Market Outlook: Indian markets will have flat to positive opening today on the back of global positive momentum. Nifty has supports at 4100-4150 and resistances are at 4320-4370. Market may consolidate and form a base here. Overall outlook for the markets today is that of caution as the weekend factor coupled with the impeding expiry may hinder large scale buying momentum. Upticks are likely to be pullbacks alone.
Nifty Outlook: Pivot Point: 4283
R1: 4343, R2: 4436, R3: 4496
S1: 4190, S2: 4129, S3: 4037
Results today: Renaissance Jewellery, Berger Paints, Himatsingka Seide, ABG Shipyard, Four Soft, Man Industries, Emkay Global, DCB, Marico
Indian ADRs: MTNL down 7%, ICICI Bank down 3%, HDFC Bank up 3%, Tata Motors up 4%
On the global front: Wall Street ends higher; Dow up 58 points & Asian markets trading firm; Hang Seng, Nikkei up. Yesterday was yet another flat close for the Wall Street, however some encouraging economic reports fueled the recovery hopes. The market was buzzing on treasury announcement of a record 104 billion dollar worth of bond auctions for next week. In specific sectors, Tech and consumer stocks were lower, while banks rebounded after Wednesday's slide. But it was a day of some encouraging economic reports in the US. In weekly jobless claims, even as the initial claims nudged higher, continuing claims dropped for the first time since January this year, to 6.69 million. The Dow Jones industrials rose 58.42 points, or 0.7%, to 8,555.60. The S&P 500 index added 7.66 points, or 0.8%, to 918.37, while the NASDAQ Composite Index slipped 0.34 points, or less than 0.1%, to 1,807.72.
Stocks in action for the day: RIL, RNRL, Opto Circuits, Welspun
Bombay HC on RIL-RNRL (Reliance Industries - Reliance Natural Resources)
-Ruling reveals parts of the undisclosed family MoU (memorandum of understanding)
-Ruling cites gas-split agreement in MoU of 60:40 in RIL's favour -Split ratio applies to all future gas reserves and new discoveries -Split ratio will be binding on both RIL and RNRL -ADAG (Anil Dhirubhai Ambani Group) to have right of first refusal on future discoveries -ADAG RoFR (right of first refusal) will be at market price
Anil Ambani meets oil secretary, discusses RNRL-RIL case with Govt -Govt asks Anil Ambani to go for out of court settlement -Anil Ambani rules out any renegotiation of price -Anil Ambani did not seek govt intervention
Sugar - from Agencies: Sources -India may allow private traders to import tax-free white sugar -India to extend duty-free raw sugar import beyond July 31
M&M - -M&M Navistar JV to launch with a 25-tonner rigid truck -M&M to launch 125 cc Scooter Mahindra SYM Flyte shortly
Welspun: Ex-event: Welspun India, no circuit filter today ((demerger of marketing division to Welspun Global Brands, investment & treasury division to Welspun Investments)) alert: stock to be removed from BSE Small-Cap Index
Board meets: -Zandu Pharma on restructuring with holding co Emami
-Hinduja Foundries on raising Rs 50 crore
Opto Circuits Q4: -Net sales up 77% at Rs 213 crore versus Rs 120 crore -OPM at 34% versus 29% -Net profit up 59% at Rs 55.37 crore versus Rs 34.76 crore Opto Circuits FY09 consolidated -Net sales at Rs 818.52 crore versus Rs 468.08 crore -Net profit at Rs 209.4 crore versus Rs 132.39 crore
IFCI says cut stake in Maytas from 17% to around 8%
Pyramid Saimira boards meet on June 26 on QIP, issue of convertible warrants to promoters
India Foils to resume trading, no circuit filter today ((after reduction of capital))
Reliance Infra-Hyundai may get Nariman Point sea link project
JSW, Essar to up production in US plant after Arcelor Mittal hiked prices in US by $80-90/tonne
Avery India delisting offer at indicative price of Rs 83/sh, issue opens June 26, closes on July 1 (CMP Rs 123, stock up 9% yesterday)
Aban Offshore may sell idle assets
Sterlite Tech bags Rs 250 crore order from BSNL
Trading in Aztecsoft to be suspended from June 23 ((amalgamation with MindTree))
Nifty Outlook: Pivot Point: 4283
R1: 4343, R2: 4436, R3: 4496
S1: 4190, S2: 4129, S3: 4037
Results today: Renaissance Jewellery, Berger Paints, Himatsingka Seide, ABG Shipyard, Four Soft, Man Industries, Emkay Global, DCB, Marico
Indian ADRs: MTNL down 7%, ICICI Bank down 3%, HDFC Bank up 3%, Tata Motors up 4%
On the global front: Wall Street ends higher; Dow up 58 points & Asian markets trading firm; Hang Seng, Nikkei up. Yesterday was yet another flat close for the Wall Street, however some encouraging economic reports fueled the recovery hopes. The market was buzzing on treasury announcement of a record 104 billion dollar worth of bond auctions for next week. In specific sectors, Tech and consumer stocks were lower, while banks rebounded after Wednesday's slide. But it was a day of some encouraging economic reports in the US. In weekly jobless claims, even as the initial claims nudged higher, continuing claims dropped for the first time since January this year, to 6.69 million. The Dow Jones industrials rose 58.42 points, or 0.7%, to 8,555.60. The S&P 500 index added 7.66 points, or 0.8%, to 918.37, while the NASDAQ Composite Index slipped 0.34 points, or less than 0.1%, to 1,807.72.
Stocks in action for the day: RIL, RNRL, Opto Circuits, Welspun
Bombay HC on RIL-RNRL (Reliance Industries - Reliance Natural Resources)
-Ruling reveals parts of the undisclosed family MoU (memorandum of understanding)
-Ruling cites gas-split agreement in MoU of 60:40 in RIL's favour -Split ratio applies to all future gas reserves and new discoveries -Split ratio will be binding on both RIL and RNRL -ADAG (Anil Dhirubhai Ambani Group) to have right of first refusal on future discoveries -ADAG RoFR (right of first refusal) will be at market price
Anil Ambani meets oil secretary, discusses RNRL-RIL case with Govt -Govt asks Anil Ambani to go for out of court settlement -Anil Ambani rules out any renegotiation of price -Anil Ambani did not seek govt intervention
Sugar - from Agencies: Sources -India may allow private traders to import tax-free white sugar -India to extend duty-free raw sugar import beyond July 31
M&M - -M&M Navistar JV to launch with a 25-tonner rigid truck -M&M to launch 125 cc Scooter Mahindra SYM Flyte shortly
Welspun: Ex-event: Welspun India, no circuit filter today ((demerger of marketing division to Welspun Global Brands, investment & treasury division to Welspun Investments)) alert: stock to be removed from BSE Small-Cap Index
Board meets: -Zandu Pharma on restructuring with holding co Emami
-Hinduja Foundries on raising Rs 50 crore
Opto Circuits Q4: -Net sales up 77% at Rs 213 crore versus Rs 120 crore -OPM at 34% versus 29% -Net profit up 59% at Rs 55.37 crore versus Rs 34.76 crore Opto Circuits FY09 consolidated -Net sales at Rs 818.52 crore versus Rs 468.08 crore -Net profit at Rs 209.4 crore versus Rs 132.39 crore
IFCI says cut stake in Maytas from 17% to around 8%
Pyramid Saimira boards meet on June 26 on QIP, issue of convertible warrants to promoters
India Foils to resume trading, no circuit filter today ((after reduction of capital))
Reliance Infra-Hyundai may get Nariman Point sea link project
JSW, Essar to up production in US plant after Arcelor Mittal hiked prices in US by $80-90/tonne
Avery India delisting offer at indicative price of Rs 83/sh, issue opens June 26, closes on July 1 (CMP Rs 123, stock up 9% yesterday)
Aban Offshore may sell idle assets
Sterlite Tech bags Rs 250 crore order from BSNL
Trading in Aztecsoft to be suspended from June 23 ((amalgamation with MindTree))
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