Wednesday, September 05, 2012
Tata Motors said that it has entered into a tie up with J&K Bank Ltd for financing its passenger vehicle customers. (BL) Coal India will soon write to its consumers seeking their consent to pool the price of imported coal with the domestic product(BL) Kingfisher Airlines Chairman Vijay Mallya gave guarantees worth R.60bn for the carrier’s loans and other liabilities in 2011-12, but did not get any commission for the same because of lenders’ opposition. (BL)
After declining for two consecutive trading sessions, the Indian equity markets ended with modest gains on Tuesday. The slight upswing was seen despite negative cues from the Asian and European markets. Initially, it seemed like it will be another down day for the Indian markets. However, the main indices staged a spirited comeback in the mid-afternoon trade, buoyed by strength in select index bellwethers. The BSE Sensex ended at 17,440, up by 56 points or 0.3% over the previous close. It had earlier touched a day’s high of 17,452 and a day’s low of 17,308. It opened at 17,378.
But life is a great school. It thrashes and bangs and teaches you. - Nikita Khrushchev. The market remains the best teacher these days but there are no lessons learnt really, as the key Indian indices may remain stuck in a tight trading range with no clear bias. The focus remains on politics with no signs of relief from the ongoing feud over "coal-gate". The outlook remains cautious as long as the Nifty trades below 5280. A move below 5220 could aggravate selling pressure. We are staring at a lower start owing to weak global cues. US stocks closed mixed as trading resumed following an extended weekend. A jump in Apple shares helped Nasdaq end a tad higher while the Dow finished off session lows. Manufacturing activity in the US dropped for a third straight month, and construction spending also slowed. The data adds to the mounting speculation of an impending Fed announcement on further monetary easing.
Indian markets may open on a negative note led by negative global cues. SGX Nifty is trading 28.50 points lower. Events for the day: Ex date for rights issue of Uttam Sugar Mills. Ex date for interim dividend of Gravita India.
The market may open lower on weak Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a fall of 28 points at the opening bell. Asian stocks slid Wednesday with declining commodity prices and fresh signs of weakness in the U.S. economy hitting stocks ahead of key events later in the week. On domestic macro front, Markit Economics will unveil HSBC India Services PMI for August 2012 today, 5 September 2012. Tata Consultancy Services said that Mr. S. Mahalingam was appointed as the Executive Director and Chief Financial Officer of the company for a period of five years from September 06, 2007 to September 05, 2012. The company has further informed that the board of directors of the company has re-appointed Mr. S. Mahalingam as the Executive Director and Chief Financial Officer of the Company for the period September 06, 2012 to February 09, 2013, subject to the approval of the shareholders.