Market Outlook: Indian markets may have flat to positive opening today. Nifty has support at 5180-5200 and resistances are at 5300-5350. Midcap stocks may continue to outperform. Overall outlook for the markets today is that of cautious optimism as the bulls need to hold the Nifty above the 5270 mark consistently. Technically the trend is still intact up and the next logical target is 5387. Sugar, Power & steel counters to be in action for the day.
Global events to watch for today:
- MBA Purchase Applications
- Challenger Job-Cut Report
- ADP Employment Report
- ISM Non-Mfg Index
- EIA Petroleum Status Report
- FOMC Minutes
Global indices Update @ 8:
Dow Jones : 10572 (-11.94)
Nasdaq : 2308 (+00.29)
Nikkei 225 : 10726 (+44.30)
Hang seng : 22307 (+27.93)
SGX CNX Nifty : 5296 (+19.00)
INR / 1 USD : 46.20
On the global counter: US mkts end flat on mixed economic data while Asian markets trading firm; Hang Seng, Nikkei up. The
Stocks in action for the day: RIL, Maruti, Idea, GMR Infra, Polaris
Tata Steel: December sales up 73% at 6.63 lakh tonne (YoY) Q3 sales increase by 49% YoY
Ratan Tata Says: -Reports of Tata Buying Fiat
Polaris update -Orbitech sells further 0.71% stake in Polaris -ALERT- Orbitech is arm of Citigroup; Citigroup stake down to 30.4%
Sugar may hit Rs 50/kg mark soon: Sugar wholesale prices touched a record high of Rs 4,250 per quintal (100 kg) in the Delhi wholesale market on anticipation of higher demand in the upcoming festival season and lower January sugar release by the government, raising apprehension that retail price could even touch Rs 50/kg.
Godrej Prop stands tall among ilk: The Mumbai-based Godrej Properties listed at Rs 510 on the BSE at 16% premium to its issue price of Rs 490. The stock made an intra-day high of Rs 586.7 and a low of Rs 500 to close at Rs 534.7. The fact that the stock listed at a premium despite being richly valued attracts attention. Indeed, it is one of the rare IPOs in recent times to have closed the trade at premium.
Prism Cement
ABG Shipyard gets around 8 million shares in Great Offshore open offer, may end up with 21.5% stake.
GMR Infra board approves vesting of hotel division of
Axis Bank launches new scheme; offers home loans at 8.25% fixed rate for first 2 years and floating rate post that.
FII limit in Maruti reaches trigger limit; FIIs need prior RBI approval for primary/secondary purchases
RBI approves FII participation in Network18 up to 40% subject to composite limit of 49%
DB Corp to list today; issue price at Rs 212, for retail at Rs 210.
Idea Cellular MD:
Indian ADRs: MTNL up 10.6%, Tata Comm up 6%, Satyam up 4.8%.
RIL led Maha SEZ plan put on hold for indefinite period
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