Wednesday, September 30, 2009

BOR: Market Outlook: Indian markets may have flat to positive opening today.

Market Outlook: Indian markets may have flat to positive opening today. Nifty has supports at 4900-4930 and resistances are at 5040 -5100. The momentum is expected to continue after consolidation. All eyes on OIL INDIA listing the issue saw the highest ever subscription in the year 2009 and was oversubscribed 30.82 times. We expect the listing price would be around Rs 1080-1200.

Global events to watch for today:

  • ADP Employment Report
  • MBA Purchase Applications
  • GDP data
  • Corporate Profits
  • Chicago PMI
  • EIA Petroleum Status Report

Global indices Update @ 9:

Dow Jones : 9742 (-47.16)

Nasdaq : 2124 (-06.70)

S&P 500 : 1060 (-02.37)

Nikkei 225 : 10106 (+06.58)

Hang seng : 20948 (-64.21)

SGX CNX Nifty : 5018 (+22)

INR / 1 USD : 48.04

CRUDE OIL : 67.01 (+0.30)

Gold : 992 (-0.60)

On the global counter: Wall Street ends lower; Dow down 47 points while Asia trading firm; Shanghai Composite, Hang Seng up. The US markets ended lower as a drop in consumer confidence dragged on the market. The absence of leadership left stocks to drift during the afternoon, unable to reclaim their initial gains after starting the day on higher ground. The US consumer-confidence index dropped to 53.1 in September from 54.5 in August. Economists had expected the gauge to rise to 57. Meanwhile, the S&P/case-shiller home price report for July was better-than-expected. The report showed a 13.3% year-over-year decline, which was better than the 14.2% decline expected. Home prices continued to rebound, up for a third straight month in July, after a three-year slide.

Stocks in action for the day: Parsvnath, Radico Khaitan, Punj Lloyd & Kingfisher Airlines.

Oil India to list today, issue price Rs 1050

Parsvnath QIP: Issue closes, co raises $35 m Issue priced at Rs 121.25/sh Pre-issue equity dilution of 7.5% Fidelity amongst investors in QIP

Vijay Mallya says looking at raising Rs 800-1000 cr via GDR / rights issue for Kingfisher Airlines. Kingfisher to increase intl services. Kingfisher Airlines, which had rapidly expanded its international network till a few years ago, is now looking at increasing frequency of service to these destinations instead of adding more places. It has recently-launched flights from Mumbai to Singapore and Hong Kong have been received well by the market.

IDBI Bank cuts home, auto loan rates by 0.25-0.5 pc: State-run IDBI Bank has cut its new home and auto loan rates by 0.25-0.5 per cent effective from October 1. With this, the new rate for home loans up to Rs 30 lakh will be 8.75 per cent as against the existing 9 per cent. Home loans between Rs 30 lakh and Rs 50 lakh will attract a rate of 9 per cent (9.5 per cent), while those above Rs 50 lakh will be priced at 9.25 per cent (9.5 per cent).

General Insurance Corp offers home loans under spl scheme at 7.95%: The housing finance outfit of General Insurance Corporation of India (GIC) has introduced a limited period special scheme for the festival season starting from October 1, for all new individual housing loans up to Rs 1-crore. riod of six months and thereafter reset to the then preree accidental death insurance cover and free property insurance cover would applicants.

Emaar MGF: Files DRHP To Raise Rs 3,850 Cr Via IPO Existing Investor To Exit By Offering 11.75 m Shares

Radico Khaitan board approves fund raising up to Rs 375 cr

Punj Lloyd bags new order worth Rs 275.8 cr from Tamil Nadu

Wockhardt gets US FDA nod for prostate drug Tamsulosin

Fortis Healthcare rights issue opens today, ratio of 2 shares for 5 held at Rs 110/sh

Sanghi Ind shareholders seek govt help to probe affairs of co, accuse promoters of sniffing off funds to privately held co

Board meets:
Lok Housing on issue of convertible warrants / shares to promoters
Sujana Metal on issue of GDRs up to $16 m
Suryachakra Power on issue of convertible warrants on pref basis
LT Foods on fund raising
Amar Remedies, C&C Construction FY09 ended June results


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