Tuesday, September 15, 2009

BOR: Market Outlook: Indian market may have flat to positive opening today on account of positive global cues.

Market Outlook: Indian market may have flat to positive opening today on account of positive global cues. Nifty has supports at 4730-4750 and resistances are at 4890-4950. The market has unfolded as expected and remained in a tight range. Midcap stocks will outperform.

Global Events to Watch:

  • ICSC-Goldman Store Sales
  • US Producer Price Index
  • US Retail Sales
  • Empire State Mfg Survey
  • Business Inventories

Global indices Update @ 9:

Dow Jones : 9626 (+21.39)

Nasdaq : 2091 (+10.88)

S&P 500 : 1049 (+06.61

Nikkei 225 : 10213 (+11.64)

Hang seng : 21161 (-229)

SGX CNX Nifty : 4840 (+3)

INR / 1 USD : 48.70

CRUDE OIL : 68.83 (-0.46)

Gold : 999.5 (-5.40)

On the global counter: Wall Street ends higher; S&P at year high while Asian markets trading firm; Nikkei, Straits Times up. The US markets ended higher on Monday with the S&P 500 closing at the highest level in almost a year. Gains in industrial and financial shares helped the market overcome an early slump. Stocks had started the day lower as a trade dispute between the US and China rattled the market. General Electric was the biggest gainer on the Dow, followed by JP Morgan.

Stocks in action for the day: Tata Power, Dr Reddys, Bharti, Sun Pharma

Oil India update: Ministers panel sets IPO price at Rs 1,050/share: Oil Sec: IPO price band was Rs 950-1050/share -Listing on September 30

RIL sources on RNRL: -Intervention application weakens NTPC's case -NTPC case based on international bidding process -In RNRL's case govt rejected $2.34/mmbtu -RNRL raising issue shows nexus between RNRL, NTPC RIL sources on NTPC -Didn't sign GSPAs due to marketing margins : RNRL had filed intervention application in RIL-NTPC, called RIL's marketing margins illegal

Fertiliser secretary writes to cabinet secretary seeking additional 43.37 mmscmd of gas to revive plants fund expansion

Bharti-MTN deal: -Keeping a close eye on the proposed deal -Deal may need to be subject of public hearings

Dr Reddy's: -Company not hurt by loss of exclusivity on Generic Imitrex -DRL's 180-day exclusivity on generic Imitrex ended in August -Exclusivity on generic Imitrex helped company nearly double revenues -Reaffirm revenue target of $3 billion by 2013 -Omeprazole & Fondaparinux Sodium can both earn $1.5 billion -Company today launched Anti-Diabetes drug Nateglinide

Sun Pharma says ((Only mild positive, spoke to Uday Baldota)) -Hart-Scott-Rodino (HSR) waiting period for Taro open offer has expired -HSR condition to the offer is satisfied This means anti-trust clearance is now again with Sun

S&P revises Tata Power Outlook to positive with significant progress on key projects; 'BB-' rating affirmed

Tata Motors sells 50 lakh shares in Tata Steel to Tata Sons @ Rs 473/share; raises Rs 236 crore

In T2T from September 18- Archies, House of Pearl, Raj TV, ANG Auto, Ashapura Minechem, GMR Industries

Board meet today: Electrosteel Castings on QIP/debenture issue

Dolphin Offshore allots 9.85 lakh shares on FCCB conversion at Rs 161/sh, converts FCCBs worth $3.5 million ((Clearwater Cyprus has converted 3,495 FCCBs worth Rs 1,000 each))

Gaining altitude: Air traffic up 26% in August: Green shoots of recovery seem to be sprouting in the domestic aviation industry. Airlines recorded a double-digit growth in air traffic in August this year, according to official data released by the industry regulator Directorate General of Civil Aviation (DGCA) on Monday. Domestic airlines flew 3.67 million passengers in August against 2.92 million in the corresponding period last year—an increase of 26%.

Yes Bank plans to raise Rs 1250 crore: The bank will also raise around $100 million (around Rs 500 crore) through bond issues. As part of its fund raising plans, French financial institution Proparco will invest $20 million in the bonds of the bank. This is for the first time that the French government sponsored multilateral agency would invest in an Indian bank.

Intraday Nifty Outlook: Pivot Point: 4809 R1: 4831, R2: 4855, R3: 4877 S1: 4785, S2: 4763, S3: 4739


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