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Shares of HCC lost 15% to Rs50. Reports stated that the company plans to set up a high end township project near Sanand at a cost of Rs300bn. The scrip touched an intra-day high of Rs61 and a low of Rs48 and recorded volumes of over 15,00,000 shares on BSE
Today, the US government will release the monthly jobs report, which is expected to be bad. Back home, today’s inflation data will reveal further moderation in prices at the wholesale level. IIP may also rebound into positive zone (to be released on Monday). Corporate earnings announcements will gather pace from next week, with Infosys slated to declare results on January 13.
We see the key indices opening flat to slightly lower. Some bounce back may come later in the day. The market may turn choppy over the next few days given the anxiety over earnings and uncertainty about the emerging global situation. Stay on the sidelines for a while and wait for some more clarity on direction.
Shares of Satyam tumbled by over 77% to Rs39 after Ramalinga Raju the chairman resigns from Satyam’s board. The scrip plunged to an intra-day low of Rs30 after hitting an intra-day high of Rs188. The stock recorded volumes of over 3,00,00,000 shares on NSE.
We would like to desist from giving any intra-day trading ideas in light of the Satyam scam.While the BSE and NSE may have removed Satyam from their indices, the move will come into effect from Monday. So, weakness in Satyam will continue to weigh on the key indices and perhaps the overall sentiment of the market.
Global scene too continues to be precarious and fragile. There is no dearth of bad news, whether on economic front on corporate earnings. Given the kind of headwinds and uncertainty we are facing, it would be prudent to stay on the sidelines for a while and let the dust settle.
FIIs were net sellers in the cash segment on Wednesday at Rs11.11bn (provisional) while the local institutions pulled out Rs5.05bn. In the F&O segment, FIIs were net sellers of Rs6.02bn. Foreign funds were net buyers of Rs4.45bn in the cash segment on Tuesday. Mutual Funds were net buyers of Rs497mn on the same day.
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Today, we expect the market to open firm in line with the global trend. Thereafter, the key indices’ move will hinge on how the institutions behave. Indian markets will be shut on Thursday for Moharam. So, we do not rule out some softening later in the day. Satyam will continue to hog the limelight ahead of the company's Board meeting on January 10.
The current rebound can be attributed to a growing belief that most bad news is reflected in stock prices. So, one has to look beyond the first few months of the New Year and build a base for the anticipated recovery in the second half. Having said that, the jury is still out on whether the market saw a bottom in October. Experts are divided over whether those lows will be hit again. As a result, the best strategy is to take each day as it comes rather than look too far ahead.
Tata Motors was down 1.2% to Rs784. According to reports Ford selected the company as the preferred bidder for its Jaguar and Land Rover brands. The scrip touched an intra-day high of Rs812 and a low of Rs722 and recorded volumes of over 4,00,000 shares on NSE.
BHEL gained 1.8% to Rs2544 after the company declared that they secured export order for transformers. The scrip touched an intra-day high of Rs2560 and a low of Rs2461 and recorded volumes of over 6,00,000 shares on NSE.
New Year Offer !!
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Instead of Yearly Rs.11000/-
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Golden Rule to earn in Market...
Rule no 1. NEVER LOSE MONEY ...
Rule no 2. NEVER FORGET RULE NO.1
MAKE THIS YOUR NEW YEAR RESOLUTION!!
Today, we see the market opening flat to slightly positive. There may be some cooling at higher levels. On the whole, we expect some choppiness after the recent spurt.
After a year of headwinds, the bulls got some tailwind as the New Year brought some cheer with the key indices rising three days in a row. The Sensex and the Nifty closed above key psychological levels, aided by strong buying by FIIs as well as local institutions. Some short covering also propelled Monday's strong gains. The Fiscal Stimulus Package II and RBI's aggressive monetary easing have heightened hopes for a better year ahead. More fiscal measures could be announced in the Vote-On-Account next month to ensure a faster economic recovery.
The undertone has definitely improved a notch or two, so we hope. The optimism stems from the belief that India is better placed than most economies, and global funds may find it hard to resist. A big concern is the health of India Inc. In this context, the upcoming results will prove to be a litmus test and set the tone for the months ahead. Among the other events to watch out would be the shift in regime in the US.
After surging past the 3100 levels, markets would carry forward the momentum atleast in the today's morning trades. However, profit booking at higher levels cannot be ruled out.
New Year Offer !!
Just P A Y !! ~ PAY Rs7500/- Limited days Offer Hurry !!
Instead of Yearly Rs.11000/-
SMS "Yearly" to "98256 77777" ~ NOW!!!!
Get Paid Now...
Golden Rule to earn in Market...
Rule no 1. NEVER LOSE MONEY ...
Rule no 2. NEVER FORGET RULE NO.1
MAKE THIS YOUR NEW YEAR RESOLUTION!!
New Year Offer !!
Just P A Y !! ~ PAY Rs7500/- Limited days Offer Hurry !!
Instead of Yearly Rs.11000/-
SMS "Yearly" to "98256 77777" ~ NOW!!!!
Get Paid Now...
Golden Rule to earn in Market...
Rule no 1. NEVER LOSE MONEY ...
Rule no 2. NEVER FORGET RULE NO.1
MAKE THIS YOUR NEW YEAR RESOLUTION!!
Today, the market will open higher due to strength across global markets. Investors should consider booking profits at every given opportunity, as the recent spurt doesn’t suggest end of the bear phase as yet. At the same time, downside risks have also eased, pointing to a rangebound trading in the short to medium term. One may undertake long-term purchases once there is clear evidence of a turn around.
Later in the month, the quarterly results may spoil the party, especially if there is any major negative surprise. In any case, the intermediate uptrend may run out of gas after a while in the absence of fresh catalysts. In this context, the trend in FII flows will play a crucial role. Buying support from local funds will be more than welcome.With rate cuts and other additional measures announced bulls would carry forward the momentum atleast in the opening trades today. However, one should not get carried away in this swing but wisely use the opurtunity to exit and book some profits.
Buy Aban
