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Thursday, June 02, 2011
Market snaps two-day rally as world stocks drop
The key benchmark indices snapped two-day gains as weak global stocks sapped risk appetite. The BSE Sensex was down 114.63 points or 0.62%, up close to 105 points from the day's low and off close to 45 points from the day's high. The market breadth was weak. Reliance Anil Dhirubhai Ambani (ADA) Group stocks reversed intraday gains. Media reports after market hours suggested that the court has dismissed a plea for charging group chairman Anil Ambani in 2G scam. Metal and realty stocks also declined.
Index heavyweight Reliance Industries (RIL) edged higher. FMCG stocks also rose on rumours US-based Procter & Gamble is contemplating a 38 billion pound bid for its European rival Unilever. IT stocks declined on selling pressure. Banking pivotals were mixed.
Weak global cues drag Sensex 115 points lower
The Indian markets drifted lower snapping two-day winning streak as weak global cues weigh. The Sensex closed below 18500 level.
Major headlines
PIL filed against Dayanidhi Maran; Sun TV down 28%
Bank credit grows 22.3% in May
Economy may grow by 8.5% in FY12: Rangarajan
BSE Bulk Deals to Watch - June 2 2011
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
2/6/2011 533412 AANJANEYA CROSSEAS CAPITAL SERVICES PRIVATE LIMITED B 97146 322.50
2/6/2011 533412 AANJANEYA CROSSEAS CAPITAL SERVICES PRIVATE LIMITED S 97146 322.45
2/6/2011 512535 Asahi Infra NEWGEN INTERNATIONAL PVT LTD B 184802 9.01
NSE Bulk Deals to Watch - June 2 2011
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
02-JUN-2011,AANJANEYA,Aanjaneya Lifecare Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,96776,322.25,-
02-JUN-2011,CLUTCHAUTO,Clutch Auto Limited,AJAY,BUY,110003,65.10,-
02-JUN-2011,CLUTCHAUTO,Clutch Auto Limited,BP FINTRADE PRIVATE LIMITED,BUY,200467,67.46,-
Grey Market Premiums - June 2 2011
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Vaswani Ind. | 49 (Upper Price Band) | -3 to -5 (Discount) |
| Timbor Home | 54 to 63 | 4 to 4.50 |
| VMS Industries | 36 to 40 | 2.50 to 3 |
Weak global cues to drag markets lower at start
The start is expected to be on a weak note on account of un supportive global cues. Weekly inflation numbers will be announced today.
Headlines for the day:
LIC launches new health insurance plan
Cairn Energy may give up non-compete fee on Vedanta deal
Shipping Corp may place orders for 24 ships in FY12
Market may fall on weak Asian stocks; food inflation data eyed
The market may fall, snapping two days gains on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a slide of 59.50 points at the opening bell. Foreign institutional investors (FIIs) bought shares worth Rs 445.22 crore and domestic funds sold shares worth Rs 141.96 crore on Wednesday, 1 June 2011, as per provisional figures released by the stock exchanges. The BSE Sensex was up 105.53 points or 0.57% to 18,608.81 on Wednesday, its highest closing level since 2 May 2011.
Daily News Roundup - June 2 2011
Maruti May car sales up 1.9% to 104,073 units, Tata Motors May sales dips 9% to 19,401 units. (ET)
TVS Motors May sales up 18% to 181,891 units, Hero Honda May sales up 15% to 500,234 units. (ET)
Bharti Airtel signs contract with Huawei to modernise and expand its 2G and 3G networks in Africa. (ET)
Reliance Communication approaches ATC to sell its controlling stake in Reliance Infratel. (BS)
Sensex cracks a ton...Nifty ends near 5600
The key Indian equity indices closed higher for a second day in a row on Wednesday, as mixed economic reports strengthened the belief that the RBI may not take an aggressive stance on monetary policy going forward. The Indian stocks had rallied on Monday after Q4 GDP came in below estimates, stoking speculation that the central bank could turn less hawkish to avert a further drop in economic momentum.
Global sell-off…lack of conviction
You must stick to your conviction, but be ready to abandon your assumptions. - Denis Waitley.
Mounting evidence of an economic slowdown have resulted in a short supply of confidence and conviction. If the GDP data was not enough, reports now show weakness in the core sector and manufacturing. Auto sales have not been spectacular either. It remains to be seen how the RBI reacts to these data points on June 16. Before that we will have to contend with the EGoM on fuel prices on June 9, unless it gets postponed again. April IIP data will be out on June 10 and May inflation will be announced on June 14.
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