Friday, May 14, 2010
सेन्सेक्स (16994.60) -271.27 अंक गिरकर, नीफ़्टी (5093.50) -85.40 अंक गिरकर, बंद.
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European markets update: FTSE Index down 1%, CAC Index down 1.9% and DAX Index down 0.7%
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FIIs were net sellers of Rs155.7mn in the cash segment on Thursday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs2.22bn. In the F&O segment, the foreign funds were net buyers of Rs18.63bn. FIIs were net sellers of Rs1.66bn in the cash segment on Wednesday, as per the SEBI data. Mutual Funds were net sellers of Rs1.28bn in the cash segment on the same day.
Results Today:
Adani Enterprises, Asahi India, Bhushan Steel, Deccan Chronicle, DLF, Federal Bank, Gulf Oil, Hindustan Copper, ICI India, Kirloskar Oil, McNally Bharat, NALCO, SBI, Tanla and Videocon Industries.
Corporate Snippets
RIL may join ONGC consortium in Venezuela, which could bag a hydrocarbon block. (ET)
Standard Chartered is likely to raise around US$600mn through an India listing. (ET)
Huawei offers to share source code for its telecommunication systems in a move to establish that its telecom gear does not pose security threat. (ET)
RJ Corp will dilute 10-12% in one of its subsidiaries to fund expansion plans. (ER)
Kingfisher to restructure around Rs7bn of debt. (ET)
Coal India about US$555mn in employee cost over the next 10years as it increases the use of machines. (ET)
Standard Chartered is likely to raise around US$600mn through an India listing. (ET)
Huawei offers to share source code for its telecommunication systems in a move to establish that its telecom gear does not pose security threat. (ET)
RJ Corp will dilute 10-12% in one of its subsidiaries to fund expansion plans. (ER)
Kingfisher to restructure around Rs7bn of debt. (ET)
Coal India about US$555mn in employee cost over the next 10years as it increases the use of machines. (ET)
Pre Market Commentary ...
There may be no prosperity at start on the Street as global cues are not supportive. After Spain, now Portugal has announced tough austerity steps to qualify for funds from the massive safety net provided by the EU and IMF. Optimism that the eurozone debt crisis is abating got a lift from a successful bond auction in Italy. Still, the euro fell close to 14-month lows against the dollar. Risk aversion remains elevated with the dollar index climbing above 85. Commodities are under pressure though Gold continues to attract safe haven buying. US stocks erased Wednesday’s big gains amid reports of a widening probe of large Wall Street banks. Asian markets are mostly in red this morning.
It’s a no-brainer that Indian stocks too would fall in sync with the global trend. However, the fall may not be too severe and sentiment could change for the better provided there is no further bad news from the external front. Key indices might also benefit if inflation for April turns out to be lower than anticipated. Consensus is for a drop to ~9.5% from 9.9% in March. On the whole, the market is likely to remain sideways and rangebound. The NSE Nifty will continue to find resistance at 5200 and beyond while support is expected at 5000 in case it drops below 5100. A major break-down in sentiment is not on the cards unless we get some fresh dose of bad news from the overseas markets.
It’s a no-brainer that Indian stocks too would fall in sync with the global trend. However, the fall may not be too severe and sentiment could change for the better provided there is no further bad news from the external front. Key indices might also benefit if inflation for April turns out to be lower than anticipated. Consensus is for a drop to ~9.5% from 9.9% in March. On the whole, the market is likely to remain sideways and rangebound. The NSE Nifty will continue to find resistance at 5200 and beyond while support is expected at 5000 in case it drops below 5100. A major break-down in sentiment is not on the cards unless we get some fresh dose of bad news from the overseas markets.
Thursday, May 13, 2010
सेन्सेक्स (17265.87) 70.06 अंक चढ्कर, नीफ़्टी (5178.90) 22.85 अंक चढ्कर, बंद..
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DELIVARY CALL,
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GESHIP
Target at 350 in 30 Days,
Target at 350 in 30 Days,
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PIRAMALHELTHTarget at 550++
FIIs were net sellers of Rs2.97bn in the cash segment on Wednesday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs1.8bn. In the F&O segment, the foreign funds were net buyers of Rs12.89bn. FIIs were net buyers of Rs1.43bn in the cash segment on Tuesday, as per the SEBI data. Mutual Funds were net sellers of Rs1.97bn in the cash segment on the same day.
Results Today:
Crompton Greaves, Educomp, Gammon India, Graphite India, Kewal Kiran, Koutons Retail, Lok Housing, MTNL, Plethico Pharma and Tata Coffee.
Corporate Snippets
Ranbaxy plans to divest its investments made by the previous promoter in the group companies. (ET)
Reliance Power may build gas-fired plant in Andhra Pradesh instead of Dadri after the Supreme Court verdict. (ET)
M&M to consolidate presence in utility vehicles segment. (BL)
Tata Steel wants prices for automobiles sector to be negotiated every quarter. (BL)
Godrej Consumer to buy out Sara Lee stake in their JV for a consideration of US$234mn. (ET)
Glodyne Technoserve has acquired DecisionOne, a US based IT firm for US$104mn. (ET)
HCC spins off IT unit into a fully-owned subsidiary. (ET)
Reliance Power may build gas-fired plant in Andhra Pradesh instead of Dadri after the Supreme Court verdict. (ET)
M&M to consolidate presence in utility vehicles segment. (BL)
Tata Steel wants prices for automobiles sector to be negotiated every quarter. (BL)
Godrej Consumer to buy out Sara Lee stake in their JV for a consideration of US$234mn. (ET)
Glodyne Technoserve has acquired DecisionOne, a US based IT firm for US$104mn. (ET)
HCC spins off IT unit into a fully-owned subsidiary. (ET)
Pre Market Commentary ...
Wild swings are here to stay though the outlook for the day appears slightly brighter. Risk aversion is still high with investors across the globe flocking to the safety of gold and the dollar. At the same time, stocks and commodities are showing some signs of staging a comeback. British shares rose as David Cameron took charge of the first coalition government in London since World War II. Spain’s announcement of a new austerity plan also helped boost confidence in equities.
Stocks in Europe as well as in the US posted smart gains. Asian markets are up this morning, led by Japan and South Korea though Shanghai continues to struggle amid tightening concerns. We expect a higher opening on Indian bourses. The NSE Nifty may take a shot at 5200 but will find it tough to get past 5300. Fund flows from overseas investors have tapered off lately and valuations remain quite rich. We are going through a volatile consolidation phase. It’s better to stay at a safe range and invest lesser than your means.
Stocks in Europe as well as in the US posted smart gains. Asian markets are up this morning, led by Japan and South Korea though Shanghai continues to struggle amid tightening concerns. We expect a higher opening on Indian bourses. The NSE Nifty may take a shot at 5200 but will find it tough to get past 5300. Fund flows from overseas investors have tapered off lately and valuations remain quite rich. We are going through a volatile consolidation phase. It’s better to stay at a safe range and invest lesser than your means.
Wednesday, May 12, 2010
सेन्सेक्स (17195.81) 54.28 अंक चढ्कर, नीफ़्टी (5156.65) 20.50 अंक चढ्कर, बंद..
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European markets update: FTSE Index 0.7%, CAC Index down 1.2% and DAX Index down 0.3%
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FIIs were net buyers of Rs201.9mn in the cash segment on Tuesday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs224.9mn. In the F&O segment, the foreign funds were net buyers of Rs19.74bn. FIIs were net buyers of Rs6.97bn in the cash segment on Monday, as per the SEBI data. Mutual Funds were net buyers of Rs1.23bn in the cash segment on the same day.
Results Today:
Bajaj Auto, Bajaj Holdings, Blue Star, DB Realty, Dewan Housing, Hathway Cable, Infinite Computers, MRPL, Thermax and Welspun India.
Corporate Snippets
BSNL, Bharti Airtel, Vodafone-Essar, Aircel, MTNL and Idea Cellular might have to fork out over Rs112bn for having spectrum beyond 6.2MHz, if the government accepts the TRAI’s recommendations. (BS)
Fitch Ratings on Tuesday has affirmed the foreign currency issuer default rating (IDR) of 'BB+' and the national long-term rating of ‘AA (Ind)’ of Tata Steel. (FE)
Concerned over the delay in getting clearance from the Centre for its IT SEZ in Chennai, DLF has decided to pull out of the project. (ET)
Alstom Group said that it has expanded its strategic partnership with Infosys Technologies in areas of global R&D, engineering and engineering IT services. (ET)
The Water Technology Business Unit of L&T secured Rs8.5bn contract from the Public Works Authority of Qatar for setting up an advanced waste water treatment and urban reuse plant. (BL)
Fitch Ratings on Tuesday has affirmed the foreign currency issuer default rating (IDR) of 'BB+' and the national long-term rating of ‘AA (Ind)’ of Tata Steel. (FE)
Concerned over the delay in getting clearance from the Centre for its IT SEZ in Chennai, DLF has decided to pull out of the project. (ET)
Alstom Group said that it has expanded its strategic partnership with Infosys Technologies in areas of global R&D, engineering and engineering IT services. (ET)
The Water Technology Business Unit of L&T secured Rs8.5bn contract from the Public Works Authority of Qatar for setting up an advanced waste water treatment and urban reuse plant. (BL)
Pre Market Commentary ...
Uncertainty continues to haunt global markets despite multi-billion-euro bailout for the troubled euro-zone nations. What’s worse, volatility has shot up as risk aversion remains elevated. Gold and the Dollar are attracting safe haven buying while risky assets like stocks and commodities are under pressure. Aside from the European debt crisis, markets are also worried about possible overheating in China. In short, things are not looking bright as of now and the prospects for global equities may take a while to revive.
Today we expect a slightly positive start but early gains may not sustain and the key indices will remain sluggish within a tight range. The NSE Nifty will continue to meet resistance at 5200 and beyond that, at 5300. On the way down, support is placed at around 5115. A bigger selloff could even take the Nifty below 5000. Telecom stocks may fall further on TRAI recommendations and aggressive 3G bids. March IIP data will be out today and is likely to show ~15% growth. Monthly inflation will be released on May 14.
Rural Electrification Corp. Ltd. (REC) has been added to the MSCI Emerging Markets Index. According to reports, Adani Enterprise and Piramal Healthcare have also been included in the widely tracked index. Reports also suggest that HDIL and Suzlon have been added by MSCI while Power Grid and Glenmark Pharma have been removed.
Today we expect a slightly positive start but early gains may not sustain and the key indices will remain sluggish within a tight range. The NSE Nifty will continue to meet resistance at 5200 and beyond that, at 5300. On the way down, support is placed at around 5115. A bigger selloff could even take the Nifty below 5000. Telecom stocks may fall further on TRAI recommendations and aggressive 3G bids. March IIP data will be out today and is likely to show ~15% growth. Monthly inflation will be released on May 14.
Rural Electrification Corp. Ltd. (REC) has been added to the MSCI Emerging Markets Index. According to reports, Adani Enterprise and Piramal Healthcare have also been included in the widely tracked index. Reports also suggest that HDIL and Suzlon have been added by MSCI while Power Grid and Glenmark Pharma have been removed.
Tuesday, May 11, 2010
सेन्सेक्स (17141.53) -189.02 अंक गिरकर, नीफ़्टी (5136.15) -57.45 अंक गिरकर, बंद.
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European markets update: FTSE Index down 1.6%, CAC Index down 2% and DAX Index down 1.5%
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Results Today:
Bajaj Auto Finance, Bajaj Finserv, Bajaj Hindusthan, Havells India, Hindalco, Jain Irrigation, Jindal Drilling, Kotak Mahindra Bank, Ranbaxy and SREI Infra.
FIIs were net buyers of Rs2.64bn in the cash segment on Monday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs302.5mn. In the F&O segment, the foreign funds were net buyers of Rs26.8bn. FIIs were net sellers of Rs15.9bn in the cash segment on Friday, as per the SEBI data. Mutual Funds were net sellers of Rs137mn in the cash segment on the same day.
Corporate Snippets
The Maharashtra government intervened with GAIL India to organise gas supply till end-June for one unit of Tata Power’s Trombay plant. (BS)
Bolivia has said that the multi-billion dollar contract it signed with Jindal Steel to develop an iron ore mine has not been rescinded, but the steel company would have to pay a penalty for not fulfilling the terms of the agreement. (BS)
Tata Power has said that it is not inclined to accept a Maharashtra government order asking it to supply around 300MW to Reliance Infrastructure, setting the stage for an unusual confrontation with the state government, reports Our Political Bureau from Mumbai. (ET)
US-based Purdue Pharma has filed a patent infringement suit against Ranbaxy, after it had applied for marketing approval of a low-cost version of Purdue’s pain relieving medicine, Oxycodone. (BS)
Bolivia has said that the multi-billion dollar contract it signed with Jindal Steel to develop an iron ore mine has not been rescinded, but the steel company would have to pay a penalty for not fulfilling the terms of the agreement. (BS)
Tata Power has said that it is not inclined to accept a Maharashtra government order asking it to supply around 300MW to Reliance Infrastructure, setting the stage for an unusual confrontation with the state government, reports Our Political Bureau from Mumbai. (ET)
US-based Purdue Pharma has filed a patent infringement suit against Ranbaxy, after it had applied for marketing approval of a low-cost version of Purdue’s pain relieving medicine, Oxycodone. (BS)
Pre Market Commentary ...
Global markets have heaved a sigh of relief. European leaders have buried the hatchet to avert a possible split in the euro-zone and bolster confidence in the euro. Another major financial crisis has been avoided. But, it remains to be seen how fast the debt-ridden European nations can rebound from here on. A major task ahead of them is to overhaul their economic structures to return to sustainable growth while also keeping in check their high debt levels.
The global economic recovery has suffered a temporary setback. What that means is that the crisis-fighting stimulus will stay for some time to come in advanced nations. Even central banks in emerging countries like India may go slow in raising rates. The dollar may remain firm. Emerging markets with strong growth will benefit from ultra-soft monetary regime in western countries.
For the day, the outlook remains positive though the start will be lackluster. Asian markets are mixed. Stocks in China are up this morning, owing to strong set of economic data released today. The Hang Seng is in the red. Some choppiness is likely and the main Indian indices may once again slip into a rangebound trade. We would urge caution at these levels.
The global economic recovery has suffered a temporary setback. What that means is that the crisis-fighting stimulus will stay for some time to come in advanced nations. Even central banks in emerging countries like India may go slow in raising rates. The dollar may remain firm. Emerging markets with strong growth will benefit from ultra-soft monetary regime in western countries.
For the day, the outlook remains positive though the start will be lackluster. Asian markets are mixed. Stocks in China are up this morning, owing to strong set of economic data released today. The Hang Seng is in the red. Some choppiness is likely and the main Indian indices may once again slip into a rangebound trade. We would urge caution at these levels.
Monday, May 10, 2010
सेन्सेक्स (17330.55) 561.44 अंक चढ्कर, नीफ़्टी (5193.60) 175.55 अंक चढ्कर, बंद..
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European markets update: FTSE Index up 2.6%, DAX Index up 2.9% and CAC Index up 4.9%
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Dow Jones Futs up by 245 pts and Nasdaq Futs up by 32 pts
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FIIs were net sellers of Rs13.08bn in the cash segment on Friday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs6.54bn. In the F&O segment, the foreign funds were net buyers of Rs8.07bn. FIIs were net sellers of Rs13.89bn in the cash segment on Thursday, as per the SEBI data.
Results Today:
Elecon Engineering, HT Media, Jubilant Organosys, Jubilant Foodworks, McNally Bharat, Monnet Ispat, Orbit Corp, Radico Khaitan, Unichem Labs, Usha Martin and Zicom.
Corporate Snippets
SC directs Reliance Industries to initiate renegotiation with RNRL within six weeks on the terms of the gas supply agreement so that their interests are safeguarded. (BL)
JSW Steel reported that its crude steel production has increased by 20% to 560,000 tonnes in April. (BL)
IRB Infra bags Rs12bn road project. (BL)
JSL has signed a MoU with the Orissa Government to set up a 1,320MW super critical thermal power plant at Luni. (BL)
Apollo Hospitals will add 2,200 beds over the next two years with an estimated investment of Rs10bn. (FE)
Tata Steel will raise Rs100bn of debt to finance its 3mn tonne expansion in Jamshedpur and to part-pay debt at Corus. (DNA)
JSW Steel reported that its crude steel production has increased by 20% to 560,000 tonnes in April. (BL)
IRB Infra bags Rs12bn road project. (BL)
JSL has signed a MoU with the Orissa Government to set up a 1,320MW super critical thermal power plant at Luni. (BL)
Apollo Hospitals will add 2,200 beds over the next two years with an estimated investment of Rs10bn. (FE)
Tata Steel will raise Rs100bn of debt to finance its 3mn tonne expansion in Jamshedpur and to part-pay debt at Corus. (DNA)
Pre Market Commentary ...
After several days of turbulence, we are in for a gap-up start this Monday morning, as the EU and the IMF have agreed on an emergency funding facility worth as much as €720bn in loan guarantees and credits to stabilise the eurozone. The ECB will buy government bonds in the secondary market to calm jittery credit markets. The Fed will reopen dollar swap program and Bank of Japan has offered $21.6bn in liquidity. Asian markets are mostly positive. US stock futures and euro jumped on euro zone package news. Markets in Europe are also likely to open higher on the news of deal among European nations to help stabilize troubled economies.
Volatility will prevail in the near term as investors gauge the impact of the unprecedented efforts to stem the European debt crisis. Apart from Europe, one should also keep an eye on developments in key economies such as the US and China. On the domestic front, the immediate worries persist on high inflation and its possible fallout on monetary policy. And, despite the recent decline, valuations (based on one year forward earnings) too are looking a bit stretched. Fund flows, especially from the overseas investors will of course continue to have a bearing on the overall sentiment.
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