Friday, September 18, 2009

BOR: Market Outlook: Indian markets will have flat to negative opening today tracking negative cues on the global counters.

Market Outlook: Indian markets will have flat to negative opening today tracking negative cues on the global counters. Nifty has supports at 4850-4900 and resistances are at 5050-5100. Market may remain sideways and consolidate here. Next week is a short week due to holidays and an F&O expiry week we expect some volatility and profit bookings in the days to come.

Inflation turns positive as food stays pricey: The annual rate of inflation came in at 0.12% for the week ended September 5, ending the 13-week decline in the wholesale price index (WPI) as prices of food articles showed no signs of abating. Inflationary pressures are beginning to build up with retail inflation already in double digits. With the comfort of negative inflation for the most widely-watched WPI also gone, economists expect the Reserve Bank of India (RBI) to take steps to suck out excess liquidity from the system and even resort to selective credit control.

Global indices Update @ 9:

Dow Jones : 9783 (-7.79)

Nasdaq : 2126 (-6.40)

S&P 500 : 1065 (-3.27)

Nikkei 225 : 10315 (-128)

Hang seng : 21729 (-36)

SGX CNX Nifty : 4948 (-13.5)

INR / 1 USD : 47.97

CRUDE OIL : 72.08 (-0.39)

Gold : 1013 (+1.30)

On the global Space: Wall Street ends flat; Dollar slips to fresh low & following to that Asian markets trading lower; Nikkei, Hang Seng down. The US markets snapped their winning streak yesterday after making fresh highs this week. The markets got a boost from an encouraging Philadelphia Fed report earlier in the day but then gave up gains to end in the red. In the day's economic news, the Philadelphia Fed said its manufacturing gauge rose to 14.1 in September from 4.2 in August. This is its first back-to-back monthly gain since October and November of last year. Initial jobless claims unexpectedly fell last week, dropping by 5,000 coming in at 545,000. Continuing claims climbed to 6.23 million from 6.10 million. Some homebuilders rallied after a report showed housing starts and permits rose in august to their highest level since November.

Stocks in action for the day: ICICI Bank, Raymond, Axis Bank, HCL Tech

Axis Bank update: -Axis Bank raises $720 million via QIP (qualified institutional placement) cum GDR (global depositary receipt) Issue -Axis Bank prices QIP cum GDR Issue at Rs 906.70/share -Equity dilution of 11%

Pipavav Shipyard IPO closes today: -Overall subscribed 3.6 times -QIB 4 times, HNIs 9.4 times, Retail 1.1 times

RIL: -Govt ups D6 gas allocation for Dabhol plant to 5.67 mmscmd -Alert: Dabhol plant was earlier allocated 2.7 mmscmd gas -Govt asks RIL to supply 5.67 mmscmd gas to Dabhol from October 1.

ICICI Bank - ICICI Bank finalises sale of Point Of Sale (PoS) terminals-ICICI Bank to sell PoS assets to First Data for $80 million -Assets to be hived off into a JV with first Data -First Data to hold 81% stake; ICICI Bank to hold 19% -ICICI Bank to pay $15-16 million for 19% stake in PoS JV.

HCL Tech: -Signs 2 IT Infra management contracts -Signs 5 years deal with Energy Future Holdings, Oncor-Combined deal valued at $110 million over 5 years -HCL Tech to book it over 6 to 8 months

WNS: -Board completes consideration of EoIs -Board has decided to not to pursue further discussion ((Wipro was among the bidders)).

Raymond's Realty Foray: Realty business to primarily have residential focus Funding for realty projects from internal accruals Expect approvals to come in 3-6 months

Aditya Puri says: CAR to go up from 15.6% to 17% after HDFC warrants conversion

NSE F&O: Kingfisher comes into curb, Aban comes out of curb

Jindal Cotex to list on September 22, issue price at Rs 75 per share

Gwalior Chemical board meet on September 23 on buyback postponed

Indian Commodity Exchange to sell 5% stake to IDFC:

Roman Tarmat bags order worth Rs 9.6 crore from Nagpur Airport

Greenply Industries rights issue opens September 23, offer of 3 shares for every 10 @ Rs 90/share

El Forge to sell Chennai property as part of restructuring, likely to fetch Rs 10 crore: BL ((listed co))

Ex-rights: TV18 @ 1:2

Indian ADRs: ICICI Bank down 3%, Satyam down 2%, Wipro up 2%, MTNL up 1%


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