Daily News Roundup - June 26 2012

The merger proposal of Anil Agarwal promoted Vedanta Resources flagship firms Sesa Goa and Sterlite Industries managed to scrape through after a large number of votes were found invalid at the court-convened meeting. (ET) The government has asked Reliance Industries to sign agreements to increase supply of natural gas from KG-D6 fields to urea manufacturing units of IFFCO and Indo Gulf Fertilizer. (ET) LKP Finance, a Mumbai-based non-banking financial services company has acquired optionally convertible debentures worth Rs1.6bn of Kingfisher Airlines which will translate into an equity stake of up to 8% upon conversion. (ET)

Assumptions go awry!

Incorrect assumptions lie at the root of every failure. Have the courage to test your assumption. - Brian Tracy. It was assumed that something big lay in store as the FM himself had indicated. However, the RBI’s package to shore up the battered rupee failed to impress the markets. Top government officials are talking of more economic measures in the days to come. Stick to a cautious approach given the weakened domestic fundamentals and worsening global climate. Meanwhile, the Finance Ministry will turn headless from today, as Pranab Mukherjee braces for the presidential polls. Who takes charge of this crucial ministry could have a bearing on the sentiment temporarily. What eventually will matter is the kind of policy action that UPA II opts for to revive the comatose economy. The start today is likely to be sedate in the wake of a steep selloff in ‘western’ markets.

Markets may continue negative trend

The Indian markets may begin the trade on a lower note led by negative global peers. SGX Nifty is trading 11 points higher. Events for the day: Ex-date for dividend of JMT Auto. Ex-date for right issue of National Oxygen.

Market seen opening slightly higher

Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 4.50 points at the opening bell. Asian markets were trading lower on Tuesday as investors remained skeptical that the European leaders summit later this week will produce any substantial measures to solve the region's debt crisis. Adani Ports And Special Economic Zone's board of directors at its meeting held on 25 June 2012 had approved the re-appointment of Mr. Gautam S. Adani as a Managing Director of the company for a further period of five years with effect from 1 July 2012 Key benchmark indices dropped in choppy trade on Monday as Reserve Bank of India's announcement of measures to attract greater foreign investment in government bonds and increase in the total amount that Indian companies can borrow by way of external commercial borrowing (ECB), fell short of investors' expectations. The BSE Sensex lost 90.35 points or 0.53% to settle at 16,882.16, its lowest closing level since 19 June 2012.

NSE Bulk Deals to Watch - June 25 2012

Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,Bharat Patel,BUY,152000,40.58,- 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,CHETAN RASIKLAL SHAH,BUY,79664,40.50,- 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,GAJANAN ENTERPRISES,BUY,139338,40.91,- 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,HRIDAYNATH CONSULTANCY PRIVATE LIMITED,BUY,403650,40.48,- 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,YES EQUITIES PRIVATE LIMITED,BUY,156403,40.66,- 25-JUN-2012,HDIL,Housing Development and I,GENUINE STOCK BROKERS PVT LTD,BUY,5073073,84.15,- 25-JUN-2012,PEARLPOLY,Pearl Polymers Ltd,AMIT SETH,BUY,332000,9.55,- 25-JUN-2012,SURYALAXMI,Suryalakshmi Cotton Mills,Gandiv Investment Pvt Ltd,BUY,72500,61.37,- 25-JUN-2012,THINKSOFT,Thinksoft Global Ser Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,BUY,53450,72.42,- 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,Bharat Patel,SELL,152000,40.15,- 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,CHETAN RASIKLAL SHAH,SELL,67134,40.58,- 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,GAJANAN ENTERPRISES,SELL,119357,40.44,- 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,IFCI LTD.,SELL,850000,40.63,- 25-JUN-2012,ARSSINFRA,ARSS Infra Proj. Ltd,YES EQUITIES PRIVATE LIMITED,SELL,11142,40.32,- 25-JUN-2012,HDIL,Housing Development and I,GENUINE STOCK BROKERS PVT LTD,SELL,5073073,84.19,- 25-JUN-2012,PEARLPOLY,Pearl Polymers Ltd,PEARL APARTMENTS LTD,SELL,325000,9.54,- 25-JUN-2012,THINKSOFT,Thinksoft Global Ser Ltd,CROSSEAS CAPITAL SERVICES PVT. LTD.,SELL,53450,72.63,-

Thumbs down to RBI again; Sensex slips below 17K

Markets witnessed a complete turnaround in trade today and ended in red due to measures announced by the government to boost dollar inflows. Markets slipped and ended in red with Sensex falling 90 points and Nifty down by 31 points. Major Headlines: RBI takes steps to boost economy by raising ECB limits India rating stable despite challenges: Moody's RIL surges on buyback of equity shares Shareholders OKs Sesa Goa, Sterlite merger deal

Market loses ground as RBI's latest measures disappoint

Key benchmark indices dropped in choppy trade as Reserve Bank of India's announcement of measures to attract greater foreign investment in government bonds and increase in the total amount that Indian companies can borrow by way of external commercial borrowing (ECB), fell short of investors' expectations. Weakness in world stocks also hit sentiment adversely. World stocks dropped on Monday, 25 June 2012, as investors grew concerned that a key European summit later this week to deal with the ongoing euro-zone debt crisis may not come up with strong measures to resolve euro-zone debt woes. Intraday volatility was high as the barometer index the BSE Sensex settled below the psychological 17,000 mark, which it had crossed in opening trade. The BSE Sensex was down 90.35 points or 0.53%, off 248.99 points from the day's high and up 29.11 points from the day's low. Index heavyweight Reliance Industries (RIL) reversed intraday gains. The market breadth was positive.

SGX Nifty Live Update - June 26 2012

5117.75 -4.75 (-0.09%)