Market Outlook: Indian markets will have flat to positive opening today on account of mixed global cues. Nifty has supports at 4530-4550 and resistances are at 4680-4730 Smallcap and midcap will continue to outperform the market. Global cues remain key and one should watch out for global events today. IT stocks are back in focus due to positive US data and rupee weakness. While concerns over economic situation in the
Inflation moves up to -0.21%: Annual inflation, measured by the wholesale price index (WPI), registered its lowest fall in the last three months, with inflationary pressures starting to build up in the economy. Inflation for the week ended August 22 moved up to -0.21% from -0.95% recorded in the week before, data released by the commerce ministry on Thursday showed.
Global Events to Watch:
- US Employment Situation release
- US Treasury STRIPS data
Global indices Update @ 9:
Dow Jones : 9344 (+64)
Nasdaq : 1983 (+16.13)
S&P 500 : 1003 (+8.5)
Nikkei 225 : 10198 (-16.54)
Hang seng : 19808 (+46.98)
SGX CNX Nifty : 4593 (+12.5)
INR / 1 USD : 48.88
CRUDE OIL : 68.14 (+0.18)
Gold : 991 (-4.50)
On the global counter: Wall Street ends higher led by financial stocks while
Stocks in action for the day: SAIL, Delta Corp, Ackruti City, Amtek Auto
Ackruti City QIP (qualified institutional placement): -Opened yesterday; expected to close today: -SEBI guidance price at Rs 500.60/share: -QIP band between Rs 501-520/sh: -QIP size between 60-90 lakh shares:-QIP deal size between Rs 300-470 crore: -QIP to lead to 8.3-11.9% equity dilution: sources
FIPB (Foreign Investment Promotion Board): -Defers L&T, EADS proposal to form defence production JV -Recommends Telenor share hike plan in Unitech Wireless
Amtek Auto $175 million FCCB issue to be listed at
SAIL August sales at 1.1 million tonnes; up 20% (YoY), 13% (MoM)
Comfort Intech board approves stock split from Rs 10 to Re 1
12.34 crore Sterlite shares to hit the market ((issued underlying ADS))
Delta Corp QIP closed yesterday ((details of money raised not given, board had approved raising up to Rs 150 crore in May))
Ex-dividend: Nalco @ Rs 1.50
Oil India IPO opens on September 7, closes September 10; offer of 2.64 crore shares, price band Rs 950-1050 a share
Gold surges to 7-month high on firm global cues, rising demand: Gold prices on Thursday surged to a seven-month high to Rs 15,700 per 10 gram, close to its record high levels in February, in the national capital on brisk buying by traders for the festival season, and firm cues from global markets amid falling stocks.
Tatas open to selling stake in Croma chain to PE investors: The Tata group may consider diluting its stake in Infiniti Retail — its wholly-owned subsidiary, which runs the consumer durable chain Croma — to private equity investors. The company has enough funds to finance its expansion. But, will look at PE funding when the valuations are right. Retail has invested around Rs 220 crore till date, and will put in an additional Rs 150 crore this year.
Indian ADRs: Infosys up 2%, Wipro, ICICI Bank, Tata Motors up 1%
Intraday Nifty Outlook: Pivot Point: 4607 R1: 4633.4, R2: 4673, R3: 4699 S1: 4567, S2: 4541, S3: 4501
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