Opening Bell 24 June

Opening Bell 24 June

Value buying in large cap stocks might be pushing the benchmark indices higher but the breadth of the market is still weak. Yesterday, when the Sensex rose more than 1%, only 39.84% of the stocks traded on the BSE closed the day with gains. Here’s a list of things to watch out for before trading starts.

Cues from the global markets are mixed. While stocks in the US closed lower, Asian markets rose after European Union leaders vowed to rescue Greece. (read more...)

Overnight, stocks markets in the US fell after applications for jobless benefits increased by 9,000 to 429,000 last week. While this is higher than economists’ expectations, purchases of new US houses fell in May. The weak economic data weighed on investor sentiment. The S&P 500 closed 0.28% down. (read more...)

Back home, in a dramatic turn of events, the empowered group of ministers headed by finance minister Pranab Mukherjee are reportedly meeting today to review fuel price hikes. With under-recoveries for state owned fuel retailers mounting, the oil ministry is pressing for a quick revision in petroleum prices. (read more...)

Meanwhile another ministerial group allowed an additional 5 lakh tonnes of sugar export from this year’s crop. In April, the government gave the nod for 4.5 lakh tonnes of sugar exports. In view of a bumper harvest, millers have been demanding for more exports. (read more...)

Ratings agency ICRA warned that asset quality of banks could deteriorate further in the current financial year due to pressure on interest rates. The agency warned that further hike in interest rates could negatively impact asset quality. (read more...)

Maruti Suzuki India reduced its sales growth target for the current year from 13% to 8%. According to the company, inflation and high interest rates are expected to hurt the growth in sales. (read more...)

Orissa Minerals Development Company received environmental clearance for its Kolha-Roida iron ore mine. (read more...)

The Andhra Pradesh high court stayed allotment of land to NCC in Srikakulam district. The company was planning to set up a 2,640-mw thermal power plant in the area. The stay comes after land acquisition turned awry since last July. (read more...)

SpiceJet has sought the Reserve Bank of India’s clearance to raise 1,212 crore from Canada’s export finance agency EDC for financing fleet expansion. SpiceJet is planning to add 15 Canadian-manufactured Bombardier Q400 short-haul aircraft. (read more...)

Finally, gangsters have their own following. A revolver belonging to notorious American gangster Al Capone fetched $110,000 at an auction in London. According to records, the pistol was made in May, 1929. (read more...)