Market Outlook: Indian market will have positive opening today on account of strong global cues. Nifty has supports at 4930-4960 and resistances are at 5110 -5150. Profit booking at higher level is expected. Stock specific action could be seen on back of results season. IT counter to be in action on expectations of improved Q2 results & better guidance.
Global events to watch for today:
- Bank Reserve Settlement
- MBA Purchase Applications
- EIA Petroleum Status Report
- 10-Yr Note Auction
- Consumer Credit data
Global indices Update @ 9:
Dow Jones : 9731 (+131.5)
Nasdaq : 2103 (+35.42)
S&P 500 : 1054 (+14.26)
Nikkei 225 : 9778 (+86.45)
Hang seng : 21173 (+361.9)
SGX CNX Nifty : 5060 (+21)
INR / 1 USD : 47.16
CRUDE OIL : 71.36 (+00.48)
Gold : 1038 (+00.30)
On the global counter: Wall Street ends higher; Dow up 131 points & Asian markets trading higher; Hang Seng up. The
Stocks in action for the day: RIL, JSW Steel, SAIL, Bharti, Gitanjali
Birla Update: Cement business consolidation may end in next 6-8 months. -See transaction consummating in first week of September, 2010 -Demerger with Grasim, merger with UltraTech to run together -Promoter shareholding remains unchanged -UltraTech to meet by November 7 to mull Samruddhi proposal UltraTech board gives in principle nod for merger with Samruddhi
RIL files affidavit against RNRL SLP in SC: RIL affidavit: -Family MoU not binding on corporate entity -RNRL trying to corner gas & make undue profits -No power plant in existence & in position to receive any gas -No such power plant can come into existence within 3 years -By its own admission RNRL will sell gas at market price -Market price could exceed govt approved $4.2/mmBtu -MoU was signed by Mukesh Ambani in personal capacity
RIL-RNRL case update: -6 RIL directors file standalone affidavits RIL directors say -MoU never seen, read by RIL board -RIL board never accepted, approved MoU
Board meets:
RIL audited FY09 results
Advanta
L&T may exit Satyam after lock in expires on October 14
JSW Steel Q2 crude steel production up 54% at 15.39 lakh tonnes
Govt to split Chiria mines, SAIL to get half
BSNL, MTNL offered majority in Zain SPV
Sunil Mittal says Bharti Airtel may also bid for WiMax
KS Oils buys 53,000 acres land in
Renault Strongly denies asking Bajaj to pick M&M stake in JV
Dr Reddy's launches aesthetics drugs Strea C10 & Strea A15 in
Gitanjali Gems acquires 100% stake in Alliance Jewelleries
Pyramid Saimira denies reports RBD Group buys 40% stake in company & production arm
Govt considering proposal to ask PSUs to park up to 5% profit for corporate social responsibility: Indian Express ((Depending on profit amount. Less than Rs 100 crore will be 5%, Rs 100-500 crore will be 2-3% and over Rs 500 crore will be 2%)).
Emaar MGF under ED scanner for FDI diversion
New listings:
PSU Bank BeES, Bank BeES, Shariah BeES, Nifty BeES, Nifty Junior BeES
UTI Gold ETF
S&P CNX Nifty UTI Notional Depository Receipt
Kotak PSU Bank ETF
Reliance Banking ETF
Quantum Index Fund ETF
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