Market may extend losses on weak Asian stocks; food inflation data eyed

The market may extend Wednesday's losses tracking weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 15.50 points at the opening bell. Foreign institutional investors (FIIs) bought shares worth Rs 50.43 crore and domestic funds bought shares worth Rs 85.47 crore on Wednesday, 8 June 2011, as per provisional figures released by the stock exchanges.

The key benchmark indices edged lower on Wednesday snapping last two days' gains on weak global stocks, which fell after Federal Reserve chairman Ben Bernanke on Tuesday, 7 June 2011, said US economic recovery was proving to be "uneven" and "frustratingly slow". The BSE Sensex lost 101.33 points or 0.55% to 18,394.29, its lowest closing level since 3 June 2011 on Wednesday.

Markets likely to open on a weak note

The opening is expected to be on a negative note led by global weakness amid persistent worries over global economic outlook.

Headlines for the day:

PSU may hike petrol price from June 16

SBI to complete Rs20,000-cr rights issue by December

Bharti Airtel takes tower sharing to Africa

SGX Nifty Live Update - June 9 2011

5,516.00 -17.00

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Precious metals witness mixed finish

Prices erase their early gains

Precious metals ended mixed on Tuesday, 07 June, 2011 at Comex. Prices rose earlier in the day but then lost steam as traders garnered for Ben Bernanke's comments regarding the outlook of US economy. Gold prices slipped at the end while silver pared its gains partly but managed to end in the black.

Grey Market Premiums - June 8 2011

Company Name	Offer Price (Rs.)	Premium (Rs.)
Vaswani Ind.	49 (Upper Price Band)	2.50 to 3.50
Timbor Home	54 to 63	6.50 to 7
VMS Industries	36 to 40	2.50 to 3

Crude crawls up at last moment

Weak dollar supports prices

Crude oil prices pared earlier losses and managed to crawl up at the last moment on Tuesday, 07 June 2011 at Nymex. Prices fell initially following economic worries but then investors focused on the upcoming OPEC meeting and possible supply increases. A weak dollar also supported the crude price.

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.