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Tuesday, March 01, 2011
US stocks end February with good gains
Economic data and crude price pull up stocks
US stocks ended with good gains on Monday, 28 March 2011. Nasdaq also joined the other two major indices to end in the green after staying in the red for most part. Better than expected economic data took stocks higher today. Crude prices paring earlier gains and slipping modestly lower also added to the momentum.
Market may extend gains on firm Asian stocks
The market may extend gains for the third straight day toady, 1 March 2011, on firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 47 points at the opening bell. As per provisional figures foreign funds sold shares worth Rs 39.86 crore and domestic funds bought shares worth Rs 317.38 crore on Monday when stocks had risen in choppy trade after Finance Minister Pranab Mukherjee laid stress of infrastructure and agriculture in Union Budget 2011-2012. Auto and cement stocks will be in focus as companies start unveiling sales data for the month just gone by.
Markets may start strong on positive global cues
The first session of March 2011 may begin on a positive note tracking healthy global markets
Headlines for the day:
OMCs may raise petrol prices by up to Rs 4 a litre
Cement makers likely to hike prices
SBI gets right to reduce stake in subsidiaries
Daily News Roundup - March 1 2011
The Government will infuse Rs9bn as equity capital into two PSU lenders - Andhra Bank and Allahabad Bank as part of its recapitaliszation scheme. (ET)
SRF Ltd received board approval to invest Rs6.65bn for expansion, including setting up of a packaging film plant in South Africa.(BS)
Tata Motors to unveil a new compact car, Pixel on its micro-car Nano platform exclusively for the European market. (ET)
Sensex swings wildly...Skyrockets then softens
The highly volatile Indian markets ended the day with decent gains after the Finance Minister presented his sixth Union Budget in the Lok Sabha today. Though the Budget fell short on several expectations, there weren't too many nasty proposals. Overall, the Budget was greeted with cheers by markets, corporates and analysts alike.
Speech done, now results
Leadership is not about making speeches or being liked; leadership is defined by results not attributes." - Peter F. Drucker.
The King’s Speech may have won the Oscar but investors are more keen to know whether the Finance Minister’s speech will deliver on the promises. The Budget Day show by the Sensex and the Nifty was a bit confusing, especially after having surged initially. Hopefully, most participants will get convinced about the FM’s Budget math sooner rather than later. Given the low level of expectations before the mega event, it is no surprise that the FM has managed to surpass expectations.
Precious metals eke out strong monthly gains
Gold ends flat while silver gains for the day
Precious metals stayed at high levels on Monday, 28 February 2011 at Comex. Geo-political tensions kept prices at these levels. Gold ended almost flat while silver gained. The low dollar pushed up prices today.
Crude sheds early gains
Prices gain more than 5% in February
Crude prices ended little lower on Monday, 28 February 2011 at Nymex. Prices went up initially due to the low dollar but then pared its gains as traders mulled over the fact that recent surge in crude price was overdone. Prices also dropped on reports that Saudi countries were increasing production to offset the loss from Libya.
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