Market Outlook: We have a big event the BIG BUDGET today and we have no idea what the Finance Minister has in store for us keeping all things constant Indian market may have flat to positive opening today as all eyes on budget words. Nifty has major supports at 4300 -4380 and resistances are at 4500-4550. Market is expected to remain volatile every hour till the budget saga continues.
Nifty Outlook: Pivot Level: 4385
R1: 4472, R2: 4521, R3: 4608
S1: 4337, S2: 4250, S3: 4201
Indian ADRs: Satyam up 3%, Tata Motors, Infosys, ICICI Bank down 3%, HDFC Bank down 2%.
Wall Street was closed ahead of the July 4, American Independence day holiday while in the morning Asian markets trading lower; Hang Seng, Nikkei down.
Stocks in action for the day: Great Off, Bharati Ship, Areva, RIL, SBI
RIL (Reliance Industries) eyeing raising funds via sale of treasury stock
-RIL likely to sell treasury stock having no voting rights -Treasury stock belongs to RIL's subsidiaries: Sources-Treasury stock worth 5.9% in RIL: Sources -RIL may look to sell treasury stock equivalent to 2-3% stake -RIL may raise Rs 6,500-9,500 crore via treasury stock sale -RIL says not in talks with any investor on fund raising -Files SLP in SC against Bombay HC judgement -SC petition makes govt respondent to case: Srcs
RNRL SLP update:-Asks SC to restrain RIL from supplying 40 mmscmd to others
-Asks SC to restrain RIL from signing contracts for 40mmscmd -Asks SC to price gas at $2.34/mmbtu for 17 years -Asks SC for 28 mmscmd: 12 mmscmd additional if warranted
Government sources on RIL-RNRL: -No decision yet on government approaching SC -Govt may be involved only after receiving SC notice
JP Hydro: -Board approves merger of JP Power Ventures with company -JP Power shareholders to get 3 shares of company for every 1 held -Board approves raising up to Rs 1500 crore
SBI - Sources: From Agencies -SBI offers $1 bn loan to Bharti to fund MTN deal
-SBI has offered loan tenure between 3-5 years
Ashok Leyland June (YoY): -Total sales at 3971 units versus 7144 units;
-Domestic sales at 3483 units versus 6435 units
Great Offshore Saga: Bharati Shipyard ups open offer price to Rs 405/sh
Areva says sale of T&D business globally won't lead to
SAIL terminates Posco deal to set up a blast furnace
Reliance Capital exits RIL, sells stock worth Rs 130 crore
NTPC ready to buy gas from RIL at govt determined price
Coal Minister says no plans now to sell stake in Neyveli Lignite: Agencies
Company Law Board defers decision on recalling Satyam directors:
Exclusive: Corporate Affairs Ministry says: Debt restructuring for Maytas Infra successfully completed
Govt may extend duty-free raw sugar import beyond August:
Bajaj Hindusthan still in NSE F&O curb
Ex-dividend: HDFC @ Rs 30, Tata Steel @ Rs 16
F&O cues: Total Futures Open Interest up by Rs 630cr
Total Futures Open Interest up by Rs 630 crore, total Options Open Interest up by Rs 4,989 crore
Nifty up 1.7%, Futures Open Interest down 1%
Nifty July Futures trading at Par
Nifty Open Interest Put Call Ratio at up from 0.93 to 0.99
Nifty Calls Add 42.3 lakh shares in Open Interest, Nifty Puts Add 63.5 lakh shares in Open Interest
Nifty 4700 Call add 9.9 lakh shares in Open Interest
Nifty 4100 Put add 9.9 lakh shares in Open Interest
Nifty 3900 Put add 9.7 lakh shares in Open Interest
Nifty 3800 Put add 8.5 lakh shares in Open Interest
Nifty 4200 Put add 7.8 lakh shares in Open Interest
Nifty 4000 Put add 7.3 lakh shares in Open Interest
Stock Futures add 45 lakh shares in Open Interest
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