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Shares of IOC advanced by over 7% to Rs405 after the company announced that it formed a joint venture with Tata Power for a coal-based power plant. The scrip ouched an intra-day high of Rs408 and a low of Rs382 and recorded volumes of over 4,00,000 shares on BSE.
Shares of Titan Industries surged by over 5% to Rs955 after reports stated that the company was planning to spin off its precision engineering division into a JV. The scrip touched an intra-day high of Rs962 and a low of Rs886 and recorded volumes of over 4,00,000 shares on BSE.
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Shares of ACC have declined by 9% to Rs485 after the company announced that it would shut one of its kilns in the state of Himachal Pradesh and Punjab because of poor demand.
Having said that, the advance is unlikely to sustain unless the headwinds - both global as well as local - gradually start dissipating. As a result, we would continue to maintain the view that every rally should be used to lock in gains though long-term investors can continue to dabble in quality stocks at lower levels. Remember quality stocks. Catch them only if you can get a grip on the handle. Markets might continue to remain sluggish ahead of inflation data to be released tomorrow. Also in the US, Morgan Stanley would announce its Q4 results. It is advisable to stay cautious.Today, we expect the market to regain its winning ways at start but may remain choppy in the face of continuing uncertainty over the fate of the global economy. Inflation will be out today and is likely to fall further. But, that anyway has been factored in by most players.
FIIs were net sellers of Rs1.88bn (provisional) in the cash segment on Wednesday while the local institutions pulled out Rs978.2mn. In the F&O segment, the foreign funds were net buyers at Rs5.05bn. On Tuesday, FIIs were net buyers of Rs275mn in the cash segment.

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Target 151, 149
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Target 182, 183
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A disaster seems to have been averted at Satyam Computer. The IT major has decided to drop the proposed acquisition of two promoter group companies - Maytas Properties and Maytas Infra, which is Satyam spelt in reverse. The reverse also has a reverse side and the Satyam management (involved in the deal) has taken heed of the screams of investors.
Today, the bulls may continue the recent run of good form for this all weekas well following the Federal Reserve's move to slash interest rates to near zero level. US shares ended sharply higher on the central bank's promise to do more in order to check the economic slump. The Dow gained 4.2% while the Nasdaq and the S&P 500 rallied well over 5%. European stocks too closed higher while Asian indices this morning too are on a strong wicket. Given the backdrop of a worldwide rally and resumption in FII inflows, we see the Indian market opening firm today. Having said that, Tuesday's advance came on lower volume and turnover. Buying from foreign funds was negligible while local institutions were marginal net sellers. The key indices could take a pause after rising sharply over the past few sessions.
It remains to be seen whether the current momentum can be sustained, as the bulls still lack conviction.

Shares of ICICI Bank surged by over 2% to Rs418 after the company announced that it may lower its interest rates over the next two to three weeks, stated reports. The scrip touched an intra-day high of Rs434 and a low of Rs413 and recorded volumes of over 24,00,000 shares on BSE.
HPCL
Bank of Baroda
Tata Tea
NTPC
Hindustan Zinc
Sterling Biotech
Indian Bank
Indian Oil
Patni Computer
Colgate-Palmoliv
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