Worsening debt turmoil in Europe, the F&O expiry and mixed results from some of the top companies kept the market under pressure. Sensex lost 0.8 per cent and closed at 17558 during the week, while Nifty ended the week at 5278 losing by 0.5 per cent over its previous weekends close.
During the week BSE Mid-cap and Small-cap indices gained 0.7 per cent and 0.1 per cent respectively. BSE PSU and Bankex indices were the top gainers for the week, up by 0.9 per cent and 0.7 per cent respectively.
BSE Realty and Oil and Gas indices was the top loser, down by 3.0 per cent and 1.7 per cent respectively during the week.
Major world indices came under pressure amid concerns that the financial mess in 'PIGS' could spread to more European nations. The Goldman Sachs fraud case and more tightening of key policies in China were the other major concerns.
Meanwhile Bank of Japan left the interest rates unchanged.
The much awaited Supreme Court verdict in the gas dispute case between RIL and RNRL may set tone for the benchmark indices. The court outcome would be the much wanted trigger for the market as well as RIL.
Further, the markets closely watch the European Central bank (ECB) outcome on review of interest rates and its comments on ongoing debt crisis in Greece.
Investors keenly watch the Results of Pharma companies, as well as Idea cellular, HDFC, JSW steel etc., during the week.
Canara Bank targets 25pc growth in FY11
Canara Bank is aiming at a growth of 25 per cent in its total business to Rs 5 lakh crore during 2010-11. The bank has achieved a 24.3 per cent growth in total business, to Rs.4.03 lakh crore, during 2009-10.
The bank has crossed the three milestones in the Fiscal year 2009-10. It has crossed the Rs 4 lakh crore business mark and opened 314 new branches during the fiscal. Thirdly, we crossed the Rs 3,000 crore net profit mark to touch Rs 3,021 crore, up 45.8 per cent over the previous year.
The bank"s total deposits during FY10 grew 25.6 per cent to Rs.2,34,651 crore and net advances rose 22.5 per cent to Rs 1,69,335 crore. For 2010-11, the bank has set a target of Rs 5 lakh crore, comprising of total deposits of Rs 2,85,000 crore and advances of Rs 2,15,000 crore, a growth of 21.4 per cent and 26.9 per cent respectively.
The bank"s core deposits grew 32.3 per cent during the year. The share of CASA (current account, savings account) deposits in domestic deposits was 29.85 per cent. Savings deposits recorded a growth of over 19 per cent.
During the year, the bank launched a nationwide Savings Utsav campaign to mobilize higher savings deposits. The bank could add 1.6 million new savings accounts during the campaign period.
Advances to priority sector reached Rs 59,310 crore, recording a year-on-year growth of 21.6 per cent and accounted for 43.92 per cent of the adjusted net bank credit. Credit to agriculture touched Rs 25,052 crore, a growth of 24.4 per cent covering close to 3 million farmers. Canara Bank"s credit to micro, small and medium enterprises grew by 30.4 per cent to reach Rs 31,074 crore compared to a level of Rs 23,823 crore a year ago.
Maruti Suzuki net jumps 170pc in March 2010 quarter
Maruti Suzuki India, reported a 170 per cent jump in net profit for the fourth quarter ended Mar 31, at Rs 656.6 crore compared with Rs 243.1 crore in the corresponding quarter of 2008-09.
This comes on the back of its highest-ever quarterly sales, at 287,422 units vis-À-vis 236,638 units in the Jan-Mar quarter of 2009.
The profit in the quarter increased on the low base of last year, it was impacted to some extent by the cost of up gradation of the company's full range of cars to Bharat Stage-IV emission norms, cost of new model launches, higher raw material prices and adverse foreign exchange movement. Maruti"s Ebitda (earnings before interest, taxes, depreciation and amortization) margin for the fourth quarter went down 200 basis points to 13.5 per cent compared with 15.5 per cent in the third quarter of 2009-10.
The company says its growth will be lower in 2010-11, primarily due to the high base effect, but this would be in line with the overall industry.
"It is projected that the total Indian passenger car industry will grow by a lower double-digit, in the range of 11-12 per cent, and we hope to register similar growth this year."
Greece accepts terms of EU-led bailout, 'savage" budget cuts
Greece accepted an unprecedented bailout from the European Union and International Monetary Fund valued at more than 133 billion dollar to prevent default, agreeing to budget cuts that unions called 'savage'.
The measures are worth 30 billion euros, or 13 per cent of gross domestic product, and include wage cuts and a freeze on pensions for three years, Sales tax will rise 10 per cent. The other measures includes, abolishing the 13th and 14th wage payments that civil servants get annually for workers earning more than euros3,000 per month and Payments for those earnings less than that will be capped at euros 1,000.
Policy makers are trying to prevent a Greek default as its fiscal crisis shows signs of spreading through the euro region. The bailout plan will give Greece time to fix its budget before returning to the market.
About two-thirds of the funds will come from Greece"s 15 euro area partners, which must still sign off on the disbursement by a unanimous decision.
The European Commission approves Greece"s request for aid. The International Monetary Fund will provide the rest of the funds. The financial lifeline lasts three years and will force Greece to cut its budget deficit below the EU"s limit of 3 per cent of gross domestic product by the end of 2014.
(An article by DAS CAPITAL MANAGEMENT & ADVISORS Pvt Ltd)