Friday, September 11, 2009

bor: Market Outlook: Indian market may have flat to positive opening today on the back of global action.

Market Outlook: Indian market may have flat to positive opening today on the back of global action. Nifty has supports at 4700-4750 and resistances are at 4900-4950. Nifty is trading at a major resistance level and Nifty may correct and retest some key support zone.

Global Events to Watch:

  • US Consumer Sentiment
  • Wholesale Trade data
  • Treasury Budget release

Global indices Update @ 9:

Dow Jones : 9627 (+80.23)

Nasdaq : 2084 (+23.63)

S&P 500 : 1044 (+10..77)

Nikkei 225 : 10465 (-47.81)

Hang seng : 21210 (+141.41)

SGX CNX Nifty : 4841 (+37)

INR / 1 USD : 48.37

CRUDE OIL : 72.27 (+0.33)

Gold : 997 (+1.80)

On the global counter: US mkts touch fresh 2009 highs; Dow up 80 pts while Asia trading mixed; Hang Seng up, Nikkei down. The US markets touched fresh 2009 highs after jobless claims slid to the lowest level since July and on encouraging comments from Treasury Secretary Geithner. The markets move higher was propelled in part by a healthy treasury auction that showed continued strong foreign demand for US assets. Among the key gainers in trade were technology, healthcare and financial stocks. On to some positive news from the economic data front initial claims for unemployment fell more than expected to 550,000 while continuing claims also dropped more than estimates to 6.09 million. Meanwhile, trade deficit expanded for the second straight month to a greater-than-expected 32 billion dollars in July.

Stocks in news: Dr Reddy, Sterlite, Glenmark, Omaxe, HDIL, Pfizer

Dr Reddy's stake sale? Scrips jump to 52-week high: Hyderabad-based Pharma major Dr Reddy’s Laboratories jumped to a 52-week high of Rs 851.5 amid speculation that the promoters of the company may sell part of their equity in the company. At present, the promoters' stake is about 26%.

Vedanta's subsidiary Sterlite Industries raises bid for Asarco to $2.56 billion from $2.29 billion:

RIL: -No justification refusing gas at $4.2/mmBtu -NTPC buying LNG at $11/mmBtu currently -$2.34/mmBtu price sub-judice as NTPC did not sign agreement -NTPC went to court instead of signing gas agreement -NTPC cannot demand gas at $2.34/mmBtu till case settles

NTPC: Gas at $2.34/mmBtu from RIL will save Rs 32,000 crore -NTPC-RIL pact for govt-allotted gas by Sept-end -Alert: Govt allotted 2.67 mmscmd to NTPC

Oil India IPO subscribed: ((closed yesterday))
Overall 31 times
QIB 54 times
HNI 10 times
Retail 1.8 times

Glenmark : (CMP Rs 225)) -QIP (qualified institutional placement) opens, priced at Rs 221/share: Sources-Plans to raise $75 million with an upside option: Sources

Jet Airways update: -NAG says expect resolution at reconciliation meet today -Jet ground staff asks pilots to call off strike immediately

Pfizer - -Pfizer India debuts in indian generic market with Telmisartan - Over 20 Indian pharma companies currently sell Telmisartan -Pfizer to launch 3 more generic drugs in India by December

Textile update: -Additional $1.5 billion textile exports possible to US -Rs 2,546 crore released under TUFS in single tranche

ICICI Bank --ICICI Venture launches $800 million PE Fund, says ICICI Bank to contribute 10% to fund

Punj Lloyd board allots non convertible debentures worth Rs 600 crore

SEBI Committee wants 1 day window for QIBs in IPOs from current 5 days

Omaxe to develop 3601 acres township in NCR, estimated revenues Rs 7,500 crore over 5-7 years

Exclusive: IT Dept raids at 12 HDIL premises, inclusive 2 directors' residences: Sources

Ex-dividend: ONGC @ Rs 14

Intraday Nifty Outlook: Pivot Point: 4838 R1: 4869, R2: 4919, R3: 4950 S1: 4888, S2: 4757, S3: 4707


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