Market Outlook: Indian markets may have flat to negative opening today on the back of weak global cues. Nifty has supports at 4380-4400 and resistances are at 4530-4580. The f&o cues show the bears adding shorts at higher levels which keeps markets on negative trend. Technically all parameters are still pointing that the market is still down. All eyes are on June IIP data today which will show direction for the day.
Nifty Outlook: Pivot Point: 4460
R1: 4521, R2: 4572, R3: 4633
S1: 4409, S2: 4348, S3: 4298
On the global front: Wall Street ends lower led by banking stocks & Asia trading lower; Shanghai Composite down 1.5%. It was a broad based selling in the US markets. Financial stocks led the decline but the indices finished off intra-day lows. In economic news, the second quarter productivity increased at a better-than-expected 6.4%, the strongest increase since the third quarter of 2003. Unit labour costs fell 5.8% during the second quarter. The fall was sharper than expected and the steepest drop in eight years. The Dow Jones fell 96.50 points, or 1%, to 9,241.45. The broader S&P 500 index fell 12.75 points, or 1.3%, to 994.35. The Nasdaq Composite Index fell 22.51 points, or 1.1%, to 1,969.73.
Stocks in action for the day: IndusInd Bank, Ranbaxy, Sun Pharma, PTC
RIL-NTPC gas dispute: RIL files caveat in SC ahead of NTPC appeal -NTPC expected to move SC against Bombay HC ruling in July -Bombay HC allowed RIL to amend plea in gas dispute with NTPC
Exclusive: IndusInd Bank: -QIP issue closes; raises $100 million: -QIP issue priced at Rs 87.5/share: -Alert: Post issue equity dilution of 13%
NTPC, NHPC, PGCIL and PFC to sell entire stake in PTC -4 PSU promoters together hold 16.32% stake in PTC -Move prompted as PTC competes in utilities space -Final decision on stake sale requires cabinet approval
Ranbaxy Says: -Can produce Oseltamivir API and formulations for Swine Flu -Can provide close to 1 million Oseltamivir Capsules
Sun Pharma: -Gets US FDA nod for generic Imitrex & Eloxatin -To enjoy shared exclusivity for generic Eloxatin -Alert: Eloxatin is anti-cancer drug with annual US sales of $2.3 bn
UCO Bank - -UCO Bank's General Insurance Venture to consist of banks' consortium -3-4 mid-sized domestic banks to hold 74% stake in venture -Foreign partner to hold 26% in UCO Bank's General Insurance Venture
NHPC IPO closes today: Subscribed overall 6.2x; QIB 9.5x; HNI 2.4x; Retail 1.25x
Deccan Chronicle buyback opens today, offer up to Rs 180 crore, maximum price Rs 100 a share
Raj Oil Mills to list today, issue price Rs 120 a share
Board meet: Adlabs Films to consider rights issue
Novartis, Australia’s CSL may get H1N1 vaccine order from central government
Cadila to apply for clinical trials for swine flu vaccine.
Apollo Tyres plans Rs 700 crore capex ((essentially to counter Michelin’s plans of green field project in India, Michelin has been a seller in Apollo Tyre in open market))
PNB to cut home loan rates to 8.5% this week
MCA may initiate prosecution against Ackruti City
Sarla Gems open offer at Rs 10/share
Prism Infomatics open offer at Rs 65/share
F&O cues: Total Futures Open Int down by Rs 22 cr
Total Futures Open Int down by Rs 22 crore
Total Options Open Int up by Rs 1394 crore
Nifty August Future trading at 7-pt discount versus 12-pt disc
Nifty up 0.8%, Futures Open Int down 2%
Nifty Open Int Put Call Ratio up from 0.86 to 0.91
Nifty IVs at 36-38%
Nifty Puts add 24.1 lakh shares in Open Int
Nifty Calls add 4.6 lakh shares in Open Int
Nifty 4300 Put adds 5.7 lakh shares in Open Int
Nifty 4400 Put adds 5.7 lakh shares in Open Int
Nifty 4500 Call adds 2.9 lakh shares in Open Int
Nifty 4700 Call sheds 3.6 lakh shares in Open Int
Nifty Dec 3400 Put adds 3 lakh shares in Open Int
Stock Futures adds 71 lakh shares
Nifty Outlook: Pivot Point: 4460
R1: 4521, R2: 4572, R3: 4633
S1: 4409, S2: 4348, S3: 4298
On the global front: Wall Street ends lower led by banking stocks & Asia trading lower; Shanghai Composite down 1.5%. It was a broad based selling in the US markets. Financial stocks led the decline but the indices finished off intra-day lows. In economic news, the second quarter productivity increased at a better-than-expected 6.4%, the strongest increase since the third quarter of 2003. Unit labour costs fell 5.8% during the second quarter. The fall was sharper than expected and the steepest drop in eight years. The Dow Jones fell 96.50 points, or 1%, to 9,241.45. The broader S&P 500 index fell 12.75 points, or 1.3%, to 994.35. The Nasdaq Composite Index fell 22.51 points, or 1.1%, to 1,969.73.
Stocks in action for the day: IndusInd Bank, Ranbaxy, Sun Pharma, PTC
RIL-NTPC gas dispute: RIL files caveat in SC ahead of NTPC appeal -NTPC expected to move SC against Bombay HC ruling in July -Bombay HC allowed RIL to amend plea in gas dispute with NTPC
Exclusive: IndusInd Bank: -QIP issue closes; raises $100 million: -QIP issue priced at Rs 87.5/share: -Alert: Post issue equity dilution of 13%
NTPC, NHPC, PGCIL and PFC to sell entire stake in PTC -4 PSU promoters together hold 16.32% stake in PTC -Move prompted as PTC competes in utilities space -Final decision on stake sale requires cabinet approval
Ranbaxy Says: -Can produce Oseltamivir API and formulations for Swine Flu -Can provide close to 1 million Oseltamivir Capsules
Sun Pharma: -Gets US FDA nod for generic Imitrex & Eloxatin -To enjoy shared exclusivity for generic Eloxatin -Alert: Eloxatin is anti-cancer drug with annual US sales of $2.3 bn
UCO Bank - -UCO Bank's General Insurance Venture to consist of banks' consortium -3-4 mid-sized domestic banks to hold 74% stake in venture -Foreign partner to hold 26% in UCO Bank's General Insurance Venture
NHPC IPO closes today: Subscribed overall 6.2x; QIB 9.5x; HNI 2.4x; Retail 1.25x
Deccan Chronicle buyback opens today, offer up to Rs 180 crore, maximum price Rs 100 a share
Raj Oil Mills to list today, issue price Rs 120 a share
Board meet: Adlabs Films to consider rights issue
Novartis, Australia’s CSL may get H1N1 vaccine order from central government
Cadila to apply for clinical trials for swine flu vaccine.
Apollo Tyres plans Rs 700 crore capex ((essentially to counter Michelin’s plans of green field project in India, Michelin has been a seller in Apollo Tyre in open market))
PNB to cut home loan rates to 8.5% this week
MCA may initiate prosecution against Ackruti City
Sarla Gems open offer at Rs 10/share
Prism Infomatics open offer at Rs 65/share
F&O cues: Total Futures Open Int down by Rs 22 cr
Total Futures Open Int down by Rs 22 crore
Total Options Open Int up by Rs 1394 crore
Nifty August Future trading at 7-pt discount versus 12-pt disc
Nifty up 0.8%, Futures Open Int down 2%
Nifty Open Int Put Call Ratio up from 0.86 to 0.91
Nifty IVs at 36-38%
Nifty Puts add 24.1 lakh shares in Open Int
Nifty Calls add 4.6 lakh shares in Open Int
Nifty 4300 Put adds 5.7 lakh shares in Open Int
Nifty 4400 Put adds 5.7 lakh shares in Open Int
Nifty 4500 Call adds 2.9 lakh shares in Open Int
Nifty 4700 Call sheds 3.6 lakh shares in Open Int
Nifty Dec 3400 Put adds 3 lakh shares in Open Int
Stock Futures adds 71 lakh shares
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