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Wednesday, October 31, 2012
RBI effect: Sensex, Nifty break down
The Indian equity market finally broke down from its trading range. Market had opened on a flat note and remained in a tight range in the earlier part of the day. Post the RBI policy announcement the indices fell sharply. The RBI reduced the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.5% to 4.25% of their net demand and time liabilities (NDTL) effective the fortnight beginning November 3, 2012. As result of this reduction in the CRR, around Rs175 bn of primary liquidity will be injected into the banking system. This was however, more on expected lines and the street would have been happy to see a rate cut. Technically, Nifty violated the neckline of Head and shoulder top after breach below 5630 with renewed selling pressure from financial. Nifty has currently retraced 38.2% of the recent up move from 5223 till 5801 which corresponds to 5580 and move below same could drag Nifty well below 5500 in the coming days. The interest rate sensitive stocks were under pressure. The BSE Banking and the Realty index were the top losers shedding ~2.2% each. Among the other major losers were BSE Consumer Durables index down 2.2% and BSE Capital Goods index fell 2%.
Indices set to open flat
Always act like you're wearing an invisible crown. ~Author Unknown The RBI seems to have a mind of its own when it comes to its policy measures. The Finance minister isn’t impressed and has hinted that Government intends to face the challenge of reviving growth on its own. The RBI cut CRR by 25 basis points. Its decision to keep the key interest rate unchanged led to the indices witnessing a drop not seen for the last three weeks. The Bankex shed over 2%. With Tuesday’s fall, the Nifty has broken out of its trading range we have been mentioning for a while violating the key support of 5630 levels. That level may well turn into a new resistance for the time being.
Market may open flat
Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a flat opening on the domestic bourses. Power Grid Corporation of India announces Q2 September 2012 results today, 31 October 2012. PSU OMCs may edge lower on reports that new Petroleum Minister Veerappa Moily is reviewing the cap on subsidized LPG cylinders ahead of assembly polls in Himachal Pradesh and Gujarat. In a bid to rein in its ballooning oil subsidy burden, the Centre last month fixed a cap on supply of subsidised LPG to six cylinders per household in a year. Moily on Monday, 29 October 2012, took charge as the new Minister of Petroleum and Natural Gas following a major reshuffle of the cabinet announced by Prime Minister Dr. Manmohan Singh on Sunday, 28 October 2012. Assembly polls in Himachal Pradesh are scheduled on Sunday, 4 November 2012. Assembly polls in Gujarat will take place in two phases on 13 and 17 December 2012
Tuesday, October 30, 2012
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Markets wind up with modest gains ahead of RBI policy
Indian markets resumed the trading session on a positive note but trimmed all of its morning gains by the end of session. The Sensex inched 10 points higher and the Nifty rose by 1 point in trade today. Major headlines: BHEL hits monthly low after Q2 results Bank of India slips over 6% after Q2 results India aims to cut fiscal deficit to 3% of GDP by 2017 Credit Suisse upgrades Wipro to outperform
Better trades for the day
Global Cues: The European shares closed lower on Monday (October 29, 2012), FTSE100 down by 0.20%, CAC40 fell by 0.76% and DAX slipped by 0.40%. US stocks index futures fell in a shortened session on Monday and cash equity trading was canceled as powerful Hurricane Sandy bore down on the US East Coast, closing equity trading for Tuesday. Events for the day: Second-Quarter Review of Monetary Policy. Results: Biocon, Dr Reddy's Laboratories, Engineers India, Glenmark Pharmaceuticals, IDBI Bank, IRB Infrastructure Developers, Mcleoud Russel India, Maruti Suzuki India, Pidilite Industries, Satyam Computer Services, Shriram Transport Finance Co, SJVN, Thermax. Stock in news: Rel Media acquires 1.6 lakh shares of Cinemax. Suzlon Energy plans debt restructuring. Shah Family LLC offloads 1.6 mn shares in Hatsun Agro.
BSE Small-Cap, Mid-Cap indices slide
Key benchmark indices eked out marginal gains in choppy trade after Prime Minister Dr. Manmohan Singh announced a major reshuffle of his Council of Ministers on Sunday, 28 October 2012 and after Finance Minister P. Chidambaram today, 29 October 2012, announced a plan of fiscal consolidation during the period of the 12th Plan, i.e. from 2012-13 to 2016-17. The barometer index, BSE Sensex, advanced 10.48 points or 0.06%, off close to 110 points from the day's high and up about 55 points from the day's low. Index heavyweight Reliance Industries (RIL) edged higher after a change of guard at the oil ministry following the latest cabinet reshuffle. Index heavyweight and cigarette maker ITC also edged higher. The market breadth was negative. BSE Small-Cap and Mid-Cap indices both edged lower, underperforming the Sensex.
Sunday, October 28, 2012
Saturday, October 27, 2012
Q2 results, RBI policy review in focus
Next batch of second quarter corporate earnings, Reserve Bank of India's monetary policy review and a likely reshuffle of the Union council of ministers will dictate near term trend on the bourses. Automobile and cement stocks will be in focus as companies from these two sectors will start unveiling monthly sales volume data for October 2012 from Thursday, 1 November 2012. The focus of the stock market is currently on the second quarter corporate earnings. Investors and analysts will closely watch the management commentary that would accompany the results which could cause revision in their future earnings forecast of the company for the current year or the next year. Bharat Heavy Electricals (Bhel) announces Q2 results on Monday, 29 October 2012. Maruti Suzuki India, Grasim Industries and Dr. Reddy's Laboratories unveil Q2 results on Tuesday, 30 October 2012. Power Grid Corporation of India announces Q2 September 2012 results on Wednesday 31 October 2012. Wipro announces Q2 results on Friday, 2 November 2012.
Boring week ends in red; Sensex, Nifty witness marginal losses
The Indian indices were all locked in a tight range for the week ended October 26, 2012 with no major action on the D-street. The Sensex fell 57 points while the Nifty ended the week down by 20 points. L&T Q2 net profit jumps 42% TCS up over 2% on strong Q2 earnings M&M hits weekly high post Q2 results Mukesh Ambani retains top position in Forbes India rich list
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Dabur India slides as Q2 EBITDA margin declines
Dabur India fell 2.15% to Rs 129.80 on BSE after the company's earnings before interest taxes depreciation and amortization, or EBITDA, margin declined in Q2 September 2012. The company announced the results during trading hours today, 26 October 2012. Meanwhile, the BSE Sensex fell 133.29 points or 0.71%, to 18,625.34. On BSE, 3.74 lakh shares were traded in the counter as against average daily volume of 1.32 lakh shares in the past one quarter. The stock hit a high of Rs 135.80 and a low of Rs 127.25 so far during the day. The stock had hit a record high of Rs 138.65 on 16 October 2012. The stock had hit a 52-week low of Rs 92.05 on 1 February 2012. The stock had outperformed the market over the past one month till 25 October 2012, surging 6.42% compared with the Sensex's 0.34% rise. The scrip had also outperformed the market in past one quarter, jumping 14.8% as against Sensex's 11.35% rise. The large-cap company has equity capital of Rs 174.29 crore. Face value per share is Re 1. Dabur India's consolidated net profit rose 16.39% to Rs 202.37 crore on 21.15% growth in total income to Rs 1550.08 crore in Q2 September 2012 over Q2 September 2011. The company's EBITDA margin declined to 19.2% in Q2 September 2012 from 20.5% in Q2 September 2011. Dabur India said a combination of innovation, relentless market development initiatives and stronger growth across key categories like health supplements, shampoos, food, skin care and home care aided revenue growth in Q2 September 2012. Commenting on the results, Dabur India's Chief Executive Officer, Mr. Sunil Duggal said: "The rising cost pressures were managed through a mix of judicious price increases and improved buying efficiencies. Despite signs of an economic downturn and increased competitive intensity in the market, Dabur India has maintained strong growth momentum and continues to register sales growth ahead of the market in several key categories. We remain on course to strengthen our brand portfolio, improve our competitiveness in the market place and deliver profitable growth." The company said the shampoo category continued to move forward on its strong growth trajectory and ended the quarter with a 40.2% growth, while the Skin Care business - riding on Fem - reported a near 25% growth. The Home Care business ended the quarter with a 23% growth while the Health Supplements business grew by 15.7%. The quarter saw Dabur launch a host of new products and variants across geographies, all of which have received good response, the company said in a statement. Dabur's International Business recorded a growth of 24.8% during the second quarter, led by robust performance in GCC, Egypt and Nigeria. "Hair Care and Toothpastes were the key growth drivers for Dabur in the international markets," Dabur India Group Director Mr. P D Narang said. Dabur India is one of India's leading FMCG companies. The company is also a world leader in ayurveda with a portfolio of over 250 herbal/ayurvedic products. Dabur today operates in key consumer products categories like hair care, oral care, health care, skin care, home care and foods.
BSE Small-Cap, Mid-Cap indices slide over 1% each
Key benchmark indices logged small declines in the week ended Friday, 26 October 2012 weighed by global growth jitters. The market logged gains in two of four trading sessions in a truncated week. The BSE Mid-Cap and Small-Cap indices shed over 1% each. Among stock-specific activity, shares of private sector banking giant ICICI Bank hit 52-week high. India's largest engineering and construction firm by sales L&T struck a 52-week high. Leading tractor maker M&M scaled a record high. Foreign institutional investors (FIIs) have bought shares worth net Rs 12006.60 crore in October 2012 so far (till 23 October 2012). They had purchased shares worth net Rs 19261.50 crore in September 2012. FIIs have bought shares worth net Rs 94337.40 crore in calendar 2012 so far (till 23 October 2012). FIIs offloaded shares worth a net Rs 2714.20 crore in 2011.
Wednesday, October 24, 2012
Profit booking, global cues drag Nifty below 5700
The Indian markets were knocked down in today’s trade, after witnessing a sharp fall in afternoon trade. The Sensex declined 83 points and the Nifty ended 26 points lower. Major Headlines of the day: Lupin Q2 FY2013 profits better than expected Yes Bank Q2 net profit jumps 30% L&T Finance Holdings zooms in dull market
Bullions shed more than 1% at Comex
Gold settles at their lowest level since early September Bullion metal prices ended substantially lower on Tuesday, 24 October 2012 at Comex. Gold futures closed sharply lower on Tuesday to settle at their lowest level since early September as downbeat corporate-earnings reports prompted investors to flee equities and commodities and seek safety in the U.S. dollar. Gold for December delivery dropped $16.90, or 1%, to settle at $1,709.40 an ounce on the Comex division of the New York Mercantile Exchange. Prices fell by as much as $21 to a low $1,705.10 during the Comex session. December silver futures settled down 46 cents, or 1.4%, to $31.79 an ounce.
Copper turns pale
prices hit by a strong dollar and lack of robust demand Copper prices at Comex slid to a six-week low on Tuesday, 24 October 2012 hit by a strong dollar and lack of robust demand from top metals consumer China as the market gave up more gains from its September rally. Three-month copper on the London Metal Exchange traded lower by $93 (1.7%) at $7,860, down from $7,953 at the close on Monday. Earlier it dropped to an intraday low of $7,859.50. December copper closed down 5 cents, or 1.5%, to $3.57 a pound at Comex. US stocks traded sharply lower on Tuesday. As per latest reports, DuPont plans to cut 1,500 employees after reporting a quarterly profit below estimates. Two other Dow components added to investor worries. 3M declined 3.9% after the manufacturer reported a 6.7% profit gain in the third quarter, but reduced its outlook for the full year. Also, United Technologies pointed to soft demand from airlines in narrowing its sales outlook for 2012. Investors were cautious ahead of the Fed's two-day meeting which began on Tuesday, though the central bank is likely to hold off from fresh steps, opting to review the impact of action it took last month. Further weighing on the market was a stronger dollar against the euro, which makes dollar-priced commodities more expensive to Europeans, and losses on equities markets. The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by almost 0.4% today.
ITC slides as Govt notifies new pictorial health warnings
Key benchmark edged lower in choppy trade on weak global equities. The barometer index, BSE Sensex, lost 83.42 points or 0.44%, off close to 105 points from the day's high and up about 20 points from the day's low. The market breadth was negative. Index heavyweight and cigarette maker ITC extended Monday's losses triggered by an announcement from the Ministry of Health and Family Welfare that it has notified new pictorial health warnings to be depicted on tobacco product packs which will come into effect from 1 April 2013. Another index heavyweight Reliance Industries (RIL) also edged lower. Yes Bank surged after strong Q2 results. The Sensex has fallen 52.72 points or 0.28% in October 2012 so far (till 23 October 2012). The Sensex has surged 3,255.10 points or 21.06% in calendar 2012 so far (till 23 October 2012). From a 52-week high of 19,137.29 on 5 October 2012, the Sensex has declined 427.27 points or 2.23%. From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 3,574.16 points or 23.61%.
Tuesday, October 23, 2012
Daily News Roundup - Oct 23 2012
Within two months of cutting rates on home and auto loans by 25-50 basis points, the State Bank of India is seeing a major growth in these segments. While home loan applications have nearly tripled, demand for auto loans has risen four-fold. (ET) L&T Finance Holdings Limited said it has acquired Family Credit, a non-banking finance company promoted by France's Societe Generale Consumer, for Rs1.2bn. (ET) Hero MotoCorp is going all out to cash in on the festive season and has tied up with HDFC Bank to offer financing at 6.99 % across its entire range of products. (ET)
Sensex scales back after weak start
Just when we thought that markets were going to witness a sharp decline on account of weakness in the global markets, the Indian equity indices defied the weakness and ended with smart gains on Monday. The movement throughout the day was however quite choppy ahead of the F&O expiry, as the benchmark indices were mostly traded in narrow trading range. The Capital Goods, Pharma, Banking and the IT stocks were among the top gainers which saw the NSE Nifty end above the 5700 mark. Even the Small-Cap index ended with modest gains. However, the BSE Mid-Cap index ended in the red. Among the other major losers were the FMCG, Consumer Durables and the Metals stocks. Finally, the BSE Sensex closed at 18,793, up 111 points over the previous close. It had earlier touched a day's high of 18,809 and a day's low of 18,600. It opened at 18,655.
Results remain in focus
That action is best which procures the greatest happiness. - Francis Hutcheson The market action on Monday indeed brought happiness as indices staged a smart recovery after opening down. The Nifty remains in a tight range of 5650-5740 and is looking to break out either way for the last 10 trading sessions. A flat opening is in the offing. The main US indices ended almost unchanged while the Asian markets are mostly a tad higher. With Wednesday being a trading holiday on account of Dussehra investors may adopt a guarded approach. Companies like Cairn India and Idea Cellular could be in focus as their results rolled in after market hours.
Precious metals end moderately higher
Bullions rise for first time in three sessions Bullion metals ended higher for first time in three days at Comex on Monday, 22 October 2012. Prices rose as traders awaited the outcome an upcoming Federal Reserve meeting on U.S. monetary policy later this week. Prices also rose after the dollar slipped earlier during the day. Gold for December delivery on Monday rose $2.3, or 0.1%, to $1,726.3 an ounce on the Comex division of the New York Mercantile Exchange. Prices rose to a high of $1,730 during intra day trading. Prices closed 2% lower last week. It was second consecutive weekly loss for the yellow metal.
Market may open slightly lower
Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 6.50 points at the opening bell. The market may remain volatile this week as traders roll over positions in the futures & options (F&O) segment from the near month October 2012 series to November 2012 series. The near-month October 2012 derivatives expire on Thursday, 25 October 2012. The stock market remains closed tomorrow, 24 October 2012, on account of Dussera. Cairn India said after trading hours on Monday, 22 October 2012, its consolidated profit after tax (PAT) jumped 204.4% to Rs 2322.20 crore on 67.5% growth in revenue to Rs 4443.10 crore in Q2 September 2012 over Q2 September 2011. PAT excluding foreign exchange transactions jumped 1239.65% to Rs 3108 crore in Q2 September 2012 over Q2 September 2011. Earnings before interest, taxation, deprecation and amortization (EBITDA) jumped 65.9% to Rs 3425.30 crore in Q2 September 2012 over Q2 September 2011.
Monday, October 22, 2012
Markets wind up gloomy session in green; L&T major supporter
The Indian markets emerged from a gloomy session of the opening bell and shut shop with smart gains. The Sensex rose 111 points higher while the Nifty gained 33 points in today's trade. Major Headlines of the day: L&T Q2 net profit jumps 42% TCS up over 2% on strong Q2 earnings Coromandel Intl Q2 consolidated net profit down by 16% HDFC Q2FY13 results in line, strong traction in retail loans Bank of Baroda Q2 net profit up by 12%
Sensex attains 1-1/2-week closing high
Key benchmark indices edged higher as European stocks rose on relief over weekend regional elections in Spain and as trading in US index futures indicated recovery in US stocks at the opening bell on Monday, 22 October 2012, after Friday's sharp losses. The barometer index, BSE Sensex, reached 1-1/2-week closing high. The Sensex jumped 111.13 points or 0.59%, up about 190 points from the day's low and of close to 15 points from the day's high. Index heavyweight Reliance Industries (RIL) edged higher. Engineering & construction major L&T hit 52-week high after reporting good Q2 results. The market breadth was negative.
Thursday, October 04, 2012
Daily News Roundup - Oct 4 2012
Kingfisher Airlines is staring at a prolonged shutdown, as the cash-strapped airline told its employees that it cannot clear immediately the salary backlog of more than half-a-year. (ET) In a major relief to Bharti Airtel, the Delhi High Court granted a stay on a government order seeking mobile phone companies to stop offering 3G services via roaming agreements outside their licensed zones. (ET) State-owned Gujarat State Petroleum Corporation, along with its affiliates, signed definitive agreements to buy a 65.12% stake in Gujarat Gas Company from London-based BG Group. (ET)
Sensex struggles in another muted session
Main Indian stock indices eked out slender gains in yet another lackluster session, as market players remained on the sidelines after pushing the indices to 15-month highs. Investors are also cautious before the start of the quarterly corporate earnings season. Infosys will be the first big company to announce its results on October 12. The same day, the Government will come out with its latest report on the industrial production. Indian markets will also partly be influenced by trend in the global markets. The eurozone debt crisis continues to act as a major overhang for the global economy. The US economy too seems to be losing some steam while China too is grappling with a deeper-than-anticipated slowdown. The monthly US jobs data will have some bearing on global markets in the near term, along with events out of Europe.
Dose of joy!
"If you do a good job for others, you heal yourself at the same time, because a dose of joy is a spiritual cure." - Dietrich Bonhoeffer. Get ready for a ‘fresh’ dose of economic reforms. The Cabinet is set to approve a series of bills aimed at capitalizing on the momentum gained from last month’s reforms. The bills are part of ongoing efforts by the UPA to shore up its scam-tainted image. The bills include the ones that would raise the FDI cap in Insurance and open up the Pension sector to foreign investors. The Cabinet may also consider amendments to the Companies Bill, Competition and the FCRA Bill. The only worry is a few of these bills could face stiff floor test in the Parliament.
FMCG stocks edge higher on favourable outlook for winter crop
Key benchmark indices edged higher for the third straight trading session, with market sentiment was boosted by data showing that foreign institutional investors (FIIs) remained buyers of Indian stocks on Monday, 1 October 2012. The stock market was closed on Tuesday, 2 October 2012, on account of Mahatma Gandhi Jayanti. Intraday recovery in European stocks also supported domestic bourses. The 50-unit S&P CNX Nifty reached its highest closing level in more than 17 months. The barometer index, BSE Sensex, attained its highest closing level in more than over 14 months. The Sensex advanced 45.78 points or 0.24%, off about 35 points from the day's high and up close to 55 points from the day's low. The market breadth was strong.
Monday, October 01, 2012
Daily News Roundup - Oct 1 2012
Maruti Suzuki India is planning to offer low-cost houses to about 5,000 employees as it tries to walk the extra mile to improve relations with its workers. (ET) A government-controlled panel has approved Reliance Industries’ revised field development plan for MA oilfield in the predominately gas-rich KG-D6 block that will help the firm boost gas production. (ET) The engineers of Kingfisher Airlines went on a flash strike in Mumbai, making 80 passengers wait three hours in an aircraft for take-off clearance and forcing the cash-strapped airline to cancel 11 flights. (ET) Bharti Enterprises has started talks with Walmart and is hoping to form 50:50 joint venture to roll out retail outlets in India. (ET)
Sensex spurts on reform hopes...Nifty holds 5700
After a brief pause in the previous trading session, the frontline Indian stock indices once again showed strength as investors resumed their shopping spree. The NSE Nifty ended above the 5700 mark while the BSE Sensex ended above the 18,700 level. However, after hitting the intra-day high of 5735 in early morning trades, the Nifty was seen gradually losing some ground. Still, the Large-Cap index managed to end above the 5700 mark. Auto, Consumer Durables, FMCG, Metals and Power indices were among the major gainers. However, the Realty index was under pressure. The Small-Cap index and the Mid-Cap index continued to be buoyant.
Sedate start; adjusting to weakness
Life at any time can become difficult: life at any time can become easy. It all depends upon how one adjusts oneself to life. – Anonymous. Welcome to a truncated week. The opening is likely to be a sedate after stocks in the US and Europe closed lower on Friday. Asian markets open for trading are in the red. Markets in China, Hong Kong, South Korea and Australia are shut. Chinese markets will remain closed for the entire week while in Hong Kong there won’t be any trading till Thursday. The Indian markets will remain closed on Tuesday on account of the Gandhi Jayanti. Watch out for data on manufacturing PMI and Exports, besides monthly auto volumes today. Also, the Shome panel is due to submit its report on GAAR later in the day. Meanwhile, the Kelkar Committee has come out with its report on Government finances and what needs to be done to contain the spiraling fiscal deficit. There is some good news in the form of a drop in the current account deficit for Q1 FY13.
October trading to begin on a flat note
Indian markets may open on a flat note led by unsupportive global cues. SGX Nifty is also trading 2.50 points higher Events for the day: Monthly auto sales and cement dispatches. Release of import and export data. Headlines for the day: RIL seeks nod for proposal to triple gas prices from 2014. Bharti hopeful of 50:50 JV with Wal-Mart for retail stores. EGoM on spectrum to meet on Oct 3. BHEL, GAIL seek Maharatna status.
Market may open lower on weak Asian stocks
The market may open lower on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates that the Nifty could fall 5.50 points at the opening bell. Markit Economics will release the HSBC India Manufacturing PMI for September 2012 on Monday, 1 October 2012. Grid failures in the beginning of August and shrinking export orders saw manufacturing HSBC India Manufacturing falling to a nine-month low 52.8 points in August 2012 from 52.9 in July 2012. The Kelkar Committee (KC) set up by the government to outline a roadmap for fiscal consolidation released its report Friday, 28 September 2012. The KC recommends four pillars under which the government can lower its deficit to 5.2% of GDP in FY13, and further to 4.6% and 3.9% in FY14 and FY15, respectively.
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