- Fiscal deficit over the period April-December 2010 stood at Rs 1.71 lakh crore compared with deficit of Rs 3.10 lakh crore, decline of nearly 46%.
- Indian Overseas Bank increases its base rate by 50 bps
- Indian Railways may spare its passenger across-the-board fare hike
- Elgi Equipments' Q3 net profit up 29.71%
- Tata Motors’ January sales surges 15%
- RPP Infra soars on its JV bagging order worth Rs 100 crore
- DS Kulkarni Developers’ net profit up 5.42%
- Syndicate Bank reports 29.72% surge in Q3 net profit
- Asian manufacturing accelerates amid towering inflationary risks
- Steel Strips Wheels reports stellar Q3 numbers
- ACC registers an increase of 7.33% in December despatches
MARKET INDISE
On Tuesday Jan 01 2011, Indian equity markets continued its downtrend for the fifth consecutive day as bearish traders resorted to selling on concerns of inflationary pressure and foreign institutional investors continued their selling amidst the concern of Egyptian unrest and opted for much stabilized and developed markets against the emerging ones. Though the domestic markets started in green tracking gains in Asian peers but the gains soon got fizzled out on the back of across the board selling and the pull-back rally remained short-lived and the indices slipped lower within no time, giving indication that the up move was only some short covering. The domestic equity indices entering the last leg of trade hit their five month low as the Sensex -- breached the 18000 mark while Nifty too threatened to breach its 5400 level but finally settled at its crucially important level--5400.
The BSE Sensex plunged 341.94 points or 1.87% to settle at 17,985.82 (Provisional). The index touched a high and a low of 18,452.06 and 17,982.17, respectively (Provisional). There were 4 stocks advancing against 26 declining on the index (Provisional). India VIX, a gauge for market's short term expectation of volatility gained 1.36% at 23.73 from its previous close of 23.41 on Monday (Provisional). The S&P CNX Nifty trimmed 102.80 points or 1.87% to settle at 5,403.10 (Provisional). The index touched a high and a low of 5,539.15 and 5,402.00, respectively (Provisional). There were 4 stocks advancing against 45 declining, while, 1 stock remained unchanged on the index (Provisional).
The BSE Mid-cap and Small-cap indices plunged 1.85% and 1.62%, respectively (Provisional). All the BSE sectoral spaces were in the red with deep cuts. However the space that plunged the most included Realty down by 4.10%, Auto down by 3.06%, Capital Goods down by 2.68%, Oil & Gas down by 2.21% and Fast Moving Consumer Goods (FMCG) down by 2.07% were the major losers (Provisional).
Market Outlook- Cautiously Optimistic
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