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Equities open flat

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Sep 302009
 

equity-negliEquities made a flat start to trade Wednesday amid mixed cues from global cues. TCS, ONGC and Ranbaxy were the top gainers on the 30-share index in opening trade.

Bombay Stock Exchange’s Sensex was trading at 16891 higher by 38 points while National Stock Exchange’s Nifty opened flat at 5008.

“This holiday shortened week, participation is lacking in the markets. Yesterday was one of the lowest volumes day in markets in this rally since March. Though, today we expect window dressing by fund managers, selling laggards in favour of out performers to spruce up portfolios may make quarter-end trading volatile. A close above 5050 in nifty and 17000 in sensex should be a signal to be bullish again, till then selling should be preferred on rallies,” said Anagram Stock Broking

Oil India made its debut on the bourses at Rs 1096, a 5 per cent premium to the issue price of Rs 1110.

US stocks fell on Tuesday as a surprise drop in a gauge of consumer confidence overshadowed signs of stabilization in housing and strong performance in quarterly earnings from Walgreen Co.

Meanwhile, stocks across Asia-Pacific traded on a mixed note amid losses on Wall Street. The Hang Seng dropped 0.18 per cent, Straits Times fell 0.24 per cent while Kospi edged up 0.27 per cent, the Nikkei rose 0.17 per cent, Taiex climbed 1.19 per cent.
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Sensex was at 17,108.40, up

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Sep 302009
 

metals-and-it-stocksIndian equities continued with upward march on Wednesday led by gains in banking, IT and metal stocks. Positive opening of the European markets boosted sentiments.

Bombay Stock Exchange’s Sensex was at 17,108.40, up 255.49 points or 1.52 per cent. The index touched an intra-day high of 17110.95 and low of 16868.46.

National Stock Exchange’s Nifty was 5073.90, up 67.05 points or 1.34 per cent. The index touched an intra-day high of 5076.35 and low of 5004.90.

BSE Midcap Index was up 0.70 per cent and BSE Smallcap Index moved up 1 per cent.

Amongst the sectoral indices, BSE Bankex gained 2.82 per cent, BSE IT Index edged 1.72 per cent higher and BSE Metal Index advanced 1.59 per cent.

State Bank of India (3.69%), Wipro (3.59%), ICICI Bank (3.52%), Sterlite Industries (3.42%) and Reliance Communications (2.87%) were amongst the top Sensex gainers.

ONGC (-1.56%), ITC (-0.92%), Grasim (-0.85%), Tata Motors (-0.73%) and Bharti Airtel (-0.05%) were amongst the losers.

Market breadth was positive on the BSE with 1566 advances against 1132 declines.

European markets moved higher powered by gains in energy and mining stocks. FTSE 100 was up 0.35 per cent, CAC 40 gained 0.51 per cent and DAX edged 0.27 per cent higher.
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The market has already had a terrific run

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Sep 302009
 

10bn-share-bazaar-startSensex scales 17000 Markets continued with its upward march taking cues from peers in Asia and on hopes of revival in global and domestic economy.

“The opening moments will be dominated more by Oil India’s listing. The market will be keen to see how the stock behaves after a tepid debut for Adani Power and NHPC. We expect another positive start though Asian stock markets are mixed after overnight losses on Wall Street. If global cues remain indecisive the market might just turn choppy again being a curtailed week.

The market has already had a terrific run in anticipation of the imminent rebound. So, it remains to be seen how long the current momentum continues. The scope for further advance does appear to be limited and every rise will be interrupted with periodic falls,

National Stock Exchange’s Nifty was at 5048.15, up 41.30 points or 0.82 per cent. The broader index hit a high of 5049.15 and low of 5004.35.

“Trend deciding level for the day is 4995 / 16855. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 5032 – 5057 / 16906 – 16960. However, if Nifty trades below 4995 / 16855 for the first half-an-hour of trade then it may correct up to 4971 / 16801,” said Angel Broking note.

BSE Midcap Index was up 0.44 per cent and BSE Smallcap Index moved 0.55 per cent higher.

Amongst the sectoral indices, BSE Oil&gas Index gained 0.78 per cent, BSE Bankex advanced 0.73 per cent and BSE IT Index moved up 0.71 per cent. BSE Healthcare Index was marginally lower.

Newly listed Oil India was trading at Rs 1129.15, up Rs 79.15 or 7.54 per cent. The scrip touched a high of Rs 1149 and low of Rs 1090 in early trade on volume of 11525995 shares.

US stocks fell on Tuesday as a surprise drop in a gauge of consumer confidence overshadowed signs of stabilization in housing and strong performance in quarterly earnings from Walgreen Co.

Meanwhile, stocks across Asia-Pacific traded on a mixed note amid losses on Wall Street. The Hang Seng dropped 0.73 per cent, Straits Times fell 0.51 per cent and Kospi edged 0.73 per cent lower. The Nikkei 225 rose 0.05 per cent, Shanghai Composite climbed 0.86 per cent and Taiwan Weighted gained 1.11 per cent.
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Nifty cruises above 5050

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Sep 302009
 

bse-sensexMarkets were witnessed sustained buying activity Wednesday led by gains in metals and banking stocks. Global cues were choppy and not providing any solid support to the benchmarks.

“Though long term outlook continues to be robust, the short to medium term correction expectations/risks are rising with every passing day. The 100 per cent index rise from bottom of mid March is large enough and warrants an intermediate correction. But as is known to all, market deceives everyone and sharp correction comes when few think about it.

US markets fell yesterday with drop in Consumer confidence index from 54.5% to 53.1%, raising doubts about fragile economic recovery in USA. But key Asian markets are showing mix trend. We expect our markets to open flattish and move sideways in early trade. A decisive trend could emerge in late noon, which could give clues about short term direction of markets,” said Anand Rathi report.

National Stock Exchange’s Nifty was 5052.90, up 46.05 points or 0.92 per cent. The index touched an intra-day high of 5058.80 and low of 5004.90.

Bombay Stock Exchange’s Sensex was at 17045.73, up 192.82 points or 1.14 per cent. The index touched an intra-day high of 17053.29 and low of 16868.46.

“Key support for the day is still placed at 4950-4940 range. Hurdle is seen in the range of 5035-5042 range on higher side. Short week of just three trading session may impact cash volumes as mentioned earlier and this may translate into a lack lustrous trading session once again,” said Reliance Money report.

BSE Midcap Index was up 0.71 per cent and BSE Smallcap Index moved up 1.01 per cent.

Amongst the sectoral indices, BSE Bankex gained 1.67 per cent, BSE Metal Index advanced 1.64 per cent and BSE IT Index edged 1.13 per cent higher.

Market breadth was positive on the BSE with 1622 advances against 866 declines.
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Australian stocks pullback

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Sep 292009
 

usstockOutperforming Australian shares are highly vulnerable to a pullback in the coming week as a recent rally loses steam, dealers said on Friday.

A stronger-than-expected September forced many investors to buy back into the market after a widely-expected pullback failed to materialise, and stocks are moving unpredictably, said CMC Markets analyst James Foulsham.

Historically September is a time when there’s pullback in the market,” Foulsham told AFP.

October could still be volatile but I guess a lot of people that were kind of positioning themselves for a bit of a pullback had to buy back into their positions, so that sort of pushed the market up a little bit,” he added.

Foulsham said it was difficult to say how sustainable the rally was, adding that he wouldn’t be surprised if a pullback was imminent.

it’s going to move around a lot and it’s just difficult to predict which way at the moment,” he added.

AMP Capital Investors chief economist Shane Oliver said shares were vulnerable to a correction, with the last major retreat taking place in June and July and gains of more than 50 per cent in the last six months.

“However, any correction is likely to be limited and further strong gains are likely by year end,” Oliver said.
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sensex fell by 160 pointsnahi

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Sep 292009
 

shaves-320-points-off-sensexThe Bombay Stock Exchange benchmark Sensex on Wednesday fell by over 160 points on profit taking amid weak Asian cues.

The bellwether index settled the day lower by 166.93 points from yesterday’s close at 16,719.50 as investors booked profits judging the five-day winning was overdone.

Before falling, the Sensex had notched up 672 points in the previous five trading sessions.

Wider National Stock Exchange index Nifty closed down by 50.25 points at 4,969.95. Nifty had settled above the psychological 5,000-mark yesterday.

Marketmen said investors were seen squaring up their pending positions ahead of the monthly expiry in the derivatives segment

They said a weakening trend in Asian region further added to the selling pressure.

Japan’s Nikkie lost 0.70 per cent, China’s Shanghai index 1.89 per cent and Hong Kong’s Hengsang fell by 0.49 per cent.

Among Sensex stocks, Jaiprakash Associates lost 6.34 per cent and Suzlon 6.10 per cent.

Bharti Airtel fell by 3.43 per cent after reports its deal with South Africa’s MTN Group might face regulatory hurdles.
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Sensex rebounds in trade

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Sep 292009
 

bombay stockexchangeBombay Stock Exchange benchmark Sensex rebounded in pre-close trading on Thursday by rising over 114 points on emergence of buying by funds.

The Sensex, which had dropped to 16,494.92 points in early trade, wiped off all the losses to trade higher by 114.60 points at 16,834.10 at 1500 hrs.

Similarly, the wide-based National Stock Exchange index Nifty rose by 46.75 points at 5,016.70 at the same time. The Nifty had touched a low of 4,904.05 in early trade on Thursday.
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Gold prices falls on

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Sep 292009
 

gold-hasGold prices on Tuesday fell by Rs 50 to Rs 15,750 per 10 gram in the bullion market here on subdued demand, while silver recovered by Rs 100 to Rs 25,900 per kg on industrial buying.

Marketmen said restricted buying following fall in demand at existing higher levels mainly led to a decline in gold prices.

They said buying activity also slowed down following ending of ‘Navratra’ — an auspicious occasion when people make maximum purchases of new ornaments.

However, demand for silver picked up among industrial units and silver coins makers.

Silver ready rose by Rs 100 to Rs 25,900 per kg and weekly-based delivery by Rs 230 to Rs 26,050 per kg. However, silver coins continued to be asked around previous level of Rs 31,700 for buying and Rs 31,800 for selling of 100 pieces.

Standard gold and ornaments fell by Rs 50 each at Rs 15,750 and Rs 15,600 per 10 gram, respectively, while sovereign remained unchanged at Rs 12,900 per piece of eight gram in limited deals.
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FIIs against financial approached Sebi to express forecast by IPO

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Sep 292009
 

share-market-india2Several foreign institutional investors (FIIs) have approached Sebi to express their unease over the clause in the recent Sebi guidelines that bans IPO-bound companies from making financial projections.Earlier this month, the regulator overhauled the disclosure & investor protection (DIP) guidelines, replacing it with the issue of capital and disclosure requirements (ICDR) regulations.

One of the clauses in ICDR states “no selective or additional information or information extraneous to the offer document shall be made available by the issuer or any member of the issue management team/ syndicate to any particular section of the investors or to any research analyst in any manner whatsoever including at road shows, presentations, in research or sales reports or at bidding centres”.
“Sebi has amended guidelines in line with what is prevalent in the US. But one needs to keep in mind that the US, unlike ours, is a developed market. India, even today, has a lot of companies where there is very little information in the public domain. Some, particularly in the infrastructure space, have no track record, no necessary history, that would help an institutional investor take a view,” said a merchant banker on condition of anonymity.

Bankers maintain that while forward looking projections on a company looking to list is not allowed in the US, there is still some research done outside the US. Also being a developed market, there are other benchmarks, which help them to take a view.

“In India, we have some companies quoting at a 30% discount to NAV and some quoting at a 50% premium. As such institutional investors do require some amount of guidance in terms of forward projections, which would help value a company, to decide what price to enter and make a book. Let us not forget that in India retail follows institution and we have to market it to them,” said an investment banker with a foreign brokerage.

“ICDR clearly states that there should be no forward looking statement in a prospectus without substantiation. ICDR also provides that no selective or additional information should be provided to any section of investors or analysts. What Sebi appears to be saying quite clearly is that information should be disseminated evenly, a level playing field of disclosure. Full and complete disclosures should be made in the prospectus, and dissemination of selective, extra or extraneous information is verboten.”
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Indian bond yield

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Sep 292009
 

lousy-investment-bondIndian federal bond yields fell on Tuesday mainly on hopes the central bank may ease accounting rules for banks’ debt purchases even as the government stuck to its borrowing target for the second half of the fiscal year.

The 10-year bond yield was at 7.14 percent, below Friday’s closing of 7.17 percent. Financial markets were shut on Monday for a local holiday.

The Indian government will sell bonds totalling 1.23 trillion rupees between October and March as part of its borrowing schedule, Finance Secretary Ashok Chawla said on Tuesday.

The numbers are as per expectations and there is nothing new for the market. There is going to be 50 billion rupees MSS conversion, and after accounting for it 1.23 trillion rupees is what they are supposed to borrow,” said A. Prasanna chief economist, ICICI Securities Primary Dealership.

The actual calendar will also be awaited for weekly supply and the maturity profile of bonds and the next trigger will be the calendar itself,” he said.

Hopes of an increase in the hold-to-maturity limit from the current 25 percent persisted as it would help banks hold more bonds free of mark-to-market requirements, which should help support demand.
In interest rate futures on the National Stock Exchange (NSE), the December contract N10Z9 was at 7.9439, percent from the previous close of 7.9470 percent.
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