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Monday, September 19, 2011
Market snaps 3-day winning streak on Greek default fears
Key benchmark indices snapped three-day winning streak as world stocks fell after a meeting of European finance ministers over the weekend made no progress toward resolving the euro zone debt crisis. The cost of insuring Greek government debt against default rose, with the market showing investors nearly 100% certain Greece will eventually default. The BSE Sensex was down 188.48 points or 1.11%, up close to 35 points from the day's low and off close to 120 points from the day's high. The market breadth was negative. Index heavyweight Reliance Industries (RIL) edged lower.
Daily News Roundup - Sep 19 2011
Coal Indias’ efforts to source coal at a discount from overseas producers and supply it to Indian consumers, including state-run utilities, have come a cropper. (ET)
An environment ministry panel has recommended conditional nod to JSW Steels’ Rs250bn investment proposal for expanding the capacity of steel plant located in Bellary, Karnataka. (ET)
NTPC has earmarked an investment of Rs410bn for setting up four thermal projects in Madhya Pradesh and Chhattisgarh in the next five years. (ET)
The sharp drop in production at Maruti Suzuki's Manesar plant on the back of a workers' strike is likely to lead to a delay in the company executing its export orders for the A-Star compact. (BL)
Grey Market Premium - Sep 19 2011
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Vaswani Ind. | 49 | Discount |
| SRS Ltd. | 58 | 2 to 3 |
| P. G. Electroplast | 190 to 210 | 3 to 3.50 |
| Prakash Constrowell | 130 to 138 |
|
| RDB Rasayan | 72 to 79 | -- |
| Tijaria Polypiles | 60 |
|
| Takshell Solutions | -- | -- |
Soft at start!
Do not be too hard, lest you be broken; do not be too soft, lest you be squeezed. - Abi Talib.
After yet another resilient show, market participants will be tested this week, as the RBI has left the door open for further tightening. The start today looks a bit soft due to weakness across Asian markets. Japanese market is shut for a holiday. US stock futures are in the red.
Talks between Europe’s finance ministers over the weekend on how to resolve the escalating debt crisis in the region were inconclusive. Gold and the dollar are up while the euro has weakened. Europe has warned Greece that further aid will be kept on hold unless it meets its budget targets.
Markets may open lower on weak Asian cues
The weak Asian cues may drag the Indian markets in the opening trade owing to worries over European debt crisis.
Headlines for the day:
After Ulips, traditional plans come under IRDA scanner
Govt prepares to puncture ballooning oil subsidy bill
Emami to invest Rs2,000 crore in healthcare
NTPC to invest Rs41,000-crore in MP and Chhattisgarh
Bullions rise for first time in three days
Prices rise as investors seek the perceived safety of the metal
Precious metals ended higher for first time in three days on Friday, 16 September 2011 at Comex. Precious metals rose as investors sought the perceived safety of the metal and the potential for bad news from Europe and elsewhere.
Gold for December delivery rose $33.3 or 1.9%, to end at $1,814.7 an ounce on the Comex division of the New York Mercantile Exchange on Friday. Prices fell to a low of $1,765.4 and rose to a high of $1,825 an ounce during intra day trading. For the week, gold lost 2.4%. It rose by $201 or 12% during the month of August.
Crude slips again
Prices manage to eke out weekly gains though
Crude prices ended lower on Friday, 16 September, 2011 at Nymex. Prices dropped initially following mixed set of economic data. But then, prices reversed course as after the European Central Bank said it would work with other central banks in lending dollars to euro-area banks. Futures sold off furiously throughout the morning, but managed to recoup some losses heading into the close of pit trade.
Market may snap three-day gains on weak Asian stocks
The market may snap three-day gains on weak Asian stocks after European Union finance ministers meeting in Poland broke no new ground in dealing the debt crisis. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 58.50 points at the opening bell.
Key benchmark indices managed small gains amid high intraday volatility, on Friday, 16 September 2011 after the central bank delivered another 25 basis points hike in repo rate--the key short-term policy rate--at its mid-quarter review on 16 September 2011, to rein in inflationary expectations. The BSE Sensex rose 57.29 points or 0.34% to settle at 16,933.83, its highest closing level since 8 September 2011. From a recent low of 16,467.44 on Tuesday, 13 September 2011, the Sensex has jumped 466.39 points or 2.83% in three trading sessions. Euro-zone debt worries had pulled Indian shares lower before the three-day rebound. From a 5-week closing high of 17,165.54 on Thursday, 8 September 2011, the Sensex had tumbled 698.10 points or 4.06% in three trading sessions to 2-week closing low of 16,467.44 on 13 September 2011. Earlier, the market had staged a strong rebound after a steep setback in August 2011.
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