a good day at dalal street despite unsupportive global cues

• Sensex shut shop at 19521, up 116 points and Nifty at 5862, up 32 points from the previous close.
• Realty, banks and autos were strong in trade today.
• It was a good day of trade for the Indian market which closed with broad gains despite a weak opening. Global cues were mixed and not really supportive but a domestic trigger in the form of good GDP numbers had our market recover from the day’s low and move up sharply helping the Nifty give a closing above the important 5850 mark.
• India’s domestically-powered economy grew more than expected in the September quarter, defying weakness elsewhere and putting pressure on the Reserve Bank of India (RBI) to tighten monetary policy although a rate increase next month still looks unlikely.
• The government vowed action against companies that allegedly secured valuable telecom licenses at rock-bottom prices, while investigators from the Central Bureau of Investigation (CBI) built their case in a bribes-for-loans probe that a source said would be widened.
• A Mumbai court on Monday extended the custody of eight financial executives arrested in a bribes-for-loans investigation until Friday.
• The government is likely to take a decision on freeing up sugar exports by the third week of December, and the country may ship the sweetener on a monthly basis, farm minister Sharad Pawar said on Tuesday.
• India’s fiscal deficit from April to October was 1.62 trillion rupees ($35.3 billion), or 42.6 percent of the full-year target, the government said in a statement on Tuesday.
• The Reserve Bank of India (RBI) could cut the cash reserve ratio (CRR), the money that is kept by the banks with the RBI, if the tight liquidity conditions prolonged, a finance ministry official said on Tuesday.
• India’s infrastructure sector output grew 7.0 percent in October from a year earlier, faster than an upwardly revised annual growth of 2.7 percent in September, government data showed on Tuesday.
• The euro zone’s debt crisis deepened on Tuesday as investors pushed the spreads on Spanish, Italian and Belgian bonds to euro lifetime highs and Portugal warned of “intolerable risks” facing its banks.
• The Directorate General of Civil Aviation (DGCA) has set up a tariff analysis unit to monitor route-wise tariff across networks of local carriers at regular intervals to cap excessive fares, the ministry of civil aviation said on Tuesday.
• The government and opposition parties failed on Tuesday to break a three-week parliamentary deadlock over a corruption probe that has weakened the ruling Congress-party and stalled spending and reform bills.
• The euro zone debt crisis is moving at a such a pace, with pressure now mounting on several countries simultaneously, that European Union institutions may find it impossible to get ahead of the markets.
• Hindustan Construction’s(HCNS.BO) Lavasa unit is likely to delay its about $436 million IPO by up to six months, three sources said, after India’s environment ministry demanded reasons not to close its town building project.
• India’s domestically-powered economy grew more than expected in the September quarter, defying weakness elsewhere and putting pressure on the central bank to tighten monetary policy although a rate increase next month still looks unlikely.
• India’s telecoms ministry will send notices to five companies that were given 85 telecoms licences in 2008, asking why their licences should not be cancelled after a government auditor found the companies were not eligible for them.

Nasdaq trading positive, up by 2 percent

• The Dow Jones industrial average was up 175.69 points, or 1.60 percent, at 11,183.57. The Standard & Poor’s 500 Index  was up 20.58 points, or 1.75 percent, at 1,199.17. The Nasdaq Composite Index  was up 49.24 points, or 1.99 percent, at 2,525.25.
• U.S. President Barack Obama and Democratic leaders met on Thursday to hammer out a strategy for negotiations with Republicans who have shown no willingness to compromise on extending tax cuts for the wealthy.
• The Chevrolet Volt plug-in electric car, the centerpiece of a revitalized General Motors (GM.N), was named 2011 Green Car of the Year on Thursday.
• A blockbuster General Motors Co.stock offering dovetailed with upbeat U.S. economic data and easing Irish debt tensions to lift global stocks on Thursday, while the dollar gained on the yen and cut losses versus the euro.
• Enbridge Inc. said on Thursday its 290,000 barrel per day crude oil line 6B carrying Canadian crude into the U.S. was shut for routine inspection.
• A strong domestic economy and relatively modest retail rental rates have hiked demand for retail property in Canada, with U.S. companies lining up to try out a market that’s stronger than the faltering one at home.
  
• A Blackstone-led quartet and two rival teams are readying bids for ISS, the $7 billion Danish cleaning giant, people familiar with the matter said, as what could be Europe’s biggest post-crisis buyout heats up.
• Noteholders filed an involuntary bankruptcy petition against U.S. subsidiaries of Vitro SAB de CV , a Mexican glass maker that is in the midst of a debt swap, according to court documents.

sensex ends day with 65 points up

• Markets closed with moderate recovery and the Nifty managed to stay above the psychological 6000 mark. Banking was the biggest laggard in today’s trade amidst the fear that microfinance sector would take its toll on it. Metals and auto were the best performers today.
• Sensex closed at 19933 (provisional), up 68 points from its previous close, and Nifty closed at 6001 (provisional), up 12 points.
• The crackdown on business practices of lenders to the poor in Andhra Pradesh threatens to squeeze revenue, profits and asset quality at SKS Microfinance, said the country’s only listed microfinance firm, whose shares tumbled.
• The global economic recovery is shifting down a gear as the U.S. economy rebounds less quickly than expected and growth in emerging countries moderates, the OECD said on Thursday.
• The Philippine central bank kept its policy rate steady at a record low on Thursday, as the market had expected, and signalled rates were likely to remain unchanged into 2011 as it also cut inflation forecasts.
• The OECD gave its blessing to the U.S. Federal Reserve’s ultra-loose monetary policy on Thursday, dismissing criticism the central bank’s asset-buying spree spawned inflation or asset bubbles.
• The OECD gave its blessing to the U.S. Federal Reserve’s ultra-loose monetary policy on Thursday, dismissing criticism the central bank’s asset-buying spree spawned inflation or asset bubbles.
• The offshore market for China’s yuan in Hong Kong has grown rapidly in the past five months since its birth, reflecting heavy demand abroad for the currency for trade and investment.
• India’s annual food inflation eased for the fifth consecutive week in early November, probably due to new crop arrivals in the market, lending support to expectations that the central bank would hold rates steady in the near term.
• Inflation in China will level off slightly above 3 percent as rising import prices offset a likely decline in food price inflation, the OECD said on Thursday.
• A group of ministers will decide on freeing up sugar exports, trade minister Anand Sharma said on Thursday, just a week after the farm minister said he would take the decision.
• China should not solely rely on interest rate rises to curb inflation, an academic adviser to the People’s Bank of China said in remarks published on Thursday.
• Prime Minister Manmohan Singh has been forced to explain to the Supreme Court his failure to probe a huge telecoms scam, in a widening scandal that prompted telecom investors to ditch their shares on Thursday.
• India’s infrastructure sector output grew 2.5 percent in September from a year earlier, slower than the upwardly revised annual growth of 3.9 percent in August, government data showed on Thursday.
• Chinese Premier Wen Jiabao told Indian Prime Minister Manmohan Singh on Friday the world was big enough for their two countries to develop and cooperate, sounding a positive note ahead of a visit planned for later this year.
• India’s economy is seen growing by 8.5-9.7 percent in the 2010/11 fiscal year and monetary tightening should ensure the pace of recovery in Asia’s third-largest economy is not hit, the finance ministry said in a report released on Tuesday.
• Intervention in the foreign exchange market to stem sharp appreciation in currencies has costs, Reserve Bank of India Governor Duvvuri Subbarao said on Wednesday.
• The OECD gave its blessing to the U.S. Federal Reserve’s ultra-loose monetary policy on Thursday, dismissing criticism the central bank’s asset-buying spree spawned inflation or asset bubbles.
• Economies in the Asia-Pacific region will continue to recover in the next two years thanks to solid domestic demand and exports, but many countries need higher interest rates to counter inflation, the OECD said on Thursday.
• Real estate firm Unitech Ltd  said on Thursday its telecoms arm had received licences after complying with guidelines prescribed by the telecoms ministry.
• Ireland’s central bank chief said on Thursday he expected the country to receive tens of billions of euros in loans from European partners and the IMF to help shore up its shattered banks and stabilise the economy.
• Bharati airtel, India’s top mobile phone operator, is on track to roll out 3G wireless services by the end of this year and its chairman was optimistic about the high-margin offering.
• Twitter co-founder Evan Williams said the popular microblogging company was not running low on capital, amid media reports that the company is considering raising a large round of funding.
• China Unicom, the country’s No.2 mobile operator, said it will launch an own-brand smartphone series by the end of this year to draw more business to its 3G data network.

sensex under pressure

• Sensex shut shop at 20156, down 432 points and Nifty at 6071, down 122 points from the previous close.
•  It was an exceptionally negative day for the Indian market which witnessed a huge sell-off following poor news flows, both domestic and global. It opened soft and from there on, stayed under the pressure of profit booking which intensified following disappointing IIP data and China rate hike fears which sparked a sell-off. All sectoral indices closed the day with deep cuts.
• U.S. officials would like China to move quickly on reforming its exchange rate and will be watching for movement on the yuan currency by the time President Hu Jintao visits Washington in January, one of President Barack Obama’s top advisers said.
• Power Grid Corp of India’s share sale worth up to $1.7 billion was fully subscribed in the retail portion of the offering, exchange data showed on Friday.

most of the day treaded weak

• Sensex shut shop at 20932, up 80 points and Nifty at 6301, up 28 points from the previous close.
• Mark Matthews of Macquarie says that Fed’s quantitative easing is a reflection of the fact that growth in the US is still not strong and there is not lot of inflation in that country.
• Tata Motors Ltd’s debt-to-equity ratio is 1.16 times at the consolidated level, Chief Financial Officer C. Ramakrishnan said on Tuesday.
• Chevron will also take over Atlas’s role as operator of a JV in Marcellus shale with RIL, which will continue to fund 75% of operator’s drilling costs.
• The Reserve Bank of India on Tuesday reintroduced recent measures to provide liquidity comfort to banks, arising out of the frictional liquidity pressure.
• Commerce Secretary Gary Locke on Tuesday flagged US concerns that India’s complex system of import tariffs, “opaque” foreign investment rules and non-tariff barriers were slowing bilateral trade and investment.
• A top official at the International Monetary Fund said on Tuesday that it was very important to rebalance world demand to support the global economic recovery.
• China wants a more “reasonable” global monetary system, but its objective is not to replace the dollar with the yuan, an academic adviser to the central bank said on Tuesday.
• China’s forceful response to the global financial crisis did wonders for the economy at home and abroad, but the government now has its work cut out to keep the bill for the investment binge from swelling in size.
• China signalled its intention on Tuesday to crack down on excess cash sloshing around its financial system, by unexpectedly raising the yield on bills at a central bank auction and vowing to stem hot money inflows.
• Growth rates in the world’s developed economies are set to diverge, the OECD said on Monday, with the recovery losing steam in France, Canada, Italy and Britain, but picking up pace in Germany, Japan and the United States.
• Sugar mills in Uttar Pradesh have filed a court petition against a state hike in prices they pay to farmers, an industry group said on Tuesday, threatening a row that could delay crushing and hit output.
• Outraged at Cairn Energy Plc’s refusal to recognise its pre-emptive rights, Oil and Natural Gas Corp (ONGC) is upping its ante against Vedanta Resources by buying stake in UK-based firm’s Indian unit.The state-owned firm feels Cairn Energy is skirting real issues like Vedanta’s lack of experience in oil and gas sector in its haste to collect up to $8.48 billion from its stake sale in Cairn India, an official in know of details said.
• Three top U.S. Federal Reserve officials on Monday voiced concerns about the central bank’s latest efforts to boost the economy, with one warning the Fed’s bond buying might need to be curbed to head-off inflation.
• Shares of Swiss cement major Holcim-owned Ambuja Cements and ACC Ltd zoomed today, on market buzz of their merger. Holcim has 46.38 per cent stake in Ambuja Cements and 46.2 per cent in ACC.
• The latest round of quantitative easing by the United States could put pressure on balanced global economic growth and cause asset bubbles and inflation, Ma Delun, deputy governor of the People’s Bank of China, said on Tuesday.
• U.S. Treasury Secretary Timothy Geithner on Monday said China is supportive of the Group of 20’s framework for rebalancing the global economy, and he expects broad consensus on it at a leaders’ summit this week.
• Glenmark Pharmaceuticals is close to become the first Indian company to develop an original novel chemical entity (NCE) to treat diseases.