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Friday, January 29, 2010
BSE Bulk Deals to Watch - Jan 29 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
29/1/2010 517356 ACI Infocom ALOK GUPTA S 160120 13.65
29/1/2010 531881 Arvind Chem PRASHANT MAHADEV KAMBLE B 104924 16.47
29/1/2010 531881 Arvind Chem PRASHANT MAHADEV KAMBLE S 104919 16.48
29/1/2010 513333 Bhuwalka Steel AFJALBHAI KASAMBHAI LAKHANI B 40001 51.80
29/1/2010 513333 Bhuwalka Steel ASARAFBHAI MAJIDBHAI PANCHA B 40000 48.40
29/1/2010 513333 Bhuwalka Steel AFJALBHAI KASAMBHAI LAKHANI S 40001 48.40
29/1/2010 513333 Bhuwalka Steel ASARAFBHAI MAJIDBHAI PANCHA S 40000 51.80
29/1/2010 531590 Bilpower NIKUNJ ALLOYS AND STEEL PRIVATE LIMITED B 80000 186.56
29/1/2010 511607 Birla Shloka TOUCHSTONE FINVEST SERVICES PRIVATE LIMITED B 100000 49.81
29/1/2010 511607 Birla Shloka ARIHANT SEC & INVESTMENT B 120385 48.90
29/1/2010 511607 Birla Shloka NIRAJ HARSUKHLAL SANGHAVI B 84301 47.93
29/1/2010 511607 Birla Shloka DEVKANT SYNTHETICS INDIA PVT. B 322538 49.96
29/1/2010 511607 Birla Shloka ARIHANT SEC & INVESTMENT S 120385 49.55
29/1/2010 511607 Birla Shloka NIRAJ HARSUKHLAL SANGHAVI S 84301 49.91
29/1/2010 532363 Compulearn J V STOCK BROKING PRIVATE LIMITED B 112393 19.65
29/1/2010 532363 Compulearn J V STOCK BROKING PRIVATE LIMITED S 107994 19.78
29/1/2010 531147 Enkei Castalloy NEEPA K SHAH B 71294 90.00
29/1/2010 511668 Fact Enterprise J V STOCK BROKING PRIVATE LIMITED S 28272 20.70
29/1/2010 590024 Fert & Chem Trv TRANSGLOBAL SECURITIES LTD. B 144756 59.73
29/1/2010 590024 Fert & Chem Trv OPG SECURITIES P LTD B 35391 58.68
29/1/2010 590024 Fert & Chem Trv ANGEL INFIN PRIVATE LIMITED B 34195 60.86
29/1/2010 590024 Fert & Chem Trv LATIN MANHARLAL SEC.PVT.LTD. B 37492 61.62
29/1/2010 590024 Fert & Chem Trv WALLFORT FINANCIAL SERVICES LTD B 50000 64.31
29/1/2010 590024 Fert & Chem Trv TRANSGLOBAL SECURITIES LTD. S 144756 59.61
29/1/2010 590024 Fert & Chem Trv OPG SECURITIES P LTD S 35391 58.62
29/1/2010 590024 Fert & Chem Trv ANGEL INFIN PRIVATE LIMITED S 31695 60.59
29/1/2010 590024 Fert & Chem Trv LATIN MANHARLAL SEC.PVT.LTD. S 37492 61.84
29/1/2010 514167 Ganesh Poly SABANA MASARIYA B 50000 37.25
29/1/2010 532909 Grabal Alok PINKY EXHIBITORS PRIVATE LIMITED B 330000 60.00
29/1/2010 532909 Grabal Alok HSBC BANK (MAURITIUS) LIMITED S 325000 60.00
29/1/2010 509597 Hardcastle & Waud SUVA BOTHRA B 3173 609.31
29/1/2010 500183 Himachal Futur PILOT CONSULTANTS PRIVATE LIMITED B 2510000 15.16
29/1/2010 532658 Indo Asian Fuse PKR HITECH INDUSTRIAL COPORATION LLP B 260000 61.00
29/1/2010 532658 Indo Asian Fuse VPM INDUSTRIAL CORPORATION LLP S 260000 61.00
29/1/2010 523844 Invicta Meditek RAMACHANDRAN V B 110000 6.01
29/1/2010 523844 Invicta Meditek CHELLIAH JAYASEELA PANDIAN S 94150 6.01
29/1/2010 531398 Inwinex Pharma PRITI NARESH KHEMKA B 6000 31.79
29/1/2010 531398 Inwinex Pharma CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 5000 31.79
29/1/2010 531398 Inwinex Pharma BP FINTRADE PRIVATE LIMITED B 14380 31.79
29/1/2010 531398 Inwinex Pharma CHIMANLAL MANEKLAL SECURITIES PVT.LTD S 5000 31.79
29/1/2010 531398 Inwinex Pharma BP FINTRADE PRIVATE LIMITED S 16478 31.77
29/1/2010 524731 Jenburkt Pharma RISHI KAJARIA B 76294 49.95
29/1/2010 524731 Jenburkt Pharma ASHA AGGARWAL B 53193 47.64
29/1/2010 524731 Jenburkt Pharma MUKESH KUMAR HUF B 28087 49.46
29/1/2010 524731 Jenburkt Pharma ASHA AGGARWAL S 53193 50.17
29/1/2010 524731 Jenburkt Pharma SN SHRS AND STCK BROKERS P.LTD S 38500 48.97
29/1/2010 524731 Jenburkt Pharma MUKESH KUMAR HUF S 28087 47.07
29/1/2010 590111 MASTER M NARSIMHA RAO B 29000 51.00
29/1/2010 590111 MASTER TEJANA GAVENKATA AMBICA RAMASUDARSANPERLA S 29000 51.00
29/1/2010 517554 Midpoint Soft VINOD SHARES LTD B 6400 23.57
29/1/2010 517554 Midpoint Soft VINOD SHARES LTD S 6400 23.57
29/1/2010 533080 MOLDTK PLA SUNITA DUGAR B 73882 54.81
29/1/2010 533080 MOLDTK PLA BHARGAVI ATUL JAIN B 62836 55.46
29/1/2010 533080 MOLDTK PLA RAHUL DOSHI B 48001 57.76
29/1/2010 533080 MOLDTK PLA PRABHUDAS LILLADHAR PVT LTD B 92035 56.14
29/1/2010 533080 MOLDTK PLA NARESH CHAND JAIN B 46022 56.98
29/1/2010 533080 MOLDTK PLA Naman Securities & Finance Pvt. Ltd. B 63712 57.87
29/1/2010 533080 MOLDTK PLA CHIMANLAL MANEKLAL SECURITIES PVT.LTD B 69051 56.65
29/1/2010 533080 MOLDTK PLA BP FINTRADE PRIVATE LIMITED B 49552 58.15
29/1/2010 533080 MOLDTK PLA SUNITA DUGAR S 63882 57.12
29/1/2010 533080 MOLDTK PLA BHARGAVI ATUL JAIN S 62836 55.31
29/1/2010 533080 MOLDTK PLA PRABHUDAS LILLADHAR PVT LTD S 92034 56.38
29/1/2010 533080 MOLDTK PLA NARESH CHAND JAIN S 46022 56.95
29/1/2010 533080 MOLDTK PLA Naman Securities & Finance Pvt. Ltd. S 54712 57.63
29/1/2010 533080 MOLDTK PLA CHIMANLAL MANEKLAL SECURITIES PVT.LTD S 66051 56.15
29/1/2010 533080 MOLDTK PLA BP FINTRADE PRIVATE LIMITED S 49542 58.09
29/1/2010 531996 Odyssey Corp RAMDULARI AGRAWAL B 25000 35.89
29/1/2010 531996 Odyssey Corp R VENKATACHALAM S 114469 35.95
29/1/2010 531496 Omkar Overseas SONAL NISHITH SHAH B 30000 46.92
29/1/2010 531496 Omkar Overseas PRANALI COMMODITIES PVT.LTD B 100000 46.92
29/1/2010 531496 Omkar Overseas PRASHANT SHANKARLAL AGARWAL S 75000 46.95
29/1/2010 531496 Omkar Overseas VIJAY VELJIBHAI PADHARIA S 48200 46.90
29/1/2010 511702 Parsharti Inv KRUPA SANJAY SONI B 18520 35.72
29/1/2010 511702 Parsharti Inv BHAVESH SHANTILAL TRIVEDI B 30000 34.60
29/1/2010 511702 Parsharti Inv PRADEEP RAMPRASAD SANDHIR HUF B 38371 36.10
29/1/2010 511702 Parsharti Inv AXIOM CAPITAL ADVISORS PRIVATE LIMITED B 40271 36.22
29/1/2010 511702 Parsharti Inv KRUPA SANJAY SONI S 17987 35.06
29/1/2010 511702 Parsharti Inv GAURAV AERI S 20000 37.60
29/1/2010 511702 Parsharti Inv PREMILA MAHENDRA SHAH S 28371 36.10
29/1/2010 511702 Parsharti Inv AXIOM CAPITAL ADVISORS PRIVATE LIMITED S 40271 34.98
29/1/2010 502587 Rama Pulp MAHIPAT IWDARMAL MEHTA B 42747 31.42
29/1/2010 590077 Ranklin Sol CH VISHNU VARDHAN B 56100 54.50
29/1/2010 590077 Ranklin Sol SATYANARAYANA VARAPRASAD GARIKIPATY S 25500 54.39
29/1/2010 533083 RISHABHDEV PALENI VELMUDALIAR B 375727 11.88
29/1/2010 533083 RISHABHDEV ARIHANT SEC & INVESTMENT B 224464 11.88
29/1/2010 533083 RISHABHDEV PALENI VELMUDALIAR S 375727 11.66
29/1/2010 533083 RISHABHDEV ARIHANT SEC & INVESTMENT S 224464 11.71
29/1/2010 533083 RISHABHDEV ADARSH PATWARI S 200000 11.78
29/1/2010 533083 RISHABHDEV SARSWATI VINCOM LTD S 137295 11.82
29/1/2010 502445 Rohit Pulp B.M.GANDHI SEC.PVT.LTD. B 20350 49.36
29/1/2010 506172 Sampada Chem SUNIL BHAGWATLAL DALAL S 29150 46.25
29/1/2010 521206 Samtex Fashions GUPTA SHARON B 45000 33.79
29/1/2010 521206 Samtex Fashions KUMAR GUPTA HEMANT B 45118 33.80
29/1/2010 530025 Samyak Intl KUKKEHALLI NAYANA HEGDE B 39900 21.57
29/1/2010 530025 Samyak Intl MOHAN DEVKISHAN JHANWER HUF S 31987 21.15
29/1/2010 531645 Southern Ispat BHARTIA STOCK BROKING PVT. LTD. B 100000 39.91
29/1/2010 531645 Southern Ispat TRADELINK EXIM (INDIA) PVT LTD B 105000 39.94
29/1/2010 533121 THINKSOFT A K G STOCK BROKERS PRIVATE LIMITED B 68211 445.87
29/1/2010 533121 THINKSOFT A K G STOCK BROKERS PRIVATE LIMITED S 68211 446.52
29/1/2010 590093 TRIMURTHI DR BEKAE PROPERTIES PRIVATE LIMI B 400000 5.60
29/1/2010 531249 Well Pack Papers PANDYA YAMINIBEN M B 25637 422.30
29/1/2010 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR B 40961 431.43
29/1/2010 531249 Well Pack Papers PANDYA YAMINIBEN M S 24580 424.37
29/1/2010 531249 Well Pack Papers LAXMAN DHIRUBHAI PARMAR S 35971 441.57
29/1/2010 590013 XPRO India IPRO CAPITAL LIMITED B 100000 31.50
29/1/2010 590013 XPRO India GCC INVESTMENT & TRADING CO LTD S 100000 31.50
* B - Buy, S - Sell
NSE Bulk Deals to Watch - Jan 29 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
29-JAN-2010,20MICRONS,20 Microns Limited,VIKING INDUSTRIES PRIVATE LIMITED,BUY,9538,43.34,-
29-JAN-2010,ABAN,Aban Offshore Ltd.,C D INTEGRATED SERVICES LTD.,BUY,260091,1155.54,-
29-JAN-2010,BHARTISHIP,Bharati Shipyard Limited,CREDIT SUISSE (SINGAPORE) LIMITED A/C CREDIT SUISSE (SINGAP,BUY,177918,281.83,-
29-JAN-2010,BHARTISHIP,Bharati Shipyard Limited,MBL & COMPANY LTD.,BUY,167122,285.47,-
29-JAN-2010,BILPOWER,Bilpower Limited,NIKUNJ ALLOYS & STEEL PRIVATE LIMITED,BUY,80000,186.61,-
29-JAN-2010,HIMACHLFUT,Himachal Fut Comm Ltd,PILOT CONSULTANTS PRIVATE LIMITED,BUY,2994370,14.98,-
29-JAN-2010,IFCI,IFCI Ltd.,ADROIT SHARE & STOCK BROKER PVT. LTD.,BUY,3719650,48.14,-
29-JAN-2010,ITI,ITI Ltd.,OM INVESTMENTS,BUY,116718,52.19,-
29-JAN-2010,SELMCL,SEL Manufacturing Company,NIKON FINLEASE PVT. LTD,BUY,90666,89.54,-
29-JAN-2010,SREINTFIN,SREI Infrastructure Finan,ASHIKA CREDIT CAPITAL LIMITED,BUY,600000,70.32,-
29-JAN-2010,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,BUY,75297,446.34,-
29-JAN-2010,20MICRONS,20 Microns Limited,VIKING INDUSTRIES PRIVATE LIMITED,SELL,73538,53.29,-
29-JAN-2010,ABAN,Aban Offshore Ltd.,C D INTEGRATED SERVICES LTD.,SELL,260091,1156.33,-
29-JAN-2010,AUSTRAL,Austral Coke & Projects L,SICOM LTD,SELL,1869600,7.91,-
29-JAN-2010,BHARTISHIP,Bharati Shipyard Limited,MBL & COMPANY LTD.,SELL,167122,285.68,-
29-JAN-2010,IFCI,IFCI Ltd.,ADROIT SHARE & STOCK BROKER PVT. LTD.,SELL,3709681,48.12,-
29-JAN-2010,ITI,ITI Ltd.,OM INVESTMENTS,SELL,116718,52.24,-
29-JAN-2010,SELMCL,SEL Manufacturing Company,NIKON FINLEASE PVT. LTD,SELL,90666,89.68,-
29-JAN-2010,SREINTFIN,SREI Infrastructure Finan,PCA INDIA INFRASTRUCTURE EQUITYOPEN LIMITED,SELL,940972,69.69,-
29-JAN-2010,SREINTFIN,SREI Infrastructure Finan,PRUDENTIAL ASSET MANAGEMENT (SINGAPORE) LTD A/C PCA INDIA IN,SELL,1000000,69.25,-
29-JAN-2010,THINKSOFT,Thinksoft Global Ser Ltd,ADROIT FINANCIAL SERVICES PRIVATE LIMITED,SELL,75134,446.26,-
Monetary policy suspense over; market rebounds
Global Signals
European shares rose early on Friday, bouncing back after their worst sell-off in the year, led by the banking sector as investors await US GDP numbers to gauge the health of the global economy.
US stock index futures pointed to a flat to higher open on Wall Street on Friday, with futures for S&P 500 SPc1 up by 0.2%, Dow Jones DJc1 futures up by 0.1% and Nasdaq 100 NDc1 futures up by 0.4% at 0817 GMT.
Asian markets closed in negative zone as a stronger yen pressured the exporters.
Indian indices
The market witnessed a correction in opening trades, as weak Asian markets, and flat US and European indices dampened the sentiment. The Sensex resumed on a negative note at 16253, as trading progressed, the Sensex slipped significantly in the afternoon with selling in heavyweights, fast moving consumer goods (FMCG) and metal stocks dragging the index to the day's low of 15982. The markets seemed to have absorbed the cash reserve ratio (CRR) hike announced by the RBI earlier in the day. The central bank had announced a 75 basis point hike in CRR, which will be implemented in two phases; 50 basis points hike from February 13 and another 25 basis point rise from February 27. The last hour of the trading session witnessed hectic activity, before selective buying saw the Sensex end in the green with a gain of 51 points at 16390. The Nifty, too, after a mixed outing, moved up 15 points to close at 4882.
Sensex Sentiment
However, the broader market was positive. Of the 2,887 stocks traded on the BSE, 1,471 stocks declined, 1,354 stocks advanced and 62 stocks ended unchanged.
Sectoral & Stock Screening
The interest sensitive sectors, banking and reality gained the most with the BSE Bankex and BSE Realty up by 2.99% and 2.60% respectively. The BSE CG, BSE Power, BSE PSU and BSE Oil & Gas were the other notable gainers while BSE FMCG, BSE Metal and BSE Teck ended weak.
Buying was led by ICICI Bank, which notched up gains of 5.29% to Rs830.40. Among the other gainers Bharat Heavy Electricals advanced 3.10% to Rs2,406.45, State Bank of India added 2.72% to move to Rs20.58, DLF moved up by 2.54% to Rs332.80, HDFC Bank jumped by 2.25% to Rs1,630.85, JP Associates gained 1.81% to Rs137.70 and Sun Pharmaceutical Industries was up by 1.58% to Rs1469.45. However, Hindustan Unilever lost 4.44% to quote at Rs244.10 and Wipro was down 3.80% to trade at Rs647.40. Tata Motors, Tata Steel, Bharti Airtel, ITC, Sterlite Industries, Tata Power and Reliance Communications were down 1-2% each.
Viewing volumes & turnovers
Realty major Unitech saw highest trading with over 1.36 crore shares changing hands on the BSE followed by IFCI (1.33 crore shares), Suzlon Energy (92 shares), Rashtriya Chemicals and Fertilisers (81 lakh shares) and Ispat Industries (77 lakh shares).
Value-wise, State Bank of India registered a turnover of Rs249.46 crore on the BSE followed by ICICI bank (Rs207 crore), Aban Offshore (Rs202 crore), Tata Steel (Rs176 crore) and HDIL (Rs121 crore).
News Headlines
Highlights: Third quarterly review of the Reserve Bank of India FY2010 annual policy.
Lupin’s Q3 bottom line up at Rs160.6 crore; the stock gains 0.90%.
Aditya Birla Nuvo’s Q3 profit soars 19.62 times; the stock gains 0.36%.
National Thermal Power Corporation's power exchange likely to be operational next fiscal; the stock lost 0.67%.
Disappointing Q3 numbers drag Bank of India’s stock down by over 4%; the stock loses 1.62% for the day.
Market gains for the second straight day
The key benchmark indices staged a strong intraday rebound albeit in choppy trade, extending gains for the straight second day, as European stocks and US index futures rose. Closer home, investors also heaved a sigh of relief as the central bank kept key interest rates unchanged at a quarterly policy review. There was also an increase in economic growth forecast for the current fiscal year from the central bank. State Bank of India chairman O P Bhatt said he did not see any upward pressure on lending rates in the next six months.
The BSE 30-share Sensex rose 51.09 points or 0.31%, up close to 375 points from the day's low and off close to 35 points from the day's high. Banking, realty and capital goods stocks gained. Index heavyweight Reliance Industries (RIL) edged higher. But FMCG and metal stocks fell.
The Reserve Bank of India at its quarterly monetary policy review today raised banks' cash reserve ratio (CRR) by 75 basis points to suck out excess liquidity from the banking system. Soon after the announcement at about 11:15 IST, the BSE Sensex fell below the psychological 16,000 mark in mid-morning trade. It soon regained that mark.
Intraday volatility on the bourses was high today. The market edged lower at the onset of the trading session tracking weak Asian stocks. The market cut losses in morning trade on the eve of the central bank's policy announcement. A bout of volatility was witnessed as the market cut losses after an initial steep fall triggered by the central bank's decision to raise the CRR. The market weakened again in early afternoon trade. The market once again pared losses in afternoon trade. The market slipped into the red after turning positive for a brief period in mid-afternoon trade. The market regained positive zone later.
India VIX, a volatility index based on the S&P CNX Nifty index option prices, declined for the second day in a row after a steep rise on Wednesday, 27 January 2010. It declined 3.08% to 26.13. India VIX is a measure of the market's expectation of volatility over the next 30 calendar days
Stocks had recovered slightly on Thursday, 28 January 2010, after a steep fall in the preceding six trading sessions. The BSE 30-share Sensex rose 17.05 points or 0.1% to 16,306.87 on Thursday, 28 January 2010. Earlier, from a high of 17,641.08 on 18 January 2010, the Sensex had lost 1,351.26 points or 7.65% to 16,289.82 on Wednesday, 27 January 2010.
At a press conference after the policy review RBI chief D Subbarao said interest rate rise would have had unpredictable impact on liquidity and said it is important to absorb predictable amount of liquidity before taking other steps.
The Reserve Bank of India (RBI) hiked the cash reserve ratio (CRR) by 75 basis points in two stages to 5.75% to absorb excess liquidity from the banking system. The first phase of 50 basis points CRR hike is effective from 13 February 2010 and the second stage effective from 27 February 2010. The two-phased CRR hike will soak Rs 36000 crore from the banking system. The CRR is the percentage of deposits which banks must keep with the central bank.
The central bank kept the key policy rates viz. the repo rate, the reverse repo rate and the bank rate unchanged.
Finance secretary Ashok Chawla said the Reserve Bank of India (RBI) has taken a balanced view on managing economic recovery and prices. He added that cash reserve ratio hike was appropriate and adequate, but said interest rate are unlikely to go up after the RBI's policy review. He agreed that food inflation was a matter of concern and added that economic growth was on track.
Though the inflationary pressures in the domestic economy stem predominantly from the supply side, the consolidating recovery increases the risks of these pressures spilling over into a wider inflationary process, RBI said in its third quarter review today. The central bank lifted its wholesale price index inflation forecast for the end of the fiscal year in March 2010 to 8.5% from its earlier forecast of 6.5%, but said it expected inflation to moderate starting in July 2010, assuming a normal monsoon and global oil prices holding at current levels.
It also lifted its forecast for GDP growth in the current year to 7.5%, from an earlier target of 6%, and said that the current rate of growth is likely to be sustained in the financial year that ends in March 2011.
The RBI joins other central banks in Asia in taking steps to start unwinding ultra-loose monetary policy. On Thursday, the Philippines raised a short-term lending rate, and this month China started to tighten policy by raising banks' reserve requirements and accepting higher yields at bill auctions. Australia was the first Group of 20 country to begin raising rates as the global economy recovers from its worst downturn since the Great Depression. The Reserve Bank of Australia has raised its key cash rate by 75 basis points since October 2009.
The Reserve Bank of India called on the government to get its fiscal house in order and said monetary policy would be ineffective unless the government rolls back its borrowing, which is on track to hit a record Rs 4.5 lakh crore ($96.9 billion) this fiscal year.
There are expectations of higher tax rates and massive disinvestment in the coming Budget to help reduce the huge fiscal deficit from 6.8% of GDP this year to 3% over the next five years. Finance minister Pranab Mukherjee will reportedly package his higher indirect tax rates as an exit from the fiscal stimulus of 2008-09 and a return to the path of fiscal responsibility.
Meanwhile, the UPA government's proposed comprehensive indirect tax reform, goods and services tax (GST), will reportedly miss its scheduled rollout of 1 April, 2010, a temporary setback to creation of a unified national market for goods and services in the country, but experts say this will give more time to the centre and states to prepare a more robust framework.
RBI today said a consolidating economy recovery will encourage the central bank to clearly and explicitly shift its monetary policy stance from 'managing the crisis' to 'managing the recovery'. A growing confidence in the recovery justifies in moving further in reversing the crisis-driven expansionary stance, it said. The central bank said its policy instruments are all currently at levels that are more consistent with a crisis situation than with a fast-recovering economy. It is, therefore, necessary to carry forward the process of exit from the monetary policy further, the central bank said
The central bank also simultaneously said the economic recovery is yet to fully take hold. Strong anti-inflationary measures, while addressing one problem, may precipitate another by undermining the recovery, particularly by deterring private investment and consumer spending, it said. The Reserve Bank of India said it will continue to monitor macroeconomic conditions, particularly the price situation closely and take further action as warranted.
With regard to capital inflows, the central bank said the inflows so far have been absorbed by the current account deficit. However, sharp increase in capital inflows, above the absorptive capacity of the economy, may complicate exchange rate and monetary management, it said
European shares rose on Friday, bouncing back after their worst sell-off in a year, led by the banking sector as investors await US Q4 December 2009 GDP numbers to gauge the health of the global economy. The key benchmark indices in France, Germany and UK rose by beween 0.79% to 0.95%.
The US economy likely grew at its fastest pace in nearly four years in the fourth quarter as businesses made less aggressive cutbacks on inventories, a US government report is expected to show later in the global day
Meanwhile, there were signs on Friday that the economic backdrop is improving in the UK, with the Nationwide Building Society stating that UK house prices rose 1.2% in January, bringing an annual increase to 8.6%.
Also, the GfK NOP Consumer Confidence Index rose by two points this month to negative 17, according to research carried out by GfK NOP on behalf of the European Commission.
Asian shares fell on Friday, weighed down by tech stocks after lacklustre sales outlooks from some sector heavyweights and as worries about the fiscal health of Greece and Portugal undermined investor confidence. The key benchmark indices in Hong Kong, Japan, China, South Korea, Singapore and Taiwan fell by between 0.16% to 2.44%.
SouthGobi Energy made a disappointing debut in Hong Kong, falling 13.2% from its IPO price, hurt both by poor market sentiment and by its failure to stand out from other already-listed coal plays.
Japan's industrial production rose and unemployment fell in December, signaling a continued recovery, while central bankers considered the threat to the economy from exchange rates.
US index futures reversed early losses. Trading in US index futures indicated Dow could rise 14 points at the opening bell on Friday, 29 January 2010.
US stocks dropped on Thursday as poor outlooks from Motorola and Qualcomm dented optimism in the technology sector while worries about Greece's fiscal health dragged on sentiment. The Dow Jones industrial average fell 115.70 points, or 1.13%, to end at 10,120.46. The Standard & Poor's 500 Index lost 12.97 points, or 1.18%, to 1,084.53. The Nasdaq Composite Index declined 42.41 points, or 1.91%, to close at 2,179.00.
The government data showed new orders for durable goods, or long-lasting manufactured goods such as washing machines and refrigerators, edged higher in December, and the number of workers filing claims for jobless benefits fell last week, signalling that the US economy remains on the path to recovery. However the jobless claims were more than estimated.
The US Senate on Thursday backed Ben Bernanke for a second four-year term running the Federal Reserve, the world's most powerful central bank, despite deep misgivings over his perceived policy missteps. Bernanke survived a revolt by lawmakers angry at big banks and their regulators, including the Fed. He still faces acute political pressure to ease economic strains at a time when the US central bank is showing divisions over how much support the economy needs.
US President Barack Obama welcomed the Senate vote and said he looked forward to working with Bernanke going forward.
Meanwhile, top policymakers warned on Thursday the world economy is not out of the woods and a global recovery is still far from secure, urging caution as central banks work on withdrawing critical support. China's Vice Premier Li Keqiang, the man tipped to become the country's next premier, said there were still "twists and turns" ahead as the world pulls out of recession, echoing calls to caution from bankers and other leaders at the annual World Economic Forum in the Swiss ski resort of Davos.
Bankers, however, warned also of the risk of pulling out too late, potentially leading to distortions in competition.
Closer home, the BSE 30-share Sensex rose 51.09 points or 0.31% to 16,357.96. The Sensex rose 83.44 points at the day's high of 16390.31 in late trade. The Sensex fell 324.79 points at the day's low of 15,982.08 in mid-morning trade.
The S&P CNX Nifty gained 14.80 points or 0.3% to 4,882.05. Nifty February 2010 futures were at 4,886.75, at a premium of 4.70 points as compared to the spot closing of 4,882.05. Turnover in NSE's futures & options (F&O) segment was Rs 92,503.91 crore, much lower than Rs 1,66,193.03 crore on Thursday, 28 January 2010.
The BSE Mid-Cap index rose 1.01% and the BSE Small-Cap index rose 1.2%. Both the indices outperformed the Sensex.
Most of the sectoral indices on BSE were in green. Banking sector index Bankex (up 2.99%), BSE Realty index (up 2.6%), BSE Capital Goods index (up 1.26%), BSE Power index (up 1.12%), BSE PSU index (up 1.05%), BSE Oil & Gas index (up 0.43%), BSE Auto index (up 0.37%), and BSE Consumer Durables index (up 0.34%), outperformed the Sensex. BSE FMCG index (down 1.86%), BSE Metal index (down 1.56%), BSE IT index (down 0.76%), underperformed the Sensex.
The market breadth, indicating the overall health of the market, turned positive. The breadth was weak earlier in the day. On BSE, 1464 shares advanced as compared with 1385 that fell. A total of 63 shares remained unchanged.
Among the 30 share Sensex pack, 17 fell and rest rose.
BSE clocked a turnover of Rs 5679 crore, higher than Rs 5007.43 crore on Thursday, 28 January 2010.
Index heavyweight Reliance Industries (RIL) rose 0.88% to Rs 1046.55. The stock came off the day's low of Rs 1018. The company's net profit rose 15.77% to Rs 4008 crore on 89.77% surge in total income to Rs 57364 crore in Q3 December 2009 over Q3 December 2008. RIL said the results had been reworked and restated to include figures from Reliance Petroleum, which it absorbed last year. The company announced the Q3 result during market hours on 22 January 2010.
Rate sensitive banking shares jumped after RBI kept interest rates steady. India's largest private sector bank by net profit ICICI Bank jumped 5.29%. Its ADR fell 2.42% on Thursday. India's largest bank by net profit and branch network State Bank of India rose 2.72%. SBI chairman O P Bhatt said deposit rates may not go up immediately but there is no room for deposit rates to come down. India's second largest private sector bank by net profit HDFC Bank rose 2.25%. Its ADR fell 2.29% on Thursday.
India's largest power equipment maker by sales Bharat Heavy Electricals rose 3.1%. Bharat Heavy Electricals said on Wednesday it would sign an agreement with the Madhya Pradesh state utility to jointly set up a 1,600 megawatts thermal power plant in the central Indian state.
Among other capital goods stocks, Siemens, ABB, Thermax, BEML and Praj Industries rose by between 1.49% to 4.29%.
But, India's largest engineering and construction firm by sales Larsen & Toubro fell 0.43%. The government is reportedly considering selling its stakes in the firm in tranches to state-run financial institutions.
Rate sensitive realty shares reversed early losses after RBI kept interest rates unchanged. Ackruti City, Indiabulls Real Estate, Unitech, Housing Development & Infrastructure, rose by between 1.28% to 4.5%.
India's largest realty player by sales DLF rose 2.54%. The company's net profit rose 26.04% to Rs 224.43 crore on 109.03% rise in sales to Rs 887.16 crore in Q3 December 2009 over Q3 December 2008. The company announced the Q3 result after market hours on Wednesday.
Shares of India's largest cigarette maker by sales ITC fell 1.67%. The government is reportedly considering selling its stakes in consumer goods maker ITC in tranches to state-run financial institutions. The company posted 26.67% rise in net profit to Rs 1144.17 crore in Q3 December 2009 over Q3 December 2008. The company announced Q3 result during market hours on 22 January 2010.
India's largest FMCG major by sales Hindustan Unilever fell 4.44%. The company's net profit rose 5.4% to Rs 649 crore in Q3 December 2009 over Q3 December 2008.
Among other FMCG stocks, Tata Tea, United Spirits, Nestle India and Britannia Industries fell by between 0.68% to 2.28%.
Metal stocks fell after LMEX, a gauge of six metals traded on the London Metal Exchange, fell 3.59% on Thursday, 28 January 2010. India's largest private sector steel maker by sales Tata Steel fell 2.83%. The company's net profit surged 155.6% to Rs 1191.75 crore in Q3 December 2009 over Q3 December 2008. The company announced the result during market hours on Thursday. The stock had rallied 4.8 % on Thursday after forecast-beating third-quarter results.
Tata Steel will report consolidated third-quarter results, to include the Corus numbers, next month. The Indian operations account for a quarter of the group's annual global capacity of about 30 million tonnes.
Steel Authority of India (Sail) fell 2.57%. Sail on Wednesday reported a 99% jump in its net profit at Rs 1,675.55 crore in Q3 December 2009 over Q3 December 2008.
India's largest non-ferrous metal firm by capacity Sterlite Industries India fell 1.43%. The company's net profit slumped 77.16% to Rs 46.59 crore on a 39.83% increase in sales to Rs 3611.99 crore in Q3 December 2009 over Q3 December 2008. The stock had lost 4.04% on Wednesday.
India's largest private sector aluminum maker by sales Hindalco Industries fell 0.54%. The company's net profit fell 21.60% to Rs 427.10 crore on a 29.56% increase in sales to Rs 5286.10 crore in Q3 December 2009 over Q3 December 2008.
National Aluminium Company fell 0.2%. The company's net profit declined 29.3% to Rs 155.18 crore in Q3 December 2009 over Q3 December 2008.
NTPC fell 0.67%. The company's net profit rose 5.06% to Rs 2364.98 crore in Q3 December 2009 over Q3 December 2008. The company announced the result during market hours today.
IT stocks extended recent losses on fears the Obama administration's bank reform plan will crimp outsourcing demand. India's largest IT exporter by sales Tata Consultancy Services fell 0.67%. India's second largest IT exporter by sales Infosys lost 0.71% as its ADR fell 3.84% on Thursday. India's third largest software services exporter Wipro fell 3.8% as its ADR fell 2.26% on Thursday. Wipro said on Wednesday it signed a multi-year outsourcing deal with British American Tobacco Plc, the world's second-biggest cigarette maker.
Stocks from interest rate sensitive auto sector were mixed after RBI's quarterly monetary policy review. India's largest tractor maker by sales Mahindra and Mahindra (M&M) fell 0.34%. The stock had slumped 5.64% on Wednesday after Monday's over 5% slide
M&M's net profit surged 849% to Rs 413.70 crore on a 56.32% rise in sales to Rs 4478.70 crore in Q3 December 2009 over Q3 December 2008. The result was announced during trading hours on Monday, 25 January 2010. Meanwhile, the company on Monday also approved a 2-for-1 stock split.
India's top truck marker by sales Tata Motors fell 2.92% ahead of its Q3 December 2009 earnings today, 29 January 2010. India's top small car maker by sales Maruti Suzuki India rose 0.3%.
India's largest motorbike maker by sales Hero Honda Motors rose 1.38%. After market hours on 25 January 2010, the company reported a 78.34% rise in net profit to Rs 535.77 crore on a 32.72% rise in sales to Rs 3814.42 crore in Q3 December 2009 over Q3 December 2008.
State Bank of India clocked the highest turnover of Rs 255.18 crore on BSE. ICICI Bank (Rs 212.81 crore), Aban Offshore (Rs 210.96 crore), Tata Steel (Rs 177.16 crore) and Housing Development & Infrastructure (Rs 125.61 crore) were the other major turnover toppers in that order.
Cals Refineries clocked the highest volume of 2.34 crore shares on BSE. Unitech (1.36 crore shares), IFCI (1.33 crore shares), Hindustan Fertiliser & Chemicals (1.19 crore shares) and Suzlon Energy (0.92 crore shares) were the other volume toppers in that order.
Grey Market Premium - DB Realty, Vascon Engineering, Jubilant Foodworks
| Company Name | Offer Price (Rs.) | Premium (Rs.) | Kostak (Rs. 1 Lac Application) |
| Jubilant Food Works | 135 to 145 | 19 to 21 | -- |
| Infinite Computer | 165 | 30 to 32 | -- |
| Birla Shloka | 45 to 50 | Discount | -- |
| Aqua Logistics | 200 to 225 | Discount | 2050 to 2100 |
| Syncom Healthcare | 65 to 75 | 4.50 to 5 | 1950 to 2000 |
| Thangamayil Jewellery | 70 to 75 | 3 to 3.50 | 1850 to 1900 |
| Vascon Engg. | 165 to 185 | 12 to 13 | 1900 to 1950 |
| D. B. Realty | 468 to 486 | 18 to 19 | 1800 to 1900 |
| Emmbi Polyarns | 40 o 45 | 4 to 4.50 | 1800 to 2000 |
Market may fall on weak Asian stocks; RBI's quarterly monetary policy eyed
The market may fall on weak Asian stocks taking cue from weak close for US stocks on Thursday after more Americans than estimated filed unemployment-benefit claims. Investors may remain cautious ahead of Reserve Bank of India's quarterly monetary policy due to be announced today.
The annual food price inflation accelerated for the first time in four weeks, with the Reserve Bank of India (RBI) looking set to tighten its monetary policy today, 29 January 2010 to prevent it spilling over to the broader economy.
Economists widely expect a 50-basis point rise in banks' cash reserve ratio (CRR), the proportion of deposits lenders must keep with the RBI in cash. The food price index rose 17.40 % in the 12 months to 16 January 2010, higher than an annual rise of 16.81 % in the previous week, data released on Thursday showed. The fuel index rose to an annual 5.70 %, lower than an annual rise of 6.34 % in the previous week. Higher food prices following a bad harvest of summer-sown crops are expected to keep headline inflation elevated.
The economy grew 7.9 % in the quarter through September, its fastest in 18 months, while industrial production grew in November at its fastest pace in more than two years at 11.7 %.That growth, however, has largely been fuelled by government stimulus spending and cheap credit following policy rate cuts totaling 425 basis points between October 2008 and April 2009.
Inflation and a high fiscal deficit are major risks to India's ambitious plan to return economic growth back to the 9 percent a year level seen between 2005/06 and 2007/08
The Reserve Bank of India on Thursday released its macroeconomic report, implying strongly that growth was returning to the economy and that the central bank's focus was now on taming inflation.
It also said there is a possibility of high food prices spilling over to other parts of the economy, a day before it is expected to tighten policy at its quarterly review of monetary policy.The central bank said the possibility of surge in capital inflows along with the domestic liquidity condition may also affect inflationary conditions.
There are expectations of higher tax rates and massive disinvestment in the coming Budget to help reduce the huge fiscal deficit from 6.8% of GDP this year to 3% over the next five years. Finance minister Pranab Mukherjee will reportedly package his higher indirect tax rates as an exit from the fiscal stimulus of 2008-09 and a return to the path of fiscal responsibility.
Meanwhile, the UPA government's proposed comprehensive indirect tax reform, goods and services tax (GST), will reportedly miss its scheduled rollout from 1 April, 2010, a temporary setback to creation of a unified national market for goods and services in the country, but experts say this will give more time to the centre and states to prepare a more robust framework.
Among prominent results, Tata Motors, Reliance Infrastructure, Sun Pharmaceutical Industries and NTPC will announce their Q3 result today.
Asian stocks fell on Friday after more Americans than estimated filed unemployment-benefit claims, the yen appreciated and metal prices tumbled. The key benchmark indices in Hong Kong, Japan, South Korea, Singapore and Taiwan fell by between 0.4% to 1.72%. But, China's Shanghai Composite rose 0.89%.
Japan's industrial production rose and unemployment fell in December, signaling a continued recovery, while central bankers considered the threat to the economy from exchange rates.
US stocks dropped on Thursday as poor outlooks from Motorola and Qualcomm dented optimism in the technology sector while worries about Greece's fiscal health dragged on sentiment. Stocks added to losses during the regular session following news that US Federal Reserve Chairman Ben Bernanke was confirmed by the US Senate. The Dow Jones industrial average fell 115.70 points, or 1.13%, to end at 10,120.46. The Standard & Poor's 500 Index lost 12.97 points, or 1.18%, to 1,084.53. The Nasdaq Composite Index declined 42.41 points, or 1.91%, to close at 2,179.00.
The government data showed new orders for durable goods, or long-lasting manufactured goods such as washing machines and refrigerators, edged higher in December, and the number of workers filing claims for jobless benefits fell last week, signalling that the US economy remains on the path to recovery. However the jobless claims were more than estimated.
Closer home, the key benchmark indices closed with small gains on Thursday, 28 January 2010 in what was a choppy trading session, halting last six days' steep losses. Firm global stocks supported domestic bourses. The BSE 30-share Sensex rose 17.05 points or 0.1% to 16,306.87 on that day.
As per provisional figures on NSE, foreign funds sold shares worth Rs 2813.06 crore and domestic funds bought shares worth Rs 1979.58 crore on Thursday.
Sensex may open lower
Headlines for the day
BHEL inks JV for 1,600-Mw unit
HPCL may set up Rs 25,000-crore oil refinery
Tata Steel net up, forms JV with Nippon Steel
Tata Tea net falls 77%
Gitanjali to set up 35 new outlets
Events for the day
Major corporate action:
Ex-date for interim dividend of HCL technologies and Sundaram Claytone
Syncom Healthcare Ltd, Vascon Engineers Ltd and Thangamayil Jewellery Ltd IPO closes today
DB Realty IPO opens today
Quarterly RBI monetary policy review today
Results today: Max India, Glenmark Pharma, Reliance Power, Educomp Solutions, NTPC, BEML, Siemens, Rashtriya Chemicals, Tata Motors, Power Finance Corporation, Balrampur Chini, Divis Lab, GE Shipping, Oracle, IOC, P&G, Titan Industries, Sun Pharma, GTL, Bharat Electronics, PTC India, Reliance natural, Moserbaer, Aditya Birla Nuvo, Tata Chemicals, MMTC, Lupin and Bhushan Steel
Pre-market report
Global signals
European Markets closed lower on Thursday, as banking & commodities stocks fell the most. FTSE 100 closed 1.37% lower at 5146.
On Thursday, US markets closed lower as poor outlooks from Motorola and Qualcomm dented the sentiments. Nasdaq closed lower by 1.91% to closed at 2179.
Among the Asian indices, all the Asian indices are trading in negative territory in morning trade except Shanghai Composite. At the time of writing of this report, SGX Nifty is trading 89 points lower.
Indian markets
Following the weak global markets, the domestic indices are expected to open lower and may remain volatile as quarterly RBI monetary policy review to come out today.
Among the local indices, the Nifty could test the 4900-4950 range on the up side, while on the down side it could find support at 4850 and 4800. While the Sensex is likely to get support at 1620 and may face resistance at 16500.
Indian ADR's
All the Indian ADRs trading on the US bourses closed lower except Satyam Computers that surged by 0.82%. On other hand MTNL fell the most with loss of 5.42%
Commodity cues
In the commodity space, wherein the Crude oil prices recorded marginal gain, with the Nymex light crude oil for March series rise by $0.15 to settle at $73.79 a barrel.
In the metals space, Comex Gold for April series declines by $1.20 to settle at $1084.50 to a troy ounce.
In the metals space, Comex Silver for March series declines by $0.23 to settle at $16.21 to a troy ounce.
Daily trend of FII/MF investment in equities
On January 28, 2010, FIIs were the net sellers of the Indian Stocks in the tune of Rs1919.80 crore (with the gross purchase of Rs2957.10 crore and gross sales of Rs4876.90 crore).
While the Domestic mutual funds, on January 25, 2010, were the net sellers of the stocks in the tune of Rs157.50 crore (with gross purchase of Rs726.50 crore and gross sales of Rs883.90 crore).
Daily News Roundup - Jan 29 2010
RIL leases gasoline storage in the Caribbean. (BS)
BHEL inks JV with Madhya Pradesh Power Generation Company Ltd for 1,600MW unit. (BS)
NTPC chalks out ambitious expansion plan in Gujarat. (FE)
Tata Steel forms JV with Nippon Steel for production and sales of automotive cold-rolled flat products at Jamshedpur. (ET)
HPCL plans Rs250bn investment for 15mtpa refinery. (ET)
HCL Tech inks US$50mn deal with UK-based Meggitt to provide engineering services. (BS)
Cairn India to supply Rajasthan crude to IOC. (BL)
DOCOMO can get controlling stake in JV if Tata Teleservices fails to meet targets. (ET)
Essar Steel to double retail outlets and add new products. (BL)
SREI-led consortium buys 57% in DPSC for Rs1.72bn. (ET)
Havells buys Standard Electricals for Rs1.2bn. (ET)
Aptech acquires Maya Academy for Rs760mn. (ET)
Ceat mulls entry into OTR tyre maintenance business in the next fiscal. (BL)
Graphite India to set-up 50MW plant at Durgapur. (BL)
LMW to make parts for aerospace and defense sectors. (BL)
Spectrum usage fees go up by 20% from January 1, 2010. (ET)
Government boosts PDS grain flow to fight against inflation. (ET)
Decline in farm output may pull down GDP growth in Q3 FY10 to 6-6.5%, says Pronab Sen, the Chief Statistician of India. (ET)
Food Inflation eased to 16.81% for the week ended January 9, 2010. (BL)
Trai moots plan to charge operators for phone number allocations. (BL)
Government to start 3G auction on February 25, 2010. (BS)
Trigger in RBI's hands
You live and learn. At any rate, you live.
There is no time to live with the gains of yesterday. A positive close came in after six successive days of losses. The little smiles could get wiped out early this morning as most global markets are down. Asian stock markets got off to a shaky start after the overnight fall on Wall Street. However, the Shanghai Composite has recovered and is trading just in the green.
We expect a weak start and the Nifty could slip below 4800. Hopefully, some semblance of buying will give support; else the Nifty could drop to as low as 4650-4680. Resistance is expected between 4900 and 4950. We do not rule out the possibility of a rebound above 5000, if the RBI hikes only the CRR and if the global mood changes for the better in coming sessions.
Volatility is likely to remain elevated in the near term due to global jitters and relentless selling by the FIIs. The spate of primary market issues, especially from the Government could also cause a few temporary hiccups. Going further ahead, speculation over the Budget will take precedence and one hopes the UPA doesn’t disappoint this time.
Results Today: Aditya Birla Nuvo, Alok Industries, Amtek Auto, Amtek India, Anant Raj Industries, Apollo Tyres, Arvind, Balrampur Chini, BEML, BEL, Bhushan Steel, Bombay Rayon, Chennai Petro, Cinemax, Deccan Chronicle, Divi's Lab, Educomp, Essar Shipping, Essel Propack, FT, Gateway Distriparks, GHCL, Gillette India, Glenmark Pharma, GE Shipping, GTL, GNFC, Gulf Oil, IOC, Kalpataru Power, Karnataka Bank, Karur Vysya Bank, Lupin, Man Industries, Max India, MMTC, MTNL, Moser Baer, NFL, Nirma, NTPC, Oracle Financial, Orchid Chemical, Panacea Biotec, PFC, P&G, PTC India, RCF, Reliance Infra, RNRL, RPower, Siemens, Simplex Projects, Simplex Infra, Sobha Developers, Sun Pharma, Sundram Fasteners, Tanla, Tata Chemicals, Tata Comm, Tata Motors and Titan.
FIIs were net sellers in the cash segment on Thursday at Rs28.13bn on a provisional basis. The local funds were net buyers of Rs19.79bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers at Rs20.68bn. As per the SEBI figures, FIIs were net sellers of Rs19.19bn in the cash segment on Wednesday.
Global investors hit 2010’s first wall of worry during late January as gloomy earnings forecasts, angst about China’s monetary tightening and the deteriorating finances of countries ranging from Greece to Japan triggered a global selloff of equities and, to a lesser extent, the riskier debt classes. Fund flows for the week ending Jan. 27 mirrored this uncertainty and flight to safety, with outflows from several major equity fund groups hitting multi-week highs.
Emerging Market Equity Funds posted their first week of net outflows in 12 weeks. BRIC Equity Funds saw net redemptions for the first time since early September. China Equity Funds saw their first inflows since mid-December.
Overall, investors pulled over $9 billion out of EPFR Global-tracked Equity Funds while committing $4.8 billion to all Bond Funds tracked.
Meanwhile, US Senate has cleared the way to confirm Ben S. Bernanke for the Second Term as the chairman of the Federal Reserve.
The BSE Sensex ended at 16,306.87, up 17 points or 0.1% from the previous close. It touched a high of 16,524.69 and a low of 16,182.14
The worst of the storm is over, US President Barack Obama said in his maiden State of the Union Address on Wednesday. Those soothing words, along with the Federal Reserve's move to maintain status quo on its monetary policy helped most global markets recover from the recent sell-off.
Unfortunately, the Indian market was caught in a whirlwind of F&O expiry and jitters ahead of tomorrow's RBI meet even as food inflation snapped a three-week losing streak and results continued to pour in. The turnover hit a new record high of Rs1.9 lakh crores, partly due to the derivative settlement.
At the end of a highly volatile day, the BSE Sensex ended at 16,306.87, up 17 points or 0.1% from the previous close. It touched a high of 16,524.69 and a low of 16,182.14. That translates into an intra-day swing of about 340 points.
The NSE Nifty closed at 4867.25, up 0.3% over the last close. It touched a high of 4929.90 and a low of 4824.95.
Even the broader market finished mixed, with the BSE Small-Cap index down 0.2% and the BSE Mid-Cap index up 0.2%.
In terms of the sectors, the ones that took the biggest hit in Wednesday's drubbing rallied today. Real Estate and Metals were among the top three sectoral winners today, along with Pharma. BSE indices for Banking, Power, Oil & Gas, IT, Auto and PSU also rose.
Within the Sensex, the notable gainers were Tata Steel, Wipro, DLF, Sun Pharma, HDFC and Grasim. Among the other gainers were Maruti, M&M and Reliance Industries.
Bucking the positive trend were stocks like Bharti Airtel, RCOM, L&T, Jaiprakash Associates, Hindustan Unilever, ACC and Hindalco.
Outside the main indices, the leading gainers were OBC, Cals Refinery, Crompton Greaves, Karuturi Global, Max India, BOB, Torrent Power, Tube Investment, Gujarat NRE Coke, Geodesic, Pantaloon Retail, Koutons Retail, Torrent Pharma, AIA Engineering, Bharat Forge and Sintex Industries.
The big losers in the broader market included the likes of Aban Offshore, Indo Tech Transformers, Cranes Software, Deccan Chronicle, NALCO, Everest Kanto, IOB, Praj Industries, Essar Shipping, Kalpataru Power and Subex.
A firm trend across Asia and the overnight advance on Wall Street were the major driving force behind today's rebound. Things appeared to stabilise a bit today globally after the recent stormy sessions.
Volatility escalated due to the F&O expiry as also due to the near-term uncertainties over the outcome of the RBI policy meeting and global developments. The Nifty crossed 4900 but could not sustain above that level. The Nifty will find it tough to surpass 5000 unless FIIs turn buyers again and global mood improves.
FIIs were net sellers in the cash segment on Wednesday at Rs22.12bn on a provisional basis. In the F&O segment, the foreign funds were net sellers at Rs7.49bn. As per the SEBI figures, FIIs were net sellers of Rs9bn in the cash segment on Monday.
The RBI is expected to hike CRR at its policy meeting tomorrow, though there are a few analysts who expect a small increase in the reverse repo rate as well. What the central bank says in its outlook for the coming quarters will be keenly followed. The market could stage a meaningful recovery if the RBI does not spring a nasty surprise.
Crude registers marginal fall
Prices drop due to demand concerns riding on back of mixed economic data
Crude oil prices dropped marginally on Thursday, 28 January 2010. Prices dropped on the back of mixed earnings and economic data. The relatively steady dollar also pressured prices. Prices are slipping since last couple of days due to impending worries from China front where tightening monetary policies are bothering investors due to shaky demand of metals in coming months.
On Thursday, crude-oil futures for light sweet crude for March delivery closed at $73.64/barrel (lower by $0.03 or 0.04%). During intra day trading, prices rose to a high of $74.49. Last week, crude ended lower by 4.7%. On a year to date basis till date, crude is lower by 8.4%.
Crude ended FY 2009 higher by 78%, the highest yearly gain since 1999. It reached a high of $82 earlier in October 2009 and hit a low of $33.98 on 12 February 2009. Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 52.5% since then. Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
In the currency market on Thursday, the dollar index, which weighs the strength of dollar against the basket of six other currencies rose marginally after coming off its early highs. The dollar index gained 0.3% for the day.
The Commerce Department in US reported on Thursday, 28 January 2009 that demand for U.S.-made durable goods rose in December for the first time since September, led by strong orders for metals, machinery and capital equipment. As per the report, orders for durable goods increased 0.3% in December to $167.9 billion after a revised 0.4% decline in November. Market was expecting for a much-stronger 1.7% gain in orders in December.
Separately, The Labor Department in US reported on Thursday, 28 January 2009 that first-time filings for state unemployment benefits remained elevated in the latest week as it fell but less than expected. The report stated that for the week ended 16 January 2009, initial claims fell 8,000 to 470,000. Market was expecting claims to fall below 445,000.
Yesterday, the Energy department reported in its weekly inventory report that crude-oil supplies for the week ended 22 January 2009 fell 3.9 million barrels. Gasoline inventories rose 2 million barrels. Distillate supplies rose 400,000 barrels. Market was expecting crude and gasoline stockpiles to show an increase of 2 million and 1.7 million barrels respectively.
Last week, in the latest report, the Organization of the Petroleum Exporting Countries said that world oil demand is forecast to grow by 800,000 barrels a day this year to average 85.1 million barrels a day, representing no major change from last month's forecast.
Paris based, IEA, left its forecasts for global oil demand for 2010 virtually unchanged in its latest monthly report last week. It forecasts demand of 86.3 million barrels a day in 2010, up 1.7%, or 1.4 million barrels a day higher than 2009.
Among other energy products on Thursday, heating oil for March delivery rose 0.33 cents to $1.93 per gallon. Gasoline for the same month fell 1.7 cents to $1.93 per gallon.
Also on Thursday, March natural-gas futures finished down 8 cents, or 1.5%, at $5.14 per million British thermal units. The contract earlier sank to a low of $5.06. EIA reported today that U.S. inventories of natural gas fell by 86 billion cubic feet in the week ended 22 January 2010.
At the MCX, crude oil for February delivery closed Rs 29 (0.84%) lower at Rs 3,416/barrel. Natural gas for February delivery closed lower by Rs 2.7 (1.1%) at Rs 241.2/mmbtu.
Asian stocks fall in early trade
Asian stocks fell after more Americans than estimated filed unemployment-benefit claims, metal prices tumbled and the yen appreciated.
Japanese benchmark index Nikkei 225 fell 179.09 points, or 1.72%, to trade at 10,235.20. Hong Kong`s is trading dropped 329.85 points, or 1.62%, at 20,026.52. China`s Shanghai Composite decreased 18.54 points, or 0.62% to trade at 2,975.60.
Taiwan`s Taiex index declined 173.17 points, or 2.25%, to trade at 7,521.41. South Korea`s Kospi index fell 5.04 points, or 2.34% to trade at 1,604.14. Singapore`s Straits Times index decreased 33.12 points, or to 1.20% trade at 2,724.56. (7.30 a.m., IST)
Bullion metals shed more luster
Prices drop on back of mixed earnings and economic data
Precious metal prices ended lower on Thursday, 28 January 2010. Prices dropped on the back of mixed earnings and economic data. The relatively steady dollar also pressured prices. Prices are slipping since last couple of days due to impending worries from China front where tightening monetary policies are bothering investors due to shaky demand of metals in coming months.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Thursday, gold for April delivery ended at $1,084.8 an ounce, lower by $0.9 (0.08%) an ounce on the New York Mercantile Exchange. Earlier in the day, prices rose marginally. Last week, prices ended lower by 2.4%. Year to date in FY 2010, gold prices are lower by 0.8%.
Last year, after hitting a low at $807.30 per ounce on 15 January 2009, gold futures rallied almost 51% to hit an all-time high at $1217.40 per ounce during early December of 2009 but fell from those levels at the end.
On Thursday, March Comex silver futures ended lower by 23 cents (1.3%) at $16.21 an ounce. Last week, silver ended lower by 8.1%. Year to date in FY 2010, silver has dropped by almost 3.5%.
Silver futures had hit a low at $10.42 on 15 January 2009 and hit a high at $19.30 per ounce on 2 December 2009. Like gold, silver also ended lower than its all time high level.
In the currency market on Thursday, the dollar index, which weighs the strength of dollar against the basket of six other currencies rose marginally after coming off its early highs. The dollar index gained 0.3% for the day.
The Commerce Department in US reported on Thursday, 28 January 2009 that demand for U.S.-made durable goods rose in December for the first time since September, led by strong orders for metals, machinery and capital equipment. As per the report, orders for durable goods increased 0.3% in December to $167.9 billion after a revised 0.4% decline in November. Market was expecting for a much-stronger 1.7% gain in orders in December.
Separately, The Labor Department in US reported on Thursday, 28 January 2009 that first-time filings for state unemployment benefits remained elevated in the latest week as it fell but less than expected. The report stated that for the week ended 16 January 2009, initial claims fell 8,000 to 470,000. Market was expecting claims to fall below 445,000.
Gold had ended FY 2009 higher by 24%. Silver futures had ended 2009 up 50%. The dollar index had lost 4.2% against its counterparts last year.
At the MCX, gold prices for February delivery closed lower by Rs 160 (0.97%) at Rs 16,281 per ten grams. Prices rose to a high of Rs 16,454 per 10 grams and fell to a low of Rs 16,217 per 10 grams during the day's trading.
At the MCX, silver prices for March delivery closed Rs 566 (2.2%) lower at Rs 25,505/Kg. Prices opened at Rs 26,048/kg and fell to a low of Rs 25,369/Kg during the day's trading.
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