Wednesday, November 25, 2009

BOR: Market Outlook: Indian markets will have flat to positive opening today.

Market Outlook: Indian markets will have flat to positive opening today. Nifty has supports at 4960-5000 and resistances are at 5115 -5180. Yesteday market traded volatile as expected and will remain volatile until the F&O expiry on Thursday.

Global events to watch for today:

  • MBA Purchase Applications
  • Durable Goods Orders
  • Personal Income and Outlays
  • Jobless Claims
  • Consumer Sentiment
  • New Home Sales
  • EIA Petroleum Status Report

Global indices Update @ 9:

Dow Jones : 10433 (-17.24)

Nasdaq : 2169 (-06.83)

Nikkei 225 : 9405 (-3.60)

Hang seng : 22399 (-23.93)

SGX CNX Nifty : 5080 (+7)

INR / 1 USD : 46.60

On the global counter: US mkts off days low after Fed raised 2010 GDP forecast & Asia trading firm; Shanghai Composite, Hang Seng up. The US markets declined but ended off their lows after the Fed raised its forecast for 2010. Fed minutes indicated that Federal Reserve officials are confident the US economic recovery will be durable, but do not see employment or inflation picking up soon. In the day's economic news, Q3 GDP was revised to a 2.8% growth rate, lower than the initial reading of 3.5%. In other data, the conference board's gauge of consumer confidence rose to 49.5 in November from 48.7 in October. And home prices improved for a fifth straight month in September.

Stocks in action for the day: Unitech, RIL, MphasiS, Satyam, ICICI Bank

Results today: Balrampur Chini, Asian Hotels

Unitech’s 3rd round of fund raising -Proposes to issue GDR/FCCB for $ 700 million -GDR/FCCB to be issued only to SEBI registered FIIs -Have sought RBI nod for ECB in 100 acre township -DIPP to DEA: Approve Unitech's 3-year lock-in waiver request

Avaya Global Q4 (QoQ): -Net profit at Rs 9.6 crore versus Rs 5.2 crore -Revenues at Rs 135.6 crore versus Rs 130.7 crore

MphasiS Q4 (QoQ): -Consolidated net profit up 7% at Rs 245 crore versus Rs 229 crore -Consolidated revenue up 2.3% at Rs 1,132 crore versus Rs 1,106 crore -FY09 EPS at Rs 43.17 ((CMP: 697, PE: 16.2x)) -Approves merger of Mphasis FinSolutions (formerly AIG System Solutions) wholly owned subsidiary with self.

Anand Mahindra: -Worst over so far as downturn seen last year is concerned -Have to watch out for sustainability of growth -Concerns regarding inflation, rising interest rates continue -There are concerns regarding lag effect of drought

Godrej -: -Godrej's edible oil brand cooklite on the block -Company also wants to sell juice brand XS -Emami keenly looking at both opportunities -Juice brand sale valued at Rs 80-85 crore

Govt sources: -BSNL, MMTC, Manganese Ore India next on divestment list -Govt targetting divesting BSNL, MMTC, MOIL Q1 next fiscal

Ackruti City - -Ackruti City to set up textile plant in Mumbai-Mumbai Textile Project cost seen at Rs 300 crore

Videocon: -To place 25% stake in power arm with PE by April -Tied 80% debt needed for 1200 mw Gujrat Unit -1200 Mw gujrat unit to achieve financial closure in 1 month

New listing: Astec Lifesciences

Last day for RIL’s cum bonus trade, to go ex-bonus tomorrow ((May see some buying interest))

Golden Tobacco board meet on December 1 to take on record open offer from Pramod Jain and Pranidhi Holdings

CBI finds evidence of additional Rs 4,739 crore fraud in Satyam Computers, agency estimates overall fraud to the tune of Rs 14,000 crore

Clarification on FDI in banks by year-end (ICICI Bank and HDFC Bank to be in focus)

Bhushan Steel may sell stake in Sumitomo, company says nothing has been finalized yet

Essar Oil plans ATF retail foray

Aurionpro acquires California based Silicon Tech Corp in all cash deal

BK Modi group plans to sell handset retail chain co Hot Spot, Essar seen as frontrunner to acquire, company denies any stake sale plans.


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