FIRST LIGHT HEADINGS
FIIs stood as net buyers in equities on May 10, 2011: SEBI
Tata Consultancy Services wins outsourcing company of the year 2011 award
Glenmark Pharmaceuticals reports 65% rise in its FY11 net profit
CARE reaffirms the ratings assigned to the bank facilities of Mangalam Cement
Union Bank of India to come up with branches in Sydney, Belgium
NTPC’s Q4 net profit surges 38%
HDFC’s FY11 consolidated net profit registers growth of 40%
MARKET INSIGHT
On Tuesday 10 May 2011,Local bourses once again failed to hold the momentum gained in early trade as the investors cashed in the profits at the higher levels since they lacked the conviction in the positive momentum of the markets and anticipated it to be a “short term act”. The benchmarks faltered after showcasing superb performance in the early trade and went into consolidation mode approaching close to the bell. Though, the fall in the crude oil prices eased the sentiment as the Brent crude dropped more than $2 a barrel after the CME Group hiked trading margins for US crude futures by 25 percent following a sharp jump in the previous session. But it was the central bank chief's reiteration of anti-inflationary stance that kept the traders wary. The central bank governor Duvvuri Subbarao reiterated on the sidelines of a Bank for International Settlements meeting in Basel that “India will maintain its anti-inflationary stance even if that means sacrificing growth in the short term”, thereby indicating that the investors could expect the Reserve Bank of India to deliver another quarter-point hike at its next review on July 16, after announcing a larger-than-expected 50 basis points rate increase last week which also became the reason of decline for banking stocks. The bouts of weak spell also came from Oil & Gas Stocks, besides Bankex and Consumer Durable Stocks. However, Oil & Gas stocks after witnessing spurt in the morning session edged lower on the reports that the meeting of the Empowered Group of Ministers (EGoM) for decision on the raising diesel has been deferred without the new date being intimated..
The BSE Sensex lost 26.15 points or 0.14% and settled at 18,502.81. The index touched a high and a low of 18,689.37 and 18,429.06 respectively. 12 stocks advanced against 18 declining one's on the index (Provisional). The BSE Mid-cap index was down 0.01% and Small-cap index was up by 0.27% respectively. (Provisional) On the BSE Sectoral front, FMCG up 1.19%, Realty up 1.12%, Power up 0.50% and Metal up 0.01% were the top gainers. On the flip side Bankex down 0.67%, Consumer Durables down 0.62%, Capital Goods down 0.45%, Oil & Gas down 0.42% and IT down 0.31% were top losers.
India VIX, a gauge for market's short term expectation of volatility gained 1.11% at 21.74 from its previous close of 21.50 on Monday. The S&P CNX Nifty lost 11.55 points or 0.21% to settle at 5,539.55. The index touched high and low of 5,592.90 and 5,514.55, respectively. 22 stocks advanced against 28 declining ones on the index. (Provisional)
Most of the Asian equity indices finished the day's trade in the positive terrain on Tuesday on the back of a huge Chinese trade surplus, which surged to $11.4 billion in April and exports hit a record monthly high. Moreover, upbeat corporate earnings in Japan too boosted the sentiment in the region. Chinese benchmark index Shanghai Composite gained more than half a percent on expectations that domestic inflation may be easing in April after hitting a two-year high 5.4 percent in March. However, stock markets in South Korea and Hong Kong remained closed for the trade today on account of a public holiday..
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