Sensex ends over 200 points lower; realty, metals drag
Equities ended volatile session in deep red on the settlement day of October F&O series.
Realty, metals and power led the fall while
and pharma stocks showed some strength.
Bombay Stock Exchange’s Sensex closed at 16052, down 230.90 points or 1.42 per cent. The index touched a high of 16264.09 and low of 15993.83 during the day. National Stock Exchange’s Nifty ended at 4749.70, down 76.45 points or 1.58 per cent. The broader index hit a low of 4738.40 and high of 4826.10.
BSE Midcap Index was down 2.09 per cent and BSE Smallcap Index was 1.35 per cent lower. Amongst the sectoral indices, BSE Realty Index was down 6.33 per cent, BSE Metal Index fell 2.61 per cent and BSE Power Index slipped 2.27 per cent.
BSE FMCG Index was up 0.50 per cent and BSE Healthcare Index gained 0.26 per cent. Sensex gainers were Mahindra & Mahindra (3.62%), ONGC (1.61%), Sun Pharmaceuticals (1.47%), Hindustan Unilever (0.83%) and HDFC (0.82%). DLF (-7.33%), Reliance Communications (-7.09%), Jaiprakash Associates (-4.52%), ICICI Bank (-4.07%) and BHEL (-3.64%) ended with losses.
Market breadth was negative on the BSE with 1860 declines and 818 advances.
( Economic Times)
Thursday, October 29, 2009
Friday, October 23, 2009
SEBI permits extension of trading by 2-1/2 hours a day
Indian stock market will soon witness longer hours and higher volumes. In a move that will give investors more flexibility but make life in
the dealing room and back-office far more demanding, capital market regulator SEBI has permitted stock exchanges to begin the day as early as 9 AM and keep the market open for trading till 5 PM. Currently, trading in stocks and equity derivatives take place between 9:55 AM and 3:30 PM. While the exchanges are yet to fix the timings, the decision to align the timings of the stock markets with other financial markets like currency, bonds and call money may boost volumes in stocks and equity derivatives. More interestingly, if the local market opens at 9 AM, it may drive a slice of the trading volume from Singapore, where the Nifty futures are traded, to India. Since operators shorting a stock often use the shallower Singapore market to drag down the scrip in India, an early opening will lower the scope of such manipulations. A senior NSE official told ET that the exchange is likely to extend the trading hours 'soon'. "The exchange is conducting a review to ensure that systems are compliant with SEBI requirements. We do not anticipate any issues in starting soon," the official said. A BSE spokesperson said the exchange welcomes the SEBI directive on extension of trading hours, though he declined to comment on when it plans to implement it. ET had first reported about SEBI's intention to allow extended trading hours in its edition dated December 12, 2008. Brokers said institutional investors will benefit from the advancing of trading time in the morning, while day traders will have more time to react to European markets. Also, retail investors are likely to get more time to track their portfolio and even book trades after finishing their regular work. However, analysts tracking corporate developments may have to wait longer, as most companies make market sensitive after trading hours. "Given the fact that volumes have been increasing on SGX (Singapore Exchange) where the Nifty is traded, this was anticipated and is a positive move," said Rashesh Shah, CMD, Edelweiss Capital. The origin of the proposal to extend trading hours has its roots in an increased interest among FIIs and overseas arbitrageurs in Singapore Nifty futures. Nifty futures on the Singapore Exchange are available to global investors at least a couple of hours before trading starts in Indian markets. This has resulted in overseas investors gaining an upper hand over local investors, who do not have access to Singapore Exchange, to react to global events and volumes shifting from NSE's equity derivatives segment to Singapore
( Economic Times )
Indian stock market will soon witness longer hours and higher volumes. In a move that will give investors more flexibility but make life in
the dealing room and back-office far more demanding, capital market regulator SEBI has permitted stock exchanges to begin the day as early as 9 AM and keep the market open for trading till 5 PM. Currently, trading in stocks and equity derivatives take place between 9:55 AM and 3:30 PM. While the exchanges are yet to fix the timings, the decision to align the timings of the stock markets with other financial markets like currency, bonds and call money may boost volumes in stocks and equity derivatives. More interestingly, if the local market opens at 9 AM, it may drive a slice of the trading volume from Singapore, where the Nifty futures are traded, to India. Since operators shorting a stock often use the shallower Singapore market to drag down the scrip in India, an early opening will lower the scope of such manipulations. A senior NSE official told ET that the exchange is likely to extend the trading hours 'soon'. "The exchange is conducting a review to ensure that systems are compliant with SEBI requirements. We do not anticipate any issues in starting soon," the official said. A BSE spokesperson said the exchange welcomes the SEBI directive on extension of trading hours, though he declined to comment on when it plans to implement it. ET had first reported about SEBI's intention to allow extended trading hours in its edition dated December 12, 2008. Brokers said institutional investors will benefit from the advancing of trading time in the morning, while day traders will have more time to react to European markets. Also, retail investors are likely to get more time to track their portfolio and even book trades after finishing their regular work. However, analysts tracking corporate developments may have to wait longer, as most companies make market sensitive after trading hours. "Given the fact that volumes have been increasing on SGX (Singapore Exchange) where the Nifty is traded, this was anticipated and is a positive move," said Rashesh Shah, CMD, Edelweiss Capital. The origin of the proposal to extend trading hours has its roots in an increased interest among FIIs and overseas arbitrageurs in Singapore Nifty futures. Nifty futures on the Singapore Exchange are available to global investors at least a couple of hours before trading starts in Indian markets. This has resulted in overseas investors gaining an upper hand over local investors, who do not have access to Singapore Exchange, to react to global events and volumes shifting from NSE's equity derivatives segment to Singapore
( Economic Times )
Tuesday, October 20, 2009
ndia to cut stake in steelmaker SAIL: Report
India's steel ministry has approved a plan to sell shares in state-run Steel Authority of India Ltd (SAIL) to help fund the firm's
expansion and cut the government deficit.
The two-phased sale would be a mix of a government stake sale and an issue of fresh shares by the company, Dow Jones Newswires reported Tuesday, quoting an unidentified senior steel ministry official. "We plan to seek the cabinet's nod for it in over a month's time," the official said.
The report comes as the government considers minority stake sales in various state-run firms, from NTPC, India's biggest thermal power generating company, to miner Manganese Ore India, to raise funds to cut the hefty fiscal deficit.
The stake sale and issue of fresh shares in SAIL, India's largest steel producer by volume, would cut the government's holding to around 68 percent from 85.82 percent.
In the first phase, the government would sell five percent of its shareholding while SAIL will issue an additional five percent equity, the report said. The government plans to sell a total of 10 percent of its holding, while the company is expected to issue additional shares worth 10 percent of the expanded equity base, the official said.
The amount of money to be raised from the share sale would be fixed after cabinet gave its approval, said the official. The timing of the share sale would be announced later.
SAIL plans to raise its annual hot metal production capacity to 23.5 million metric tonnes by the financial year ending March 2012 from the current 14.6 million tonnes.
The steel ministry official said SAIL will use the share sale money to partly fund its expansion.
( Economic Times dt 20 Oct 09 )
India's steel ministry has approved a plan to sell shares in state-run Steel Authority of India Ltd (SAIL) to help fund the firm's
expansion and cut the government deficit.
The two-phased sale would be a mix of a government stake sale and an issue of fresh shares by the company, Dow Jones Newswires reported Tuesday, quoting an unidentified senior steel ministry official. "We plan to seek the cabinet's nod for it in over a month's time," the official said.
The report comes as the government considers minority stake sales in various state-run firms, from NTPC, India's biggest thermal power generating company, to miner Manganese Ore India, to raise funds to cut the hefty fiscal deficit.
The stake sale and issue of fresh shares in SAIL, India's largest steel producer by volume, would cut the government's holding to around 68 percent from 85.82 percent.
In the first phase, the government would sell five percent of its shareholding while SAIL will issue an additional five percent equity, the report said. The government plans to sell a total of 10 percent of its holding, while the company is expected to issue additional shares worth 10 percent of the expanded equity base, the official said.
The amount of money to be raised from the share sale would be fixed after cabinet gave its approval, said the official. The timing of the share sale would be announced later.
SAIL plans to raise its annual hot metal production capacity to 23.5 million metric tonnes by the financial year ending March 2012 from the current 14.6 million tonnes.
The steel ministry official said SAIL will use the share sale money to partly fund its expansion.
( Economic Times dt 20 Oct 09 )
Sunday, October 18, 2009
What about this Diwali?
Morgan Stanley forecasts strong earnings growth for Indian Companies.
Companies could post strong earnings growth over the next 12 months, driven by a sharp recovery in industrial growth and rebound in
margins, led by cost-cutting and lower raw material prices, said Morgan Stanley, in a recent note. The investment Bank has raised its Sensex target for December 2010 to 19400 and upgraded the benchmark’s earnings growth estimates. Some of the prominent Market experts believe that
HOTELLEELA, CASTROL, MUNDRAPORT, TATATEA, NTPC, 3IINFO, IGL, GAIL, HINDUNILVR, IFCI
would be bets which look good from 1 year perspective till 2010Diwali.
Accumulate in dips.
Happy Diwali and Happy Investing
Morgan Stanley forecasts strong earnings growth for Indian Companies.
Companies could post strong earnings growth over the next 12 months, driven by a sharp recovery in industrial growth and rebound in
margins, led by cost-cutting and lower raw material prices, said Morgan Stanley, in a recent note. The investment Bank has raised its Sensex target for December 2010 to 19400 and upgraded the benchmark’s earnings growth estimates. Some of the prominent Market experts believe that
HOTELLEELA, CASTROL, MUNDRAPORT, TATATEA, NTPC, 3IINFO, IGL, GAIL, HINDUNILVR, IFCI
would be bets which look good from 1 year perspective till 2010Diwali.
Accumulate in dips.
Happy Diwali and Happy Investing
PSUs may be given sell orders soon
19 Oct 2009, 1005 hrs IST, Anto Antony, ET Bureauseries of public offers from state-run firms could hit the market in the next few months if the Cabinet Committee on Economic Affairs
(CCEA) on Monday accepts disinvestment department’s proposal to offload a minimum 10% stake in all such firms, a senior finance ministry official told ET. The PSUs that could see their first public floats include big ones such as Coal India, Bharat Sanchar Nigam, National Aviation Co and Manganese Ore India and medium-sized players such as RITES, Ircon, HLL Lifecare and NBCC. A bullish market sentiment has also encouraged the disinvestment department to draft a schedule for follow-on public offers (FPO) by listed PSUs. According to the plan, at least one IPO or an FPO will hit the market every month for the next nine months. As a result, REC, NTPC, NMDC, Hindustan Copper, MMTC, Engineers India, Sutluj Jal Vidyut Nigam and RITES are expected to tap the market in the six months starting December.
( Economic Times )
19 Oct 2009, 1005 hrs IST, Anto Antony, ET Bureauseries of public offers from state-run firms could hit the market in the next few months if the Cabinet Committee on Economic Affairs
(CCEA) on Monday accepts disinvestment department’s proposal to offload a minimum 10% stake in all such firms, a senior finance ministry official told ET. The PSUs that could see their first public floats include big ones such as Coal India, Bharat Sanchar Nigam, National Aviation Co and Manganese Ore India and medium-sized players such as RITES, Ircon, HLL Lifecare and NBCC. A bullish market sentiment has also encouraged the disinvestment department to draft a schedule for follow-on public offers (FPO) by listed PSUs. According to the plan, at least one IPO or an FPO will hit the market every month for the next nine months. As a result, REC, NTPC, NMDC, Hindustan Copper, MMTC, Engineers India, Sutluj Jal Vidyut Nigam and RITES are expected to tap the market in the six months starting December.
( Economic Times )
Thursday, October 15, 2009
Oil jumps to fresh 1-year high near $76 a barrel
15 Oct 2009
Oil prices reached a fresh one-year high near $76 a barrel on Thursday in Asia on a weaker US dollar and growing investor optimism about
an economic recovery. Benchmark crude for November delivery was up 72 cents to $75.90, the highest since October 2008, by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $1.03 to settle at $75.18 yesterday. Oil investors have fed off rising stock markets and a falling dollar this week to break out of a $65 to $75 trading range that has held since May. The Dow Jones industrial average rose 1.5 per cent yesterday to above 10,000 for the first time in a year on encouraging earnings reports from Intel Corp and JPMorgan Chase & Co. Most Asian stock indexes gained in early trading. Meanwhile, the euro rose to $1.495 in early Asian trading from $1.4933 the previous day while the dollar gained to 89.46 yen from 89.34. Oil is traded in US dollars and its price tends to rise when the dollar falls.Oil prices reached a fresh one-year high near $76 a barrel on Thursday in Asia on a weaker US dollar and growing investor optimism about
an economic recovery. Benchmark crude for November delivery was up 72 cents to $75.90, the highest since October 2008, by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $1.03 to settle at $75.18 yesterday. Oil investors have fed off rising stock markets and a falling dollar this week to break out of a $65 to $75 trading range that has held since May. The Dow Jones industrial average rose 1.5 per cent yesterday to above 10,000 for the first time in a year on encouraging earnings reports from Intel Corp and JPMorgan Chase & Co. Most Asian stock indexes gained in early trading. Meanwhile, the euro rose to $1.495 in early Asian trading from $1.4933 the previous day while the dollar gained to 89.46 yen from 89.34. Oil is traded in US dollars and its price tends to rise when the dollar falls. ( Economic Times)
15 Oct 2009
Oil prices reached a fresh one-year high near $76 a barrel on Thursday in Asia on a weaker US dollar and growing investor optimism about
an economic recovery. Benchmark crude for November delivery was up 72 cents to $75.90, the highest since October 2008, by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $1.03 to settle at $75.18 yesterday. Oil investors have fed off rising stock markets and a falling dollar this week to break out of a $65 to $75 trading range that has held since May. The Dow Jones industrial average rose 1.5 per cent yesterday to above 10,000 for the first time in a year on encouraging earnings reports from Intel Corp and JPMorgan Chase & Co. Most Asian stock indexes gained in early trading. Meanwhile, the euro rose to $1.495 in early Asian trading from $1.4933 the previous day while the dollar gained to 89.46 yen from 89.34. Oil is traded in US dollars and its price tends to rise when the dollar falls.Oil prices reached a fresh one-year high near $76 a barrel on Thursday in Asia on a weaker US dollar and growing investor optimism about
an economic recovery. Benchmark crude for November delivery was up 72 cents to $75.90, the highest since October 2008, by midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $1.03 to settle at $75.18 yesterday. Oil investors have fed off rising stock markets and a falling dollar this week to break out of a $65 to $75 trading range that has held since May. The Dow Jones industrial average rose 1.5 per cent yesterday to above 10,000 for the first time in a year on encouraging earnings reports from Intel Corp and JPMorgan Chase & Co. Most Asian stock indexes gained in early trading. Meanwhile, the euro rose to $1.495 in early Asian trading from $1.4933 the previous day while the dollar gained to 89.46 yen from 89.34. Oil is traded in US dollars and its price tends to rise when the dollar falls. ( Economic Times)
Morgan Stanley lifts India growth view to 6.4 pc
Morgan Stanley lifts India growth view to 6.4 pc
Morgan Stanley raised India's FY10 growth forecast to 6.4 per cent on a higher-than-expected August industrial output and said if the data
continue to surprise on the upside policy rates could be lifted before end-2009.
Morgan Stanley had previously forecast growth of 5.8 per cent and expected policy rates to be lifted by January 2010.
Morgan Stanley expects the Reserve Bank of India (RBI) to hold rates at its Oct. 27 quarterly monetary policy review, but sees a "more than even" chance of a hike in banks' cash reserve ratio as a tool to sterilise rising capital inflows.
Industrial production rose 10.4 per cent in August from a year earlier, its fastest pace in 22 months, beating the median forecast in a Reuters poll, and July's annual growth was revised up to 7.2 per cent from 6.8 per cent.
Morgan Stanley also lifted its industrial production growth forecast for India to an average 8 per cent year-on-year in fiscal year 2009/10 from 6.4 per cent earlier, and its services sector growth view to 8.4 per cent from 8.1 per cent.
Source : Economic Times dt.15 Oct. 09
Morgan Stanley raised India's FY10 growth forecast to 6.4 per cent on a higher-than-expected August industrial output and said if the data
continue to surprise on the upside policy rates could be lifted before end-2009.
Morgan Stanley had previously forecast growth of 5.8 per cent and expected policy rates to be lifted by January 2010.
Morgan Stanley expects the Reserve Bank of India (RBI) to hold rates at its Oct. 27 quarterly monetary policy review, but sees a "more than even" chance of a hike in banks' cash reserve ratio as a tool to sterilise rising capital inflows.
Industrial production rose 10.4 per cent in August from a year earlier, its fastest pace in 22 months, beating the median forecast in a Reuters poll, and July's annual growth was revised up to 7.2 per cent from 6.8 per cent.
Morgan Stanley also lifted its industrial production growth forecast for India to an average 8 per cent year-on-year in fiscal year 2009/10 from 6.4 per cent earlier, and its services sector growth view to 8.4 per cent from 8.1 per cent.
Source : Economic Times dt.15 Oct. 09
Subscribe to:
Posts (Atom)