Wednesday, December 30, 2009

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

Market Outlook: Indian markets may have flat to negative opening today on the back of mixed performance from the global counters. Nifty has supports at 5100 -5130 and resistances are at 5230-5250. Markets are expected to trade in a narrow range. Overall markets still looks up but time advices to book profits and stay out.

Global events to watch for today:

  • Bank Reserve Settlement
  • MBA Purchase Applications
  • Chicago PMI
  • EIA Petroleum Status Report
  • 7-Yr Note Auction
  • Farm Prices

Global indices Update @ 9:

Dow Jones : 10454 (-01.67)

Nasdaq : 2288 (-02.68)

Nikkei 225 : 10610 (-27.40)

Hang seng : 21408 (-90.59)

SGX CNX Nifty : 5189 (-06.00)

INR / 1 USD : 46.69

On the global counter: Wall Street ends flat amid light volumes; Dollar gains while Asia trading mixed; Shanghai Composite up, Nikkei down. The winning streak on Wall Street comes to an end. Major indices end the session lower amidst light volumes and lack of leadership. The dollar's rebound too weighed on sentiment. Economic data failed to provide any support either. Energy and financials were the major losers. Some encouraging economic news but failed to lift sentiment. The conference board's gauge of consumer confidence rose to 52.9 in December from 50.6 in November, in-line with expectations. The Dow slipped 1.67 points, or less than 0.1%, to 10,545.41. The Standard & Poor's 500 index was down 1.58 points, or 0.1%, to 1,126.20, while the Nasdaq Composite Index was down 2.68 points, or 0.1%, to 2,288.40.

Stocks in action for the day: Wockhardt, Radico, ONGC, Kingfisher, NMDC

RIL-LB update: LB (LyondellBasells) restructuring involves issuing $6.1 billion equity to creditors RIL cash component for LB bid could be atleast $6 billion -RIL will have to better this offer for creditors to agree

Relief for Aviation companies: Ground Handling Policy (GHP) implementation deferred by year -Airlines to now be permitted ground handling in terminal -Tarmac side ground handling to be outsourced Policy was to take effect from January 1, 2010 Airline companies want policy to be postponed by 2 years

Ranbaxy: -Ranbaxy exits China venture; sells Ranbaxy China stake to HNG Chembio Pharmacy -Ranbaxy to tansfer stake in RGCL to HNG Chembio Pharmacy -Market analysts say impact to be minimal as China is not a lead market for Ranbaxy

NMDC: -May consider foreign partner for mining development -NMDC may consider tech & equipment JV’s with foreign players 100% FDI allowed in mining business -NMDC looking at new prospecting model -NMDC to present new model to Steel Ministry -Alert: Govt to divest 8.38% in NMDC by March 31, 2010.

Indage Vintners FY09 – loss at EBIT level: -Net sales at Rs 302.7 crore versus Rs 254.5 crore -Net loss at Rs 109.3 crore versus profit of Rs 38.1 crore

Talk of agro-chem joint venture with MNC lifts Astec Lifesciences : Astec Lifesciences has come on the radar of operators yet again. The buzz in the market is that Astec is planning to enter into a joint venture with a multinational company to expand its agro-chemical product profile. The joint venture, if it materialises, is expected to give a booster shot to the profit and turnover margins of Astec Lifesciences.

Nagarjuna Agrichem: Stockholders should watch out for future profit growth: The Hyderabad-based agrochemical manufacturer Nagarjuna Agrichem (NACL) has significantly outperformed the markets in 2009. In the past one year, the scrip has gained over four times, while the benchmark Sensex rose 1.8 times.

Credit Suisse buys 1.11% stake in Bharati Shipyard for Rs 7 cr: Foreign fund house Credit Suisse (Singapore) today bought about 1.11 per cent stake in private shipbuilder Bharati Shipyard Ltd for nearly Rs 7 crore. In a bulk deal on the National Stock Exchange, Credit Suisse bought 3,08,004 equities at a price of Rs 230.17 per piece, aggregating to Rs 7.08 lakh. Shares of Bharati Shipyard today closed at Rs 232, higher by 4.55 per cent from its previous close on the NSE.

Civil Aviation Ministry sources say -GHP deferred on private airlines concerns

Wockhardt gets US FDA okay for Generic Carvedilol

Diageo-Radico FDI proposal likely to get FIPB nod

TBEA, BHEL in talks for partnership; Tie-up will help BHEL compete with Siemens, ABB in high voltage segment

ONGC, GAIL may take 12.5% in $ 2 billion gas pipeline in China

CVC to probe BSNL tender; Rs 36,000 crore bid seen violating norms

Kingfisher identifies 3 PE firms to raise $ 400 million; in talks with Aabar, Carlyle and Texas Pacific

IT firms brace for $ 10 billion GM contracts

Essar Securities lists today, no circuit

Marksans Pharma board approves selling API business at Pune, raising funds up to $125 million (CMP Rs 5)

Aban still in NSE F&O curb, Kingfisher also enters curb


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