FIRST LIGHT HEADINGS
Artefact Projects subsidiary bags BOT highways project development
FIIs stood as net sellers in equities on April 26, 2011: SEBI
Bhushan Steel to set up PLTCM & CAL at Orrisa
Lupin inks license pact with Abbott
ABG Shipyard in talks for ship-building JV
Sesa Goa expects 15-20% rise in sales volumes in FY12
HDFC Bank to raise at least Rs 1000 crore via bonds
MARKET INSIGHT
On Tuesday 26 April 2011, benchmark indices after making a flat start soon slipped into red tracking weak cues from Asian counterparts which edged lower tracking the fall of the US markets, however, the selling pressure intensified after that, as the Market Bellwether--RIL--dragged further lower and investors mood remained cautious for the second consecutive session. Continuous selling pressure across the board amid weak global cues stalled the momentum of the local equity markets. Further, the <a href="http://moneysukh.com/Market.html">markets</a> in the noon session touched their day lowest point as investors booked out profits from the blue-chip stocks. However, the market approaching the final hour of trade took a U turn from their day's low and escalated onto the path of recovery, the benchmark indices also saw the shade of green, but that was shot lived as the indices slipped back into red.
The BSE Sensex declined by 56.36 points or 0.29% and settled at 19,527.95. The index touched a high and a low of 19,626.13 and 19,306.92 respectively. 10 stocks advanced against 20 declining one's on the index. The BSE Mid-cap and Small-cap indices ended lower by 0.04% and 0.06% respectively. On the Bombay Stock Exchange Sectoral front, Health Care (HC) up 0.42%, Fast Moving Consumer Goods (FMCG) up 0.08%, Metal up 0.06% Teck up 0.05% and Capital Goods (CG) up by 0.01% were the top gainers.
On the flip side Consumer Durables down 0.89%, Oil & Gas down 0.46% Realty down 0.38%, IT down 0.33% and Bankex down 0.27% were the top losers.
India VIX, a gauge for market's short term expectation of volatility gained 3.82% at 21.71 from its previous close of 20.91 on Monday. The S&P CNX Nifty lost 10.15 points or 0.17% to settle at 5,864.35. The index touched high and low of 5,893.20 and 5,791.55, respectively. 22 stocks advanced against 27 declining one on the index, while 1 stock remained unchanged. (Provisional)
All the Asian equity indices barring KLSE Composite finished the day's trade in the negative terrain on Tuesday led by Japanese Nikkei which lost more than a percent in trade today as investors' sentiment hurt by weak earnings reports from Nintendo and Nidec while, worries about the impact of last month's natural disasters on corporate Japan too dampened the sentiments in the region. Moreover, Chinese benchmark index fell more than half a percent as investors remained cautious ahead of an upcoming long weekend and potential policy tightening.
Meanwhile, India's oil marketing companies (OMCs) have continued to subsidies prices of petrol despite the government deregulating the same in June last year. In fact under-recoveries of OMCs on petrol have increased sharply over last couple of months owing to surge in global crude prices. However, with the crucial assembly elections coming to an end soon, OMCs are likely to get a window for raising petrol prices, though partially. While the under-recovery on petrol is currently around Rs 7 a litre, fuel retailers may hike prices by around Rs 3 a litre. This action may come by middle of the next month by when the ongoing elections for various state assemblies would be over.
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