Thursday, November 26, 2009

BOR: Market Outlook: Indian markets may have flat to negative opening today on the back of mixed performance in the global counters.

Market Outlook: Indian markets may have flat to negative opening today on the back of mixed performance in the global counters. Nifty has supports at 5000 -5050 and resistances are at 5180-5250. Some volatility is expected on account of Future and Options settlement day.

Global events to watch for today:

  • US Holiday: Thanksgiving Day
  • All Markets Closed

Global indices Update @ 9:

Dow Jones : 10464 (+30.69)

Nasdaq : 2176 (+06.87)

Nikkei 225 : 9445 (+03.72)

Hang seng : 22403 (+208.4)

SGX CNX Nifty : 5081 (-30.5)

INR / 1 USD : 46.34

On the global counter: Wall Street ends with moderate gains; Dow up 30 points while Asian markets trading flat. The US markets posted modest gains, both Dow and S&P 500 closed at new 13-month highs, as positive economic data buoyed recovery hopes and investors' appetite for risk. The CBOE volatility index dropped to a 15-month low of 20.05. Driving the gains in the US markets were some encouraging data points. Personal spending rose more than expected last month, and consumer sentiment improved slightly in November. Jobless claims fell more than expected to 466,000, while continuing claims fell to a multimonth low of 5.42 million. New-home sales rose 6.2% to their highest level in over a year in October. But durable-goods orders unexpectedly dropped.

Stocks in action for the day: RIL, Siemens, Tata Steel, ITC, OBC

Results today: Siemens (Q4 and FY09), Tata Steel (Consolidated numbers for H1)

Ex-bonus: RIL (1:1)

ITC - -ITC board considering several options for EIH stake -ITC may consider counter-offer for EIH ITC counter-offer if Analjit Singh makes open offer -Alert: ITC holds 14.98% in EIH -ITC may hike stake to maximum 25% -25% does not amount to hostile takeover, does not imply control -ITC may also consider diluting EIH stake or exit -ITC board to take call after considering all options

Godrej Consumer, Marico - Godrej Consumer, Marico bid for UK based skin care brand Simple -Simple valued at 250 million pounds -GCPL also in talks with a 200 million euros European brand -Godrej consumer says: no comments -Marico says : Marico is, in line with its growth aspirations, an acquisitive company. -Marico says: Marico does not confirm or deny any market speculation as regards any specific target

Asian Hotels Jul-Sep: -Net sales at Rs 89 crore versus Rs 112 crore -Net profit at Rs 0.94 crore versus Rs 17.3 crore

Zee News and TV Today report profits: For companies in the news broadcast business the quarter to September 2009 has been an uneventful one. Only broadcasters with a regional focus were able to report profits, while those competing for a pie of the English news segment continue to struggle. Among six listed news broadcasters, only Zee News and TV Today reported a net profit in the second quarter. While other broadcasters including NDTV, IBN Broadcast, Television Eighteen India and UTV Software Communications reported losses. For the September quarter, Zee News — the country’s largest broadcaster in Hindi and regional languages — reported 26% YoY jump in net sales to Rs 155 crore, thanks to higher advertising revenues. Its net profit rose 10% to Rs 12.6 crore compared with the year-ago period.

RBI says ((Dena Bank may see profit booking)): -Time for bank consolidation has not come -Financial inclusion more imp versus bank consolidation -Have very few dominant banks; consolidation will up problems

SBI Credit offtake bad -Sanctions happening, disbursals not happening -Retail credit growth taking place

Vijay Mallya : Airlines not happy with ground handling policy changes -Airlines to come together; form comm headed by FIA Chairman -Airfares not sustainable for long at current levels: Vijay Mallya -Airfares may go up this season: Vijay Mallya

OBC board approves raising Rs 300 crore Tier I capital

RBI nod needed for further FII buying in Pantaloon Retail

Infotech Enterprise mulls 2 acquisitions in US for up to $40 million

Govt mulls option for Balco stake sale, working on an amicable pricing formula

Govt considering canceling NTPC’s Rs 2000 crore order to Russian company for alleged kickbacks

Indian ADRs: Satyam down 8%


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