The Indian market closed marginally higher on Thursday but not without some high drama towards the end of the session when key indices suddenly turned red only to rebound equally faster.
Overnight gains on Wall Street and positive trend across Asian markets set the tone early in the morning. The key indices held on to the moderate gains for most part of the session before turning choppy in afternoon.
"Thankfully for the bulls the close wasn't all that bad after two successive days of declines. The afternoon volatility could be attributed to the expiry of August F&O contracts," says Amar Ambani, Vice-President - Research, India Private Clients, IIFL. The last trading day of a derivative settlement generally leads to intraday swings in the equity markets.
"Going forward, the undertone is likely to remain cautiously optimistic for India. But, global markets could continue to be choppy amid mounting worries over economic recovery in key regions, especially the US," he added.
The BSE Sensex closed at 18,218, up 38 points over the previous close. It had earlier been as high as 18,261 and as low as 18,159 after opening at 18,194.
The NSE Nifty was up by nearly 15 points at 5,478 after touching a low of 5,454 and a high of 5,486. It had opened at 5,462.
The BSE Small-Cap index and the BSE Mid-Cap index closed nearly flat.
In terms of sectors, FMCG and Power indices on the BSE led the rise today.
Banking, PSUs, Capital Goods and Auto indices were marginally up. Select IT, Pharma, Metal, Consumer Durables, Oil & Gas and Realty stocks were in the red.
NTPC, DLF, ITC, SBI, HDFC, Bharti Airtel, Jindal Steel, Tata Power, ABB, Power Grid, Gail, and BPCL were among the top winners in the Sensex and the Nifty.
RCOM, RIL, Sterlite, HUL, Suzlon, RPower, Cairn India, IDEA and Sun Pharma were among the big losers in the main indices.
Japanese stocks rise as yen weakens
Saturday, August 28, 2010
Sensex ekes out slim gains...FMCG shares rally
Stocks set to begin lower
Headlines for the day:
Direct tax code gets Cabinet nod
Tata Power may buy 50% stake in InterGen
Mumbai-based firm to form JV for gas logistics
Events for the day:
Major corporate action
Ex-date for stock split of Lupin
Ex-date for final dividend of National Aluminium Co
For more events and news, log on to Sharekhan.com
Updates on global events
The US continuing claims for the week ended August 142010 stood at 4,456,000 as compared to 4,518,000 seen in the previous week.
The US initial claims for the week ended August 21, 2010 stood at 473,000 as compared to 504,000 seen in the previous week.
Pre-market report
Global signals
The European shares bounced back on Thursday (August 26, 2010) from a five-week closing lows a day earlier helped by encouraging company results and soothing economic numbers, though the rally appeared fragile as volumes remained thin.
The US stocks sagged on Thursday and the Dow closed below 10,000 a day ahead of an expected downward revision in US second-quarter economic growth and a major speech by Federal Reserve Chairman Ben Bernanke.
The Asian markets were trading lower, following the overnight Wall Street losses. SGX Nifty was trading 12 points lower, suggesting to have a negative start on the Indian bourses.
Indian Indices
The Indian markets rebounded in the previous session after two-day of heavy losses. However, the Sensex and the Nifty have lost 176 and 52 points in their last four trading sessions of the week on global economic worries.
Going into today's session, the Indian markets may be dragged lower at the start on account of unhealthy global cues. The negative news pouring from the global markets on concerns over the global economic recovery may keep the investors cautious and sideway trend is expected to continue.
Commodity cues
The oil advanced for a second day on Thursday after a modest improvement in US jobs data eased some concerns about the economy, as the crude oil futures for October delivery rose by $0.84, to settle at $73.36 a barrel.
Daily trend of FII/MF investment in equities
The foreign institutional investors (FIIs) were in selling mode as they sold Indian equities worth a net of Rs290.40 crore on August 26, 2010, as compared to the net buyers of Rs903.30 crore on August 25, 2010.
Monday, August 23, 2010
Larsen and Toubro (L&T) bags order worth Rs 1195 crore
Larsen and Toubro (L&T) has bagged two projects worth Rs 1195 crore from ONGC to set up Additional Processing Units at its Gas Processing complexes at Hazira and Uran.
The Additional Processing Units (APU) project at Uran complex shall enhance the Gas Processing capacity at the Uran complex by 5 MMSCMD. New facilities to be setup include a Gas Sweetening Unit (GSU), LPG Recovery Unit (LPG), Condensate Fractionation Unit (CFU), Condensate Handling Unit (CHU) and other utilities.
The Additional Gas Processing Facilities (AGPF) project for Hazira complex is for augmenting the Gas Processing capacity in the Hazira complex by 5.6 MMSCMD. New facilities to be set up include a Gas Sweetening Unit (GSU), Gas Dehydration Unit (GDU), Dew Point Depression Unit (DPDU) and offsite and utilities.
The scope of the contract includes Project Management, Residual Basic Design, Planning & Monitoring, Residual Process Engineering, Detailed engineering, Procurement, Supply, Fabrication, Manufacturing, Inspection, Transportation, Storage, Construction, Installation', Testing, Mechanical Completion, Pre-commissioning, Commissioning, Performance Guarantee run test and handing over of New Process Units, Offsite and Utilities to the owner.
The company made this announcement during the trading hours today, 23 August 2010.
Wednesday, June 23, 2010
Technofab Engg fixes IPO price band at Rs 230-240
Technofab Engineering, a power, oil and gas and industrial projects contractor, today said it plans to raise around Rs 69 crore through its IPO, the price band for which has been fixed at Rs 230-240.
The initial public offer (IPO) will open for subscription on June 29 and close on July 2.”We plan to raise around Rs 69 crore from the IPO to meet our long-term working capital requirements and to purchase construction equipments. The price band has been fixed at Rs 230-240,” Technofab Engineering’s Chairman and Managing Director Avinash C Gupta told reporters here.
The company would raise Rs 68.77 crore at the lower end of the price band and Rs 71.76 crore at its upper end.
The firm needs long-term working capital of at least Rs 30 crore and Rs 16 crore to purchase construction equipments, he said.
The issue comprises of a reservation of 50,000 equity shares of Rs 10 each for eligible employees. The issue will constitute 28.50 per cent of the issue paid-up equity capital of the company.
Technofab is engaged in the business of providing engineering procurement and construction (EPC) services, executing a wide-range of balance-of-plant (BoP) and electro-mechanical projects.
source: Business-Standard
