RIL driver lower

The key benchmark indices held in negative territory after recovering from a low initial cost of success in trade intraday morning. The BSE Sensex fell 36.91 points or 0.2%, up nearly 60 points below the day and near day 20 points higher. Weak Asian stocks weighed on sentiment. Index heavyweight Reliance Industries (RIL) fell. bank pins were under selling pressure ahead of the Reserve Bank of India (RBI) monetary policy review in mid-quarter June 16, 2011. Some capital goods, stocks rose in value to the purchase. The market breadth was positive.

The market trimmed losses after a moderate start. The key benchmark indices held in negative territory after recovering from a low initial cost of success in trade intraday morning.

At 10:20 IST, the BSE Sensex was down 36.91 points, or 0.2% to 18,458.71. Sensex was down 18.45 points at 18,477.17 in morning trading high. Index fell 95.18 points lower to 18,400.44 in early trade.

The S & P CNX Nifty lost 15.20 points or 0.27% to 5,540.95.

Extent of the market, shows the health market has been positive. BSE, 1154 shares advanced while 714 shares declined. A total of 86 shares remained unchanged.

Among the 30-member Sensex pack, 18 stocks declined while the rest of them have increased. Bharti Airtel, Maruti Suzuki India and TCS fell 0.68% to 1.27%. NTPC, Tata Motors, Reliance Infrastructure and DLF were up between 0.55% to 1.3%.

Index heavyweight Reliance Industries (RIL) fell 1.01% on reports of increased natural gas production from KG-D6 block of Krishna Godavari (KG) basin, India’s reserves more than gas-operated Reliance Industries, may 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

Oil and Gas Corporation (ONGC) fell 1.45% and was the top loser from Sensex pack reports, independent audit of its foreign subsidiary ONGC Videsh has reduced the estimate and return to the ONGC Videsh or verified by a third to 130 million tonnes.

central bank has been under selling pressure ahead of the Reserve Bank of India (RBI) monetary policy review in the middle of the quarter June 16, 2011. India’s largest private sector bank by net profit ICICI Bank fell 0.14%. India’s second largest private sector bank by net profit HDFC Bank shed 0.73%. the largest retail network of India branch bank State Bank of India (SBI) has laid 0.24%.

Axis Bank fell 1.74% of the stock turned ex-dividend today, June 8, 2011 a dividend of Rs 14 per share for the year ended March 2011. PAN Card for NRI

Some capital goods, stocks rose in value to the purchase. ABB, Larsen & Toubro, BHEL, BEML and Punj Lloyd gained between 0.27% to 1.34%.

The second largest mobile service provider for sales Reliance Communications (RCom) rose 1.25%, reports U.S. private equity firm TPG Capital and the Carlyle Group acquires participation in the talks, Reliance Infratel – Unit RCom tower. Last week, the debt load of a telecommunications company in India said it had received several offers for its stake of 95% in its tower arm, but not the name of the tenderers.

RCOM today said the rating agency ICRA has revised the long-term rating of the company in the ALA, which remains under review with negative implications and affirmed the rating of A1 + for short-term fund-based or limits funds is unfounded.

Tata Global beverages jumped to 2.76% of the reports, the company is trying to sell 20% stake in international trade of strategic investor.

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. NRI Demat Account

Manufacturing growth in India eased slightly in May, new orders slowed, but the contribution of plants and production costs continued to skyrocket. HSBC Markit Purchasing Managers’ Index, based on a survey of nearly 500 companies, fell slightly to 57.5 in May against 58.0 in April, dragged down by slowing the growth of new orders and a shortage of hand data revealed 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.

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 key benchmark indices in Japan, Singapore, Indonesia, Taiwan, China, Hong Kong and South Korea fell by between 0.19% and 1.34%. NRI Share trading account

U.S. equity futures indicated that 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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