Fox television`s threatened blackout was avoided just before a midnight deadline when the network struck a deal with Time Warner Cable to briefly extend their contract as negotiations between the two companies continued.
4:25 pm : Light news flow and a poor turnout left stocks to trade in lackluster fashion for most of the session, but some late pressure caused stocks to close at session lows and conclude the year on a weak note. Still, stocks settled only slightly below their 52-week highs with strong gains for the year.
As has been the case all week, participants had few cues for trade this session. Of the few headlines there were, little reaction was made.
The latest dose of data featured initial jobless claims for the week ending December 26. Initial claims fell 22,000 to 432,000, which is less than the 460,000 initial claims that had been expected. It also marked the lowest tally in more than 15 months. However, the dip did come during the week of Christmas.
Meanwhile, continuing claims came in at 4.98 million. That was lower than expected and below 5.00 million for the first time since February.
Participants shrugged off the better-than-expected jobless claims numbers, but gave focus to the dollar, which had offered early support for stocks with a 0.6% overnight loss against competing currencies, but later weighed on stocks as it recovered to finish with a 0.1% gain. The Dollar Index closed the month with a 4.1% gain, but finished the year with a 4.1% loss.
The dollar`s doldrums this year helped prop up commodities prices and gave the CRB Commodity Index a 23.5% annual gain. The CRB closed this session with a 0.1% loss, though.
Still, the reflation trade that followed the global economic slowdown earlier this year helped make materials stocks some of this year`s best performers -- the materials sector booked a gain of 45.2% this year, although it shed 1.3% this session.
Friday January 1, 02:51 AM Source: Indian Express Finance
India is world`s third best performing market in 2009
By PK Dey
India was the third best performing market in the world in 2009 just behind Russia and Brazil.
While the BSE Sensex (^BSESN : 17464.81 +120.99) returned 81%, the Brazilian market gave investors a slightly higher return of 82.7% and the Russian market offered investors a handsome return of 111.6%. During 2009, Indian markets were buoyant on FII buying and the rally across the global markets. Metal, oil & gas, power and capital goods stocks led the rally throughout 2009. The broad market as measured by the movement of BSE Sensex, gained by 81% from December 31,2008 to December 31, 2009.This return was higher than the eleven major world indices such as Nasdaq Composite Index, S&P 500 Index, Dow Jones Industrial Average and Nikkei 225.
Mehul Dedhia, associate vice-president at Sharekhan said, "There are three major reasons for such a surge in the markets. Firstly, the condition of global markets has improved and we are also witnessing huge inflows from foreign funds. Apart from that in the last two quarters, we also saw strong earnings growth. The major game changer was the general elections in which Congress-led UPA government came with the clean majority."
The Dow Jones Industrial Average ended higher by 1772.11 points (20.2%) at 10548.50 on December 30, 2009. Recently, the US Federal Reserve plans to offer term deposits to banks as part of its " exit strategy" from the exceptionally loose monetary policy used to fight recession. Better-than-expected report on Midwest manufacturing helped sentiment. Nasdaq composite index ended higher by 714.25 points at 2291.28. S&P 500 also ended higher by 223.17 points at 1126.42 on Decemeber 30, 2009. The Nikkei 225 of Japan appreciated by 19% during 2009, buoyed by trading firms such as Mitsui & Co after gains in oil & metals prices, while automakers also edged up. Shanghai SE Composite Index gave 79.2% return in 2009 which is next to India despite higher GDP growth. According to Bloomberge UTV Stock Market News, Beijing will stick to its loose monetary stance, but will try to be more flexible in implementing its policies, People`s Bank of China Governor Zhou Xiaochuan said recently.
From the above analysis, one thing is clear that emerging market economies are outpacing developed countries in global economic recovery and may continue to do so for some time.
D R Dogra, deputy managing director,CARE, said, " The effect of economic slowdown on India was significantly lower as compared to other markets."
Stock market investors will certainly call for an encore of 2009. As the last trading session of the year drew to a close on Thursday, the Indian stock market had something to show off to the world; it had its biggest yearly gain since 1991, along the way helping investors to recoup their losses the year before.
| NIFTY 
