Tuesday, May 25, 2010
NIFTY (4880) SUP (4820) REC (4930)
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Results Today:
Aban Offshore, Apar Industries, BOB, Deepak Fertilizers, Gujarat Industries Power, Hindustan Unilever, IL&FS Transportation, Jai Corp, JK Tyre, JM Financial, Jyothy Labs, Mercator Lines, NCC, NHPC, Power Grid Corp, Provogue, TN Newsprint, Tata Tea and Time Technoplast.
Corporate Snippets
Hindalco Industries plans to raise about Rs75bn of debt under the project finance route to achieve financial closure for Mahan Aluminium, its new factory project. (BS)
Standard Chartered Plc has raised around Rs3.7bn by roping in six anchor investors for its Indian Depository Receipt (IDR) issue. (BS)
Bharti Airtel raised Rs88bn from a six-year syndicated loan to pay for third-generation (3G) spectrum. (BS)
Bajaj Auto will continue to pursue its broad plans with the Austrian bike manufacturer KTM Power Sports AG, including a gradual increase of its stake in the performance bike making company. (BS)
BHEL has signed a memorandum of understanding with National Oil Well Varco, a US-based oil and gas drilling equipment firm, to build 35 AC (alternating current) deep land drilling rigs in phases. (BS)
Standard Chartered Plc has raised around Rs3.7bn by roping in six anchor investors for its Indian Depository Receipt (IDR) issue. (BS)
Bharti Airtel raised Rs88bn from a six-year syndicated loan to pay for third-generation (3G) spectrum. (BS)
Bajaj Auto will continue to pursue its broad plans with the Austrian bike manufacturer KTM Power Sports AG, including a gradual increase of its stake in the performance bike making company. (BS)
BHEL has signed a memorandum of understanding with National Oil Well Varco, a US-based oil and gas drilling equipment firm, to build 35 AC (alternating current) deep land drilling rigs in phases. (BS)
Pre Market Commentary ...
The bears seem to be at an advantage with the European debt crisis continuing to cast a shadow over global economic recovery. News of the Bank of Spain bailing out savings bank CajaSur is a stark reminder that not all is well with European banks.
The euro erased some of last week’s gains to slip over 1.5% against the dollar. US stocks too closed in the red after a choppy session. Asian markets are down sharply, led by the Nikkei in Japan. Stocks in China have turned lower after Monday’s big rally.
We expect our market to start lower amid weak global cues. Lesser the risk, lesser the loss seems to be the mantra for now as major world markets are trading below key technical support levels.
The whole of Europe is on an austerity overdrive. The UK too has unveiled spending cuts to rein in budget deficit. This will further delay a return to pre-Lehman era. Overall trend remains down but some pull-back is bound to come at lower levels. On Monday, the market opened higher but closed nearly flat.
Today being a Tuesday, a turnaround at the end of the day is not ruled out completely. The key is not to get carried away by any short-covering led bounce as the equity markets remain hostage to headline risk. Volatility will spurt this week owing to Thursday's F&O expiry.
The euro erased some of last week’s gains to slip over 1.5% against the dollar. US stocks too closed in the red after a choppy session. Asian markets are down sharply, led by the Nikkei in Japan. Stocks in China have turned lower after Monday’s big rally.
We expect our market to start lower amid weak global cues. Lesser the risk, lesser the loss seems to be the mantra for now as major world markets are trading below key technical support levels.
The whole of Europe is on an austerity overdrive. The UK too has unveiled spending cuts to rein in budget deficit. This will further delay a return to pre-Lehman era. Overall trend remains down but some pull-back is bound to come at lower levels. On Monday, the market opened higher but closed nearly flat.
Today being a Tuesday, a turnaround at the end of the day is not ruled out completely. The key is not to get carried away by any short-covering led bounce as the equity markets remain hostage to headline risk. Volatility will spurt this week owing to Thursday's F&O expiry.
Monday, May 24, 2010
Intraday:
Buy SESAGOA at 344
sl 340 TARGET 355,356,357
ALSO for 5 day delivery
target 377 ++
www.northpole77.com
sl 340 TARGET 355,356,357
ALSO for 5 day delivery
target 377 ++
www.northpole77.com
Northpole recommendations ..
1. Ambani brother's stock may be on focus
2. Indian rupee may show strength against USD
Buy Reliance Industries Ltd.with stop loss Rs 985 target Rs 1010, 1100 ++
Buy Reliance Natural Resources Ltd. with stop loss Rs 43 target Rs 54,64 ++Buy Jain Irrigation Systems Ltd with stop loss Rs 970 target Rs 990,1030 ++Buy Reliance Capital Ltd with stop loss Rs 640 target Rs 682, 704 ++Buy Reliance Power Ltd with stop loss Rs 135 target Rs 151, 177 ++
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VISIT US DAILY FOR FREE CALLS....
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RNRL : Our morning call on FIRE, upby Rs10, hold for target 60 ++ in 45days
RNRL : Our morning call on FIRE,
upby Rs10, hold for target 60 ++
in 45days
ITC : trading strong today high, at Rs.275
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European market update: FTSE index up 0.91%, CAC index up 1.32%, DAX index up 0.69%
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Hold / BUY our delivery call RIL target 1100, 1135 ++
Remember no jai no viru only dhiru!!Hold / BUY our delivery call
RIL target 1100,
1135 ++
Dividend announced for Record Date between May 21 2010 to June 3rd 2010
| Scrip Code | Scrip Name | Ex-Date | Purpose | Rs. |
| 532531 | Strides Arco | 5/21/2010 | Dividend | 1.5 |
| 500168 | Goodyear India | 5/24/2010 | Dividend | 7 |
| 532837 | Orbit Corp | 5/25/2010 | Final Dividend | 1.5 |
| 532491 | ECE Inds | 5/26/2010 | Right 1:1 | - |
| 500133 | Esab India | 5/26/2010 | Interim Dividend | 10 |
| 500209 | Infosys | 5/26/2010 | Dividend | 15 |
| 532388 | IOB | 5/26/2010 | Dividend | 3.5 |
| 500185 | Hindustan Const | 5/28/2010 | Dividend | 0.8 |
| 532366 | PNB Gilts | 5/28/2010 | Dividend | 1 |
| 504614 | Sarda Energy | 5/28/2010 | Dividend | 3 |
| 532760 | Deep Inds | 5/31/2010 | Dividend | 0.5 |
| 500339 | Rain Commodities | 5/31/2010 | Dividend | 3.7 |
| 505750 | Josts Engr | 6/1/2010 | Dividend | 10 |
| 532418 | Andhra Bank | 6/3/2010 | Dividend | 5 |
| 532544 | Indiabulls Fin | 6/3/2010 | Dividend | 5 |
| 532960 | Indiabulls Sec | 6/3/2010 | Dividend | 2 |
| 511218 | Shriram Trans | 6/3/2010 | Final Dividend | 4 |
| 532784 | Sobha Dev | 6/3/2010 | Dividend | 2.5 |
| 522087 | Sulzer India | 6/3/2010 | Dividend | 15 |
FIIs were net sellers of Rs15.4bn in the cash segment on Friday on a provisional basis, according to the NSE data. The local institutions were net buyers at Rs8.16bn on the same day. In the F&O segment, the foreign funds were net buyers of Rs1.05bn. On Thursday, FIIs were net sellers of Rs7.1bn in the cash segment. according to the SEBI data.
Results Today:
Aegis Logistics, Astec Life Sciences, Bombay Dyeing, Canara Bank, Future Capital, GMR Infra, Hotel Leela, LMW, Madras Cements, Opto Circuits, Sun Pharma, Tata Chemicals, Tata Power and TV Today.
Corporate Snippets
Mukesh and Anil Ambani have cancelled all existing non-compete agreements between their groups, drawn-up during the Reliance re-organization in 2006. (BL)
Piramal Healthcare sells its domestic formulations business to US-based Abbott in a deal worth US$3.72bn. (BS)
DLF is in talks with Government of Singapore Investment Corporation, Abu Dhabi Investment Authority and Kuwait Investment Authority to sell majority stake in luxury hotel chain Aman Resorts. (BS)
Infosys is looking to bid for US-based Logica for ~Rs185bn. (BS)
Bank of Rajasthan shareholders to gain one share of ICICI Bank for every 4.72 shares of Bank of Rajasthan. (BS)
Jindal Power is looking to set up a hydro-power project in Nepal at an estimated cost of Rs15bn as part of its multi-billion dollar programme in the energy space. (BS)
Piramal Healthcare sells its domestic formulations business to US-based Abbott in a deal worth US$3.72bn. (BS)
DLF is in talks with Government of Singapore Investment Corporation, Abu Dhabi Investment Authority and Kuwait Investment Authority to sell majority stake in luxury hotel chain Aman Resorts. (BS)
Infosys is looking to bid for US-based Logica for ~Rs185bn. (BS)
Bank of Rajasthan shareholders to gain one share of ICICI Bank for every 4.72 shares of Bank of Rajasthan. (BS)
Jindal Power is looking to set up a hydro-power project in Nepal at an estimated cost of Rs15bn as part of its multi-billion dollar programme in the energy space. (BS)
Pre Market Commentary ...
Nearly five years after the big Reliance empire was split, the warring Ambani brothers have decided to bury the hatchet. The new peace deal in the Ambani family will surely prove to be a sentiment-booster for our market, which was starved of positive triggers. It’s a no-brainer that shares of the two Reliance groups will steal the limelight, although one is still not sure of the long-term impact of the truce. What’s more, Asian markets, barring Japan, are mostly positive. The good news is that the rally is being led by China, which has been the worst-performing market this year. A meeting of the China-US Strategic and Economic Dialogue takes place in Beijing until May 25. The strength of the Chinese currency is a likely topic.
Given the feel-good backdrop, we expect a firm opening and perhaps a positive finish too. If global cues remain supportive and there are no fresh mishaps, the markets will be able to regain some of the lost ground. Some risks may still persist mainly due to concerns about the European sovereign debt problems and possible overheating in China. In the immediate future, the key events to watch out for will be next week’s GDP report and progress of monsoon. A spate of global data points will also have to be factored in. The market may remain choppy owing to the F&O expiry on Thursday and continuing uncertainty over the euro-zone debt crisis.
Given the feel-good backdrop, we expect a firm opening and perhaps a positive finish too. If global cues remain supportive and there are no fresh mishaps, the markets will be able to regain some of the lost ground. Some risks may still persist mainly due to concerns about the European sovereign debt problems and possible overheating in China. In the immediate future, the key events to watch out for will be next week’s GDP report and progress of monsoon. A spate of global data points will also have to be factored in. The market may remain choppy owing to the F&O expiry on Thursday and continuing uncertainty over the euro-zone debt crisis.
Friday, May 21, 2010
सेन्सेक्स (16445.61) -74.07 अंक गिरकर, नीफ़्टी (4931.15) -16.45 अंक गिरकर, बंद.
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INDIAINFO 45days FD
Buy and Hold INDIAINFO AT and below 100
and below hold for 114,119,124
and plus in 45 days
SURE SHOT
save this message,
and below hold for 114,119,124
and plus in 45 days
SURE SHOT
save this message,
European market update: FTSE index down 0.95%, CAC index down 1.02% and DAX index down 1.12%
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Jaypee Infratech lists at Bourses below IPO
Jaypee Infra-tech got listed in the Stock Exchanges today , Jaypee infra which came out with a IPO in the range of 102 – 107 rs , Set the IPO final price at 102 rs , the subsidiary of Jaiprakash Associates finally got listed today in the exchange at a price of Rs 98 and at 10 or so its trading at 90 or so.
Delivery Call .. BUY AND HOLD
Buy RIL at 980and below
for 90 days
target 1040 plus
www.northpole77.com and below
FIIs were net sellers of Rs6.57bn in the cash segment on Thursday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs7.21bn. In the F&O segment, the foreign funds were net sellers of Rs2.21n. FIIs were net sellers of Rs14.74bn in the cash segment on Wednesday, as per the SEBI data.
Results Today:
Edelweiss, Force Motors, Gammon Infra, Inox, ITC, Jyoti Structures, Redington India, Sadbhav Engineering, Take Solutions, Varun Shipping and Zylog Systems.
Corporate Snippets
Bharti Retail plans to roll out stores in South India soon, as part of its plans to become a national retailer. (BS)
SBI has decided to scale down its branch expansion plan and is now expected to open around 500 branches during the current financial year, as against nearly 1,000 proposed earlier. (BS)
Jindal Steel & Power is buying Oman-based Shadeed Iron & Steel for US$464mn (Rs20.9bn) to expand its reach to West Asia. (BS)
After a delay of nearly a year, auto major Mahindra & Mahindra is now all set to begin its US expedition in its new compact diesel pick-up truck by end of December 2010. (BL)
Reliance Infrastructure has won its tenth road project worth Rs9.25bn, from the National Highways Authority of India. (BL)
SBI has decided to scale down its branch expansion plan and is now expected to open around 500 branches during the current financial year, as against nearly 1,000 proposed earlier. (BS)
Jindal Steel & Power is buying Oman-based Shadeed Iron & Steel for US$464mn (Rs20.9bn) to expand its reach to West Asia. (BS)
After a delay of nearly a year, auto major Mahindra & Mahindra is now all set to begin its US expedition in its new compact diesel pick-up truck by end of December 2010. (BL)
Reliance Infrastructure has won its tenth road project worth Rs9.25bn, from the National Highways Authority of India. (BL)
Pre Market Commentary ...
Speculation has been rife about a possible disintegration of the euro-zone and erosion in its common currency despite several measures to stem the debt contagion. This has sent markets into a tailspin as risk appetite has taken a severe beating owing to concerns that the European debt disaster could derail the worldwide recovery. As a result, the bulls have their backs against the wall and may remain on the defensive if the European crisis doesn’t subside.
Brace yourselves for another gap-down opening. Should the global picture change for the better, we may see the key indices do a bungee-jump, but then at the end of it you may still be left hanging. Betting on a major rally from here on would be like catching a falling knife. Fear is running very high amid significant external uncertainties. The bravehearts among you could look at snapping up good bargains at lower levels, but we would advise against any kind of adventure right now.
The NSE Nifty has failed to rebound after slipping below 200-day DMA and could be headed for further downside. What’s worse the S&P 500 index in the US has cracked below 200-day DMA thanks to disappointing economic data and nagging worries over the euro-zone debt crisis. Meanwhile, the US Senate has approved the most significant increase in the regulation of US banks since the Great Depression. The bill now goes to the House to iron out difference.
Asian markets are trading sharply lower, with many bourses at year-to-date lows. European shares were also battered though the euro recovered following the release of a few weak economic reports in the US.
Brace yourselves for another gap-down opening. Should the global picture change for the better, we may see the key indices do a bungee-jump, but then at the end of it you may still be left hanging. Betting on a major rally from here on would be like catching a falling knife. Fear is running very high amid significant external uncertainties. The bravehearts among you could look at snapping up good bargains at lower levels, but we would advise against any kind of adventure right now.
The NSE Nifty has failed to rebound after slipping below 200-day DMA and could be headed for further downside. What’s worse the S&P 500 index in the US has cracked below 200-day DMA thanks to disappointing economic data and nagging worries over the euro-zone debt crisis. Meanwhile, the US Senate has approved the most significant increase in the regulation of US banks since the Great Depression. The bill now goes to the House to iron out difference.
Asian markets are trading sharply lower, with many bourses at year-to-date lows. European shares were also battered though the euro recovered following the release of a few weak economic reports in the US.
Thursday, May 20, 2010
सेन्सेक्स (16519.68) 111.19 अंक चढ्कर, नीफ़्टी (4947.60) 27.95 अंक चढ्कर, बंद..
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European market update: FTSE index up 0.9%, CAC index up 0.6%, DAX index up 0.4%
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FIIs were net sellers of Rs13.83bn in the cash segment on Thursday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs563.5mn. In the F&O segment, the foreign funds were net buyers of Rs11.22bn. FIIs were net sellers of Rs4.39bn in the cash segment on Tuesday, as per the SEBI data.
Corporate Snippets
Government has doubled the price of natural gas produced by ONGC and OIL India. (ET)
RIL curtails production of crude oil in KG D6 field due to cyclone Laila. (ET)
Tata Power has approached Bombay High Court against a state government order to continue supply to Reliance Infra at regulated price. (BS)
M&M to launch its pick-up trucks in US by end of 2010. (BS)
Kingfisher airlines likely to speed-up restructuring process. (BS)
Ranbaxy European unit has recalled select batches of 3 drugs. (BS)
Maruti plans to launch a new alto with K-series engine of higher capacity. (BS)
BSNL and MTNL may get waiver on 3G spectrum payments. (ET)
RIL curtails production of crude oil in KG D6 field due to cyclone Laila. (ET)
Tata Power has approached Bombay High Court against a state government order to continue supply to Reliance Infra at regulated price. (BS)
M&M to launch its pick-up trucks in US by end of 2010. (BS)
Kingfisher airlines likely to speed-up restructuring process. (BS)
Ranbaxy European unit has recalled select batches of 3 drugs. (BS)
Maruti plans to launch a new alto with K-series engine of higher capacity. (BS)
BSNL and MTNL may get waiver on 3G spectrum payments. (ET)
Pre Market Commentary ...
It’s the summer of discontent for world markets and the bulls may continue to face the heat for some time to come. As for today, thankfully, the outlook appears slightly better. US stocks recovered from session lows to end moderately down. Asian markets are flat to positive. The dollar index has come off a bit while the euro has regained some lost ground.
Still, one should continue to be on guard as things remain volatile and uncertain amid considerable external risks. The euro-zone debt crisis is clearly the culprit and despite a spate of bailout efforts investors remain skeptical and pessimistic. The German plan to ban naked short selling of certain financial instruments has added to the woes.
Still, one should continue to be on guard as things remain volatile and uncertain amid considerable external risks. The euro-zone debt crisis is clearly the culprit and despite a spate of bailout efforts investors remain skeptical and pessimistic. The German plan to ban naked short selling of certain financial instruments has added to the woes.
Wednesday, May 19, 2010
सेन्सेक्स (16408.49) - 467.27 अंक गिरकर, नीफ़्टी (4919.65) - 146.55 अंक गिरकर, बंद.
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European market update: FTSE index down 1.5%, CAC index down 2% and DAX index down 1.35%
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Elecon Engineering
Shares of Elecon Engineering erased early gains and ended flat at Rs79.65. The company announced that it won an order of Rs519.2mn from client for design, engineering, manufacturing, testing, supplying, erecting and commissioning of Material Handling Equipments and other Equipments. The scrip opened at Rs80.7 it touched an intra-day high of Rs81.3 and a low of Rs78.9 and recorded volumes of over 0.2mn shares on BSE.
TCS
Shares of TCS slipped by 1% to end at Rs738 after reports stated that the U.K government may review an US$850mn outsourcing agreement signed with the company. UK may split large outsourcing orders into smaller deals to reduce government spending, reports added. The scrip opened at Rs741 it touched an intra-day high of Rs742 and a low of Rs727 and recorded volumes of over 0.25mn shares on BSE.
Titagarh Wagons
Shares of Titagarh Wagons surged by over 5% to end at Rs324 after the company’s fourth- quarter profit rose to Rs259.4mn from Rs103.6mn from a year earlier. The scrip opened at Rs307 it touched an intra-day high of Rs332 and a low of Rs305 and recorded volumes of over 0.1mn shares on BSE.
Results Today:
Agro Tech Foods, Amara Raja Batteries, ENIL, Everonn, Hindustan National Glass, HSBC Investdirect, Jindal Drilling, KEI Inds, Pidilite, REC, Shree Ganesh Jewellery, Transport Corp, Vinati Organics and Visa Steel.
Corporate Snippets
ICICI Bank will take over the crisis-ridden private sector Bank of Rajasthan and has offered a swap ratio of 1:4.72 for the deal - 25 shares of ICICI Bank for 118 shares of Bank of Rajasthan. (FE)
RIL and RNRL began informal talks for a possible gas supply agreement in line with the Supreme Court verdict. (FE)
TCS’s outsourcing contract from the UK government for managing a state-sponsored pension scheme may be among the several projects that will be put on the block by the new regime in London. (BL)
ONGC said that it has been asked by the government to pay Rs50bn to cover refiners' losses from selling fuels below cost during January-March quarter. (FE)
SAIL has urged engineering exporters to enter into long-term contracts with his organization to overcome the shortage of raw materials facing them. (BL)
RIL and RNRL began informal talks for a possible gas supply agreement in line with the Supreme Court verdict. (FE)
TCS’s outsourcing contract from the UK government for managing a state-sponsored pension scheme may be among the several projects that will be put on the block by the new regime in London. (BL)
ONGC said that it has been asked by the government to pay Rs50bn to cover refiners' losses from selling fuels below cost during January-March quarter. (FE)
SAIL has urged engineering exporters to enter into long-term contracts with his organization to overcome the shortage of raw materials facing them. (BL)
Pre Market Commentary ...
Make no mistake; risk aversion is here to stay, so is uncertainty and volatility. The euro has hit a fresh four-year low against the US dollar. The CBOE VIX ended upwards of 33 overnight. The dollar index is trading above 87. Risky assets like stocks, commodities, and emerging market currencies are being shunned. Safe havens like gold and US treasuries are being snapped up. Germany is banning some bearish bets on sovereign bonds and certain financial stocks.
Markets are pre-occupied with the euro-zone debt crisis and its potential fallout on the global economy. The trend is unlikely to change anytime soon. We see another weak start to the day as Asian markets are mostly in red following the overnight fall on Wall Street. Ironically, markets in Europe ended smartly higher. One has to watch how they open today. The NSE Nifty may yet again test 200-day DMA of 4987 today. It will be interesting to see if it rebounds from there or slips under it
.
The "headline risk" is expected to persist for a while considering the external situation. The bad news is overwhelmingly negative right now. That must turn substantially in favour of the bulls if the market is to reverse course and head north. FIIs too should resume their buying spree. A good start and overall healthy monsoon season will go a long way in bolstering India's growth and in reviving investor confidence.
Markets are pre-occupied with the euro-zone debt crisis and its potential fallout on the global economy. The trend is unlikely to change anytime soon. We see another weak start to the day as Asian markets are mostly in red following the overnight fall on Wall Street. Ironically, markets in Europe ended smartly higher. One has to watch how they open today. The NSE Nifty may yet again test 200-day DMA of 4987 today. It will be interesting to see if it rebounds from there or slips under it
.
The "headline risk" is expected to persist for a while considering the external situation. The bad news is overwhelmingly negative right now. That must turn substantially in favour of the bulls if the market is to reverse course and head north. FIIs too should resume their buying spree. A good start and overall healthy monsoon season will go a long way in bolstering India's growth and in reviving investor confidence.
Tuesday, May 18, 2010
सेन्सेक्स (16875.76) 40.20 अंक चढ्कर, नीफ़्टी (5066.20) 06.30 अंक चढ्कर, बंद
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FIIs were net sellers of Rs12.24bn in the cash segment on Monday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs3.82bn. In the F&O segment, the foreign funds were net sellers of Rs9.83bn. FIIs were net sellers of Rs2.05bn in the cash segment on Friday, as per the SEBI data. Mutual Funds were net sellers of Rs2.05bn in the cash segment on the same day.
Results Today:
Bilpower, Bombay Rayon, Chennai Petro, Grindwell Norton, ICRA, JK Lakshmi Cement, Man Industries, Motherson Sumi, Munjal Showa and Omnitech Info.
Corporate Snippets
ABB has made an offer to increase stake in its Indian subsidiary by 22.89% at a cost of nearly US$1bn. ABB said it will buy 48.59mn shares at Rs900 per share, a 34% premium to last Friday’s closing price of ABB India shares. (ET)
Credit rating agency Fitch removed Bharti Airtel from its negative watch list in anticipation of an US$2bn equity infusion during the current fiscal, as well as hopes of better overall performance. (ET)
DLF confirmed it had decided to sell its stake in Aman Resorts, but a sale would exclude Aman’s New Delhi property. (ET)
Tata Steel is keen on forming a JV with Steel Authority of India (SAIL) to set up a steel plant. (ET)
Thermax has signed a five-year technology transfer agreement with Germany based Lambion Energy Solutions in the areas of energy generation from waste. (ET)
Credit rating agency Fitch removed Bharti Airtel from its negative watch list in anticipation of an US$2bn equity infusion during the current fiscal, as well as hopes of better overall performance. (ET)
DLF confirmed it had decided to sell its stake in Aman Resorts, but a sale would exclude Aman’s New Delhi property. (ET)
Tata Steel is keen on forming a JV with Steel Authority of India (SAIL) to set up a steel plant. (ET)
Thermax has signed a five-year technology transfer agreement with Germany based Lambion Energy Solutions in the areas of energy generation from waste. (ET)
Pre Market Commentary ...
The recovery may sure tempt you to believe things are settling down. We managed to bounce back after another rough start as European markets were relatively stable. US stocks too rebounded from session lows to end in the green. Asian markets are mixed this morning with Chinese market in the red yet again. Given the murky global outlook, we expect a subdued start to the proceedings. Sentiment may improve a little, provided there no further tremors on the external front. But, on the whole we expect a volatile yet rangebound session.
Technically, the levels to watch are 4950 on the downside and 5100-5200 on the way up. A close below 4900 could lead to some panic. A decisive breakout may continue to elude us till the Nifty sustains above 5300. For the time being, the broader market may hold more promise as the large caps appear to be fully priced. In terms of events, the latest GDP data will be out on May 31. Monsoon’s progress will also have some bearing on market mood in the near term. We are certainly not out of the woods yet as far as global factors are concerned, and so it would be wise to remain cautious. Fresh buying could be avoided for now.
Technically, the levels to watch are 4950 on the downside and 5100-5200 on the way up. A close below 4900 could lead to some panic. A decisive breakout may continue to elude us till the Nifty sustains above 5300. For the time being, the broader market may hold more promise as the large caps appear to be fully priced. In terms of events, the latest GDP data will be out on May 31. Monsoon’s progress will also have some bearing on market mood in the near term. We are certainly not out of the woods yet as far as global factors are concerned, and so it would be wise to remain cautious. Fresh buying could be avoided for now.
Monday, May 17, 2010
सेन्सेक्स (16835.56) -159.04 अंक गिरकर, नीफ़्टी (5059.90) -33.60 अंक गिरकर, बंद.
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European markets update: FTSE Index flat, CAC Index down 0.4% and DAX Index down 0.3%
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FIIs were net sellers of Rs3.82bn in the cash segment on Friday on a provisional basis, according to NSE web site. Local institutions were net buyers of Rs1.64bn. In the F&O segment, the foreign funds were net sellers of Rs20.47bn. FIIs were net buyers of Rs859mn in the cash segment on Thursday, as per the SEBI data. Mutual Funds were net buyers of Rs1.93bn in the cash segment on the same day.
Results Today:
Aksh Optifibre, Gail India, Godrej Properties, Karnataka Bank, L&T, Mundra Port, NTPC, Titagarh Wagons and Whirlpoll India.
Corporate Snippets
Videocon Industries will raise Rs22bn through a mix of qualified institutional placement, follow-on issue and preferential allotment. (BL)
SBI would come out with a retail bond issue of about Rs2bn in the first half of the year. (BS)
JSW Steel has completed the acquisition of nine coking coal mines in West Virginia in the US. (ET)
Larsen and Toubro has bagged a contract worth Rs15bn from the National Highways Authority of India. (BL)
ONGC Mittal Energy has found hydrocarbons in a Nigerian deepwater block. (BL)
SAIL is mulling setting up a steel project, at an estimated cost of Rs600bn, in Jharkhand. (TOI)
SBI would come out with a retail bond issue of about Rs2bn in the first half of the year. (BS)
JSW Steel has completed the acquisition of nine coking coal mines in West Virginia in the US. (ET)
Larsen and Toubro has bagged a contract worth Rs15bn from the National Highways Authority of India. (BL)
ONGC Mittal Energy has found hydrocarbons in a Nigerian deepwater block. (BL)
SAIL is mulling setting up a steel project, at an estimated cost of Rs600bn, in Jharkhand. (TOI)
Pre Market Commentary ...
The Indian stock market has slowed substantially after last year's stunning rally. The key indices remain stuck in a range even as the NSE Nifty has made several attempts at breaking free from the rangebound trading pattern. The European debt crisis has only made that task tougher. In fact, there are chances of the market falling further if the situation in Europe doesn't improve fast enough. China's red-hot economy is another cause for worry even as the US continues to exhibit anemic recovery and the UK is struggling with high budget deficit
.
Back home, inflation represents the biggest challenge - for the market as well as for the policymakers. All eyes are now on monsoon. Talk of poor start to the rainy season spooked the sentiment on Friday. Hopefully, the IMD's prediction will prove wrong again. Our forecast for today is another weak start following the renewed bloodbath in the US and European markets. Asian markets are in the red this morning. Don't get fooled by any intra-day relief rallies, as risk-reward equation is still not favourable for the bulls.
.
Back home, inflation represents the biggest challenge - for the market as well as for the policymakers. All eyes are now on monsoon. Talk of poor start to the rainy season spooked the sentiment on Friday. Hopefully, the IMD's prediction will prove wrong again. Our forecast for today is another weak start following the renewed bloodbath in the US and European markets. Asian markets are in the red this morning. Don't get fooled by any intra-day relief rallies, as risk-reward equation is still not favourable for the bulls.
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,
BUY and HOLD
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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Delivery Call 30 DAYS................
Buy and Hold INDIAINFO AT 100 and below hold for 117, 124 and plus in 30 days
SURE SHOT
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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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