Eros International - Buy - 259 Target
Monday, September 12, 2011
Data showing dismal July 2011 industrial production growth, a setback in global stocks caused by worries the Greek government may default on its debts and reports that Moody's Investors Service may downgrade France's largest banks over their exposure to Greece, pulled Indian indices sharply lower for the second day in a row. The 50-unit S&P CNX Nifty fell below the psychological 5,000 level. The barometer index BSE Sensex and the Nifty hit 2-week closing low. The Sensex lost 365.23 points or 2.17%, off about 165 points from the day's high and up close to 110 points from the day's low. The market breadth was weak. All the thirteen sectoral indices on BSE were in the red.
The Indian markets were under pressure due to negative global cues and weak July IIP data back home. The Sensex plunged 365 points and the Nifty fell 113 points at the close
July IIP at 3.3% versus 8.8%
Pipavav Defence soars in weak market
Tata Motors falls on resignation of group CEO
US stock index futures fell sharply on Monday as fears of a credit rating downgrade of French banks and the lack of a solution to Greece's debt problem heightened concerns about the euro zone's debt crisis.
France's top banks are bracing themselves for a likely credit rating downgrade from Moody's, sources close to the situation said on Saturday, further complicating their efforts to assure investors they are riding out the tensions in funding markets.
Ronald Wayne, the "adult supervisor" entrusted to settle any disputes between youngsters Steve Jobs and Steve Wozniak, received 10% of the computer company he helped found.
Just a few weeks later, he sold that stake for $800, according to his memoir, "Adventures Of An Apple Founder."
No of Shares (in Lakhs)
|Lloyd Electric and Engineering||5.63||17.45||9|
|Money Matters Financial Services||3.90||13.59||14|
|Kanoria Chemicals and Industries||3.03||17.03||6|
|South Indian Bank||2.94||332.11||73|
|Lakshmi Energy and Foods||2.89||18.26||5|
|JK Tyre and Industries||2.65||10.88||9|
|Kalpataru Power Transmission||2.53||38.76||43|
|S Kumars Nationwide||2.26||64.38||32|
|Riddhi Siddhi Gluco Biols||2.12||2.37||7|
|ING Vysya Bank||2.11||31.54||93|
|Sasken Communication Technologies||1.90||4.86||5|
|Bank Of Baroda||1.71||67.10||506|
|ESS DEE Aluminium||1.71||5.50||11|
No of Shares (in Lakhs)
|JB Chemicals and Pharmaceuticals||1.51||12.75||11|
|SREI Infrastructure Finance||1.33||66.87||26|
|Indiabulls Financial Services||1.29||40.02||57|
|Union Bank of India||1.28||67.35||156|
|Va Tech Wabag||1.22||1.29||4|
|Noida Toll Bridge Company||1.21||22.55||5|
|JK Lakshmi Cement||1.20||14.65||6|
|Bombay Rayon Fashions||1.10||14.55||40|
|ESS DEE Aluminium||1.10||3.52||7|
|Dr Reddys Laboratories||1.08||18.35||267|
|Mcleod Russel (India)||1.07||11.75||30|
No of Shares (in Lakhs)
|TVS Motor Company||1.01||48.19||29|
The Indian markets began the session on a negative note following the weak global cues. Heavy selling pressure in technology, metal, banking, capital goods and realty stocks dragged the markets lower. The market breadth was negative. The broader indices were also in red.
Among the 30 Sensex shares, 27 shares were trading lower. Jindal Steel down by 3.81%, followed by Tata Motors down by 3.42% and Hindalco Industries down by 3.29%. HUL up by 1.56%, and Cipla up by 0.05%.
At 9.43 am, the Sensex was trading at 16578, 291 points lower and the Nifty was trading at 4966, down by 94 points.
Australia's largest telecommunications company Telstra is said to have engaged TCS for outsourcing parts of its finance, accounting and voice-related back-office processes. This multi –year is said to be worth US$50mn. (BL)
Following directions from the Union Ministry of Finance to help borrowers in retail and MSME segments to tide over the problem of rising interest rates, Indian Overseas Bank has decided to increase the repayment period for these borrowers. (BL)
After previous weeks 6% rally, the benchmark indices continued to surge higher until a sell off was seen on Friday. The Nifty saw a cut of ~100 points in a single day. Traders and Investors preferred to remain cautious and take away their profits ahead of the eventful week. Next week will be full of major domestic events, with IIP, Inflation, RBI meet and Advance Tax data being among the important ones
The Nifty just managed to close in positive terrain with the NSE Nifty shut slightly higher by 0.3% to end above the 5050, on the other hand, the BSE Sensex closed below the 17000.
If you see ten troubles coming down the road, you can be sure that nine will run into the ditch before they reach you. ~Calvin Coolidge
The spectacular Ganesh immersions are over. Markets world over remain immersed in the red as the European-driven volatility has led to investors fleeing equities for perceived safer havens. One can only hope that at least some of the troubles do a vanishing act before hitting our shores.