Sensex, Nifty Hit 2-1/2-week

The key benchmark indices – BSE Sensex barometer and 50 units of S & P CNX Nifty 2-1/2-week highs in early trading, helped by most of the largest populations of Asia. The Sensex rose 56.04 points or 0.3%. The market breadth was strong. Index heavyweight Reliance Industries (RIL) rose. Most stocks rose the metals metals prices gained in London Metal Exchange on Tuesday.

The market compared gains after a good start. The market soon rebounded. At 9:25 EST, the BSE Sensex was up 56.04 points or 0.3% to 18,559.32. The Sensex jumped 75.82 points the day the large number of 18,579.10 in early trading, its highest level since May 13, 2011. The index rose 23.58 points to 18,526.86 few days in early trade. (PAN card for nri)
S & P CNX Nifty rose 17.10 points, or 0.31% to 5,577.25. Nifty hit a maximum of 5,580.35 in early trade at the highest level since May 13, 2011.

The market breadth, indicating the health of the market were strong. On BSE, 782 shares advanced while 395 shares declined. A total of 57 shares remained unchanged.

In the Sensex pack of 30 members, 20 shares rose rest fell. Jaiprakash Associates, DLF and Hindalco Industries fell between 0.73% and 1.04%. NTPC, Wipro and Bajaj Auto rose between 0.67% and 1.07%. (nri share trading account)

Index heavyweight Reliance Industries (RIL) rose 0.25% and the equipment to get for the second consecutive day. RIL is reportedly buying re-gasified liquefied natural gas (LNG-R), Royal Dutch Shell and Petronet LNG, twice the price. Move comes in the wake of a shortage of natural gas fields in the D6 in Krishna Godavari (KG) basin.

Indian steel producer by sales Tata Steel rose 0.53% after the company said after market hours on Tuesday it has completed the transaction and received adequate remuneration for the transfer of 51 % of the shares of Tata Refractories its total stake of 77, 46% Krosaki Harima Corporation of Japan to review the actions of Rs 1130 crores. (nri demat account)

Other metals stocks also rose LMEX, a measure of six metals traded on the London Metal Exchange, gained 0.74% on Tuesday, May 31, 2011. Sesa Goa, Nalco, NMDC, Sterlite Industries, Jindal Steel and Power Candles and rose 0.7% to 1.22%.

Energy production and distribution company of Tata Power Company declined 0.21%. The company said after market hours on Tuesday, the credit rating agency CRISIL has assigned “AA / Positive” rating list of these companies of Rs 1,500 crore of unsecured subordinated perpetual bonds. perpetual bonds, a sort of hybrid instrument combines features of both debt and equity. CRISIL has been granted a 50% stake of the contents of this instrument. It means that the CRISIL, Tata Power analysis of its capital structure and performance indicators, manages 50% of the share capital and the other half of the debt, the company said. (nri online trading account)

Foreign institutional investors (IIE) bought shares worth Rs 1310.98 crore and domestic funds sold shares worth Rs 596.66 crore Tuesday, May 31, 2011 according to preliminary figures from the exchange.

On the macroeconomic front, the latest data showed that the Indian economy grew at a slower pace than expected 7.8% in the fourth quarter in March 2011 Quarter and also slower than the revised growth of 8.3% in the third quarter 2010 December quarter. Production of manufacturing rose 5.5% and agricultural production rose 7.5% in the fourth quarter 2011 March quarter. GDP grew by 8.5% for the year ended March 2011, over 8% growth the previous year.

Monsoon rains hit Kerala two days earlier than expected this year, raising the prospect of a crop that could stimulate the third largest economy in Asia. The India Meteorological Department (IMD) has predicted that the southwest monsoon in 2011 to 98% (normal) for long-term average (LPA) with a model error of plus or minus 5%. IMD said that there is very little chance for the rainy season as incomplete (less than 90% of LPA) or excess (over 110% of LPA).

Good rains will help alleviate food inflation and increase rural incomes. Precipitation, which falls from 96% to 104% of the long-term average is considered a normal monsoon season, but this does not guarantee a good harvest. The timing and distribution of rain is just as important. The geographic spread and volume of rainfall during the monsoon season is vital for the agricultural sector of India, which lacks irrigation of more than half of its farmland. Monsoon rains usually between mainland India by the southern state of Kerala in the first week of June, moving gradually to cover most of central and northern India in July, before retreating in September.

Most Asian stock markets rose on Wednesday, tracking overnight gains in stocks in the United States. The key benchmark indices in Indonesia, Singapore, South Korea and Taiwan increased between 0.18% and 0.91%. The key benchmark indices in China, Hong Kong and Japan fell by between 0.01% and 0.25%.

A compiled version of the private managers of China’s purchase index fell to a 10-month low of 51.6 in May 2011 from 51.8 in April 2011. HSBC said the PMI survey, prepared by Markit and released Wednesday, said the modest growth of manufacturing in China, such as production and new orders grew at a slightly reduced pace. He also said that inflation in input costs has been reduced to a low level in nine months for the month, but held firm, however. China’s official version of the PMI, released Wednesday, printed in 52, down from 52.9 in April

Investors will be looking for a great deal of research that should give clues about the state of manufacturing in Europe and the United States later in the world today.

Trade in U.S. index futures indicate that the Dow could get 25 points at the opening bell Wednesday, June 1, 2011.


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