Market updates 10 Dec 2009

10 Dec,2009   09:25

Updates :


The global markets indicate, Indian equities may most likely open weak on account of mixed global cues, on Wednesday, December 10. SGX Nifty was trading 33 points lower than Tuesday`s closing of 5,126.5.

Nikkei was trading nearly 1% in negative while Hang Seng was trading in negative by 108 points.Asian markets open with some gain, reversing a drop, as construction companies gained after Credit Suisse Group AG boosted its investment rating on Obayashi Corp. and higher prices for oil and gold boosted commodity companies. Japanese benchmark index Nikkei 225 advanced 15.84 points, or 0.16%, to trade at 10,020.56. China`s Shanghai Composite increased 17.21 points, or 0.53% to trade at 3,256.78.



US Stocks turned into green, late Wednesday, after trading erratically, and the Dow Jones industrials closed up 51 points. The Dow rose 51.08, or 0.50%, to 10,337.05. The broader S&P 500 index rose 4.01, or 0.37%, to 1,095.95. The Nasdaq composite index rose 10.74, or 0.49%, to 2,183.73. Indian ADRs end higher.



European stock markets slid again on, Wednesday amid rising concern about global debt woes and the health of the global economy. UK`s benchmark index FTSE 100 fell 19.24 points, or 0.37%, to end at 5,203.89. French benchmark index CAC 40 declined 27.91 points or0.74% to settle at 3,757.39. Germany`s benchmark index DAX dropped 40.74 points or 0.72% to close at 5,647.84.



Oil prices hit two-month lows on Wednesday, December 9, as government data showed that energy demand continues to slump. Benchmark crude for January delivery gave up USD 1.95 to settle at USD 70.67 a barrel on the New York Mercantile Exchange. Prices dropped as low as USD 70.13 a barrel earlier in the day. In other Nymex trading in January contracts, heating oil lost 8.16 cents to settle at USD 1.9093 a gallon while gasoline lost 6.73 cents to settle at USD 1.8573 a gallon.


Newspaper publisher DB Corp on Wednesday fixed a price band of Rs 185-212 per share for its initial public offering of about 1.82 crore shares.

Barclays barred from dealing in P- Notes : The Securities and Exchange Board of India has put an indefinite ban with immediate effect on the UK-based Barclays Bank PLC from dealing in Offshore Derivative Instruments for misrepresenting transaction details. The market regulator has found the bank guilty of furnishing data of ODIs issued to UBS AG with Reliance Communications as the underlying, while in fact, these ODIs were issued to another entity called HytheSecurities and onward issued to one Pluri Emerging Companies PCC Cell E Emerging Markets Growth Fund.




The Reserve Bank of India (RBI) is working on a road map to ensure all villages with a population of more than 2,000 will have access to financial services through a banking outlet, not necessarily a bank branch, by March 2011.
All commercial banks – public sector, private sector and foreign banks – are going to be asked to come up with their specific board-approved plans for financial inclusion by March 2010, RBI governor D Subbarao said at the Bankers’ Club in Kolkata on Wednesday.

Hyderabad-based Mahindra Satyam has settled its legal disputes with former client Upaid Systems by agreeing to pay $70 million.UK-based Upaid, which provides mobile and online payment transaction services, had sued the Indian IT services company, after a failed patent application. Upaid had charged Satyam of fraud and forgery in a project which the latter was handling for the company.