Market versions first loss

The key benchmark indices cut losses triggered by weak Asian stocks kept the original, which fell 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. BSE Sensex fell 44.55 points, or 0.24%, up nearly 50 points a low day. Extent of the market was positive. Index heavyweight Reliance Industries (RIL) lower cut. Auto stocks fell before the meeting of the Board panel on Thursday, June 9, 2011, decide to increase the prices of diesel and cooking gas. NRI Share trading account

9:25 hours IST, the BSE Sensex was down 44.55 points, or 0.24% to 18,451.07. Sensex was down 43.91 points at 18,451.71 in early trade up. Index fell 95.18 points lower to 18,400.44 in early trade.

S & P CNX Nifty was down 17 points or 0.31% to 5,539.15.

The market breadth, indicating the health of the market was positive. On BSE, 595 shares advanced while 480 shares declined. A total of 39 remained unchanged.

Among the Sensex pack of 30 members, 20 stocks declined, while the rest of them have increased. NTPC, Bhel, DLF Infrastructure and Trust rose between 0.55% to 0.96%.

Index heavyweight Reliance Industries (RIL) fell 0.95% on reports of an increase in natural gas production from block D6 in the Krishna-Godavari (KG) basin, India’s tank of gas operated by Reliance Industries, may not be possible in the next 36 months.

Oil and Natural Gas Corporation (ONGC) fell 1.16% on reports from an independent audit of the overseas subsidiary ONGC Videsh immediately reduced its estimated recoverable reserves or proven ONGC Videsh in third 130 million tons. NRI Online trading account

The second largest mobile provider by sales Reliance Communications (RCOM) rose 1.63%. RCOM today said the rating agency ICRA has revised the long-term rating of the company at LAA, remains to be under review with negative implications and affirmed its rating of A1 + for short-term funds in function or limitations of funds unfounded.

Auto stocks fell before the meeting of the Board panel on Thursday, June 9, 2011, decide to increase the prices of diesel and cooking gas. India, the second largest manufacturer of commercial vehicles, Ashok Leyland with a turnover decreased by 0.2% and the stock is down fourth straight day was hit by weak sales in May 2011. Total company sales decreased by 12% to 5,725 units in May 2011 to May 2010. Domestic net sales decreased by 14.91% to 5,082 points, even though exports jumped 22% 643 points.

Indian truck producer by sales Tata Motors fell 0.37% extending recent losses caused by weak sales in May 2011. Tata Motors sales of domestic cars fell 8.25% to 21,549 units in May 2011 to May 2010. Sales of passenger cars include Tata and Fiat vehicles. Sales of commercial vehicles in the domestic market grew 19% to 37,361 units in May 2011 to May 2010. Tata Motors total sales, including exports of commercial and passenger vehicles rose 9.7% to 62,296 vehicles in May 2011 to May 2010. The company announced monthly sales from June 1, 2011. PAN Card for NRI

Mahindra & Mahindra (M & M) fell 1.19%. The company announced 20% increase in car sales of 34,323 units in May 2011 to May 2010. The figures published on 1 June 2011. Speaking in May 2011 the volume of sales, Rajesh Jejurikar, Managing Director, Automotive Division, M & M said, we are satisfied with the 20% growth that we measured in May 2011. All brands have done little Veriton 1290 had sold the vehicle, nearly three times last May.

Bajaj Auto dropped 0.86%, with the stock falling for the third consecutive day. Its total sales rose 20% to 3.58 lakh units in May 2011 over May 2010. Exports rose 32% to 1.26 lakh units. Motorcycle sales rose 18% to 3.17 lakh units. Sales of commercial vehicles rose 36% to 40,860 units. The company announced monthly sales data on June 2, 2011.

India’s largest motorcycle manufacturer Hero Honda sales site Motors shed 0.54%.

Carmaker Maruti Suzuki India fell 1.25% to strike in Manesar continues. The estimated production loss from the strike, which began Saturday, June 4, 2011, on the recognition of a union rebel, is Rs 90 million rupees and the figure should rise if the stalemate continues.

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. NRI Demat Account

manufacturing growth in India fell slightly in May, the pace of new orders slowed, but the contribution of plants and producer prices increased considerably. HSBC Index Markit Purchasing Managers, based on a survey of nearly 500 companies, fell slightly to 57.5 in May versus 58.0 in April, the weight of a slowing rate of expansion of new orders and a labor shortage, data showed last week.

The World Bank on Tuesday revised upward its growth forecast for developing countries and warned that high food and fuel prices were at the root of inflationary pressures to build. In its report World Economic Outlook Update, the World Bank said the pace of growth in developing countries worldwide are expected to average 6.3% over the next three years to 2013, a decrease of 7, 3% in 2010.

Asian stocks fell on Wednesday after the Federal Reserve, Ben Bernanke, Tuesday, June 7, 2011, said the U.S. economic recovery appears to be irregular and slow frustrating. Reference key indices in Japan, Singapore, Indonesia, Taiwan, China, Hong Kong and South Korea were down between 0.22% to 1.21%.

The U.S. index futures indicated the Dow could fall 19 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, low interest rates and stimulate the economy, ending June 30, 2011.


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