Apr 11, 2013 08:16 AM IST | Source:

Quick bites: Your 10 seconds news bulletin

Here are the top 10 news of the hour. These news range from global markets to domestic market to stocks and personalities.

  • bselive
  • nselive
Todays L/H

Moneycontrol Bureau

Here are the top 10 news of the hour. These news range from global markets to domestic market to stocks and personalities.

1. Nifty pullback unlikely in next few days

This morning global cues are not bad but somehow for the last few days we have not been able to derive any great energy from there. Everything looked quite awful yesterday.

Volumes is one part of it. The way many of the largecap stocks started coming off- Oil and Natural Gas Corporation (ONGC), Infosys, State Bank of India (SBI), it clearly appears that there is a lot of selling which is happening from global institutions once again. So, the market almost seemed to have leadership on the breakdown and yesterday looked like a bit of a fresh breakdown after two-three days of flat lining it, it looked like consolidation. There were talks of a possible pullback and the market attempted it in the morning but then it just completely fizzled out.

2. Sahara' s Subrato Roy deposes before SEBI

After much suspense and speculation, Sahara chief Subrato Roy met SEBI officials to discuss process of sale of Sahara's assets and recovery of unpaid dues. The market watchdog SEBI had summoned Subrata Roy for failing to comply with conditions as per the order of attachment. Later speaking to the press, Roy said the discussions were only on his personal assetss. "My assets appear to have troubled SEBI," he said.

3. FY13 car sales fall 7%; SIAM sees 3-5% growth in FY14

Passenger car sales in India fell 7 percent in FY2013, the first such decline in over a decade, Society of Indian Automobile Manufacturers said on Wednesday. The industry body is, however, hopeful of a pickup in FY14.

Sales across passenger cars, medium & heavy commercial vehicles and two-wheelers have been hit amid expensive loans, rising fuel prices and the overall economic slowdown too has dampned sentiments.

4. World stocks hit 1-week high after China data lift

World shares edged up to their highest level in a week on Wednesday after Chinese trade data pointed to a steady recovery of the world's second largest economy. China reported a mild trade deficit of USD 884 million in March as a 14.1 percent year-on-year surge in imports eclipsed export growth of 10 percent, signalling that domestic demand was gathering the pace needed to drive economic recovery.

5. ONGC's FY14 output target at 28.6 MT: CMD

ONGC is confident of upping oil production to 28.6 million tonnes in current financial year as it has embarked on an expansion programme. In FY13, the state-run upstream firm produced 26.12 MT from its reserves.

6. Nikkei at highest close in nearly five years

Japan's Nikkei average climbed to its highest closing level in nearly five years on Wednesday, with traders citing new money coming into the market after the central bank started its ultra-loose monetary easing this week. The benchmark has rallied 7.5 percent since the Bank of Japan unveiled last Thursday that it planned to inject USD 1.4 trillion into the world's third-largest economy to defeat deflation. It conducted its first bond buying operations on Monday.

7. Goldman Sachs cuts gold price targets, recommends to short

Goldman Sachs cut its gold price forecasts for a second time in six weeks on Wednesday, citing expectations for an acceleration in US economic growth and the metal's recent lacklustre price performance.

The bank lowered its 2013 average gold price forecast to USD 1,545 an ounce from USD 1,610 and its 2014 price view to USD 1,350 an ounce from USD 1,490.It also advised that investors close a long COMEX gold position, recommended in late 2010, and replace it with a short COMEX position.

8. HCL Tech may beat Jan-March forecasts: StarMine

HCL Technologies Ltd may be the only of India's big four IT stocks to beat January-March earnings consensus forecasts, according to Thomson Reuters StarMine data.

9. JSPL to raise Rs 3500 cr via bond issue: Sources

Jindal Steel and Power (JSPL) is likely to raise upto Rs 3,500 crore via bond issue in domestic market, say exclusive sources. The proceed of the issue will be used for expanding capacities in steel and power businesses.

Though JSPL refused to comment on the story, it is also learnt that the firm will begin road shows to publicise its fund raising programme.

10. JSW Steel, Tata Steel shares subdued despite good Q4 output

Shares of leading steelmakers such as JSW Steel and Tata Steel were subdued despite reporting an increase in crude steel output in January-March as well as for the full year 2012-13. This could be an indication of investor skepticism about the steel sector.

Follow us on
Available On