Analysis on markets today
Indian markets saw prime one-day drop since September 2011 led by enormous shorts build up and loosen of long positions. UP election results predictable on March 6 and spear in crude oil prices to 10-month high may have depreciate investors' emotion. The fall was not only restricted to large caps but also to broader markets, which tanked more than 3%. All BSE sectoral indices closed in a negative terrain barring FMCG. Rate sensitives took huge beating as rate cuts by RBI may be late if crude oil prices keep intensifying. Realty and Metal indices were down 5%. Power, Bank, Capital Goods, Auto and Oil & Gas indices tanked 3-4%. Shares of Sesa Goa top the selling list, falling 10.5% after London listed metals and mining company Vedanta Resources accepted fusion of Sesa Goa and Sterlite Industries on Saturday. The new company called Sesa Sterlite.
Market breadth was feeble at ~0.29x as investors sold large cap stocks. On temporary basis, FIIs bought equity of Rs.329.09Cr while domestic organization sold equity of Rs.699.14Cr
Asia markets are mixed early Tuesday, with Japanese shares descending as a insolvency filing by chip maker Elpida Memory Inc. weighed on technology shares and the Hang Seng rose.
We expect a vigilant opening for the Indian markets which slid sharply during last two trading sessions on account of sharp increase in the crude oil prices.
Economic and Corporate Developments
The government at present signed three loan contract totaling $350 million with polygonal funding agency Asian Development Bank (ADB).
The Power Ministry will soon look for the Cabinet endorsement for REC's proposed $1 billion worth Foreign Currency Convertible Bonds (FCCBs) topic.
Lively Stocks
BP-Reliance Industries will present to the government a entirely integrated development plan for the KG-D6 block in the next few weeks to maximize use of the entire obtainable infrastructure to make more discoveries in the block off the country’s east coast.
Bajaj Auto is all set to control its newly-launched Duke 200 – a nude style street fighter motorcycle from its Australian partner KTM’s stable – with the launch of KTM's Power Parts and Power Wear frills and commodities soon.
Mahindra Lifespace launched suburban project in Nagpur. The company will build up 25.25 acres of land.
In order to convene the instruction from the Prime Minister’s Office to ensure supply for 20 years to power plants of 50,000 mega watt (Mw) that would be commissioned by March 2015, Coal India has to produce an additional 220 million tonnes (MT) of coal by then — considering the fact that it is shying away from imports. According to experts, this is close to impossible for a solid stumble from environment obstacle.
Jaiprakash Associates shareholders and creditors have accepted the hiving off of the cement business to a wholly-owned auxiliary, Jaypee Cement Corporation (JCCL).
Gitanjali Gems is close to obtaining a jewellery retail company in China and hopes to proclaim a agreement in the next 2-3 months, a top official said.
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