NMDC extends gains overseas initiative

Key benchmark indices slipped into the red after positive during the short period in the mid-morning trade. BSE Sensex was down 8.70 points or 0.05%, almost 85 points below the day and off almost 20 points higher in the day. Weak Asian stocks weighed on sentiment. Index heavyweight Reliance Industries (RIL) edged lower. But two other index heavyweights ICICI Bank and Larsen & Toubro rose slightly. The market breadth was strong. IT and metals stocks were mixed. NMDC has increased for the third consecutive day on expansion plans abroad.

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.

At 11.20 am IST, the BSE Sensex was down 8.70 points or 0.05% at 18,486.83. 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.

S & P CNX Nifty was down 6 points or 0.11% at 5550.15.

Extent of the market, shows the health market was strong. BSE, 1393 shares advanced while 909 shares declined. A total of 108 shares remained unchanged. NRI Share trading account

30 members of the pack of Sensex, 17 stocks rose rest fell. ONGC, Bharti Airtel, Maruti Suzuki India and Hero Honda Motors fell by between 1.18% and 1.52%. NTPC, Tata Motors, ITC and Reliance Communications rose between 1.32% and 1.65%.

Index heavyweight Reliance Industries (RIL) fell 0.84% ​​on reports a rise in natural gas production from Krishna Godavari KG D6 block (KG) basin, a larger reservoir of gas to India operated by Reliance Industries, may not be possible in the next 36 months. RIL Chairman Mukesh Ambani had said last week that the partnership BP-RIL jointly assess and address technical issues in accelerating the production of gas from KG D6 block, while the government approves BP-Reliance Partnership. NRI Online trading account

Index heavyweights ICICI Bank and Larsen & Toubro rose 0.27% and 0.41% respectively.

IT stocks were mixed. IT major Infosys fell 0.27%, on turnover broke three days of gains. The Housing Bank for Trade and Finance (HBTF) has selected Infosys solution FINANCL basic banking to stimulate innovation and client growth agenda HBTF an experiment.

the largest exporter of software services in India TCS fell 0.16%, the population broke two days of gains. The company said last week chose Ahli Brokerage TCS BANCS QSC products company to expand its brokerage footprint in the Middle East. PAN Card for NRI

India’s third largest software exporter Wipro rose 0.31%. The company said last week that the government of Jammu and Kashmir has selected the company to automate its distribution unit power status.

Metal stocks were mixed after LMEX, a gauge of six metals traded on the London Metal Exchange rose 0.28% Tuesday, June 7, 2011. Sail, Hindalco Industries, Jindal Steel & Power and Nalco have declined from 0.01% to 0.79%. Sterlite Industries, Tata Steel, JSW Steel and Hindustan Zinc rose between 0.1% to 1.24%.

NMDC has increased by 1.69% with a volume of winning for a third day after the company said Monday, June 6, 2011, signed a nonbinding of Understanding (MoU) with the Stock Exchange of Australia, to set the blade Minemakers map for their involvement in the exploitation of Wonarah phosphate deposit located in the Northern Territory of Australia. Under the MOU, and Minemakers NMDC will undertake a joint feasibility study on aspects of the deposit agreement Wonarah development.

After the feasibility study, NMDC proposes to acquire 50% stake in the project Wonarah and participate in the project. This acquisition will allow NMDC entry in the largest known deposit of phosphate underdeveloped Australia and help ensure the supply of this essential raw material for the fertilizer industry over the Indians. The acquisition is subject to the results of the feasibility study and all regulatory approvals and binding.

Hindustan Copper rose by 3.82% on reports the company eyeing acquiring mines abroad for expansion. NRI Demat account

Jet Airways (India) rose 0.85% after the company said it made a record of 2 million passengers in May 2011.

Unit infrastructure projects jumped 3.84% after the company said it received an order for construction of Rs 99.74 crore from a civic body in Madhya Pradesh.

In the new macro, the service sector expanded at its slowest pace in 20 months in May 2011 as high prices and rising interest rates eating away at the growth of new enterprises and reduces the level of optimism, a survey showed last week. The seasonally adjusted economic activity index Markit HSBC, based on a survey of over 400 companies in India, has slipped to 55 May 2011, from 59.2 in April 2011, marking its twenty-five consecutive months above 50 level that separates growth from contraction.

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 Tuesday revised upward its growth forecast for the third world, and warned that high prices of food and fuel are causing inflationary pressures to build. In its updated report on the global economic outlook, said the pace of the World Bank growth in developing countries worldwide, an average of 6.3% over the next three years until 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 0.33% to 1.09%.

The U.S. index futures indicated the Dow could drop to 6 points at the opening bell Wednesday, June 8, 2011.

Bernanke acknowledged Tuesday that the economy has slowed, but gave no indication that the Fed was considering a new stimulus to accelerate growth. He also warned members of Congress who might be planning aggressive cuts that have the potential to derail the recovery, whether the reductions in public spending come too soon.

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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