Friday, August 28, 2009

BOR: Market Outlook: Indian markets may have flat to neagtive opening today

Market Outlook: Indian markets may have flat to neagtive opening today tracking weakness across asain overseas markets. On the local cues rainfall data has put another downturn wherein he seasonal rain deficit has come down by another percentage point to 25% as on August 26 as a freshly active monsoon dropped rains mostly over peninsular India through the week, this following data could keep markets on alert. Nifty has supports at 4580-4600 and resistances are at 4730-4800. Profit booking at higher level is expected.

Global Events to Watch:

  • US Consumer Sentiment data
  • Personal Income and Outlays

Global indices Update @ 9:

Dow Jones : 9580 (+37.11)

Nasdaq : 2027 (+3.30)

S&P 500 : 1030 (+2.86)

Nikkei 225 : 10470 (-168)

Hang seng : 20271 (-185)

SGX CNX Nifty : 4,671 (-15.0)

INR / 1 USD : 48.98

CRUDE OIL : 72.67 (+0.18)

Gold : 945.00 (-0.50)

On the global counter: Wall Street gains led by financials & higher oil price while Asia trading mixed; Shanghai down 2.3%, Nikkei up. The US markets closed with modest gains, helped by a late rally among bank stocks as well as higher oil prices. A decision by the Federal Deposit Insurance Corporation or FDIC to widen the pool of buyers for troubled banks triggered off a bounceback in the financials. In economic news for the day, preliminary second quarter GDP report showed a better-than-expected 1% annualized decline. Consumer spending during the second quarter also topped expectations by contracting 1%. Initial jobless claims came in at 570,000, which is down 10,000 from the previous week and essentially in-line with expectations. Meanwhile, continuing claims came in at 6.13 million, below expectations and down more than 100,000 from the previous week.

Stocks in action for the day: Maytas, Bharti, Bharati Ship, SRF, Voltas

Telecom update: -To auction 4 3G licenses; 1 reserved for PSUs -3G auction reserve price at Rs 3,500 crore -3G auction to be completed in 90 days -Expect Rs 25,000 crore from 3G, WiMax auction -BSNL, MTNL to match private sector winning bid in Delhi, Mumbai -3 WiMax slots to be auctioned; reserve price at Rs 1,750 crore

MTN : -Bharti deal may be subject to change -Want to explore deal with SingTel as well
FM says no more changes to Press Note 2, 4; eases regulatory hurdles for Bharti-MTN deal.

Voltas: -Likely to bag orders worth Rs 2000-2500 crore in one year -Looking at acquiring small companies for Rs 100-200 crore

Sanofi-Aventis: -Indian Govt has not placed order for H1N1 vaccine -No plans of delisting Aventis Pharma -No stake hike discussions with Vijay Mallya -Not actively looking at another Indian acquisition

Board meets:

-Ansal Properties on fund raising ((plans to raise Rs 1500 crore via QIP))

-Allied Digital on ADR / GDR / FCCB issue; stock split

Sicom: -Sells 3.05% stake in Maytas Infra Sicom held 5.27% stake in Maytas in June
-Alert; Sicom sold 4.74% stake in Maytas in last 2 days

P&G FY09 ended June Standalone (YoY): -Net Sales at Rs 772.81 crore versus Rs 645.02 crore -Net Profit at Rs 178.85 crore versus Rs 131.41 crore P&G Q4 Standalone (YoY) -Net Sales at Rs 181.10 crore versus Rs 150.83 crore -Net Profit at Rs 47.77 crore versus Rs 23.24 crore

RNRL seeks oil ministry to become party to RIL-NTPC case:

Tata Steel says not to participate in Coal India IPO

RIL board meet on audited results postponed to September 2

Bharati Shipyard board meet on September 3 on issue of convertible warrants, shares

Thermax bags order worth Rs 255 crore

Valecha Engineering bags orders worth Rs 172 crore

Madhucon Projects board meet on September 3 on stock split from Rs 2 to Re 1

SRF buy back at maximum Rs 160/share opens on September 7

Ex-dividend: Hero Honda @ Rs 20

Intraday Nifty Outlook: Pivot Point: 4680 R1: 4715, R2: 4743, R3: 4778 S1: 4652, S2: 4617, S3: 4590


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