Bulls charged on Dalal Street sending the Sensex soaring to 16922.08, up by a smart 264.19 points gain. The Nifty too went up by 78.30 points to close at 5078.60. Lets hope the bulls continue to hammer the bears so that we can sleep better hoping against hope that the shares we own will pierce the sky.
NASSCOM is bullish about India winning back office outsourcing business from overseas clients. That’s good news for our I.T. folks who might have already started packing their bags in the hope of mixing business with pleasure in a foreign land.
In corporate news, NALCO said it had cut prices by Rs.6000/tonne in line with London Metal Exchange .NMDC is forming a 51:49 per cent joint venture with Monnet Ispat and Energy to acquire and develop coal blocks in India.
SBI is slated to come out with a Rights Issue of around USD 4.2 billion in II half of 2010-11. After the rights, you may turn out to be right by buying the shares of SBI at lower levels instead investing your hard earned money in a Fixed Deposit which anyway gives you negative returns if you consider the impact of inflation.
There is bad news for bears in Germany and France – German Chancellor and French President have urged EU President to ban short selling of shares and state bonds. I fail to understand why those in the corridors of power think that they can control the markets when, in truth, the markets are the real rulers and are supreme, Ban or no ban, if shares have to crash, sure they will just as nobody can stop an aircraft destined to crash due to a malfunctioning altimeter.[ read malfunctioning Eurozone ]
Kishor S. Khot, [Kishor@hbjcapital.com], Equity Strategist, HBJ Capital Services Pvt Ltd
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