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Monday, August 01, 2011
Positive Asian cues may lift markets at start
The Indian markets are set to begin the new month on a positive note as US reaches debt agreement, lifting Asian indices.
Headlines for the day:
Govt keen to decontrol diesel, LPG prices: FM
New bank licences on the back burner
Pension plans: Irda set to drop 4.5% guaranteed return rule
Bullions shine in July
Gold and silver rise 8.5% and 9% in July respectively
Gold futures ended at a record Friday, 29 July 2011 at Comex thriving on bad news about the U.S. economy and after House leaders postponed a vote on the U.S. debt plan.
Gold for December delivery added $15, or 0.9%, to settle at $1,631.20 an ounce on the Comex division of the New York Mercantile Exchange. It earlier traded as high as $1,637.50 an ounce.
Crude slips almost 2% on debt concerns on Friday
Crude stays steady for the month of July
Crude-oil futures slipped nearly 2% on Friday, 29 July 2011 at Nymex after reports showed that the U.S. economy grew less than expected in the second quarter and as the country's debt concerns stoked worries about energy demand.
Light sweet crude for September delivery lost $1.74, or 1.8%, to $95.70 a barrel on the New York Mercantile Exchange, the lowest for a front-month contract in two weeks. It traded as low as $94.95 a barrel on the day.
Market may gain on firm Asian stocks
The market may snap four days losses on firm Asian stocks, which rose as President Barack Obama announced a framework debt-limit deal. Trading of S&P CNX Nifty on the Singapore stock exchange indicates a gain of 59.50 points at the opening bell.
FIIs sold shares worth a net Rs 464.03 crore on Friday, 29 July 2011, as per provisional data from the stock exchanges. Domestic institutional investors (DIIs) bought shares worth Rs 411.82 crore on that day. Key benchmark indices reached five-week closing lows on Friday on weak global stocks. The market extended losses for the fourth day in a row in what was a choppy trading session on Friday. The BSE Sensex lost 12.32 points or 0.07% to settle at 18,197.20, its lowest closing level since 23 June 2011.
Daily News Roundup - Aug 1 2011
Bharat Heavy Electricals technology-sharing arrangement with Alstom for manufacturing supercritical boilers in India will continue unaffected by the French engineering major's recent global pact with Chinese equipment firm Shanghai Electric. (BL)
At least five projects of the DB realty linked to the government sector have been scrapped, put on hold or are struggling for approvals, while 10 of their own 13 projects are behind schedule. (FE)
Petronet LNG has evinced interest in setting up an LNG (Liquified Natural Gas) terminal along the Orissa coast with a cost of Rs.40-50bn. (BS)
Sensex ends static in choppy trade
The Indian equity indices ended almost unchanged on Friday, taking a breather after three straight days of losses. It was a volatile session, with the NSE Nifty swinging between a low of 5450 and a high of 5520 levels.
Realty, Metals and Oil & Gas stocks were among the major laggards. The Mid-Cap and the Small-Cap stocks saw some offloading as well. However, bucking the negative trend were FMCG, Banking and Telecom stocks.
Till debt does US apart!
Promises make debt, and debt makes promises - Dutch Proverb.
Monday morning brings a promising start. After an acrimonious tug-of-war that sent world markets into a tizzy, the US political leaders have finally managed to carve out a deal to raise the nation’s debt and avert a default. The perilous stalemate is over but the deal still needs to go through the Congress by midnight Tuesday or the US will breach its debt ceiling. President Obama admitted that it was not the kind of deal that he would have preferred.
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