Thursday, December 10, 2009

BOR: Market Outlook: Indian markets may have flat to positive opening today on account of mixed global cues.

Market Outlook: Indian markets may have flat to positive opening today on account of mixed global cues. Nifty has supports at 5000-5050 and resistances are at 5180-5230 though the market looks up but we would be cautious.

Global events to watch for today:

  • International Trade
  • Jobless Claims
  • RBC CASH Index
  • Quarterly Services Survey
  • EIA Natural Gas Report
  • 3-Month Bill Announcement
  • 6-Month Bill Announcement

Global indices Update @ 9:

Dow Jones : 10337 (+51.08)

Nasdaq : 2183 (+10.74)

Nikkei 225 : 9995 (-09.38)

Hang seng : 21809 (-62.44)

SGX CNX Nifty : 5120 (-6.5)

INR / 1 USD : 46.77

On the global counter: Wall Street ends with moderate gains; while Asian markets trading mixed; Hang Seng up, Nikkei flat. Wall street closes higher after a choppy session due to frequent swings in the dollar. Some late support helped the major equity indices make modest gains. Standard & Poor's revising its outlook for Spain to negative from stable also dented sentiment.

Stocks in action for the day: Satyam, Bajaj, Dr Reddys, Hindalco, RIL, Swaraj Mazda

Satyam ADR up 6%, settles with Upaid for $70 million; to pay $45 million upfront and $25 million in 1 year

JSW Energy IPO subscribed 1.68 times: QIB: 2.88 times NII: 0.15 times Retail: 0.40 times JSW Energy IPO – QIB Portion Total bids: Rs 3,968 crore LIC bid: Rs 1,884 crore ICICI Bank bid: Rs 750 crore

Godrej Prop IPO – day 1 subscriptions Total: 1.23 times QIB: 2.4 times NII: 0.007 times Retail: 0.02 times

Syndicate Bank: In active talks for Bharti Axa Life Insurance stake -May buy 20-25% stake in Bharti Axa; deal may be worth Rs 300 crore

3G & BWA Auction: 3G & BWA auction by Jan-end, 2010:-ALERT: Auction was earlier scheduled for January 14

PNB Housing Finance : Sells 26% stake to Destimoney for Rs 79.2 crore at Rs 101.50/share -Destimoney has option to increase stake to 49% -PNB says to retain majority stake in PNB Housing Finance.

NSE bars further F&O positions in Kingfisher as 95% marketwide position limit is hit

Cox & Kings to list tomorrow

Bajaj to exit scooter business

Fortis Healthcare in talks to acquire Lanka hospital chain

Hindalco to raise Rs 4,500 crore debt for financial closure of Utkal Alumina Refinery

Lyondell creditors back RIL, seek court nod to work with RIL as a rescue plan

Pfizer sues Dr Reddy’s, asks judge to prohibit sales of generic version of Lipitor till 2017

Banks may have to classify Maytas Infra loan as bad asset

Ex-bonus: Adani Enterprises (1:1)

Ex-split: Jindal Saw (From Rs 10 to Rs 2)

Tatas look to enter Swaraj via Sumitomo: Tata Motors, India’s largest marker of commercial vehicles, is negotiating to acquire Japanese conglomerate Sumitomo’s 53.5% stake in Swaraj Mazda as it attempts to strengthen its position in the light commercial vehicle or LCV market which is all set to see the entry of new players such as GM and its Chinese partner SAIC and a joint venture between Ashok Leyland and Nissan. The deal size, including the open offer, may be around Rs 250 crore, said the same person. Tata Motors’ stake will go up to 73.5% if the open offer, which has to be at least 20% of the target company’s equity capital, is fully subscribed.

Gillette valuation seen too high: FMCG major Gillette India has seen a sharp surge in its stock price in recent months. In the past three months, the stock has soared by 46% on bourses. This sharp move seems to have come due to rumours that the company may announce a share-buyback programme. While the company’s management has categorically denied that there is any such proposal, it has not abated the buying interest in the counter. Gillette, a Procter & Gamble group company, has branded products in personal grooming and oral care segments. It also has a small presence in the portable power segment that includes batteries, torches and lamps.


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