T20 16 Jun 2010

Global Markets

1. S&P 500 retraces above 200EMA – will the bullishness sustain? S&P Chart
2. Oil on a smart uptrend, tests 100EMA – is comfortably positioned above $75 Oil Chart
3. Dollar snaps uptrend, may retrace to fair valuations Dollar Chart
4. Gold continues it’s upward spree as the safe haven amidst much turmoil Gold Chart

Economy

5. Food inflation inches higher: rate hike imminent: Food inflation @ 16.74% against 16.55% in the previous week. WPI enters double digit, touches 10.16% in May v/s 9.59% in April.
6. Corporate Advance tax payments soar: Companies like RIL, TCS or the Tata Consultancy services, Bajaj auto and HPCL have deposited advance tax which is over 100% QoQ growth.
7. Revised Direct Tax Code: Tax exemption to pension and provident fund withdrawals and computing the Minimum Alternate Tax on profits retained.

Indian Markets

8. Nifty continues an unperturbed uptrend Nifty Chart
9. FIIs and DIIs have different perspectives: FIIs remained net buyers to the extent of Rs. 2051.8 Cr (Month to date); DIIs bought Rs. 888.2 Cr (Month to date)

Sectors

10. Large banks to announce base rate: Companies may have to pay more under base rate system, opinion divided, but other sources of finance may also become dearer.
11. Government approved infusing Rs 6,211 crore into five public sector banks: A move which will help in lending an additional Rs 77,637 crore to various sectors of the economy.
12. Auto continues to be on a high: Indian automobile industry posted its best performance in May with a 30% growth in car sales.
13. Govt approves RS 4 per kg rise in levy sugar price.
14. FDI lock-in for hotel & tourism projects to go: Proposal aims to boost room supply, support tourism industry.

Stocks

15. RCom plans to hive off tower arm. Rcom Chart
16. ONGC Videsh hives off 30% stake in Colombia block. ONGC Chart
17. Fatpipe withdraws IPO despite 85% subscription
18. Abbott sues SunPharma & Ranbaxy on cholesterol drug patents Abbott Chart
19. Larsen and Toubro bags Rs 747 crore deal L&T Chart

Quotes

20. Stock market is a weird place. For every person who buys a stock there is a person who sells it and both think they are very smart - Anonymous