Market Outlook: Indian markets will have flat to positive opening today on the back of positive global support. Nifty has major supports at 4150 -4200 and resistances are at 4350-4375. Yesterday markets rallied on short covering ahead of the June f&o expiry. The medium-term trend looks positive as corporate results will improve over the next 2 quarters. We expect a strong government to push through significant reforms over the next few months & hope budget will give direction to these reforms. However, delay in monsoon remains the key concern for the markets.
Nifty Outlook: Pivot Point: 4272
R1: 4327, R2: 4361, R3: 4416
S1: 4238, S2: 4184, S3: 4149
Results today: Tata Steel, Unitech, Indiabulls Securities, Matrix Labs, AIA Engineering, Classic Diamonds, Gulf Oil, HBL Power, Mirc Electronics, Punjab Chemicals, RPG Life Sciences, Omax Autos
Indian ADRs: Satyam, Wipro, Tata Motors up 4%, HDFC Bank up 3%, Infosys up 2%
On the global front: Wall Street ends mixed; NASDAQ up 27 points While Asia trading higher; Hang Seng, Nikkei up In the US markets, even as Dow and S&P ended flat, NASDAQ clocked in some gains. The Dow was up more than 100 points earlier in the day after the treasury auction and better than expected durable-goods report, but gave up its gains after the Fed said it expected to keep interest rates exceptionally low for an extended period. The tech-heavy NASDAQ got a boost from Oracle's earnings and ended up 1.6% higher. The S&P 500 managed to inch up, to close at the 900 mark. The Dow was down 23.05 points, or 0.3%, to 8,299.86. But the S&P 500 index rose 5.84 points, or 0.7%, to 900.94. The NASDAQ composite index rose 27.42 points, or 1.6%, to 1,792.34.
Stocks in action for the day: Pfizer, Suzlon, Grasim, ONGC, Punj Lloyd
Suzlon - Sources: -Suzlon likely to sell 61.28% in Hansen to European firm
-Alert: Suzlon holds stake in Hansen via AE-Rotor Holdings BV -Deal size likely around $1.1-1.3 billion; values hansen at $1.8-2.1 billion -Deal announcement by weekend along with quarterly results -Alert: Hansen's current market cap is $1.5 billion (LSE listed).
Pfizer: -Revises open offer price to Rs 830 from Rs 675 a share ((CMP Rs 855))
Alert -Pfizer had made an open offer for 34.5% stake-Pfizer currently holds around 41% stake in Indian arm-Pfizer open offer closes on July 4-Pfizer says not looking to delist Indian arm for next 3 years
Global updates:-Groupo Mexico hikes bid for Asarco by $240 million (8%) to $3.1 billion-China’s Sinopec to buy Addax for $ 7.2 billion: WSJ((Media reports in London earlier suggested ONGC and RIL were also in race))
ONGC Q4 -Sales down 12.3% at Rs 13,703.6 crore versus Rs 15,626.07 crore-OPM at 42.18% versus 36.97% -Net profit down 16% at Rs 2,206.78 crore versus Rs 2,627.1 crore
Gateway Distriparks FY09-Net Sales up 23% at Rs 203.56 crore versus Rs 165.92 crore-OPM at 57.6% versus 54%-PAT up 25% at Rs 93.75 crore versus Rs 75.21 crore
Grasim CFO says no need to merge UltraTech with company as of now:
From Sources: Wockhardt expects CDR (corporate debt restructuring) process to be over by June-end:
Exclusive: From Sources: M&M working on top management rejig, company declines to comment
Punj Lloyd board approves raising up to Rs 1500 crore
Peninsula Land board approves rising up to Rs 750 crore via ADR / GDR / FCCBs
SBI cuts BPLR by 50 bps to 11.75% from June 29
Jaiprakash set to merge JP Power venture with JP Hydro
IFCI plans to foray into retail banking
ACC forms JV with MP government for four coal blocks
Bajaj Hindusthan buys back FCCBs worth $20 million
NSE bars further F&O positions in Essar Oil as 95% of market wide limit reached
Board meets: HBL Power on stock split & Farmax Retail to resumed trading, no circuit filter today
Nifty Outlook: Pivot Point: 4272
R1: 4327, R2: 4361, R3: 4416
S1: 4238, S2: 4184, S3: 4149
Results today: Tata Steel, Unitech, Indiabulls Securities, Matrix Labs, AIA Engineering, Classic Diamonds, Gulf Oil, HBL Power, Mirc Electronics, Punjab Chemicals, RPG Life Sciences, Omax Autos
Indian ADRs: Satyam, Wipro, Tata Motors up 4%, HDFC Bank up 3%, Infosys up 2%
On the global front: Wall Street ends mixed; NASDAQ up 27 points While Asia trading higher; Hang Seng, Nikkei up In the US markets, even as Dow and S&P ended flat, NASDAQ clocked in some gains. The Dow was up more than 100 points earlier in the day after the treasury auction and better than expected durable-goods report, but gave up its gains after the Fed said it expected to keep interest rates exceptionally low for an extended period. The tech-heavy NASDAQ got a boost from Oracle's earnings and ended up 1.6% higher. The S&P 500 managed to inch up, to close at the 900 mark. The Dow was down 23.05 points, or 0.3%, to 8,299.86. But the S&P 500 index rose 5.84 points, or 0.7%, to 900.94. The NASDAQ composite index rose 27.42 points, or 1.6%, to 1,792.34.
Stocks in action for the day: Pfizer, Suzlon, Grasim, ONGC, Punj Lloyd
Suzlon - Sources: -Suzlon likely to sell 61.28% in Hansen to European firm
-Alert: Suzlon holds stake in Hansen via AE-Rotor Holdings BV -Deal size likely around $1.1-1.3 billion; values hansen at $1.8-2.1 billion -Deal announcement by weekend along with quarterly results -Alert: Hansen's current market cap is $1.5 billion (LSE listed).
Pfizer: -Revises open offer price to Rs 830 from Rs 675 a share ((CMP Rs 855))
Alert -Pfizer had made an open offer for 34.5% stake-Pfizer currently holds around 41% stake in Indian arm-Pfizer open offer closes on July 4-Pfizer says not looking to delist Indian arm for next 3 years
Global updates:-Groupo Mexico hikes bid for Asarco by $240 million (8%) to $3.1 billion-China’s Sinopec to buy Addax for $ 7.2 billion: WSJ((Media reports in London earlier suggested ONGC and RIL were also in race))
ONGC Q4 -Sales down 12.3% at Rs 13,703.6 crore versus Rs 15,626.07 crore-OPM at 42.18% versus 36.97% -Net profit down 16% at Rs 2,206.78 crore versus Rs 2,627.1 crore
Gateway Distriparks FY09-Net Sales up 23% at Rs 203.56 crore versus Rs 165.92 crore-OPM at 57.6% versus 54%-PAT up 25% at Rs 93.75 crore versus Rs 75.21 crore
Grasim CFO says no need to merge UltraTech with company as of now:
From Sources: Wockhardt expects CDR (corporate debt restructuring) process to be over by June-end:
Exclusive: From Sources: M&M working on top management rejig, company declines to comment
Punj Lloyd board approves raising up to Rs 1500 crore
Peninsula Land board approves rising up to Rs 750 crore via ADR / GDR / FCCBs
SBI cuts BPLR by 50 bps to 11.75% from June 29
Jaiprakash set to merge JP Power venture with JP Hydro
IFCI plans to foray into retail banking
ACC forms JV with MP government for four coal blocks
Bajaj Hindusthan buys back FCCBs worth $20 million
NSE bars further F&O positions in Essar Oil as 95% of market wide limit reached
Board meets: HBL Power on stock split & Farmax Retail to resumed trading, no circuit filter today
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