T20_24Aug2010

Global Markets
1. S&P continues to remain weak, with the earnings season over, there are no positive cues for the market S&P Chart
2. US dollar rose sharply in the global markets and acted very much against the crude prices Oil Chart
3. Dollar breaks above 50EMA & 100EMA, this is a key psychological level Dollar Chart
4. Gold consolidates yet again; showing subtle signs of turnaround Gold Chart

Economy
5. GST rollout to miss April 1, 2011, deadline
6. FY11 trade deficit seen at $120 bn
7. Rupee weakened to its lowest level in over a week, as losses in the euro and other regional currencies hurt sentiment
8. SEBI is considering a proposal to cap the number of company boards that an independent director can sit on
9. MFs stay cash-ready for possible bottom fishing
10. India will soon have an index to measure output of services that contribute more than half of its national income
11. Two-thirds of British companies intending to outsource jobs offshore prefer India over China
12. Crucial changes to the FDI policy announced by the Ministry of Commerce & Industry on March 31 have been stalled; RBI seeks ‘rationale’ for the changes

Indian Markets

13. Nifty broke above 5500 which was a significant level; this was a key milestone – optimism prevails Nifty Chart
14. FIIs & DIIs: FIIs remained net buyers to the extent of Rs. 9637.5 Cr (Month to date); DIIs sold Rs. 1482.1 Cr (Month to date)
15. Gold imports in India, the biggest consumer, rose 18.9% to 155.6 tonnes in the first six months to June ‘10

Sectors

16. Oil Ministry uncomfortable with Vedanta Group - Cairn deal and has asked ONGC, Oil India and Gail to cobble up a joint bid to rival the London-listed miner
17. Power Capacity addition set to scale new peak; 14k MW may be added this fiscal, major role by private sector

Stocks

18. GAIL - RIL deal on D6 gas allocation fall through; Reliance makes a turnaround from key support levels Reliance Industries Chart
19. PVR Pictures to invest INR 2bn ($42.55mn) to ramp up production PVR Chart

Quotes

20. "As long as we can make an annual 15 percent return on equity, I don't worry about one quarter's results." - Warren Buffett