Tuesday, November 16, 2010
The key benchmark indices slumped as stocks fell across the world on concerns over Ireland's debt and on fears of further monetary tightening in China. Worries that US funds will close positions in emerging market stocks ahead of the year-end to cash in on recent gains, also added to the decline. The barometer index BSE Sensex fell below the psychological 20,000 mark and the 50-unit S&P CNX Nifty fell below the psychological 6,000 mark.
Tata group plans to foray in projects logistics segment in the next one year to tap Rs200bn market in India. (FE)
HPCL lines up Rs130bn capex to double its capacity of its Vizag refinery to 15mn tons a year by FY14. (ET)
Indian Oil Corporation (IOC) has planned a capex of Rs25bn for its marketing and distribution expansion. (ET)
BSE Sensex gained 152 points to close at 20,310 and the NSE Nifty gained 50 points to close at 6,126.
Bulls staged a smart come back in the last one hour of trading on Monday after being on the sidelines for three straight trading sessions. The Indian market ended higher, kicking off the holiday-shortened week on a positive note. Markets were highly choppy throughout the day and struggled for direction as investors were still recovering from last Friday's big losses. But, the last hour saw a smart pull back after the Chinese market rebounded and European indices too recovered.
That rain is the best which falls steadily on the earth. A sudden and excessive downpour ruins the fields. - Jerome.
A thunderstorm caught Mumbai by surprise and suddenly it seemed like we are in the midst of monsoon. The steady FII flow has abated and there is no downpour as such in terms of events. Key indices managed to recover after a choppy session while the global picture was mixed. US stocks closed nearly flat, pulling back from their session highs after treasury prices slid. European markets rose amid M&A talk
The domestic markets may resume the session on a negative note mirroring the weak cues from Asian markets. The shares of Gravita India will be listed today
Headlines for the day:
GE India to localise bulk of its domestic products
8 companies bid for MERC's power licence, R-Infra skips
Liquidity tightness still above RBI comfort zone
Prices drop due to mixed economic data
Crude prices ended marginally lower on Monday, 15 November 2010 at Nymex. Prices fell due to mixed set of economic reports and the dollar staying strong.
On Monday, crude oil futures for light sweet crude for December delivery closed lower by 2 cents at $84.86/barrel. Last week, crude lost 2.3%.
India imports 43 tons of gold in October, 65% more than last year
After dropping since the past couple of sessions, precious metal turned higher on Monday, 15 November 2010 at Comex. Prices rose as reports showed interest for physical demand for gold in recent times.
The key benchmark indices may edge lower as most Asian stocks were in the red after South Korea hiked interest rates. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate that the Nifty could fall 3.50 points at the opening bell. The stock market remains closed on Wednesday, 17 November 2010, on account of Bakri-Id.