Andrew L Dcunha
Mumbai, Aug 17: Indian stock markets had volatile day today with positive start. While the morning session saw the indices surge as buying activity intensified, investors began to book profits at higher levels which made indices to erase most of their early gains. The afternoon session, however, saw markets recover thereby ensuring that they close well above the dotted line
BSE Sensex added 109.86 points or 0.66% at 16,840.8 NSE Nifty went up by 20.8 points or 0.41% at 5,056.6. BSE Midcap and Smallcap index declined 0.87% and 1.61% respectively. Realty stocks again took the beating today.
Asian indices closed mixed today while most European indices have opened in the red. Nikkei is down by 50.17.
Coal India now India’s most valued company
Coal India displaced Reliance Industries as the top market cap company. Coal India, the world`s largest coal producer and state owned Maharatna company has overtaken Reliance Industries to become India`s most valued company. The market capitalization of Coal India (Q,N,C,F)* touched to Rs 2,510.75 billion. On the other hand, Reliance Industries slipped to second position with market capitalization of Rs 2,490.93 billion. Reliance Industries was number two in market cap charts for the first time since February 2007.
Gold hit record high
Gold price struck record high as prices flown by Rs 208 to Rs 26,815 per 10 grams in futures trade today Market analysts attributed the rise in gold futures prices to enlarging of positions by speculators on expectations of pick-up in demand during festive season amid a firming global trend. Silver prices climbed by Rs 455 to Rs 61,450 per kg in futures trade today.
Oil prices rose 0.2% to near USD 87 a barrel on Wednesday as declining U.S. gasoline stockpiles helped offset lingering concerns over Europe`s debt crisis. U.S. light, sweet crude for September climbed 27 cents to USD 86.92 a barrel by 0026 GMT, after falling more than a dollar in the previous session. London Brent crude rose 22 cents to USD 109.35 a barrel.
India will become a USD 5.6 trillion economy by 2020
India will become a USD 5.6 trillion economy by 2020, according to research firm Dun & Bradstreet, which has predicted a three-fold jump in the country's GDP from USD 1.7 trillion last fiscal on the back of rapid investment and growing consumer expenditure.
"Indian economy will become a USD 5.6 trillion economy by fiscal 2020, at current market price, from the USD 1.73 trillion in fiscal 2010-11," Dun & Bradstreet India Senior Economist Arun Singh said.
The rate of investment, consumer expenditure and infrastructure spending will be the driving force behind the country's economic growth over the next 10 years, he said, adding that these conclusions are part of a D&B report -- titled, 'India 2020' -- which is scheduled to be released tomorrow.
Andrew L D Cunha, Managing Director, WinWin Fin Advisory Pvt. Ltd. Mangalore. Email: finadvisoryltd@yahoo.com
