Friday, April 20, 2012
Weak Asian markets are likely to derail a four-day 2.39% rally in the BSE Sensex. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 32 points at the opening bell. RIL announces Q4 results while Cairn India reports FY 2012 results today, 20 April 2012.
ICICI Bank and Punjab National Bank have reportedly cut their deposit and lending rates by 25 basis points.
Hindalco Industries reportedly plans to raise Rs 3000 crore in 10-year bonds at 9.55%.
Ambuja Cement reported a 23% fall in net profit to Rs 312 crore on 19% rise in net sales to Rs 2633 crore in the quarter ended 31 March 2012 over the quarter ended 31 March 2011.
Acceptance is not submission; it is acknowledgment of the facts of a situation.- KC Theisen.
We seem to be living in a world of guided missiles and misguided market. India entered the elite ICBM club on Thursday by successfully testing Agni-V long-range missile. The start today is likely to be slightly down due to weak global markets. US stocks fell on the back of disappointing economic data. European indices slipped on worries about Spain’s debt problems. Rumours of a possible downgrade of French rating also hurt the sentiment. Asian markets are mostly in red.
Interest rates seem to be heading down, with a few top banks lowering their base rate. Nationalised banks are reportedly under pressure from the Centre to slash borrowing costs. However, it remains to be seen whether they will also fall in line given the disparate nature of their balance sheets.
The Indian indices are expected to open last day of the week on a weak note on account of negative global cues. Reliance Industries’ results will be out today.
Headlines for the day:
Govt allows Rs5K cr overseas borrowing for airlines.
Mahindra Satyam to invest $240 mn globally on infrastructure.
KFA begins jet fuel import process.
Three SBI officials held for over Rs1 cr scam.
CBI raids BEML chief's residence.
Key benchmark indices gained for the fourth straight day to hit highest closing level in more than two weeks as firm European stocks supported domestic bourses. The BSE Sensex was up 111.32 points or 0.64%, up about 90 points from the day's low and off close to 25 points from the day's high. The market breadth was positive. Shares of HDFC Bank, Tata Motors and Sun Pharmaceutical Industries scaled record highs.
From a recent low of 17,094.51 on 13 April 2012, the BSE Sensex has gained 409.20 points or 2.39% in four trading sessions. The Sensex has risen 99.51 points or 0.57% so far in April 2012 (till 19 April 2012). The index has surged 2,048.79 points or 13.25% in calendar 2012 so far (till 19 April 2012). From a 52-week low of 15,135.86 on 20 December 2011, the Sensex has risen 2,367.85 points or 15.64%. From a 52-week high of 19,697.49 on 25 April 2011, the Sensex has lost 2,193.78 points or 11.13%.