T20-23 Apr 2010

Global Markets
1. S&P500 remains range bound; hovers around the same level of last week’s close. S&P chart
2. Goldman Sachs woes hurt sentiment: GS was charged with fraud by SEC that it created fraudulent securities tied to a hedge fund's bet on a housing collapse
3. Oil declines on global turbulence; investors move towards safer haven. Crude chart
4. Dollar rises on Goldman-inspired risk aversion Dollex chart
5. Gold also corrected: Are investors losing faith in anything with ‘Gold’ (Gold and ‘Gold’man Sachs)? Gold chart
Economy
6. RBI announces 25 bps hike across the board: Repo, reverse repo @ 5.25% and 3.75%, respectively, while CRR @ 6%; measure to absorb Rs. 12,500-crore excess cash from the banking system
7. India’s Forex reserve strengthens: India's foreign exchange reserves rose by $932 million to $280 billion during the week ended April 9, 2010, largely on account of revaluation of non-dollar assets
8. SEBI order may not affect life insurers in near term: Ban on sale of ULIPs happens to be in a comparatively lean period. Interesting to see which regulator wins the battle of control for ULIPs.
Indian Markets
9. Nifty corrects; takes support at 50EMA Nifty Chart
10. FIIs and DIIs have different perspectives: FIIs remained net buyers pumping in 1300 Cr; DIIs remained damp squid by selling out over Rs. 530 Cr
Sectors
11. Steel makers weigh options as iron ore pricing changes: European steel makers fight to stick to annual iron ore pricing
12. Ministry eases green norms for coal mine expansion: Coal mine developers may be exempted from public hearings for abstaining clearance for expansion
13. Provisional gas transmission tariff for Reliance, GAIL networks approved: Regulators fixes tariff lower than proposed by 2 cos.
14. Credit growth in 2009-10 surpasses RBI estimate: PSB's lending grows 19.5%,private sector banks by 11.7%
Stocks
15. Mahindra & Mahindra to buyout Renault’s 49% stake in joint venture. M&M chart
16. Hero Honda posts its best quarterly result: Turnover for the just concluded quarter also went up by 20.2%, at Rs 4,122.3 crore vis-à-vis Rs 3,430.4 crore in the corresponding quarter last year. Hero honda chart
17. SAIL raises INR 5.5bn ($125mn) funds through bonds
18. JSW acquires control of South African coal mining co., JSW chart
19. 3G price bid up by 73% at INR 60.68bn ($1.37bn)
Quotes
20. "To achieve satisfactory investment results is easier than most people realize; to achieve superior results is harder than it looks." - Benjamin Graham