FIRST LIGHT HEADINGSIndia’s automobile industry starts new fiscal on a positive note with decent April numbers
FIIs stood as net sellers in equities on May 2, 2011: SEBI
Hindustan Construction bags order worth Rs 298.63 crore
Core sector growth at 7.4% in March, 5.9% in FY11
Marico's Q4 net profit shoots up by 118.19%
Gayatri Projects’ arm gets nod to raise funds worth Rs 250 crore
MARKET INSIGHT
On Monday 02 May 2011,Local Bourses extended fall for the sixth straight session as investors exercised caution on expectations the central bank may adopt a hawkish approach at its policy meet on Tuesday. Though the global equities spiked up following the reports that Osama Bin Laden was killed in Pakistan by the US forces. But this failed to trigger any vigor in the equity markets which were traded cautiously ahead of the central bank's policy decision. The street expects central bank to choose to focus on inflation at its policy meeting on Tuesday and take bolder action to fight with it. Since there has been relentless rise in inflation despite eight rate increases by the RBI since March 2010 which has increased pressure on the central bank for bolder action on rates. Slew of disappointing corporate earnings reports also clouded the picture at Dalal Street as Allahabad Bank reported lower than expected numbers. The bank on consolidated basis, reported growth of 17.18% in its net profit at Rs 1439.53 crore for the year ended March 31,2011 as compared to Rs 1228.46 crore for the year ended March 31, 2010. Century Textiles & Industries' net profit for the year ended March 31, 2011 declined by 30.04% at Rs 237.49 crore as compared to Rs 339.47 crore in the last year. Also, JK Paper's net profit for the quarter ended March 31, 2011 dropped by 15% to Rs 23.12 crore against Rs 27.10 crore in the same quarter last year.
The BSE Sensex declined by 155.15 points or 0.81% and settled at 18,980.81. The index touched a high and a low of 19,253.87 and 18,954.76 respectively. 8 stocks advanced against 22 declining one's on the index. The BSE Mid-cap and Small-cap indices were down by 0.94% and 1.24% respectively. On the BSE Sectoral front, Realty up 1.03%, Health Care up 0.37% Power up 0.16%, Teck up 0.15% and Capital Goods up 0.12% were the top gainers. On the flip side Bankex down 2.18%, Consumer Durables down 1.80%, Oil & Gas down 1.39%, PSU down 1.20% and Auto down 1.09% were the top losers..
India VIX, a gauge for market's short term expectation of volatility gained 6.63% at 20.88 from its previous close of 19.58 on Friday. The S&P CNX Nifty lost 54.55 points or 0.95% to settle at 5,694.95. The index touched high and low of 5,775.25 and 5,687.70, respectively.15 stocks advanced against 35 declining ones on the index. (Provisional)
All the Asian counterparts who were opened today for the trade finished the trade in the positive terrain on Monday as corporate earnings from US companies beat the market expectation. The sentiments also remained positive on President Barack Obama announcement that Al Qaeda leader Osama bin Laden has been killed. Moreover, Japanese Nikkei closed above its crucial 10,000 mark for the first time since March 11 -- the day of the country's devastating earthquake. Jakarta Composite rose 29.68 points or 0.78% to 3,849.30, Nikkei 225 surged 154.46 points or 1.57% to 10,004.20, Seoul Composite jumped 36.60 points or 1.67% to 2,228.96. Stock markets in China, Hong Kong, Malaysia, Singapore and Taiwan remained shut for the trade today on account of Labor day holiday .
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