Shekhawati Poly Yarn
30 (Fixed Price)
1 to 1.50
C. Mahendra Export
95 to 110
5 to 6
Mid Valley Enter
64 to 70
7 to 7.50
Friday, January 07, 2011
SBI has asked Vodafone for cash and cash equivalent against guarantee sort by the telco for depositing with the Supreme Court in its case against the income tax department. (ET)
Government top dilute stake in three state-run companies - ONGC, SAIL and Hindustan Copper in the current fiscal. (BS)
It was the fourth straight day of losses for the Indian market as bears continued their onslaught on Dalal Street. The NSE Nifty closed below the 6050 level with Realty, Capital Goods and Auto stocks among the major laggards. Breadth was negative as the Mid-Cap and the Small-Cap stocks also reversed early gains amid relentless selling pressure. But, select IT and Telecom stocks managed to buck the negative trend.
"Inflation is bringing us true democracy. For the first time in history, luxuries and necessities are selling at the same price." - Robert Orben.
Freezing temperatures in northern India can’t take the heat off policymakers in New Delhi as inflation shows no sign of cooling. Prices of essential food items continue to soar even as the non-food element of WPI starts turning costlier, triggering expectations of some interest rate hikes later this month. Add to it the fact that the Government has now linked NREGA pay with inflation. This will not only require more funds but will also push wage inflation higher. So, all the boastful predictions that inflation will soften to 5-6% by March-end may turn out to be hot air.
The market is likely to see a flat-to-positive start with global cues providing little direction. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate a rise of 1.50 points at the opening bell. A US labor department report on employment in December 2010 in the world's largest economy, due to be released later today, is closely watched.
The markets are expected to resume the trade on a negative to cautious note taking cues from the sluggish global markets.
Headlines for the day:
New base rate method by June 30: RBI
Riversdale, Tata to own Mozambique power plant
Anil Ambani to increase stake in R-Infra to 47.7%
Crude slips due to strong dollar and weak data
Crude prices ended substantially lower on Thursday, 06 January 2011 at Nymex. Prices fell today after showing days of strength earlier in the week. Strong dollar and worse than expected initial claims data pushed prices lower.
Continue to fall as dollar adds more strength
Precious metals continued with their downward journey on Thursday, 06 January 2011 at Comex. Prices fell as the dollar witnessed considerable gains and traders continued to take to profit taking after the holiday season.