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Tuesday, July 24, 2012
Daily News Roundup - July 24 2012
Essar Oil has tied up a new credit facility from domestic banks to provide a credit line of up to Rs50bn to meet its sales tax liability of Rs61.69bn to the Gujarat government. (ET) Genpact said its master services agreement with financial services major Wells Fargo, to provide business process management services, has been extended through December 2017. (ET) Construction work at JSPL’s steel and power project in Odisha was partially hit Monday as many workers kept away from work and villagers demanded more compensation for loss of land. (ET)
Sensex sinks on global selloff...Nifty holds 200DMA
The F&O expiry week started off on a very negative note, with the NSE Nifty index closing almost near a day’s low. Today’s decline could be attributed to a sell-off across global equity markets. Markets opened gap down, tracking weakness in the Asian markets amid concern about Spain’s worsening fiscal health and fresh trouble for Greece. All-round selling in scrips across sectors dragged the BSE Sensex below the 17000 mark. However, the Nifty just about managed to end above 5100, which is also the 200DMA for the index. The Sensex ended at 16,877, down by 281 points, or 1.65% from the previous close. It had earlier touched a day’s low of 16,849 after opening at day's low of 17,047.
Tension continues
Tension is who you think you should be. Relaxation is who you are. ~Chinese Proverb. Tension across world markets has escalated in the last couple of sessions amid mounting concerns about the financial health of Spain.Sovereign bond yields in Spain soared to new euro area record while stocks across Europe got pummeled. A ban on short selling saw markets in Spain and Italy recover smartly. US stock indices also closed off session lows. Meanwhile, Moody’s has cut credit outlooks for Germany, the Netherlands and Luxembourg. Greece too is back in the spotlight amid reports it may not get international aid if it doesn’t comply with planned budget reforms.
Market may open flat to slightly higher
Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 8.50 points at the opening bell. The market may remain volatile this week as traders roll over positions from the near-month July 2012 series to August 2012 series. The July 2012 derivatives contracts expire on Thursday, 26 July 2012. Asia stocks markets fell Tuesday, following sizeable losses on Wall Street on Monday as fresh worries about Europe took a fresh slug at investor confidence Among corporate news, Hindustan Unilever announced after market hours on Monday that net profit rose 112.25% to Rs 1331.19 crore on 16.98% rise in total income to Rs 6597.38 crore in Q1 June 2012 over Q1 June 2011.
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