news letter as on 10-dec final

8/3/2019 News Letter as on 10-Dec Final

1/10

The Golden Group

House of Golden Opportunities..

2011The Golden Leaflet

Equity

Commodity

Currency

Weekly Updates

Column of the Week

Column Of The

Week


2/10

SPEED MARKET WATCH

EQUITY

INDICES

02/12/2011 09/12/2011 Net Change

( %)

(Friday) (Friday)

SENSEX 16846.83 16213.46 -633.37(-

3.90%)NIFTY 5050.15 4866.70 -183.45(-

3.76%)

BANKNIFTY

9172.75 8811.10 -361.65(-

4.10%)CNX IT 6122.90 6135.25 12.35(0.20%)

COMMODITY

COMMODITY UNIT

02/12/2011

09/12/2011

Net Change( %)

(Friday) (Friday)

GOLD (Feb2011)

10 g 29181.00 29153.00 -28.00(-1.09%)

SILVER (Mar2011)

1kg.

57159.00 56647.00 -512.00(-0.90%)

COPPER (Feb2011)

1kg.

408.10 412.30 4.20(1.01%)

CRUDE OIL(Dec, 2011)

1BBL

5148.00 5139.00 -9.00(-0.17%)



3/10

AGRI PRODUCTS

COMMODITY UNIT 02/12/2011

09/12/2011

Net Change(%)

(Friday) (Friday)

Ref Soya Oil(Dec, 2011)

10 kgs 642.00 642.00 0.00(0.00%)

Chana (Dec,2011)

1 qt. 3153.00 3248.00 95.00(2.92%

Guarseed(Dec,2011) 1 qt. 5245.00 5564.00 319.00(5.73%)MenthaOil(Dec, 2011)

1 kg. 1324.70 1308.40 -16.30(-1.24%)

CURRENCY

CURRENCY 02/12/2011 09/12/2011 Net Change%

(Friday) (Friday)

USD/INR 51.0750 51.9150 0.8400(1.61%)

EURO/INR 68.4100 69.4500 1.0400(1.49%)

EURO/USD 1.3392 1.3386 -0.0006(-0.04%

Dollar Index 78.7500 78.6300 -0.1200(-0.15%

Weekly UpdatesHouse of Golden Opportunities..


4/10

Sensex sheds 274 points; cues from West to set market tone

The Indian markets ended this week on a fragile note ahead of the action-packed events

lined-up for the upcoming week. Sensex gave up most of its gains it recorded last week.

The Sensex shut shop at 16213.46 down 274.78 points or 1.67% at 16213.4 and

the Nifty closed at 4866.70 down 76.95 points or 1.56%. About 1131 shares advanced, 1811

shares declined, and 797 shares remain unchanged.

Nifty opened well below 4900 mark and persisted to trade sluggishly for most part of the

trading session. Asian markets too ended on a weak note. The EU summit failed to secure

the full backing of the 27 nations for treaty changes to help fight euro-zone debt crisis.

Chinese companies to bid for India infrastructure projects: Wang

The Indian governments plan to invest one trillion dollars on infrastructureprojects offers excellent opportunity for Chinese companies to participate.

As India plans to invest over one trillion dollars on infrastructure projects in the next five

years, Chinese companies are gearing up to participate in the process. Wang Xuefeng,

Minister at the Embassy of China in India, said the country has several competitive

advantages in manufacturing and infrastructure construction. The Indian governments

plan to invest one trillion dollars on infrastructure projects offers excellent opportunity for

Chinese companies to participate.He was addressing delegates at a roundtable conference

titled India China Economic Cooperation: Win Win Situation organized by The Associated

Chambers of Commerce and Industry of India.

Wang brushed aside fears of hike in tariff and non-tariff barriers on imports of some

Chinese goods by India or a complete ban on specific items like power and telecom

equipment. China has already raced past the United States, Britain and Japan to become

Indias largest trading partner.

Trade between the worlds most populous nations with 2.5 billion people jumped 20-fold

from 2.9 billion dollars in 2000 to more than 60 billion dollars in 2010. It is likely to cross 70

billion dollars this year and reach 100 billion dollars in the next four years Indian exports to

China jumped 68.8% to 19.6 billion dollars in 2010-11 from 11.6 billion dollars in the

previous year. The imports also increased 41 per cent to 43.5 billion dollars from 30.8 billion

dollars in the same period.

Most Indian exports to China comprise of metals, ores, iron and steel besides cotton while

imports are of electrical machinery and equipment, nuclear reactors and boilers, organic

chemicals, fertilisers, iron and steel.

http://www.moneycontrol.com/sensex/bse/sensex-livehttp://www.moneycontrol.com/nifty/nse/nifty-livehttp://www.moneycontrol.com/sensex/bse/sensex-livehttp://www.moneycontrol.com/nifty/nse/nifty-live


5/10

US stocks soar on consumer sentiment; Dow Jones up 1.55 percent

U.S. stock markets rallied on Friday as investors rushed to equities buoyed by firming

consumer sentiment numbers at home and by European progress in tackling the debt crisisacross the Atlantic.

The Dow Jones Industrial Average ended Friday up 1.55 percent or 186.56 at 12184.26, the

S&P 500 index roared ahead 1.69 percent or 20.84 at 1255.19, while the Nasdaq Composite

index was up 1.94 percent or 50.47 at 2646.85.

In Europe, 26 of the 27 treaty nations agreed to tighter fiscal integration and discipline

measures, with Britain acting as the holdout on grounds it did not get enough concessions

and safeguards in exchange for subjecting its financial markets to possible higher taxes.

Hopes for an end to the European debt crisis buoyed stock indices in Europe as well.

France's CAC 40 rose 2.48 percent, Germany's DAX shot up 1.91 percent and Britain's FTSE

100 rose 0.83 percent.

Next week, the Federal Reserve will hold its Federal Open Market Committee meeting,

where monetary policy authorities will discuss what to do with benchmark interest rates,

which are down at very low 0.25 percent rates and holding.

EU accepts limited fiscal union...UK stays out

An agreement involving all 27 EU members fell through after British Prime

Minister David Cameron reportedly demanded concessions that Germany and

France were not willing to give.

The European Union (EU) leaders have agreed on new rules for budget discipline among its

member nations but failed to reach a consensus on treaty changes on reported resistance

http://www.moneycontrol.com/live-index/dowjoneshttp://www.moneycontrol.com/live-index/nasdaqhttp://www.moneycontrol.com/live-index/dowjoneshttp://www.moneycontrol.com/live-index/nasdaq


6/10

from few others like the UK.

The dollar index rose marginally while the euro surrendered intraday gains.

Any deal may now just involve the 17 nations that share the euro, plus others who may want to join, the

reports said. An agreement involving all 27 EU members fell through after British Prime Minister David

Cameron reportedly demanded concessions that Germany and France were not willing to give.



7/10

COLUMN OF THE WEEK

Govt cuts growth forecast, warns on balance of trade, deficit

target

India slashed its full-year growth forecast on Friday amid slowing domestic and global

demand, with officials warning the government was facing a serious balance of trade

problem and will have a tough time meeting its fiscal deficit target.

Asia's third-largest economy is now expected to grow by 7.25 to 7.5 percent in the fiscal

year ending next March, the government said in a mid-year review, down sharply from an

estimate of 9 percent issued in February. The slowing economy has put government

finances under further stress, fueling a recent sell-off in the rupee. While tax receipts so far

have lagged the budgeted estimates, expenditures are climbing at a faster clip.

"There can be no denial that meeting the target (of fiscal deficit) will not be easy this year,"

the finance ministry said in its review, without giving a revised forecast. Separately, the

trade deficit for the fiscal year ending March 2012 is expected to sharply widen to $155-

$160 billion from $104.4 billion a year ago, posing further downside risks to the weak Indian

currency.

Slowing demand for Indian merchandise in overseas market is also making the government

uncertain about achieving its annual export target of $300 billion.

"There is clear evidence of a deceleration in exports growth," said Rahul Khullar, trade

secretary, after releasing the provisional trade data for November "There is a seriousbalance of trade problem."

Net tax revenues have grown at just 7.3 percent year on year in the first seven months of

2011/12, while expenditure has jumped by about an annual 10 percent. Adding to the

gloomy outlook, the government said raising a budgeted 400 billion rupees via stake sales

in state-run companies in choppy market conditions would be hard to achieve.

"There can be no denial that meeting the target (of fiscal deficit) will not be easy this year,"

the finance ministry said in its review, without giving a revised forecast. With less than four

months of 2011/12 still remaining, economists say the full-year fiscal gap may be almost

one percentage point higher than the budgeted target of 4.6 percent of GDP. The fiscal

deficit has already reached nearly 74 percent of the full-year target.

Any slippage on the fiscal front is expected to force the cash-strapped government to

borrow more from the market. It has already unveiled 528 billion rupees of extra borrowing

for the remainder of this year.

The government blamed its rising subsidy bill for higher expenditures but said it is



8/10

determined to keep any slippage in the fiscal deficit target to a minimum level.

Early this week, the government forecast its subsidy bill for the full year to rise by 1 trillion

rupees. India may face its worst financial crisis in decades if it fails to stem the slide in the

rupee, leaving the Reserve Bank of India (RBI) with a difficult choice over how to make best

use of its limited reserves to maintain the confidence of foreign investors.

Unlike most of its Asian peers, India has recently been running large current account and

fiscal deficits. That means it must attract sufficient foreign money -- namely U.S. dollars -- to

close the gap, and a weaker home currency makes that costlier.

Europe's festering debt crisis and worries about the U.S. economy have seen global

investors pull funds from emerging markets in recent months, adding to pressure on their

currencies.

The rupee is facing the brunt of this capital flight. The partially convertible currency is down

nearly 17 percent against the U.S. dollar this year and is the worst performer in Asia. The

government has attributed the depreciation in rupee in part to global reallocation of funds

toward safe-haven assets and has reiterated its policy of forex intervention to control

volatility rather than alter the trend.

The weak rupee is confounding India's inflation management by pushing up the costimported items. Headline inflation has been steadfast above 9 percent for the past 11

months despite 13 rate hikes by the central bank since March 2010.

The government said softening global commodity prices on slowing demand should cool

inflation beginning December and slow it further to 7 percent by March.



9/10

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10/10

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