Indian Markets May Open Negative
DSIJ Intelligence / 01 Mar 2012
Indian markets may open negative. The SGX Nifty is trading down by 10 points at 5425 indicating a gap down opening to markets today.
Indian markets may open negative. The SGX Nifty is trading down by 10 points at 5425 indicating a gap down opening to markets today.
| Benchmark Indices | ||
|---|---|---|
| Index | Closing | % Change |
| SENSEX | 17752.68 | 0.12 |
| NIFTY | 5385.20 | 0.18 |
| Dow Jones | 12952.07 | -0.41 |
| S&P 500 | 1365.68 | -0.47 |
| NASDAQ | 2966.89 | -0.67 |
| Bovespa | 65811.70 | -0.22 |
| FTSE | 5871.51 | -0.95 |
| DAX | 6856.08 | -0.46 |
| CAC | 3452.45 | -0.04 |
| LIVE | ||
| Hang Seng | 21596.38 | -0.39 |
| Nikkei | 9757.19 | 0.35 |
| Shanghai | 2430.87 | 0.10 |
Overnight, U.S. stock indexes fell marginally but closed the books on strong February gains, with the Dow Jones Industrial Average rising for a fifth straight month. Among major global developments, European banks grabbed a larger-than-expected 529.5 billion euros ($713.4 billion) in cheap loans as the European Central Bank conducted its second and possibly last three-year long-term refinancing operation. Asian markets are trading on a mixed note in early trades.
| Currency Rates | ||||
|---|---|---|---|---|
|
| Rs/$ | Rs/Euro | Rs/GBP | Rs100/JYP |
| RBI Rate | 48.9408 | 65.9375 | 77.9529 | 60.9400 |
| Future | 49.3575 | 66.3075 | 78.6550 | 61.3100 |
Back home, after witnessing a decline in GDP growth to 6.9% during the second quarter of fiscal 2012 it was expected that the third quarter too will remain somewhat in the similar lines with consensus expecting economy to grow at 6.4%. However the numbers have come below the expectations as a sluggish macroeconomic environment, high interest rate regime by RBI led to India’s GDP growth rate slipping further at 6.1 per cent in the third quarter of the fiscal vs. that of 8.3% in corresponding quarter previous year (7.7 per cent in Q1). In 9MFY12, GDP has grown at a rate of 6.9 per cent vs 8.1 per cent 9MFY11.
| Key Global Indicators | ||
|---|---|---|
|
| Gold (Rs/10gm) | Crude ($/bbl) |
| Spot | 27989 | 123.01 |
| % change | - | -0.71 |
| Future | 27878 | 107.09 |
| % change | -3.45 | 0.02 |
The dismal and sluggish performance for the third quarter has been mainly on account of negative performance by the mining and quarrying sector coupled with a slowdown in manufacturing and agriculture sector. However the electricity sector followed by construction and BFSI sector managed to pull in some growth and restrict any further contraction in the overall GDP numbers. In fact construction sector rebound with growth of 7.2% vs the previous quarter of 4.3%.
For today, we expect markets to remain negative amidst persistent volatility throughout the day. We shall update our readers continuously from time to time.
Stocks In Action
According to a filing to the exchanges, Sun Pharmaceutical Industries has got an approval from US Food and Drug Administration for its abbreviated new drug application, Olanzapine orally disintegrating tablets. Sun Pharma stated that the tablets are therapeutic equivalents of Eli Lilly's Zyprexa Zydis tablets. Olanzapine tablets have an annual sale of about $360 million in the US, and are indicated in the treatment of schizophrenia and bipolar disorder. The latest approval follows the US health regulator's decision last week, to import Sun Pharma's anti-cancer drug Lipodox to meet the shortage of another similar medicine Doxil. Shares of Sun Pharma closed 0.78% up, at Rs 550, on the Bombay Stock Exchange.
According to press release on the BSE, Telecom service provider Reliance Communications has paid $1.18 billion (Rs 5,825 crore) for redemption of its outstanding FCCBs (Foreign Currency Convertible Bonds). The redemption amount is inclusive of the premium of 27.69%. The Company has made payment to the Principal Agent of FCCB Deutsche Bank AG, London Branch. The paid up equity capital of the company will remain unchanged post redemption of these FCCBs and accordingly, RCom will be not required to allot 61,725,849 equity shares of Rs 5 each arising out of the potential conversion of said FCCBs, the statement further read.
According to sources, state owned oil companies will hike jet fuel prices by 3.2% with effect from midnight tonight on the back of firming up of international oil rates. The price of aviation turbine fuel (ATF), or jet fuel, in Delhi would be hiked by Rs 2,039.24 per kilolitre (kl) to Rs 64,596.36 per kl. The hike comes after two rounds of reduction in rates. In Mumbai, ATF will cost Rs 65,636.74 per kl from tomorrow, as against the current rate of Rs 63,499 per kl.
According to Economic Times, Pantaloon Retail is planning to exit its joint venture with the world's largest office products firm Staples Inc by June 2012 which could fetch the Indian retail giant, part of the Future Group, 200 crore. Pantaloon's exit from Staples Future Office Products is said to be part of the group's strategy to raise funds and focus on fewer yet scalable businesses such as food and fashion. This move by Pantaloon is said to be towards the proposed restructuring and debt reduction plan.
Corporate Action
| Stocks Paying Dividend (Ex-Date) | ||
|---|---|---|
| Scrip Name | Action | Rs |
| Escorts | Dividend | 1.50 |
| MANDHANA | Interim Dividend | 1.00 |
| BSE Institutional Turnover | ||||||
|---|---|---|---|---|---|---|
|
| FII | DII | ||||
| Trade Date | Buy | Sales | Net | Buy | Sales | Net |
| 29-Feb-12 | 3,666.24 | 3,086.61 | 579.63 | 1,113.77 | 1,544.84 | -431.07 |
| 28-Feb-12 | 2,937.55 | 2,209.96 | 727.59 | 1,283.87 | 1,871.08 | -587.21 |
| 27-Feb-12 | 2,957.94 | 2,628.85 | 329.09 | 1,206.72 | 1,905.86 | -699.14 |
| Feb , 12 | 81,309.24 | 56,234.01 | 25,075.23 | 26,837.61 | 38,692.46 | -11,854.85 |
| FII DERIVATIVES STATISTICS FOR 29-Feb-2012 | |||||
|---|---|---|---|---|---|
|
| Buy | Sell | OI (End of day) | Net Position | |
|
| Rs (crore) | Rs (crore) | No. of contracts | Rs (crore) | Rs (crore) |
| Index Futures | 1709.21 | 1866.11 | 497452 | 13467.85 | -156.89 |
| Index Options | 12927.72 | 13073.68 | 1530056 | 41194.95 | -145.96 |
| Stock Futures | 1885.92 | 2161.08 | 955081 | 28238.34 | -275.16 |
| Stock Options | 906.42 | 918.60 | 41850 | 1238.60 | -12.17 |
| Total | 17429.28 | 18019.47 | 3024439 | 84139.73 | -590.19 |
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