FIRST LIGHT HEADINGS
Larsen & Toubro proposes Rs 85,000 crore investments in Orrisa
Forex reserves increased $59 million to $310.562 billion Coromandel buys 9% stake in Sabero Organics SAIL reports 27% fall in its FY11 net profit CARE assigns ‘CARE AAA’ rating to Lower Tier II bonds of Axis Bank CRISIL assigns 3/5 fundamenal grade to Confidence Petroleum FIIs net buyers of Rs 4869.66 crore in futures and options segments on June 24
MARKET INSIGHT
On Friday 24 June 2011, The domestic equity markets witnessed a remarkable day of trade on Friday to snap the week with gain of around 2% and on a very optimistic note. It was a one way rally for the markets triggered by a sharp plunge in the international crude prices and supported by expectation of some policy decision in the scheduled EGoM meet on fuel later in the day. Earlier in the beginning Indian equity indices extended their rally mood with a positive start taking cues from the good going in the regional peers, though the US markets despite some late hour recovery could not manage an all green close overnight. But the domestic markets looked firm from the beginning and the blue-chips that have come forward in pullback, once again showed their might today and out of the 30 constituent Sensex barring RIL and Rel Infra all other 28 closed with gains of 2-6%. The slow pace of gains gathered momentum from noon trade after which there was no looking back and the benchmark indices surged past their crucial levels of 18200 (Sensex) and 5450 (Nifty) ahead of the F&O June series expiry next week. At no point of time profit booking was seen in the trade today and more of short covering long positions were built in many counters, giving a sense that the markets are bullish for the coming days. The entire rate sensitive’s block made a fabulous pullback and surged by around 3 percent, with many of the beaten down realty and banking counters showing smart recovery.
The BSE Sensex gained 502.08 points or 2.83% and settled at 18,229.57. The index touched a high and a low of 18,268.95 and 17,804.94 respectively. 28 stocks advanced against 2 declining ones on the index . The BSE Mid-cap index gained 2.23% while Small-cap index gained 1.73%. (On the BSE Sectoral front, IT up 3.59%, Realty up 3.54%, Capital Goods up 3.36%, Metal up 3.31% and Bankex up 3.30% were the top gainers. On the flip side, Consumer Durables down by 2.39% was the only loser.
India VIX, a gauge for market’s short term expectation of volatility lost 0.92% at 19.32 from its previous close of 19.50 on Thursday. The S&P CNX Nifty gained 150.00 points or 2.82% to settle at 5,470.00. The index touched high and low of 5,477.85 and 5,343.40 respectively. 48 stocks advanced against 2 declining ones on the index. (Provisional)
All the Asian equity indices barring Taiwan Weighted finished the day’s trade in the positive terrain on the last trading day of the week led by Chinese Shanghai which soared more than two percent, its biggest daily rise in more than four months on hopes that inflation will ease soon while, a slew of bullish forecasts of the market’s outlook for the second half of this year too strengthened the investors sentiments. Moreover, Hang Seng and Seoul Composite remained the other top gainer followed Shanghai and gained over one and a half percent.
