Market Outlook: Indian market may have a flat opening today on the back of mixed cue from the global markets. Nifty has supports at 4480-4500 and resistances are at 4650 -4700. Overall view remains optimistic for the markets as the bulls need to offer large scale support to push markets higher. Traders should buy on dips.
Nifty Outlook: Pivot Point: 4595
R1: 4628, R2: 4670, R3: 4703
S1: 4553, S2: 4520, S3: 4478
Results today: eClerx Services, REI Agro, Gwalior Chemical, Datamatics Global
Indian ADRs: Satyam down 5%, MTNL down 1%, Infosys, ICICI Bank, Tata Motors up 1%
Wall Street ends flat Asia trading mixed; Hang Seng down, Nikkei up SGX CNX Nifty Index Futures -19.0
On the global face: Wall Street ends flat; Dow up 13 points Wall Street ended a choppy session on a FLAT note. But for the week, the benchmark indices finished with good gains. The Dow gained 3% for the week, while the NASDAQ added 4% and the S&P rose 2 percent. In the economic data, the unemployment rate jumped to 9.4%, the highest in more than two decades and higher than the 9.2% expected. Non-farm payrolls however, declined much less than expected. Employers cut payrolls by 3,45,000 last month, well below the 525,000-drop expected. The Dow was up 12.89 points, or 0.2%, to 8,763.13. The S&P 500 index was down 2.37 points, or 0.3%, to 940.09, and the Nasdaq Composite Index fell 0.60 points, or less than 0.1%, to 1,849.42.
Stocks in action for the day: Suzlon, Cairn, Akruti, SBI, Camlin, Fame
Suzlon: -Completes last payment to Martifer; now owns 90% of REpower -Amount paid to Martifer raised via loans from promoters and banks
Akruti City -Board approves $500 million QIP (qualified institutional placement) issue -To develop Prabhadevi project soon, Chennai based entrepreneur Shiv to buy 34% stake in project, will be passive investor
Indiabulls Financial FY09: -Total revenue up 34.3% to Rs 1,783.5 crore versus Rs 1,327.9 crore -EBITDA up 27.1% to Rs 1,191.8 crore versus Rs 937.7 crore -PAT down 50.2% to Rs 190.2 crore versus Rs 382 crore -Guidance for FY10: PAT range of Rs 430-600 crore. Indiabulls Real Estate FY09: -Cons net profit at Rs 29.48 crore; Net sales at Rs 210 crore
Fame India Q4: -Revenue up 32% to Rs 23.7 crore versus Rs 17.9 crore -OPM at 51% versus 12% ((OPM: 6.2% w/out AS 11 adjustment of forex loss of Rs 10.58 crore)) -PAT at Rs 6.22 crore versus net loss of Rs 39 lakh
ONGC to invest additional $350 million in Cairn's Rajasthan fields:
Tech Mahindra extends last date to send Satyam open offer letter to June 9
Jet Airways says may defer order for 10 aircraft from Boeing: Reuters
WWIL board approves issue of non-convertible debentures worth Rs 192 crore
Jaiprakash Associates offers staff shares at 75% discount
HC order on RIL-RNRL case likely this week
Government against capital infusion in SBI; wants to wait for amendments to SBI act for follow-on public issue
Telecom stocks in focus: Defense signs deal to free 45MHz of spectrum
Sterling Holiday Resort open offer at Rs 36.25/sh ((CMP Rs 57.75))
Camlin forays into power, alternative medicine
Franklin Templeton led consortium close to acquiring AIG AMC for $500-600 million ((Religare-Macquarie consortium opts out))
SEBI has suggested phased reduction of STT
Nifty Outlook: Pivot Point: 4595
R1: 4628, R2: 4670, R3: 4703
S1: 4553, S2: 4520, S3: 4478
Results today: eClerx Services, REI Agro, Gwalior Chemical, Datamatics Global
Indian ADRs: Satyam down 5%, MTNL down 1%, Infosys, ICICI Bank, Tata Motors up 1%
Wall Street ends flat Asia trading mixed; Hang Seng down, Nikkei up SGX CNX Nifty Index Futures -19.0
On the global face: Wall Street ends flat; Dow up 13 points Wall Street ended a choppy session on a FLAT note. But for the week, the benchmark indices finished with good gains. The Dow gained 3% for the week, while the NASDAQ added 4% and the S&P rose 2 percent. In the economic data, the unemployment rate jumped to 9.4%, the highest in more than two decades and higher than the 9.2% expected. Non-farm payrolls however, declined much less than expected. Employers cut payrolls by 3,45,000 last month, well below the 525,000-drop expected. The Dow was up 12.89 points, or 0.2%, to 8,763.13. The S&P 500 index was down 2.37 points, or 0.3%, to 940.09, and the Nasdaq Composite Index fell 0.60 points, or less than 0.1%, to 1,849.42.
Stocks in action for the day: Suzlon, Cairn, Akruti, SBI, Camlin, Fame
Suzlon: -Completes last payment to Martifer; now owns 90% of REpower -Amount paid to Martifer raised via loans from promoters and banks
Akruti City -Board approves $500 million QIP (qualified institutional placement) issue -To develop Prabhadevi project soon, Chennai based entrepreneur Shiv to buy 34% stake in project, will be passive investor
Indiabulls Financial FY09: -Total revenue up 34.3% to Rs 1,783.5 crore versus Rs 1,327.9 crore -EBITDA up 27.1% to Rs 1,191.8 crore versus Rs 937.7 crore -PAT down 50.2% to Rs 190.2 crore versus Rs 382 crore -Guidance for FY10: PAT range of Rs 430-600 crore. Indiabulls Real Estate FY09: -Cons net profit at Rs 29.48 crore; Net sales at Rs 210 crore
Fame India Q4: -Revenue up 32% to Rs 23.7 crore versus Rs 17.9 crore -OPM at 51% versus 12% ((OPM: 6.2% w/out AS 11 adjustment of forex loss of Rs 10.58 crore)) -PAT at Rs 6.22 crore versus net loss of Rs 39 lakh
ONGC to invest additional $350 million in Cairn's Rajasthan fields:
Tech Mahindra extends last date to send Satyam open offer letter to June 9
Jet Airways says may defer order for 10 aircraft from Boeing: Reuters
WWIL board approves issue of non-convertible debentures worth Rs 192 crore
Jaiprakash Associates offers staff shares at 75% discount
HC order on RIL-RNRL case likely this week
Government against capital infusion in SBI; wants to wait for amendments to SBI act for follow-on public issue
Telecom stocks in focus: Defense signs deal to free 45MHz of spectrum
Sterling Holiday Resort open offer at Rs 36.25/sh ((CMP Rs 57.75))
Camlin forays into power, alternative medicine
Franklin Templeton led consortium close to acquiring AIG AMC for $500-600 million ((Religare-Macquarie consortium opts out))
SEBI has suggested phased reduction of STT
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