Airline shares were off as crude oil drops

The key index moved in a narrow range on the market early afternoon as traders refrained from building large positions before mid-quarter, the central bank’s monetary policy review June 16, 2011. BSE Sensex was down 4.50 points or 0.02%, almost 90 points down day and off almost 15 points higher in the day. Index heavyweight Reliance Industries (RIL) edged lower. The market breadth was strong. Realty stocks edged up on bargain hunting. share has increased consumer products on expectations of recovery in demand in rural forecast of normal rainfall this year. Shares of airlines rose on falling crude prices.

The market trimmed losses after a moderate start. The benchmark index with a key negative territory after recovering from the first low pressure to fresh intraday highs in morning trade. Key benchmark indices slipped into the red after positive during the short period in the mid-morning trade. The market has traded in a tight range in early afternoon trade.

At 12.20 IST, the BSE Sensex was down 4.50 points or 0.02% to 18,491.12. Sensex rose by 9.48 points higher at 18,505.10 in mid-morning trade. Index fell 95.18 points lower to 18,400.44 in early trade. NRI Share trading account

S & P CNX Nifty was down 1.75 points or 0.03% at 5,554.40.

The market breadth, indicating the health of the market was very strong. On BSE, 1448 shares advanced while 1046 shares have declined. A total of 113 shares remained unchanged.

Among the 30-member Sensex pack, 16 stocks rose while rest of them fell. ONGC, Cipla, Maruti Suzuki India and Hero Honda Motor fell 0.95% to 1.59%. BHEL, Tata Motors and Reliance Communications rose 0.98% to 1.34%.

Index heavyweight Reliance Industries (RIL) fell 0.72% on reports of increased natural gas production from KG-D6 block of Krishna Godavari (KG) basin, India more reserve operated by Reliance gas Industries can not be possible in the next 36 months. RIL Chairman Mukesh Ambani had said last week that the alliance BP-RIL jointly assess and address technical issues in accelerating the production of gas in the KG D6 block once the government approves alliance BP-Reliance. NRI Online trading account

Realty stocks up on bargain hunting. Unitech, DLF, Indiabulls Real Estate, and acquired by the city Ackruti of 0.25% to 1.8%.

stocks of consumer goods has increased in the country to raise the expectations of the normal rainfall expected demand this year. ITC, Nestle India, Dabur India, United Spirits, Hindustan Unilever and Maricopa is between 0.02% and 1.29%.

NTPC rose 1.39% and was the top gainer from Sensex pack reports the company among the 12 other power companies, which receive coal in their recently commissioned power projects with a total capacity of 12,200 megawatts.

Shares of airlines rose on falling crude prices. gasoline prices are tied to crude oil prices. Jet fuel represents 40% of operating costs for scheduled flights. SpiceJet and Kingfisher Airlines rose 0.14% to 1.63%. Jet Airways (India) rose 1.76% after the company said it has made a record 2,000,000 passengers in May 2011. PAN Card for NRI

Oil prices fell in New York, erasing earlier gains, while speculation that OPEC will increase production quotas at its meeting in Europe later in the world today.

Nelcast increased by 10.89% after the company said the board will examine the division in June 20, 2011.

Delhi High Court today, June 8, 2011, denied the means of liberation and DMK MP Kanimozhi Kalaignar TV CEO Sharad Kumar, accused in the case of 2G spectrum, says there is a prima facie case against them.

macro news, the service sector expanded its slowest pace in 20 months in May 2011 as high prices and rising interest rates gnawed the growth of new business and reduced optimism, the investigation revealed last week. HSBC seasonally adjusted Markit Business Activity Index, which is based on a study of more than 400 Indian companies declined from 59.2 in May 2011 to 55 April 2011, marking its twenty-fifth consecutive month above the 50 level that separates contraction in growth.

India’s industrial growth slowed slightly in May has slowed the pace of new orders, but the plant input and output prices continued to rise strongly. HSBC Markit purchasing managers ‘index’, based on a survey of about 500 companies, fell to 57.5 in May and 58.0 in April weighed slower rate of growth in new orders and a shortage of work, data showed last week.

The World Bank on Wednesday revised upward its growth forecast for developing countries and warned that higher prices of food and fuel, causing inflationary pressures to build. His current Global Economic Prospects report, the World Bank said the rate of growth of developing countries in the world would be an average of 6.3% over the next three years, until 2013, which fell by 7.3 % in 2010. NRI Demat account

Asian stocks fell on Wednesday after Federal Reserve Chairman Ben Bernanke on Tuesday, June 7, 2011, said the U.S. economic recovery is proving to be a frustrating, uneven and slow. The main benchmark indices in Singapore, Indonesia, Taiwan, Hong Kong and South Korea fell by between 0.26% and 0.78%. The key benchmark indices in China and Japan rose 0.15% and 0.07% respectively.

Trade in U.S. index futures pointed out that the Dow would be at five points at the opening bell Wednesday, June 8, 2011.

Bernanke acknowledged Tuesday the economy has slowed, but gave no indication of the U.S. central bank is considering more incentive to accelerate its growth. He also warned members of Congress who might be planning aggressive cuts they have the potential to derail the recovery, if public spending cuts to cope at first.
second round of Fed easing quantitative or QE2, an interim policy to increase the money supply, keeping interest rates low and stimulate the economy, ending June 30, 2011.


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