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Monday, July 12, 2010
Market to extend gains
The market may extend gains for the third straight day on modest gains in Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicated that the Nifty could gain 16 points at the opening bell. Meanwhile, government will announce the industrial production data for the month of May 2010 today, 12 July 2010.
Grey Market Premiums continue to soar
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Aster Silicates Ltd. | 118 | 8 to 8.25 |
| Technofab Engineering | 240 | 31.50 to 32 |
| | 166 | 5.25 to 5.50 |
Dow claims back its 10,000 level mark
US stocks registered their highest weekly gains in FY 2010 till date for the week, that ended on Friday, 09 July 2010. The Dow once again claimed back its 10,000 level mark. Stocks advanced every session during the week ending its five-day losing streak of last week. Economic data and optimistic GDP forecast from IMF pulled up stocks during the week.
Bullion metals add some shine
Recent lower precious metal prices increase interest among jewellery buyers in Asia
Bullion metal prices ended higher on Friday, 09 July 2010 at Comex. Prices rose after traders showed back interest in buying bullion metals following their recent drop in prices. Physical demand for bullion also provided required support as lower precious metal prices increased interest among jewellery buyers in Asia.
Copper caps strong weekly gains
Prices rise as LME inventories drop for twenty consecutive weeks
Copper prices ended higher for fifth straight day at Comex on Friday, 09 July 2010. Prices rose due to declining LME inventories and on optimistic global economic reports.
Crude moves up
Crude ends higher for third straight day
Crude oil prices ended higher for third straight day on Friday, 09 July 2010 at Nymex. Prices rose in tandem with US equities and as US wholesale inventories data showed rise in line with expectations.
Trend is friend
When in doubt, predict that the present trend will continue. - Merkin's Maxim.
Paul the psychic octopus was bang on in its prediction and the world has a new soccer champion in Spain. Off the field, the focus will be on the stress tests of the European banks; the results will be out on July 23. With reports indicating that the outcome may not be as grim as feared earlier coupled with encouraging US retail sales data, global equities got a lift last week. Hopefully, that positive trend will continue this week as well, as markets world over brace for corporate earnings.
Daily News Roundup - July 12 2010
GVK to invest Rs10bn in Bangalore airport expansion. (BL)
NMDC may make a downward revision of ore prices for the October-December quarter, going by the present trends in the global market. (BL)
Bharti Airtel will invest US$150mn in Kenya to help boost network and capacity distribution. (FE)
Weekly Close -July 12 2010
Indian indices shrugged off last week’s rate hike by the RBI, as the markets had already discounted an inter-meeting move by the central bank. Moreover, the International Monetary Fund raised India’s growth forecast for 2010 to 9.5%. The impact of the Bharat Bandh by the BJP was visible on Monday as volumes were sluggish. However, firm global cues boosted the local indices as Nifty advanced by 2.2% and Sensex added 2.1% during the week.
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