19 July 2011

Clinton pushes India on nuclear law


US Secretary of State Hillary Clinton urged India on Tuesday to open markets faster and resolve questions on a civilian nuclear accord that US companies hope could mean billions of dollars in new business.
Clinton opened high-level US-Indian talks with a polite but firm push for New Delhi to get moving on key economic issues as both sides seek to firm up a relationship that thus far has promised more than it has delivered.
"The stakes are high. So it is critical that this dialogue lead to concrete and coordinated steps that each of our governments take to produce real results," Clinton said in her opening remarks at the meeting, the latest in a series of talks aimed at deepening political and economic ties between the United States and the world's second most populous country.
The global economic slowdown has driven US and European companies to look for sales in emerging markets like India.
Clinton's visit will cover a range of bilateral issues including counter-terrorism cooperation, an issue thrown into stark relief by last week's deadly triple bomb attack on India's financial capital Mumbai.

Nifty flat


Indian equity benchmarks were trading moderately higher amid volatility, supported by heavyweights TCS, Reliance Industries, Bharti Airtel, Infosys, SBI, L&T and ICICI Bank. These stocks gained 0.4-0.8%.
NTPC was the top gainer as it signed a MOU with govt of Kerala to plan & develop around 200mw wind energy based power projects in Kerala, with rising 1.5%.
However, auto (four-wheeler) and realty companies' shares were on sellers' radar. BHEL, Wipro and HUL were putting some pressure on the market, which lost 0.5%.
The 30-share BSE Sensex was trading at 18,560, up 53 points and the 50-share NSE Nifty gained 14 points at 5,581.

Buy gold on dips


Gold has been creating waves in the commodities space, hitting new lifetime highs. Commodities in general have seen a surge on heavy safe haven buying amid concerns over debt in the US and the euro zone. Below are the top commodity picks for the day.
Gold:VP of Anand Rathi Commodities Kishore Narne suggests buying gold on dips towards Rs 23,000-23,050 levels, with a stop loss of Rs 22,800 and a target of Rs 23,400.
According to NS Ramaswamy, Head of Commodities at Ventura Securities, the strategy for the day would be to remain long on the MCX Gold contract. He suggests buying in the range of Rs 23,200-23,220 which could be close USD 1,600-1,601. The target for that day is USD 1,611-1,619 which could be close to Rs 23,350-23,400, with a stop loss of Rs 23,110 or USD 1590.
Zinc:According to Naveen Mathur of Angel Broking, the strategy in commodity space would be to buy the MCX July contract of zinc in the range of Rs 105.50-105.60. Recommended stop loss is Rs 103.80 and target would be seen in the range of Rs 108-108.50 levels.
Crude oil:Today we see the expiry in crude oil. However, Ashish Shah from Sushil Global Commodities says that one can expect a good volatility and momentum for the day, with Rs 4,250 to be a key level to watch out for, which will act as a support. So he recommends aggressive traders to wait for a break of Rs 4,250 and then to go ‘short’ for a target price of Rs 4,185-4,190.

Tata Motors goes ex-dividend


Tata Motors (DVR) and Tata Motors went ex dividend today. The ex dividend for Tata Motor DVR and Tata Motors are at Rs 20 per share, reports CNBC-TV18.
Tata Motors (DVR) touched an intraday high of Rs 576.20 and an intraday low of Rs 563. At 10:10 hrs the share was quoting at Rs 564.10, down Rs 25.10, or 4.26%. It was trading with volumes of 15,645 shares.
Tata Motors touched an intraday high of Rs 1,002.95 and an intraday low of Rs 989.55. At 10:11 hrs the share was quoting at Rs 992.60, down Rs 23.45, or 2.31%. It was trading with volumes of 94,007 shares.

Sensex volatile


The benchmark Sensex was flat in the opening trade for second consecutive day on Tuesday. Even Asian markets were quiet today, which could be eyeing for Thursday's euro-zone summit.
Siddharth Bhamre of Angel Broking said call writing is happening which will lead market to stay in a range for a while. “Due to implied volatility, look for 19.5% on the higher side.” He doesn’t see any significant falls taking place either.
HCL Tech, Sun Pharma, Bajaj Auto, HDFC Bank, Axis Bank, Reliance Industries, BHEL, Infosys, M&M, Hero Honda, ONGC and TCS were supporting the market.
However, Tata Motors, ACC, Ambuja Cements, Jaiprakash Associates, HUL, ICICI Bank and L&T were on sellers' radar.
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