T20_31Aug2010

Global Markets
1. S&P consolidates near $1048 levels; US economy continues to remain on shaky ground S&P Chart
2. US dollar consolidates closer to 50 EMA & 100 EMA on the backdrop of economic turmoil Dollar Chart
3. Crude after a prolonged correction, makes a smart uptick Oil Chart
4. Gold consolidates yet again; showing subtle signs of turnaround Gold Chart

Economy
5. Mr. Pranab sweetens Direct Taxes Code for everyone; Tax-payers at the low end to benefit the most – to be implemented by April, 2012
6. Revised DTC rings in good tidings for stock investors; Keep long-term capitals gains tax from shares nil, relaxes short-term capital gains tax
7. SEZ tax sops retained till 2014 but 20% MAT to weigh heavy; Bill suggests replacement of sops linked to profits with sops linked to investments
8. Bond yields touch 8% on rate hike concerns; experts see 25bps rate hike & expect trade at 8-8.10% in short term
9. Consumer Affairs Ministry says yes to 49% FDI in multi-brand retail
10. RBI better placed to tackle inflation in Sept review; economists says RBI likely to raise rates by 25bps in mid - Sept ‘10
11. Compulsory licensing of patented drugs under study; bid to ensure availability of low-cost medicines


Indian Markets

12. Nifty broke down and hangs above 50EMA; next support seen @ 5350; 5296 Nifty Chart
13. FIIs & DIIs: FIIs remained net buyers to the extent of Rs. 10,374.30 Cr (Month to date); DIIs sold Rs. -2825.7 Cr (Month to date)
14. Gold ETFs in India, the world’s biggest buyer of bullion, may surge as much as 17 times in the next three years as investors seek a refuge from financial turmoil and inflation

Sectors

15. Cement cos cut prices by INR 2-4/kg in Western India
16. Orissa Independent Power Producers (IPP) projects to again go under scanner; Govt. wants to remove idlers; 11 IPPs yet to acquire any land

Stocks

17. Reliance checks into Oberoi Hotels; buys 14.12% stake in EIH ltd for INR 10.21bn Reliance Industries Chart
18. ONGC claims consent must for Cairn deal; Invokes pre-emptive rights under pact, seeks details of transaction ONGC Chart
18. Videocon in talks to sell 26% in telco arm Videocon Chart

Quotes
20. "It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going after mediocre opportunities." - Charles Munger