T20_24JUN2010

Global Markets

1. S&P 500 breaks down as fresh housing market worries retraces S&P Chart
2. Oil fell sharply due to unexpected jump in supply Oil Chart
3. Dollar takes support @ 50EMA; dollar tending towards stability Dollar Chart
4. Gold takes a breather to consolidate after a sparkling upward trend Gold Chart

Economy

5. Inflationary concerns fail to cool down: India's food price index rose 16.90% in the year to June 12, higher than the previous week's annual reading of 16.12%.
6. Monsoon rains 11% below normal: Trillion-dollar economy's farm output and economic growth, were 11.1% below normal for June 1-23, 2010.
7. FDI opening in retail, defence: India’s efforts to attract investments from the US was aimed at realizing the hope for double-digit economic growth by 2012.

Indian Markets

8. Nifty continues to stay bullish Nifty Chart
9. FIIs and DIIs share bullishness: FIIs remained net buyers to the extent of Rs. 7679 Cr (Month to date); DIIs bought Rs. 311 Cr (Month to date).
10. ULIP row ends; court rules in favor of IRDA.
11. New tax code: Brings a blow on ULIPs / Insurance and capital gains tax; long term investments like PPF, pension plans etc., spared.

Sectors

12. Service tax waived on power supply: Government has decided to exempt distribution of electricity, services provided within ports and airports.
13. Consumer durable industry witnesses 30% growth: Increase in summer sales which further lead to highest growth of 50% in sales of refrigerators and air conditioners.
14. Big pharma cuts R&D jobs as generics loom: Strict regulation and tight healthcare budgets force pharma majors to shift focus to acquiring cos and drug rights.
15. New accounting norms may make stock options a thing of the past: Cos may rework pay packages to include higher cash component, staggered bonus.
16. Banks step up efforts to strengthen tier -I capital: Not keen on perpetual debt route due to high cost of issuance.

Stocks

17. RCom looks to selling 26% stake in Globalcom: sale in optical fibre network after Infratel demerger Rcom Chart
18. Mukesh Ambani plans healthcare foray, sets eyes on 26% stake in Fortis: Greenfield route not ruled out; Reliance Life Sciences to continue as separate biz.
19. Govt plans to divest 10% in Neyveli Lignite; move to help mobilise INR 24bn Neyveli Lignite Chart

Quotes

20. You can't make money if you are unwilling to lose...It's like willing to breathe in but not willing to breathe out. -- ED SEYKOTA