FIRST LIGHT HEADINGS
Tata Communications increases its stake in Neotel through SNOSPV FIIs stood as net sellers in equities on June 13, 2011: SEBI Indirect tax collection shows decent rise in April-May
Punj Lloyd Group bags order worth Rs 678 crore from NPCIL
7Seas Entertainment adds a social gaming platform to its online casual gaming portals Central bank to adopt ‘calibrated approach’ to ensure balance between inflation and growth
Punj Lloyd Group bags order worth Rs 678 crore from NPCIL
7Seas Entertainment adds a social gaming platform to its online casual gaming portals Central bank to adopt ‘calibrated approach’ to ensure balance between inflation and growth
MARKET INSIGHT
On Monday 13 June 2011,Some buying interest at lower levels in the afternoon session of the trade at Dalal Street helped a modest bounce back amid negative global setup for the domestic markets that managed to close flat with a positive bias on Monday. The benchmark indices juggled between green and red in the latter part of the day. It was the bounce back of Consumer Durable, Power and Capital Goods space into green that put back on track the lost momentum of the local indices, which fell to two-week low in early trade on Monday due to persistent selling pressure by foreign funds. The main culprit being the overall drag in the commodity basket, tracking weak global cues, while the sharp fall in heavyweight Reliance Industries too weighed heavily on the markets. Reliance Industries fell by over 2 per cent in morning trade on the bourses today as investors reacted negatively to the news that CAG has said the Oil Ministry and its technical arm, the Directorate General of Hydrocarbons (DGH), bent rules for Reliance Industries. CAG said the DGH allowed Reliance to hike capital expenditure for developing Dhirubhai-1 and 3. Suggesting the company grossly overstated its development costs in India’s largest gas field, possibly causing ‘significant’ financial losses to the exchequer. But lacking any major trigger the trade turned choppy and the investors started booking profits at the higher levels. Also cautiousness crept in ahead of the WPI numbers for April to be announced tomorrow. The street expects the WPI to be 8.70% in May, up slightly from the previous month on the back of rising food and fuel prices. The annual rate of inflation, based on monthly WPI, stood at 8.66% for the month of April 2011. Rate sensitive’s too remained in cautious mood with expectation of another rate hike in the forthcoming policy meet of the RBI. Though, the laggard of the day was the metal pack that lost close to about a percent, tracking the decline in global commodity markets.
The BSE Sensex gained 13.04 points or 0.07% and settled at 18,281.58. The index touched a high and a low of 18,313.21 and 18,120.76 respectively. 17 stocks advanced against 13 declining ones on the index. The BSE Mid-cap index gained 0.27% while Small-cap index too was up by 0.27%. On the BSE Sectoral front, Consumer Durables advanced 1.63%, Capital Goods up 0.84%, Power up 0.78%, Health Care up 0.32% and Bankex up 0.17% were the top gainers. On the flip side, Metal down 1.02%, Oil & Gas down 0.79%, Realty down 0.24% and FMCG slipped by 0.21% were the losers.
India VIX, a gauge for market’s short term expectation of volatility gained 1.99% at 18.91 from its previous close of 18.54 on Friday. The S&P CNX Nifty gained 0.30 points or 0.01% to settle at 5,486.10. The index touched high and low of 5,496.70 and 5,436.95, respectively. 27 stocks advanced against 23 declining ones on the index. (Provisional)
