Tuesday Closing Report: Bull fight-back lasted for a day

The market witnessed a highly choppy session today. Although the indices opened firm, they were in and out of the red quite a few times and ended with cuts of nearly a percent at the end of the day.

The Indian market opened in the green and touched the day’s high in initial trade on supportive global cues. The indices soon witnessed a sharp fall to enter the negative zone and were seen hovering on both sides of the neutral line. However, buying in middle-rung stocks improved sentiments in post-noon trade with the indices nearly touching the day’s highs. Profit booking surfaced once again dragging the sharply indices lower to end the session down nearly 1%.

The Sensex closed 185.76 points (0.92%) down at 19,983, below the psychological level of 20,000. The bellwether index touched a high of 20,332 and a low of 19,923 during the session. The Nifty settled above the crucial 6,000-mark at 6,027, down 48.65 points (0.80%). The index swung between a high-low of 6,127 and 6,008, respectively.

The losers outnumbered the gainers today. The Sensex had 24 declining stocks against six gainers. The Nifty ended the session with 40 losers and 10 advancing stocks. The broader indices outperformed the key benchmarks today — the BSE Mid-cap and the BSE Small-cap indexes closed with gains of 0.24% each.

The gainers on the Sensex included Hero Honda (up 1.53%), Cipla (up 1.51%) and ACC (up 0.63%). Infosys Technologies (down 3.05%), Hindalco Industries (down 2.23%) and DLF (down 2.19%) were the prominent losers today.

The top sectoral performers were BSE Healthcare (HC) (up 1.06%), BSE Auto (up 0.28%) and BSE Fast Moving Consumer Goods (FMCG) (up 0.06%). The losers in the sectoral space were led by BSE IT (down 2.22%), BSE Realty (down 1.75%) and BSE TECk (down 1.73%).

Markets in Asia finished mostly in the green on optimism gained from Citigroup’s earnings numbers. However, technology stocks were impacted by poor sales of the iPod. Meanwhile, analysts are forecasting a correction after recent gains logged by the regional bourses.

The Shanghai Composite gained 1.58%, Hang Seng rose 1.25%, Jakarta Composite was up 0.73%, KLSE Composite advanced 0.54%, Nikkei 225 was up 0.43% and Straits Times added 0.35%. On the other hand, Seoul Composite tumbled 0.97% and Taiwan Weighted lost 0.18%.

The Telecom Regulatory Authority of India (TRAI) today said it would come out with the second generation (2G) spectrum pricing norms by the end of this month.

The new norms are likely to link pricing of 2G spectrum to the 3G spectrum licence after the controversial allotment of 2G spectrum in 2008, which many in the industry felt, was under-priced to help certain telecom operators.

Earnings report from Citigroup propped US financial stocks resulting in the indices closing in the green on Monday. Investors braced themselves for earning reports from Apple and IBM, which were announced after trade closed for the day. Besides, the National Association of Home Builders said its housing-market index rose three points to 16 in October, the first improvement in five months.

The Dow gained 69.63 points (0.63%) to 11,132. The S&P 500 added 5.56 points (0.47%) to 1,181. The Nasdaq added 5.03 points (0.20%) to 2,474.

Foreign institutional investors were net buyers of stocks worth Rs335 crore on Monday. Domestic institutional investors were net sellers of equities worth Rs1,218 crore on the same day.

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Gold regains 20k level on seasonal demand

New Delhi: Gold prices surged by Rs135 to Rs20,085 per ten grams in the national capital today on emergence of frantic buying by stockists and jewellers to meet ongoing festival and marriage season demand, reports PTI.

Gold is just Rs35 short of the Rs 20,120 per ten grams record last seen on 15th October.

Besides, silver spurted by Rs575 to its record high of Rs37,000 per kg on hectic buying by industrial units and coin makers for the auspicious festival of 'Diwali.'

Precious metal prices also shot up on buying by investors, who preferred to park their funds in bullion instead of volatile equity markets.

Gold of 99.9% and 99.5% purity rose by Rs135 each to Rs20,085 and Rs19,985 per ten grams respectively.

Sovereign also rose by Rs300 to Rs16,000 per piece of eight gram, a level never seen before.

Silver ready spurted by Rs575 to Rs37,000 per kg and weekly-based delivery by Rs685 to Rs36,390 per kg. Silver coins rose by Rs100 each to Rs36,100 for buying and Rs36,200 for selling of 100 pieces.
 

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2G spectrum proposal by month end: TRAI chief

New Delhi: The Telecom Regulatory Authority of India (TRAI) today said it would come out with the second generation (2G) spectrum pricing norms by the end of this month, reports PTI.

When asked if the regulatory body was likely to come out with the 2G pricing norms by the end of October, TRAI chairman JS Sarma said, "We are working towards it."

The new norms are likely to link pricing of 2G spectrum to the 3G spectrum licence after the controversial allotment of 2G spectrum in 2008, which many in the industry felt, was under-priced to help certain telecom operators.

TRAI is also likely to recommend an auction route for distribution of 2G spectrum beyond 6.2 Mhz and suggest scrapping the current practice of giving radio waves on the basis of the number of subscribers. The telecom regulator may change the criteria from subscriber numbers to geographical coverage.

If the proposal is implemented, new operators like Uninor, Etisalat and Loop Telecom, which already have 4.4 Mhz of 2G spectrum, may have to buy spectrum through auction beyond 6.2 Mhz.

When asked about mobile number portability (MNP) issue, which is due to be implemented from 31st October, Mr Sarma said, "We are optimistic that it would be implemented within the time frame or a few days later."

MNP is a service that allows a mobile user to change his operator while retaining the number.

The announcement comes as key mobile service providers like Bharti Airtel, Reliance, Vodafone Essar, Tata Tele, Idea, STel and Aircel are getting ready to launch high-speed 3G services.

Earlier, state-owned telcos Bharat Sanchar Nagar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) said that they were ready with the infrastructure to implement the MNP service.
 

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