Market Outlook: Indian markets may have flat to negative opening today on account of weak global cues. Nifty has supports at 5000-5050 and resistances are at 5160-5180. Market is again in a trading range looking for direction, though the market looks up we stand on cautious outlook. Markets are expected to be in the range of 5000-5100 the whole December.
Global events to watch for today:
- MBA Purchase Applications
- Wholesale Trade
- EIA Petroleum Status Report
- 10-Yr Note Auction
Global indices Update @ 9:
Dow Jones : 10285 (-104.14)
Nasdaq : 2172 (-16.62)
Nikkei 225 : 10015 (-124.85)
Hang seng : 21905 (-154.59)
SGX CNX Nifty : 5110 (-49.50)
INR / 1 USD : 46.67
On the global counter: Wall Street slips on dollars gain; Dow down 104 points & Asian markets trading weak; Nikkei, Hang Seng down. Stocks fell on worries about global recovery and the dollar
Stocks in news: RIL, Bharti, Sri Adhikari, NMDC, Videocon
Godrej Properties: IPO opens today, issue of 94 lakh shares @ Rs 490-530/share -Anchor investors including JP Morgan Ward Ferry & First State: -Placement done at Rs 530/share:
JSW Energy IPO closes today: Total: 1.48 times -QIB: 2.77 times -NII: 0.05 times Retail: 0.05 times
RIL – Lyondell Basell update: -RIL has not made a final bid -Settlement with few lenders does not prevent RIL from submitting final bid -Reached $300 million settlement with unsecured lenders -Total liability from unsecured lenders was $2.8 billion
RIL update: -RIL may propose to pay $2 billion in cash for LB -RIL likely to value LB debt at $12 bn-Alert- LB gross debt at $27 billion -RIL likely to pay $2 billion via cash; borrow $4 billion while $6 billion debt likely to stay on LB books
NELCO Jul-Sep numbers : -Net profit at Rs 23 crore versus loss of Rs 11 crore -Net sales at Rs 101 crore versus Rs 29 crore
Bharti Audit: -DoT writes to Bharti on special audit on December 7 -Directs Bharti to provide required information in 7 days -DoT to Bharti: Latest report from auditors points to delays; auditors say due to lack of required info given by Bharti Bharti Says:-We believe audit is moving smoothly -Co-operating with auditors; sharing all information as requested -In process of collecting extensive data sought recently
Car sales jump 61 per cent in November: With a slew of new models including Volkswagen’s Polo and some Chinese hatchbacks from General Motors-SAIC combine set to hit the Indian roads, the country’s car industry is looking to cross the 2-million milestone next fiscal. The country saw the steepest rise in passenger car sales in more than five years in November at 61 per cent, thanks to an abnormally low base a year earlier when car sales dropped, according to figures released by the Society of Indian Automobile Manufacturers.
StanChart extends $1 bn credit line to Essar Oil: Standard Chartered Bank has extended a $1-billion (Rs 4,600 crore) line of credit to Essar Oil to part-finance its acquisition of Royal Dutch Shell’s refinery assets in Europe, a senior banker told ET NOW, as the Indian company moves closer to sealing a deal estimated to be worth over $2 billion
GSM, CDMA players fight over 11-digit No.: Consumer interests have become sandwiched in an industry war between incumbent GSM operators and Reliance and Tatas over the DoT
Fresh round of rate war, ICICI Bank, Kotak Mahindra Bank slash home loan rates to 8.25% and 8.49% respectively
Alok Industries plans to wind up realty business, to bring back investments to core business
Merchant banks presentations for NMDC FPO in December-End; NMDC stake sale cleared by CCEA last week
Sri Adhikari Brothers board meet on December 11 for fund raising for the expansion (stk up 20%)
Assam Company buys back FCCB worth $ 6.7 million; outstanding FCCB at $34 million
Alok Retail zeroes in PE firm, to seal deal by end-December
Videocon eyes PE players in retail business
News International signs multi-million dollar 5-year contract with HCL Tech
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