Wednesday, December 23, 2009

BOR: Market Outlook: Indian markets are expected to open flat & trade in the rangebound between 4940–5000 levels on intraday basis.

Market Outlook: Indian markets are expected to open flat & trade in the rangebound between 4940–5000 levels on intraday basis. Overall market is now at Make or Break levels and it looks up as long 4950 holds. We like SAIL, Tata Motors & Sadbhav Engg on intraday basis.

Global events to watch for today:

  • MBA Purchase Applications
  • Personal Income and Outlays
  • Consumer Sentiment
  • New Home Sales
  • EIA Petroleum Status Report
  • 2-5-7 Yr Note Announcement

Global indices Update @ 9:

Dow Jones : 10464 (+50.49)

Nasdaq : 2252 (+15.01)

Nikkei 225 : 10378 (+194.5)

Hang seng : 21067 (- 24.76)

SGX CNX Nifty : 4998 (+02.00)

INR / 1 USD : 46.80

On the global counter: Wall St gains on +ve home sales data; S&P hits 52-wk high while Asia trading mixed; Hang Seng down, Straits Times up. Broad-based buying sent the S&P 500 to fresh 52-week highs despite a surprise downward revision to third quarter GDP and a gain by the greenback. The higher than expected existing home sales supported sentiment. The market mood was tempered by news that third quarter GDP was determined to have increased at a slower-than-expected annualized rate of 2.2%, lower than consensus prediction. The housing data of course provided some relief. It showed that existing home sales climbed at a stronger-than-expected clip of 7.4% month-over-month. That lifted the annualized rate to 6.54 million units. The Dow Jones Industrial Average added 50.79 points, or 0.5%, to 10,464.93. The Standard & Poor's 500 index rose 3.97 points, or 0.4%, to 1,118.02, while the Nasdaq Composite Index was up 15.01 points, or 0.7%, to 2,252.67.

Stocks in action for the day: Great Off, Bharati Ship, Hotel Leela, GVK & Videocon

Great Offshore open offer: -Bharati receives 1.02 crore shares in open offer -Bharati receives 27.56% equity in open offer Bharati holds 23.17% stake in Great Offshore, will accept 20% from open offer -Bharati’s stake will go up to 43%

Sun Pharma says: Glass Lewis advises Taro shareholders to hold board accountable for its failures -Earlier PROXY Governance Inc recommended against Taro Board Glass, Lewis & Co & PROXY Governance are leading independent proxy advisory firm

Lupin update: Settles litigation with Hatch - Waxman regarding Memantine Tabs -Alert : Memantine Is Lupins Generic version of Forest Labs NamendaA -NamendaA had sales worth USD 949 million In FY09; contributing 26% of Forests revenues in FY09

Jindal Saw bags orders worth Rs 1,100 cr: Pipe manufacturer Jindal Saw today said it has bagged orders worth Rs 1,100 crore (about USD 240 million) for supplying pipes from various vendors. Majority of the pipes are of exports to the Middle-East market. These orders would be executed in the next nine to 12 months time.

Cadila: Growth should match valuation: Cadila Healthcare, the Rs 3,000-crore Gujarat-based pharma company, has been on a steady growth path over the past couple of years. Given its track record and the potential for growth, going forward, the stock has been undergoing rerating of sorts. Rising by over 60% during the past five months, Cadila’s stock has outperformed the Sensex, which has increased by a mere 8% during the same period.

Videocon in talks to make, sell Philips TV: Videocon, the consumer durables maker which had partnered Japan’s Toshiba and Akai in the past, may make and sell televisions under the century old Philips brand as South Korea’s Samsung and LG eat up market share in the $ 7.5 bn durables industry.

Indian ADRs: ICICI Bank up 4%

Board meets : Zee Entertainment and ETC Networks on restructuring

Reliance's Lyondell buy seen unlikely in 2009: Reuters

Max India board meet on January 13 to consider fund raising

IFCI and Aban in NSE F&O curb

ONGC agrees to a special oil tax if the subsidy burden regime is rationalized

GVK in talks with Siemens for BIAL stake

Hotel Leela Venture promoters raising stake in company to 55% via creeping acquisition (ITC holds 5.1% stake in Hotel Leela)

HDFC Property funds holds back funds on adverse market conditions and unrealistic valuations sought by developers


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