Daily Market Report, Technicals - Mar 10 2011
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Wednesday, March 09, 2011
RCOM shares jump on tower asset sale buzz
The shares of Reliance Communications (RCOM) have jumped in a lackluster market after media reports suggested that American Tower Corporation (ATC) is the highest bidder for the ADAG company's telecom tower assets.
Pay hike in India to average 13% this year: Aon Hewitt study
The Aon Hewitt Annual India Salary Increase Survey projected a 12.9% average hike in pay packets in 2011.
Though the hiring outlook is at the highest level since 2005, the rise in salaries is yet to reach pre-crisis levels. In 2008, the Aon Hewitt survey showed that pay packets were 13.3% fatter. In terms of real growth, after inflation, it was higher in 2011 at 5.9%, compared to 5.1% in 2008. Aon Hewitt's Nitin Sethi, however, said that in India, the inflation rate was not the key factor for determining salary hikes.
Turnover surges
RIL March 2011 futures at premium
Nifty March 2011 futures were at 5,532, near spot closing of 5,531. Turnover in NSE's futures & options (F&O) segment surged to Rs 108981 crore from Rs 90894.24 crore on Tuesday, 8 March 2011.
Markets end with modest gains; ADAG stocks rally
Markets close a highly volatile trade in green, extending gains for the second straight session
Major headlines
RIL recovers on buzz of likely rise in KG-D6 output
Car sales up 22.6% in February
RCom inks deal with Chinese bank
Lovable Lingerie IPO subscribed 28%
Receives bids for 10.65 lakh shares
The initial public offer (IPO) of women inner-wear manufacturer Lovable Lingerie was subscribed 0.28 times by 16:00 IST on the second day of the issue today, 9 March 2011. The IPO received bids for 10.65 lakh shares compared with 38.67 lakh shares on offer.
BSE Small-Cap, Mid-Cap indices outperform Sensex
The key benchmark indices registered small gains in volatile trade as crude oil prices traded off 29-month highs hit recently, which helped ease inflation concerns. Also lifting sentiment, the Congress and DMK on Tuesday, 8 March 2011, clinched a seat sharing deal for the forthcoming assembly polls in Tamil Nadu (TN), ending a crisis that threatened to slow planned reforms by the Congress-led United Progressive Alliance (UPA) coalition government at the Centre. The BSE 30-share Sensex was up 30.30 points or 0.16%, up close to 165 points from the day's low and off close to 115 points from the day's high. The 50-unit S&P CNX Nifty closed above the psychological 5,500 level after sliding below that level in intraday trade. The market gained for the second straight day.
Grey Market Premiums - Lovable Lingerie
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Lovable Lingerie Ltd. | 195 to 205 | 42 to 44 |
| Sudar Garments | 77 | 3 to 4 |
| Acropetal Technologies | 90 | 18 to 20 |
| Fineotex Chemical | 70 | 2.75 to 3 |
Market may open higher on positive global equities
The market may open higher following the end of political spat between the UPA-DMK alliance and firmness in global markets. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a rise of 20 points at the opening bell. After days of intense bargaining, the Dravida Munnetra Kazhagam (DMK) and the Congress on Tuesday clinched a deal, under which the national party would contest 63 seats in next month's Tamil Nadu Assembly elections. Shares of Reliance Industries (RIL) may come under pressure n reports the market regulator Securities & Exchange Board of India has started adjudication proceedings in a case of an alleged takeover code violation by RIL in 1999-2000.
Precious metals shed glaze
Prices drop as dollar moves up
Precious metal prices dropped on Tuesday, 08 March 2011 at Comex. Prices dropped as the dollar strengthened against its counterparts and traders shifted their attention to latest developments in Libya.
Gold for April delivery fell $7.3, or 0.5%, to $1,427.2 an ounce on the Comex division of the New York Mercantile Exchange. Last week, gold gained 1.4%.
Crude drops from three-year high levels
Prices settle down as dollar spikes up
Oil prices dropped from their three year high levels on Tuesday, 08 March 2011. Prices dropped as the dollar strengthened against its counterparts and traders shifted their attention to latest developments in Libya.
Daily News Roundup - Mar 9 2011
Hero Investments Private Ltd has agreed to buy Honda Motors 26 per cent stake in Hero Honda for around US$851mn. (BS)
SEBI has sent a show-cause notice to RIL in a matter related to conversion of non-convertible debentures into equity shares by various promoter-entities. (BS)
Sensex cracks double ton...Nifty closes above 5500
The Indian market put the losses of the previous session behind and resumed the post-Budget upswing after the Congress and the DMK softened their tough stance and reopened dialogue on the contentious seat-sharing issue for the Tamil Nadu elections.
Over the weekend, the DMK had said that it would withdraw all its Union Ministers but chose to defer the same after Finance Minister Pranab Mukherjee tried to salvage the situation.
Follow through gains
You have to have confidence in your ability, and then be tough enough to follow through. -Rosalynn Carter.
The Congress chairperson talked tough and its curtains for the DMK drama. If only some toughness would come on the reform front, the market would be much more happy. For now, the two coalition partners have amicably settled the sticky issue of seat-sharing for the TN assembly polls. All eyes are now on Congress’ negotiations with the Trinamool Congress. We can only hope that the so-called political compulsions in the run up to the state polls won’t hamper policy-making any further.
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