Wednesday, June 08, 2011
Prices erase their early gains
Precious metals ended mixed on Tuesday, 07 June, 2011 at Comex. Prices rose earlier in the day but then lost steam as traders garnered for Ben Bernanke's comments regarding the outlook of US economy. Gold prices slipped at the end while silver pared its gains partly but managed to end in the black.
Weak dollar supports prices
Crude oil prices pared earlier losses and managed to crawl up at the last moment on Tuesday, 07 June 2011 at Nymex. Prices fell initially following economic worries but then investors focused on the upcoming OPEC meeting and possible supply increases. A weak dollar also supported the crude price.
Emami sets up a 10-member panel advisory board to decide succession plan. (ET)
Wipro Consumer Care has bought soap brands Aramusk and Moloy from Mumbai-based VVF Ltd for an undisclosed amount. (ET)
An independent audit of the ONGC’s overseas subsidiary ONGC Videsh (OVL) has slashed its estimated immediately recoverable or "proven" reserve by one-third. (FE)
The Indian markets extended its pull back to second consecutive trading session on Tuesday led by gains in the index heavyweights like Reliance Industries, Infosys, Tata Steel and Cipla. In addition, a positive start to the equity markets across Europe lifted the sentiment on Dalal Street. The Indian stock markets showed resilience against the sell off in the US markets. Asian markets were flat.
Fasting is the single greatest natural healing therapy. It is nature’s ancient, universal 'remedy' for many problems.- Elson Haas
There is no healing but only hurt which is more than evident from the speed at which fasts take place. Due to denial of permission, it's not Jantar Mantar for Anna Hazare this time and the action shifts to Rajghat.
The sentiments across the globe have turned sour after bearish comments on the US economy by Ben Bernanke, this may lead Indian markets lower at the start
Headlines for the day:
Govt approves 16 FDI proposals worth Rs923.55 crore
Maruti losing Rs40 crore production a day due to strike
IOC looks for foreign players to develop LNG terminal
Events for the day:
Major corporate action
Ex-date for bonus issue of CMC
Ex-date for dividend of Axis Bank, Goodyear India
Ex-date for final dividend of TCS, Asian Paints
For more events and news, log on to Sharekhan.com
Indian markets seem to be showing some recovery amid improved FII flows. However, the markets are not getting strong push to move higher substantially.
Today’s scenario across the world looks bad as the Federal Reserve Chairman Ben Bernanke acknowledged a slowdown in the economy. But he offered no suggestion that the central bank is considering any further monetary stimulus to support growth. Weak global cues may drag the Indian markets in the opening trade. For the last couple of days, the markets have has been quite resilient and constructive and may survive the global scare in today’s trade.
Daily trend of FII/MF investment in equities
The FIIs have sold Indian shares worth a net of Rs423 crore on June 07, 2011 as against net buy of Rs537.60 crore on June 06, 2011. The local investors have purchased Indian shares worth a net of Rs175.30 crore on June 06, 2011.
The European stocks ended Tuesday's (June 07, 2011) session with a small loss, with concerns about sovereign debt overshadowing broker upgrades that helped lift several shares, including tire maker Michelin and lender Credit Agricole SA..
The US stocks extended a losing streak for a fifth day on Tuesday on mounting concerns about the economy after bearish comments from Federal Reserve Chairman Ben Bernanke.