Asaian Markets are Trading High

At 7: 58 am (IST), Asian markets were trading higher. China's Shanghai Composite was up 0.53% or 12.79 points at 2,444.16.

Hong Kong's Hang Seng rose 1.94% or 358.83 points at 18,860.62.

Japan's Nikkei added 1.53% or 133.46 points at 8,881.42.

Singapore's Straits Times gained 0.75% or 20.49 points at 2,764.66.

South Korea's Seoul Composite advanced 1.11% or 20.44 points at 1,855.84.

Taiwan's Taiwan Weighted was up 0.78% or 57.56 points at 7,415.64.

The US markets rallied in the final hour of trading to close at their highest levels after a volatile session. All the three major indices logged 10-week highs, amid optimism that the Eurozone would find a solution to its debt crisis. The volatility index finished below 29. 

On economic data front, retail sales jumped 1.1% in September, rebounding at their fastest pace in seven months. Consumer sentiment unexpectedly dipped in early October, falling to 57.5 from 59.4 in the final September report.

In key economic data to watch out today, industrial production data for September is expected to come out today. Consensus figures indicate a rise of 0.2% month on month.

Also, the empire manufacturing survey for October comes out today. Business conditions are expected to decline.

The European markets post three straight weeks of gains, buoyed by earnings news and strong US retail sales data.

G20 finance ministers and central bankers met over the weekend at Paris. The communiqué released states that the G20 met during a time of heightened tensions, they see significant downside risk for the global economy that need to be addressed decisively especially in Europe.

The G20 asked the European leaders to come out with bold measures during the summit on October 23. The G20 also backed plans for a capital surcharge on top banks.

In the currency space, and the euro trades near 1-month high on hopes that Europe's debt crisis will be contained. it is currently at 1.38 to the dollar. Meanwhile the dollar index tumbled to 76.

In commodities, crude prices gain almost 3% following better than expected retail sales data. Brent prices up 8.3% for the week, the largest since the week to February 25.

From the precious metals space, Gold' class='bD_15arlink' title='gold price'>gold posts its biggest weekly gain in six weeks following dollar weakness. Gold currently trading soft around USD 1675 levels

And back home, markets ended the week on a strong note – Nifty added 50 points to close at 5,130, while the Sensex added 200 points.

And in earnings today, IT major TCS may see an industry leading rupee revenue growth but its 21% exposure to the pound and euro may hurt the dollar revenue growth.

From financials HDFC may see a 17% jump in both revenue, PAT and NIMs could bounce from Q1 levels. Mindtree will also announce results.

Source:MoneyControl

Companies Quarter Results

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Tijaria Polypipes falls 70% on Day 1

A plastic pipes manufacturer Tijaria Polypipes disappointed the street on Day 1, falling more than 70% from its issue price of Rs 60 per share. The share closed at Rs 17.75 on the National Stock Exchange.
The stock managed to hold its issue price level in the morning trade, but since the afternoon trade to close turned disaster for the stock. It touched an intra-day low of Rs 16.50, after seeing a high of Rs 67.75 in the opening trade.
Total trade volume on both exchanges was nearly 10.7 crore equity shares as against issue size of one crore shares.
Tijaria Polypipes manufactures high-grade HDPE, MDPE and LDPE plastic pipes and sprinkler systems under the brand names of Tijaria and Vikas.
The company garnered Rs 60 crore through the issue for expansion.
Tijaria proposes to expand its current manufacturing capacity and diversify into the manufacturing of polyster zippers long chains, mink blankets & PET sheets and also proposes to manufacture the raw materials required for it. The company will manufacture partially oriented yarn (POY), draw texturised yarn (TY) and monofilament yarn all under one roof. The company plans to set up two new units at industrial areas of Rajasthan Industrial and Investment Corporation (RIICO) at Ramachandrapura and Sitapura Extension, close to Jaipur.

Gold Prices Get High in a Month

Gold extended its biggest advance in a month as optimism that policy makers will resolve Europe’s debt crisis bolstered the euro, boosting the appeal of the metal denominated in U.S. currency.
Bullion for immediate delivery climbed as much as 0.5 percent to $1,684.63 an ounce, the highest level since Sept. 23, before trading at $1,681.38 at 12:11 p.m. in SingaporeThe metal jumped 2.4 percent yesterday, the most since Sept. 8. Futures for December increased 0.7 percent to $1,682.70.

“Gold rose on U.S. dollar weakness,” Lachlan Shaw, an analyst at Commonwealth Bank of Australia, wrote in an e-mail today. Markets are rallying “on better EU sentiment,” he wrote.

The euro traded near its strongest in almost three weeks after a China state-run fund said it began buying shares of the nation’s biggest banks, bolstering Asian stocks and demand for higher-yielding assets. German Chancellor Angela Merkel and French President Nicolas Sarkozy pledged at the weekend to deliver a plan in three weeks to stem Europe’s debt crisis.


The euro traded at $1.3626 from $1.3642 in New York yesterday, when it reached $1.3699, the strongest level since Sept. 21. China’s state-run Central Huijin Investment Ltd. said it began buying shares in four lenders after valuations dropped below levels reached during the global financial crisis.


“A plan to end Europe’s debt crisis is bearish for gold, however until investors believe whatever plan they have is going to work, gold will be supported,” Wang Xiaoli, chief investment strategist at Citic Futures Co., said in an e-mail today. “We’re in the peak seasonal demand period now and that should also help buoy gold prices.


In India, the world’s largest consumer, the peak-demand period began in August with Eid, continues in October with Diwali, and is followed by the traditional  wedding season. In China, the second-biggest, demand typically picks up during the national Day holidays at the start of this month through till the lunar new year in January.

Cash silver climbed as much as 1.5 percent to $32.565 an ounce and traded at $32.195. Spot platinum  gained 0.9 percent to $1,537 an ounce while palladium was little changed at $615. – Bloomberg

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moday market overview

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