Asian Markets end up mixed on Wednesday

Shanghai slips on melded economic data whereas Sensex surge in spite of cyclone alert
Stock markets in Asian region witnessed a mixed trend on Wednesday, 11 November 2009, following a rather choppy session on Wall Street overnight. Some of the regional markets did get off to a bright start, but are seen struggling for support at higher levels finishing the day at par. With no significantly positive cues to warrant any strong buying, investors were seen indulging in some profit booking, cashing in gains from recent sharp rallies.
On Wall Street, stocks in the U.S. stayed within a tight range and closed mixed on a fairly uneventful day for the markets. The Dow Jones Industrial Average added 20 points, or 0.2%, to 10,247. The S&P 500 held flat at 1093, while the Nasdaq slipped 3 points, or 0.1%, to 2151.
In the commodity market, crude oil traded near $79 a barrel after an industry report showed U.S. crude and fuel stockpiles rose, outweighing signs of economic expansion in China.
Crude oil for December delivery traded at $78.69 a barrel, down 36 cents, in electronic trading on the New York Mercantile Exchange at 2:12 p.m. Singapore time. Yesterday, the contract fell 38 cents to settle at $79.05.
Brent crude for December settlement was at $77.11 a barrel, down 66 cents on the London-based ICE Futures Europe exchange at 2:23 p.m. Singapore time. Yesterday, the contract fell 27 cents, or 0.3%, to end the session at $77.50.
Gold rose to a record in London and New York as the dollar fell for a third day, spurring demand for the metal as a hedge against further weakness. Gold for immediate delivery rose as much as 0.9% to $1,115.80 an ounce, before trading at $1,115.20 at 8:08 a.m. London time. December-delivery gold on the Comex division of the New York Mercantile Exchange added as much as 1.2% to $1,116 an ounce.
In the currency market, the US dollar edged down against the yen after better-than-expected Japanese machinery orders data, but was nearly flat against other major rivals.
The Japanese yen strengthened against major currencies after Japanese machine orders rose more than forecast, adding to evidence the economic recovery is gathering momentum. The Japanese yen was quoted at 89.8270 versus the US dollar, up from Tuesday’s quote of 89.86 yen.
The Hong Kong dollar was trading at HK$ 7.7500 against the dollar. Actually the Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.
In Sydney trade, the Australian dollar closed a fraction higher on Wednesday, after positive offshore and poor domestic economic data left the unit trading in a tight range. At the local close, the dollar was trading at $US0.9296, up from Tuesday’s close of $US0.9259. During the overnight session, the unit traded in a tight range between $US0.9286 and $US0.9324.
In Wellington trade, the New Zealand dollar was volatile this afternoon after Chinese financial data was released. The NZ dollar rose to US74.39c around 3pm, before settling at US74.04c at 5pm from US74.06c at the same time yesterday.
The South Korean won ended at 1,157.9 won against the greenback, up 4.3 won from Tuesday's close, as offshore investors unloaded the greenback.
The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.3430, 0.0060 up from Tuesday’s close of NT$32.3490
In the equity market, Asian stock markets were mixed as investors digested recent gains and mulled a mixed bag of Chinese data. Wall Street's tepid performance Tuesday provided little impetus for Asia, with the Dow Jones Industrial Average up just 0.2% and the S&P 500 flat.
In Japan, shares market finished the session in mixed terrain with benchmark Nikkei 225 managed to extend winning streak for fourth consecutive day. Market lost its early gains inspired by better than expected Japanese machinery orders and improving corporate earning as yen appreciation concern after greenback retreat to lower 89-yen range.
At closing bell, the Nikkei 225 Stock Average index was at 9,871.68, gained 0.95 points, or 0.01% from its previous close, while the broader Topix of all First Section issues on the Tokyo Stock Exchange fell 0.15 points, or 0.02% to 872.29.
On the economic front, the Cabinet Office said Japan’s core machinery orders, a closely watched indicator of corporate capital spending, jumped 10.5% in September, outperforming forecasts and rising for the second month in a row. The Cabinet Office predicted that in the current October-December quarter, orders will increase 1.0% from the previous quarter.
In Mainland China, share market finished the session lower with benchmark Shanghai Composite snapped eight days winning streak as market participants’ banked profit.
The Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, shrank 3.42 points, or 0.11%, to 3,175.19, while the CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, lost 0.23%, to 3,495.67.
On the economic front, the statistics bureau of china said the nation’s industrial production rose 16.1% from a year earlier in October, the most since March 2008. Retail sales gained an annual 16.2% in October, and urban fixed-asset investment climbed 33.1% in the first 10 months of this year.
The People’s Bank of China stated today that domestic banks extended 253 billion Yuan ($37 billion) of new local-currency loans in October, lower than 516.7 billion Yuan in September.
On the other side, the customs bureau said export tumbled 13.8% in October from previous year. That narrowed from a 15.2% decline in September.
In Hong Kong, the stock surged with benchmark Hang Seng index endured gains for fourth day in row as gains from the major heavyweight after better than expected China’s retail sales and industrial production figures.
At closing bell, the Hang Seng Index escalated 359.05 points, or 1.61%, to 22,627.21, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, advanced 93.24 points, or 0.7%, to 13,460.43.
In Australia, the share market added extending winning streak for fourth consecutive day, with almost all sector were higher, exception was industrials. Property trusts shares outperformed in market on news Investa Property, an Australian real estate firm owned by Morgan Stanley funds, was abandoning plans to list on the market and preventing the dilution of funds for other sector players.
At closing bell, the benchmark S&P/ASX200 index spurted 23.4 points, or 0.49%, to 4,765.9, meanwhile the broader All Ordinaries surged 21.9 points or 0.46%, to 4,765.9.
On the economic front, the Westpac-Melbourne Institute consumer sentiment index dropped by 2.5% to 118.3 in November after a 1.7% rise in October. The decline comes on the back of two-rate rises in recent months taking a bite out of consumer discretionary spending.
Australian Bureau of Statistics stated that lending finance data for September was up 6.1%. The lift in lending finance was coming from housing and commercial loans in the month.
The Department of Education, Employment and Workplace Relations stated that the country's leading indicator of employment rose for the fifth consecutive month in November to minus 0.841 from the previous reading of minus 0.998 in October.
In New Zealand, benchmark index registered a weak session ending the day in the negative region. The New Zealand share market slipped in early trading after stocks in the United States moved only slightly. The share market fell, ending three day winning streak. The NZX50 edged down 0.19% or 5.86 points to 3161.54. The NZX 15 inched up 0.02% or 1.398 points to close at 5713.26.
On the economic front, New Zealand’s food prices decreased 1.5 percent in the October 2009 month, Statistics New Zealand said Wednesday. This is the largest fall in three-and-a-half years. The food price index also fell in September and August, by 0.7 and 0.9%, respectively. Statistics NZ noted that although food prices are now 2.0% higher than a year ago, they are 12.1% higher than two years ago.
New Zealand’s rising tourist numbers underpinned gains in accommodation last month as the number of guest nights increased for all operators. Total guest nights rose 1.2%, seasonally adjusted, to 2.7 million in September compared to a month earlier, and have climbed 3% from the same month in 2008, according to the Accommodation Survey released by Statistics New Zealand.
Meanwhile, Reserve Bank Governor Alan Bollard on Wednesday while releasing the Bank’s November 2009 Financial Stability Report said that as international conditions have stabilized, outlook for the New Zealand economy and financial system has improved in the past six months, although some risks and challenges remain.
Dr Bollard noted that while the improved global outlook was generally positive for New Zealand, the rise in the New Zealand dollar over recent months could hinder continued improvement in the external balance. The New Zealand economy needs to live more within its means to reduce its vulnerability to adverse developments in offshore markets.
In South Korea, stocks closed higher as investors snapped up tech blue chips and securities shares. After range-bound trading, the benchmark Korea Composite Stock Price Index (KOSPI) climbed 12.52 points to 1,594.82.
In Singapore, stock market spurted with gains from major banks and blue chip shares on strengthening confidence for economic recovery after Japan’s machinery orders surged, China’s retail sales and industrial production accelerated and shipping rates climbed. The blue chip Straits Times Index was ended session at 2,740.43, gained 32.83 points or 1.21%.
In Taiwan, stock market stretched its winning streak in fourth session following the regional rally witnessed after Japan’s machinery orders surged, China’s industrial production accelerated and South Korea’s unemployment fell. The benchmark Taiex share index stretched gains for fourth session by adding 74.57 points or 0.98% in a day, closing at 7668.06, the highest closing since 26 October 2009 when market finished at 7668.40.
In Philippines, momentum remained very strong as the markets hit nineteen months high above 3000 mark, driven by soaring international gold prices, which lifted mining issues. The benchmark index PSEi ascended 1.68% or 50.43 points to 3,047.14, while the All Shares index mounted 1.04% or 19.52 points to 1,885.77.
On the economic front, the data released are showing positive economic prospects for the country. Domestic liquidity or M3 continued to post double-digit growth in September 2009, albeit at a slower rate of 11.6% year-on-year compared to 13.4% in the previous month. The double-digit growth of domestic liquidity was due in part to resilient foreign exchange inflows, indicating that funds in the banking system remain adequate to support economic activity.
Increasing signs of global economic recovery along with ample liquidity conditions provided support to credit activity. Outstanding loans of commercial banks including reverse repurchase agreements (RRPs) grew by 6.1% year-on-year to reach P2.2 trillion in September 2009, acceleration from the previous month's growth of 3.1%.
In India, bulls were back in command as the key benchmark indices surged in mid-afternoon trade after China reported continued strength in industrial production growth, keeping alive hopes of a recovery in global economy. The market shrugged off Cyclone Phyan which is expected to bring heavy rains to Mumbai, the commercial capital. The BSE 30-share Sensex closed up by 409.14 points or 2.49% to 16849.60. The S&P CNX Nifty finished higher by 122.25 points or 2.50% to 5003.95.
Elsewhere, Malaysia's Kula Lumpur Composite index finished slightly lower at 1270.15 while stock markets in Indonesia’s Jakarta Composite index ended the day higher at 2403.88.
In other regional market, European shares climbed on Wednesday, moving higher for the fifth time in six sessions, with miners leading the advance as metal futures climbed. The U.K. FTSE 100 index rose 0.8% to 5,271.83, the German DAX index climbed 0.9% to 5,658.67 and the French CAC-40 index up 0.9% at 3,818.29.

Market soars on firm global stocks

The key benchmark indices soared tracking firm global stocks after China reported continued strength in industrial production growth, keeping alive hopes of a recovery in the global economy. The market resumed its upmove after taking a pause on Tuesday, 10 November 2009, after a solid surge in the preceding four trading session. Equities shrugged off Cyclone Phyan which is expected to bring heavy rains to Mumbai, the commercial capital. Latest reported suggest that the cyclone has bypassed Mumbai at 14:00 IST.
The S&P CNX Nifty breached the psychological 5,000 mark in late trade. The Nifty had last closed above the 5,000 level on 21 October 2009.
The BSE 30-share Sensex jumped 409.04 points or 2.49%. Metal, auto, realty, capital goods and IT stocks rose. Index heavyweight Reliance Industries surged in late trade. The market breadth was strong.
The market moved between positive and negative zone in early trade. It surged in mid-morning trade. The market extended gains later.
As per provisional data, foreign funds today, 11 November 2009, bought equities worth a net Rs 861.84 crore. Domestic fund bought stocks worth a net Rs 90.52 crore
The market sentiment has been boosted by Prime Minister Manmohan Singh's announcement on Sunday, 8 November 2009, that financial reforms, such as building up a domestic bond market and expanding foreign investment in sectors like insurance, would be pushed forward.
A cyclone alert has been sounded across north Maharashtra and south Gujarat, besides coastal areas, by the Meteorological Department (IMD), in the wake of a deep depression over the Arabian Sea. The cyclonic storm, referred by the IMD as Phyan, was likely to intensify further and move towards south Gujarat and north Maharashtra coast, between Alibagh and Valsad, by late evening on Wednesday, warned the IMD.
Authorities have urged the residents of low-lying areas in Mumbai to vacate their houses and move to safer locations.Schools across Mumbai have been shut and students have been asked to go back home, in view of the impending cyclone. The Brihanmumbai Municipal Corporation has asked colleges to shut early. Government offices were shut at 14:00 IST. The Met office has advised fishermen not to venture out to sea in Kerala,Karnataka,Goa,Maharashtra and Gujarat.
As per reports, the government plans to introduce two key bills in parliament by December 2009. It plans to introduce bills proposing the raising of foreign stake limits in insurers to 49% from the present 26% and opening up the pension sector to private and foreign firms.
The government, last week, mandated more sales of shares by state-run firms and changed the rules on how it can use the proceeds, as it seeks to boost revenues and rein in a widening budget deficit. The government said all profitable, listed state-run firms must have at least 10% of their shares in public hands, and unlisted firms that had a positive net worth, no accumulated losses and a net profit over the past three years should list.
On the macro front, trade Secretary Rahul Khullar said on Wednesday that exports fell 11.4% to $12.5 billion in October 2009 over October 2008. Exports between April and October were at $90.4 billion, down 26.5% from the year ago period, he added.
The government today, 11 November 2009, said indirect tax receipts fell 21.6% to Rs 1,27,000 crore in April to October 2009. Excise duty receipts, levied at factory gates, were down 18.8% to Rs 52566 crore in the first seven months, while customs collection declined 31.8% to Rs 45412 crore. Service tax collection fell 5.4% to Rs 28926 crore
The government will unveil industrial production data for September 2009 on Thursday, 12 November 2009. Moderation in core sector growth in September 2009 after signs of pick-up in industrial growth in the last few months seems to have again raised some concerns. The index of core sector industries which has a weightage of 26.7% in the index ofindustrial production (IIP) clocked 4% growth in September 2009, sharply lower than the 7.8% in the month before. Industrial production jumped a robust 10.4% in August 2009.
The Reserve Bank of India may withdraw some monetary stimulus if inflation rises towards the end of 2009, C. Rangarajan, chairman of the Prime Minister's economic advisory council, said on Wednesday. The fiscal deficit needed to be reduced by 1 to 1.5 percentage points in the next fiscal year, he said.
Inflationary pressures in India were higher than those in developed countries, but tightening policy too early could weaken recovery and attract more capital inflows which would complicate policymaking further, Reserve Bank of India Deputy Governor Shyamala Gopinath said on Tuesday. She said India faces a dilemma of needing to contain rising inflation while trying to support growth and managing foreign capital inflows.
Rising capital inflows into India are not a concern now and authorities are monitoring the situation, Finance Secretary Ashok Chawla said on Wednesday. Chawla said India's economy was unlikely to reach growth rates of 8-9% until exports revived. Earlier this month, the trade minister had said exports may start growing in annual terms from the March 2010 quarter.
The government may exempt petroleum products and exportable goods from a proposed goods and services tax (GST), a draft report said on Tuesday, as it tries to speed up reforms to ease the tax burden on firms. The government had set a deadline of April 2010 for introducing GST on a wide ranging products and services, but the finance minister said recently it could be delayed by a few months.
The proposed GST, which is to replace existing central and state levies such as excise duty, service tax and value-added tax, could help lower the overall tax burden of the industry. The discussion paper said petroleum products such as crude, motor spirit and diesel, along with alcoholic beverages would be exempted from GST but would continue to attract sales tax and other duties levied at present. Exports and special economic zones would be exempted from the new tax but imports would be taxed, it said.
Both the central government and states would have two separate GST structures, and small firms with turnover of up to Rs 10 lakh would be exempted, it added.
The government will focus on driving domestic demand until key developed economies recover and will not exit fiscal stimulus measures until necessary, Finance Minister Pranab Mukherjee said on Tuesday.
Mukherjee repeated his pledge for massive investments in the agriculture sector and infrastructure, and acknowledged that it would be a challenge for India to compensate for the loss in exports through domestic demand. The finance minister said he was hopeful of economic growth of more than 7% in the fiscal year ending March, 2011.
Europe shares gained on Wednesday, with France's Credit Agricole among banks gaining after reporting results, and with sentiment lifted by upbeat Chinese macro data. The key benchmark indices in France, Germany and UK were up by between 1.13% to 1.34%.
Most Asian stocks rose after upbeat Chinese economic data. The key benchmark indices in Hong Kong, South Korea, Taiwan and Singapore rose by between 0.79% to 1.61%. But the Shanghai Composite fell 0.11%
China's industrial production surged 16.1% in October 2009 from a year earlier after record loan disbursals by banks so far this year. The industrial production growth exceeded market expectations. Retail sales climbed 16.2%.
The growth in urban fixed-asset investments in the first 10 months of this year slowed to 33.1%, easing from the 33.4% growth in the first nine months of 2009. The consumer price index fell 0.5% from a year-earlier and the producer price index shrank 5.8%, with each dropping more than economists had estimated but still showing an increase from data in the previous month.
Exports, a key engine for China's economic growth and a major source of employment for its people, dropped at a higher-than-expected 13.8%, though the contraction was an improvement over the 15.2% decline in September 2009. China's imports during the month dropped at a significantly higher pace of 6.4% from a year ago.
New loans issued by Chinese financial institutions dropped in October 2009 to their lowest monthly level this year, suggesting mainland Chinese authorities were scaling back a key source of stimulus for the economy. However, China's key broad measure of money supply, M2, rose 29.42% at the end of October 2009 from a year earlier, in line with expectations.
Japan's Nikkei stock average was flat as the yen climbed, offsetting a surprisingly large jump in domestic machinery orders for September 2009 and a forecast for a rise in the fourth quarter.
Trading in US index futures indicated Dow could gain 61 points at the opening bell on Wednesday, 11 November 2009.
After Monday's spectacular rally, the US markets ended Tuesday session flat. Trading was light and choppy. Health-care, utilities and materials were the best-performing sector. The Dow was up 20.03 points, or 0.2%, to 10,246.97, its highest close since October 3, 2008. The S&P 500 index slipped 0.07 points, or less than 0.1%, to 1,093.01. The Nasdaq Composite Index fell 2.98 points, or 0.1%, to 2,151.08.
High unemployment and reluctant consumers will likely make an incipient US economic recovery weak and erratic, top Federal Reserve officials said in a string of speeches on Tuesday. That means interest rates, currently at historic lows close to zero, should remain near that floor for the foreseeable future, the policymakers said.
World Bank President Robert Zoellick said on Wednesday he was comfortable about growth prospects for the world this year but recommended governments to not remove stimulus measures in 2010. The world needed a cooperative approach to exit from easy fiscal and monetary policies and the timing for Asian central banks would depend on markets he said.
Asia-Pacific ministers warned on Wednesday that the global economic crisis was far from over and a current upturn was a respite rather than recovery. Ministers from the Asia-Pacific Economic Cooperation forum (APEC) have gathered in Singapore for meetings that will culminate in a weekend summit that US President Barack Obama will attend.
The BSE 30-share Sensex rose 409.04 points or 2.49% to 16,849.60. At the day's high of 16887.80, the Sensex rose 447.24 points in late trade. The Sensex fell 35.17 points at the day's low of 16405.19 in early trade.
The S&P CNX Nifty rose 122.25 points or 2.5% to 5,003.95. Nifty November 2009 futures were at 5,013.95, at a premium of 10 points as compared to spot closing of 5,003.95. Turnover in NSE's futures & options (F&O) segment jumped to Rs 86,963.91 crore from Rs 81,008.35 crore on Tuesday, 10 November 2009.
The market breadth, indicating the overall health of the market was strong. On BSE, 1718 shares advanced as compared with 1002 that declined. A total of 87 shares remained unchanged.
BSE clocked a turnover of Rs 5961 crore, slightly lower than Rs 5972.60 crore on Tuesday 10 November 2009.
All the shares from the 30 share Sensex pack rose.
The Sensex is up 7,202.29 points or 74.65% in calendar year 2009, as on 11 November 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 8689.20 points or 106.48%, as on 11 November 2009.
Coming back to today's trade, the BSE Mid-Cap index rose 2.01% and the BSE Small-cap index rose 1.6%. Both the indices underperformed the Sensex.
The BSE Metal index (up 4.27%), the BSE IT index (up 3.94%), the BSE Teck index (up 3.38%), outperformed the Sensex.
The BSE FMCG index (up 0.55%), the BSE Healthcare index (up 1.88%), the BSE PSU index (up 2%), the BSE Oil & Gas index (up 2.03%), the BSE Bankex (up 2.04%), the BSE Power index (up 2.04%), the BSE Auto index (up 2.07%), the BSE Realty index (up 2.34%), the BSE Capital Goods index (up 2.36%), the BSE Consumer Durables index (up 2.37%), underperformed the Sensex.
Energy major Reliance Industries (RIL) rose 2.7%. RIL on Tuesday announced its first oil discovery in its exploration block in the Cambay Basin off Gujarat. Reliance holds 100% participating interest in the block. This block was awarded to Reliance under the fifth round of the New Exploration Licensing Policy.
RIL on Tuesday said reports of a meeting between the billionaire Ambani brothers to settle a gas-pricing dispute were baseless. Reliance Industries, controlled by billionaire Mukesh Ambani, is embroiled in a high-profile legal battle over a deal to sell gas to Reliance Natural Resources, led by Ambani's estranged younger brother Anil, at below the price set by the government. RIL said in a statement the matter would be decided by the Supreme Court, which is currently hearing the case.
The RIL stock had jumped 3.46% on Monday, 9 November 2009, on reports the firm is close to announcing a major overseas acquisition. The likely target is a part of the assets owned by troubled petrochemical major LyondellBasell, which is undergoing reorganisation under the protection of a US court, reports suggest.
IT stocks rose after the president of industry body Nasscom said the sector will regain double-digit growth from April 2010. India's second largest software company by sales Infosys rose 4.08% even as its ADR fell 1.81% on Tuesday. The back-office arm of Infosys Technologies is looking at acquiring firms in Europe and in the United States of $50 million to $100 million, a top official said on 9 November 2009. Infosys BPO would also hire 1,200 people in the current financial year, the unit's chief executive, Amitabh Chaudhry, told reporters on the sidelines of the World Economic Forum.
Infosys said on 5 November 2009 its chairman's wife sold company shares worth $92 million for setting up a venture capital fund. Sudha Murthy, wife of Infosys co-founder and chief mentor N.R. Narayana Murthy, sold 20 lakh shares, or about 22% of her total holding, on the Bombay Stock Exchange on 5 November 2009, the company said in a filing. Last month, Narayana Murthy, who co-founded Infosys with six other software engineers in 1981 with $250, had sold a total of 800,000 shares worth $37 million to set up a venture capital fund which he plans to set up in India. The company said the Murthys have confirmed they did not plan to raise further capital for the fund.
India's third largest software company by sales Wipro rose 3.88% as its ADR rose 1.39% on Tuesday. Wipro, sees robust deal pipeline on the back of improving IT demand worldwide, Suresh Vaswani, joint chief executive said on Tuesday 10 November 2009. The company said on 5 November 2009 it had agreed to buy some personal care businesses of Yardley for about $45.5 million, adding to its consumer goods business. Wipro said it had signed an agreement with UK-based Lornamead group, which owns the Yardley brand, for the businesses in Asia, the Middle East, Australasia and some African markets.
India's largest software company by sales Tata Consultancy Services (TCS) rose 3.28%. The company recently secured a 150 million pounds software implementation contract for 15 years from Cardiff city council, UK.
Metal stocks rose on rally in metal futures on the London Metal Exchange and on strong domestic demand. Hindustan Zinc, Hindalco Industries and Sterlite Industries rose by between 2.97% to 6.5%.
National Aluminium Company rose 1.24%. The company recently hiked the prices of aluminium products by Rs 1000 a tonne reflecting the recent uptrend in prices on the London Metal Exchange.
Tata Steel, the world's eighth largest steelmaker by output, rose 4.28%. The company said on Friday 6 November 2009 steel sales at its Indian operations rose 38% to 462,000 tonnes in October 2009 over October 2008.
Steel Authority of India rose 1.73% despite reports the company may cut prices of flat steel products sold in the spot market by Rs 500 a tonne next month in line with international price movement.
Demand for steel remains strong from auto, rural construction and infrastructure sectors. Also demand for construction grade steel has improved post monsoon season, and has resulted into higher sales.
India's largest engineering and construction firm by sales Larsen & Toubro rose 2.65%. The company announced on Monday 9 November 2009 that it won on orders worth Rs 1635 crore.
Among other capital goods stocks, Bharat Heavy Electricals, ABB, Thermax, BEML rose by between 0.99% to 3.09%.
Auto stocks rose as low interest rates and attractive benefits offered by companies pushed up sales in October 2009.
India's largest tractor maker by sales Mahindra & Mahindra rose 2.92%. The company's overall sales climbed 32% in October this year to 18,410 units against 13,935 units in the same month last year. Mahindra and Mahindra (M&M) reportedly plans to launch a motorcycle next year. The company is also looking at acquisitions in the electronic scooter space. The auto major had entered the two-wheeler market market by acquiring the assets of Pune-based scooter manufacturer Kinetic Motor in 2008.
India's largest truck marker by sales Tata Motors rose 4.68%. Its total sales grew 18% to 20,011 units last month against 17,014 units in the same period last year.
India's largest bike marker by sales Hero Honda Motors rose 0.94%. The company reported a marginal increase in October sales at 354,156 units as against 352,449 units in the same month last year
India's second largest bike marker by sales Bajaj Auto rose 1.17%. Carlos Ghosn, chief executive of French car maker Renault and Japan's Nissan Motor Co, said on Tuesday an agreement had been signed with Bajaj Auto for a low-cost car which would come to India in 2012.
India's largest small car marker by sales Maruti Suzuki India rose 0.49%. The company's total sales grew 32.4% to 85415 units in October 2009, compared with 64490 units posted in the same month a year ago.
Car sales in India rose an annual 34% to 132,615 units in October 2009, boosted by festival demand and easier availability of loans, an industry body said on Wednesday. Sales of trucks and buses, a gauge of economic activity, rose 52% to 42,562 units in October 2009, the data showed.
Rate sensitive realty shares reversed early losses on bargain hunting. Indiabulls Real Estate, Omaxe, Unitech, DLF rose by between 0.69% to 3.07%.
The RBI, last week, raised the provisioning requirements for loans to commercial real estate from 0.4% to 1% in its monetary policy review meet on 27 October 2009. The latest RBI move will result in increase in borrowing costs for realty firms which depend heavily on borrowing. In view of large increase in credit to the commercial real estate sector over the last one year and the extent of restructured advances in this sector, it would be prudent to build cushion against likely non-performing assets (NPAs), the central bank said in its quarterly policy review.
Banking shares rose on hopes of financial sector reforms. India's largest private sector bank by net profit ICICI Bank rose 3.35% even as its ADR fell 1.84% on Tuesday. The bank's net profit rose 2.6% to Rs 1040.13 crore on a 12.7% decline in total income to Rs 8480.73 crore in Q2 September 2009 over Q2 September 2008. The result was announced during trading hours on 30 October 2009.
India's second largest private sector bank by net profit HDFC Bank rose 1.92% even as its ADR fell 0.5% on Tuesday.
India's largest bank by net profit State Bank of India (SBI) rose 0.48%. State Bank of India said on 9 November 2009 said it had entered into an agreement with T. Rowe Price to sell a 6.5% holding each in UTI Asset Management Company and UTI Trustee Company. State Bank currently holds 25% in each of the companies and after the sale its holding would be reduced to 18.5%, it said in a statement.
SBI announced after market hours on Friday 6 November 2009 it has revised downwards interest rates on deposits by 25-50 basis points for a few maturities effective from 9 November 2009. The bank's consolidated net profit rose 28.29% to Rs 3,133.16 crore on 22% rise in consolidated income to Rs 33,101.65 crore in Q2 September 2009 over Q2 September 2008. The results were announced on 31 October 2009.
The RBI did not relax mark-to-market rules for bank's debt holdings at a quarterly policy review on 27 October 2009. The market was been agog with talks of the central bank hiking the ceiling on the portion of government securities that banks can park in held-to-maturity (HTM).
The central bank also decided to streamline provisioning requirement on non-performing assets. The RBI, asked banks to ensure by September 2010 that the total provisioning coverage against non-performing or bad loans aren't less than 70% of the outstanding amount.
India's largest thermal power generator by sales NTPC rose 1.53%. The company said on Tuesday it has entered into an agreement with the Madhya Pradesh state government and MP Power Trading Company for setting up a 2,640 megawatts (MW) thermal power plant in the Narsinghpur district of the state. This project would have four units of 660 MW each with supercritical technology. NTPC has total installed capacity of 30,644 MW through 26 power plants. The company has a capacity addition target of becoming 75 GW by 2017 and currently has 17,930 MW under construction.
Among other power stocks, Reliance Infrastructure, Torrent Power, Reliance Power rose by between 0.05% to 5.31%.
Some PSU stocks rose after Prime Minister Manmohan Singh on 5 November 2009, approved divestment in public sector companies to raise funds for social welfare. Hindustan Copper, State Trading Corporation, MMTC,MTNL, NMDC, Hindustan Copper, Power Finance Corporation rose by between 1% to 14.17%.
Construction shares rose on government's thrust on infrastructure. Higher government spending on infrastructure sector in the Union Budget 2009-2010 to provide a stimulus to the economy, may result in increase order flow for construction. Hindustan Construction Company, Nagarjuna Construction Company and Jaiprakash Associates, Gayatri Projects rose by between 2.29% to 6.27%.
FMCG stocks rose on bargain hunting after recent fall. Marico, ITC, Hindustan Unilever, United Spirits, REI Agro rose by between 0.06% to 8.06%.
Shipping firms rose after the Baltic Dry Index, which tracks rates to ship dry commodities, breached the 3,500 level on Tuesday. Shipping Corporation of India, Mercator Lines, Great Eastern Shipping Company rose by between 5.61% to 13.59%.
Cals Refineries clocked highest volume of 2.96 crore shares on BSE. Suzlon Energy (1.59 crore shares), Mahindra Satyam (1.21 crore shares), GVK Power & Infrastructure (1.12 crore shares) and Unitech (0.94 crore shares) were the other volume toppers in that order.
Educomp Solutions hit highest turnover of Rs 272.56 crore on BSE. Reliance Industries (Rs 177.92 crore), State Bank of India (Rs 144.08 crore), Mahindra Satyam (Rs 143.55 crore) and Sesa Goa (Rs 40.72 crore) were the other turnover toppers in that order.

Bulls make a comeback; Nifty closes above 5k

The bulls made a comeback today (November 11) at the bourses. The Bombay Stock Exchange benchmark 30-share index, Sensex leaped by 409 points today on the back of aggressive buying on the part of funds in blue-chip stocks, particularly software exporters. The index also got support from positive global cues reflecting signs of recovery in global economic growth.
While the pevious session of Sensex witnessed losses, the benchmark 30-share index rebounded today, to settle the day higher by 409.04 points at 16,849.60, a level previously observed on October 23. Likewise, the National Stock Exchange index Nifty jumped by 122.25 points to regain the 5,000-point level.
The Sensex ended the day with a gain of 409.04 points, or 2.49% at 16,849.60 after touching a high of 16,887.80 and a low of 16,405.19. The broad-based NSE Nifty climbed 122.25 points, or 2.50% at 5,003.95 after hitting a high of 5,016.70 and a low of 4,870.05.
All shares in the Sensex settled with gains. Major were Sterlite Industries (India) (6.50%), Jaiprakash Associates (6.27%), Reliance Energy (5.31%), Tata Motors (4.68%), Tata Steel (4.28%), and Infosys Technologies (4.08%).
Overall market breadth was positive. Out of the total 2,817 stocks traded at BSE, 1,726 advanced, 1,004 declined while 87 remained unchanged.
All sectoral indices settled positive. BSE Metal went up 4.27%, IT went up 3.94%, TECk climbed 3.36%, Consumer Durables went up 2.37% and Capital Goods rose 2.36%.

Bulls make a comeback; Nifty closes above 5k

The bulls made a comeback today (November 11) at the bourses. The Bombay Stock Exchange benchmark 30-share index, Sensex leaped by 409 points today on the back of aggressive buying on the part of funds in blue-chip stocks, particularly software exporters. The index also got support from positive global cues reflecting signs of recovery in global economic growth.
While the pevious session of Sensex witnessed losses, the benchmark 30-share index rebounded today, to settle the day higher by 409.04 points at 16,849.60, a level previously observed on October 23. Likewise, the National Stock Exchange index Nifty jumped by 122.25 points to regain the 5,000-point level.
The Sensex ended the day with a gain of 409.04 points, or 2.49% at 16,849.60 after touching a high of 16,887.80 and a low of 16,405.19. The broad-based NSE Nifty climbed 122.25 points, or 2.50% at 5,003.95 after hitting a high of 5,016.70 and a low of 4,870.05.
All shares in the Sensex settled with gains. Major were Sterlite Industries (India) (6.50%), Jaiprakash Associates (6.27%), Reliance Energy (5.31%), Tata Motors (4.68%), Tata Steel (4.28%), and Infosys Technologies (4.08%).
Overall market breadth was positive. Out of the total 2,817 stocks traded at BSE, 1,726 advanced, 1,004 declined while 87 remained unchanged.
All sectoral indices settled positive. BSE Metal went up 4.27%, IT went up 3.94%, TECk climbed 3.36%, Consumer Durables went up 2.37% and Capital Goods rose 2.36%.

Market soars on firm global stocks

The key benchmark indices soared tracking firm global stocks after China reported continued strength in industrial production growth, keeping alive hopes of a recovery in the global economy. The market resumed its upmove after taking a pause on Tuesday, 10 November 2009, after a solid surge in the preceding four trading session. Equities shrugged off Cyclone Phyan which is expected to bring heavy rains to Mumbai, the commercial capital. Latest reported suggest that the cyclone has bypassed Mumbai at 14:00 IST.
The S&P CNX Nifty breached the psychological 5,000 mark in late trade. The Nifty had last closed above the 5,000 level on 21 October 2009.
The BSE 30-share Sensex jumped 409.04 points or 2.49%. Metal, auto, realty, capital goods and IT stocks rose. Index heavyweight Reliance Industries surged in late trade. The market breadth was strong.
The market moved between positive and negative zone in early trade. It surged in mid-morning trade. The market extended gains later.
As per provisional data, foreign funds today, 11 November 2009, bought equities worth a net Rs 861.84 crore. Domestic fund bought stocks worth a net Rs 90.52 crore
The market sentiment has been boosted by Prime Minister Manmohan Singh's announcement on Sunday, 8 November 2009, that financial reforms, such as building up a domestic bond market and expanding foreign investment in sectors like insurance, would be pushed forward.
A cyclone alert has been sounded across north Maharashtra and south Gujarat, besides coastal areas, by the Meteorological Department (IMD), in the wake of a deep depression over the Arabian Sea. The cyclonic storm, referred by the IMD as Phyan, was likely to intensify further and move towards south Gujarat and north Maharashtra coast, between Alibagh and Valsad, by late evening on Wednesday, warned the IMD.
Authorities have urged the residents of low-lying areas in Mumbai to vacate their houses and move to safer locations.Schools across Mumbai have been shut and students have been asked to go back home, in view of the impending cyclone. The Brihanmumbai Municipal Corporation has asked colleges to shut early. Government offices were shut at 14:00 IST. The Met office has advised fishermen not to venture out to sea in Kerala,Karnataka,Goa,Maharashtra and Gujarat.
As per reports, the government plans to introduce two key bills in parliament by December 2009. It plans to introduce bills proposing the raising of foreign stake limits in insurers to 49% from the present 26% and opening up the pension sector to private and foreign firms.
The government, last week, mandated more sales of shares by state-run firms and changed the rules on how it can use the proceeds, as it seeks to boost revenues and rein in a widening budget deficit. The government said all profitable, listed state-run firms must have at least 10% of their shares in public hands, and unlisted firms that had a positive net worth, no accumulated losses and a net profit over the past three years should list.
On the macro front, trade Secretary Rahul Khullar said on Wednesday that exports fell 11.4% to $12.5 billion in October 2009 over October 2008. Exports between April and October were at $90.4 billion, down 26.5% from the year ago period, he added.
The government today, 11 November 2009, said indirect tax receipts fell 21.6% to Rs 1,27,000 crore in April to October 2009. Excise duty receipts, levied at factory gates, were down 18.8% to Rs 52566 crore in the first seven months, while customs collection declined 31.8% to Rs 45412 crore. Service tax collection fell 5.4% to Rs 28926 crore
The government will unveil industrial production data for September 2009 on Thursday, 12 November 2009. Moderation in core sector growth in September 2009 after signs of pick-up in industrial growth in the last few months seems to have again raised some concerns. The index of core sector industries which has a weightage of 26.7% in the index ofindustrial production (IIP) clocked 4% growth in September 2009, sharply lower than the 7.8% in the month before. Industrial production jumped a robust 10.4% in August 2009.
The Reserve Bank of India may withdraw some monetary stimulus if inflation rises towards the end of 2009, C. Rangarajan, chairman of the Prime Minister's economic advisory council, said on Wednesday. The fiscal deficit needed to be reduced by 1 to 1.5 percentage points in the next fiscal year, he said.
Inflationary pressures in India were higher than those in developed countries, but tightening policy too early could weaken recovery and attract more capital inflows which would complicate policymaking further, Reserve Bank of India Deputy Governor Shyamala Gopinath said on Tuesday. She said India faces a dilemma of needing to contain rising inflation while trying to support growth and managing foreign capital inflows.
Rising capital inflows into India are not a concern now and authorities are monitoring the situation, Finance Secretary Ashok Chawla said on Wednesday. Chawla said India's economy was unlikely to reach growth rates of 8-9% until exports revived. Earlier this month, the trade minister had said exports may start growing in annual terms from the March 2010 quarter.
The government may exempt petroleum products and exportable goods from a proposed goods and services tax (GST), a draft report said on Tuesday, as it tries to speed up reforms to ease the tax burden on firms. The government had set a deadline of April 2010 for introducing GST on a wide ranging products and services, but the finance minister said recently it could be delayed by a few months.
The proposed GST, which is to replace existing central and state levies such as excise duty, service tax and value-added tax, could help lower the overall tax burden of the industry. The discussion paper said petroleum products such as crude, motor spirit and diesel, along with alcoholic beverages would be exempted from GST but would continue to attract sales tax and other duties levied at present. Exports and special economic zones would be exempted from the new tax but imports would be taxed, it said.
Both the central government and states would have two separate GST structures, and small firms with turnover of up to Rs 10 lakh would be exempted, it added.
The government will focus on driving domestic demand until key developed economies recover and will not exit fiscal stimulus measures until necessary, Finance Minister Pranab Mukherjee said on Tuesday.
Mukherjee repeated his pledge for massive investments in the agriculture sector and infrastructure, and acknowledged that it would be a challenge for India to compensate for the loss in exports through domestic demand. The finance minister said he was hopeful of economic growth of more than 7% in the fiscal year ending March, 2011.
Europe shares gained on Wednesday, with France's Credit Agricole among banks gaining after reporting results, and with sentiment lifted by upbeat Chinese macro data. The key benchmark indices in France, Germany and UK were up by between 1.13% to 1.34%.
Most Asian stocks rose after upbeat Chinese economic data. The key benchmark indices in Hong Kong, South Korea, Taiwan and Singapore rose by between 0.79% to 1.61%. But the Shanghai Composite fell 0.11%
China's industrial production surged 16.1% in October 2009 from a year earlier after record loan disbursals by banks so far this year. The industrial production growth exceeded market expectations. Retail sales climbed 16.2%.
The growth in urban fixed-asset investments in the first 10 months of this year slowed to 33.1%, easing from the 33.4% growth in the first nine months of 2009. The consumer price index fell 0.5% from a year-earlier and the producer price index shrank 5.8%, with each dropping more than economists had estimated but still showing an increase from data in the previous month.
Exports, a key engine for China's economic growth and a major source of employment for its people, dropped at a higher-than-expected 13.8%, though the contraction was an improvement over the 15.2% decline in September 2009. China's imports during the month dropped at a significantly higher pace of 6.4% from a year ago.
New loans issued by Chinese financial institutions dropped in October 2009 to their lowest monthly level this year, suggesting mainland Chinese authorities were scaling back a key source of stimulus for the economy. However, China's key broad measure of money supply, M2, rose 29.42% at the end of October 2009 from a year earlier, in line with expectations.
Japan's Nikkei stock average was flat as the yen climbed, offsetting a surprisingly large jump in domestic machinery orders for September 2009 and a forecast for a rise in the fourth quarter.
Trading in US index futures indicated Dow could gain 61 points at the opening bell on Wednesday, 11 November 2009.
After Monday's spectacular rally, the US markets ended Tuesday session flat. Trading was light and choppy. Health-care, utilities and materials were the best-performing sector. The Dow was up 20.03 points, or 0.2%, to 10,246.97, its highest close since October 3, 2008. The S&P 500 index slipped 0.07 points, or less than 0.1%, to 1,093.01. The Nasdaq Composite Index fell 2.98 points, or 0.1%, to 2,151.08.
High unemployment and reluctant consumers will likely make an incipient US economic recovery weak and erratic, top Federal Reserve officials said in a string of speeches on Tuesday. That means interest rates, currently at historic lows close to zero, should remain near that floor for the foreseeable future, the policymakers said.
World Bank President Robert Zoellick said on Wednesday he was comfortable about growth prospects for the world this year but recommended governments to not remove stimulus measures in 2010. The world needed a cooperative approach to exit from easy fiscal and monetary policies and the timing for Asian central banks would depend on markets he said.
Asia-Pacific ministers warned on Wednesday that the global economic crisis was far from over and a current upturn was a respite rather than recovery. Ministers from the Asia-Pacific Economic Cooperation forum (APEC) have gathered in Singapore for meetings that will culminate in a weekend summit that US President Barack Obama will attend.
The BSE 30-share Sensex rose 409.04 points or 2.49% to 16,849.60. At the day's high of 16887.80, the Sensex rose 447.24 points in late trade. The Sensex fell 35.17 points at the day's low of 16405.19 in early trade.
The S&P CNX Nifty rose 122.25 points or 2.5% to 5,003.95. Nifty November 2009 futures were at 5,013.95, at a premium of 10 points as compared to spot closing of 5,003.95. Turnover in NSE's futures & options (F&O) segment jumped to Rs 86,963.91 crore from Rs 81,008.35 crore on Tuesday, 10 November 2009.
The market breadth, indicating the overall health of the market was strong. On BSE, 1718 shares advanced as compared with 1002 that declined. A total of 87 shares remained unchanged.
BSE clocked a turnover of Rs 5961 crore, slightly lower than Rs 5972.60 crore on Tuesday 10 November 2009.
All the shares from the 30 share Sensex pack rose.
The Sensex is up 7,202.29 points or 74.65% in calendar year 2009, as on 11 November 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 8689.20 points or 106.48%, as on 11 November 2009.
Coming back to today's trade, the BSE Mid-Cap index rose 2.01% and the BSE Small-cap index rose 1.6%. Both the indices underperformed the Sensex.
The BSE Metal index (up 4.27%), the BSE IT index (up 3.94%), the BSE Teck index (up 3.38%), outperformed the Sensex.
The BSE FMCG index (up 0.55%), the BSE Healthcare index (up 1.88%), the BSE PSU index (up 2%), the BSE Oil & Gas index (up 2.03%), the BSE Bankex (up 2.04%), the BSE Power index (up 2.04%), the BSE Auto index (up 2.07%), the BSE Realty index (up 2.34%), the BSE Capital Goods index (up 2.36%), the BSE Consumer Durables index (up 2.37%), underperformed the Sensex.
Energy major Reliance Industries (RIL) rose 2.7%. RIL on Tuesday announced its first oil discovery in its exploration block in the Cambay Basin off Gujarat. Reliance holds 100% participating interest in the block. This block was awarded to Reliance under the fifth round of the New Exploration Licensing Policy.
RIL on Tuesday said reports of a meeting between the billionaire Ambani brothers to settle a gas-pricing dispute were baseless. Reliance Industries, controlled by billionaire Mukesh Ambani, is embroiled in a high-profile legal battle over a deal to sell gas to Reliance Natural Resources, led by Ambani's estranged younger brother Anil, at below the price set by the government. RIL said in a statement the matter would be decided by the Supreme Court, which is currently hearing the case.
The RIL stock had jumped 3.46% on Monday, 9 November 2009, on reports the firm is close to announcing a major overseas acquisition. The likely target is a part of the assets owned by troubled petrochemical major LyondellBasell, which is undergoing reorganisation under the protection of a US court, reports suggest.
IT stocks rose after the president of industry body Nasscom said the sector will regain double-digit growth from April 2010. India's second largest software company by sales Infosys rose 4.08% even as its ADR fell 1.81% on Tuesday. The back-office arm of Infosys Technologies is looking at acquiring firms in Europe and in the United States of $50 million to $100 million, a top official said on 9 November 2009. Infosys BPO would also hire 1,200 people in the current financial year, the unit's chief executive, Amitabh Chaudhry, told reporters on the sidelines of the World Economic Forum.
Infosys said on 5 November 2009 its chairman's wife sold company shares worth $92 million for setting up a venture capital fund. Sudha Murthy, wife of Infosys co-founder and chief mentor N.R. Narayana Murthy, sold 20 lakh shares, or about 22% of her total holding, on the Bombay Stock Exchange on 5 November 2009, the company said in a filing. Last month, Narayana Murthy, who co-founded Infosys with six other software engineers in 1981 with $250, had sold a total of 800,000 shares worth $37 million to set up a venture capital fund which he plans to set up in India. The company said the Murthys have confirmed they did not plan to raise further capital for the fund.
India's third largest software company by sales Wipro rose 3.88% as its ADR rose 1.39% on Tuesday. Wipro, sees robust deal pipeline on the back of improving IT demand worldwide, Suresh Vaswani, joint chief executive said on Tuesday 10 November 2009. The company said on 5 November 2009 it had agreed to buy some personal care businesses of Yardley for about $45.5 million, adding to its consumer goods business. Wipro said it had signed an agreement with UK-based Lornamead group, which owns the Yardley brand, for the businesses in Asia, the Middle East, Australasia and some African markets.
India's largest software company by sales Tata Consultancy Services (TCS) rose 3.28%. The company recently secured a 150 million pounds software implementation contract for 15 years from Cardiff city council, UK.
Metal stocks rose on rally in metal futures on the London Metal Exchange and on strong domestic demand. Hindustan Zinc, Hindalco Industries and Sterlite Industries rose by between 2.97% to 6.5%.
National Aluminium Company rose 1.24%. The company recently hiked the prices of aluminium products by Rs 1000 a tonne reflecting the recent uptrend in prices on the London Metal Exchange.
Tata Steel, the world's eighth largest steelmaker by output, rose 4.28%. The company said on Friday 6 November 2009 steel sales at its Indian operations rose 38% to 462,000 tonnes in October 2009 over October 2008.
Steel Authority of India rose 1.73% despite reports the company may cut prices of flat steel products sold in the spot market by Rs 500 a tonne next month in line with international price movement.
Demand for steel remains strong from auto, rural construction and infrastructure sectors. Also demand for construction grade steel has improved post monsoon season, and has resulted into higher sales.
India's largest engineering and construction firm by sales Larsen & Toubro rose 2.65%. The company announced on Monday 9 November 2009 that it won on orders worth Rs 1635 crore.
Among other capital goods stocks, Bharat Heavy Electricals, ABB, Thermax, BEML rose by between 0.99% to 3.09%.
Auto stocks rose as low interest rates and attractive benefits offered by companies pushed up sales in October 2009.
India's largest tractor maker by sales Mahindra & Mahindra rose 2.92%. The company's overall sales climbed 32% in October this year to 18,410 units against 13,935 units in the same month last year. Mahindra and Mahindra (M&M) reportedly plans to launch a motorcycle next year. The company is also looking at acquisitions in the electronic scooter space. The auto major had entered the two-wheeler market market by acquiring the assets of Pune-based scooter manufacturer Kinetic Motor in 2008.
India's largest truck marker by sales Tata Motors rose 4.68%. Its total sales grew 18% to 20,011 units last month against 17,014 units in the same period last year.
India's largest bike marker by sales Hero Honda Motors rose 0.94%. The company reported a marginal increase in October sales at 354,156 units as against 352,449 units in the same month last year
India's second largest bike marker by sales Bajaj Auto rose 1.17%. Carlos Ghosn, chief executive of French car maker Renault and Japan's Nissan Motor Co, said on Tuesday an agreement had been signed with Bajaj Auto for a low-cost car which would come to India in 2012.
India's largest small car marker by sales Maruti Suzuki India rose 0.49%. The company's total sales grew 32.4% to 85415 units in October 2009, compared with 64490 units posted in the same month a year ago.
Car sales in India rose an annual 34% to 132,615 units in October 2009, boosted by festival demand and easier availability of loans, an industry body said on Wednesday. Sales of trucks and buses, a gauge of economic activity, rose 52% to 42,562 units in October 2009, the data showed.
Rate sensitive realty shares reversed early losses on bargain hunting. Indiabulls Real Estate, Omaxe, Unitech, DLF rose by between 0.69% to 3.07%.
The RBI, last week, raised the provisioning requirements for loans to commercial real estate from 0.4% to 1% in its monetary policy review meet on 27 October 2009. The latest RBI move will result in increase in borrowing costs for realty firms which depend heavily on borrowing. In view of large increase in credit to the commercial real estate sector over the last one year and the extent of restructured advances in this sector, it would be prudent to build cushion against likely non-performing assets (NPAs), the central bank said in its quarterly policy review.
Banking shares rose on hopes of financial sector reforms. India's largest private sector bank by net profit ICICI Bank rose 3.35% even as its ADR fell 1.84% on Tuesday. The bank's net profit rose 2.6% to Rs 1040.13 crore on a 12.7% decline in total income to Rs 8480.73 crore in Q2 September 2009 over Q2 September 2008. The result was announced during trading hours on 30 October 2009.
India's second largest private sector bank by net profit HDFC Bank rose 1.92% even as its ADR fell 0.5% on Tuesday.
India's largest bank by net profit State Bank of India (SBI) rose 0.48%. State Bank of India said on 9 November 2009 said it had entered into an agreement with T. Rowe Price to sell a 6.5% holding each in UTI Asset Management Company and UTI Trustee Company. State Bank currently holds 25% in each of the companies and after the sale its holding would be reduced to 18.5%, it said in a statement.
SBI announced after market hours on Friday 6 November 2009 it has revised downwards interest rates on deposits by 25-50 basis points for a few maturities effective from 9 November 2009. The bank's consolidated net profit rose 28.29% to Rs 3,133.16 crore on 22% rise in consolidated income to Rs 33,101.65 crore in Q2 September 2009 over Q2 September 2008. The results were announced on 31 October 2009.
The RBI did not relax mark-to-market rules for bank's debt holdings at a quarterly policy review on 27 October 2009. The market was been agog with talks of the central bank hiking the ceiling on the portion of government securities that banks can park in held-to-maturity (HTM).
The central bank also decided to streamline provisioning requirement on non-performing assets. The RBI, asked banks to ensure by September 2010 that the total provisioning coverage against non-performing or bad loans aren't less than 70% of the outstanding amount.
India's largest thermal power generator by sales NTPC rose 1.53%. The company said on Tuesday it has entered into an agreement with the Madhya Pradesh state government and MP Power Trading Company for setting up a 2,640 megawatts (MW) thermal power plant in the Narsinghpur district of the state. This project would have four units of 660 MW each with supercritical technology. NTPC has total installed capacity of 30,644 MW through 26 power plants. The company has a capacity addition target of becoming 75 GW by 2017 and currently has 17,930 MW under construction.
Among other power stocks, Reliance Infrastructure, Torrent Power, Reliance Power rose by between 0.05% to 5.31%.
Some PSU stocks rose after Prime Minister Manmohan Singh on 5 November 2009, approved divestment in public sector companies to raise funds for social welfare. Hindustan Copper, State Trading Corporation, MMTC,MTNL, NMDC, Hindustan Copper, Power Finance Corporation rose by between 1% to 14.17%.
Construction shares rose on government's thrust on infrastructure. Higher government spending on infrastructure sector in the Union Budget 2009-2010 to provide a stimulus to the economy, may result in increase order flow for construction. Hindustan Construction Company, Nagarjuna Construction Company and Jaiprakash Associates, Gayatri Projects rose by between 2.29% to 6.27%.
FMCG stocks rose on bargain hunting after recent fall. Marico, ITC, Hindustan Unilever, United Spirits, REI Agro rose by between 0.06% to 8.06%.
Shipping firms rose after the Baltic Dry Index, which tracks rates to ship dry commodities, breached the 3,500 level on Tuesday. Shipping Corporation of India, Mercator Lines, Great Eastern Shipping Company rose by between 5.61% to 13.59%.
Cals Refineries clocked highest volume of 2.96 crore shares on BSE. Suzlon Energy (1.59 crore shares), Mahindra Satyam (1.21 crore shares), GVK Power & Infrastructure (1.12 crore shares) and Unitech (0.94 crore shares) were the other volume toppers in that order.
Educomp Solutions hit highest turnover of Rs 272.56 crore on BSE. Reliance Industries (Rs 177.92 crore), State Bank of India (Rs 144.08 crore), Mahindra Satyam (Rs 143.55 crore) and Sesa Goa (Rs 40.72 crore) were the other turnover toppers in that order.

Asian Markets end up mixed on Wednesday

Shanghai slips on melded economic data whereas Sensex surge in spite of cyclone alert
Stock markets in Asian region witnessed a mixed trend on Wednesday, 11 November 2009, following a rather choppy session on Wall Street overnight. Some of the regional markets did get off to a bright start, but are seen struggling for support at higher levels finishing the day at par. With no significantly positive cues to warrant any strong buying, investors were seen indulging in some profit booking, cashing in gains from recent sharp rallies.
On Wall Street, stocks in the U.S. stayed within a tight range and closed mixed on a fairly uneventful day for the markets. The Dow Jones Industrial Average added 20 points, or 0.2%, to 10,247. The S&P 500 held flat at 1093, while the Nasdaq slipped 3 points, or 0.1%, to 2151.
In the commodity market, crude oil traded near $79 a barrel after an industry report showed U.S. crude and fuel stockpiles rose, outweighing signs of economic expansion in China.
Crude oil for December delivery traded at $78.69 a barrel, down 36 cents, in electronic trading on the New York Mercantile Exchange at 2:12 p.m. Singapore time. Yesterday, the contract fell 38 cents to settle at $79.05.
Brent crude for December settlement was at $77.11 a barrel, down 66 cents on the London-based ICE Futures Europe exchange at 2:23 p.m. Singapore time. Yesterday, the contract fell 27 cents, or 0.3%, to end the session at $77.50.
Gold rose to a record in London and New York as the dollar fell for a third day, spurring demand for the metal as a hedge against further weakness. Gold for immediate delivery rose as much as 0.9% to $1,115.80 an ounce, before trading at $1,115.20 at 8:08 a.m. London time. December-delivery gold on the Comex division of the New York Mercantile Exchange added as much as 1.2% to $1,116 an ounce.
In the currency market, the US dollar edged down against the yen after better-than-expected Japanese machinery orders data, but was nearly flat against other major rivals.
The Japanese yen strengthened against major currencies after Japanese machine orders rose more than forecast, adding to evidence the economic recovery is gathering momentum. The Japanese yen was quoted at 89.8270 versus the US dollar, up from Tuesday’s quote of 89.86 yen.
The Hong Kong dollar was trading at HK$ 7.7500 against the dollar. Actually the Hong Kong dollar is pegged at HK$ 7.8 to the U.S. dollar but can trade between HK$ 7.75 and HK$7.85 to the U.S. dollar.
In Sydney trade, the Australian dollar closed a fraction higher on Wednesday, after positive offshore and poor domestic economic data left the unit trading in a tight range. At the local close, the dollar was trading at $US0.9296, up from Tuesday’s close of $US0.9259. During the overnight session, the unit traded in a tight range between $US0.9286 and $US0.9324.
In Wellington trade, the New Zealand dollar was volatile this afternoon after Chinese financial data was released. The NZ dollar rose to US74.39c around 3pm, before settling at US74.04c at 5pm from US74.06c at the same time yesterday.
The South Korean won ended at 1,157.9 won against the greenback, up 4.3 won from Tuesday's close, as offshore investors unloaded the greenback.
The Taiwan dollar strengthened against the greenback. The Taiwan dollar was trading higher against the US dollar at NT$ 32.3430, 0.0060 up from Tuesday’s close of NT$32.3490
In the equity market, Asian stock markets were mixed as investors digested recent gains and mulled a mixed bag of Chinese data. Wall Street's tepid performance Tuesday provided little impetus for Asia, with the Dow Jones Industrial Average up just 0.2% and the S&P 500 flat.
In Japan, shares market finished the session in mixed terrain with benchmark Nikkei 225 managed to extend winning streak for fourth consecutive day. Market lost its early gains inspired by better than expected Japanese machinery orders and improving corporate earning as yen appreciation concern after greenback retreat to lower 89-yen range.
At closing bell, the Nikkei 225 Stock Average index was at 9,871.68, gained 0.95 points, or 0.01% from its previous close, while the broader Topix of all First Section issues on the Tokyo Stock Exchange fell 0.15 points, or 0.02% to 872.29.
On the economic front, the Cabinet Office said Japan’s core machinery orders, a closely watched indicator of corporate capital spending, jumped 10.5% in September, outperforming forecasts and rising for the second month in a row. The Cabinet Office predicted that in the current October-December quarter, orders will increase 1.0% from the previous quarter.
In Mainland China, share market finished the session lower with benchmark Shanghai Composite snapped eight days winning streak as market participants’ banked profit.
The Shanghai Composite Index, measuring A shares and B shares on the Shanghai Stock Exchange, shrank 3.42 points, or 0.11%, to 3,175.19, while the CSI 300 Index, measuring exchanges in Shanghai and Shenzhen, lost 0.23%, to 3,495.67.
On the economic front, the statistics bureau of china said the nation’s industrial production rose 16.1% from a year earlier in October, the most since March 2008. Retail sales gained an annual 16.2% in October, and urban fixed-asset investment climbed 33.1% in the first 10 months of this year.
The People’s Bank of China stated today that domestic banks extended 253 billion Yuan ($37 billion) of new local-currency loans in October, lower than 516.7 billion Yuan in September.
On the other side, the customs bureau said export tumbled 13.8% in October from previous year. That narrowed from a 15.2% decline in September.
In Hong Kong, the stock surged with benchmark Hang Seng index endured gains for fourth day in row as gains from the major heavyweight after better than expected China’s retail sales and industrial production figures.
At closing bell, the Hang Seng Index escalated 359.05 points, or 1.61%, to 22,627.21, meanwhile the Hang Seng China Enterprise, which tracks the overall performance of 43 mainland Chinese state-owned enterprises on the Hong Kong Stock Exchange, advanced 93.24 points, or 0.7%, to 13,460.43.
In Australia, the share market added extending winning streak for fourth consecutive day, with almost all sector were higher, exception was industrials. Property trusts shares outperformed in market on news Investa Property, an Australian real estate firm owned by Morgan Stanley funds, was abandoning plans to list on the market and preventing the dilution of funds for other sector players.
At closing bell, the benchmark S&P/ASX200 index spurted 23.4 points, or 0.49%, to 4,765.9, meanwhile the broader All Ordinaries surged 21.9 points or 0.46%, to 4,765.9.
On the economic front, the Westpac-Melbourne Institute consumer sentiment index dropped by 2.5% to 118.3 in November after a 1.7% rise in October. The decline comes on the back of two-rate rises in recent months taking a bite out of consumer discretionary spending.
Australian Bureau of Statistics stated that lending finance data for September was up 6.1%. The lift in lending finance was coming from housing and commercial loans in the month.
The Department of Education, Employment and Workplace Relations stated that the country's leading indicator of employment rose for the fifth consecutive month in November to minus 0.841 from the previous reading of minus 0.998 in October.
In New Zealand, benchmark index registered a weak session ending the day in the negative region. The New Zealand share market slipped in early trading after stocks in the United States moved only slightly. The share market fell, ending three day winning streak. The NZX50 edged down 0.19% or 5.86 points to 3161.54. The NZX 15 inched up 0.02% or 1.398 points to close at 5713.26.
On the economic front, New Zealand’s food prices decreased 1.5 percent in the October 2009 month, Statistics New Zealand said Wednesday. This is the largest fall in three-and-a-half years. The food price index also fell in September and August, by 0.7 and 0.9%, respectively. Statistics NZ noted that although food prices are now 2.0% higher than a year ago, they are 12.1% higher than two years ago.
New Zealand’s rising tourist numbers underpinned gains in accommodation last month as the number of guest nights increased for all operators. Total guest nights rose 1.2%, seasonally adjusted, to 2.7 million in September compared to a month earlier, and have climbed 3% from the same month in 2008, according to the Accommodation Survey released by Statistics New Zealand.
Meanwhile, Reserve Bank Governor Alan Bollard on Wednesday while releasing the Bank’s November 2009 Financial Stability Report said that as international conditions have stabilized, outlook for the New Zealand economy and financial system has improved in the past six months, although some risks and challenges remain.
Dr Bollard noted that while the improved global outlook was generally positive for New Zealand, the rise in the New Zealand dollar over recent months could hinder continued improvement in the external balance. The New Zealand economy needs to live more within its means to reduce its vulnerability to adverse developments in offshore markets.
In South Korea, stocks closed higher as investors snapped up tech blue chips and securities shares. After range-bound trading, the benchmark Korea Composite Stock Price Index (KOSPI) climbed 12.52 points to 1,594.82.
In Singapore, stock market spurted with gains from major banks and blue chip shares on strengthening confidence for economic recovery after Japan’s machinery orders surged, China’s retail sales and industrial production accelerated and shipping rates climbed. The blue chip Straits Times Index was ended session at 2,740.43, gained 32.83 points or 1.21%.
In Taiwan, stock market stretched its winning streak in fourth session following the regional rally witnessed after Japan’s machinery orders surged, China’s industrial production accelerated and South Korea’s unemployment fell. The benchmark Taiex share index stretched gains for fourth session by adding 74.57 points or 0.98% in a day, closing at 7668.06, the highest closing since 26 October 2009 when market finished at 7668.40.
In Philippines, momentum remained very strong as the markets hit nineteen months high above 3000 mark, driven by soaring international gold prices, which lifted mining issues. The benchmark index PSEi ascended 1.68% or 50.43 points to 3,047.14, while the All Shares index mounted 1.04% or 19.52 points to 1,885.77.
On the economic front, the data released are showing positive economic prospects for the country. Domestic liquidity or M3 continued to post double-digit growth in September 2009, albeit at a slower rate of 11.6% year-on-year compared to 13.4% in the previous month. The double-digit growth of domestic liquidity was due in part to resilient foreign exchange inflows, indicating that funds in the banking system remain adequate to support economic activity.
Increasing signs of global economic recovery along with ample liquidity conditions provided support to credit activity. Outstanding loans of commercial banks including reverse repurchase agreements (RRPs) grew by 6.1% year-on-year to reach P2.2 trillion in September 2009, acceleration from the previous month's growth of 3.1%.
In India, bulls were back in command as the key benchmark indices surged in mid-afternoon trade after China reported continued strength in industrial production growth, keeping alive hopes of a recovery in global economy. The market shrugged off Cyclone Phyan which is expected to bring heavy rains to Mumbai, the commercial capital. The BSE 30-share Sensex closed up by 409.14 points or 2.49% to 16849.60. The S&P CNX Nifty finished higher by 122.25 points or 2.50% to 5003.95.
Elsewhere, Malaysia's Kula Lumpur Composite index finished slightly lower at 1270.15 while stock markets in Indonesia’s Jakarta Composite index ended the day higher at 2403.88.
In other regional market, European shares climbed on Wednesday, moving higher for the fifth time in six sessions, with miners leading the advance as metal futures climbed. The U.K. FTSE 100 index rose 0.8% to 5,271.83, the German DAX index climbed 0.9% to 5,658.67 and the French CAC-40 index up 0.9% at 3,818.29.

Sensex shoots up 409 points

Today's major news
Shree Renuka Sugars acquires Brazilian company; the stock ends 1.91% higher.
HCL Technologies is looking for string of acquisitions; the stock closed the session 5.18% higher.
Rural Electrification Corporation gets Power Ministry’s nod for follow on public offer; the stock closed 5.46% higher.
Sun Pharmaceutical Industries sues Zydus Cadila for trademark violation; the stock ends the session 2.44% higher.
Bombay Rayon Fashions to raise funds; the stock closed the day 4.69% higher.
Click here for more stories
Post-market summary
Global signals
On Tuesday, major US indices closed mixed and almost flat, as investors turned cautious on the market touching its 13-month high. The European markets lost steam owing to bleak performance on earnings front by Vodafone and weak metal prices that dragged the mining stocks. In today's trade, European indices opened higher with decent gains of over 1% each on the back of strong Asian cues. At the time of writing this report, FTSE 100 was trading at 5279 with gains of 48 points or 0.93%.
All the major Asian indices again managed to end the day in green with gains in the range of 0.01-2.49%, however China's Shanghai Composite was an exception that closed in red with marginal loss of 0.11%. Among Asian indices, the BSE Sensex surged the most, while the Nikkei 225 rose the least. SGX Nifty that opened marginally higher ended the day with heavy gains of 121 points.
Indian indices
It was all green for the Sensex, as all the 30 stocks of the benchmark index ended the day in positive zone. After a weak start, mere four points above its previous close, The Sensex soon slid into negative zone for a short period. However, it shot up from that point and never looked back to end the day 2.5% higher. The Sensex opened weak following the mixed global cues. However, with the Asian markets gaining momentum, Indian market took pace and outpaced other Asian indices. The Sensex that started the day at 16444, soon turned negative to hit the day’s low of 16405, however since then the market never looked back and surged to hit the high of 16888 in the closing session. At closing bell, the Sensex was 409 points higher owing to strong European opening and Asian closing.
Up, up and further up for the Sensex that ended the day at 16849 with over 2.5% gains, as metal, information technology (IT) and TECk stocks shone. It was a day when Nifty rejoiced and reclaimed the significant psychological level of 5000 and ended the day slightly higher at 5004, up by 122 points or 2.50%.
Sensex sentiment
The market breadth was positive, as out of 2,817 stocks traded on the BSE, 1,726 stocks advanced, whereas 1004 stocks declined. Eighty seven stocks closed unchanged.
Sectoral & stock screening
All the 13 sectoral indices closed positive today. BSE Metal index topped the sectoral index list posting gains of 4.27% to be followed by BSE IT that rose over 3.94% for the day. The remaining 11 indices ended the day 0.55% to 3.36% higher.
On stocks’ front, Jubilant Organosys was the star stock rising by 19.98% to be followed by Neyveli Lignite that gained over 14.79% and Hindustan Copper that shot up 14.17%. Educomp solutions, Shipping Corporation of India and Marico surged by more than 8% each. Among losers, Jai Corp slid the most, by 5.50%, to be followed by Adani Enterprises that fell 2.52% for the day. Indian Oil Corporation and Gujarat Petronet fell by over 1.50% each.
Viewing volumes
On turnover front, over 1.59 crore shares of Suzlon Energy changed hands on the BSE followed by GVK Power & Infrastructure (1.12 crore shares), Unitech (0.94 crore shares), Neyveli Lignite (0.70 crore shares) and Ispat Industries (0.70 crore shares).

Nifty November 2009 futures above 5,000

Turnover rises
Nifty November 2009 futures were at 5,013.95, at a premium of 10 points as compared to spot closing of 5,003.95. Turnover in NSE's futures & options (F&O) segment jumped to Rs 86,963.91 crore from Rs 81,008.35 crore on Tuesday, 10 November 2009.
Tata Motors November 2009 futures were at discount at 616.75 compared to the spot closing of 620.80.
Reliance Industries November 2009 futures were at a slight discount at 2,120 compared to the spot closing of 2,124.05.
Tata Steel November 2009 futures were near spot price at 527 compared to the spot closing of 527.90.
In the cash market, the S&P CNX Nifty surged 122.25 points or 2.50% at 5,003.95.

Cyclone terror is moving towards Gujarat

The meteorological department in the city has warned of a cyclonic storm and rainfall at most places in Gujarat, including Ahmedabad, by Wednesday evening. The Met department's forecast comes in the wake of formation of deep depression over the Arabian Sea.At 11:30 am on Tuesday, the deep depression lay over central Arabian Sea 470 km west northwest of Mangalore (420 km southwest of Goa) and 670 km south- southwest of Mumbai.
The Met department has warned that the system is likely to intensify further into a cyclonic storm and move north for some time and then north-northeastwards. "It will cross south Gujarat and the north Maharashtra coast between Mahuva and Dahanu in the early hours of November 12," it said.
The Met department has said that under the influence of the cyclonic storm, there would be rainfall at most places in Gujarat, including Valsad, Surat, Bharuch, Narmada, Navsari, Bhavnagar, Baroda, Anand, Ahmedabad, Daman, and Dadra Nagar Haveli. The Met also warned that sea conditions will remain 'rough to very rough' and has advised fishermen not to venture out to sea.
Velji Masani, president of Akhil Gujarat Macchimar Mahamandal, told DNA that the fisheries department has warned them not to venture out to sea. "We have been stopping fishermen from going to sea," said Masani.
The Met department also forecast that winds at 35 to 45 km per hour, with their speeds rising to 55 km an hour, will blow in from the easterly direction, and along south Gujarat coast.

Also Read : Cyclone Phyan nears; schools, colleges shut in Mumbai

Cyclone Phyan nears; schools, colleges shut in Mumbai

A cyclone alert has been sounded across north Maharashtra and south Gujarat, besides coastal areas, by the Meteorological Department, in the wake of a deep depression over the Arabian Sea.

The cyclonic storm, referred by the IMD as Phyan, was likely to intensify further and move towards south Gujarat and north Maharashtra coast, between Alibagh and Valsad, by late evening on Wednesday, warned the IMD.

Cyclone Phyan, with a wind-speed of approximately 102 km per hour, will hit Mumbai at approximately 5.30 pm, warned experts.

Authorities have urged the residents of low-lying areas in Mumbai to vacate their houses and move to safer locations.

Schools across Mumbai have been shut and students have been asked to go back home, in view of the impending cyclone.

The Brihanmumbai Municipal Corporation has asked colleges to shut early. Government offices will shut at 2 pm.

The Met office has advised fishermen not to venture out to sea in Kerala, Karnataka, Goa, Maharashtra and Gujarat.

The Disaster Management Cell has been put on alert. Phyan has been declared a Level 6 Cyclone, said IMD officials.

They have also warned that Mumbai and Thane districts will receive heavy to very heavy rains for the next 24 hours. The IMD has predicted 'extremely heavy rainfall' in south Gujarat.

Squally winds reaching speeds of 55-65 kmph, gusting to 75 kmph, are likely to commence along and off the south Gujarat and Kerala coasts, besides Lakshadweep, from today. It will hit Kerala, Karnataka, Goa and Maharashtra coasts during the next 48 hours.

Also Read : Cyclone (Phyan) to Hit West Coast (Mumbai) after 67 years

Cyclone (Phyan) to Hit West Coast (Mumbai) after 67 years

The Met department issued cyclone alert for the coastal areas of south Gujarat, northern Maharashtrra and some parts of Goa and Konkan region.

India’s western coast should start preparing itself for two days of rough weather and heavy rain as a cyclonic storm, called Phyan by the Met office is developing over the Arabian Sea off north Maharashtra and south Gujarat coasts.
At danger level 6, this cyclone is likely to hit Mumbai as well as inland Maharashtra on Wednesday bringing heavy to very heavy rainfall. The Met department has advised people in low-lying areas in Mumbai to vacate and ports to reduce activities and take safety measures.

According to the weather department in Mumbai, a tropical cyclone strengthened over the Arabian Sea off the western coast of country. The Met department has said that the cyclone will hit Mumbai early on Thursday.
Following the weather alert, the BMC has asked fishermen to avoid venturing into sea till Thursday.
Meanwhile, heavy rainfall has been reported from Mumbai, Goa and Konkan region. As far as Mumbai weather is concerned, the financial capital of India has witnessed heavy rainfall since yesterday.
Met officials said that cyclone with winds strengthened to 75 kilometers per hour will hit the southern Gujarat, North Maharshtra, Karnataka and Goa.
The storm will hit Mumbai tomorrow around 5.30 hrs in the morning.
The cyclone over the Arabian Sea Wednesday was "likely to intensify further" and cross the Indian coast between north Maharashtra and south Gujarat in the early hours of Thursday, says the India Meteorological Department (IMD).
Now named Phyan, the cyclone was about 250 km directly west of Goa at 2.30 a.m. Thursday, the IMD said on its website, even as it it issued an "orange" alert. That is one step below the red alert put out for a really severe cyclone.
At that hour, Phyan was 420 km south-southwest of Mumbai and 670 km south-southwest of Surat in south Gujarat.
"The system is likely to intensify further and move north-northeastwards and cross south Gujarat and north Maharashtra coast between Mahuva and Dahanu by early hours of Nov 12," the website reported.
Fishermen have already been asked not to go out to sea, and oil rigs in Bombay High were battening down, according to local media reports.
The IMD expects that maximum sustained surface wind speed under the influence of Cyclone Phyan will be 70-80 kmph around 11.30 p.m. Wednesday, gusting up to 90 kmph.
The weatherman said Wednesday morning that the cyclone will lead to "rainfall at most places with heavy to very heavy falls at a few places and isolated extremely heavy fall (over or equal to 25 cm) over Konkan and Goa and Madhya Maharashtra during next 36 hours".
"Rainfall at many places with heavy to very heavy falls at isolated places is likely over coastal Karnataka during next 24 hours. Rainfall at most places with heavy to very heavy falls at a few places and isolated extremely heavy falls (over or equal to 25 cm) is likely to commence over south Gujarat from today (Wednesday) afternoon.
"Squally winds with speed reaching 55-65 kmph gusting to 75 kmph are likely along and off Karnataka, Goa and Maharashtra coasts during next 36 hours. Sea condition will be very rough over along and off Karnataka, Goa and Maharashtra coasts. Squally wind speed reaching 55-65 gusting to 75 kmph is likely to commence along and off south Gujarat coast from today afternoon."

"The system is likely to intensify further into a cyclonic storm and move in a northerly direction for some more time and then north-northeastwards and cross south Gujarat and north Maharashtra coast between Mahuva and Dahanu by early hours of November 12," an alert issued by the India Meteorological Department said.

If the Indian Meteorological Department's cyclone forecast for today is true, it will be the city's first in 67 years.

Also Read : Cyclone Phyan nears; schools, colleges shut in Mumbai

Nifty November 2009 futures at discount

Turnover surges
Nifty November 2009 futures were at 4,872.15, at a discount of 9.55 points as compared to spot closing of 4,881.70. Turnover in NSE's futures & options (F&O) segment surged to Rs 81,008.35 crore from Rs 73,802.20 crore on Monday, 9 November 2009.
State Bank of India November 2009 futures were at discount at 2345.20 compared to the spot closing of 2365.10.
Reliance Industries November 2009 futures were at discount at 2053.35 compared to the spot closing of 2057.10.
Tata Motors November 2009 futures were at discount at 594 compared to the spot closing of 596.40.
In the cash market, the S&P CNX Nifty lost 16.70 points or 0.34% at 4,881.70.

Sensex slips after morning surge

Today's major news
Alstom Projects secures contract from Hindalco Industries; the stock ends 1.42% higher.
Reliance Industries discovers oil in Cambay basin; the stock closed the session 1.39% higher.
Siemens receives order worth Rs608 crore; the stock closed 0.19% lower.
Subhash Projects & Marketing wins orders of Rs277.71 crore; the stock ends the session 1.75% higher.
Tata Chemicals acquires additional shares of Rallis India; the stock closed the day 0.38% lower.
Click here for more stories
Post-market summary
Global signals
On Monday, the major US and European indices recorded strong gains of about 2% each. The Dow Jones Industrial Average (Dow) that recently reclaimed 10000, went to hit its 13-month high after G 20 countries pledged to keep aid flowing to the world economy strengthening investors risk appetite and confidence. In today's trade, the European indices that opened marginally higher were gripped with severe volatility and trading range-bound with marginal gains. FTSE 100 was trading at 5244 with gains of mere 9 points or 0.17% at the time of writing this report.
Major Asian indices again managed to sustain gains in the range of 0.10-0.75% and closed in green, however with marginal gains as compared to early trades. Amongst the Asian indices, only Jakarta Composite and BSE closed in red with the loss of 1.02% and 0.35% respectively. SGX Nifty that opened marginally higher, ended the day with a loss of 31 points.
Indian indices
After surging for four days on the trot, the Sensex seems to have taken a breather today, closing 58 points lower. Following strong global cues, the Sensex opened a decent 53 points up, but was gripped by volatility that made it swing by 306 points and lose all the morning gains. The Sensex that hit the day’s high of 16678 in the early session, went to hit the low of 16372 in mid session and ended the day 0.35% lower on weak European opening and giving-up of some early gains by Asian markets.
Today’s decline was mainly on the back of the profit booking in realty stocks that had surged heavily in the past few sessions. Nifty fell by 17 points to end the day at 4882.
Sensex sentiment
The market breadth was marginally negative, as out of 2,809 stocks traded on the BSE, 1,290 stocks advanced, whereas 1,463 stocks declined. Fifty six stocks closed unchanged.
Sectoral & stock screening
Among sectoral indices, BSE Realty slid the most, down by 2.77%, followed by BSE TECk that lost over 1.39%. Among gainers, BSE PSU rose the most with gains of 1.97%, followed by BSE Metal that surged by 1.37%.
On stocks’ front, NMDC surged by 19.99%, followed by Jai Corp that gained over 10.77%, while Exide Industries and Hindustan Copper surged by 8.18% and 5.79% respectively. Among the losers, Educomp Solutions fell the most, by 9.34%, followed by Indiabulls Real Estate that slid 4.80%, while Bharti Airtel, Aban Offshore and Central Bank of India fell over 4% each.
Viewing volumes
On turnover front, Over 1.63 crore shares of GVK Power & Infrastructure changed hands on the BSE followed by Suzlon Energy (1.36 crore shares), Unitech (1.20 crore shares), Reliance Natural Resources (1.15 crore shares) and IFCI (0.85 crore shares).

Market takes a breather after sharp rally

The key benchmark indices snapped last four days' gains, closing with small losses on profit taking. The BSE 30-share Sensex fell 58.16 points or 0.35%, off close to 240 points from the day's high and up close to 70 points from the day's low. Intraday volatility was high.
FMCG, capital goods, telecom and realty stocks fell. The market breadth was negative in contrast to a strong breadth earlier in the day. Index heavyweight Reliance Industries edged higher in volatile trade. But two other index heavyweights Infosys and Larsen & Toubro, fell.
Intraday volatility on the bourses was high. The market opened on a firm note on higher Asian stocks and overnight solid rally in US stocks. It trimmed gains in mid-morning trade on profit taking after a sharp surge over the past four days. The market regained strength after falling to an intraday low in mid-morning trade. However, the intraday rebound proved short lived. The market slipped into the red in early afternoon trade. The market cut losses after hitting a fresh intraday low in early afternoon trade.
The government today launched a discussion paper on the universal Goods and Services Tax (GST). The government had set a deadline of April 2010 for introducing GST but the finance minister said recently it could be delayed by a few months. The proposed GST which is to replace existing levies such as excise, service tax and value-added tax, could help lower the overall tax burden of industry.
Finance Minister Pranab Mukherjee today said the government will have to take corrective measures on stimulus in due course. He said there is a need of massive investment in agriculture and infrastructure to revive domestic demand. He further said there is a need to maintain high savings and investment rates. He also said the economy is in the process of recovery. The finance minster said there is a need of generating strong domestic demand until the robust recovery all over the world, particularly the developed world takes place
Mukherjee had on Sunday, 8 November 2009, said that the timing of the withdrawal of stimulus steps for India's economy will be decided when it becomes clear the economy is recovering, but there will be no fresh stimulus. Prime Minister Manmohan Singh on that day had said the government would take steps in the 2010/2011 fiscal year to wind down economic stimulus measures for Asia's third largest economy.
Mukherjee said he was not worried about the availability of food grains and the government will continue to import food items to meet any supply shortfall. He said the government is hopeful of more than 7% growth in the fiscal year ending March 2011 and 9% growth by 2012
The Prime Minister had said on Sunday day that the government would push through legislative changes, including in the insurance sector which foreign players are eyeing
The government, last week, mandated more sales of shares by state-run firms and changed the rules on how it can use the proceeds, as it seeks to boost revenues and rein in a widening budget deficit. The government said all profitable, listed state-run firms must have at least 10% of their shares in public hands, and unlisted firms that had a positive net worth, no accumulated losses and a net profit over the past three years should list.
The government plans to introduce in parliament by December 2009 bills proposing the raising of foreign stake limits in insurers to 49% from the present 26% and opening up the pension sector to private and foreign firms. It will also propose a law to cut its holding in top lender State Bank of India to 51%
The government will maintain its stimulus measures for the export sector, Trade Minister Anand Sharma said on Monday. He said it was not yet time to withdraw stimulus.
RBI deputy Governer Shyamal Gopinath today said India is actively confronted by an upturn in inflation. She added that withdrawal from the supportive monetary policy may diverge considerably between developed and emerging nations. Gopinath said the RBI will ensure there is adequate liquidity in the banking system
Last month, while announcing the monetary policy the Reserve Bank of India signalled an interest rate hike was imminent, citing inflationary pressures. It also started tightening some bank credit. The RBI sharply raised its inflation forecast for end-March 2010 to 6.5% with an upward bias, from 5 % earlier.
Gopinath said capital flows have resumed on economy's growth prospects. She said the costs and benefits need to be considered in managing the impact of foreign fund flows.
European Central Bank (ECB) President Jean-Claude Trichet on Monday said risks to both global growth and inflation were currently balanced. Trichet said global economic growth was a bit better than earlier expected, with emerging economies taking the lead. Among growing signs of economic recovery, some central banks - such as Norway and Australia - have already raised interest rates, while the ECB has signalled it will start rolling back some of its extra liquidity supplies.
Meanwhile, as part of its efforts to encourage small and medium-sized enterprises (SMEs) to go public, the Securities and Exchange Board of India (Sebi) on Monday exempted them from the usual eligibility norms applicable for initial public offerings (IPOs) and follow-on public offerings.
Sebi has also amended the Issue of Capital and Disclosure Requirements Regulations (ICDR) to allow pure auctions for qualified institutional investors (QIBs) in follow-on public offerings to begin with. The method may be later extended to initial public offerings. Under the new method, bidders will be free to bid at any price above the floor price. At present, allotments are made at the floor price. Retail investors, however, will be allotted shares at the floor price.
The board also decided that the issuer is free to place a cap either in terms of the number of shares or percentage to issued capital of the company so that a single bidder does not garner all the shares on offer, ensuring a wider distribution of shareholding.
European shares rose in a volatile trade extending four-session winning streak. The key benchmark indices in Germany, France and UK rose by between 0.04% to 0.25%.
Asian stocks rose on Tuesday, buoyed by Wall Street's gains as interest in risk-taking rose, with tech firms climbing and trading houses up after gains in oil, gold and other commodities. The key benchmark indices in China, Hong Kong, Japan, South Korea, Singapore and Taiwan rose by between 0.1% to 0.75%.
China is quite competent to grow by 8% in 2009, Ma Delun, a vice-governor with the People's Bank of China, said at a banking event in Mumbai on Tuesday. Earlier this month, the World Bank raised its forecasts for Chinese growth, saying gross domestic product will increase 8.4% this year and 8.7% in 2010 on the back of massive fiscal and monetary stimulus.
Moody's Investors Service raised the outlook on China's A1 rating to positive from stable on Monday, praising its economic performance in the past year during the global financial crisis. The agency said the country's strong credit fundamentals would resume its improving trend as the economy emerged from the effects of the global recession.
In a separate release, Moody's also said it was lifting the credit outlook on Hong Kong's Aa2 government bonds to positive from stable. Moody's said while Hong Kong has a separate credit rating from mainland China, it deserved a review because of increasing financial and economic ties with the fast-growing mainland economy. The boost in outlook comes even as Hong Kong has projected government deficits for the next two years.
Trading in US index futures indicated Dow could slide 9 points at the opening bell on Tuesday, 10 November 2009.
US stocks rallied on Monday, with the Dow Jones industrial average at a 13-month high, as the Group of 20's pledge to keep aid flowing to the world's economy boosted investors' appetite for risk. The Dow added 203.52 points, or 2%, to 10,226.94, a new 2009 high. The S&P 500 index rose 23.78 points, or 2.2%, to 1,093.08. The Nasdaq Composite Index rose 41.62 points, or 2%, to 2,154.06.
A survey of top forecasters released on Tuesday showed that top forecasters are growing more confident that the US economy has embarked on a sustainable recovery. The Blue Chip Economic Indicators newsletter for November 2009 found forecasters had raised their 2010 projections for US gross domestic product for a fourth straight month. However, they still expect the pace of growth to fall short of the typical post-recession bounce. The US economy should expand 2.7% next year, the newsletter said. That marked an upward revision from the 2.5% pace the survey panel had expected a month ago.
The Group of 20 finance ministers and central bankers pledged on Saturday, 7 November 2009, to prepare strategies to end emergency support for their economies, but to keep the aid flowing until recovery was assured. The world's biggest economies - the European Union, the United States and Japan - are either expected to or already have emerged from recession in the third quarter.
This has prompted a discussion on when to start cutting back on the trillions in public support pledged to cushion the worst economic downturn since World War Two to maintain credibility of fiscal policies with markets and consumers. Officials from the world's 20 biggest developed and emerging economies said at the end of talks in the small Scottish town of St. Andrews that while the economy has improved, recovery was still uneven and depended on policy support.
The United States sees China as a vital partner and competitor, but the two countries need to address economic imbalances or risk "enormous strains" on their relationship, President Barack Obama said on Monday. Three days before leaving on a nine-day trip to Asia, Obama said the world's two most powerful nations need to work together on the big issues facing the globe, and any competition between them has to be fair and friendly.
In an interview to a news agency Obama on Monday said he plans to raise the issue of the yuan currency with Chinese officials when he meets with them in Beijing next week. Obama said he was confident that both the United States and China can arrive at a broad set of policies that encourages trade that benefits both the countries
China has been angered by recent controls slapped by the US on some of its imports, and China's foreign ministry spokesman Qin Gang issued a new warning against barriers to commerce. He said the US needs to make positive efforts with China to resolve frictions and questions in trade, including acknowledging China's status as a full market economy and halting some protectionist measures.
The BSE 30-share Sensex fell 58.16 points or 0.35% to 16440.56. The Sensex rose 178.81 points at the day's high of 16677.53 in early trade. The Sensex fell 127.06 points at the day's low of 16371.66 in early afternoon trade.
The S&P CNX Nifty fell 16.70 points or 0.34% to 4881.70. Nifty November 2009 futures were at 4,872.15, at a discount of 9.55 points as compared to spot closing of 4,881.70. Turnover in NSE's futures & options (F&O) segment was Rs 81008.35 crore higher than Rs 73802.20 crore on Monday, 9 November 2009.
BSE clocked a turnover of Rs 5950 crore, higher than Rs 5014.39 crore on Monday, 9 November 2009.
The market breadth, indicating the overall health of the market turned negative. The breadth weakened from strong breadth in early trade. On BSE, 1287 shares advanced as compared with 1456 that declined. A total of 56 shares remained unchanged.
From the 30 share Sensex pack, 22 stocks fell and rest rose.
From a low of 15,404.94 on 3 November 2009, the Sensex had jumped 1,093.78 points or 7.1% in four trading sessions to 16498.72 on Monday, 9 November 2009. The Sensex is up 6793.25 points or 70.41% in calendar year 2009, as on 10 November 2009. From a 3-year closing low of 8,160.40 on 9 March 2009, the Sensex is up 8280.16 points or 101.46%, as on 10 November 2009.
Coming back to today's trade, the BSE Mid-Cap index fell 0.43% and the BSE Small-cap index fell 0.38%. Both the indices underperformed the Sensex.
The BSE PSU index (up 2.13%), the BSE Metal index (up 2.38%), the BSE Oil & Gas index (up 2.4%), the BSE Bankex (up 4.8%), the BSE FMCG index (up 2.17%), the BSE Auto index (up 1.58%), the BSE Healthcare index (up 1.27%), the BSE Consumer Durables index (up 2.44%), outperformed the Sensex.
The BSE Realty index (down 2.77%), the BSE Teck index (down 1.39%), the BSE IT index (down 0.73%), the BSE Capital Goods index (down 0.56%), the BSE Power index (down 0.45%), underperformed the Sensex.
Energy major Reliance Industries (RIL) gained 1.39% to Rs 2052.60 after company on Tuesday announced its first oil discovery in its exploration block in the Cambay Basin off Gujarat. The stock was volatile. It hit a high of Rs 2100 and a low of Rs 2007. Reliance holds 100% participating interest in the block. This block was awarded to Reliance under the fifth round of the New Exploration Licensing Policy.
RIL today said reports of a meeting between the billionaire Ambani brothers to settle a gas-pricing dispute were baseless. Reliance Industries, controlled by billionaire Mukesh Ambani, is embroiled in a high-profile legal battle over a deal to sell gas to Reliance Natural Resources, led by Ambani's estranged younger brother Anil, at below the price set by the government. RIL said in a statement the matter would be decided by the Supreme Court, which is currently hearing the case.
The RIL stock had jumped 3.46% on Monday on reports the firm is close to announcing a major overseas acquisition. The likely target is a part of the assets owned by troubled petrochemical major LyondellBasell, which is undergoing reorganisation under the protection of a US court, reports suggest.
The government on 27 October 2009 allocated additional 50 million cubic metres a day (mmscmd) of gas from Reliance Industries-operated east coast block D6. Power plants and refineries will get the bulk of Reliance Industries' gas from the Krishna-Godavari basin beyond the previously allotted 40 million metric standard cubic metres per day (mmscmd).
The empowered group of ministers (eGoM) also made some allotments for Reliance's petrochemical plants and refineries.
FMCG stocks fell on profit taking. Marico, ITC, Hindustan Unilever, REI Agro fell by between 0.15% to 2.33%.
Telecom stocks extended recent fall on worries the ongoing price war will result in a sharp fall in revenues and profits. Reliance Communications and Idea Cellular fell by between 1.48% to 2.9%.
Bharti Airtel fell 4.47% extending 3.88% fall on Monday after chairman Sunil Mittal told the media that the company is not actively seeking acquisitions, after its planned tie-up talks with South Africa's MTN collapsed recently
India's largest engineering and construction firm by sales Larsen & Toubro fell 0.36%. The company announced on Monday it won on orders worth Rs 1635 crore.
Among other capital goods stocks, Bharat Heavy Electricals, ABB, Thermax, BEML fell by between 1.19% to 2.95%.
Rate sensitive realty shares fell after the RBI, last week, raised the provisioning requirements for loans to commercial real estate from 0.4% to 1% in its monetary policy review meet on 27 October 2009. Sobha Developers, Omaxe, Unitech, DLF and Indiabulls Real Estate fell by between 0.44% to 4.8%.
The latest RBI move will result in increase in borrowing costs for realty firms which depend heavily on borrowing. In view of large increase in credit to the commercial real estate sector over the last one year and the extent of restructured advances in this sector, it would be prudent to build cushion against likely non-performing assets (NPAs), the central bank said in its quarterly policy review.
Some PSU stocks rose after Prime Minister Manmohan Singh on 5 November 2009, approved divestment in public sector companies to raise funds for social welfare. Hindustan Copper, State Trading Corporation, MMTC, Hindustan Copper, Power Finance Corporation rose by between 0.02% to 8.69%.
IT stocks fell on recent strong gains in rupee against the dollar. India's second largest software company by sales Infosys fell 0.71% even as its ADR rose 2.78% on Monday. The back-office arm of Infosys Technologies is looking at acquiring firms in Europe and in the United States of $50 million to $100 million, a top official said on Monday. Infosys BPO would also hire 1,200 people in the current financial year, the unit's chief executive, Amitabh Chaudhry, told reporters on the sidelines of the World Economic Forum.
Infosys said on 5 November 2009 its chairman's wife sold company shares worth $92 million for setting up a venture capital fund. Sudha Murthy, wife of Infosys co-founder and chief mentor N.R. Narayana Murthy, sold 20 lakh shares, or about 22% of her total holding, on the Bombay Stock Exchange on 5 November 2009, the company said in a filing. Last month, Narayana Murthy, who co-founded Infosys with six other software engineers in 1981 with $250, had sold a total of 800,000 shares worth $37 million to set up a venture capital fund which he plans to set up in India. The company said the Murthys have confirmed they did not plan to raise further capital for the fund.
India's third largest software company by sales Wipro fell 1.57% even as its ADR rose 4.05% on Monday. Wipro, sees robust deal pipeline on the back of improving IT demand worldwide, Suresh Vaswani, joint chief executive said on Tuesday The company said on 5 November 2009 it had agreed to buy some personal care businesses of Yardley for about $45.5 million, adding to its consumer goods business. Wipro said it had signed an agreement with UK-based Lornamead group, which owns the Yardley brand, for the businesses in Asia, the Middle East, Australasia and some African markets.
India's largest software company by sales Tata Consultancy Services (TCS) fell 0.28%. The company recently secured a 150 million pounds software implementation contract for 15 years from Cardiff city council, UK.
The Indian rupee lost ground after strengthening to a new three-week high against the dollar on Tuesday. The partially convertible rupee was at 46.49/51 per dollar, weaker than its close of 46.46/47 on Monday. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports.
Banking shares rose on hopes of financial sector reforms. India's largest private sector bank by net profit ICICI Bank rose 0.66% as its ADR rose 8.86% on Monday, 9 November 2009. The bank's net profit rose 2.6% to Rs 1040.13 crore on a 12.7% decline in total income to Rs 8480.73 crore in Q2 September 2009 over Q2 September 2008. The result was announced during trading hours on 30 October 2009.
India's largest bank by net profit State Bank of India (SBI) rose 2.14% after gaining 5.19% on Monday. State Bank of India said on Monday it had entered into an agreement with T. Rowe Price to sell a 6.5% holding each in UTI Asset Management Company and UTI Trustee Company. State Bank currently holds 25% in each of the companies and after the sale its holding would be reduced to 18.5%, it said in a statement.
SBI announced after market hours on Friday 6 November 2009 it has revised downwards interest rates on deposits by 25-50 basis points for a few maturities effective from 9 November 2009. The bank's consolidated net profit rose 28.29% to Rs 3,133.16 crore on 22% rise in consolidated income to Rs 33,101.65 crore in Q2 September 2009 over Q2 September 2008. The results were announced on 31 October 2009.
But, India's second largest private sector bank by net profit HDFC Bank fell 0.43% even as its ADR rose 8.35% on Monday.
The RBI did not relax mark-to-market rules for bank's debt holdings at a quarterly policy review on 27 October 2009. The market was been agog with talks of the central bank hiking the ceiling on the portion of government securities that banks can park in held-to-maturity (HTM).
The central bank also decided to streamline provisioning requirement on non-performing assets. The RBI, asked banks to ensure by September 2010 that the total provisioning coverage against non-performing or bad loans aren't less than 70% of the outstanding amount.
Metal stocks rose after a gauge of six metals traded on the London Metal Exchange, rose 0.92% on Monday, 9 November 2009. Hindustan Zinc and Sterlite Industries rose by between 0.65% to 0.69%.
National Aluminium Company rose 0.34%. The company recently hiked the prices of aluminium products by Rs 1000 a tonne reflecting the recent uptrend in prices on the London Metal Exchange.
Steel stocks rose for the fourth straight day on reports major steel producers have posted strong sales volumes for the month of October 2009. Steel Authority of India (Sail) rose 0.26%. Sail has posted 28% growth in saleable steel volumes to 0.85 million tonnes in October 2009 over October 2008.
JSW Steel rose 4.19% after a group company JSW Energy recieved approval for an initial public offer from the Securities and Exchange Board of India. JSW steel's sales doubled to 0.4 million tonnes in October 2009 over October 2009.
But Tata Steel, the world's eighth largest steelmaker by output, fell 0.9%. The company said on Friday 6 November 2009 steel sales at its Indian operations rose 38% to 462,000 tonnes in October 2009 over October 2008.
Demand for steel remains strong auto, rural construction and infrastructure sectors. Also demand for construction grade steel has improved post monsoon season, and has resulted into higher sales. Another reason for the surge in sales in October 2009 was lower base effect, as last year demand dropped significantly owing to economic downturn. Most steel companies had cut production in October last year due to the global economic crisis and steep fall in demand.
Auto stocks fell on profit taking. Low interest rates and attractive benefits offered by companies pushed up sales of the industry in October 2009.
India's second largest bike marker by sales Bajaj Auto fell 1.14% after Carlos Ghosn, chief executive of French car maker Renault and Japan's Nissan Motor Co, said on Tuesday an agreement had been signed with Bajaj Auto for a low-cost car which would come to India in 2012.
India's largest bike marker by sales Hero Honda Motors fell 3.27%. The company reported a marginal increase in October sales at 354,156 units as against 352,449 units in the same month last year
India's largest small car marker by sales Maruti Suzuki India fell 2.73%. The company's total sales grew 32.4% to 85415 units in October 2009, compared with 64490 units posted in the same month a year ago.
India's largest tractor maker by sales Mahindra & Mahindra was flat at Rs 1002.90. The company's overall sales climbed 32% in October this year to 18,410 units against 13,935 units in the same month last year. Mahindra and Mahindra (M&M) reportedly plans to launch a motorcycle next year. The company is also looking at acquisitions in the electronic scooter space. The auto major had entered the two-wheeler market market by acquiring the assets of Pune-based scooter manufacturer Kinetic Motor in 2008.
India's largest truck marker by sales Tata Motors rose 2.26%. Its total sales grew 18% to 20,011 units last month against 17,014 units in the same period last year.
GVK Power & Infrastructure clocked highest volume of 1.63 crore shares on BSE. Suzlon Energy (1.36 crore shares), Cals Refineries (1.21 crore shares), Unitech (1.2 crore shares) and Reliance Natural Resources (1.15 crore shares) were the other volume toppers in that order.
Reliance Industries clocked highest turnover of Rs 281.21 crore on BSE. State Bank of India (Rs 239.91 crore), Educomp Solutions (Rs 210.10 crore), Housing Development & Infrastructure (Rs 158.09 crore) and DLF (Rs 146.17 crore) were the other turnover toppers in that order.