Visit http://indiaer.blogspot.com/ for complete details �� ��
9am with Emkay |
Export growth at 23.2%; trade deficit eases to $9.1bn
n The trade deficit for the month of September eased to $9.1bn driven by an increase in export growth to 23.2% and a relative drop in import growth.
n Export growth picked up by 8.3% mom while import growth dropped by 8.6% mom, resulting in a contraction in trade deficit.
n The drop in import growth has been mainly due to a reduction in non-oil imports by 10.2% mom and also partly due to the appreciation seen in the `/$ exchange rate over the month.
n Overall, through the trade deficit for the month of September has eased, the YTD deficit figure looming at around $62.8 bn is a cause of concern.
n Dealer Comments
The markets started the day’s session on an extremely optimistic note with almost 270 odd point’s upward gap led by strong cues from the world markets particularly the stronger Asian Counterparts. Post strong opening markets maintained its optimistic run almost throughout the day with intermittent small jerks but were covered up by consistent buying action till the closing bells. The day’s limelight was mainly hogged by extremely good buying interest in the banking space across the entire sector post extremely good set of Q2 numbers by ICICI Bank and ahead of the RBI policy to be unveiled on 2nd November. Even QE2 easing from the world’s biggest economy US kept the indices ticking northbound. Besides buying in realty, consumer durables and capital goods stocks also aided the day’s rally. Among the pharma space Ranbaxy saw good buying interest in anticipation of open offer by Daiichi Sankyo for the remaining stake at around Rs 700 plus levels pushed the stock higher for the day. With Coal India refund being coming back to the investors by today and tomorrow, markets may continue to see buying action going ahead. The overall traded volumes were extremely lower compared to the earlier day by almost 22% and were at Rs 1090 bn. While delivery based volumes were quite higher compared to the earlier day at 47.2% of the total traded turnover. Among the Fund activities FII’s were net buyers to the tune of Rs 9.76 bn while Domestic Funds were net buyers to the tune of Rs 0.18 bn respectively on 29th October 2010. While on 1st November 2010, FII’s bought shares worth Rs. 7.11 bn in cash segment (provisional) while in the F&O segment they were net buyers to the tune of Rs 36.51 bn whereas Domestic Funds sold shares worth Rs. 0.71 bn (provisional).
n Technical Comments
Watch out for golden retracement
Equity benchmarks staged a strong performance on first day of November month, led by banks, telecom, realty and capital goods. Nifty added around 100 points and successfully settled above the 6100 mark, which was the 50% retracement area of the previous fall. Now, if Nifty also manages to go pass the golden retracement (61.8%) packed at 6154, then in the current leg itself Nifty will heighten upto the previous high of 6284.
BSE Bankex
BSE Bankex has surpassed the resistance of 20-DSMA and has also left a bullish gap which is increasing the validity of this breakout. Hence in the near term this index can scale new highs and can head upward to touch the target of 15200.
n Results Today
3i Infotech | Berger Paints | Electrost.Cast. | Essel Propack | Fortis Health. | Future Capital |
GlaxoSmith C H L | Infinite Comp | Jai Corp | Neyveli Lignite | Oracle Fin.Serv. | Orbit Corpn. |
SpiceJet | Texmaco |
No comments:
Post a Comment