Rcom to roll out its 3G services pan India by end of 2011
Madhucon Projects bags project worth Rs 73.98 crore from NHAI
Exelon Infrastructure ventures into power sector
Cycle manufacturers want govt to set up regulator to monitor rising steel prices
SBI subsidiaries zooms on the buzz of SBI’s merger plan
CRISIL reaffirms rating to Amara Raja Batteries’ various financial instruments
NBFCs hopes to get private banking license in this budget
Greenply Industries begins commercial production of densified plywood
SKF India’s Q4 net profit surges 41.30%
MARKET INDISE
On Wednesday 23 Feb 10, 2011, Indian equity markets after making soft start tracking weak cues from the US markets clawed back substantial ground amidst alternate bouts of buying and selling in blue chip stocks in the morning session of trade. It was the gains in the stocks from Realty, Auto and power counters despite cautious undertone in world markets that helped the market to recover from its early setback and touch the highpoint of the day in the noon trade. Markets flip flopped afterwards and in the final lap of trade slipped deeper in red, with the BSE Sensex trading and the NSE Nifty dipping closing near the day's low. Broader indices which were performing better than their larger peers, too approaching to their close, edged lower in trade, in line with their larger counterparts. Both the broader indices went home with loss of over 0.25% each(Provisional)..
The BSE Sensex declined 117.83 points or 0.64 % to settle at 18,178.33 (Provisional). The index touched a high and a low of 18,377.48 and 18,150.01, respectively (Provisional).10 stocks advanced against 20 declining one's on the index(Provisional). The S&P CNX Nifty trimmed 32.90 points or 0.60% to settle at 5,436.30 (Provisional). The index touched a high and a low of 5495.20 and 5,427.55, respectively (Provisional). 20 stocks advanced against 30 declining ones on the index (Provisional).
The BSE Mid-cap index lost 0.67%, while the Small-cap index gave up 0.31%(Provisional). In BSE sectoral space Oil & Gas up 0.53%, Auto up 0.47% were the only gainers. (Provisional). On the flip side, Bankex down 1.75%, Information Technology (IT) down 1.50%, Realty and TECk down 1.27% and Consumer Durables down 1.25% the major losers on the BSE sectoral space (Provisional).
Most of the Asian equity indices finished the day's trade in the negative terrain on Wednesday led by a selloff in airlines' stocks as crude trades near a two-year high amid concern that crude supplies will be disrupted as turmoil spread in the Middle East and North Africa. The sentiments in the region also weighed as US markets suffered sharp selloff on Tuesday influenced by the Libyan unrest and all the major indices were down by an average one and half a percent. The turmoil in Libya, which drives nearly two per cent of world oil output, sent London Brent crude prices above $108 a barrel to a two and a half year high.
MARKET OUTLOOK- CAUTIOUSLY OPTIMISTIC
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