Wednesday, February 02, 2011
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.
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.
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.
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
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)
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.
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.