Market Outlook: Indian market will have positive opening today on the back of Diwali gift by Reliance Industries bonus issue This comes as a big surprise to the shareholders of Reliance Industries and would propel investor sentiment. While we believe there are no positive surprises expected on the earnings front. So probably, the generous bonus issue could be a way to assuage investors confidence. Nifty has supports at 4900-4918 and resistances are at 5080 -5110. Markets are consolidating rather than displaying signs of weakness. As long as the Nifty remains above 4,770 levels, the bulls are still in charge, and the market will go up to the 5,200 or 5,250 levels.
Global events to watch for today:
- Chain Store Sales
- Jobless Claims
- RBC CASH Index
- Wholesale Trade
- EIA Natural Gas Report
Global indices Update @ 9:
Dow Jones : 9725 (-05.67)
Nasdaq : 2110 (+06.76)
S&P 500 : 1057 (+02.86)
Nikkei 225 : 9849 (+49.81)
Hang seng : 21284(+42.83)
SGX CNX Nifty : 5011 (+36)
INR / 1 USD : 46.82
CRUDE OIL : 70.26 (+00.69)
Gold : 1051 (+08.10)
On the global counter: Wall St ends mixed; Alcoa results beat street expectations & Asian markets trading higher; Hang Seng, Nikkei up. The
Stocks in action for the day: NTPC, RIL, Advanta, Ansal Prop, Uniphos
Results today: Mastek, Eastern Silk, Goa Carbon
Reliance Industries: -Board approves 1:1 bonus issue, dividend of Rs 13 per share Reliance last issued a 1:1 bonus in October 1997 RIL says: Bonus issue applicable for RPL (Reliance Petroleum) shareholders also -KG D6 block output ramp-up on track -KG D6 block oil output at 2.7 million barrels so far -KG D6 block gas output at 5 billion cubic metres so far -Have started production at 16 of 18 wells at KG D6 block -$4.2/mmbtu gas price to save Rs 25,000 crore -Current treasury stock valued at Rs 40,000 crore RIL FY09 Audited-Consolidated net sales at Rs 1.51 lakh crore versus Rs 1.37 lakh crore -Consolidated net profit at Rs 15,296 crore versus Rs 19,523 crore((not comparable due to merger with RPL))
Essar Group: -Puts in counter bid for Australian coal company -Submits bid of $150 million for Rocklands Richfields
Jindal Steel & Power had bid for Rocklands Richfields Offers A$0.50/share versus JSPL's bid of A$0.42/share for Rocklands
Govt plans to sell 5% in NTPC, FPO in January, likely to raise Rs 8,500 crore
Pipavav Shipyard to list on October 9, issue price Rs 58/share
Indiabulls Power sets IPO price band at Rs 40-45/share ((opens on October 12))
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