Gold hits record

Spot gold hit a record high above USD 1,589 on Thursday, buoyed by a sharp drop in the dollar after Moody's warned the US may lose its top credit rating, the possibility of more Federal Reserve stimulus and Europe's deepening debt crisis.

Spot gold rose to a record of USD 1,589.56 an ounce, before easing to USD 1,584.51 by 0609 GMT. Gold was on course for its ninth consecutive day of gains, matching a similar winning streak in 2006.

US gold also hit a record at USD 1,590.80 an ounce. It was trading at USD 1,585.30, little changed from the previous close.

Nifty above 5600

The benchmark indices moved up smartly after early trade volatility. The NSE Nifty crossed the 5600-mark. Buying was seen in realty, banks, metals, capital goods and pharma stocks. However, IT stocks were trading weak. The broader indices were trading with half a percent gain.

Heavyweights like Reliance, ICICI Bank, ITC, L&T and HDFC were positive contributors to the Sensex while Infosys, TCS, ONGC and M&M were negative contributors.

HDFC Bank quotes ex-split today

HDFC Bank is quoting ex-split today. The company has fixed July 16, 2011 as the record date for the purpose of ascertaining the eligible shareholders who would be entitled to receive five equity shares of Rs 2 each in lieu of one equity share of Rs 10 each of the bank on sub-division.
 
At 09:54 hours IST, the share was trading at Rs 501.50, down Rs 1.63, or 0.32%, with volumes of 55,819 shares. Market capitalisation stands at Rs 23,408.57 crore. 
 
For the year ended March 2011, company reported net interest income of Rs 19,928.21 crore and net profit of Rs 3,926.40 crore.

9 stocks to watch out for today

ABG Shipyardhas broken out of its range closing 2.38% higher at Rs 385.45. The stock can touch Rs 400 if the current momentum is maintained.

Chambal Fertiliser has also moved above its previous high of Rs 84.30. The stock can touch Rs 88 from where it had rebounded earlier.

DCB barely crossed the high of Rs 65 it made in April. The stock touched a high of Rs 65.10 and closed at Rs 64.45. It can touch a price of Rs 68 above this high.


Indian Hotel did not participate in the rally on Wednesday. The stock closed near the low of the day at Rs 78.35. If the stock breaches Rs 78, it can touch a level of Rs 74.


Allahabad Bank was a buy call with a target of Rs 215. The stock touched a high of Rs 206.65 and closed at Rs 206.10. We maintain the target of Rs 215 for the stock.


Bank of Baroda was a buy call with a target of Rs 915. The stock touched a high of Rs 888.50 but closed lower at Rs 876.30. We maintain the price target for the stock.


Rolta above Rs 128 was triggered. The stock touched a high of 129.55 and closed at Rs 129.05. We maintain our target of Rs 134 for the stock.


Idea was a buy call above Rs 79.45 with a target of Rs 85. The stock touched a high of Rs 81.60 and closed at Rs 81. We maintain our target on the stock.


Shriram Transport Finance was a buy call with a target of Rs 690. The stock touched a high of Rs 686 and closed at Rs 682.35. We maintain our target on the stock.

Stock Advisory: Buy Mumbai Unlimited

Dear Terrorists. You’ve lost again.

Sure, we know you did damage. Huge damage. Three ear-shattering blasts. Several deaths. Scores injured and maimed. Hundreds of heart-rending personal tragedies. Fear in the city. Anger, too. Politicians and TV anchors doing their worst to fish in troubled waters.

Policemen look for clues at blast site in Zaveri bazar in Mumbai on Wednesday. Three bomb blasts were reported in Mumbai on Wednesday. Mitesh Bhuvad/PTI

But Mumbai, as always, is back on its feet again. In fact, it was up even before you fled the scenes. Well before the ambulances arrived, Mumbaikars pitched in to help the dead and injured. Well before you reached your rat-hole to hide from your own wanton act of destruction, the wounded and the departed were being moved to hospital and the debris removed.

And if you don’t know you’ve lost again, you’re bigger losers than we give you credit for (if credit’s the word for this discreditable act). Even the stock market did not buy your big bang strategy.