T20_24Dec2010

Global Markets
1. S&P 500 is surging ahead, indicators still positive – Expected to sprint. S&P Chart
2. Moody’s may downgrade Portugal’s A1 rating by 1 or 2 notches on growth concerns
3. Deutsche Bank US tax fraud deal opens floodgates
4. Record oil demand pressures OPEC to open taps; Winter woes start to haunt the economy
5. US dollar – Faces resistance @ $81, wil lit break above, makes a smart uptick over the last week Dollar Chart
6. Crude makes a smart uptrend on supply woes Oil Chart
7. Gold continues to glitter after taking support @ 50DMA Gold Chart

Economy
8. The food price index rose 12.13% while the fuel price index climbed 10.74% in the year to December 11, 2010
9. Onion prices in India dropped more than a 22% by mid-week after the federal government allowed duty-free imports
10. Year 2010 saw $66bn M&A action, notching up a gain of 200% over previous year

Indian Markets
11. Nifty makes a strong resistance at 5960, a break above this will see it safely land above 6000 levels Nifty Chart
12. FIIs did a profit-taking as the year ends with Rs. 2426 Cr (year-to-date); DIIs as usual differed from FIIs action and invested ~ Rs. 1159 Cr (year-to-date)

Sectors
13. India could decide to raise diesel and cooking gas prices at a ministerial meeting on December 30, 2010
14. RBI urges banks to keep lending to microfinance firms
15. Indian pharmaceuticals market looks poised to grow to $55 billion in 2020, according to a new McKinsey & Company report
16. After reporting a 27.3% rise in domestic automotive sales in the first half of the current financial year, the Society of Indian Automobile Manufacturers (Siam) expects growth in the domestic market to close at 18-20% for the entire year
17. Profitability of south-based real estate companies will remain subdued in the next quarter as under-construction projects will take some more time to be recognized in the balance-sheet of these companies

Stocks
18. JSW Steel to buy Ispat stake for Rs 2,157cr JSW Steel Chart
19. SAIL loses sheen on buzz of lower FPO price band SAIL Chart

Quotes
20. "If past history was all there was to the game, the richest people would be librarians." - Warren Buffett