Thursday, September 10, 2009

BOR: Market Outlook: Indian market will have positive opening today on account of encouraging global cues.

Market Outlook: Indian market will have positive opening today on account of encouraging global cues. Nifty has supports at 4700-4750 and resistances are at 4850-4900. We may witness some profit booking at higher levels but midcap stock will continue to outperform.

Global Events to Watch:

  • US Jobless Claims
  • RBC CASH Index
  • EIA Natural Gas Report
  • 30-Yr Bond Auction
  • Money Supply

Global indices Update @ 9:

Dow Jones : 9547 (+49.88)

Nasdaq : 2060 (+22.62)

S&P 500 : 1033 (+07.98)

Nikkei 225 : 10452 (+140.37)

Hang seng : 21155 (+304.59)

SGX CNX Nifty : 4875 (+54)

INR / 1 USD : 48.47

CRUDE OIL : 71.74 (+0.43)

Gold : 990.80 (+4.50)

On the global counter: Wall Street ends higher; S&P 500 touches 2009 high & Asia trading higher; Hang Seng, Nikkei, Straits Times up. The US markets closed higher with the S&P 500 touching an 11-month high the market was lifted through most of the day by strength in commodities, industrials and technology. But US stocks had faltered for a while during the day on a Federal Reserve report that the economy will remain weak largely due to unemployment.

Stocks in action for the day: Jet Air, IVRCL, Madhucon Proj, Sobha

Bharti-MTN update: -Denies reports of any agreement with MTN -No revised offer has been finalised: ((reports said Bharti-MTN reach a $24 billion preliminary agreement, Bharti hikes cash offer to $14 billion))

Oil India IPO closes today, subscribed

-Overall 4 times

-QIB 7.2 times

-Retail 0.31 times

-HNI 0.04 times

Updated as on 09 SEP 2009 at 1700 hrs

NSE revises index changes date:-IDFC & JP Associates to replace Nalco & Tata Communication in Nifty from October 22 ((versus October 20 earlier))

Axis AMC, Indiabulls join race for DBS Chola while L&T Finance bidding for DBS Chola

Orient Craft may go for IPO: Orient Craft (OCL), one of the largest apparel exporters from India, which supplies to international clothing retailers such as Gap, Tommy Hilfiger and Marks & Spencer, may come up with an initial public offer (IPO) to raise funds. The company is looking to raise up to Rs 500 crore to expand operations anticipating higher demand in the future. The Delhi-based firm, which has annual revenues of Rs 800 crore, had earlier planned to raise about Rs 300 crore in 2007 through a public issue. But it had shelved the proposed issue last year, following the slowdown in demand from its key markets, the US and Europe.

Saroj Dutta Jet’s loss of revenue due to strike at around $6 million a day

Madhucon Project plans to merge 3 SPVs into 1, then raise Rs 500-600 crore

IVRCL plans to consolidate holding in SPV under one roof before unlocking value

Cement prices down by Rs 3/bag in Mumbai to Rs 255/bag

Sobha Developers likely to get nod for Rs 5,000 crore township project in Kochi this week

L&T Finance says open to both starting up or acquiring an AMC

Shasun Chemicals sells plant of subsidiary in Scotland ((plant was closed in March))

Henkel set to sell factory Kolkata factory to VVF

Disa India revised open offer opens on September 16, closes on October 5

Varun IndustriesMadagascar subsidiary signs production sharing contract for off-shore gas block

3.32 crore Sesa Goa shares to hit market ((preferential allotment))

Ex-dividend: Hindalco @ Rs 1.35

Indian ADRs: Satyam, ICICI Bank up 4%, Infosys up 2%, HDFC bank up 1%

Intraday Nifty Outlook: Pivot Point: 4807 R1: 4831, R2: 4849, R3: 4873 S1: 4790, S2: 4766, S3: 4748


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