could be an important sentiment driver for our markets. Thirty-one bills will come up for consideration and passage. A crucial Cabinet meeting to consider FDI in multi-brand retail will also be followed closely.
The opening is likely to be cold again due to weakness in the Asian markets. US markets closed flat on Friday while European indices finished mixed. The recent recovery that saw the Nifty test 5400 has fizzled out. If anything, it might re-test previous intermediate lows if FII outflows persist and global markets fail to recover.
Caution prevails; Markets may open in red
On the first day of the week, the markets head towards a negative start as escalating problems in Europe's debt crisis will continue to keep investors on their toes.
Headlines for the day:
Dr Reddy's Laboratories seeks denotification of SEZ at Medak.
Foreign funds infuse Rs2,500 crore this month.
FDI jumps 77% on M&A spree.
DLF moves Delhi HC against SEBI order to probe duping charges.
NMDC-Severstal steel plant likely by 2017
2G scam: CBI raids Airtel, Vodafone's office
Govt nudges LIC to buy 10% stake in Kingfisher
Copper gains on the last day of the week
But prices falter on a weekly basis
Red metal prices at Comex ended modestly higher on Friday, 18 November 2011. Prices rose as some investors viewed supportive moves in currency markets as an opportunity to buy after the previous day's slide to one-week lows.
Copper for December delivery ended higher by 2 cent (0.6%) at $3.4 a pound at Comex on Friday. For the week, copper shed 1.7%.
Bullions rise
Gold manages to hold on to gains while silver stages impressive performance
Precious metals ended modestly higher on Friday, 18 November 2011 at Comex. While gold managed to hold on to its gains, silver was much more impressive with its performance. Traders returned to bullions following latest drop in prices for precious metals.
Gold for December delivery ended higher by $4.9 or 0.3%, to end at $1,725.1 an ounce on the Comex division of the New York Mercantile Exchange on Friday. Gold was under pressure for most of the day as many large funds have been selling positions in gold and other commodities. For the week, the yellow metal lost 3.5%. For the month of October, gold gained 6.3%. It registered a rise of 8% for the third quarter ending September.
Crude turns weak
Prices register first weekly loss in seven weeks
Crude prices ended lower on Friday, 18 November at Nymex. With Friday's losses, crude ended lower for first time in seven weeks. Prices dropped due to persistent problems in the Eurozone and global economic concerns.
Light and sweet crude for December delivery fell $1.41 (1.4%) to $97.41 a barrel on the New York Mercantile Exchange on Friday. The December contract, which expired at the end of trading on Friday, moved as high as $100.15 a barrel and as low as $98.01 a barrel. For the week, crude lost 1.6%. For the month of October, oil futures gained 18%. During the third quarter ending in September, crude incurred losses of 17%. It was the worst quarterly performance for crude in almost two years.
Sensex seen extending seven-day 6.81% slide on weak Asian equities
The market is poised for a weak start for the eight straight session mirroring weak Asian markets ahead of further details on plans from European leaders to contain burgeoning eurozone debt crisis. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 48.50 points at the opening bell.
Reliance Industries (RIL) after market hours on Friday said that RIL and BP have established India Gas Solutions a 50:50 joint venture company which will focus on global sourcing and marketing of natural gas in India. The joint venture will also develop infrastructure to accelerate transportation and marketing of natural gas within the country.
Sunday, November 20, 2011
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Saturday, November 19, 2011
Bears play havoc; Markets post 5% weekly loss
Concerns about the European debt crisis continued to plague investors and rupee falling to its lowest price since March 2009 dragged markets lower by 5% on weekly basis
Major headlines for the week
Inflation at 9.73% in October versus 9.72% in September
Govt raises investment limit in G-secs, bonds
FM approves changes in Food Bill
SEBI considers circuit filter on listing days
Govt mulls FDI in retail sector
Pipavav Defence, Parsvnath hit 20% lower circuit
Suzlon Energy hits 52-week low as promoters sell stake
Rupee falls past 51/USD, worst hit among major Asian currencies
SEBI vs NSDL case: SAT defers hearing to Dec 14
Petrol prices slashed by Rs1.85 per litre
Market slides for 3rd straight week
The market declined for the third consecutive week as weak global stocks continue to spook investors. A weakening trend in global markets on lingering concerns over the euro zone debt crisis dampened the trading sentiment here. Selling was also triggered by poor Q2 September 2011 corporate earnings. Data showing selling by foreign funds recently also concerned investors.
The BSE Sensex slumped 821.31 points or 4.78% to 16,371.51 in the week ended Friday, 18 November 2011. The 50-share S&P CNX Nifty fell 263 points or 5.09% to 4,905.80.
Friday, November 18, 2011
Nifty December 2011 futures at premium
Turnover surges
Nifty November 2011 futures were at 4923.15, at a premium of 17.35 points compared to spot closing of 4905.80. Nifty December 2011 futures were at 4950, at a premium of 44.20 points over spot closing. Turnover on NSE's futures & options (F&O) segment surged to Rs 195058.74 crore from Rs 175339.34 crore on Thursday, 17 November 2011.
State Bank of India (SBI) November 2011 futures were at 1722, at a discount compared to spot closing of 1726.
L&T November 2011 futures were at 1252, at a premium over spot closing of 1248.90.
ICICI Bank November 2011 futures were at 775.15, at a premium over spot closing of 772.30.
In the cash market, the S&P CNX Nifty lost 28.95 points, or 0.59% to settle at 4,905.80, its lowest closing level since 7 October 2011.
The near-month November 2011 derivatives contracts expire on 24 November 2011.
Sensex, Nifty settle at 6-week lows
Key benchmark fell for the seventh straight day to hit six-week closing lows as poor Q2 September 2011 earnings and euro-zone debt worries dampened sentiment. Data showing selling by foreign funds recently also weighed on sentiment. Intraday volatility was high. The BSE Sensex lost 90.20 points or 0.55%, up close to 205 points from the day's low and off close to 25 points from the day's high.
Auto stocks extended recent losses triggered by concerns that higher interest rates could crimp sales of automobiles. Bank stocks extended recent losses triggered by concerns about rising defaults in a slowing economy. Index heavyweight Reliance Industries trimmed intraday losses. L&T recovered after hitting 52-week low. The market breadth was weak. Some metal stocks recovered. Select pharma stocks gained.
Daily News Roundup - Nov 18 2011
Carlyle, New York Life PE in talks to invest US$100mn in parent, arms of Everonn Education. (BS)
Adani Mining Pvt Ltd has applied for regulatory approval for a new coal terminal at Abbot Point in the state of Queensland, which would potentially raise total coal export from the port by 70%. (BS)
Lupin has agreed to acquire up to 100% outstanding shares of I'rom Pharmaceutical Co from I'rom Holdings Co. (BL)
NCC Ltd has achieved financial closure for the 1320-MW Rs70bn thermal power plant coming up at Nellore district of Andhra Pradesh. (BL)
Rough and tumble
"Bad times have a scientific value. These are occasions a good learner would not miss." - Ralph Waldo Emerson.
After a stellar show last year, the Indian economy has hit a rough patch amid mounting concerns about the euro area debt crisis and anemic US growth. The weakened macro-economic fundamentals are reflecting in the large twin deficits, which in turn are hurting the rupee. A depreciating rupee is bad news for one and all. The recent sharp selling in stocks can be partly attributed to rupee’s fall. It may hit new lows shortly. The RBI says it is risky to try and prop up the currency.
No respite; Nervousness may remain at start
On the last day of the week, the Indian markets are set for a negative start again as global sentiment continued to look jittery.
Headlines for the day:
Production hit at Dr Reddy's Laboratories Hyderabad unit due to strike
ECS suggests rejecting RIL bid for 2 blocks
Government to consult IOC on Kingfisher's plea for jet fuel import.
RBI careful of using forex reserves to support rupee.
Market may extend recent steep slide on weak Asian stocks
The market may extend recent steep slide on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 34 points at the opening bell.
The BSE Sensex has lost 6.3% in the past six trading sessions to settle at 16,461.71 on Thursday, 17 November 2011, its lowest closing level since 7 October 2011, from a recent high of 17,569.53 on 8 November 2011 as weak Q2 results dampened sentiment. The Sensex lost 314.16 points or 1.87% on Thursday, 17 November 2011.
Foreign institutional investors (FIIs) sold shares worth Rs 195.20 crore on Thursday, 17 November 2011, as per the provisional data from the stock exchanges. Their outflow totaled Rs 1093.86 crore in three trading session from 15 to 17 November 2011.
Thursday, November 17, 2011
World stocks tumble
World stocks hit a one-week low on Thursday and German Bunds rose as Spain paid more than at any time since 1997 to sell 10-year debt, sparking fears it may join other euro zone peripheral states in being unable to finance itself.
The euro held close to a five-week trough, with concerns about the debt turmoil spreading to commercial banks across the Atlantic and a clash between Germany and France over the ECB's role in tackling the crisis also keeping investors jittery.
BSE Bulk Deals to Watch - Nov 17 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
17/11/2011 590059 APL APOLLO KOTAK MAHINDRA (INTERNATIONAL) LIMITED B 225000 154.77
17/11/2011 511672 Clarus Finance TARADEVI RATANLAL BAFNA B 150100 37.64
17/11/2011 511672 Clarus Finance SHREE THIRUMALAI MARKETING & INVESTMENTS LTD B 150000 38.21
17/11/2011 530843 Cupid-$ MOONCITY MERCHANDISE PVT.LTD B 50844 5.01
17/11/2011 531270 Dazzel Conf PREMIER EXIM SERVICES PRIVATE LIMITED B 1063549 2.99
NSE Bulk Deals to Watch - Nov 17 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
17-NOV-2011,FLEXITUFF,Flexituff Inter Limited,JAROLI VINCOM PVT LTD,BUY,200000,257.11,-
17-NOV-2011,ONELIFECAP,Onelife Cap Advisors Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,90086,273.18,-
17-NOV-2011,ONELIFECAP,Onelife Cap Advisors Ltd,MARFATIA NISHIL SURENDRA,BUY,77706,272.57,-
17-NOV-2011,PRAKASHCON,Prakash Constrowell Ltd,ASHROJ CREDIT INDIA PRIVATE LIMITED,BUY,79137,220.57,-
17-NOV-2011,PRAKASHCON,Prakash Constrowell Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,98709,223.97,-
Sensex sinks 314 points on intense selling pressure
The Indian markets took an ugly turn in the mid-afternoon trade and ended with heavy losses. The Sensex slipped 314 points and the Nifty fell 96 points.
Major headlines
Govt raises investment limit in G-secs, bonds
FM approves changes in Food Bill
Suzlon Energy hits 52-week low on block deal
SEBI considers circuit filter on listing days
Food inflation eases to 10.63% Vs 11.81%
Patni jumps as iGate plans to delist
Sensex, Nifty settle near 6-week lows on weak Q2 earnings
Key benchmark indices fell for the sixth straight day to hit their lowest closing level in nearly six weeks as European stocks declined. The market sentiment remained weak following poor quarterly earnings. The 50-unit S&P CNX Nifty fell below the psychological 5,000 mark. The barometer index, BSE Sensex, was down 314.16 points or 1.87%, off close to 345 points from the day's high and up about 50 points from the day's low. The market breadth was weak. All the 13 sectoral indices on BSE were in the red.
The Sensex has lost 1,107.82 points or 6.3% in six trading sessions from a recent high of 17,569.53 on 8 November 2011. The Sensex has lost 1,243.30 points or 7.02% this month so far. The Sensex has slumped 4,047.38 points or 19.73% in calendar 2011. From a 52-week high of 20,664.80 on 3 January 2011, the Sensex has lost 4,203.09 points or 20.33%. From a 52-week low of 15,745.43 on 4 October 2011, the Sensex has risen 716.28 points or 4.54%.
Daily News Roundup - Nov 17 2011
Titan Industries said it would acquire heritage Swiss watch brand Favre Leuba for €2mn. (BS)
Ashok Leyland Ltd is planning to consolidate its associate companies into one. (BS)
Kingfisher Airlines is exploring hiving off its engineering department into a separate maintenance, repair and overhaul (MRO) unit. (BS)
Bharti Airtel has jacked up its tariffs for international long distance calls to more than 87 countries, including the UAE and Africa in the range of 20 and 40%. (BL)
Deteriorating dreams!
"Don't be pushed by your problems. Be led by your dreams." – Anonymous.
The market behaviour is turning nightmarish with Indian indices falling for five straight sessions. Worse, all indications are pointing to another weak opening given the deteriorating macro-economic backdrop (local and global). For the Nifty, 5000 is a crucial level to keep on one’s radar as volatility escalates and uncertainty mounts.
The Nifty is currently trading below 10 WMA of 5077. The 61.8% retracement from the up move (4726 to 5400) is placed at 4980. So, there is a chance of a technical bounce from here on. However, one must remain vigilant and take a measured approach.
Bullions shed some luster
Gold and silver end in the red as investors turn cautious
Precious metals managed to pare their losses partly but ultimately ended in the red on Wednesday, 16 November 2011 at Comex. Prices remained a bit somber as investors remained a bit cautious and dollar ended flat. Gold steadied itself, however, after the dollar lost ground against the euro and U.S. stocks erased losses during mid session hours.
Gold for December delivery ended lower by $7.9 or 0.4%, to end at $1,774.3 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday. Last week, gold gained 1.8%. For the month of October, gold gained 6.3%. It registered a rise of 8% for the third quarter ending September.
Crude soars crossing $102
Prices rise as Enbridge announces the reversal of Seaway pipeline
Crude prices surged ahead on Wednesday, 16 November at Nymex. Prices rose as weekly inventory report by energy department showed drawdown in crude stockpiles for last week, though the same was less than expected. Prices also crossed $100 mark as Enbridge said it will reverse the direction of the Seaway pipeline, adding an outlet for crude from the central U.S. and Canada.
Light and sweet crude for December delivery rose $3.22 (3.2%) to $102.59 a barrel on the New York Mercantile Exchange on Wednesday. Last week, crude gained 5%. For the month of October, oil futures gained 18%. During the third quarter ending in September, crude incurred losses of 17%. It was the worst quarterly performance for crude in almost two years.
Market may extend recent losses on weak Asian stocks; food inflation data eyed
The market may extend recent steep losses on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 57.50 points at the opening bell. Asian stocks declined on Thursday, 17 November 2011, as worries about Europe's debt troubles worked to depress sentiment across the region.
Key benchmark indices fell for the fifth straight day on Wednesday, 16 November 2011 on weak Q2 September 2011 corporate earnings. The BSE Sensex lost 106.80 points or 0.63% to settle at 16,775.87, its lowest closing level since 18 October 2011. The combined net profit of a total of 3,500 companies declined 35.8% to Rs 67594 crore on 20.7% growth in sales to Rs 1132647 crore in Q2 September 2011 over Q2 September 2010. The Q2 earnings season got over on Tuesday, 15 November 2011.
Wednesday, November 16, 2011
Investors throng Kingfisher Airlines counter on cost cutting initiatives
Kingfisher Airlines jumped 17.62% at Rs 25.70 at 15:30 IST on BSE, extending Tuesday's 2.34% gain triggered by the company unveiling several cost cutting initiatives to help the firm limit losses.
Meanwhile, the BSE Sensex was down 163 points, or 0.97%, to 16,719.67.
On BSE, 66.95 lakh shares were traded in the counter as against an average daily volume of 10.13 lakh shares in the past one quarter.
BSE Bulk Deals to Watch - Nov 16 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
16/11/2011 531247 Alpha Hitech MUKHTYARBEGUM NOORMIYAN SHAIKH S 25362 5.46
16/11/2011 590006 Amrutanjan Health-$ CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 18430 698.92
16/11/2011 590006 Amrutanjan Health-$ A K G SECURITIES AND CONSULTANCY LTD B 20033 699.10
NSE Bulk Deals to Watch - Nov 16 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
16-NOV-2011,AMRUTANJAN,Amrutajan Health Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,18430,694.58,-
16-NOV-2011,EVERONN,Everonn Education Limited,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,101532,323.20,-
16-NOV-2011,EVERONN,Everonn Education Limited,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,144828,321.05,-
16-NOV-2011,KSOILS,K S Oils Limited,VASANTI SHARE BROKERS LIMITED,BUY,2135326,7.01,-
16-NOV-2011,ONELIFECAP,Onelife Cap Advisors Ltd,CHANDARANA INTERMEDIARIES BROKERS P. LTD,BUY,190911,276.16,-
Market struggles; Sensex loses 107 points at close
It again turned out to be a weak closing, with the Sensex falling by 107 points and the Nifty declining by 38 points
Major headlines
PSU OMCs drop after reduction in petrol prices
MSCI index: Bharti, Idea, PFC enter while SAIL, HDIL exit
Sintex Inds hits 52-week low on concerns over FCCB, Europe exposure
Titan to buy brand Favre Leuba
Nifty settles at 5-week low
Key benchmark indices fell for the fifth straight day on weak Q2 September 2011 corporate earnings. Intraday volatility was high. The 50-unit S&P CNX Nifty hit 5-week closing low. The barometer index BSE Sensex reached 4-week closing low. The Sensex lost 106.80 points or 0.63%, up about 135 points from the day's low and off close to 100 points from the day's high. The market breadth was weak. The Nifty regained the psychological 5,000 mark, having alternately moved above and below that mark in intraday trade.
Daily News Roundup - Nov 16 2011
The promoters of Kingfisher Airlines are open to reducing their stake to 26% to strategic domestic investors, from the current 58.61%. (BS)
ICICI Bank plans to repatriate a part of the capital of its Canadian arm, as business growth has been crippled by stringent regulation. (BS)
India Cements has acquired a coal mine in Indonesia, which is expected to go on stream by January 2012, for US$20mn. The company is also in the process of setting up a 50Mw power plant near Tirunelveli in Tamil Nadu. (BS)
Sensex ends near day's low...Broader market cracks
Other Asian markets too closed lower as rising yields in Italy and Spain sparked fresh concerns about the precarious fiscal health of the eurozone, notwithstanding the recent leadership change in Greece and Italy.
successive session, the Indian equity benchmarks closed near day's low as a combination of weak overseas markets, disappointing corporate earnings and sticky inflation dampened the sentiment. The worst part of today's trade was a steep selloff in the broader indices that spread to the frontline stocks.
Fuel for thought!
"Contentment consist not in adding more fuel, but in taking away some fire." - Thomas Fuller.
A week before the winter session of Parliament, the heat seems to be taken away as fuel price rise may no longer remain an issue of debate. Petrol prices have been lowered even as airlines’ woes may rise with an increase in the jet fuel prices. State-run oil companies could be at the receiving end following the cut in petrol prices.
As far as the market is concerned, the start is likely to be flattish amid mixed global cues. US stocks managed to close higher, buoyed by a rally in technology space. But, European indices fell as borrowing costs for Italy and Spain continued to rise. Asian benchmarks are mostly in the red this morning.
Markets may open lower on weak Asia
Tracking losses in the Asian stocks, the Indian markets may begin the trade on a lower note. However, stronger-than-expected reports on the US economy may bring some relief
Headlines for the day
Petrol cheaper by Rs 2-plus
Kingfisher promoters open to reducing stake to 26%
ICICI Bank to repatriate capital from Canada arm
Neyveli opposes further public float
Sugar industry in UP petitions court over cane price
Volatile bullions manage to add to gains
Gold and silver lose try to regain back some of their lost appeal
Precious metals witnessed a day of volatile trading on Tuesday, 15 November 2011 at Comex. Ultimately, prices ended higher. Gold registered modest gains while silver witnesses considerable gains. Bullions lost their luster earlier during the day as dollar firmed up considerably. Economic data at Wall Street and on the global front dominated during the day.
Crude ends a little shy of $100
Strong Dollar and renewed concerns at Eurozone put a cap on crude's gains
Better than expected economic data pushed crude prices higher on Tuesday, 15 November at Nymex. But renewed concerns in the Eurozone and strong dollar put a check on the gains. The earlier falls for oil came as a rise in Spanish and Italian bond yields triggered fresh concerns that Europe's debt problems were deepening, prompting selling across equity and commodity markets.
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