Friday, September 25, 2009

BOR: Market Outlook: Indian market may have negative opening today on the back of global weakness

Market Outlook: Indian market may have negative opening today on the back of global weakness as Wall Street slips on weak home sales data & Asian markets trading weak; Nikkei slips 2.8%. Nifty has supports at 4850-4900 and resistances are at 5030 -5100. Market may remain ranged for a few trading sessions and may retest 4800-4850 support zones. Overall the trend is still intact up as long 4900 holds; target s in the near term is 5100.

Global events to watch for today:

  • US Durable Goods Orders
  • US Consumer Sentiment
  • US New Home Sales

Global indices Update @ 9:

Dow Jones : 9707 (-41.11)

Nasdaq : 2107 (-23.81)

S&P 500 : 1060 (-10.79)

Nikkei 225 : 10239 (-305.1)

Hang seng : 20795 (-255.6)

SGX CNX Nifty : 4936 (-65.50)

INR / 1 USD : 48.10

CRUDE OIL : 66.31 (+0.42)

Gold : 993 (-3.60)

On the global counter: Wall Street slips on weak home sales data & Asian markets trading weak; Nikkei slips 2.8%. The US markets fell for a second day in a row on Thursday after the Federal Reserve announced plans to start unwinding some stimulus measures and a report showed existing-home sales fell last month. In economic data, existing home sales disappointed after it fell 2.7% in August against economists expectations of a 2.9% increase. Initial jobless claims fell to its lowest level in two months. The figure came in at 530,000 which was less than estimates. Continuing claims were also below expectations at 6.14 million against the predicted 6.18 million.

Stocks in action for the day: Spice Comm, Fortis, Mah Satyam, Wipro

EGoM (Empowered Group of Ministers) on gas pricing to be constituted within a fortnight -Power Ministry may push for gas price to include marketing margin Power Ministry says $4.2/mmBtu should include marketing margin

Reliance Infratel: -Files DRHP for 15.6 crore shares with SEBI -To offer 10.05% of post diluted equity via IPO. -Reliance Communication will continue to own 85% post issue

Jet Airways: -Fund raising could include a QIP of Rs 800-1000 crore -Issue price close to Rs 360 for QIP being considered Alert: Shareholders approve fund raising up to $400 mn

Sical Logistics -Gets LoA to set up iron ore handling facilities at New Mangalore Port -Board approves acquisition of Goodwill Travels & Cargo

Sesa Goa’s $500 million FCCB issue opens

Reliance Infra, Sterlite, Lanco Infratech bid for PFC’s Rs 1800 crore transmission project

US court denies Wyeth’s appeal to block sale of generic version of Zosyn by Orchid Chemical

M&M may buy Kirloskar Oil's 17.39% stake in Swaraj Engines, raising stake from 33.2%

Great Offshore says not received any offer from Bharati, ABG Shipyard

Saif III Mauritius reduces stake in Mind Tree by 4.37% to 0.6% via block deal

Nagarjuna Construction to raise Rs 600 crore via private placement of shares

Spice Communication gets shareholder approval for merger with Idea

Videocon looking to spin off its oil & gas exploration Wahoo field block into separate company and then monetize it: DNA ((it’s a 50:50JV with BPCL))

Fortis receives SEBI nod for raising Rs 997 crore via rights issue

Infosys expected to bag a Rs 900 crore contract after merger of UK’s T-mobile and Orange Telcos:

Exclusive: Promotions, marginal pay hikes for employees at Mahindra Satyam

Mahindra Satyam says GE extends 'multi-million dollar' contract for 3 years

Wipro signs co-development agreement with Oracle

Exclusive: Warburg Pincus puts WNS stake sale on hold for 4 months

IBA sources say: Banks, Unions agree to 17.5% hike in Wages

Board meets: Gammon India on fund raising

Tantia Constructions bags new order worth Rs 51.4 crore

Thinksoft IPO extended to October 1, new price band is Rs 115-125 versus Rs 120-130 per share ((was to close yesterday, was subscribed only 0.6 times))

Euro Multivision IPO subscribed 1.81 times

Market Sources: Emaar MGF board meet today to decide IPO filing


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