Friday, May 7, 2010
सेन्सेक्स (16769.11) - 218.42 अंक गिरकर, नीफ़्टी (5018.05) -72.80 अंक गिरकर, बंद.
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RIL and RNRL will drive the Market tomorrow
Dispute between RIL and RNRL over supply of 28 million cubic meter of gas a day to RNRL by RIL will come to an end tomorrow as the supreme court will give verdict on the same , If its good for RIL then the maket will be cool if not the market will go in RED as RIL is heavy weight in the Index stocks but not RNRL.
What is Really the Issue
RNRL is seeking gas from RIL’s KG-D6 gas fields at USD 2.34 per mmBtu, 44 per cent lower than the government set price, for its proposed 7,800 MW power plant at Dadri.But RIL is saying it cant sell gas at a price less than USD 4.20 per mmBtu as set by the government and to customers other than those identified in accordance with the Gas Utilisation Policy (GUP).
European markets update: FTSE Index down 1%, CAC Index down 2.7% and DAX Index down 2%
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Results today:
AV Birla Nuvo, Bank of India, Cipla, KPIT Cummins, NIIT, Novartis India, Oracle Financial, Panacea Biotec, Piramal Healthcare, SRF and Torrent Power.
Corporate Snippets
The proposed joint venture between SAIL and POSCO is likely to be finalised by the month-end. (BL)
The Supreme Court to give its verdict on the gas supply and pricing dispute between Reliance Industries and RNRL today. (BL)
Maharashtra government to ask Tata Power to supply electricity to Reliance Infra till July 1. (ET)
Wipro is looking increase the authorized share capital of the company by creating additional equity shares. (BS)
ONGC Videsh and its partners will next week sign contracts for developing a giant oilfield in Venezuela. (BS)
HCC completed the acquisition of a 66% stake in Swiss construction firm Karl Steiner AG. (ET)
Tata Communications enters into partnership with Infinity Africa, expanding its services in Tanzania. (BS)
The Supreme Court to give its verdict on the gas supply and pricing dispute between Reliance Industries and RNRL today. (BL)
Maharashtra government to ask Tata Power to supply electricity to Reliance Infra till July 1. (ET)
Wipro is looking increase the authorized share capital of the company by creating additional equity shares. (BS)
ONGC Videsh and its partners will next week sign contracts for developing a giant oilfield in Venezuela. (BS)
HCC completed the acquisition of a 66% stake in Swiss construction firm Karl Steiner AG. (ET)
Tata Communications enters into partnership with Infinity Africa, expanding its services in Tanzania. (BS)
Pre Market Commentary ...
Don't try to act too smart and curb your bravado as the mayhem triggered by the European debt turmoil shows no signs of abating. Prepare for another shakeout today, at least in the morning trades as risk aversion continues to reign supreme amid growing fears that the ongoing debt problems in Europe will upset the global economic recovery. The key Indian indices are likely to nose-dive at opening bell and the NSE Nifty is expected to test 4950, which is seen as a major support. Hopefully, there will be some recovery as the day wears on and the Nifty will end above the psychological 5000 mark.
Reliance and RNRL will be in focus today as the supreme court is likely to deliver the long-pending verdict in the gas dispute. Nobody has a clue what the final decision will be. But, since Reliance is an index bellwether any sharp movement in it definitely has a bearing on the sentiment. Overall, the trend looks weak unless global markets rebound. Don't take any aggressive bets and just stay put as the global situation is not conducive right now, though for India there aren't too many worries.
Europe's debt crisis and technical glitches in computer-driven trading sparked a massive selloff on Wall Street. The euro slid to a fresh 14-month low against the dollar, and investors fled to Treasuries, gold and other safe-haven investments. The Dow at one point was down almost 1,000 points. The blue chip US index recovered sharply but still ended over 3% down. The fact that the massive drop in the Dow intra-day was largely driven by some technical error should give some solace to the bulls. The monthly US jobs report will be out later today, and if estimates are anything to go by, it should show big improvement. That might potentially change things slightly after the recent mayham.
Thursday, May 6, 2010
सेन्सेक्स (16987.53) - 100.43 अंक गिरकर, नीफ़्टी (5090.85)-34.05 अंक गिरकर, बंद.
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Results Today:
Ajanta Pharma, Amar Remedies, Bharat Bijlee, Dr. Reddy's, PNB, RCF, Swaraj Engines, Torrent Pharma and Union Bank.
FIIs were net sellers of only Rs15.89bn in the cash segment on Wednesday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs6.91bn. In the F&O segment, the foreign funds were net buyers of Rs16.3bn. FIIs were net buyers of Rs1.04bn in the cash segment on Tuesday, as per the SEBI data.
Corporate Snippets
ICICI Bank, others in talks to buy-out Tayals stake in Bank of Rajasthan. (ET)
SAIL is planning to set-up a power plant and another greenfield steel mill in eastern India. (FE)
Bharti Airtel has entered into a partnership with cloud computing service provider Novatiun to expand its broadband business in India. (ET)
JSPL’s bid for Ziscosteel has been rejected. (BS)
Maharashtra governments’ cabinet sub-committee to meet today to resolve the Tata Power-Reliance Infra row over supplying electricity in Mumbai. (ET)
Government to sell stake in 10 more PSU this year including IOC, MMTC, Coal India, SAIL, RINL and SCI. (ET)
HCL Tech has entered into a pact with Stellar Asia Pacific to offer business services to clients in Australia. (ET)
SAIL is planning to set-up a power plant and another greenfield steel mill in eastern India. (FE)
Bharti Airtel has entered into a partnership with cloud computing service provider Novatiun to expand its broadband business in India. (ET)
JSPL’s bid for Ziscosteel has been rejected. (BS)
Maharashtra governments’ cabinet sub-committee to meet today to resolve the Tata Power-Reliance Infra row over supplying electricity in Mumbai. (ET)
Government to sell stake in 10 more PSU this year including IOC, MMTC, Coal India, SAIL, RINL and SCI. (ET)
HCL Tech has entered into a pact with Stellar Asia Pacific to offer business services to clients in Australia. (ET)
Pre Market Commentary ...
Waiting on the sidelines may have spared many investors the wild swings of recent days. The Greek storm continues to rattle world markets. Risk appetite has tumbled and will take a while to recover. Public protests are mounting in Greece, stoking concerns whether it will be able to attain the proposed cuts in budget deficit. Other members of ‘PIIGS’ like Spain and Portugal are staring at further downgrades. The idea of EU as a unified, cohesive economic bloc and euro as its common currency has taken a beating. Let’s hope the crisis subsides sooner than later.
We expect some more trepidation at start today. Things might stabilize later, especially if global markets rebound. Global sentiment could improve if US monthly jobs data turns out to be strong. As of now, taking a decisive call is best postponed, though one may dabble with few counters for long-term purpose. Technically, the NSE Nifty has support at 5000 though a break below 200-day DMA of 4950 could potentially drag it down further. Resistance is seen around 5300.
US stocks recovered from session lows to end down amid what appears to be a worsening debt crisis in Southern Europe. Crude oil is hovering around $80 per barrel. The Dollar index is close to 84.
We expect some more trepidation at start today. Things might stabilize later, especially if global markets rebound. Global sentiment could improve if US monthly jobs data turns out to be strong. As of now, taking a decisive call is best postponed, though one may dabble with few counters for long-term purpose. Technically, the NSE Nifty has support at 5000 though a break below 200-day DMA of 4950 could potentially drag it down further. Resistance is seen around 5300.
US stocks recovered from session lows to end down amid what appears to be a worsening debt crisis in Southern Europe. Crude oil is hovering around $80 per barrel. The Dollar index is close to 84.
Wednesday, May 5, 2010
सेन्सेक्स (17087.96) - 49.18 अंक गिरकर, नीफ़्टी (5124.90)-23.60 अंक गिरकर, बंद.
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European markets update: FTSE Index down 0.6%, CAC Index down 1% and DAX Index down 0.5%
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On a day, when the market plummeted, FIIs were net sellers of only Rs296.8mn in the cash segment on Tuesday on a provisional basis, according to NSE web site. Local institutions were net sellers of Rs4.38bn. In the F&O segment, the foreign funds were net buyers of Rs2.34bn. FIIs were net sellers of Rs2.36bn in the cash segment on Monday, as per the SEBI data.
Results Today:
Alembic, Allcargo Global, Brigade, Elder Pharma, Granules India, JB Chemicals, Lupin, Mid-Day, NIIT Tech, Prism Cement, TN Petro and UB.
Corporate Snippets
The government said it is in the process of granting the Maharatna status to four state-run firms -ONGC, SAIL, NTPC and IOC. (ET)
L&T and UK-based Howden Global have signed a JV to design, engineer, manufacture and supply axial fans and air pre-heaters to Indian thermal power plants ranging between 100 MW and 1,200 MW. (BL)
HCL Technologies has signed a US$500mn strategic pact with pharmaceutical major MSD (also known as Merck & Co) for a period of five years. (BS)
Oil India and Indian Oil Corp has pulled out of the race to acquire Gulfsands Petroleum after the UK-listed firm refused the Indian firms’ request for due diligence before making a firm offer. (ET)
NMDC and MMTC are likely to finalise the iron ore export contracts with Japan and Korea by this month-end or early next month. (BL)
L&T and UK-based Howden Global have signed a JV to design, engineer, manufacture and supply axial fans and air pre-heaters to Indian thermal power plants ranging between 100 MW and 1,200 MW. (BL)
HCL Technologies has signed a US$500mn strategic pact with pharmaceutical major MSD (also known as Merck & Co) for a period of five years. (BS)
Oil India and Indian Oil Corp has pulled out of the race to acquire Gulfsands Petroleum after the UK-listed firm refused the Indian firms’ request for due diligence before making a firm offer. (ET)
NMDC and MMTC are likely to finalise the iron ore export contracts with Japan and Korea by this month-end or early next month. (BL)
Pre Market Commentary ...
Confidence goes for a toss when the world comes tumbling down. Despite less leverage, fear may overtake temptation while attempting to pick stocks as the sentiment swings wilder by the day. Interestingly, the Japanese market has escaped the global carnage as it has been shut for 3-4 days. May be it will react when it resumes trading. South Korea’s market is also closed today.
No such luck for India, as the market is all set to witness deeper cuts. All round selling dragged the NSE Nifty below 50day DMA which it had managed to hang on to for over a month. Most technical and derivative indicators are showing further weakness and the Nifty is set to test 5050. The best tactic in such turbulent times is to stay away and wait for stability to return.
US stocks suffered their steepest drop in three months, as risk tolerance collapsed amid mounting concerns over the European debt crisis. The S&P 500 index has dropped to its fourth test of support at the March peak of 1,180. A close below this level would likely signal a near-term downtrend, according to technical analysts.
Spanish stocks led losses on European equities indices as mounting doubts over Greece’s bail-out and fears of contagion to other eurozone periphery countries haunt investors. The dollar benefited from safe haven status while the euro suffered as investors continued their lukewarm reception to the Greek rescue package.
No such luck for India, as the market is all set to witness deeper cuts. All round selling dragged the NSE Nifty below 50day DMA which it had managed to hang on to for over a month. Most technical and derivative indicators are showing further weakness and the Nifty is set to test 5050. The best tactic in such turbulent times is to stay away and wait for stability to return.
US stocks suffered their steepest drop in three months, as risk tolerance collapsed amid mounting concerns over the European debt crisis. The S&P 500 index has dropped to its fourth test of support at the March peak of 1,180. A close below this level would likely signal a near-term downtrend, according to technical analysts.
Spanish stocks led losses on European equities indices as mounting doubts over Greece’s bail-out and fears of contagion to other eurozone periphery countries haunt investors. The dollar benefited from safe haven status while the euro suffered as investors continued their lukewarm reception to the Greek rescue package.
Tuesday, May 4, 2010
सेन्सेक्स (17137.14) -248.98 अंक गिरकर, नीफ़्टी (74.25)-74.25 अंक गिरकर, बंद.
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European markets are trading flat in the opening trades
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Corporate Snippets
BHEL has set a target to supply 12,000MW of power equipment, 3x of what it supplied in the previous fiscal, to power companies such as NTPC in 2010-11. (BL)
NTPC plans to borrow Rs128bn during the current fiscal for its capacity addition program. (BL)
IOC along with the Tamil Nadu government will invest Rs100bn to set up a gas storage terminal in the state. (ET)
The promoters of DLF will list their real estate investment trust firm, DLF Assets Ltd, in Singapore in September to raise about US$1.2bn. (FE)
Bajaj Auto said it will produce a car that will cost US$2,500 in collaboration with the Renault-Nissan alliance. (ET)
Reliance Communications has entered into talks with handset makers, including Samsung, LG and Motorola, for procuring smartphones based on Android operating systems. (FE)
NTPC plans to borrow Rs128bn during the current fiscal for its capacity addition program. (BL)
IOC along with the Tamil Nadu government will invest Rs100bn to set up a gas storage terminal in the state. (ET)
The promoters of DLF will list their real estate investment trust firm, DLF Assets Ltd, in Singapore in September to raise about US$1.2bn. (FE)
Bajaj Auto said it will produce a car that will cost US$2,500 in collaboration with the Renault-Nissan alliance. (ET)
Reliance Communications has entered into talks with handset makers, including Samsung, LG and Motorola, for procuring smartphones based on Android operating systems. (FE)
Pre Market Commentary ...
The motormen’ strike may have thrown Mumbai out of gear but the bulls are set to chug ahead. The engine of course is strong global cues. US stocks rallied on the back of positive economic reports. Multi-billion-dollar M&As are back, which can be taken as a good tiding as well. Europe too recovered from the Greek woes. Asian markets are mostly up, though Chinese markets are down following last week’s monetary tightening.
Volume may be hit due to the railway motormen’s strike. Suddenly, thousands of opportunities may appear to come your way but make sure you don't get carried away. Tuesdays are often infamous to start one way and end the other way. Despite the positive outlook for the day, the overall prospects appear to be rather murky in the near term. The key indices have been choppy and rangebound for several weeks and that trend may not change for some time to come. Jindal Steel and Syndicate Bank will announce their results today.
Meanwhile, the Greek storm has subsided, at least for now. Hopefully, the massive EU-IMF bailout over three years will help Greece take a deeper look at what went wrong. For the time being though, the rescue has soothed frayed nerves over a possible sovereign default. Still, some worries persist over the health of the other members of the PIIGS nations. The Greece issue also shows how the stimulus-driven efforts to tame the recession can boomerang. Moral of the story, heavy deficit-ridden government balance sheets need urgent repairs.
Volume may be hit due to the railway motormen’s strike. Suddenly, thousands of opportunities may appear to come your way but make sure you don't get carried away. Tuesdays are often infamous to start one way and end the other way. Despite the positive outlook for the day, the overall prospects appear to be rather murky in the near term. The key indices have been choppy and rangebound for several weeks and that trend may not change for some time to come. Jindal Steel and Syndicate Bank will announce their results today.
Meanwhile, the Greek storm has subsided, at least for now. Hopefully, the massive EU-IMF bailout over three years will help Greece take a deeper look at what went wrong. For the time being though, the rescue has soothed frayed nerves over a possible sovereign default. Still, some worries persist over the health of the other members of the PIIGS nations. The Greece issue also shows how the stimulus-driven efforts to tame the recession can boomerang. Moral of the story, heavy deficit-ridden government balance sheets need urgent repairs.
Monday, May 3, 2010
सेन्सेक्स (17386.08) -172.63 अंक गिरकर, नीफ़्टी (5222.75) -55.25 अंक गिरकर, बंद.
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JSW Steel Q4 profit at Rs717cr (up 45%) and sales at Rs5167cr (up 55%)
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European markets update: FTSE and DAX Index down 1% each
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The top gainers:
The top gainers in the Sensex were ONGC (up 3.6%), Cipla (up 3.5%), Tata Motors (up 3.3%), HDFC (up 3.2%) and HDFC Bank (up 2.5%)
The Top Losers:
The top losers in the Sensex were DLF (down 6.5%), Maruti Suzuki (down 6%), Reliance Industries (down 5%), Tata Steel (down 4.6%) and Grasim Industries (down 3.9%).
The Top Losers:
The top losers in the Sensex were DLF (down 6.5%), Maruti Suzuki (down 6%), Reliance Industries (down 5%), Tata Steel (down 4.6%) and Grasim Industries (down 3.9%).
Results Today:
Century Textiles, Edserve Software, HDFC, Idea Cellular, JSW Steel, Kansai Nerolac and Maharashtra Seamless.
Corporate Snippets
United Spirits may spin off bottled water biz into separate subsidiary. (BS)
ArcelorMittal is in talks with SAIL for a possible tie-up. (BS)
MindTree outbid TCS, Infosys and Wipro to win Rs300mn contract from India’s Unique Identification Authority. (ET)
IOC plans to expand capacity of its Panipat refinery by 25% to 15mn tones from October. (BS)
L&T won contract worth over US$81.6mn from Abu Dhabi Ports Company. (BS)
Wockhardt
Maruti Suzuki India reported sales of 93,058 units which marked a 29.7% increase over 71,748 vehicles sold in April 2009. (BL)
ArcelorMittal is in talks with SAIL for a possible tie-up. (BS)
MindTree outbid TCS, Infosys and Wipro to win Rs300mn contract from India’s Unique Identification Authority. (ET)
IOC plans to expand capacity of its Panipat refinery by 25% to 15mn tones from October. (BS)
L&T won contract worth over US$81.6mn from Abu Dhabi Ports Company. (BS)
Wockhardt
Maruti Suzuki India reported sales of 93,058 units which marked a 29.7% increase over 71,748 vehicles sold in April 2009. (BL)
Pre Market Commentary ...
Get set for a weak beginning on the bourses as the key indices are set to fall due to weak global cues. Overall, the trend will remain sideways and rangebound. China has yet again raised the CRR to soften record lending and prevent asset bubbles. But the market in China, along with a few others like Japan are shut today.
As expected, Greece has managed to secure a larger bailout, though it is yet to be ratified. Make no mistake, this is not the end of the Europe debt crisis. The UK will hold general election later this week. The Goldman Sachs issue along with the Congressional debate on financial reforms will continue to cast a shadow over Wall Street.
Back home, it promises to be another action-packed week even as the market continues to struggle to break out of the current trading pattern. Reliance will be in focus as the Supreme Court is likely to deliver a verdict in the RIL-RNRL gas dispute. Auto and cement companies will be in action as they report monthly numbers. Oil marketing companies may also be in spotlight amid growing talk of price decontrol.
As expected, Greece has managed to secure a larger bailout, though it is yet to be ratified. Make no mistake, this is not the end of the Europe debt crisis. The UK will hold general election later this week. The Goldman Sachs issue along with the Congressional debate on financial reforms will continue to cast a shadow over Wall Street.
Back home, it promises to be another action-packed week even as the market continues to struggle to break out of the current trading pattern. Reliance will be in focus as the Supreme Court is likely to deliver a verdict in the RIL-RNRL gas dispute. Auto and cement companies will be in action as they report monthly numbers. Oil marketing companies may also be in spotlight amid growing talk of price decontrol.
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