Friday, February 11, 2011
Tata Motors has bagged an order to supply around 250 ‘Tata Prima’ trucks to LINFOX Logistics.(ET)
IOC puts Rs200bn public issue on hold due to unfavorable market condition & rising global crude prices.(ET)
M&M to acquire 38% stake in micro irrigation company- EPC Industries Ltd through preferential issuance of equity shares for Rs0.4bn. (BS)
You block your dream when you allow your fear to grow bigger than your faith. - Mary Morrissey
The misery on the Street continues as hapless investors try in vain to interpret market movement. A dip in food inflation to a 7-week low of 13.07% for the week ended January 29, failed to bring any cheer. The increasing probe in the spectrum scam continues to ring in alarm bells. The Sensex is now at levels last seen in early July last year. Rough calculations show that stock market wealth has crashed by over Rs11,000bn since the beginning of this calendar year.
Unabated selling continues on Thursday as the Nifty extended its losing streak to fifth straight trading session. Having said that, the Auto, Power and the Pharma stocks saw some buying, however, the Telecom, IT and the Realty stocks continued to get hammered. Today’s fall was seen despite food inflation showing a considerable decline as compared to the previous week. India's weekly food articles inflation fell to 13.07% as against 17.05% week on week.
The Indian indices are likely to begin the session on a flat note tracking mixed global markets. The IIP numbers for December 2010 will be in focus
Headlines for the day:
ONGC says its approval not needed for Cairn deal
Ambani's Reliance Communications profit May drop on rates
Indian Oil Corp's Rs20,000 crore public issue put on hold
Events for the day:
Major corporate action
IIP data for Dec 2010 to be announced today
Zee Entertainment board to consider buyback of equity shares
Results: HPCL, MTNL, Tata Motors, Apollo Tyres, Aban Offshore
For more events and news, log on to Sharekhan.com
The Indian equities have been hit drastically this week till now, with the Sensex and the Nifty down by 545 points (3.03%) and 170 points (3.15%) respectively.
In today's trade, the mixed global cues may lead the domestic markets to start flat. However, market sentiments still remain weak, so one needs to be cautious while taking any fresh position in near term.
The market observers may feel the latest industrial growth numbers for the month of December, 2010, which are slated to be announced today, are expected to give some respite to the markets.
Prices drop as dollar strengthens for the first time in a week
Precious metals ended lower on Thursday, 10 February 2011 at Comex. Prices oscillated between red and green zone for some time but traded lower for most part of the day. Prices dropped as the dollar turned strong today. Prices also were hammered following unconfirmed news that Egypt President Hosni Mubarak will step down.
Prices rise marginally higher as agencies increase demand forecast for oil
Crude prices ended marginally higher on Thursday, 10 February 2011 at Nymex. Prices rose earlier in the day but gave up gains. Prices dropped as the dollar turned strong today. Prices also were hammered following unconfirmed news that Egypt President Hosni Mubarak will step down.
The market may open flat to slightly higher as bargain hunting may emerge after the recent steep losses. The market closed at its multi month lows on Thursday, 10 February 2011. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 5 points at the opening bell. The government announces industrial output data for the month of December 2010 today, 11 February 2011. Industrial production growth slumped to 2.7% in November 2010 as against a revised 11.30% growth in October 2010, as growth in the manufacturing output slowed sharply.