We could just getaway with a few words like consolidation, cautious optimism or select buying to explain the near term uncertainty. US markets were flat and are awaiting words from Federal Reserve chairman Ben Bernanke's speech today. Our markets can't wait for that. Asian stocks have risen with gains in metal stocks.
While Inflation figures will be closely watched (for lack of other indicators) in India, a host of reports will be watched closely in the US market. Friday brings reports on personal income and spending, factory orders, consumer sentiment and manufacturing in the Chicago-area.
Something seemed 'fishy' towards the end of expiry on Thursday. The price differences in the August and September series caught most market observers by surprise. Counters like SAIL seems to have been propped up. The September series contracts also saw the discount rising to a whopping 62 points on Thursday. The rollover in the September series contracts was lower at 66.2% for the Nifty futures and 76.6 % for the stocks futures. This is against 73% in the Nifty futures and 83% in the stocks futures on the last day of the July series.
The government sees to be buying time as it announced that it would operationalise the Indo-US civil nuclear deal only after a committee has looked into the objections raised by the Left parties.
The Reserve Bank of India has warned that hedge funds and private equity funds, which are major investors in emerging market economies like India, could pull out of these markets, in the face of the continuing crisis in the US mortgage market, causing greater financial volatility.
14 new scrips will be added in F&O from Sept.06. So expect some action on these counters. They include: 3i Infotech, Aptech, Bhushan Steel, Biocon, CMC, Havell's India, Lakshmi Machine Works, NIIT Technologies, Nucleus Software, Sasken Communications, Tech Mahindra, Tulip IT Services, Welspun Gujarat Sthall and Yes Bank
BAG Films and Media is witnessing hectic activity on the bourse on hopes of a higher valuation of its proposed foreign currency convertible bonds (FCCB) issue.
There are concerns over the performance of textile exports in the current quarter on account of rupee appreciation, said a senior Textile Ministry official on Thursday
Bharat Heavy Electricals Ltd (BHEL) has won an order for the supply and installation of the steam generator and steam turbine packages at the upcoming Vallur Thermal Power Project at Ennore in Tamil Nadu involving two units of 500 MW each.
Finance Minister P Chidambaram has favoured acceptance of the pricing formula proposed by Reliance Industries for natural gas to be produced from its eastern offshore KG-D6 block from July 2008.
State Bank of Hyderabad (SBH) has put its public issue plans on hold till December and is awaiting 'specific roadmap' on a possible merger with State Bank of India.
TVS Motor Company rolled out seven vehicles, including three variants of its new three-wheeler, marking its foray into the segment
The domestic steel prices are set to rise in September, with a hike of Rs 500-1,000 a tonne in hot rolled coil (HRC) rates from the beginning of the month. This will be the first rise in prices in the financial year and after the drop in July by the same amount.
Markets continued its upward run for the fourth straight trading session as bulls enter in to the September series. Global cues coupled with strong gains in the index heavyweights like RIL, ICICI Bank and IT bellwether Infosys aided the benchmark Sensex to close above the 15100mark. Realty and Oil & Gas refiners were on the receiving end. Finally, the BSE 30-share Sensex closed at 15,121 surging 128 points. NSE Nifty added 53 points to close at 4412.
Puravankara Projects started trading at a discount on the bourses and closed 9.5% lower at Rs362 against the issue price of Rs400. The Indian real-estate developer raised Rs8.6bn selling. The company had extended its IPO period and reduced its price band from Rs500- 525 to Rs400-450 a share. The scrip touched an intra-day high of Rs390 and a low of Rs310 and recorded volumes of over 1,00,00,000 shares on NSE.
Ashok Leyland advanced by 0.8% to Rs37.9 after Nissan agreed to team up with the company for making Light trucks. The scrip touched an intra-day high of Rs38 and a low of Rs37 and recorded volumes of over 38,00,000 shares on NSE.
IVRCL Infrastructure advanced by 2% to Rs373 after the company announced that they secured orders worth Rs3.2bn. The scrip touched an intra-day high of Rs384 and a low of Rs363 and recorded volumes of over 20,00,000 shares on NSE.
Apollo Hospital slipped by 1.4% to Rs484 after the company announced that they have purchasesd US based Medical Services Company. The scrip touched an intra-day high of Rs505 and a low of Rs493 and recorded volumes of over 84,000 shares on NSE.
Sun TV rallied by over 6% to Rs330.The Company through its subsidiary - South Asia FM Ltd (SAFL) has entered into a strategic alliance with Red FM to further its FM Radio broadcasting business in the North, West and East Indian markets. The scrip touched an intra-day high of Rs348 and a low of Rs311 and recorded volumes of over 12,00,000 shares on NSE.
Auto stocks were in top gear led by gains in the index heavyweights like Tata Motors the scrip surged by over 1% to Rs680, Bajaj Auto was up by 2% to Rs2368, M&M was up by 3.5% to Rs677 and Maruti gained by 0.4% to Rs836.
Select Oil & Gas stocks witnessed selling pressure. HPCL was down by 1% to Rs233, IOC slipped 1% to Rs383. Oil Exploration stocks were in momentum RIL gained by 1. 2% to Rs1912 and ONGC added 1% to Rs840.
Sugar stocks continued to be in the limelight after UP Government requested Centre to grant Rs20bn interest free loan for state sugar companies. Bajaj Hindusthan surged by over 3% to Rs137, Balrampur Chini advanced by over 2.8% to Rs61, Renuka Sugar jumped by 1.5% to Rs538 and Sakhti Sugar rallied by over 10% to Rs79.
IT stocks ended higher led by gains in the heavyweight Infosys, the scrip was up by 1.5% to Rs1865, Patni gained by 2.5% to Rs509, Wipro advanced by 1.5% to Rs477 and Financial Technologies added 2.7% to Rs2382.
Metal stocks witnessed some profit booking at higher levels. National Aluminum slipped by 4.5% to Rs255, Tata Steel edged lower by 0.5% to Rs657. However, SAIL gained by 3% to Rs166, Hindalco gained by 1.7% to Rs159 and Sterlite Industries lost 3.7% to Rs638.
Uncertainty is likely to continue for the market after UPA announced that they will set up a committee to examine the implications of INDO-US nuclear deal, in order to convince the Communist parties to accept the landmark pact. Given the volatility we had on the last day of F&O expiry for the month of August, the market is clearly struggling for guidance. Even, the outlook for liquidity flows, from global funds, is uncertain as institutional investors are still waiting for a clear direction. We will continue to witness stock-specific action. A lot will also depend on the overseas markets especially crude oil pricesFund Activity:
FIIs were net sellers of Rs5.6bn (provisional) in the cash segment on Thursday and the local institutions bought worth Rs3.5bn. In the F&O segment,
On Wednesday, foreign funds sold worth Rs1.9bn in the cash segment. Mutual funds were net buyers to the tune of Rs0.5bn.
Major Bulk Deals:
Andhra Cement was bought by ICICI Bank. Axis Bank was bought by Merill Lynch and LIC while the same was sold by Barclays Captal. Birla Corp was bought by Emerging Markets and was sold by Citi. DIsh TV was bought by Reliance MF and sold by Fidelity. Dwarikesh Sugar was bought by Merill Lynch. Kirloskar Electricals was bought by Franklin Templeton and sold by HSBC. Triveni Engineering was bought by CLSA Mauritius.
Lower Circuit:
Yashraj Securities
Upper Circuit: Evinix, Gremac Infrastructure, ETC Network, Ruby Mills, Flawless Diamond, Jai Corp, Genus Overseas, Raj Tele, Bank of Rajasthan, Kalindi Rail, Vakran Software and BF Utilities
Delivery Delight (Rising Price & Rising Delivery):
Abnormal Delivery:
Major News & Announcements:Ranbaxy gets tentative FDA nod for Galantamine
ICSA India to split each share into five
TCS announces Rs5.74bn deal with BSNL
Areva T&D secures 67mn Euro Substation order from Saudi Arabia
Phoenix Mills teams up with Shangri-La for Luxury hotel project
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