Market Outlook: Indian market may have flat to positive opening today. Nifty has supports at 4150-4200 and resistances are at 4300-4350. Market may consolidate here before making its next move. Overall outlook for the markets today is that of caution as the weekend factor and overseas cues may curb buying conviction.
Nifty Outlook: Pivot Point: 4247
R1: 4289, R2: 4346, R3: 4388
S1: 4189, S2: 4147, S3: 4090
Indian ADRs: Satyam up 5%, Wipro up 4%, ICICI Bank, HDFC Bank down 1%
Results today: TCS, Colgate, Crompton, India Infoline, Container Corporation, Goa Carbon, Kirloskar Brothers, Prime Securities, Sasken, Sonata Software, Wyeth, Radico Khaitan
On the global front: Wall Street ends higher; Dow up 95 points while Asian markets trading mixed; Hang Seng up. The US markets rallied for a fourth day on optimism about the earnings season. A Reuter’s report that Nouriel Roubini said that the recession may end by year end also sparked off buying interest. The CBOE volatility index slipped below 25. In economic news, initial jobless claims data showed a bigger-than-expected decrease. For the week ending July 11 they came in at 5.22 lakh, which is the lowest since January. The Dow added 95.61 points, or 1.1%, to 8,711.82. The S&P 500 index rose 8.06 points, or 0.9%, to 940.74. The NASDAQ rose 22.13 points, or 1.2%, to 1,885.03.
Stocks in action for the day: NMDC, NTPC, PBA Infra, Sesa Goa, Satyam
Big story: Govt: -To divest stake in Kudremukh Iron Ore, Manganese Ore, NMDC
-Between 9-20% of Kudremukh may be divested -Kudremukh sale can raise between Rs 771-Rs 1,713 crore -Alert: Kudremukh is listed with 1% market float
-10% of Manganese Ore may be sold via offer for sale -Manganese Ore sale may fetch Rs 108 crore -Alert: Manganese is unlisted, owned by GoI (Government of India), Maharashtra and Madhya Pradesh -Between 8.38%-20% of NMDC may be divested -NMDC sale may fetch between Rs 10,351 crore-Rs 24,704 crore -Alert: NMDC is listed with 1.62% market float
GMR -: -GMR ready to file as intervener in RIL-RNRL SC case -GVK's Gautami Power files as intervener in RIL-RNRL case
Power Ministry to Oil Ministry: -Request 12 mmscmd gas for NTPC's Kawas and Gandhar plants -Requests gas supply at $2.34/mmbtu: Sources
Mint Exclusive: Anil Agarwal Says: -Vedanta group to enter steel business: Anil Agarwal -Looking for partner to build first steel plant in India -Sesa Goa in talks with steel companies from Japan and Europe
Mint Exclusive: Sources Say: Roche to appeal in SC on Delhi HC's Tarceva ruling Alert: Roche to contest Delhi HC's interim order in March Alert: Delhi HC allowed Cipla to sell Generic Tarceva
Bajaj Holdings & Investment Consolidated Q1: -Net sales at Rs 304.2 crore versus Rs 21.6 crore -Net profit at Rs 385.1 crore versus Rs 51.4 crore
Exide Q1 Standalone: -Net sales at Rs 903.1 crore versus Rs 906.5 crore -Net profit at Rs 122.4 crore versus Rs 82.2 crore
JK Tyre Q1: -Net profit at Rs 40.8 crore versus Rs 20.2 crore -Net sales at Rs 897 crore versus Rs 849 crore
Novartis Q1 : -Net sales up 5% at Rs 161 crore versus Rs 153 crore -OPM 25% versus 22% -Net profit up 7% at Rs 31.7 crore versus Rs 29.6 crore
Exclusive; Oil Ministry Sources: Oil Ministry pushing to reinstate tax breaks under NELP I-VI
Hindalco to close wheel plant at Silvassa, no impact on operations and financials ((very small unit))
NTPC agrees to pay margin for Reliance Gas
PBA Infrastructure bags orders worth Rs 70.8 crore from Mumbai Metropolitan Region Development Authority (MMRDA)
JMC Projects board approves 1:5 rights issue @ Rs 110/share
19.86 crore Satyam shares to hit the market ((pref issue))
1.98 crore Graphite India shares to hit the market ((issued GKW shareholders on scheme of arrangement))
Vantage Corporate to resume trading, no circuit filter today
Excel Infoway IPO closes today, subscribed 0.32 times till now
Nifty Outlook: Pivot Point: 4247
R1: 4289, R2: 4346, R3: 4388
S1: 4189, S2: 4147, S3: 4090
Indian ADRs: Satyam up 5%, Wipro up 4%, ICICI Bank, HDFC Bank down 1%
Results today: TCS, Colgate, Crompton, India Infoline, Container Corporation, Goa Carbon, Kirloskar Brothers, Prime Securities, Sasken, Sonata Software, Wyeth, Radico Khaitan
On the global front: Wall Street ends higher; Dow up 95 points while Asian markets trading mixed; Hang Seng up. The US markets rallied for a fourth day on optimism about the earnings season. A Reuter’s report that Nouriel Roubini said that the recession may end by year end also sparked off buying interest. The CBOE volatility index slipped below 25. In economic news, initial jobless claims data showed a bigger-than-expected decrease. For the week ending July 11 they came in at 5.22 lakh, which is the lowest since January. The Dow added 95.61 points, or 1.1%, to 8,711.82. The S&P 500 index rose 8.06 points, or 0.9%, to 940.74. The NASDAQ rose 22.13 points, or 1.2%, to 1,885.03.
Stocks in action for the day: NMDC, NTPC, PBA Infra, Sesa Goa, Satyam
Big story: Govt: -To divest stake in Kudremukh Iron Ore, Manganese Ore, NMDC
-Between 9-20% of Kudremukh may be divested -Kudremukh sale can raise between Rs 771-Rs 1,713 crore -Alert: Kudremukh is listed with 1% market float
-10% of Manganese Ore may be sold via offer for sale -Manganese Ore sale may fetch Rs 108 crore -Alert: Manganese is unlisted, owned by GoI (Government of India), Maharashtra and Madhya Pradesh -Between 8.38%-20% of NMDC may be divested -NMDC sale may fetch between Rs 10,351 crore-Rs 24,704 crore -Alert: NMDC is listed with 1.62% market float
GMR -: -GMR ready to file as intervener in RIL-RNRL SC case -GVK's Gautami Power files as intervener in RIL-RNRL case
Power Ministry to Oil Ministry: -Request 12 mmscmd gas for NTPC's Kawas and Gandhar plants -Requests gas supply at $2.34/mmbtu: Sources
Mint Exclusive: Anil Agarwal Says: -Vedanta group to enter steel business: Anil Agarwal -Looking for partner to build first steel plant in India -Sesa Goa in talks with steel companies from Japan and Europe
Mint Exclusive: Sources Say: Roche to appeal in SC on Delhi HC's Tarceva ruling Alert: Roche to contest Delhi HC's interim order in March Alert: Delhi HC allowed Cipla to sell Generic Tarceva
Bajaj Holdings & Investment Consolidated Q1: -Net sales at Rs 304.2 crore versus Rs 21.6 crore -Net profit at Rs 385.1 crore versus Rs 51.4 crore
Exide Q1 Standalone: -Net sales at Rs 903.1 crore versus Rs 906.5 crore -Net profit at Rs 122.4 crore versus Rs 82.2 crore
JK Tyre Q1: -Net profit at Rs 40.8 crore versus Rs 20.2 crore -Net sales at Rs 897 crore versus Rs 849 crore
Novartis Q1 : -Net sales up 5% at Rs 161 crore versus Rs 153 crore -OPM 25% versus 22% -Net profit up 7% at Rs 31.7 crore versus Rs 29.6 crore
Exclusive; Oil Ministry Sources: Oil Ministry pushing to reinstate tax breaks under NELP I-VI
Hindalco to close wheel plant at Silvassa, no impact on operations and financials ((very small unit))
NTPC agrees to pay margin for Reliance Gas
PBA Infrastructure bags orders worth Rs 70.8 crore from Mumbai Metropolitan Region Development Authority (MMRDA)
JMC Projects board approves 1:5 rights issue @ Rs 110/share
19.86 crore Satyam shares to hit the market ((pref issue))
1.98 crore Graphite India shares to hit the market ((issued GKW shareholders on scheme of arrangement))
Vantage Corporate to resume trading, no circuit filter today
Excel Infoway IPO closes today, subscribed 0.32 times till now
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