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 &
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
-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
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
L&T Finance says open to both starting up or acquiring an AMC
Shasun Chemicals sells plant of subsidiary in
Henkel set to sell factory Kolkata factory to VVF
Disa India revised open offer opens on September 16, closes on October 5
Varun Industries’
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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