Wednesday, September 16, 2009

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

Market Outlook: Indian markets will have positive opening today on account of positive global cues wherein Wall Street ends at new 2009 high on strong economic data. Nifty has supports at 4770-4800 and resistances are at 5000. Momentum is expected to continue. Market is technically still up and tiring to gather strength to hit the 5000 mark and traders need to be cautious near the psychological 5000 mark also.

Global Events to Watch:

  • US Housing Market Index
  • MBA Purchase Applications
  • Consumer Price Index
  • Industrial Production
  • EIA Petroleum Status Report
  • Business Inventories

Global indices Update @ 9:

Dow Jones : 9683 (+56.61)

Nasdaq : 2102 (+10.86)

S&P 500 : 1052 (+03.29)

Nikkei 225 : 10339 (+121.81)

Hang seng : 21073 (+207.54)

SGX CNX Nifty : 4947 (+50)

INR / 1 USD : 48.57

CRUDE OIL : 70.41 (-0.52)

Gold : 1007 (+2.60)

On the global Space: Wall Street ends at new 2009 high on strong economic data & Asian markets trading higher; Hang Seng, Nikkei up. The US markets pulled off a 0.5% gain on Tuesday after a rocky session in which investors weighed some encouraging economic reports against disappointing earnings from two retailers. In economic news, the august producer price index rose 1.7%, higher than economists' expectations while core prices saw a 0.2% increase.

Stocks in action for the day: IOC, BPCL, RIL, Marico, LIC Hsg Fin

Pipavav Shipyard IPO opens today, offer of 8.54 crore shares, price band Rs 55-60 a share ((includes 1.52 crore shares for anchor investors))

Finance Ministry sources: -No dual listing plea to Government of India (GoI) for Bharti-MTN combine-Bharti hasn't formally sought for policy changes/clarity -Dual listing is FEMA (Foreign Exchange Management Act) issue -Any policy move requires MoF, MCA & RBI consent -Alert: Reports suggest South Aftrica wants India to allow dual listing

LIC Housing Finance: LIC Housing Finance QIP (qualified institutional placement) closes; price at Rs 660/share ((CMP Rs 673)) -QIP book size 1 crore shares; raises Rs 660 crore LIC Housing Finance QIP book subscribed 5 times

Patni: Patni may have identified 2 US companies for acquisition -Annual revenues of each company between $200-400 million -Patni may use about $300 million cash on books for buy -Deal may be closed in next couple of weeks -Patni promoter family divided over stake sale issue -2 out of 3 Patni brothers not interested in selling stake

Tata Tea: -SAT sets aside SEBI order on Tata Tea's Mount Everest open offer -SEBI says Tata Tea to pay Mount Everest members non-compete fee

Electrosteel Castings: Board approves QIP issue up to Rs 600 crore -Cancels 87 lakh warrants on non-conversion ((issued at Rs 68, CMP Rs 43))

Q2 Advance Tax numbers:
TCS pays Rs 220 crore versus Rs 81 crore (QoQ)
ICICI Bank Pays Rs 501 crore
Tata Steel pays Rs 400 crore versus Rs 230 crore (YoY)
Asian Paints pays Rs 85 crore versus Rs 35 crore (YoY)
Ultratech Cement pays Rs 125 crore versus Rs 40 crore (YoY)
Ambuja Cement pays Rs 150 crore versus Rs 175 crore versus (YoY)
M&M pays Rs 112 crore versus Rs 16 crore (YoY)
Bajaj Auto pays Rs 170 crore versus Rs 90 crore (YoY)
Tata Power pays Rs 75 crore versus Rs 14 crore (YoY)
Lupin pays Rs 49.75 crore versus Rs 16 crore (YoY)
RCF pays Rs 33 crore versus Rs 50 crore (YoY)
IDBI pays Rs 62 crore versus Rs 20 crore (YoY)

Oil bonds: Update Govt issues oil bonds worth Rs 10,306 crore
Govt issues Rs 6,207 crore bonds to Indian Oil
Govt issues Rs 2,034 crore bonds to HPCL
Govt issues Rs 2,065 crore bonds to BPCL
Bonds for Q4 FY09, part of budget allocation

RIL (Reliance Industries) sets September 29 as record date for RPL's (Reliance Petroleum) merger with company

Elder Pharma in talks with US based PE player TA Associates to dilute minority stake

Jet fuel price reduced by an average Rs 1,285/kl:

Air India cuts fares by 46% for next 3 days to counter Jet’s offer, other airlines follow suit

Marico Bangladesh arm IPO to list today:


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