Corporation Bank
India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Thursday, February 04, 2010
BSE Bulk Deals to Watch - Feb 4 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
4/2/2010 532914 Arcotech TEJINDER SINGH S 100000 22.75
4/2/2010 533138 ASTEC TRANSGLOBAL SECURITIES LTD. B 169577 69.46
4/2/2010 533138 ASTEC TRANSGLOBAL SECURITIES LTD. S 172577 69.65
4/2/2010 532995 Avon Corp VINOD AMRATLAL NAAI B 991585 8.82
4/2/2010 532995 Avon Corp VINOD AMRATLAL NAAI S 1049771 8.88
4/2/2010 531719 Bhagiradha Che ASHOK KUMAR BILGAIYAN B 34552 74.53
4/2/2010 531719 Bhagiradha Che ASHOK KUMAR BILGAIYAN S 34552 74.88
4/2/2010 511607 Birla Shloka RAVI SHANKARAN B 750000 57.99
4/2/2010 511607 Birla Shloka NIRAJHAR SUKHLAL SANGHAVI B 157574 51.30
4/2/2010 511607 Birla Shloka ARIHANT SEC & INVESTMENT B 731490 53.45
4/2/2010 511607 Birla Shloka MOHAN LAL AGARWAL B 220229 51.50
4/2/2010 511607 Birla Shloka RMJ COMMODITY MARKET PRIVATE LIMITED B 75000 56.62
4/2/2010 511607 Birla Shloka HITESH SHASHIKANT JHAVERI B 235952 56.31
4/2/2010 511607 Birla Shloka BHAVIN Y MEHTA B 86700 56.76
4/2/2010 511607 Birla Shloka BP FINTRADE PRIVATE LIMITED B 123366 53.21
4/2/2010 511607 Birla Shloka BP FINTRADE PRIVATE LIMITED S 123363 56.33
4/2/2010 511607 Birla Shloka HITESH SHASHIKANT JHAVERI S 128866 58.51
4/2/2010 511607 Birla Shloka TALISMAN SECUTIRIES PVT LTD S 294763 48.73
4/2/2010 511607 Birla Shloka BHAVIN Y MEHTA S 131700 49.91
4/2/2010 511607 Birla Shloka TOUCHSTONE FINVEST SERVICES PRIVATE LIMITED S 100000 56.75
4/2/2010 511607 Birla Shloka MOHAN LAL AGARWAL S 220229 51.63
4/2/2010 511607 Birla Shloka ARIHANT SEC & INVESTMENT S 731490 54.49
4/2/2010 511607 Birla Shloka PARAM COMMODITIES PVT.LTD. S 200000 50.04
4/2/2010 511607 Birla Shloka APURVA COMMODITIES PRIVATE LIM S 159239 50.00
4/2/2010 511607 Birla Shloka PUSHKAR BANIJYA LIMITED S 225000 58.54
4/2/2010 511607 Birla Shloka NIRAJHAR SUKHLAL SANGHAVI S 157574 56.50
4/2/2010 511607 Birla Shloka SARSWATI VINCOM LTD S 178551 58.75
4/2/2010 531337 Channel Guide VISHAL SATISHKUMAR SHAH B 50000 18.30
4/2/2010 531337 Channel Guide HEMANT RAJENDRABHAI SHAH S 50000 18.30
4/2/2010 530871 Chembond Chem DISCOVERY WEALTH MANAGEMENT SERVICES PRIVATE LIMITED S 22500 250.47
4/2/2010 532363 Compulearn HITESH SHASHIKANT JHAVERI S 96461 23.45
4/2/2010 532858 Decolight Cerm BHAVNABEN HARSHADBHAI PATEL S 139798 12.22
4/2/2010 532631 Fame India RELIANCE CAPITAL PARTNERS B 414200 48.30
4/2/2010 509567 Goa Carbon OPG SECURITIES P LTD B 58667 127.68
4/2/2010 509567 Goa Carbon BP FINTRADE PRIVATE LIMITED B 56882 123.59
4/2/2010 509567 Goa Carbon BP FINTRADE PRIVATE LIMITED S 51821 125.80
4/2/2010 509567 Goa Carbon OPG SECURITIES P LTD S 58667 127.57
4/2/2010 508918 Greycells Enter SAFE ENTERPRISES S 44446 58.00
4/2/2010 513059 GS Auto SANJAYKUMAR CHAMPAKLAL SHAH B 46500 47.24
4/2/2010 532658 Indo Asian Fuse PKR HITECH INDUSTRIAL COPORATION LLP B 135000 68.30
4/2/2010 532658 Indo Asian Fuse VPM INDUSTRIAL CORPORATION LLP S 135000 68.30
4/2/2010 533154 INFINITE A K G STOCK BROKERS PRIVATE LIMITED B 221247 207.60
4/2/2010 533154 INFINITE SMART EQUITY BROKERS PRIVATE LIMITED B 490144 207.67
4/2/2010 533154 INFINITE GENUINE STOCK BROKERS PVT. LTD. B 511659 205.37
4/2/2010 533154 INFINITE SANJEEV SINGHAL B 244624 206.39
4/2/2010 533154 INFINITE OPG SECURITIES P LTD B 1040768 207.01
4/2/2010 533154 INFINITE JMP SECURITIES PVT LTD B 220297 210.00
4/2/2010 533154 INFINITE JMP SECURITIES PVT LTD S 220079 200.80
4/2/2010 533154 INFINITE OPG SECURITIES P LTD S 1040768 207.18
4/2/2010 533154 INFINITE SANJEEV SINGHAL S 244624 206.56
4/2/2010 533154 INFINITE SMART EQUITY BROKERS PRIVATE LIMITED S 490144 207.79
4/2/2010 533154 INFINITE GENUINE STOCK BROKERS PVT. LTD. S 511659 205.63
4/2/2010 533154 INFINITE A K G STOCK BROKERS PRIVATE LIMITED S 221247 208.48
4/2/2010 523467 Jai Mata Glass CHHAYA DILIP SHAH B 125141 3.37
4/2/2010 523467 Jai Mata Glass MANSI MILAN CHOKSI B 249885 3.37
4/2/2010 523467 Jai Mata Glass MUKUL NANJI JETHVA B 124974 3.37
4/2/2010 523467 Jai Mata Glass SHAILESH RAVJIBHAI PATEL S 160000 3.37
4/2/2010 507180 Kesar Enter WALLFORT FINANCIAL SERVICES LTD S 35000 132.07
4/2/2010 517554 Midpoint Soft CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 10099 43.99
4/2/2010 517554 Midpoint Soft HITESH SHASHIKANT JHAVERI B 6998 44.70
4/2/2010 517554 Midpoint Soft HITESH SHASHIKANT JHAVERI S 12937 44.55
4/2/2010 517554 Midpoint Soft CHIMANLAL MANEKLAL SECURITIES PVT.LTD S 8599 42.38
4/2/2010 531083 Nihar Info DIVYESH NIHAR BODA S 40000 3.63
4/2/2010 531791 Novagold Petro ABHIJAI INVESTMENT S 34000 3.98
4/2/2010 500313 Oil Country Tub MANISH GILADA B 225000 115.00
4/2/2010 531496 Omkar Overseas PARESH RAMJIBHAI CHAUHAN B 37829 48.10
4/2/2010 531496 Omkar Overseas NISHITH BABULAL SHAH B 25000 49.00
4/2/2010 531496 Omkar Overseas NISHITH BABULAL SHAH B 50000 48.70
4/2/2010 531496 Omkar Overseas AMBIKA SHYAM SHUKLA S 50000 48.70
4/2/2010 512097 Oregon Comm HALAN PROPERTIES PRIVATE LTD. B 12933 205.07
4/2/2010 512097 Oregon Comm CHITTALIYA GEETABEN JIGNESH B 5000 200.50
4/2/2010 512097 Oregon Comm SANJAY JETHALALSONI B 5200 200.00
4/2/2010 512097 Oregon Comm KRUPA SANJAY SONI B 5200 200.00
4/2/2010 512097 Oregon Comm KRUPA SANJAY SONI B 6226 201.79
4/2/2010 512097 Oregon Comm APPLE BROKING B 5000 200.00
4/2/2010 512097 Oregon Comm AAP INVESTMENTS B 5000 201.00
4/2/2010 512097 Oregon Comm AAP INVESTMENTS S 5000 199.85
4/2/2010 512097 Oregon Comm NITIN SHIVLAL RUPANI S 14800 200.02
4/2/2010 512097 Oregon Comm KRUPA SANJAY SONI S 5656 206.57
4/2/2010 512097 Oregon Comm SANJAY JETHALALSONI S 5200 210.28
4/2/2010 512097 Oregon Comm KRUPA SANJAY SONI S 5200 206.31
4/2/2010 512097 Oregon Comm HALAN PROPERTIES PRIVATE LTD. S 12933 208.01
4/2/2010 512097 Oregon Comm NARESH S RUPANI S 10000 200.13
4/2/2010 512097 Oregon Comm JYOTI NARESH RUPANI S 10000 200.50
4/2/2010 512097 Oregon Comm NARESH SHIVLAL RUPANI S 11800 200.75
4/2/2010 531280 Pankaj Poly BLUE SQUARE CORPORATE SERVICES PVT LTD B 32900 17.45
4/2/2010 531280 Pankaj Poly LATA MAHESH GUPTA S 46055 17.56
4/2/2010 531855 Prabhav Inds JIGNESH CHANDRAKANT SHAH B 54300 38.85
4/2/2010 531855 Prabhav Inds JIMIT RAMESH SHAH S 100000 38.85
4/2/2010 531855 Prabhav Inds RAMESH VIRAJ SHAH S 50000 38.85
4/2/2010 590077 Ranklin Sol SATISH MORTHA B 43575 55.85
4/2/2010 590077 Ranklin Sol CH VISHNU VARDHAN S 39000 55.46
4/2/2010 590077 Ranklin Sol RAMESH KUMAR TUMMAPALA S 31525 55.96
4/2/2010 590077 Ranklin Sol SITHA BURUGULA S 26500 56.37
4/2/2010 533017 Resurgere Mines OPG SECURITIES P LTD B 260491 100.97
4/2/2010 533017 Resurgere Mines OPG SECURITIES P LTD S 260491 100.96
4/2/2010 531781 Sapan Chem NILESH KRUSHNA PALANDE S 44221 4.04
4/2/2010 532793 Shree Ashtavina SUMAN DEVI B 879495 30.39
4/2/2010 532348 Subex MORGAN STANLEY DEAN WITTER MAURITIUS COMPANY LTD S 303728 65.47
4/2/2010 519228 Temptation Food AENEAS EVOLUTION PORTFOLIO LIMITED S 175000 35.73
4/2/2010 533121 THINKSOFT A K G STOCK BROKERS PRIVATE LIMITED B 116337 491.22
4/2/2010 533121 THINKSOFT A K G STOCK BROKERS PRIVATE LIMITED S 116337 491.14
4/2/2010 532360 Vintage Cards VAIBHAV RAMESH SAMANT S 5000 17.28
4/2/2010 511726 Vipul VAISHALLI ARYA S 322000 47.53
4/2/2010 531249 Well Pack Papers SHOBHNABEN R PARMAR B 26797 422.54
4/2/2010 531249 Well Pack Papers SHREEDHAR YELLAIAH KODAM B 26149 422.57
4/2/2010 531249 Well Pack Papers SHOBHNABEN R PARMAR S 28475 423.36
4/2/2010 506720 Zandu Pharma A K G STOCK BROKERS PRIVATE LIMITED B 4640 4724.80
4/2/2010 506720 Zandu Pharma A K G STOCK BROKERS PRIVATE LIMITED S 4640 4729.10
4/2/2010 506720 Zandu Pharma EMAMI INFRASTRUCTURE LIMITED S 6538 4660.62
* B - Buy, S - Sell
NSE Bulk Deals to Watch - Feb 4 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
04-FEB-2010,ASTEC,Astec LifeSciences Ltd,TRANSGLOBAL SECURITIES LTD.,BUY,196484,69.55,-
04-FEB-2010,DECOLIGHT,Decolight Ceramics Limite,HARESH INFRASTRUCTURE PRIVATE LIMITED,BUY,10000,11.17,-
04-FEB-2010,FAME,Fame India Limited,RELIANCE CAPITAL PARTNERS,BUY,265048,48.31,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,BP FINTRADE PRIVATE LIMITED,BUY,71015,125.73,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,LPC SECURITIES LTD,BUY,52580,125.62,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,MBL & COMPANY LTD.,BUY,79977,124.95,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,OM INVESTMENTS,BUY,88087,126.16,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,BP FINTRADE PRIVATE LIMITED,BUY,260180,210.19,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,CARLSON FUND EQUITY ASIAN SMALL CAP (CASC),BUY,784000,203.57,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,BUY,302398,206.82,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,GENUINE STOCK BROKERS PVT LTD,BUY,518620,207.67,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,JMP SECURITIES PVT LTD,BUY,221428,211.33,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,BUY,263643,208.50,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,MANIPUT INVESTMENTS PVT. LTD.,BUY,399931,208.40,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,NEPTUNE FINCOT PVT LTD,BUY,218809,208.80,-
04-FEB-2010,ITI,ITI Ltd.,PRASHANT JAYANTILAL PATEL,BUY,132113,56.80,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,BLUE PEACOCK SECURITIES PVT LT,BUY,775204,30.66,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,NAMAN SECURITIES & FINANCE PVT. LTD,BUY,771977,30.16,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,SUMAN,BUY,1210586,30.32,-
04-FEB-2010,SPICEMOBIL,Spice Mobiles Limited,BP FINTRADE PRIVATE LIMITED,BUY,403911,41.79,-
04-FEB-2010,THINKSOFT,Thinksoft Global Ser Ltd,AAKRUTI TEXTILES,BUY,55000,492.31,-
04-FEB-2010,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,150962,491.03,-
04-FEB-2010,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,1316197,18.54,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,4439,4723.49,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,AVICHAL REALITY PRIVATE LIMITED,BUY,5800,4655.63,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,MARWADI SHARES AND FINANCE LIMITED,BUY,6424,4757.29,-
04-FEB-2010,ASTEC,Astec LifeSciences Ltd,TRANSGLOBAL SECURITIES LTD.,SELL,194984,69.49,-
04-FEB-2010,DECOLIGHT,Decolight Ceramics Limite,HARESH INFRASTRUCTURE PRIVATE LIMITED,SELL,100000,12.24,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,BP FINTRADE PRIVATE LIMITED,SELL,70016,126.12,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,LPC SECURITIES LTD,SELL,51080,125.92,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,MBL & COMPANY LTD.,SELL,79977,125.02,-
04-FEB-2010,GOACARBON,Goa Carbon Ltd,OM INVESTMENTS,SELL,88087,126.29,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,BP FINTRADE PRIVATE LIMITED,SELL,263680,209.95,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,DYNAMIC STOCK BROKING (I) PRIVATE LIMITED,SELL,308498,206.37,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,GENUINE STOCK BROKERS PVT LTD,SELL,518620,207.56,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,JMP SECURITIES PVT LTD,SELL,303180,208.03,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,KALASH SHARES & SECURITIES PRIVATE LIMITED,SELL,263643,208.65,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,MANIPUT INVESTMENTS PVT. LTD.,SELL,399931,208.42,-
04-FEB-2010,INFINITE,Infinite Computer Sol Ltd,NEPTUNE FINCOT PVT LTD,SELL,220809,208.66,-
04-FEB-2010,INOXLEISUR,INOX Leisure Limited,RELIANCE CAPITAL LTD,SELL,390000,75.69,-
04-FEB-2010,ITI,ITI Ltd.,PRASHANT JAYANTILAL PATEL,SELL,132113,56.22,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,BLUE PEACOCK SECURITIES PVT LT,SELL,884679,29.72,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,NAMAN SECURITIES & FINANCE PVT. LTD,SELL,825838,29.99,-
04-FEB-2010,SHREEASHTA,Shree Ashtavinayak Cine V,SUMAN,SELL,1535586,30.10,-
04-FEB-2010,SPICEMOBIL,Spice Mobiles Limited,BP FINTRADE PRIVATE LIMITED,SELL,388866,41.90,-
04-FEB-2010,SUBEX,Subex Limited,MORGAN STANLEY DEAN WITTER MAURITIUS COMPANY LIMITED,SELL,367012,65.47,-
04-FEB-2010,THINKSOFT,Thinksoft Global Ser Ltd,AAKRUTI TEXTILES,SELL,10000,488.64,-
04-FEB-2010,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,150962,491.44,-
04-FEB-2010,WWIL,Wire and Wireless (India),ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,1316197,18.53,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,4439,4726.18,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,AVICHAL REALITY PRIVATE LIMITED,SELL,5800,4644.85,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,EMAMI INFRASTRUCTURE LIMITED,SELL,8462,4641.30,-
04-FEB-2010,ZANDUPHARM,Zandu Pharma works Ltd,MARWADI SHARES AND FINANCE LIMITED,SELL,6424,4765.35,-
Its bears turn today
Today's major news
State Bank of India expands its business in North India; the stock closes 2.45% lower
Shipping Corporation of India in line for a 20% government stake sale: the stock ends the day 2.05% lower
Simmonds Marshall’s stock split news: the stock jumps 10%
Rishi Laser shines on winning export order; the stock rises 0.36%
ACC’s CY2009 net profit zooms by 32%; the stock slid 2.90%
Click here for more stories
Post-market summary
Global signals
The European markets extended their losses on Thursday, as banking shares dropped the most led by Deutsche Bank and Santander. At the time of writing this report FTSE 100 was down by 0.86%.
Among major Asian indices, all the indices closes lower except Kospi that closed marginally higher. SGX Nifty fell 95 points.
US stock futures opened marginal lower ahead of data for first-time claims for jobless benefits for the week ended January 30 and data related to December factory orders.
Indian indices
It seems if bears and bulls are taking turns to leave investors restive. Where the bulls pushed the bears to the wall yesterday, today bears took the turn. On glum cues from overseas markets, the Sensex opened mere four points higher, but soon turned negative and continued to slid all along the day. Realty and metal bears stocks pushed the index to the day’s low of 16189. The day’s high was 16508. At closing bell, the Sensex was at 16496, 271 points lower. Nifty closed at 4845, 86 points lower.
Sensex sentiment
The declining stocks outnumbered the advancing stocks. Of the 2,899 stocks traded on the BSE, 2003 stocks declined, whereas 836 stocks advanced. Sixty stocks closed unchanged.
Sectoral & stock screening
Bears drubbed all the sectors with the interest rate sensitive realty sector tumbling the most, posing a loss of 3.89%. After yesterday’s rally, metal stocks were trapped in profit booking pushed the sector index 3.36% down. Fast moving consumer goods (FMCG) the defensive sector stood least affected among the 13 sector indices.
The star stock for the day was Procter & Gamble that was up by 5.55% to be followed by GAIL India that surged 3.14% and MMTC that rose 1.67%. Among laggards Jaiprakash Hydro slid the most by 6.54%, followed by Aluminum major Hindalco that fell 6.37% and Reliance Natural Resources that shed 6.12%.
Viewing volumes
Industrial finance company IFCI saw highest trading with over 0.73 crore shares changing hands on the BSE followed by realty major Unitech (0.70 crore shares), wind turbine major Suzlon Energy (0.61 crore shares), Reliance Natural Resources (0.58 crore shares) and Ispat Industries (0.41 crore shares).
Asian Markets tumbles on Thursday
Sensex, Hang Seng, Seoul, Shanghai led losses while NZX50, Seoul close higher
Stock markets in Asian region tumbled on Thursday, 4 February 2010, as investors showed little interest, drying up the buying activity following somewhat lackluster session on Wall Street overnight. Besides a lack of triggers, caution ahead of some key earnings reports and a fair amount of profit taking due to weaker commodity prices are also contributed to the decline in most of the markets in the region.
On Wall Street, a two-day stock rally stalled Wednesday as mildly positive economic data failed to offset uncertainty regarding the strength of economic recovery amid a weak job environment. The Dow Jones Industrial Average finished off session lows but still lost 26 points, or 0.3%, to 10,271. The S&P 500 shed 6 points, or 0.6%, to 1097, though the Nasdaq improved by nearly 1 point, or 0.04%, at 2191.
In the commodity market, crude oil declined for a second day after a U.S. Energy Department report yesterday showed a bigger- than-forecast increase in inventories as refineries idled units and imports climbed.
Crude oil for March delivery fell as much as 43 cents, or 0.6%, to $76.55 a barrel in electronic trading on the New York Mercantile Exchange. It was at $76.57 at 8:33 a.m. London time.
Brent crude for March settlement fell as much as 55 cents, or 0.7%, to $75.37 a barrel on the London-based ICE Futures Europe exchange. It was at $75.47 at 8:33 a.m. London time.
Gold declined for a second day in London as a stronger dollar may curb demand for the metal as an alternative investment. Gold for immediate delivery fell $3.30, or 0.3%, to $1,106.50 an ounce at 8:58 a.m. London time. Prices dropped 0.4% yesterday. Bullion for April delivery was down 0.4% at $1,107.20 on the New York Mercantile Exchange's Comex unit.
In the currency market, the US dollar slipped against the yen but gained against other rivals in Asian trading, ahead of European Central Bank and Bank of England policy meetings later in the session.
The Japanese yen softened against greenback and euro, but strengthened against other higher yielding currencies on Asia-Pacific slow recovery speculation and European nation's debts struggles. The yen strengthen against Australian and New Zealand currencies after reports showed Australian retail sales unexpectedly shrank and New Zealand's jobless rate rose to the highest level since 1999. Japan's currency yen was quoted at 91.03 against the greenback.
The Hong Kong dollar was trading at HK$ 7.7698 against the dollar. Actually the Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.
In Sydney trades, the Australian dollar dropped after a fall in monthly retail sales figures surprised financial markets. At the local close, the dollar was trading at $US0.8814, down 0.7% from Wednesday's close of $US0.8872.
In Wellington trades, the New Zealand dollar fell around one US cent after a shock rise in the unemployment rate to 7.3% in the December quarter. The NZ dollar fell to a five month low of US69.60c from US70.80c just before the report. It was at US69.80c at 5pm from US71.06c at the same time yesterday.
The South Korean won closed at 1150.9 won against the U.S. dollar, down 1.9 won from Wednesday's close of 1149.
The Taiwan dollar weakened against the greenback. The Taiwan dollar was trading lower against the US dollar at NT$ 32.0200, 0.0200 down from Wednesday's close of NT$32.0000.
In equities, most Asian stock markets ended down as caution reigned ahead of the U.S. jobs report Friday, with Japanese shares hurt by deepening fears over Toyota Motor's vehicle recall.
In Japan, the share market fell on profit taking among major heavyweights fueled by another bout of heavy selling in Toyota Motor and affiliated shares over deepening recall jitters. Pullback in commodities prices pressured energy and metal companies. Domestic cues are mixed, as investors are sensitive about companies' third-quarter earnings. Japanese companies set to report results later in the day include Sony Corp, Hitachi, and Nikon Corp. At the closing bell, the Nikkei 225 Stock Average index was at 10,355.98, erased 48.35 points or 0.46%, while the broader Topix of all First Section issues on the Tokyo Stock Exchange dived 4.59 points, or 0.5%, to 911.09.
In Mainland China, the shares finished modest lower as renewed worries of fund raising from Chinese lenders, falls in commodity prices, and risk aversion. Most of heavyweights trimmed some of the yesterday's strong gains after regulator's denial of rumors that it had suspended the review and approval of new IPOs. The market tumbled in recent weeks by worries about heavy share supplies, fuelled by steady approvals of new initial public offerings.
At the closing bell, the Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, fell 8.53 points, or 0.28%, to 2,995.31, while the Shenzhen Component Index on the smaller Shenzhen Stock Exchange slipped 93.09 points, or 0.76%, to 12,169.48. The CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, sank 0.37%, to 3,218.80.
In Australia, the shares snapped a 2-days of winning streak, pushing key indices to down. Resource-linked shares led the declines on pullback in commodity prices and as weaker cues from offshore market. The sell off was intensified by unexpectedly shrank in Australian December retail sales. Retailer's shares tumbled after the release of weak retail sales data and a disappointing result from Myer. At the closing bell, the benchmark S&P/ASX200 index fell 26.30 points, or 0.57%, to 4,621.60, meanwhile the broader All Ordinaries shrank 29.10 points, or 0.62%, to 4,644.10.
On the economic front, Australian Bureau of Statistics report retail sales increased 1.1% in the December quarter, however dipped 0.7% in the month of December to A$19.925 billion.
In a separate report, the Statistic Bureau said that building approvals in Australia were up a seasonally adjusted 2.2% to reach 14,869 units in December after the 5.9% increase in November. On an annual basis, approvals surged 53.3% after the 33.3% gain in the previous month.
In New Zealand, stock market ended in the positive terrain, up almost 14 points. The domestic benchmark index rose today after dipping down in the red region for six days in a row. NZX 50 that crossed 3300 levels early in January 2010 has thereafter been consistently declining, currently trading close to 3150. At the closing today, the NZX 50 added 0.44% or 13.83 points to 3148.94. Meanwhile, the NZX 15 advanced 0.72% or 40.79 points to close at 5688.72.
On the economic front, unemployment rose to 7.3% in the December quarter from 6.5% the previous quarter, according to the Household Labour Force Survey released today. The number of unemployed people rose by 18,000 to 168,000 during the quarter, taking the unemployment rate to its highest level since the June 1999 quarter. The jump in the unemployment rate was largely due to an increase in the number of people entering the labour force but who were unable to find work.
In South Korea, stocks closed higher as automaker gains narrowly offset falls stemming from heavy institutional sell-offs. After range-bound trading, the Korea Composite Stock Price Index (KOSPI) added 1.4 points to finish at 1,616.42.
In Singapore, the stocks retreated in quiet trading on Thursday as equity and commodity markets lost ground across the globe overnight. Commodity-linked shares led the slide, while financials fell as weak lead from the US financials. Manufacturing and multi-industries slid amid speculation Asia-Pacific economic recovery might slow this year and broader decline in commodities prices. At the closing bell, the blue chip Straits Times Index was at 2,744.98, slipped 19.86 points or 0.72%.
In Taiwan, stock markets finished flat with technology shares tracked losses on Wall Street amid concerns about the global economic recovery. Investors were worried that governments of major countries would shift direction of their stimulus packages. The benchmark Taiex share index extended losses in second session, by finishing the day slightly lower by 5.94 points or 0.08% at 7542.04.
In Philippines, the stock market closed higher bucking the trend in regional markets, as investors remained optimistic following the positive economic prospects. A rebound in exports and spending related to the local and national polls in May are expected to push gross domestic product (GDP) growth past 2.6% in the first quarter of 2010. At the final bell, the benchmark index PSEi ascended 1.04% or 30.06 points to 2,914.87, while the All Shares index went up 0.76% or 14.06 points to 1,853.78.
In India, a late sell-off in index pivotals pulled the key benchmark indices to the day's low. Weak global stocks weighed on investor sentiment. European markets were trading lower ahead of rate decisions from the European Central Bank and the Bank of England later in the global day. In another announcement, the two top stock exchanges, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have decided to hold a special trading session on Saturday, 6 February 2010, as NSE is testing an upgraded trading system. Trading will begin at 11:00 IST and end at 12:30 IST. The BSE 30-share Sensex was down 271.10 points or 1.64% to 16,224.95. The S&P CNX Nifty was down 86.50 points or 1.75% to 4845.35.
Elsewhere, Malaysia's Kula Lumpur Composite index finished slightly lower at 1265.03 while stock markets in Indonesia's Jakarta Composite index gave up by 11.33 points ending the day lower at 2593.22.
In other regional market, European shares Thursday resumed a downward trend from the previous session, as worries about the debt levels of Greece and Portugal refused to go away. Overall, the German DAX index declined 0.7% to 5,634.74, the French CAC-40 index lost 0.7% to 3,767.30 and the U.K. FTSE 100 index fell 0.7% to 5,214.31.
Realty, metal, auto shares worst hit in market slide
Weak global cues casted their shadow on the domestic bourses which ended sharply lower following a late sell-off in index pivotals. European markets were trading lower ahead of rate decisions from the European Central Bank and the Bank of England later in the global day. US index futures were also sharply lower. The BSE 30-share Sensex lost 271.10 points or 1.64%, off 283.27 points from the day's high and up 36.15 points from the day's low.
The market breadth was weak after swinging between positive and negative zone. Realty shares declined on selling pressure. Auto stocks declined on fears a hike in fuel price may crimp demand. IT pivotals declined after an industry body cut the sector's export forecast for 2010/11. Telecom stocks declined on reports the 3G auctions will be delayed.
Infrastructure stocks fell on fears of lower government spending on infrastructure after a lower-than-expected response to NTPC's follow-on public offer. Metal stocks, too, edged lower as metal prices fell on the London Metal Exchange on Wednesday, 3 February 2010.
The market was volatile. Stocks drifted lower in early trade tracking weak Asian stocks. It cut losses later. The market weakened again with the Sensex hitting a fresh intrday low in morning trade. It soon cut losses. However, after a strong intraday rebound in mid-morning trade, the market once again lost ground in early afternoon trade. Fresh selling in mid-afternoon trade pulled key benchmark indices to the day's low.
India VIX, a volatility index based on the S&P CNX Nifty index option prices, jumped 5.99% to 27.07. India VIX is a measure ofthe market's expectation of volatility over the next 30 calendar days
Following rising prices of potato and pulses, food inflation rose to 17.56% in the week ended 23 January 2010 from 17.40% in the previous week, government data released today showed. The inflation for primary articles, which include food and non-food items, marginally eased to 14.56% in the reporting week from 14.66% in the previous week. The fuel price index rose 5.88%.
Pronab Sen, the country's chief statistician, said on Wednesday the government should wait till May to roll back stimulus, as the strength of the demand recovery visible in available data may not be for real, pulling the finance minister, Pranab Mukherjee, away from a policy direction which the Reserve Bank of India (RBI) desires.
The advance estimates on economic growth for the current fiscal ending March 2010 will be released on Monday. It will be based on the provisional data for the first half of the year and partial data for third quarter and no data on the fourth quarter, which contributes the highest to the annual Gross Domestic Product.
Meanwhile, non-banking finance companies (NBFC) and housing finance companies (HFC) can no longer resort to short-term foreign currency borrowings. Citing prevailing macroeconomic conditions and improvements in domestic credit and liquidity conditions, the Reserve Bank of India (RBI) has withdrawn the borrowing facility with immediate effect. The latest move by the RBI is seen as part of its efforts to gradually reverse its soft money policy.
In October-November 2008, the RBI had, as a temporary measure, allowed systemically important non-deposit taking NBFCs and HFCs to raise short-term foreign currency borrowings not exceeding 50% of their net-owned funds or $10 million, whichever was higher, for refinancing their short-term liabilities.
As regards government's divestment plan, Rural Electrification Corporation (REC) will be the next Government- owned entity to come out with a follow-on public offer (FPO). Its 17.1-crore share FPO will open on 19 February 2010 and will close on 23 February 2010. This will be followed by NMDC's FPO.
As per reports, in the next fiscal, the Government is likely to divest its stake in state-run firms such as Engineers India, Coal India through initial public offers (IPOs) and Power Grid and Sail through FPOs.
European shares Thursday resumed a downward trend from the previous session, as worries about the debt levels of Greece and Portugal refused to go away. Key benchmarki indices in Germany, France and UK were down by between 0.65% to 0.83%.
The losses came as credit-default swaps on Portugal rose over the 200 level for the first time after Portugal's finance ministry on Wednesday cut the volume on its T-bill auction to 300 million euros from 500 million euros.
Asian shares declined today after Australian retail sales unexpectedly fell in December and commodity prices declined. The key benchmark indices in Taiwan, Hong Kong, Japan, China and Singapore were down by between 0.08% to 1.84%. However South Korea's Seoul Composite index rose 0.09%
Australian retailers dropped after the Bureau of Statistics said retail sales in December 2009 sank 0.7% from November 2009. This was lower than median forecast of economists for a 0.2% gain.
US markets snapped a two-day winning streak on Wednesday, 3 February 2010, as Pfizer's disappointing outlook weighed on the health sector, and President Obama's pledge to complete banking and healthcare reform revived fears of increased regulation. The key indices ended on a mixed note. The Dow Jones Industrial Average fell 26.30 points or 0.26% to 10,270.55, the S&P 500 index slipped 6.04 points or 0.55% to 1,097.28. However the Nasdaq Composite rose marginally by 0.85 points to 2,190.91
In economic news, the ISM Non-Manufacturing index rose to 50.5 in January from 49.8 in December, but fell short of economists expectations of 51. On the jobs front, ADP reported that 22,000 jobs were lost from private payrolls in January.
Trading in US index futures showed the Dow could fall 63 points at the opening bell on Thursday, 4 February 2010.
Closer home, the two top stock exchanges, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have decided to hold a special trading session on Saturday, 6 February 2010, as NSE is testing an upgraded trading system. Trading will begin at 11:00 IST and end at 12:30 IST.
The BSE 30-share Sensex was down 271.10 points or 1.64% to 16,224.95. The index fell 307.25 points at the day's low of 16,188.80 in late trade. The Sensex rose 12.17 points at the day's high of 16,508.22 in early trade.
The S&P CNX Nifty was down 86.50 points or 1.75% to 4845.35 as per provisional closing
The market breadth, indicating the overall health of the market, was weak. Breadth swung between positive and negative repeatedly on numerous occasions during in the day. On BSE, 2009 shares declined as compared with 864 that advanced. A total of 59 shares remained unchanged.
The total turnover on BSE amounted to Rs 4335 crore as compared with Rs 4771 crore on Wednesday, 3 February 2010.
The BSE Mid-Cap index fell 1.95% to 6,517.14, underperforming the Sensex. The BSE Small-Cap index declined 1.61% to 8,344.74, outperforming the Sensex.
All the sectoral indices on BSE settled lower with chief losers being the BSE Metal index (down 3.36%), the BSE Realty index (down 3.89%), and the BSE Auto index (down 2.12%).
Among the 30-member Sensex pack, 27 declined while the only 3 of them managed gains. ITC (up 0.55%), and HDFC Bank (up 0.31%), edged higher from the Sensex pack
Metal stocks declined after LMEX, a gauge of six metals traded on the London Metal Exchange, lost 2.53% on Wednesday, 3 February 2010.
India's largest private sector aluminium maker by sales Hindalco Industries tumbled 5.83% to Rs 147 and was the top loser from the Sensex pack.
Tata Steel (down 4.26%), Sterlite Industries (down 3.14%), National Aluminium Company (down 4.37%), Sesa Goa (down 1.98%), and Hindustan Zinc (down 4.81%), edged lower
Shares of infrastructure sector declined on concern the government will raise less than expected from share sales to fund infrastructure following a lower-than-expected res ponce to the follow-on public offer of NTPC.
Jaiprakash Associates (down 4.51%), Larsen & Toubro (down 0.54%), Bharat Heavy Electricals (down 0.37%), Gammon India (down 1.60%), and Punj Lloyd (down 2.73%), declined.
India's largest mortgage lender by total income Housing Development Finance Corporation (HDFC) lost 2.71% after the Reserve Bank of India (RBI) announced withdrawing the borrowing facility with immediate effect citing prevailing macroeconomic conditions and improvements in domestic credit and liquidity conditions. As a result, housing finance companies can no longer resort to short-term foreign currency borrowings.
Index heavyweight Reliance Industries (RIL) fell 1.33% to Rs 1020, easing from day's high of Rs 1045. The company's net profit rose 15.77% to Rs 4008 crore on 89.77% surge in total income to Rs 57364 crore in Q3 December 2009 over Q3 December 2008. RIL said the results had been reworked and restated to include figures from Reliance Petroleum, which it absorbed last year. The company announced the Q3 result during market hours on 22 January 2010.
India's largest power utility firm by sales NTPC fell 1.43%. NTPC's follow-on pubic offering (FPO) was subscribed 0.79 times as at 15:00 IST, with most of the bids at Rs 209 a piece. The 41.2-crore share issue received bids for 32.46 crore shares. The floor price had been fixed at Rs 201 a share. For retail and high net worth individuals the floor price had been fixed at Rs 201 while qualified institutional buyers (QIB) could bid any price above this level. The FPO which opened for bidding on 3 February 2010 closes on 5 February 2010.
IT pivotals declined after a report showed the US services industry expanded less than forecast. US is a key market for Indian IT firms. India's second largest IT exporter by sales Infosys slipped 1.99%
India's third largest software services exporter Wipro declined 2.50%. Wipro Consumer Care and Lighting, the FMCG arm of Wipro, is reportedly in advanced talks to buy Nigeria-based skincare company, Tura International.
India's largest IT exporter by sales Tata Consultancy Services fell 1.53%. Reportedly TCS' Passport Seva Project, which aims to issue passports in flat three days, is all set to be launched in a week or two.
The National Association of Software and Service Companies (Nasscom) has projected export revenue to grow 13% to 15% to $56-$57 billion in the year to March 2011, below the previous outlook for $60-$62 billion.
Telecom stocks declined on reports the auction for the much awaited third-generation mobile-phone services may not be held by 31 March 2010
India's largest mobile services provider by sales Bharti Airtel fell 1.13%. India's second largest mobile services provider by sales Reliance Communications declined 3.65%.
The government had set 14 January 2010 as the tentative deadline to start taking bids for the airwaves as per its schedule announced in October last year. On 19 January 2010 Communications Minister Raja had told reporters in New Delhi the auction would be completed before the next fiscal year begins on 1 April 2010.
India's largest cement manufacturing company by sales ACC dropped 3.33%. The company reported 10.2% rise in sales to Rs 8479.55 crore and 42.2% rise in net profit to Rs 1563.91 crore in the year ended December 2009 over the year ended December 2008. The results which are on consolidated basis, were announced during market hours today.
North India's largest cement manufacturing company by sales Ambuja Cement lost 1.55% ahead of Q4 December 2009 earnings today, 4 February 2010.
Diversified major Grasim shed 2.32%. As per reports, the Aditya Birla group will invest around Rs 7,000 crore to set up three greenfield facilities which are likely to come up in the states of Chattisgarh, Andhra Pradesh and Tamil Nadu in the next three-four years. The Aditya Birla group is in the process of merging the cement business of two of its companies Grasim and UltraTech Cement.
India's largest oil exploration firm by sales Oil & Natural Gas Corporation rose 0.78% to Rs 1142 in volatile trade, recovering from day's low of Rs 1066.35. The stock had surged to day's high of Rs 1155 earlier during the day on hopes on lower subsidy burden after a report from an expert group headed by Kirit Parikh on Tuesday suggested freeing petrol and diesel prices as well as raising LPG rates by Rs 100 a cylinder and kerosene prices by Rs 6 per litre. The Parikh committee's suggestions, submitted to petroleum minister Murli Deora, would see a hike of Rs 3 per litre in petrol and Rs 3-4 per litre in diesel if implemented. It was the top gainer from the Sensex pack.
GAIL India gained 3.28% to Rs 418.75. ONGC and GAIL India together bear a majority of subsidy burden of oil marketing companies.
However, other oil exploration shares declined. Oil India (down 1.61%) and Cairn India (down 1.95%) fell.
India's largest private sector bank by net profit ICICI Bank slipped 0.50% to Rs 834. The stock rose to a day's high of Rs 849.05 after its American depository receipt (ADR) surged 3.32% to $37 on the New York Stock Exchange on Wednesday, 3 February 2010.
Rate sensitive realty shares declined on fears a hike in interest rate following inflationary pressures in the domestic economy, may crimp housing demand
DLF (down 3.90%), Unitech (down 4.09%), Ackruti City (down 2.21%), Indiabulls Real Estate (down 2.88%), Housing Development & Infrastructure (down 4.29%), declined.
Auto stocks declined on profit booking and after a panel recommenced freeing petrol, diesel prices. Petrol and diesel prices will rise if the government implements the proposal. India's largest tractor maker by sales Mahindra and Mahindra (M&M) fell 3.14%.
India's top truck marker by sales Tata Motors fell 4.25%. India's top small car maker by sales Maruti Suzuki India shed 1.60%.
Ashok Leyland jumped 2.11% as total vehicle sales surged 222% to 7,871 units in January 2010 over January 2009. The announcement was made after market hours on Wednesday, 3 February 2010.
Unichem Laboratories gained 0.48% after the company's Ghaziabad formulation facility was re-certified by Medicines & Healthcare Products Regulatory Agencies, UK. The company made this announcement during trading hours today, 4 February 2010.
Aurobindo Pharma gained 1.39% after the company got final approval from the US Food and Drug Administration for Cetirizine hydrochloride solution. The announcement was made during trading hours today.
Advanta India jumped 5.54% after the company's US unit Advanta US Inc., acquired the assets and business of Crosbyton Seed Company, Crosbyton, Texas, USA for an undisclosed sum. The company announced the overseas acquisition during trading hours today, 4 February 2010.
Falcon Tyres plunged 7.11% after Manali Properties & Finance, a promoter group company pledged 12.50 lakh shares representing 3.67% of the equity capital of the company. The company made this announcement after market hours on Wednesday, 3 February 2010.
IFCI registered highest volume of 73.18 lakh shares on the BSE. Unitech (70.55 lakh shares), Suzlon Energy (61.22 lakh shares), Reliance Natural Resources (58.35 lakh shares), and Ispat Industries (41.77 lakh shares), were the other volume toppers on the BSE.
Infinite Computer Solutions clocked the highest turnover of Rs 245.52 crore on the BSE. State bank of India (Rs 154.38 crore), Tata Steel (Rs 119.93 crore), Aban Offshore (Rs 85.44 crore), and Thinksoft Global Services (Rs 83.34 crore), were the other turnover toppers on the BSE
Sensex slips further; Metal, realty stocks dip
The Sensex slipped further amid weak global cues. Sustained selling was seen in index heavyweights. Metal, realty and IT stocks traded lower.
At 9.53 a.m., the Sensex was trading down 139.25 points or 0.84% at 16,356.80 with 29 components falling. Meanwhile, the Nifty was trading lower by 45.10 points or 0.91% at 4,886.75 with 45 components falling.
The 30-share benchmark index, BSE Sensex opened flat with a rise of 4.24 points or 0.03% at 16,500.29, while the broad based NSE Nifty started with a fall of 100.85 points or 2.04%, at 4,831.00.
Sensex Movers
Housing Development Finance Corporation contributed fall of 15.5 points in the Sensex. It was followed by HDFC Bank (13.08 points), Larsen & Toubro (12.49 points), Reliance Industries (11.96 points) and Infosys Technologies (11.35 points).
However, Hindustan Unilever contributed rise of 3.2 points in the Sensex. It was followed by Sun Pharmaceutical Industries (0.24 points), ICICI Bank (0.29 points), ACC (0.53 points) and Reliance Communications (1.02 points).
Hindustan Unilever (0.93%) was the only gainer in the Sensex pack.
On the other hand, Hindalco Industries (2.43%), Sterlite Industries (India) (1.96%), Tata Steel (1.91%), Housing Development Finance Corporation (1.91%), Jaiprakash Associates (1.86%), and Mahindra & Mahindra (1.62%) were the major losers in the Sensex.
Mid & Small-cap Space
The BSE Midcap index was at 6637.26 down by 9.32 points or by 0.14%. The major losers were Aban Offshore (1.36%), Alstom Projects India (0.96%), AIA Engineering (0.9%), Reliance MediaWorks (0.77%) and Core Projects and Technologies (0.62%).
Sectors in Limelight
The Metal index was at 16,377.18, down by 224.95 points or by 1.35%. The major losers were Hindalco Industries (2.43%), JSW Steel (1.77%), Hindustan Zinc (1.19%), Jindal Steel & Power (0.78%) and Jai Corp (0.5%).
The Realty index was at 3,496.58, down by 39.64 points or by 1.12%. The major losers were Indiabulls Real Estate (1.69%), Ansal Properties and Infrastructure (1.58%), Ackruti City (1.12%), D L F (1.09%) and Anant Raj Industries (0.67%).
The IT index was at 4,980.86, down by 42.47 points or by 0.85%. The major losers were HCL Technologies (1.63%), Mphasis (1.05%), Infosys Technologies (0.72%), Aptech (0.67%) and Oracle Financial Services Software (0.08%).
On the other hand, the FMCG index was at 2,750.27, up by 1.29 points or by 0.05%. The major gainers were Dabur India (1.43%), Hindustan Unilever (0.93%), Marico (0.69%), Britannia Industries (0.4%) and Nestle India (0.19%).
Market Breadth
Market breadth was negative with 918 advances against 1,178 declines.
Value and Volume Toppers
Infinite Computer Solutions (India) topped the value chart on the BSE with a turnover of Rs. 573.26 million. It was followed by Tata Steel (Rs. 300.30 million), State Trading Corporation of India (Rs. 190.06 million) and Rashtriya Chemicals & Fertilizers (Rs. 159.29 million).
The volume chart was led by Shree Ashtavinayak Cine Vision with trades of over 3.73 million shares. It was followed by Dynamic Infotel (3.16 million), Infinite Computer Solutions (India) (2.84 million) and Cals Refineries (2.03 million).
Morning trade weak
The key benchmark indices edged lower tracking weak Asian markets. The BSE 30-share Sensex was down 84.26 points or 0.51%. Despite the broad market fall, the market breadth was positive.
Metal stocks declined as metal prices fell on the London Metal Exchange on Wednesday, 3 February 2010. However, cement pivotals ACC and Ambuja Cement gained ahead of their Q4 December 2009 earnings later in the day
The government will today unveil data on some wholesale price indices for the year through 23 January 2010 viz. the food price index, the primary articles index and the fuel price index.
Meanwhile Pronab Sen, the country's chief statistician, said on Wednesday the government should wait till May to roll back stimulus, as the strength of the demand recovery visible in available data may not be for real, pulling the finance minister, Pranab Mukherjee, away from a policy direction which the Reserve Bank of India (RBI) desires.
The advance estimates on economic growth for the current fiscal ending March 2010 will be released on Monday. It will be based on the provisional data for the first half of the year and partial data for third quarter and no data on the fourth quarter, which contributes the highest to the annual Gross Domestic Product.
Meanwhile, non-banking finance companies (NBFC) and housing finance companies (HFC) can no longer resort to short-term foreign currency borrowings. Citing prevailing macroeconomic conditions and improvements in domestic credit and liquidity conditions, the Reserve Bank of India (RBI) has withdrawn the borrowing facility with immediate effect. The latest move by the RBI is seen as part of its efforts to gradually reverse its soft money policy.
In October-November 2008, the RBI had, as a temporary measure, allowed systemically important non-deposit taking NBFCs and HFCs to raise short-term foreign currency borrowings not exceeding 50% of their net-owned funds or $10 million, whichever was higher, for refinancing their short-term liabilities.
Meanwhile Power Minister Sushilkumar Shinde on Wednesday reportedly said the government may put off divestment in power generation company Satluj Jal Vidyut Nigam (SJVNL) to the next fiscal.
Asian shares declined today after Australian retail sales unexpectedly fell in December and commodity prices declined. The key benchmark indices in China, Hong Kong, Japan, South Korea and Singapore were down by between 0.11% to 1.08%. However, Taiwan's Taiwan Weighted index rose 0.10%.
US markets snapped a two-day winning streak on Wednesday, 3 February 2010, after tepid reports on employment and the services sector. The key indices ended on a mixed note. The Dow Jones Industrial Average fell 26.30 points or 0.26% to 10,270.55, the S&P 500 index slipped 6.04 points or 0.55% to 1,097.28. However the Nasdaq Composite rose marginally by 0.85 points to 2,190.91
In US economic news, the ISM Non-Manufacturing index rose to 50.5 in January from 49.8 in December, but fell short of expectations. On the jobs front, ADP reported that 22,000 jobs were lost from private payrolls in January.
Trading in US index futures indicated a flat opening of US markets on Thursday, 4 February 2010.
Closer home, the National Stock Exchange (NSE) has decided to hold a special trading session on Saturday, 6 February 2010, as the exchange is testing upgraded trading systems. Trading will begin at 11:00 IST and end at 12:30 IST.
At 09:15 IST, the BSE 30-share Sensex was down 84.26 points or 0.51% to 16,411.79. The index fell 84.93 points at the day's low of 16,411.12 in early trade. The Sensex rose 12.17 points at the day's high of 16,508.22 in early trade.
The S&P CNX Nifty was down 27.30 points or 0.55% to 4904.55
The market breadth, indicating the overall health of the market, was positive. On BSE, 722 shares advanced as compared with 573 that declined. A total of 41 shares remained unchanged.
The total turnover on BSE amounted to Rs 498 crore by 09:25 IST
Among the 30-member Sensex pack, 27 declined while only 3 of them managed gains. HDFC (down 1.79%), Jaiprakash Associates (down 1.42%), and Mahindra & Mahindra (down 1.06%), edged lower from the Sensex pack.
Metal stocks declined after LMEX, a gauge of six metals traded on the London Metal Exchange, lost 2.53% on Wednesday, 3 February 2010.
India's largest private sector steel maker by sales Tata Steel fell 1.90% to Rs 589 and was the top loser from the Sensex pack.
Sterlite Industries (down 1.81%), Hindalco Industries (down 1.73%), National Aluminium Company (down 0.72%), Sesa Goa (down 1.17%), and Hindustan Zinc (down 0.82%), edged lower
Index heavyweight Reliance Industries (RIL) was down 0.10% to Rs 1033.50. The company's net profit rose 15.77% to Rs 4008 crore on 89.77% surge in total income to Rs 57364 crore in Q3 December 2009 over Q3 December 2008. RIL said the results had been reworked and restated to include figures from Reliance Petroleum, which it absorbed last year. The company announced the Q3 result during market hours on 22 January 2010.
India's largest power utility firm by sales NTPC fell 0.31%. The company's large follow-on public offer (FPO) saw good response on Wednesday, 3 February 2010. The issue was subscribed 0.77 times on day one. The institutional segment was oversubscribed on day one following heavy bidding from domestic institutional investors (DIIs). DIIs excluding mutual funds, put in bids for 31.15 crore shares compared to 20.4 crore shares reserved for the qualified institutional buyers (QIB) segment as a whole. Foreign funds put in bids for 45.01 lakh shares.
Most bids were at Rs 209 per share. The government has fixed the benchmark price for the proposed divestment of government stake at Rs 201 per share.
Cement pivotals ACC (up 0.58%), and Ambuja Cement (up 0.29%), gained ahead of their Q4 December 2009 earnings today, 4 February 2010.
India's largest oil exploration firm by sales Oil & Natural Gas Corporation gained 1.78% to Rs 1153.35 and was the top gainer from the Sensex pack. The stock rose on hopes on lower subsidy burden after a report from an expert group headed by Kirit Parikh on Tuesday suggested freeing petrol and diesel prices as well as raising LPG rates by Rs 100 a cylinder and kerosene prices by Rs 6 per litre. The Parikh committee's suggestions, submitted to petroleum minister Murli Deora, would see a hike of Rs 3 per litre in petrol and Rs 3-4 per litre in diesel if implemented.
via BL
Subscribe to:
Posts (Atom)