Thursday 26 March 2015
Sunday 22 March 2015
Sebi approves new norms for municipal bonds
The decision will help raise funds for infrastructure
projects and the government's smart cities initiative.
"These bonds can be issued by municipal authorities to
the public and institutional investors, including sovereign wealth funds and
pension funds from abroad, and help raise funds for urban development",
Sebi Chairman UK Sinha said in New Delhi.
Final norms for issuance and listing of these securities,
which are very popular in the US and other Western markets, would be notified
in six to eight weeks.
The norms would come with safeguards and provide for
disclosure requirements to be made by prospective issuers. Safeguards to
protect interests of investors and putting their money in municipal bonds
include the need for having investment grade credit rating.
Saturday 21 March 2015
Monday 16 March 2015
Market Update: BSE Sensex closes 65 points lower, at one-month low on profit-booking
The benchmark Bombay Stock Exchange (BSE) Sensex on Monday
fell over 65 points to hit an over one-month low of 28,437.71 on profit-booking
in metal, FMCG, oil & gas and power stocks ahead of the US Federal
Reserve's policy meet.
The 30-share Sensex after hitting a session high of
28,581.82 in early trade, subsequently succumbed to profit-booking in
heavyweight stocks and slipped into the negative zone as it hit a low of
28,384.09.
However, gains in realty, IT, teck, healthcare, banking and
consumer durables shares cushioned the fall in the Sensex that settled with a
fall of 65.59 points, or 0.23 per cent, at one-month low of 28,437.71.
The gauge had lost 427.11 points in the previous session in
Friday's close after the rise in retail inflation dampened hopes of aggressive
rate cuts by the Reserve Bank of India (RBI).
Also, the National Stock Exchange (NSE) index Nifty ended
14.60 points, or 0.17 per cent, down at 8,633.15 after touching a high of
8,663.55 and a low of 8,612 intra-day.
"Market has turned volatile ahead of the Fed decision,
the RBI's policy next month and company earnings for the March quarter",
stock brokers said.
"Selling pressure was visible across-the-board despite
the successful coal and spectrum auctions and passage of Insurance Bill in
Parliament", they added.
Globally, Asian markets ended mixed as investors await
developments from Bank of Japan and US Federal Reserve meetings this week
European markets were up in their opening trade.
During the day, government data showed Wholesale Price Index
(WPI) inflation for February dipped (-) 2.06 per cent as prices of good
articles, manufactured items and fuel products fell during the month.
This is the fourth month in a row that WPI-based inflation
remained in the negative zone.
Stocks of Sesa Sterlite suffered the most among Sensex
constituents by plunging 5.16 per cent, while Hindalco finished 3.64 per cent.
Others which dragged down the indices included Bharti
Airtel, HDFC, GAIL, Dr Reddy's, ITC, Hind Unilever, RIL, Cipla, L&T,
M&M, TCS, ONGC and Maruti Suzuki.
Infosys, however, gained the most by rising 2.28 per,
followed by Sun Pharma, Tata Power, BHEL, Wipro, HDFC Bank, Hero MotoCorp,
Bajaj Auto, ICICI Bank, SBI and Tata Motors.
Sectorally, the BSE Metal index suffered the most by falling
1.49 per cent, followed by FMCG index (0.96 per cent), Power index by (0.78 per
cent), Infrastructure index by (0.83 per cent), Oil & Gas index (0.75 per
cent), Capital Goods index by (0.63 per cent) and Auto index (0.20 per cent).
Meanwhile, Foreign portfolio investors (FPIs) bought shares
worth a net Rs 66.98 crore last Friday, as per provisional data released by the
stock exchanges.
Sunday 15 March 2015
Thursday 12 March 2015
Gold price falls by Rs 130 on global cues, sluggish demand
Gold prices fell by Rs 130 to Rs 26,320 per 10 grams at the
bullion market on Thursday amid a weak trend in precious metals at global
markets and subdued domestic demand.
Silver also eased by Rs 320 to Rs 35,780 per kg following
reduced offtake by industrial users and coin makers.
Traders said besides weak global trend where gold dropped to
a three-month low of $1,147.72 as strengthening dollar cut demand for the precious
metals as an alternative, mainly kept pressure on gold prices.
Globally, silver also fell by 0.99 per cent to $15.47 an
ounce in Wednesday's trade.
In the national capital, gold of 99.9 and 99.5 per cent
purity fell by Rs 130 each to Rs 26,320 and Rs 26,120 per 10 grams,
respectively.
It had edged up by Rs 20 on Tuesday.
Sovereign, however, continued to be asked at last level of
Rs 23,600 per piece of eight gram.
In a similar fashion, silver ready dropped by Rs 320 to Rs
35,780 per kg and weekly-based delivery by Rs 510 to Rs 35,275 per kg.
On the other hand, silver coins remained unchanged at Rs
56,000 for buying and Rs 57,000 for selling of 100 pieces.
BSE Sensex hits fresh one-month low, Nifty below 8,700
The downtrend in bourses remained unabated for the
third-straight day with the benchmark Sensex slipping by 51 points to end at
28,659.20 following sustained unwinding in key frontline heavyweights amid
sluggish Asian sentiment.
The 30-share Sensex opened the day higher at 28,725.75 and
hovered between 28,843.23 and 28,608.20 before settling at 28,659.20, showing a
loss of 50.70 points, or 0.18 per cent, over its last close.
This is its lowest close since February 11.
The 50-share Nifty also lost 12.10, or 0.14 per cent to end
below the psychological 8,700-mark at 8,699.95.
Stocks of metal, oil and gas, healthcare, capital goods and
technology companies witnessed selling pressure. Pharma stocks, which have been
outperforming the benchmark indices in the past few trading sessions, also came
under selling pressure. Cipla and Sun Pharma fell.
Elsewhere, a slew of poor-than-expected Chinese economic
data kept most other Asian equities under pressure with key indices from Hong
Kong, Singapore, Korea and Taiwan falling 0.14 per cent to 0.75 per cent, while
China and Japan gained marginally.
The stock market took a breather after the recent heavy bout
of selling, rebounding with modest gains and trading mostly in a tight range in
early part of the day. The key index witnessed a smart rebound in late
afternoon trade to hit fresh intra-day high supported by firm buying in
beatendown frontline stocks alongwith shot-covering.
However, the upward momentum fizzled out towards the
tail-end session on the back of renewed profit-taking at higher levels.
Traders said investors are turning a bit more cautious at
this juncture and paring their long positions due to uncertainty in global
markets and extreme caution ahead of much-awaited Federal Reserve meet next
week.
"Market opened higher on the back of positive news flow
on Current account deficit which came in lower than expectations of the street.
However, positive opening failed to hold initial gains due to weakness in Asian
markets and weaker trend of Indian currency against Dollar," said Shrikant
Chouhan, Head- Technical Research, Kotak Securities.
The Sensex has now lost 789.78 points in three straight
sessions.
The indices reported their rockiest session on Monday as
investors went on an unprecedented panic-selling spree following fears of an
imminent rise in US interest rates.
Subscribe to:
Posts (Atom)