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Bulls hope for a bounce now. Or else… Thursday Closing Report

After an immediate support at 4,915, next support for the Nifty lies at 4,865

Despite the weekly inflation coming in at a 39-month low, the market settled with a deep cut as investors were concerned about the stability of the government at the Centre. The strenuous uptrend has been paused with the Nifty closing in the negative. If the index falls below 4915, it may go down to the level of 4,865 and the next support lies at 4,785. The National Stock Exchange (NSE) saw a volume of 59.05 crore shares, slightly higher than the last two days.   

The market started the day in the negative tracking the weak Asian bourses on nervousness ahead of the key European Union summit on Friday, which is expected to discuss a plan to end the debt crisis plaguing the continent. The Nifty opened 26 points lower at 5,037 and the Sensex started the day at 16,820, a loss of 57 points over its previous close.

Selling pressure from institutional investors led the market lower in the morning session. The sharp decline in the weekly inflation numbers did not soothe matters as across-the-board selling saw all the sectoral indices trading lower today.

The benchmarks fell to their intraday lows in the late session with the Nifty falling to 4,921 and the Sensex going back to 16,422. The market settled slightly above the lows with the Nifty declining 119 points to 4,944 and the Sensex closing the day at 16,488, down 389 points.

The advance-decline ratio on the NSE was a dismal 386:1317.

Tracking the decline in the benchmarks, the BSE Mid-cap index declined 1.77% and the BSE Small-cap index fell by 1.61%.

All sectoral gauges ended lower with the BSE Capital Goods index (down 4.40%) emerging as the top loser. It was followed by BSE Realty (down 3.80%); BSE Metal (down 3.15%); BSE Power (down 3.02%) and BSE Oil & Gas (down 2.98%).

The top gainers on the Sensex were Wipro (up 2.35%); Sun Pharma (up 1.49%); Cipla (up 0.88%); Tata Power (up 0.61%) and Bajaj Auto (up 0.29%). The major losers on the benchmark were Jaiprakash Associates (down 5.41%); BHEL (down 5.28%); Larsen & Toubro (down 5.11%); Hindalco Industries (down 5.02%) and Sterlite Industries (down 4.38%).

The 50-share Nifty list was led by Wipro (up 2.20%); Sun Pharma (up 1.88%); Punjab National Bank (up 1.63%); Cipla (up 1.52%) and SAIL (up 0.63%). On the other hand, Reliance Communications (down6.54%); JP Associates (down 6.03%); BHEL (down 5.95%); Sesa Goa (down 5.84%) and L&T (down 5.39%) were the major losers.

Markets in Asia settled lower as investors turned cautious ahead of the EU summit on Friday and on weak economic indicators. Meanwhile, Bank of Korea kept its key rate unchanged 3.25% for the sixth successive month amid signs that exports are slowing and as domestic demand cools. This apart, Japanese factory orders fell 6.9% in October from September, lower than analysts’ expectations of a 0.5% rise.

The Shanghai Composite shed 0.12%; the Hang Seng fell by 0.69%; the Jakarta Composite declined 0.30%; the KLSE Composite slipped 0.68%; the Nikkei 225 contracted 0.66% the Straits Times tanked 1.95%; the Seoul Composite fell 0.37% and the Taiwan Weighted was down 0.71%.

Back home, foreign institutional investors were net buyers of stock totalling Rs135.36 crore on Wednesday. On the other hand, domestic institutional investors were net sellers of equities amounting to Rs190.11 crore.

Coal India has cuts its production target to at least 440 million tonnes for the current financial year from an estimated 452 million tonnes in its annual plan. The state-run company has lowered its production target due heavy rainfall, strike and delays in the grant of forestry and environmental clearances to coal projects. The stock declined 2.98% to close at Rs314 on the NSE.

Suven Life Sciences has been granted four product patents, two in Australia and two in Canada for its New Chemical Entities (NCEs) for the treatment of disorders associated with neuro-degenerative diseases. These patents are valid through the year 2027 and 2028, the company stated. The stock fell 1.69% to close at Rs14.55 on the NSE.

Confectionery major Britannia Industries has sacked some employees across levels in India on the basis of non-performance. The company, however, did not give the exact number of employees it has sacked. The stock ended 1.95% lower at Rs459 on the NSE.

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