Market Recovers After Slipping

An episode of volatility witnessed key benchmark indices recovered after falling into the red for a brief period in the morning trade on firm Asian markets. The BSE Sensex up 109.32 points or 0.62%, almost 20 points high and nearly 110 points from day low of the day. The current market size is positive, after fluctuating between positive and negative zone earlier PAN Card for NRI

Index heavyweight Reliance Industries (RIL) has extended early gains. Shares in two state-owned companies – power equipment major Bharat Heavy Electricals (Bhel), and the oil exploration giant ONGC has hit 52-week low. Interest rate sensitive stocks actually extended recent losses on concerns about higher interest rates could affect demand for residential and commercial properties. Metal stocks were mixed NRI Demat Account.

The market opened on a note of the company and the shares in Asia rose. The market recovered after falling into the red for a brief period in the morning trade.

At 10:20 IST the BSE Sensex was up 109.32 points or 0.62% to 17,615.95. The Sensex was 136.14 points at day high 17,642.77 in early trading. The index fell 2.37 points to 17,504.27 day low in early trading NRI Share Trading Account.

S & P CNX Nifty rose 31.45 points, or 0.6% to 5,289.35.

Bank market was now positive that oscillates between positive and negative zone earlier. On BSE, 1010 shares advanced while 969 shares declined. A total of 98 shares remained unchanged.

Among the Sensex pack of 30 members, 20 shares rose, while the rest of them fell. Jaiprakash Associates, ONGC and Maruti Suzuki India fell 0.54% to 1.46%. Tata Motors, TCS and Hindalco Industries rose between 1.72% to 1.93% NRI Online Trading account.

Index heavyweight Reliance Industries (RIL) gained 1.32% to 838.05 rupees on bargain hunting after recent sharp decline. The stock hit a 52-week low of Rs 829 on Monday, June 20, 2011. The stock has fallen recently, reports of a government watchdog has accused the Ministry of Oil to promote the company by allowing it to double the cost of developing its KG-D6 gas field. According to recent reports, a draft report of the Comptroller and Auditor General of India (CAG) has challenged the decision of the Ministry of Petroleum and its technical arm, the Director General of Hydrocarbons (DGH) for the EFI raise the cost of developing RIL KG-D6 field. The Central Bureau of Investigation (CBI) is looking into the matter.

RIL had said last week that he fully complied with its production sharing contract with the performance of petroleum operations. At the same time, advance payment of taxes Ril reportedly jumped 38.46% to Rs 900 crore in Q1 June 2011 over Q1 June 2010. Higher than the pre-payment of tax normally indicates a higher profit for the period under review.

Bharat Heavy Electricals (BHEL) fell 2.29% to RS 1875th The stock hit 52-week low of Rs 1875 today.

Bharti Airtel rose 1.22%, 2.35% extending gains Monday triggered by the reports of the company registered 2.45 million mobile phone subscribers in May 2011, taking its total subscriber base to 167.1 million euros.

Stocks of real estate interest rate sensitive recent extended losses on concerns interest rates could dent demand for residential and commercial properties. Purchase of two residential and commercial buildings are largely driven by finance. HDIL, DLF and Unitech fell between 1.76% to 3.55%.

India Bulls Real Estate lost 4.95% on reports of the Board Maharashtra Pollution Control issued an order stopping work for the company on its property in Lower Parel Elphinstone Mills, Mumbai.

Metal stocks were mixed after LMEX, the counter six metals traded on the London Metal Exchange fell 0.75% Monday, June 20, 2011. Sesa Goa, Hindustan Zinc, Sterlite Industries and Jindal Steel & Power, Shed is between 0.01% 0.66%. Sail, Tata Steel, Nalco and JSW Steel rose 0.15% and 0.98%.

Shares of telecommunications and network services provider GTL GTL Infrastructure, which had fallen during the previous session, rose 8.69% and 4.45% respectively. Both shares have fallen 62.2% and 42.7%, respectively, speculative selling on Monday.

Punjab and Sind Bank was down 0.45% after the bank raised Rs 300 crore through the issue of the United Nations, non-convertible redeemable secured subordinated Lower Tier II bonds.

Foreign direct investment (FDI) flows back to India in April 2011, an increase of investment sectors, construction and automotive reverse the sharp decline in the previous fiscal year, the government said on Monday.

On the political front, the Supreme Court on Monday rejected the means to rescue Kanimozhi DMK MP and co-defendant Sharad Kumar, CEO of Kalaignar TV, in a case involving the allocation of 2G spectrum fraud.

Asian stocks rose on Tuesday, tracking overnight gains in U.S. stocks. The key benchmark indices in China, Hong Kong, Indonesia, South Korea, Japan, Singapore and Taiwan increased from 0.14% to 0.74%.

The U.S. index futures said the Dow could fall nine points from the opening bell Tuesday, June 21, 2011.

Global markets closely monitor the outcome of a vote of confidence in the new Greek cabinet reshuffle is due to face Tuesday, June 21, 2011, which could pave the way for the nation for a second round of funding bailout.

Finance ministers from the euro gave Greece two weeks from Monday to approve the strict austerity measures in exchange for other $ 12 million in emergency loans, increasing the pressure on Athens to get your finances in order irregular. Fitch Ratings said Tuesday it would be both against a sovereign debt exchange in Greece and an extension of terms, though a volunteer, as a default.

Federal Reserve holds its next policy meeting Tuesday, June 21, 2011 and Wednesday, June 22, 1011, and will present his policy statement after the conclusion of the meeting. Second round of the Fed quantitative easing or QE2, a temporary policy intended to increase the money supply, to keep interest rates low and stimulate the economy, will expire June 30, 2011. Part of the market speculated on the possibility of a third quantitative easing program, the Fed, after the expire in June 2011.


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