Market Outlook: Indian market may have flat to negative opening today. Nifty has supports at 4500-4570 and resistances are at 4750-4800. Markets are close to resistance zone and so don’t be in surprised region if profit booking comes in. Overall market to remain ranged bound with downward bias. There are some sign of exhaustion at higher levels. Profit booking is to be done at higher levels.
Nifty Outlook: Pivot Point: 4632
R1: 4712, R2: 4769, R3: 4849
S1: 4575, S2: 4494, S3: 4437
Indian ADRs: Satyam up 36%, HDFC Bank up 5%, ICICI Bank up 2%, Wipro, Infosys down 1%
Results today: HOEC, City Union Bank, Everonn, Engineers India, Finolex Cables, Ratnamani Metals
On the global front: Wall Street ends lower; Dow down 24 points & Asian markets trading lower; Hang Seng, Nikkei down. The US markets closed flat with a negative bias, but well off their intraday lows. Stocks had opened higher after Home Depot raised its outlook, but those gains quickly faded as a jump in oil prices and sharp rise in lending rates spurred worries. The Dow fell 24.04 points, or 0.3%, to 8,739.02. The S&P 500 index fell 3.28 points, or 0.4%, to 939.15. The NASDAQ Composite Index fell 7.05 points, or 0.4%, to 1,853.08.
Stocks in action for the day: UltraTech, L&T, ING Vysya Bank, Suzlon, RIL
Steel Ministry says: -Will take action if prices increase at alarming levels -Current steel imports not harming local companies -Sent recommendations on safe guard duty to finance ministry -To try set up SAIL-Shipping Corp JV in next 100 days
UltraTech stake sale - Exclusive -L&T to sell UltraTech cement stake today via book-building process -L&T to offer minimum 1.03 crore shares or 8.27% stake
-Offering can increase on demand from investors; Maximum offer 1.43 crore shares or 11.49% -Alert: L&T stake at current market price valued at Rs 1,091 crore
Suzlon says: -Promoters revoke 6.31 crore shares so far -Promoters' pledged shares at 19.06% of company's equity base Maharashtra government orders inquiry into Suzlon's land deals in last 2-3 years at Dhule & Nandurbar
RIL– Sources: -RIL to supply up to 3.4 MT LPG in 2009 versus 2.7 MT (million tonnes)
-RIL to supply 0.7 MT more LPG to OMCs in May-December -RIL to help OMCs dispose off contracted LPG from overseas
Met Department Official Says: -Monsoon likely to be in lull phase for 7 days -June rains may be deficient on weak monsoon -July rainfall could be normal
ING Groep NV denies reports that it is planning to sell its stake in ING Vysya Bank
Pyramid Saimira: IT department lifts attachment made on company's bank accounts after HC order
Japan's Suntory eyes majority stake in Indage
Mercator to buy 3 bulk vessels for Rs 500 crore
Kingfisher may roll over Rs 800 crore debt
Jet Airways & SpiceJet cut airfares by about 48% ((promotional offer))
Tata Motors plans to extend product line to trucks and buses in Thailand
PSL board approves raising up to Rs 300 crore, options include QIP issue
Asian Electronics board approves ADR / GDR / warrants issue up to Rs 70 cr
Ex-dividend: ICICI Bank @ Rs 11
Alok Industries still in NSE F&O curb
Government to exclude Tamil Nadu based companies from disinvestment list to appease DMK
Service tax may return to 12% rate (Was dropped to 10% in the third stimulus package)
Nifty Outlook: Pivot Point: 4632
R1: 4712, R2: 4769, R3: 4849
S1: 4575, S2: 4494, S3: 4437
Indian ADRs: Satyam up 36%, HDFC Bank up 5%, ICICI Bank up 2%, Wipro, Infosys down 1%
Results today: HOEC, City Union Bank, Everonn, Engineers India, Finolex Cables, Ratnamani Metals
On the global front: Wall Street ends lower; Dow down 24 points & Asian markets trading lower; Hang Seng, Nikkei down. The US markets closed flat with a negative bias, but well off their intraday lows. Stocks had opened higher after Home Depot raised its outlook, but those gains quickly faded as a jump in oil prices and sharp rise in lending rates spurred worries. The Dow fell 24.04 points, or 0.3%, to 8,739.02. The S&P 500 index fell 3.28 points, or 0.4%, to 939.15. The NASDAQ Composite Index fell 7.05 points, or 0.4%, to 1,853.08.
Stocks in action for the day: UltraTech, L&T, ING Vysya Bank, Suzlon, RIL
Steel Ministry says: -Will take action if prices increase at alarming levels -Current steel imports not harming local companies -Sent recommendations on safe guard duty to finance ministry -To try set up SAIL-Shipping Corp JV in next 100 days
UltraTech stake sale - Exclusive -L&T to sell UltraTech cement stake today via book-building process -L&T to offer minimum 1.03 crore shares or 8.27% stake
-Offering can increase on demand from investors; Maximum offer 1.43 crore shares or 11.49% -Alert: L&T stake at current market price valued at Rs 1,091 crore
Suzlon says: -Promoters revoke 6.31 crore shares so far -Promoters' pledged shares at 19.06% of company's equity base Maharashtra government orders inquiry into Suzlon's land deals in last 2-3 years at Dhule & Nandurbar
RIL– Sources: -RIL to supply up to 3.4 MT LPG in 2009 versus 2.7 MT (million tonnes)
-RIL to supply 0.7 MT more LPG to OMCs in May-December -RIL to help OMCs dispose off contracted LPG from overseas
Met Department Official Says: -Monsoon likely to be in lull phase for 7 days -June rains may be deficient on weak monsoon -July rainfall could be normal
ING Groep NV denies reports that it is planning to sell its stake in ING Vysya Bank
Pyramid Saimira: IT department lifts attachment made on company's bank accounts after HC order
Japan's Suntory eyes majority stake in Indage
Mercator to buy 3 bulk vessels for Rs 500 crore
Kingfisher may roll over Rs 800 crore debt
Jet Airways & SpiceJet cut airfares by about 48% ((promotional offer))
Tata Motors plans to extend product line to trucks and buses in Thailand
PSL board approves raising up to Rs 300 crore, options include QIP issue
Asian Electronics board approves ADR / GDR / warrants issue up to Rs 70 cr
Ex-dividend: ICICI Bank @ Rs 11
Alok Industries still in NSE F&O curb
Government to exclude Tamil Nadu based companies from disinvestment list to appease DMK
Service tax may return to 12% rate (Was dropped to 10% in the third stimulus package)
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