a good day at dalal street, backed by positive global cues

• SENSEX up by 201 points. ( 01:55 pm, india,8th july,2010).
• Car sales in India are set to rise 12-13 percent in 2010/11 on the back of an expanding economy but rising interest rates and commodity prices remain a worry, an industry body said on Thursday.
•  Industrial output is forecast to grow 16 percent in May from a year earlier, lower than an annual growth of 17.6 percent in April, the median forecast of 22 economists shows. Forecasts ranged from a rise of 13.5 percent to 20 percent.
• India’s annual monsoon rains were 2 percent above normal in the week to July 7, sources in the weather office said on Thursday.
• Fuel inflation accelerated in late June and a recent hike in fuel prices kept the case for the Reserve Bank to top up its rate hike last Friday.
• Asia next in line of fire for U.S. tax police.
• The International Monetary Fund upgraded its 2010 global growth forecast on Thursday, citing robust expansion in Asia and renewed U.S. private demand, but warned the euro area’s debt crisis posed a big risk to recovery.
• All the sectors performing exceptionally well at dalal street.
• Europe listed 91 banks taking part in financial stress tests — including many regional banks where markets suspect most of the sore spots are — as it seeks to restore confidence in the sector.
• BP is aiming to plug its leaking Gulf of Mexico well by July 27, weeks sooner than forecast, according to a newspaper report on Thursday, while a battle between the U.S. government and the oil industry over a deepwater drilling ban heads to court.
• Witnessing a strong growth, private equity investment in India rose to USD 2.3 billion in the April-June quarter, taking the total PE inflows so far this year to USD 4.29 billion, says a report.
•  China made clear again on Thursday that it has every intention of keeping its currency on a short leash with conditions not ripe, in its view, for the large appreciation sought by the United Sates.
•  U.S. and European financial firms have cut back on cash bonuses, moving instead to higher base salaries, a survey released on Wednesday showed.
• State-run Indian Oil Corp (IOC), the country’s biggest oil retailer, does not want fuel prices to be revised too often, its chairman B.M. Bansal said on Thursday.
• SENSEX up by 182 points. ( 02:41 pm, india,8th july,2010).
• The Bombay High Court on Thursday deferred till August 2 the hearing on an appeal filed by Vodafone International challenging income tax department’s decision to levy tax on the company for acquiring stake of Hutchison International in Hutchison-Essar in a $11.1 billion deal in February 2007.
• Quiet conditions prevailed in the wholesale gur (jaggery) market as prices continiously to be asked on the previous closing levels in the absence of any worthwhile moving factor.
• The 25 per cent cut announced by the David Cameron government will lead to over 22,000 jobs losses in universities and colleges in UK, including over 10,000 academic jobs, the Universities and College Union said.
• Taking cues from firming global markets, nickel rose by Rs 12.40, or 1.36 per cent, to Rs 921 per kg in futures trade today.
• Gold prices rose by Rs 70 to Rs 18,437 per ten gram in futures trade today on emergence of buying after better trend in overseas markets.
• Professor Lajos Hanzo, chair of Telecommunications at the University’s School of Electronics and Computer Science, and his team are working in a consortium with nine UK institutions and seven Indian Institutes of Technology to design the next generation of wireless systems across India.
• Guarseed future prices softened by Rs 17 to Rs 2,311 per quintal in future trading today following fresh selling by traders, in line with lower spot markets cue.
• World fuel subsidies probably fell last year, and some of the countries with the cheapest fuel are poised for reform, the International Energy Agency (IEA) said on Wednesday.
• The Securities and Exchange Board of India is re-looking at Asba , or Application Supported by Blocked Amount, norms to make the facility more popular.
• The rate of price rise of food items was 12.92 per cent in the previous week ended June 19.
• The Indian government has increased the existing limit of the Employees Deposit Linked Insurance (EDLI) amount from Rs 60,000 to Rs 1 lakh. The amount will be paid to the next of kin of an employee in case of his death.
• While describing the Planning Commission as essentially an “armchair adviser”, Mr Nath said people in the GMR consortium who’d just unveiled the new airport terminal in the Capital had told him they’d built it despite the Planning Commission.
• An environment impact assessment study by the Indian Institute of Technology, Mumbai, for the proposed Navi Mumbai international airport, has categorically said there should not be any compromise on retaining the geomorphology of rivers, the aquatic life and mangroves in the airport zone.
• Farmers may be grinning ear to ear as the rain god is smiling on Punjab and Haryana, but industries in these states are busy calculating their losses.
• With torrential rains slowing down construction activity in the northern region, prices of steel in Punjab have softened by Rs 500-700 a metric tonne (MT) in the past four days.
•  Cardamom prices rose by Rs 18.80, or 1.09 per cent, to Rs 1,738 per kg in futures trading today as speculators enlarged their positions after rising demand in the spot markets.
• Barley prices fell by Rs.10 to Rs.1117.40 per quinta in future trading today on renewed selling guided by weak spot markets sentiment.
• Zinc prices edged up by Rs 0.55, or 0.64 per cent, to Rs 87 per kg in futures market today, as speculators built up fresh positions, driven by overnight gains at the London Metal Exchange.
• Raghunath A Mashelkar, a leading scientist and for many years chief of the Council of Scientific and Industrial Research (CSIR), is getting ready to wear a new hat — that of a private equity fund manager. He will lead a private equity initiative of Mukesh Ambani, chairman of Reliance Industries (RIL), sources familiar with the developments told Business Standard. Ambani, the richest Indian, is likely to get involved in the project in his personal capacity.
• India’s first intelligent city takes root near Pune.
• SENSEX up by 188 points.(03:14 pm, india, 8th July 2010).
• Oil jumped to a one-week high above $75 on Thursday alongside positive sentiment in Asian equities, reinforcing overnight gains triggered by an industry report showing US crude inventories plunged last week.

opened flat,closed in a good way

• Sensex closed at 17595, up 153 points (provisional) and Nifty at 5282, up 46 points (provisional) from the previous close.
•  India’s gold buying continued on Tuesday afternoon as traders picked up bargains ahead of a second round of festivals, and watched the rupee for direction, dealers said.
•  A successful national strike against high prices has rejuvenated the opposition, but their disunity may hamper efforts to force the Congress party-led government to go-slow on its reforms agenda.
• Stock in BP rose on Tuesday as the British oil major ruled out a share issue and talk persisted of sovereign wealth fund interest, while its Gulf of Mexico oil slick spread to the Texas coast.
•  The annual monsoon rains, a key factor that drives its economy, have covered the vast country after a sluggish spell, a top weather official said on Tuesday, boosting the outlook for farm products and rural income.
• Agricultural Bank of China, the country’s No.3 bank by assets, has closed the books on its dual Hong Kong and Shanghai share sale and is on track to raise around $20 billion in what could be the world’s largest ever IPO.
• The world index is still down more than 10% for the year. MSCI’s all-country world stock index was up 0.8%, with Europe gaining around 1.5%.
• The Indian rupee treaded water on Tuesday as the dollar’s losses against major currencies and gains in domestic shares were mostly offset by broadly weak regional peers.
• “The rupee is just tracking stocks and the dollar index. It should hold in a range of 46.65 to 46.85 in today’s session,” a senior dealer with a foreign bank said.
• Indian shares extended gains to 1 percent on Tuesday afternoon, with financials and outsourcers leading the rise, helped by improving monsoon and firm global markets.
• Software majors rose on expectations of good volume growth at its June quarter results, to be unveiled later this month.
• A revival of June-September monsoon rains, the main source of water for India’s summer-sown crops, also boosted sentiment today at stock markets.
• Gulf stock markets will miss out on getting on the global investment map unless regulators take concrete action to address concerns raised by MSCI, who denied the region emerging market status for the second year running.
• European stocks climbed in early trade on Monday, bouncing back from a six-week closing low and moving towards a key retracement level, led by buoyant mining shares while recently-hit banking stocks recover ground.
• China has signalled that it will let Taiwan sign free trade agreements with major trading partners via the World Trade Organisation, removing an obstacle to a plank in the $390 billion island economy’s long-term growth strategy.
• Australia’s central bank held its key cash rate steady for a second month on Tuesday, saying policy was appropriate given caution in global markets even as it remained upbeat on the outlook for Asia and the domestic economy.
• The managers of China’s hoard of currency reserves defended their investment record on Tuesday, saying they had avoided big losses during the global crisis and voicing confidence they could achieve stable long-term returns.
• European Union countries that discover problem banks when they stress-test their lenders could turn to an existing EU state back-up scheme, the bloc’s economy chief said on Monday.
• Markets abhor a vacuum, and the perception gap between euro zone policymakers and financial professionals is almost certainly at its widest since the single European currency’s launch in 1999.
• The government plans to impose a tax on white sugar imports in the new season that starts in October, but it will wait until it gets a clear picture of the cane crop in the next two months, Farm Minister Sharad Pawar said on Monday.
•  Britain’s service sector enjoyed its strongest growth for two years over the past three months and manufacturing grew strongly, but tougher times may be ahead as firms are gloomier about the future, a survey suggested on Tuesday.
•  The Reserve Bank of India (RBI) is likely to raise interest rates again in its quarterly review on July 27, a new survey found, and rates at the end of the year are likely to be higher than forecast before Friday’s unexpected 25 basis point rise.
•  Greece is confident it will meet its target to cut the budget deficit by 40 percent to 8.1 percent of economic output this year but risks remain on revenue growth targets, its Finance Minister said on Monday.
• European shares extended gains late on Tuesday morning, in a broad market rally, with strategists saying that stocks were oversold after recent weakness.
• The risk of a double-dip recession is less than 50 percent, Brian Coulton, managing director of European ratings at Fitch Ratings told Reuters Insider Television in an interview on Tuesday.
• Gold rose back above $1,210 an ounce in Europe on Tuesday as physical demand for the precious metal recovered after last week’s price dip, and as the weaker dollar encouraged some buying.
• China has signalled that it will let Taiwan sign free trade agreements with major trading partners via the World Trade Organisation, removing an obstacle to a plank in the $390 billion island economy’s long-term growth strategy.
• Some HSBC Holdings clients are being investigated by the U.S. Justice Department on suspicion of failing to disclose accounts in India or Singapore, Bloomberg reported on Monday, citing three people it did not identify.
• A successful national strike against high prices has rejuvenated the opposition, but their disunity may hamper efforts to force the Congress party-led government to go-slow on its reforms agenda.
•  Rebalancing the global economy and establishing new financial regulations should be done gradually so as not to harm the economic recovery, ECB Governing Council member Christian Noyer said on Tuesday.