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Monday, February 07, 2011
BSE Bulk Deals to Watch - Feb 7 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
7/2/2011 521131 Anjani Fabrics TARAPORWALA FAREDUN HOMI B 58600 55.74
7/2/2011 521131 Anjani Fabrics TARAPORWALA FAREDUN HOMI S 58600 54.05
7/2/2011 531937 Beckons Inds TEJING DALPATBHAI PATEL B 591446 2.94
NSE Bulk Deals to Watch - Feb 7 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
07-FEB-2011,BFINVEST,BF Investment Limited,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,292548,118.81,-
07-FEB-2011,BFUTILITIE,BF Utilities Limited,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,206075,817.43,-
Dull session ends flat on selective buying
The Indian markets shut the lacklustre session on a flat note owing to select buying by funds and late profit booking
Major headlines
JSW Steel crude steel production rises 9% in January
Allied Digital plunges 20% on IT survey
Shipping Corporation of India Q3 net profit surges 41% yoy
Indian indices
It was a sedate start to the week. The key benchmark indices witnessed a rangebound trade amid volatility and closed on a flat note with a positive bias. Lack of conviction among investors led to quiet session. Select buying by funds and also late profit booking eroded early gains. The broader market underperformed the Sensex.
Among the largecap space, Suzlon Energy, Hero Honda, ITC, Jaiprakash Associates and DLF ended with handsome gains of 2-3%. While, Punjab National Bank, Cipla, Ranbaxy Laboratories, Wipro and Housing Development Finance Corporation lost in the range of 2-3%. Tata Motors, Tata Steel and State Bank of India were most active securities.
The Sensex began the session higher by 127 points at 18135. Index traded rangebound all throughout the morning session and remained in the green zone. In the afternoon session, the Sensex started to build gains and hit the day’s high of 18181. However in last hour of the trade, the index witnessed volatility and hit the day’s low of 17977.
The Sensex managed to end the session higher by 29 points at 18037 and the Nifty remained unchanged at 5396.
Market sentiment
The market breadth was negative as declining stocks outnumbered the gaining ones. Out of the 2,948 stocks traded on the BSE, 1,138 rose while 1,662 fell. Whereas, 148 stocks remained unchanged.
Sectoral & stock screening
Of the 13 sectoral indices on the BSE, nine rallied while the rest four posted losses. BSE Realty was the best performer, shot up by 2.05%, followed by the BSE Fast Moving Consumer Goods (FMCG) up by 1.40% and BSE Oil & Gas gained by 0.89%. Rest of the gaining sectors were up in the range of 0.50% to 0.56%. On the other hand, BSE Healthcare (HC) and BSE Consumer Durables (CD) were down by 1.41% and 1.40% respectively while BSE Capital Goods (CG) fell by 1.06%.
Among 'A' group stocks, the top gainers were - Welspun Corp surged by 4.96%, Havells India rose by 4.92% and Sintex Industries gained by 4.39%. Top losers were - Sun TV Network slid by 11.45%, Central Bank of India down by 5.51% and Thermax dipped by 3.98%.
Viewing volumes
Wind turbine major - Suzlon Energy was traded the most with over 1.02 crore shares changing hands on the BSE. India’s second largest developer - Unitech (0.47 crore shares), industrial finance company - IFCI (0.37 crore shares), Indian media company - Sun TV Network (0.29 crore shares) and India’s leading infrastructure firm - IVRCL Infrastructure (0.28 crore shares).
Global signals
European shares neared a two-and-a-half year high, extending previous session’s rise, on the back of Asian and US markets gains, with surging mining stocks led higher by a dividend-raising Randgold Resources.
All the major Asian indices ended the session higher, except Jakarta Composite and Straits Times. China’s Shanghai Composite was closed today.
The US stock index futures point to a higher opening on the Wall Street on the hopes that economic growth accelerates.
Firm global stocks help Sensex recover from 5-month low; breadth weak
Trading for the week began on a positive note as the Sensex registered small gains in a volatile trading session. Gains in European stocks and a slide in crude oil prices to one-week low triggered bargain hunting in some blue chips after the Sensex hit 5-month low on Friday, 4 February 2011. US index futures were in green. The BSE 30-share Sensex was up 29.04 points or 0.16%, up close to 60 points from the day's low and off close to 140 points from the day's high. The market breadth was weak, in contrast with strong breadth earlier in the day.
Market seen opening higher on positive global cues
The market may edge higher in opening trade on positive cues from global markets. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 2.50 points at the opening bell. In US, the Standard and Poor's 500 index scaled its highest level since June 2008 after the unemployment rate unexpectedly dropped. Asian markets were trading firm.
Daily News Roundup - Feb 7 2011
Oil ministry to ask Cairn India to accept its position in a lawsuit over sharing of profits in the Cairn-operated Ravva oil and gas fields as a precondition to approve the US$9.6bn Cairn-Vedanta deal. (ET)
Unitech stalls HNI move to sell shares, repays Rs1.78bn loan ahead of February 22 deadline. (ET)
BP Plc is in talks with Reliance Industries to buy a significant stake in the D6 hydrocarbon block in the Krishna-Godavari basin. (Mint)
DLF plans to appeal in the Supreme Court against a Punjab & Haryana High Court order to demolish properties on a land owned by it in Gurgaon. (ET)
Hindustan Unilever plans to launch its first fruitbased drink under the Kissan brand. (ET)
The Prime Minister’s office has recommended NTPC and Reliance Power should jointly mine adjacent coal blocks in Jharkhand to help them extract about 200mn tons of additional coal. (ET)
Siemens sells its 8-acre land parcel in Bangalore for Rs3.8bn to realty developer RMZ Corporation. (ET)
Government nod for the Cairn-Vedanta deal will take more time with the ministry of petroleum and natural gas conveying pre-conditions for an approval to the companies. (BS)
RCom and Bharti, have approached the government seeking to prematurely exit from the rural telephony scheme under the USO subsidy without fulfilling the commitment they had made by winning bids in 2007 to provide telecom services in villages. (BL)
Mozambique has awarded Jindal Steel & Power a 25-year licence to explore and mine for coal in the northwest Tete province, in return for a US$180mn investment. (DNA)
Bank of Baroda increased the minimum lending rate by 50bps to 9.5% and the BPLR by 50bps to 13.8%. (ET)
Hindustan Unilever says there could be further price hikes in its products as input costs particularly that of commodities continue to rise. (FE)
Lakshmi Vilas Bank plans to dilute 40% equity to raise Rs3.5bn from a share sale to boost its capital and raise lending. (ET)
Indian Overseas Bank plans to launch a financial services subsidiary in FY12, besides setting up exclusive branches to give gold loans. (ET)
Karur Vysya Bank increased its base rate by 50 basis points to 10%. (BS)
GMR and GVK may go to the appellate tribunal to appeal against the Airport Economic Regulatory Authority’s recent order to regulate airport revenues. (ET)
Fortis Healthcare is restructuring across its 53 hospitals in India to bring in more efficiency and re-organise the management structure. (BS)
NMDC to spend less than US$100mn to acquire 51% stake in the two mines in Australia. (BS)
Radico Khaitan says it may finalise some international marketing tie-ups to bring a few iconic brands in the country within a few months. (BL)
Fortis to invest Rs10bn for adding 12 new hospitals. (BL)
NMDC will increase ore prices for domestic steel makers from the current level of about US$140/tonne for the April-June 2011 quarter in tandem with the rise in ore prices globally. (BL)
Hinduja Group is in talks with Italian construction company Pessina Construzioni to develop four real estate projects, costing US$2bn in India. (FE)
Shree Ashtavinayak is joining hands with LFS Global for a multi-billion dollar project to build India’s largest film city near Mumbai. (ET)
Economy Snippets
Inflation serious threat to growth: PM. (ET)
Foreign exchange reserves fell US$223mn to US$299bn for the week ended January 28. (ET)
Centre has sent the empowered committee of state finance ministers yet another draft constitutional amendment on the proposed GST. (BS)
Employees Provident Fund Organization has no real surplus, says CAG. (BS)
Fertilizer companies see no under recoveries under the new nutrient based subsidy policy, which will complete one year in April. (BS)
Shipping ministry plans to set-up a new port regulatory body, and cease the operations of Tariff Authority for Major Ports and allow all ports-both minor and major-to fix their own tariffs. (DNA)
The IT industry has sought extension of tax benefits under STPI and simplification of the tax structure to encourage investments in the sector. (ET)
Sensex sinks anew...Nifty closes below 5400
After staging a strong comeback in the previous trading session, the Indian markets were unable to carry on the momentum amid lack of follow-up buying. Traders and investors preferred to exit their positions ahead of the advanced annual GDP numbers to be announced on Monday.
No peace as yet!
Peace of mind is that mental condition in which you have accepted the worst. - Lin Yutang
The world seems to be embracing riskier assets, in other words- equities. Even Egypt's investors are said to be gearing for a rally in their market. But India seems to be in a battered club for quite a while. The worst may not be over and investors will hope to forget the Friday fright which saw the main indices tumbling mercilessly.
Sunday, February 06, 2011
Lanco Infratech
With its power generation capacities expected to double over the next couple of years, and capability to execute projects on time thanks to in-house EPC (Engineering, Procurement and Construction) expertise, Lanco Infratech is among the preferred investment options in the utilityspace.
Chennai Petroleum
An optimistic outlook for the refining sector, expected improvement in the company's utilisation levels, and a sharp decline in the stock's price make Chennai Petroleum (CPCL)an attractive buy for investors with a long-term perspective. The stock has been a significant under-performer, losing around 28 per cent since the beginning of the fiscal, compared with the 3 per cent gain in the Sensex.
C&C Constructions
Investors can take advantage of recent price declines to buy the stock of infrastructure player C&C Constructions. At Rs 161, the stock is available at a bargain valuation of just 5.3 times trailing the 12-month earnings, a discount to peers such as Valecha Engineering and Ahluwalia Contracts. Those already invested may use the price decline to average costs. C&C's strengths include successful projects in tough terrain and diversification into urban infrastructure projects. Healthy operating margins and a sizeable order-book add to the attraction.
Teaser Home Loans
Teaser home loans are today the rage with first-time home buyers. Here's what you need to know about them.
How they work
Teaser home loans carry attractive interest rates and discount offers in the initial years of the loan's term. A novice loan applicant may be drawn to teaser loans because they start off with lower EMIs . However, the EMIs can rise sharply if interest rates rise during the tenure of the loan.
Sun Pharmaceuticals
The ongoing correction is a good opportunity to add the blue-chip Sun Pharmaceuticals stock to your portfolio. At the current market price of Rs 418, the stock trades at about 20 times its likely FY-12 per share earnings. While this may leave little headroom for the stock price to appreciate in the near term, the likely improvement in the financials of Taro, robust product pipeline and strong balance-sheet with $845 million (about Rs 3800 crore) cash on books suggest strong growth prospects. On-time launches of generic Eloxatin, Prandin and Taxotere in the US too could act as positive triggers for the stock.
Saturday, February 05, 2011
Weekly Newsletter - Feb 5 2011
Another tumultuous week is behind us but the pain may linger for a while before we get a major relief. In fact, the week could have ended much better if it wasn't for Friday's ferocious fall. Before Friday, the market was evenly poised and it looked like we were in for a small rebound after the recent mayhem. But a massive selloff on Friday dented all the hopes.
Egypt in turmoil...But Mubarak remains defiant
The ongoing political turmoil in Egypt worsened with no end to the nationwide public protests against the three-decade-old autocratic regime of President Hosni Mubarak. Crude oil remained elevated and was headed for its second weekly gain amid concerns that the civil unrest in Egypt could spread to other parts of the Middle East and could adversely affect shipments through the region. Oil futures increased 4.3% on Jan. 28, the most since Sept. 2009, following clashes between police and protesters. Global stocks plunged that day as rising tension in Egypt overshadowed US data showing GDP accelerating in the fourth quarter from the previous quarter.
A Raja, 2 aides sent to 5-day custody
Former telecom minister A Raja and his two former aides - former telecom secretary Siddharth Behura and personal secretary RK Chandolia were remanded to a five-day custody by a Central Bureau of Investigation (CBI) special court in New Delhi in connection with the 2G spectrum scam. "The prayer of police custody is justified and all three accused are accordingly remanded to police custody till Feb 8," special CBI judge O.P. Saini said in a statement. Raja was on Feb. 3 presented in the Patiala House court along with his two aides.
Friday, February 04, 2011
Daily News Roundup - Feb 4 2011
Wipro CFO sells more than half of his company shares. (BS)
Infosys is rehauling its hierarchical system and making internal process more flexible for young employees to stem attrition and attract talent. (ET)
NTPC will not open price bids for the Rs110bn bulk equipment supply tender on Friday. (ET)
Finally, some relief!
Truth makes many appeals, not the least of which is its power to shock. - Jules Renard.
Thank god there was no afternoon shocker on Thursday as was the case on Wednesday. After a five-day rout we had a solid advance. This could sustain as FIIs were net buyers after a long hiatus. Also, the Nifty breached short term resistance of 5470 and closed above 5500. Some short covering is expected around 5550, which may take the Nifty to 5570. A close above 5650 might just shore up investor confidence.
Sensex scores 358...Nifty ends above 5500
After failing to drive home the advantage in the previous session, the bulls managed to dominate the proceedings on Indian bourses in today’s session. Although a five-day losing sequence was broken on Wednesday, it lacked the punch and strength. But, today was different, with the BSE Sensex cracking a triple ton and the NSE Nifty nearly clocking a triple-digit gain.
Markets head towards a flat opening
Owing to the current global scenario, the Indian indices are likely to open on a flat note. Hind Copper, NCC, Cipla, Suzlon will declare results
Headlines for the day:
Reliance hires advisors to explore Atlas options
Infra fin cos to raise Rs5,000 crore via bonds
SAIL decides to retain merchant bankers for Rs8,000 crore FPO
Thursday, February 03, 2011
Sensex scores 358...Nifty ends above 5500
After failing to drive home the advantage in the previous session, the bulls managed to dominate the proceedings on Indian bourses in today’s session. Although a five-day losing sequence was broken on Wednesday, it lacked the punch and strength. But, today was different, with the BSE Sensex cracking a triple ton and the NSE Nifty nearly clocking a triple-digit gain.
Sensex showcases stunning session, ends 359 pts up
Major headlines
Food inflation rises to 17.05%
BF Utilities up 20% as SC removes arm’s roadblock
Oracle Financial slips as Irish client files lawsuit
BSE Bulk Deals to Watch - Feb 3 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
3/2/2011 530901 ACIL SONAL INTERNATIONAL LTD B 613874 4.58
3/2/2011 508869 Apollo Hosp BNY MELLON ASIAN EQUITY FUND B 1500000 455.00
3/2/2011 508869 Apollo Hosp BNY MEL INV FD NEW ORIENTAL FUND B 3000000 455.00
NSE Bulk Deals to Watch - Feb 3 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
03-FEB-2011,BIRLAPOWER,Birla Power Solutions Ltd,INDRAVARUN TRADE IMPEX PVT LTD,BUY,22582243,1.28,-
03-FEB-2011,CMAHENDRA,C.Mahendra Exports Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,426438,167.27,-
03-FEB-2011,JUPITER,Jupiter Bioscience Ltd,KRIKA SPICE INTERNATIONAL PVT LTD,BUY,957042,27.64,-
Market extends gains for the second straight day
The key benchmark indices edged higher for the second straight day as investors resorted to bargain hunting in beaten down stocks. The BSE 30-share Sensex was up 358.69 points or 1.98%, up close to 385 points from the day's low and off close to 15 points from the day's high. The Sensex had dropped more than 11% by Wednesday's (2 February 2011) close since the beginning of 2011. The market breadth was strong. European stocks were mixed. Most Asian markets were closed for the Chinese Lunar New Year holidays.
Relief rally short-lived!
Enjoy present pleasures in such a way as not to injure future ones. - Seneca.
The relief rally would have been a pleasure but another afternoon shocker made it short-lived. A late selloff deprived the Sensex and the Nifty of a much-needed rebound after a five-day slide.
The big question is what led to the sudden and swift downturn? The arrest of former telecom minister should have been seen as positive. The net FII sale figure is negligible while the local funds were net buyers of nearly Rs 7bn. We could witness a positive opening today, and if all goes well a much better finish as well.
Daily News Roundup - Feb 3 2011
Hindustan Unilever (HUL) has set a target to more than double its turnover in just 4 years to Rs500bn.(ET)
Mercator Lines will invest Rs2.5bn to develop coal mines in Indonesia.(ET)
Tata Steel plans to raise US$500mn by issuing bonds, preferably perpetual bonds. (BS)
Sensex pares gains amid late sell-off
After a solid start and a promising day, the close was highly disappointing with the key stock indices ending just a tad higher owing to a sudden decline in the last half an hour or so. The Indian markets ended the day with modest gains, snapping a five-day losing streak. The benchmark indices took an ugly turn in late trading led by weakness in select index heavyweights like L&T, Hero Honda, Bajaj Auto, Cipla and SBI.
Precious metals turn pale
Prices drop as dollar heads up
Precious metals ended with losses on Wednesday, 02 February 2011 at Comex. Prices dropped as the dollar shed all of its prior day's losses and had a strong rally thereby reducing the appeal of precious metals as an alternate investment.
Crude ends marginally higher
Tensions at Cairo lift crude prices
Crude prices ended marginally higher on Wednesday, 02 February 2011 at Nymex. Prices rose after clashes continued at Cairo even after news that Egyptian President Hosni Mubarak will not be running for President next time. The higher dollar and weekly inventory report on energy put a check on price rise.
Market seen opening sideways on mixed global cues
The market is likely to open on a flat to positive note with little direction from Asian and US markets. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 2.50 points at the opening bell. On the macro front, the government will unveil data on some wholesale price indices for the year through 22 January 2011 viz. the food price index, the primary articles index and the fuel price index at about 12:00 IST.
Markets expect a flat start
Indian markets are heading for a subdued start following unsupportive global cues. Weekly inflation readings will be announced
Headlines for the day:
IIFCL to raise Rs1,200 crore through infra bonds
Tata Steel to raise $500 million
DoT unlikely to cancel telcos' licences
NSE Bulk Deals to Watch - Feb 2 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
02-FEB-2011,ASTRAMICRO,Astra Microwave Products,SKANDA AEROSPACE PRIVATE LIMITED,BUY,4200000,50.76,-
02-FEB-2011,BEDMUTHA,Bedmutha Indust Ltd,MAHESH MEETAL,BUY,108270,88.94,-
Market snaps five-day losing streak; Hero Honda skids after weak Q3 results
Bargain hunting after a recent steep slide helped the key benchmark indices register small gains in choppy trading sessions. Firm global stocks helped Indian stocks snap last five days' losses. But, the market came sharply off the day's highs in late trade after reports filtered in that the Central Bureau of Investigation (CBI) has arrested former telecom minister A Raja over an alleged telecom scam. Anil Dhirubhai Ambani group telecom firm Reliance Communications hit record low and another group firm Reliance Infrastructure hit 52 week low. Hero Honda Motors lost more than 5% after poor Q3 results. Other auto stocks, too, fell.
Wednesday, February 02, 2011
Crude drops
Lower dollar and strong US data fail to push prices higher
Crude prices ended lower on Tuesday, 01 February 2011 at Nymex. Prices slipped after news that Egyptian President Hosni Mubarak will not be running for President next time. Lower dollar and economic data in US failed to take crude prices higher.
Precious metals shine
Prices register sharp gains as dollar drops to multi month low levels
Precious metals ended with substantial gains on Tuesday, 01 February 2011 at Comex. Prices rose as the dollar slipped to multi month lows against competing currencies thereby increasing the appeal of precious metals as an alternate investment. The dollar lost ground today due to strong economic data.
Market may gain on firm Asian stocks; Bharti, Hero Honda Q3 results in focus
The market may rebound tracking firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 66.50 points at the opening bell..
Bharti Airtel and Hero Honda report third quarter results today, 2 February 2011
As per provisional figures, foreign funds sold shares worth Rs 1036.80 crore and domestic funds bought shares worth Rs 630.40 crore on Tuesday when market closed at their five month lows.
Healthy start likely on strong global cues
The start today is likely to be higher tracking strong global markets. Auto shares will be in action on posting good January sales numbers.
Headlines for the day:
HDFC, others hike home loan rates
Car makers' sales up in 2011 amid slowdown fears
DLF to invest Rs400 crore per quarter to buy land
Daily News Roundup - Feb 2 2011
ONGC Videsh Ltd has decided to relinquish its oil block in Egypt as it did not find the discovery commercially viable. (BL)
Indian Oil Corporation plans to invest Rs50bn to expand its Koyali refinery in Gujarat from 13.7 mn mtpa to a 18 mn mtpa refinery. (BS)
Sensex slumps 300 points…hits 5-months low
The bear onslaught continues on Dalal Street, with the BSE Sensex and the NSE Nifty falling for the fifth successive trading session. Also, the Sensex briefly fell below 18,000 in intraday day trading, which was for the first time since August 31, 2010. It was yet another day of heavy offloading across the board, as all the BSE sectoral indices ended in the red. Realty, Auto, Capital Goods, Oil & Gas and FMCG stocks were among the top laggards.
Avoiding mid-week crisis!
I am not an adventurer by choice but by fate. - Vincent van Gogh.
After a five-day rout, investors may feel adventurous this morning as the Indian market could see a much-needed relief rally. World markets, especially in the US, have ignored the political turmoil in Egypt with the Dow breaching 12,000. Other global markets have also been stable to positive amid growing optimism about the ongoing recovery in the US and elsewhere.
Tuesday, February 01, 2011
Invite you to an exclusive group
If you are working for a brokerage house and willing to contribute reports (either directly or anonymously), you are invited to become a member of an exclusive group!
To become a member
1. Please send 5 reports from your official id to dpstock@gmail.com
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Send your applications to dpstock@gmail.com with the subject line "Invite Me Please!"
Thanks,
Markets hit 5-month low on extreme sell-off
Selling activity again took the lead on the first session of February month dragging the markets to five-month low. Realty down over 4%.
Major headlines
December exports up 36.4% at $22.5 billion
Delta Corp slumps on Goa govt order
Unitech against Morgan Stanley; stock falls
BSE Bulk Deals to Watch - Feb 1 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
1/2/2011 531678 Anand Credit PARMAR BHARATKUMAR B B 44697 9.71
1/2/2011 531448 Arrow Sec PARMAR BHARATKUMAR B B 58603 11.72
1/2/2011 531448 Arrow Sec PCJ FINVEST PVT LTD S 40000 12.00
1/2/2011 532435 Asia HR Tech TELESYS SOFTWARE LTD S 60000 5.92
NSE Bulk Deals to Watch - Feb 1 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
01-FEB-2011,CANFINHOME,Can Fin Homes Ltd,RAJEN CHANDRAKANT SHARE A/C,BUY,130639,117.43,-
01-FEB-2011,CMAHENDRA,C.Mahendra Exports Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,1847556,161.35,-
Bears hammer stocks once again; Sensex, Nifty at 5-month trough
The key benchmark indices fell for the fifth straight day to hit five-month lows on worries corporate profit growth will slow on rising input costs and higher interest charges. Macroeconomic worries arising from higher crude oil prices and selling by foreign funds last month, also weighed on the sentiment as index heavyweight Reliance Industries (RIL), a number of Anil Dhirubhai Ambani group stocks, some realty and construction shares hit 52-week low/lifetime low. Indian stocks underperformed higher global equities. World stocks rose as worries over the unrest in Egypt receded. The BSE 30-share Sensex was down 305.54 points or 1.67%, off close to 430 points from the day's high and up close to 40 points from the day's low. The Sensex settled above the psychological 18,000 mark after falling briefly below that mark in late trade.
Daily News Roundup - Feb 1 2011
Siemens AG is planning to increase its stake in the Indian subsidiary, Siemens Ltd, from the present 55.18% to 75% with an offer of US$1.4bn. (BS)
The Aditya Birla Group has finally agreed to buy out the US firm Columbian Chemicals Company for US$875mn from One Equity Partners, the merchant banking arm of JPMorgan Chase. (BS)
L&T Infotech, the information technology arm of engineering major Larsen & Toubro, has acquired Citigroup’s Canadian IT outsourcing arm, Citigroup Fund Services Canada (CFSC). (BS)
Sensex averts steep fall…Nifty holds above 5500
The Indian markets ended the day with modest losses as the benchmark indices erased most of the early losses that had resulted from the growing political turmoil in Egypt. After opening with a gap down, the key Indian indices recouped early losses gradually amid a volatile session. The NSE Nifty managed to fill up the negative gap led by the ONGC, BHEL, L&T and RIL. Even the broader indices pulled back from the lows of the day in late trades.
After Jan jolt, Feb fear!
The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents.- HP Lovecraft
Watching global cues and expecting Indian indices to mimic the same has been the usual routine. But the start of the year has seen the main Indian indices plunge 10% making it among the worst performers in Emerging Markets. Meanwhile, it was a different story on Wall Street as the Dow clocked its best January since 1997.
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