Daily News Roundup - Nov 2 2012

L&T Construction has won new orders valued at over Rs10.6bn across various business segments in October. (BL) SAIL expects to expand its production capacity to 18mn tons by the end of current financial year, as it plans to commission two new blast furnaces. (BL) Oil India Ltd has started drilling operations in Gabon, South Africa for hydrocarbon exploration. (BL)

Broadbased recovery…Nifty above 5600 for 2nd day

Finally, the Indian stock market has broken away from the one day up, one day down sequence. The benchmarks have eventually managed to extend its gains for the second consecutive trading session. Markets ended almost near day’s high as participants cheered the PMI data. The HSBC India Manufacturing Purchasing Managers' Index (PMI) a measure of factory production stood at 52.9 in October slightly up from September, when it was 52.8. The upswing was led by a broad based recovery in sectors across the board. The Consumer Durables index, up 5.5% followed by BSE Auto index up 2.2%, BSE Realty index up 1.8%, BSE Power index up 1% and BSE Pharma index up 0.9%.

Markets coming alive

Don’t ask what the world needs. Ask what makes you come alive and go do it. Because what the world needs is more people who have come alive – Howard Thurman. The world seems to be on a gaining spree as far as equity markets are concerned. The Indian indices will continue their winning ways with added momentum today powered by the strong global cues. The HSBC India Manufacturing Purchasing Managers' Index (PMI) stood at 52.9 in October slightly up from September, when it was 52.8. Consumer confidence in US climbed last month to a more than four-year high.

Markets give positive start on strong global cues

The Indian markets ring the opening bell in the green terrain as the global peers look supportive. The Sensex and Nifty are trading with good gains. Buying is visible across the board. Among the 13 sectoral indices, the BSE realty is up 1.5%. Metal, capital goods, bankex, power, auto, FMCG and PSU indices are also up around 1% each. The broader markets are in-line with the benchmark indices. The BSE mid-cap and small-cap indices are up 0.7% each. The overall breadth stands positive. From the earnings front, India's third-largest IT services company, Wipro announces its consolidated net profit of Rs1,610 crore for the quarter ended 30th September 2012. At 10.00 am, the Sensex was trading at 18708.85, 148 points higher and the Nifty was trading at 5689, up by 44 points.

Market surges on upbeat US economic data

Key benchmark indices jumped in early trade on upbeat US economic data released overnight. United States is the world's biggest economy. The market breadth was strong. All the 13 sectoral indices on BSE were in green. The barometer index, BSE Sensex, was up 141.78 points or 0.76%, off about 50 points from the day's high and up close to 10 points from the day's low. Index heavyweight, Reliance Industries (RIL) rose after the Ministry of Petroleum & Natural Gas after trading hours on Thursday, 1 November 2012, issued detailed clarification regarding KG-DWN-98/3 block allotted to RIL led consortium. Another index heavyweight and cigarette maker ITC also edged higher in early trade. Godrej Consumer Products rose after company said it has completed the acquisition of 51% stake in Darling Group in Kenya. IT major Wipro gained on good Q2 results. India's largest commercial vehicle maker by sales Tata Motors rose after reporting October sales after trading hours on Thursday. Realty major DLF rose after company said it has received the entire amount from Lodha Developers on sale of a land parcel in Mumbai.