Last Week NEWS Review
The stock market regulator Securities & Exchange Board of India (Sebi) on Thursday, 15 July 2010, allowed physical settlement of both stock options and stock futures. At present only cash settlement of derivatives is allowed. Sebi said stock exchanges will also have flexibility to offer a combination of cash settlement for stock options and physical settlement for stock or physical settlement for stock options and cash settlement for stock futures.
Meanwhile, the lower exposure margin requirement for stock derivatives has become effective from Thursday, 15 July 2010.
The Securities and Exchange Board of India (Sebi) is reviving the practice of pre-opening session for share trades, and has asked stock exchanges to put systems in place for it. To begin with, the pre-open session will be introduced on a pilot basis, and will be applicable only for shares in the BSE Sensex and the S&P CNX Nifty.
The International Monetary Fund (IMF) on 8 July 2010 raised its world output forecast for 2010, citing solid growth in the first half, especially in Asia, but warned of significant downside risks flowing from Europe. The IMF revised its 2010 world gross domestic product forecast to 4.6%, up from a previous forecast in April of 4.2%. The 2011 GDP forecast was unchanged at 4.3%.
The IMF raised India's growth forecast for 2010 to 9.5%, stating that favourable financing conditions and robust corporate profits will accelerate economic expansion. The IMF expects India's economy to grow 8.5% in 2011.
Weak monsoon rains in the past week will not significantly hurt crop output in the country and the weather outlook is encouraging, Farm Minister Sharad Pawar said on Friday, 16 July 2010. Monsoon rains were 24% below normal in the week ended 14 July 2010. Out of 36 meteorological sub-divisions, rainfall was excess in 8, normal in 4, deficient in 19 and scanty in 5 sub-divisions during the week. Bihar, east Madhya Pradesh, Chhattisgarh, Vidarbha, Andhra Pradesh, Tamil Nadu and Sub- Himalayan West Bengal & Sikkim received good rainfall during the week.
The India Meteorological Department (IMD) said the cumulative seasonal rainfall for the country as a whole during this year's monsoon upto 15 July has so far been 14% below the long period average (LPA). Out of 36 meteorological subdivisions, the rainfall has been excess over 6, normal over 16 and deficient in 14 sub-divisions. The IMD expects rainfall activity to enhance over many parts of the country from Monday, 19 July 2010.
Foreign funds continue to mop up Indian stocks. Foreign funds have bought Indian equities worth a net Rs 4388.62 crore this month so far, till 15 July 2010, as per data from the stock exchanges. Foreign funds had pumped in Rs 7713.97 crore in equities in June 2010
Domestic funds have sold shares worth a net Rs 2076.98 crore this month so far, till 15 July 2010. They had sold equities worth a net Rs 4777.05 crore in June 2010.
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