Tuesday, October 30, 2012
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
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.
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.