Daily News Roundup - June 8 2011

Emami sets up a 10-member panel advisory board to decide succession plan. (ET)

Wipro Consumer Care has bought soap brands Aramusk and Moloy from Mumbai-based VVF Ltd for an undisclosed amount. (ET)

An independent audit of the ONGC’s overseas subsidiary ONGC Videsh (OVL) has slashed its estimated immediately recoverable or "proven" reserve by one-third. (FE)

RIL, Infosys keep indices afloat

The Indian markets extended its pull back to second consecutive trading session on Tuesday led by gains in the index heavyweights like Reliance Industries, Infosys, Tata Steel and Cipla. In addition, a positive start to the equity markets across Europe lifted the sentiment on Dalal Street. The Indian stock markets showed resilience against the sell off in the US markets. Asian markets were flat.

Fast and furious!

Fasting is the single greatest natural healing therapy. It is nature’s ancient, universal 'remedy' for many problems.- Elson Haas

There is no healing but only hurt which is more than evident from the speed at which fasts take place. Due to denial of permission, it's not Jantar Mantar for Anna Hazare this time and the action shifts to Rajghat.

Markets may begin in red

The sentiments across the globe have turned sour after bearish comments on the US economy by Ben Bernanke, this may lead Indian markets lower at the start

Headlines for the day:

Govt approves 16 FDI proposals worth Rs923.55 crore

Maruti losing Rs40 crore production a day due to strike

IOC looks for foreign players to develop LNG terminal

Events for the day:

Major corporate action

Ex-date for bonus issue of CMC
Ex-date for dividend of Axis Bank, Goodyear India
Ex-date for final dividend of TCS, Asian Paints
For more events and news, log on to Sharekhan.com

Pre-market report

Indian indices

Indian markets seem to be showing some recovery amid improved FII flows. However, the markets are not getting strong push to move higher substantially.

Today’s scenario across the world looks bad as the Federal Reserve Chairman Ben Bernanke acknowledged a slowdown in the economy. But he offered no suggestion that the central bank is considering any further monetary stimulus to support growth. Weak global cues may drag the Indian markets in the opening trade. For the last couple of days, the markets have has been quite resilient and constructive and may survive the global scare in today’s trade.

Daily trend of FII/MF investment in equities

The FIIs have sold Indian shares worth a net of Rs423 crore on June 07, 2011 as against net buy of Rs537.60 crore on June 06, 2011. The local investors have purchased Indian shares worth a net of Rs175.30 crore on June 06, 2011.

Global signals

The European stocks ended Tuesday's (June 07, 2011) session with a small loss, with concerns about sovereign debt overshadowing broker upgrades that helped lift several shares, including tire maker Michelin and lender Credit Agricole SA..

The US stocks extended a losing streak for a fifth day on Tuesday on mounting concerns about the economy after bearish comments from Federal Reserve Chairman Ben Bernanke.