Indian Markets May Cut Back Losses, Open positive
DSIJ Intelligence / 24 Apr 2012
Indian equity markets may cut back on its losses and open positive. The SGX Nifty is trading up by 31 points at 5218 indicating a gap up opening to markets today.
Opening Bias
Indian equity markets may cut back on its losses and open positive. The SGX Nifty is trading up by 31 points at 5218 indicating a gap up opening to markets today.
| Benchmark Indices | ||
|---|---|---|
| Index | Closing | % Change |
| SENSEX | 17096.68 | -1.60 |
| NIFTY | 5200.60 | -1.71 |
| Dow Jones | 12927.17 | -0.78 |
| S&P 500 | 1366.94 | -0.84 |
| NASDAQ | 2970.45 | -1.00 |
| Bovespa | 61539.40 | -1.53 |
| FTSE | 5665.57 | -1.85 |
| DAX | 6523.00 | -3.36 |
| CAC | 3098.37 | -2.83 |
| LIVE | ||
| Hang Seng | 20724.45 | 0.49 |
| Nikkei | 9496.91 | -0.47 |
| Shanghai | 2382.99 | -0.23 |
Last evening the equity markets tanked heavily on the back of fresh concerns emerging from the estranged Euro zone after a weak set of economic data released by Germany depicting the health of the nation and as rumors hit the market that Macquarie’s hedge fund would wind up all its derivative positions in the NSE prompting other FII’s to follow suite. U.S. stocks too retreated as investors reacted to political uncertainty in Europe and a report alleging that Wal-Mart Stores Inc. hindered an investigation of bribery in Mexico.
| Currency Rates | ||||
|---|---|---|---|---|
| Particulars | Rs/$ | Rs/Euro | Rs/GBP | Rs100/JYP |
| RBI Rate | 52.2295 | 68.8375 | 84.1600 | 64.2700 |
| Future | 52.6050 | 69.0425 | 84.5975 | 64.8300 |
As for today, on the auspicious occasion of Akshaya Tritiya, the markets have lined up extended trading hours and special incentives for trade in the yellow metal in a bid to cash in on the investor demand for gold. Both the leading stock exchanges, BSE and NSE, would allow trading till 8 pm in gold ETFs (Exchange Traded Funds), which allow buy and sale of the yellow metal in paperless electronic format. Besides, the two bourses have decided to waive the transaction charges for all trades done in Gold ETF securities. The National Spot Exchange Ltd (NSEL) has also announced special offers on E-Gold, E-Silver and E-Platinum. These include zero transaction charges and waiver of making and packing charges on physical conversion of E-Gold, E-Silver and E-Platinum.
| Key Global Indicators | ||
|---|---|---|
| Particulars | Gold (Rs/10gm) | Crude ($/bbl) |
| Spot | 27465 | 118.86 |
| % change | - | 0.13 |
| Future | 28803 | 103.16 |
| % change | 0.36 | 0.05 |
In conclusion, for today we see markets to recover from yesterday’s fall as investors and traders short cover their bearish positions. We reiterate our stance that with the March quarter results season ongoing it is better to stick to individual stocks rather than go bullish on any particulars sector.
Stocks In Action
According to media reports, Largest banking player State bank of India yesterday reported to media that it is going to keep its base rate (minimum rate at which bank lends) unchanged even though its peers have already started reducing the rates. Management said that the base rate of SBI is lower when compared to other banks and hence they would wish the rate to remain at the same level as of now. The stock may see some movement on a speculative basis as SBI is making steps which are not in tandem with the other banking players.
Asian paints which yesterday closed almost 4 per cent higher, to Rs 3459.10, making a new high may also see some movement in the scrip in today's trading session as the company post market yesterday announced that it's plant at Rohtak, Haryana is to enhance its capacity from 1.5 lacs kl p.a. to 2.00 lacs kl p.a.
According to press release on the BSE, State Bank of Mysore (SBM), an associate of State Bank of India (SBI), today recorded 29% decline in its net profit at Rs 116.15 crore for the fourth quarter ended March 31, 2012.
The government has rejected Reliance Industries' (RIL) proposal to invest in survey of all discoveries made in KG-D6 gas block, and has instead directed the company to restrict pre-development expenses only to fields that have been proved to be commercially viable.
According to press release on the BSE, widening its losses, Binani Industries has recorded Rs 164.88 crore in losses in fiscal 2011-12. The loss stood at Rs 45.43 crore in the previous fiscal.
According to a filing to both NSE and BSE, Tata Consultancy Services, the country's largest IT services provider, reported a 3.28% increase in its quarter-on-quarter (q-o-q) net profit (consolidated Indian GAAP) to Rs 2,894.93 crore for the quarter ended March 31, 2012. In the previous quarter its net profit was Rs 2,802.77 crore. The company's q-o-q revenue rose marginally at Rs 13,259 crore from Rs 13,204 crore.
According to a press statement on the BSE, the country's largest car maker Maruti Suzuki India has laid the foundation stone for its Research & Development Centre and Proving Ground at Rohtak thus intensifying its effort to scale up R&D infrastructure. The facility is spread over an area of 600 acres. Maruti Suzuki is expected to invest in the range of Rs 2,000 crore to Rs 2,400 crore to set up this world class R&D facility.
According to a press release on the BSE, fertiliser producer Coromandel International has reported a decline of almost 8% in its consolidated net profit at Rs 638.79 crore for the 2011-12 fiscal due to rise in input costs. The company had posted a net profit of Rs 693.67 crore in fiscal 2010-11.
The Reserve Bank of India (RBI) said aggregate shareholding of foreign institutional investors (FIIs), NRIs and persons of Indian origins (PIOs) under the portfolio investment scheme in Bank of Baroda (BoB) have gone below the prescribed threshold limit. "The aggregate share holdings in BoB by FIIs or NRIs or persons of Indian origins [PIOs] under the portfolio investment scheme [PIS] have gone below the prescribed threshold limit stipulated under the extant foreign direct investment policy," the RBI said in a notification
UltraTech Cement, the country's largest cement company, has warned that high input and energy costs would squeeze margins going forward, after posting a 19% rise in its fiscal fourth-quarter profit. UltraTech, with a capacity of 52 million tonne a year, reported net profit of Rs 867 crore for the March quarter, beating estimates on higher volumes. Net sales rose 18.8% over the same period to Rs 5,337 crore, according to a press release on the BSE.
The Supreme Court has issued notices to the Centre, Cairn Energy, ONGC and Vedanta on a petition that sought criminal investigation as well as the scrapping of the Cairn-Vedanta deal, that allegedly caused a huge loss to state-run ONGC, reports CNBC-TV18. The apex court has issued these notices based on the same PIL which also sought an audit by the CAG.
According to press release on the BSE, non-banking finance company Mahindra Finance on Monday reported a 34% year-on-year jump in the fourth quarter (Jan-March) net profit at Rs 620 crore aided by its 37% (at Rs 20,643 crore) loan growth. Total income shot up 41% at about Rs 2,800 crore.
ING Vysya Bank is set to declare its fourth quarter earnings on today. CNBC-TV18 poll expects the company to report an increase of 32% year-on-year in its net profit at Rs 120.5 crore for the quarter ended March 2012.
The country's second largest private sector lender, HDFC Bank, has inked an agreement with Wells Fargo, the largest US bank by market value, to offer remittance services between the two countries.
India aims to double its liquefied natural gas (LNG) imports from Qatar to 15 million tonne a year, a commerce ministry statement said. India, the world's eighth-largest importer of LNG, annually buys 7.5 million tonne from Qatar under a long-term deal.
Corporate Action
| Stocks Paying Dividend (Ex-Date) | ||
|---|---|---|
| Scrip Name | Action | Rs |
| CRISIL | Interim Dividend | 3.00 |
| CRISIL | Special Dividend | 3.00 |
| Paper Products | Dividend | 2.40 |
| Stovec Inds | Final Dividend | 6.85 |
| Results Today | |||
|---|---|---|---|
| Scrip Name | Action | Scrip Name | Action |
| AP Paper | Mar-12 | LKP FIN | Mar-12 |
| Bajaj Corp | Mar-12 | Petronet LNG | Mar-12 |
| Blue Dart | Mar-12 | Polaris Fin Tec | Mar-12 |
| Cera Sanitary | Mar-12 | Premier | Mar-12 |
| Granules India-$ | Mar-12 | Sesa Goa | Mar-12 |
| Gruh Finance | Mar-12 | SYMPHONY | Mar-12 |
| ING Vysya Bank | Mar-12 | ||
| BSE Institutional Turnover | ||||||
|---|---|---|---|---|---|---|
|
| FII | DII | ||||
| Trade Date | Buy | Sales | Net | Buy | Sales | Net |
| 23-Apr-12 | 1,351.70 | 1,759.19 | -407.49 | 1,206.48 | 754.78 | 451.70 |
| 19-Apr-12 | 1,866.75 | 1,969.21 | -102.46 | 936.84 | 835.84 | 101.00 |
| 18-Apr-12 | 2,478.00 | 2,256.37 | 221.63 | 988.09 | 950.21 | 37.88 |
| April , 12 | 25,852.95 | 26,041.92 | -188.97 | 13,532.71 | 13,168.72 | 363.99 |
| FII DERIVATIVES STATISTICS FOR 23-April-2012 | |||||
|---|---|---|---|---|---|
|
| Buy | Sell | OI (End of day) | Net Position | |
| Particulars | Rs (crore) | Rs (crore) | No. of contracts | Rs (crore) | Rs (crore) |
| Index Futures | 2081.40 | 2589.65 | 445597 | 11425.39 | -508.25 |
| Index Options | 20944.49 | 20433.65 | 1514480 | 39378.87 | 510.84 |
| Stock Futures | 4043.90 | 4221.22 | 871008 | 23879.26 | -177.33 |
| Stock Options | 989.01 | 924.92 | 46171 | 1267.05 | 64.10 |
| Total | 28058.79 | 28169.43 | 2877256 | 75950.57 | -110.64 |
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