BMA iq: 30th March, 2013

Closing Summary, Market Synopsis: 28th March, 2013

Closing Market Update:
The Indian benchmarks ended on a strongly positive note on March 28, 2013. After opening slightly down on the back of international cues, they drifted down further. However, a strong buying in the second half at support levels pushed the benchmarks higher to close almost at the high point of the day. Extremely poor global cues had a cascading effect on the indices, which stayed in the negative territory for most part of the day. However, sentiment changed towards the last half an hour which helped the benchmarks close higher. Midcaps that were butchered in the past few sessions also rebounded with notable gains. These led the Sensex to close at the level of 18835.77 i.e. up by 131.24 points and the Nifty to close at the level of 5682.55 i.e. up by 40.95 points. The midcap index and the small cap index closed in green with the gain of nearly one and one-half of a percentage point and one and one-third of a percentage point respectively. On the sectoral front all the indicies except one closed in green. Metal Index was the biggest gainer with the gain of more than two and two- third of a percentage point. This was followed by Capital Goods Index which closed with the gain of nearly two and one-fifth of a percentage point. On the other hand Auto Index closed as the biggest looser with the loss of three-fourth of a percentage point.

Further, the market breadth closed positive as eight stocks were seen advancing against five declining stocks.

Commodity Market Update (Natural Gas)

On COMEX, Precious metals are trading mixed since morning with Gold trading at $1603.50, lower by $3.70 or 0.23% while Silver futures rose couple of cents or 0.10% to trade at $28.64 an ounce. Base metals futures are trading lower since morning except Copper, trading in green at $7607.25 with a marginal gain of $2.75 or 0.04%. LME Zinc is losing most of the ground, eased 0.68% to $1896.00 per metric ton. ON NYMEX, Crude Oil futures rose 0.24% or 21 cents to trade at $96.79 while Natural Gas is losing almost half a percent to trade at $4.05 after having tested a 18-month high of $4.12. Natural Gas traders are waiting for EIA’s Natural Gas Storage with a market forecast of -85 Bcf against the previous of -62 BcF.

Data to watch:

US Unemployment Claims
US Natural Gas Storage

Morning Summary,Market Synopsis : 28th March, 2013

Good Morning Everyone,
The major Indian equity benchmarks started the day on a slightly weak note on March 28, 2013 on the back of weak international cues and were not able to maintain at the opening levels. They were seen drifting down. Indices have now fallen in seven out of the last eight sessions, reflecting the bearish sentiment in the market. Stocks have tumbled despite foreign funds not having sold in a big way. Traders are ready for the expected volatile movements which generally occur on the day of expiry. This led the Sensex to trade near the level of 18591.73 i.e. down by 112.83 points & the Nifty to trade near the level of 5611.05 i.e. down by 30.05 points. The Midcap index and the small cap index are trading in red with the loss of three – tenth of a percentage point each. On the sectoral front, the indices are trading mixed. Healthcare Index is trading as the largest gainer with the gains of more than half a percentage point. On the other hand, Auto Index is the biggest looser with the loss of one and two-third of a percentage point. This is followed by Realty Index which is trading with the loss of slightly less than one and half of a percentage point.

Further, the market breadth is negatively placed as four stocks were seen advancing against seven declining stocks.

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Closing Summary, Market Synopsis: 26th March, 2013

Closing Market Update:
The Indian benchmarks ended on a flat note on March 26, 2013 . After opening with a gap down on negative international cues, benchmarks immediately made a bottom and reversed. Subseqently they were seen trading in a narrow band. However, they could not sustain the gains and retraced to close slightly higher than the previous day. Investors continued to be worried because of renewed political turbulence, which has increased the possibility of early elections. But more than early elections, investors are worried that the present government may no longer be able to push through any major economic reforms as government will be bothered with its survival first. These led the Sensex to close at the level of 18704.53 i.e. up by 23.11 points and the Nifty to close at the level of 5641.6 i.e. up by 7.75 points. The midcap index closed in red with the loss of ten basis points and the small cap index closed marginally in green with the gain of four basis of a percentage point . On the sectoral front the indicies closed mixed. Oil & Gas Index was the biggest looser with the loss of more than two percentage point. This was followed by Realty Index which closed with the loss of slightly less than two percentage point. On the other hand Consumer Durables Index closed as the biggest gainer with the gain of more than one and half percentage point.

Further, the market breadth closed negative as five stocks were seen advancing against seven declining stocks.

Commodity Market Update (Silver)

Precious metals are trading marginally lower today with Gold spot on international market is near $1600.00 mark with losing 0.33% or almost $5.00 while Silver is trading marginally lower by 0.07% at $28.18. We expect prices to remain in a range with traders waiting for the evening releases for US CB Consumer Confidence and New Home Sales to be scheduled at 7.30 PM today. Base metals are trading slightly higher with Copper at $7635.00, adding almost 14 points while other metals are trading slightly mix. Energy complex are trading higher since morning, near month Crude Oil futures is trading at $95.14 and Natural Gas is trading at $3.90 which are higher by 0.35% and 1.05% respectively.

Data to Watch:

US CB Consumer Confidence and New Home Sales @7.30 PM.

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Morning Summary,Market Synopsis : 26th March, 2013

Good Morning Everyone,
Weakness in overseas markets prompted local share indices to trade marginally in the red to flattish. Rollovers to the April derivatives contract on the penultimate day of expiry also kept trade choppy. 
Oil and gas, real estate, capital goods, and bank shares trading in the red today whereas defensive buying supported gains in fast moving consumer goods shares. Among banks, Indian Overseas Bank, Oriental Bank of Commerce, and Syndicate Bank lost 2.6-3.4% as Moody's Investors Services downgraded ratings for the banks, citing asset quality concerns. Profit sales dragged Pantaloon Retail India off 1.4% highs hit in the first few minutes of trade on news it has entered into a non-binding term sheet to merge its insurance joint venture with Larsen & Toubro's unit, L&T General Insurance Co.
Among FMCG gainers, Hindustan Unilever advanced 0.6% to 464.25 rupees and ITC added 1.5% to trade at 306.80 rupees. Coal India, up 1.5% at 301.95 rupees, was the top gainer on Nifty.

Closing Market Update

Closing Market Update
The Indian benchmarks ended on a weak note on March 25, 2013 . After opening with a gap up on positive international cues, benchmarks immediately scaled highs of the day and then were seen trading in similar levels. However , it was in the later half that a massive selling pressure emerged as country’s political crisis deepened. It was reported that Mulayam Singh Yadav’s Samajwadi Party, which supports the government from outside, may pull the plug on the UPA government leading to an early polls. Talks of early polls, which analysts say can be in October generated the selling pressure towards the close of the market. Thus the benchmarks closed, consecutively seventh day in negative. These led the Sensex to close at the level of 18681.42 i.e. down by 54.18 points and the Nifty to close at the level of 5633.85 i.e. down by 17.50 points. The midcap index and the small cap index closed in red with the loss of one-third of a percentage point and eight-tenth of a percentage point respectively. On the sectoral front the indicies closed mixed. Capital Goods Index was the biggest looser with the loss of nearly one and half a percentage point. This was followed by Auto Index which closed with the loss of more than three-forth of a percentage point. On the other hand Realty Index closed as the biggest gainer with the gain of more eight-tenth of a percentage point.

Further, the market breadth closed negative as two stocks were seen advancing against three declining stocks.

Commodity Market Update (Golod)

Gold and Silver prices are trading mixed with Gold spot on international exchange is at $1605.65 which is lower by 0.20% or $3.00 from its previous settlement of $1608.55 while Silver spot prices are at $28.79, adding 0.20% or 6 cents at the time of writing this. We expect prices to remain in a range with traders waiting for the comments from Fed Chairman Ben Bernanke to be delivered late today. On base metals prices are trading lower across the LME with Copper trading at $7655.00, almost flat while Aluminum, Zinc and Nickel are trading lower by more than half a percent each. Energy prices are trading positive since morning with Crude Oil near month contract trading at $94.14, up by 0.46% and Natural Gas is higher by 0.75% or $3.955.

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Morning Summary,Market Synopsis : 25th March, 2013

Good Morning Everyone,
Stock indices trading up around 0.80% with the Nifty briefly topping the 5700-mark as Cyprus negotiated a last-minute deal with the International Monetary Fund and the European Union for a 10-bln-euro bailout.
Realty shares rebounded after steep losses last week. DB Realty, Unitech, DLF, Housing Development & Infrastructure, and Puravankara Projects rose 1-4%. Cairn India rose 2.3% and Oil and Natural Gas Corp added 3.3% as their joint venture started commercial gas sales from the Barmer block in Rajasthan. Ranbaxy Laboratories down 1.2%, was the worst hit on the Nifty.

BMA iq: 23rd March, 2013

BMA Inspiration: Indian Classical Musician and Shehnai Maestro Ustaad Bismillah Khan

Ustad Bismillah Khan was born as Qamaruddin Khan in Bhirung Raut ki Gali at Dumraon, Bihar. He was born as the second son of Paigambar Khan and Mitthan. He hailed from the family of musicians, wherein his ancestors were musicians in the court of princely states of Bhojpur, now in Bihar. His father was a shehnai player in the court of Maharaja Keshav Prasad Singh, Dumraon. His named was changed to Bismillah by his grandfather Rasool Baksh Khan. On being relocated to Varanasi at his maternal uncle at the age of 6, Bismillah received formal training in music from him, Ali Baksh 'Vilayatu', a renowned shehnai player at Vishwanath Temple, Varanasi.

Bismillah Khan practiced the shehnai devotedly and perfected in a short span of time. It was his concert in All India Music Conference in Calcutta in 1937 which brought shehnai into the limelight. It was highly appreciated by the common masses and shehnai became associated with Bismillah. His live performance at Delhi's Red Fort became an inseparable part of the celebration of the first Independence Day in 1947, when he was invited by the first Indian Prime Minister Jawaharlal Nehru. Later on January 26, 1950, he even performed at, yet again, Red Fort on the eve of India's first Republic Day. His recital was telecast on Doordarshan every year as part of cultural activities in Independence Day celebrations. He performed almost at every place across the globe. He took active participation in the Cannes Art Festival and Osaka Trade Fair. Continuing his musical presence, he was invited in the World Exposition in Montreal. The modesty and simplicity of Bismillah Khan was reflected in his lifestyle. He believed that music has nothing to do with caste and religion. Although he was a dedicated Shi'ite Muslim, he was a staunch devotee of the Hindu goddess of music, Saraswati.

Ustad Bismillah Khan will always be remembered for his remarkable contribution to the Indian music. He is the only one to make the shehnai one of the most popular classical music instruments across the world. He was the perfect and unbeatable synonym for shehnai.

While keeping the magic of shehnai alive round the world, Bismillah tried his hand at some movies as well. He played the shehnai for Kannada film 'Sanaadi Appanna' and had even acted in the Satyajit Ray movie 'Jasaghar'. The sound of shehnai in the 1959 film 'Goonj Uthi Shehnai' was provided by this music legend. He recorded for his last movie in 2006 in 'Swades' for the song 'Yeh Jo Des Hai Tera'.

Ustad Bismillah Khan was admitted to Heritage Hospital on August 17, 2006 and four days later, died of a cardiac arrest on August 21. A day of national mourning was announced by the Government of India on his death. He was buried, along with a Shehnai, at Fatermain burial ground, Old Varanasi with a 21-gun salute from the Indian Army. He is survived by five sons, three daughters, and several grandchildren and great-grandchildren.

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Closing Summary, Market Synopsis: 22nd March, 2013

The Indian benchmarks ended on a flat note on March 22, 2013 as they closed at the similar level as that of Thursday. However, benchmarks extended their loss to sixth consecutive day. The mood was also cautious on escalating worries about whether Cyprus will be able to strike a bailout deal with lenders before the Monday deadline or not. Again, back home foreign fund flows have slowed down considerably this month. These led the Sensex to close at the level of 18735.60 i.e. down by 57.27 points and the Nifty to close at the level of 5651.35 i.e. down by 7.40 points. The midcap index and the small cap index closed in red with the loss of quarter of a percentage point and nearly one percentage point respectively. On the sectoral front the indicies closed mixed. Consumer Durables Index was the biggest looser with the loss of more than two percentage point. This was followed by Realty Index which closed with the loss nearly one and one-third of a percentage point. On the other hand Power Index closed as the biggest gainer with the gain of more than quarter of a percentage point.

Further, the market breadth closed negative as one stock was seen advancing against two declining stocks.

Commodity Market Update (Copper)

Precious metals are trading lower today with international Gold spot prices are trading at $1611.77, down by 0.20% or $3.19 and Silver spot prices are at $29.05, lower by 11 cents. We expect prices to remain in a range with a negative bias for rest of the trading hours. Base metals are trading flat with no major moves till now. Copper on LME is at $7635.00, gaining the most among the group by 0.70%. ON NYMEX Crude and Natural Gas futures are trading slightly higher with 0.24% each at $92.65 and $3.94 respectively. No significant economic releases for the day.

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Morning Summary,Market Synopsis : 22nd March, 2013

The major Indian equity benchmarks started the day on a flat note on March 22, 2013 and was seen trading in the similar levels with some positive bias. The mood is however cautious on escalating worries about whether Cyprus will be able to strike a bailout deal with lenders before the Monday deadline or not. Thus market had a sluggish start and the indices have been falling for several consecutive sessions. The buyers are still apprehensive in the absence of any positive fundamental trigger. This led the Sensex to trade near the level of 18811.65 i.e. up by 18.78 points & the Nifty to trade near the level of 5668.85 i.e. up by 10.10 points. The Midcap index and the small cap index are trading in red with the loss of slightly more than half a percentage point and nearly two-third of a percentage point respectively. On the sectoral front, the indices are trading mixed. Auto Index is trading as the largest gainer with the gains of three-forth of a percentage point. On the other hand, Consumer Durables Index is the biggest looser with the loss of one and four-tenth of a percentage point. This is followed by IT Index which is trading with the loss of more than one and one-tenth of a percentage point.

Further, the market breadth is negatively placed as one stock was seen advancing against three declining stocks.

Closing Summary, Market Synopsis: 21st March, 2013

The Indian benchmarks ended on a considerably weak note on March 21, 2013 as they closed at the lowest level of calendar year 2013. They opened slightly up and after a small downward move, reversed sharply. But the benchmarks could not sustain the recovery and sharply came down to touch the lows of the day. There was wide spread destruction of prices of mid caps. Even the cues from Europe were negative as ECB declared not to provide emergency fund to Central bank of Cyprus if the settlement is not reached by Monday. These led the Sensex to close at the level of 18792.87 i.e. down by 91.32 points and the Nifty to close at the level of 5658.75 i.e. down by 35.65 points. The midcap index and the small cap index closed in red with the loss of slightly more than one percentage point and nearly one and quarter of a percentage point respectively. On the sectoral front all the indicies excepting three sectors closed in red. Realty Index was the biggest looser with the loss of nearly three percentage point. This was followed by Power Index which closed with the loss of two and one-third of a percentage point. On the other hand Consumer Durables Index closed as the largest gainer with the gain of more than three-forth of a percentage point.

Further, the market breadth closed negative as two stocks were seen advancing against five declining stocks

Commodity Market Update (Natural Gas)

Bullions are trading marginally positive with Gold spot prices are at $1608.6, adding almost $2.0 or 0.10% and Silver is up by 9 cents at $28.91. We expect Gold and Silver prices to trade in a range with a positive bias for the day. Resistance for Gold comes at $1620.0 level and that for Silver stands at $29.1 level. On Base metals prices are in green as recovered from the recent declines with Copper on LME is at $7640.0 which is higher by 0.25% or 20 points along with all other metals. Crude oil prices on NYMEX are trading lower by 0.60% at $92.97 while Natural Gas prices are trading flat at $3.960.
Data to Watch
US Unemployment Claims @ 6:00 PM

Morning Summary,Market Synopsis : 21st March, 2013

The major Indian equity benchmarks started the day slightly up on firm cues from overseas markets, but caution prevailed due to political uncertainty in the country after the government failed to build a consensus on its draft resolution on Sri Lanka. Though, The US Federal Reserve yesterday maintained its commitment to a very accommodative monetary stance and the wrangling market nerves calmed on the back of Cyprus rejecting the terms of the European Union bailout. Even, better than expected manufacturing data from China did not enthuse the market. The benchmarks started drifting down again. This led the Sensex to trade near the level of 18848.8 i.e. down by 35.39 points & the Nifty to trade near the level of 5703.3 i.e. down by 8.90 points. The Midcap index and the small cap index are trading in red with the loss of one-third of a percentage point and four-tenth of a percentage point respectively. . On the sectoral front, the indices are trading mixed. Teck Index is trading as the largest gainer with the gains of half a percentage point. On the other hand, Auto Index is the biggest looser with the loss of nearly two percentage point. This is followed by Realty Index which is trading with the loss of nine-tenth of a percentage point.
Further, the market breadth is negatively placed as two stocks was seen advancing against three declining stocks. 

Closing Summary, Market Synopsis: 20th March, 2013

The Indian benchmarks ended on a slightly weak note on March 20, 2013. They opened with a small gap down on weaker Asian cues and political uncertainty arising out of withdrawal of support of UPA by DMK. The day was characterized by sluggish, but volatile trading. This was the fourth consecutive fall in benchmarks as concerns over the continuity of policy reforms and a slowing economy kept buyers at bay. These led the Sensex to close at the level of 18884.19 i.e. down by 123.91 points and the Nifty to close at the level of 5694.4 i.e. down by 51.55 points. The midcap index and the small cap index closed in red with the loss of one and nine-tenth of a percentage point and two and one-third of a percentage point respectively. On the sectoral front the indices closed mixed. Realty Index was the biggest looser with the loss of more than four and two-third of a percentage point. This was followed by Power Index which closed with the loss of two and two-third of a percentage point. On the other hand FMCG Index closed as the largest gainer with the gain of two-third of a percentage point.

Further, the market breadth closed negative as two stocks were seen advancing against nine declining stocks.

Commodity Market Update (Crude Oil)

Precious metals are trading mixed with Gold down by a dollar or 0.05% while Silver is at $28.95, adding 0.25% or 7 cents at the time of writing this. We expect prices to trade in a range with a positive bias for rest of the trading hours. On Base metals prices are trading higher today, recovering its past declines on account of short covering with three-month rolling Copper contract is trading at $7606.00, up by a percent or $75.00. On energy section, Crude Oil is at $92.77, higher by 0.66% or 61 cents while Natural Gas is trading lower at $3.946 with a decline of 0.60%.

Data to Watch
FOMC Economic Projections
FOMC Statement

BMA Commodity Gyaan: Coal to Gas Switch

Morning Summary,Market Synopsis : 20th March, 2013

The major Indian equity benchmarks started the day on a weak note with a gap down opening  on weak overseas cues, and as political uncertainty after the Dravida Munnetra Kazhagam's pullout from the United Progressive Alliance government  remained an overhang in the short term. Key Asian indices were mixed after the Cyprus parliament on Tuesday voted against a proposal to tax bank deposits. In the initial stage markets were sluggish but soon found support and started inching upward from the important support zone. This led the Sensex to trade near the level of 19001.88 i.e. down by 6.22 points & the Nifty to trade near the level of 5736.55 i.e. down by 9.40 points. The Midcap index and the small cap index are trading in red with the loss of one-third of a percentage point each and nearly three-tenth of a percentage point respectively. . On the sectoral front, the indices are trading mixed. FMCG Index is trading as the largest gainer with the gains of six-tenth of a percentage point. On the other hand, Consumer Durables Index is the biggest looser with the loss of six-tenth of a percentage point. This is followed by PSU Index which is trading with the loss of more than half a percentage point.

 Further, the market breadth is negatively placed as one stock was seen advancing against two declining stocks.

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Commodity Market Update (Silver)

 
Gold futures are trading marginally lower at $1601.10, down by $3.40 or 0.20% and Silver is at $28.80 losing 0.26% or 7 cents at the time of writing this. We expect prices to remain range bound with a positive bias as a daily close above $1600.00 mark shows strength for near term in Gold. On base metals prices are trading still lower with Copper on LME trading down by 42 points or 0.56% along with all other metals. Crude Oil prices are trading marginally lower at $93.61, lower by 15 cents while Natural Gas prices are trading flat at $3.881.
Data to Watch:
US Building Permits and Housing Starts at 6.00 PM

BMA Commodity Gyaan : Where is the extra production coming from?

News Hour: RBI cuts repo rate by 25 bps, leaves CRR unchanged

MUMBAI, MARCH 19:  

The Reserve Bank of India has cut repo rate by 25 basis points from 7.75 per cent to 7.5 per cent with immediate effect. Consequently, the reverse repo rate stands adjusted to 6.5 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 8.5 per cent with immediate effect.

The RBI has left the cash reserve ratio unchanged at 4 per cent.

The central bank said high current account deficit and inflationary expectations limit possibility of further easing of rates.

At 11.45 a.m., the 30-share BSE index Sensex tanked 322.17 points or 1.67 per cent to 18,971 and the 50-share NSE index Nifty fell 98 points or 1.68 per cent to 5,737.25.

The rupee fell to 54.33 against the dollar after the RBI indicated that the "headroom for further monetary easing remains quite limited".

Economic activity weakens

In its mid quarter view unveiled this morning, the RBI said that since January, while global financial conditions improved, economic activity had weakened. It noted that on the domestic front too, "growth has decelerated significantly, even as inflation remains at a level which is not conducive for sustained economic growth."

It said that food inflation remains high, driving a wedge between wholesale price and consumer price inflation, and is exacerbating the challenge for monetary management in anchoring inflationary expectations.

GDP growth

RBI said India’s GDP growth in Q3 of 2012-13, at 4.5 per cent, was the weakest in the last 15 quarters. It said that what is worrisome is that the services sector growth, hitherto the mainstay of overall growth, has also decelerated to its slowest pace in a decade.

Investments, key to growth

The RBI said that the key to reinvigorating growth is accelerating investment. It said, "The Government has a critical role to play in this regard by remaining committed to fiscal consolidation, easing the supply bottlenecks and improving governance surrounding project implementation."

It also issued a caution to the Government on upward revisions in the minimum support prices (MSP) in view of their implications for overall inflation.

Don't expect more cuts

While admitting that a competitive interest rate is necessary for reviving investment, the RBI said it was not sufficient. In its guidance, the RBI noted that risks on account of the current account deficit remain significant notwithstanding likely improvement in Q4 over an expected sharp deterioration in Q3 of 2012-13.

In a key signal, the RBI noted that even as the policy stance emphasises addressing the growth risks, the headroom for further monetary easing remains quite limited.

Decoded, that means don't expect more cuts for now.
(Source: thehindubusinessline.com)

Closing Summary, Market Synopsis: 18th March, 2013

The Indian benchmarks ended on a weak note on March 18, 2013. They opened with a gap down on the back of concerns over the fallout of the bailout package for Cyprus, announced over the weekend, which involved a plan to tax bank deposits. Post opening, markets were trading in a range in a sluggish manner. Ultimately the day ended on a reasonable note compared to its opening as the fear of contagion on the above mentioned issue could have taken the markets drastically down. Nervousness was also seen ahead of the Reserve Bank of India's monetary policy review on March 19.These led the Sensex to close at the level of 19293.2 i.e. down by 134.36 points and the Nifty to close at the level of 5835.25 i.e. down by 37.35 points. The midcap index and the small cap index closed in red with the loss of more than quarter of a percentage point and two-third of a percentage point respectively. On the sectoral front, except three sectoral indicies, all the indices closed in red. FMCG Index closed as the major gainer with the gains of two-third of a percentage point. . On the other hand Metal Index was the biggest looser with the loss of more than two and one-third of a percentage point. This was followed by PSU Index which closed with the loss of one and two-third of a percentage point.
Further, the market breadth closed negative as one stock was seen advancing against two declining stocks.

News Hour: Asset quality pressure to persist for Indian banks in 2013: S&P

MUMBAI: Higher capital requirement of Rs 2.6 trillion under the new international banking capital norms , popularly known as Basel III, is expected to increase the pressure on Indian banks to raise capital. This could lead to changes , according to a report by global ratings firm Standard & Poor's or S&P. 

The S&P report said that banks face a constant need to replenish capital at regular intervals to support their high growth. Starting April 1, 2013, Indian banks will begin to implement the new Basel III capital requirement, which will increase their capital requirement in phases. 

The ratings firm estimates that Indian banks will require minimum additional capital of about Rs 691 billion to meet the Reserve Bank of India's 8% requirement for the common equity tier 1 and capital conservation buffer ratio. The additional capital requirement could rise to Rs 2.6 trillion, given a tendency for banks to hold higher-than-minimum capital and the limited market for hybrid instruments in India. 

Ttop-tier Indian banks are relatively well-placed to manage the transition toward Basel III and the demands of a high-growth banking system, according to S&P 

"The biggest challenge for the Indian banking sector is the state of Indian public finances," said Standard & Poor's credit analyst Deepali Seth in a media release. "The government's large fiscal deficit will limit its ability to inject capital into government-owned banks, which currently have less capital adequacy than the private and foreign banks operating in India." 

Some smaller banks may face difficulties on the path to achieving Basel III; the extent will vary from bank to bank. For some weakly capitalized banks, the capital requirement could go up to two to three times their current market capitalization, Ms. Seth said. 

"As banks simultaneously tap the capital market, some may struggle to raise the necessary capital. A few of the smaller banks could become potential takeover targets, which could result in consolidation in India's currently fragmented banking sector," she added. 
(Source: economictimes.indiatimes.com)

Commodity Market Update (Gold)

Bullions are trading mix today with actively traded Gold futures on COMEX is adding more than $11.00 or 0.70% and trading at $1603.60 while Silver near month contract is at $28.81, down by 0.20% or 5 cents at the time of writing this. Base metals are sharply lower all over the LME with Copper at $7604.00, down by almost 2%, followed by rest of the metals. We expect metals prices to remain bearish in near term. Crude Oil on NYMEX is at $92.36, down by 1.17% or $1.09 while Natural Gas futures are at $3.916 which is trading higher by 1.16%.

BMA Commodity Gyaan : Consumption & Production

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Closing Summary, Market Synopsis: 15th March, 2013

Closing Market Summary:
The Indian benchmarks ended on a weaker note on March 15, 2013, when in the second half they lost the earlier gained ground. After opening flat, they moved slightly up but could not sustain under continuous selling pressure. Banking stocks were still bearing the brunt of Cobrapost money laundering expose. All this selling pressure coupled with the lack of follow up buying at higher levels pushed the benchmarks down. Investors were also not in the mood of increasing their commitment prior to the RBI Credit Policy Announcement to be done on March 19, 2013.These led the Sensex to close at the level of 19427.56 i.e. down by 142.88 points and the Nifty to close at the level of 5872.60 i.e. down by 36.35 points. The midcap index and the small cap index closed in red with the loss of nearly two-third of a percentage point and eight-tenth of a percentage point. On the sectoral front, the indices closed mixed. Consumer Durables Index closed as the major gainer with the gains of nearly two and half percentage point. This was followed by IT Index which closed with the gain of quarter of a percentage point. On the other hand Realty Index was the biggest looser with the loss of more than two and three-forth of a percentage point.

Further, the market breadth closed negative as one stock was seen advancing against two declining stocks.

Commodity Market Update (Copper)

Precious metals are trading marginally higher with Gold near month contract on CMX is adding a dollar or 0.06% to trade at $1591.40 and Silver actively traded contract on CMX is higher by 0.15% or 4 cents at the time of writing this. Base metals across the LME are also trading in green with an exception of LME Lead that is trading at $2246.0, down by 0.13% while other metals are slightly higher. NYMEX Crude Oil futures and Natural Gas prices are trading higher today with near month Oil contract at $93.14, up by 0.12% and Gas futures are at $3.849, adding almost a percent.

BMA Commodity Gyaan : Natural Gas Demand (2)

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Morning Summary,Market Synopsis : 15th March, 2013

Good Morning Everyone,
Benchmark share indices were up around 0.4% as hopes of a rate cut by the Reserve Bank of India next week continued to build after a decline in February core inflation. Nifty trading up by 26 pts, Sensex up by 64 pts.
Metal, oil and gas, pharmaceutical and information technology shares led gains, while the upside in most bank shares was limited on profit booking after the Bank Nifty rose 2% in the previous session. Leading private sector banks like ICICI , HDFC bank are trading down . National Aluminium Co fell 7.4% at 40.85 rupees as its offer for sale got underway. The floor price for the same has been set at 40 rupees a share, a 9% discount to Thursday's closing price of 44.10 rupees.

Closing Summary, Market Synopsis: 14th March, 2013

The Indian benchmarks ended on a strongly positive note on March 14, 2013, when they closed near to the high point of the day. After opening flat, the markets were drifting in a narrow band. However, media reports of involvement of private banks in money laundering dampened the sentiment and pushed the market down to the day’s low. Post the clarification issued by banks, Investors bought banking stocks as the market was expecting a rate cut in Reserve Bank of India's monetary policy on March 19. Thus market picked up steam in the afternoon trade. These led the Sensex to close at the level of 19570.44 i.e. up by 207.89 points and the Nifty to close at the level of 5908.95 i.e. up by 57.75 points. The midcap index closed in green with the gain of nearly half a percentage point. While the small-cap index closed in red with the loss of nine basis points of a percentage point. On the sectoral front, all the indices, excepting one sectoral index closed in green. Realty Index closed as the major gainer with the gains of nearly two and one fifth of a percentage point. This was followed by Bank Index which closed with the gain of slightly more than two percentage points. On the other hand Consumer Durables Index was the biggest looser with the loss of nearly one and half percentage point.

Further, the market breadth closed in neutral position as one stock was seen advancing against each declining stock.

Commodity Market Update (Natural Gas)

Precious metals are trading lower today with Gold futures at $1585.20, lower by 0.20% and Silver contract for immediate delivery is at $28.80, down by more than half a percent or 15 cents. The near term outlook for Gold and Silver remains fragile following the sign of improvement in US. Base metals are trading marginally positive on LME with Copper adding almost $20.00 or 0.25% to trade at $7806.00 along with all other metals. WTI Crude Oil prices are trading slightly positive in a range and Natural Gas on NYMEX is at $3.693, up by 0.35%.
Data to watch
US Unemployment Claims, US PPI m/m, US Natural Gas Storage.

BMA Commodity Gyaan : Natural Gas Demand (1)

Morning Summary,Market Synopsis : 14th March, 2013

Good Morning Everyone,
The major Indian equity benchmarks started the day on a flat note taking cues from Asian markets as indicies there traded down today as a fall in realty shares weighed on the Hong Kong market and on caution in South Korea before Bank of Korea's monetary policy decision later today.. Post opening, markets were trading in a similar range as that of opening price. Caution was prevailing ahead of the release of domestic inflation data for February around 1130 IST today. Suddenly report of a scam by a Private bank on a website spooked the sentiment and pushed the market down. This led the Sensex to trade near the level of 19237.36 i.e. down by 125.19 points & the Nifty to trade near the level of 5813.7 i.e. down by 37.5 points. The Midcap index and the small cap index are trading in red with the loss of six-tenth of a percentage point each.. On the sectoral front, all the indices are trading in red. Healthcare Index is trading as the least looser with loss of ten basis points of a percentage point. On the other hand, Consumer Durables Index is the biggest looser with the loss of one and one-tenth of a percentage point. This is followed by Bank Index which is trading with the loss of more than one percentage point.

Further, the market breadth is negatively placed as two stocks were seen advancing against five declining stocks.

Closing Summary, Market Synopsis: 13th March, 2013

The Indian benchmarks ended on a weak note on March 13, 2013, when they closed near to the low point of the day. There was liquidation of long positions by traders as there was no follow up buying support from institutions. Again conflicting economic indicators is keeping investors on the tenterhooks. Industrial output in January was better than expected at 2.4 percent, but consumer inflation continued to be above 10 percent, underscoring the problems in the economy. Investors also refrained from taking aggressive positions ahead of the Reserve   Bank of India's mid-quarter policy review scheduled next week. These led the Sensex to close at the level of 19362.55 i.e. down by 202.37 points and the Nifty to close at the level of 5851.2 i.e. down by 62.90 points. The midcap index and the small-cap index closed in red with the loss of one percentage point and one and a quarter of a percentage point respectively. On the sectoral  front, all the indices, excepting one  sectoral index  closed in red. FMCG Index closed as the major gainer with the gains of half a percentage point. On the other hand Bank Index was the biggest looser with the loss of two and one-tenth of a percentage point. This was followed by Consumer Durables Index, which closed with the loss of slightly more than one and half a percentage point.

Further, the market breadth closed in negative as one stock was seen advancing against three declining stocks.

Commodity Market Update (Crude Oil)

Precious metals are trading slightly lower with Gold at $1590.50, down by $1.50 and Silver is trading at $29.05, lower by 11 cents at 0.40% at the time of writing this. We expect prices to remain in range with a positive bias for rest of the hours. Base metals are trading in green with prices edging slightly higher, Copper three-month contract is trading at $7832.00 almost unchanged since previous settlement. NYMEX Oil prices are trading higher by half a percent or 41 cents at $92.95 while Gas futures are at $3.629, lower by 0.44%.

Data to Watch

US Core Retail Sales

US Retail Sales

US Crude Oil Inventories

BMA Commodity Gyaan: Price of Natural Gas vs Price of Oil