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Commodity trends

Wheat

Due to intense cold weather in major wheat-growing regions, India’s wheat production may...

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Tepid opening indicated: Thursday Market Preview

Wall Street ended lower for the second day on worries of disruption of crude supplies while Asian markets have showed some recovery with the markets in the region witnessing a mixed trend in early trade today

The Indian market is likely to see a tepid opening today. The surge in crude prices on account of the ongoing turmoil in Libya spooked markets worldwide. Wall Street ended lower for the second day on worries of disruption of crude supplies. However, fears of disruption in crude supplies have been receding in Asia as the markets have showed some recovery with the markets in the region witnessing a mixed trend in early trade today. The SGX Nifty was down 20 points at 5,421 from its previous close of 5,441.

On the domestic front, the government will announce the weekly food inflation numbers later today. Besides, the expiry of the February futures & options contract will keep the market volatile.

The market witnessed a flat opening on Wednesday, tracking weak trends in the global arena on concerns about rising crude prices due to the ongoing political unrest in West Asia. Besides, fluctuations ahead of the expiry of the February futures and options contract, due today, saw the key indices move in and out of the red quite a few times. Select buying in post-noon trade pushed the market to a higher trajectory, but the gain was temporary and the indices again slipped southwards in the late session, closing marginally off the day’s low and in the red for the second straight day. The Sensex fell 118 points to close at 18,178, while the Nifty fell 32 points at 5,437. The market may have still not found a direction and may see a fall soon.

The US markets closed in the red for second day in a row as the rise in crude prices on account of the continued violence in Libya, Africa’s top oil exporter Crude futures for April delivery settled at $98.10 a barrel after surging to 4.8% to $100 per barrel in New York. Brent oil for April delivery climbed 5.6 percent to $111.66 a barrel. Meanwhile, US Treasury Secretary Timothy F Geithner said the economic recovery has put the world on a better footing to withstand the increase in oil prices.

On the economy front, existing home sales in the US rose 2.7% to a 5.36 million annual rate in January to the highest level in eight months as investors used all-cash transactions to snap up distressed properties.

The Dow tumbled 107.01 points (0.88%) at 12,105.78. The S&P 500 shed 8.04 points (0.61%) to 1,307.40 and the Nasdaq fell by 33.43 points (1.21%) to 2,722.99.

The fears of disruption of crude supplies have been receding in the Asian region as markets in the region were mixed in early trade on Thursday. However, policy makers in Asia are expected to take harsher steps to rein in rising prices.

The Shanghai Composite gained 0.47%, the Hang Seng rose 0.45%, the Seoul Composite was up 0.42% and the Taiwan Weighted advanced 1.08%. On the other side, the Jakarta Composite was down 0.36%, the KLSE Composite shed 0.04%, the Nikkei 225 fell 0.42% and the Straits Times was down 0.05%.

Back home, India’s GM crop acreage in 2010, at 9.4 million hectares (mh), was next only to the US (66.8 mh), Brazil (25.4 mh) and Argentina (22.9 mh), while ahead of Canada (8.8 mh) and China (3.5 mh), according to the latest global status report of the International Service for the Acquisition of Agri-biotech Applications (ISAAA).

The 9.4 mh GM area in India consisted entirely of Bt cotton. This was unlike in the US, where the 66.8 mh acreage was distributed among maize (31.7 mh), soyabean (30 mh) and cotton (3.9 mh), besides canola, alfalfa, sugarbeet and potato.
 

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