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Unlike what we anticipated, the market shot up before correcting. A reaction is long overdue which will come on Friday
The market was up on late trading gains, taking cues from strong European bourses. The Sensex settled at 17,616, up 153 points (0.8%) while the Nifty was up at 5,275, up 41 points (0.8%). The benchmarks were in a narrow range in early trading. They slid in the early afternoon session on the plunge in heavyweight index stock ICICI Bank. The market recovered with the rebounce in the ICICI counter. It gained steadily thereafter as the European markets were in the positive zone.
Asian stocks ended mixed on Thursday on concerns that the global economic recovery may take longer than expected after US housing statistics dropped. Key indices in Indonesia, South Korea, Hong Kong and Taiwan were up by 0.1% to 0.8%. However, key benchmark indices in China, Japan, and Singapore were down 0.1% to 0.6%.
Wall Street was flat on Wednesday on mixed economic data. The Dow was up 4.7 points (0.05%), to 10,409. The S&P 500 was down 0.6 points (0.06%), to 1,114 and the Nasdaq rose 0.05 points to 2,305.93.
Back home, India's annual monsoon rains in the week to 16th June were 8% below normal, the Meteorological Department said. Rainfall was 32.5mm during the week against a normal 35.2mm, the Met office said.
C Rangarajan, chairman of the prime minister's Economic Advisory Council said that inflation has gone beyond the comfortable level and the Reserve Bank of India (RBI) should control it. Double-digit inflation cannot be only because of increased food prices, as the manufacturing sector is also contributing to the inflation.
The bond-buyback by the government is likely to receive a poor response as banks may prefer to tap the RBI's repo to pay for debt sales rather than sell their holdings of government paper. The bonds that the government plans to buy back are maturing in 2010 and 2011 and bankers will hold these securities until maturity. The central bank said late on Wednesday that the government plans to buy back Rs100 billion ($2.1 billion) of bonds via a multiple price-based auction on Friday.
Foreign institutional investors were net buyers of Rs784 crore on Thursday.
Domestic institutional investors were net sellers of Rs170 crore.
Indraprastha Gas (up 7.5%) has raised the selling price of compressed natural gas (CNG) in Delhi and its neighbouring towns, with effect from 17th June. The revised selling price per kg in NCT of Delhi is now Rs27.50 against Rs21.90 earlier; in Noida and Greater Noida (Uttar Pradesh) the CNG price has been revised to Rs30.60 from Rs23.70 earlier; and in Ghaziabad it has been increased to Rs30.60 from Rs25.70 earlier.
MindTree (up 3.4%) has secured the application development and maintenance services contract of the Nandan Nilekani-headed Unique Identification (UID) Project, renamed 'Aadhaar'. The multi-crore project involves services across the application lifecycle-from designing, developing, testing, maintaining and supporting the Aadhaar application to providing helpdesk services from the Unique Identification Authority of India's (UIDAI) Bangalore Technology Centre.
The board of OCL Iron and Steel (up 2.5%) has approved the increase in authorised share capital and issuance of redeemable preference shares up to Rs700 crore.
Zensar Technologies (down 0.3%) has been selected by Activision Publishing Inc as a service delivery partner for the latter's global application development and support services.
Subex Ltd (1.1%) says its business optimisation platform Revenue Operations Centre has been gaining momentum globally. This is evident by the fact that the company has won five license contracts for the platform amounting to $10.4 million over the past six months.