Market Outlook: Indian markets are expected to open in optimistic territory on the back positive sentiments seen on the global counters. We advice one has to wait for the outcome of the Reserve Bank of India ’s (RBI) interest-rate policy review today. We are expecting a hike of 25 bps each in the repo and reverse repo rates. However, with inflation being a major cause of concern, any indication by the RBI of aggressive tightening of monetary policy may put interest-rate sensitive stocks like PSU banks, real estate and auto stocks under pressure. The crucial support for the Nifty is 5350 and strong resistance at 5490-5500.
Tuesday, July 27, 2010
Market Outlook: Indian markets are expected to open in optimistic territory
Results today: RIL, L&T, HUL, Cairn, HCL Tech, Ashok Leyland, Asian Hotels, Asian Paints, Blue Dart, Cadila Health, Ceat, Glenmark Pharma, Godrej Inds, GTL, IRB Infra, JSW Steel, Jubilant Org, Kirloskar Brothers, MRPL, Oil
Global events to watch:
Þ Consumer Confidence
Þ ICSC-Goldman Store Sales
Þ State Street Investor Confidence Index
Þ Bill Auction
Global indices Update @ 8:
Dow Jones : 10525 (+100.8)
NASDAQ : 2296 (+26.96)
Nikkei 225 : 9516 (+12.77)
Hang seng : 20912 (+72.78)
SGX CNX Nifty : 5440 (+21.00)
INR / 1 USD : 46.86
Stocks in action for the day: NTPC, Tech Mah, JSW Steel, EIL, HOEC, ABB, IOB, Fortis, NMDC, DLF, SEL...
ABB offer closes today: ABB open offer gets nearly 50% subscription -Institutions tender 11.5% stake in open offer -FIIs like GIC, Vanguard AIG tender 100% holding -FIIs like Aberdeen tender 50% of their holding -MFs: Reliance MF, DSP Blackrock tender 100% of their holding -LIC, ICICI Pru Life yet to decide on tendering in offer
JSW Steel board meet today on issue of preferential allotment ((Most likely to be 14.9% stake to JFE))
Essar Oil Q1 (cr - crore, vs - versus) -Net loss at Rs 70 cr vs net profit of Rs 169 cr (YoY) -Gross revenue at Rs 12,050 cr vs Rs 7,895 cr (YoY) -GRM at USD 5.61/bbl versus USD 6.74/bbl (YoY)
Peninsula Land Q1 -Net sales at Rs 148.3 cr vs Rs 115.4 cr (YoY) -Net profit at Rs 49.5 cr vs Rs 32.6 cr (YoY)
NTPC Q1 -Net sales at Rs 12,944.5 cr vs Rs 12,002.7 cr (YoY) -Net profit at Rs 1,841.9 cr vs Rs 2,193.6 cr (YoY)
Tech Mahindra Q1 -Cons net profit at Rs 144 cr vs Rs 132 cr (QoQ) -Cons net sales at Rs 1,134 cr vs Rs 1,113 cr (QoQ)
Century Enka Q1 -Sales at Rs 335.8 cr vs Rs 323.6 cr ((YoY)) -PAT at Rs 14.5 cr vs Rs 28.3 cr ((YoY))
Indian Overseas Bank raises Rs 500 mn via CDs Indian Overseas Bank (IOB) on Monday raised 500 million rupees via certificates of deposit (CDs) on Monday, Thomson Reuters data showed, a day before the central bank reviews policy. The central bank is widely expected to raise key rates by 25 basis points on Tuesday, to rein in inflation that has stayed stubbornly high. For stories and analyses on the review, see IOB sold three-month notes yielding 6.65%. The yield on the three-month Reuters CD benchmark rose to 6.60% on Monday from Friday`s 6.55%, and secondary volumes rose to 3.75 billion rupees from 1 billion rupees. For the week to July 23, total CD issuance amounted to 28.85 billion rupees, matching the amount raised a week earlier.
Fortis may now look at other attractive foreign targets The failure to gain control of Singapore`s Parkway Holdings does come as a setback to the aspirations of Fortis Healthcare. By merging with Parkway, Fortis had hoped to leverage on Parkway`s brand and secure a pan-Asia recognition that would help it promote medical tourism in India. With Parkway being the only healthcare company with pan-Asia presence, Fortis is now left with fewer options. The other companies in the south east region include Raffles Medical Group, Ramsay Healthcare, Health scope and KPJ Healthcare. The chairman of Fortis, Malvinder Singh, had earlier indicated that his company was open to acquisitions in the West and
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment