Helping You Build Wealth With Honest Research
Since 1996. Try Now

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Indian markets up on Asian cues
Tue, 11 Oct 09:30 am

Asian stock markets have opened the day on a firm note. Stock markets in Hong Kong (up 2.9%), Indonesia (up 2.4%), South Korea (up 2.0%), Japan (up 1.9%), Singapore (up 1.9%) and China (up 0.7%) are in the green. The Indian stock market have opened the day on a firm note. Stocks in the Metals and Banking space are leading the gains.

The BSE-Sensex is trading up by 150 points (1%) and the NSE-Nifty is up by around 50 points (1%). Mid and small cap stocks are trading in the green, with the BSE Mid Cap and BSE Small Cap indices up by 1% and 0.6% respectively. The rupee is trading at 48.88 to the US dollar.

Banking stocks have opened the day on a firm note with Bank of Baroda and State Bank of India (SBI) in the green. India's leading public sector lender, SBI is planning to raise Rs 50 bn through a rights issue of shares by December 2011. The aim of this initiative is to prop up the bank's Tier-I capital to above 8% for the financial year 2011-12. The move has come in response to the downgrade of SBI's standalone rating by Moody's Investors Service. The rating agency had cited concern over capital and rapid deterioration in asset quality. As on 30th June, 2011, SBI had Tier-I capital of 7.6%. Though the regulator mandates Tier-I capital higher than 6%, the Indian government insists public sector banks maintain minimum Tier-I capital of 8%.

Steel stocks have opened the day on a firm note with Tata Steel and JSW Steel in the green. India's largest steel maker, Tata Steel has planned to invest GBP 2 m in making a new facility to manufacture jacket foundation structures for wind turbines. This facility will be created at its Hartlepool tube plant in the UK. This move will help in increasing the company's presence in the renewable energy market. Tata steel said that the traction in the renewable sector will create a huge demand for jacket fabrications for wind tower structures. The facility is expected to be read by early 2012. These jackets are used for fixing the wind turbine to the seabed and are typically used in deep water for larger turbines. The new facility will create the structures and will then be prepared for welding into the finished product. It will further be sent to fabricators in the UK and mainland Europe.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian markets up on Asian cues". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Agora Research Private Limited.

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Agora Research Private Limited (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.