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Friday, September 09, 2011
Sensex dips 299 points on profit booking
The Indian markets close the trade with losses after three days of gains. The Sensex lost by 299 points and the Nifty fell by 94 points.
Major headlines
Domestic car sales fall 10.08%, bike sales up 15.43% in Aug
Food stocks surge as govt allows export of rice
Adani Power drops on tribunal order
Delta Corp rises on stake sale buzz
Market snaps three-day winning streak
Metal, banking stocks and index heavyweight Reliance Industries (RIL) led a decline on the domestic bourses, with investors cautious ahead of a slew of micro and macro data and Reserve Bank of India's mid-quarter policy review next week. Weak global stocks weighed on sentiment with the barometer index, BSE Sensex, falling below the psychological 17,000 level. The market snapped a three-day winning streak. The BSE Sensex lost 298.57 points or 1.74%, off about 345 points from the day's high and up close to 35 points from the day's low. The market breadth, indicating the overall health of the market, was negative. Twelve out of 13 sectoral indices on BSE dropped.
Crude ends marginally lower
Crude stockpiles shower much larger than expected declines for last week
Crude prices ended marginally lower on Thursday, 08 September, 2011 at Nymex. Prices dropped after dollar headed up and traders digested mixed set of economic data. But the weekly inventory report from the Energy Department kept the drop in price under check as weekly inventory of crude registered a more than expected drop for last week.
Light and sweet crude for October delivery lost $0.29 (0.3%) to $89.05 a barrel on the New York Mercantile Exchange on Thursday. Last week, crude gained 1.3%. For the month of August, 2011, crude shed 7.1%.
Investors flock to precious metals once again
Bullions end higher for first time in three days
Precious metals ended higher on Thursday, 08 September 2011 at Comex. Prices shone after US stocks slipped once again following mixed set of economic data. It was first gain for bullions in three days. Global jitters too added to precious metals' shine on Thursday. Weak economic data and the prospects for more fiscal stimulus have driven gold to record highs this year, as investors seek a hedge against falling equities and as some fear potential for inflation and currency devaluation, particularly the U.S. dollar debasement.
Markets may see a flat start
The Indian markets are expected to open on a flat note owing to mixed global cues. Investors may trade on a cautious note
Headlines for the day:
Bharti gets 2G, 3G licence to operate in Rwanda
Ranbaxy Laboratories to roll out Lipitor Clone in US on November 30
Maruti to decide on Gujarat plant by October
Daily News Roundup - Sep 9 2011
Terming the labour problem at its Manesar plant as a "political issue", Maruti Suzuki India said it will not compromise on its established norms for industrial relations while attempting to resolve the disturbance. (ET)
Gitanjali Gems Ltd, values nine of its major brands at Rs55.84bn.(ET)
Wobbly at start!
Even after a bad harvest there must be sowing. - Lucius Seneca.
While the harvest festival is being celebrated in some parts of our country, political leaders around the globe are under pressure to sow some seeds to accelerate the ongoing recovery from the financial crisis.
US President Obama has proposed yet another stimulus to boost growth in a sluggish economy. The question is will his plans pass in the Congress? Even if some of them do, will they have the desired effect? Nobody has a clue right now.
Market may open flat to slightly lower
Firm Asian shares and higher US index futures may cap downside on the domestic bourses. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 12 points at the opening bell. Asian stocks rose on Friday, 9 September 2011, as Chinese consumer and producer price indexes showed inflation cooling in August 2011, though the results were slightly above forecast. US index futures rose on Friday, 9 September 2011, after US President Barack Obama proposed a cut in payroll taxes to jolt a US economy he described as a "national crisis." US is the world's biggest economy.
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