Market Outlook: Indian markets are expected to open with a positive gap up jump on the back of constructive sentiments on the global space. On the global space Asian markets trading higher; Hang Seng, Nikkei up ahead of President Barack Obama statements on Sunday saying that Democrat and Republican leaders had reached an agreement to reduce the US deficit and avoid default, but it was not clear if the spending cuts were deep enough to stave off a credit rating downgrade. The deal would still have to be passed in the House and the Senate ahead of an Aug 2 deadline to avert a potential debt default. US S&P 500 stock futures bounced 1.5% and Asian stock markets climbed as much as 1.8%, while US Treasuries futures slid. Gold and the yen also fell. The dollar was little changed against a basket of major currencies. On the overall basis we are neutral on the global phenomena and expect Indian market trade with support seen near 5450 and any positive breakout would be expected only after 5620.
Results today: Pfizer, Indraprastha Gas, Titagarh Wagons, GlaxoSmithkline Consumer Healthcare, Shree Cements, Triveni Engineering, Sun TV, Emkay Global, Shyam Telecom, Arrow Textiles, UB Engineering, Archies, DCW, Axis IT-T, Havells India, Tube Investments, Vardhman Acrylics
Global events to watch for:
Þ US debt crisis update meeting.
Þ Chicago Fed National Activity Index
Global indices Update @ 8:
Dow Jones : 12123 (-96.87)
NASDAQ : 2756 (-09.87)
Nikkei 225 : 10013 (+180.8)
Hang seng : 22771 (+330.8)
SGX CNX Nifty : 5550 (+59.50)
Gold (USD/t oz.) : 1614.4 (-16.80)
Nymex Crude (F) : 97.03 (+00.17)
INR / 1 USD : 44.15
TECHNICAL OUTLOOK: Not available for the day on the back of some technical error in the database.
F&O cues: Total stock futures OI add 4.11crore shares in OI
F&O cues:
Total stock futures OI add 4.11crore shares in OI
Nifty futures OI add 6.32 lakh shares in OI, prem at 6.05 versus prem at 10.95
Nifty Open Int PCR at 1.12 versus 1.06
Highest OI outstanding at 5700 call, 5400 put and 5600 call
Nifty 5100 put adds 25.02 lakh (198%) shares in Open Int
Nifty 5000 put adds 12.88 lakh (72%) shares in Open Int
Nifty 5400 put adds 11.37 lakh (23%) shares in Open Int
Nifty 5600 call adds 10.47 lakh (28%) shares in Open Int
Nifty 5200 put adds 9.99 lakh (28%) shares in Open Int
Nifty 5600 put sheds 0.36 lakh (2%) shares in Open Int
India VIX up 6.81% at 19.77
FIIs in F&O on July 29
FIIs net sell Rs 904.28 cr in Index Futures; OI up by 5250 contracts
FIIs net buy Rs 1453.68 cr in Index Options; OI up by 88641 contracts
FIIs net buy Rs.33.64 cr in Stock Futures; OI up by 12045 contracts
Stocks in action for the day: Lanco Infra, Alok, JSW Steel, Adani Enter.
Adani Enterprises says: -Do not own or operate any iron ore mine in India -Adani Enter clarifies on Lokayukta report allegation w.r.t. illegal mining
BK Chaturvedi panel trashes Go-No-Go' policy -Go-No-Go for coal mining has no legal basis -Cannot reject nod for coal blocks based on this policy -Allow 25% expansion of coal mines without public hearing -Power, Environment, Coal secretaries part of BK Chaturvedi panel -Environment Ministry must amend 2010 circulars on coal linkages -GoM to take up BK Chaturvedi panel report on August 2
SAIL says -Board unanimous on bringing FPO, waiting for right market conditions for FPO-Fall In Q1 profit on high input cost, coking coal price seen below USD 250/tonne in 2-3 months
Anant Raj industries board to issue NCDs worth Rs 250 crore
Ex-split: Temptation Food: Stock split from Rs 10/sh to Rs 1/sh
L&T Finance Holdings IPO update: subscribed 5.23 times (x), QIB: 1.92x,NII: 6.18x, Retail: 9.33x
JSW Steel says iron ore purchase, transaction in Karnataka legal
Blanket ban on iron ore mining in Bellary (Karnataka) by the Supreme Court
ONGC and Sistema may soon merge assets in Russia - ET
ICICI acquires 29.3% in Troubled Tower Co GTL via conversion of pledge
M&M to relook investment in Chakkan
Neyveli Lignite seeks 3 coal blocks taken back from NTPC move may trigger a clash between the coal & power ministries that control the state owned firms (ET)
Hindustan Copper has decided to scrap its plans to raise funds by issuing fresh equity shares as part of its proposed FPO (ET)
Coal India says the 26% profit sharing clause in proposed mines & minerals act well help mining firms ensure more production (ET)
ACE close to acquiring two companies one in India & another in China for a total of Rs 120 crore to expand its product portfolio (ET)
Punjab & Sind Bank seeks Rs 990 crore capital infusion from govt to fund its business growth (BS)
CAG raises questions over Rs 50,000 crore fertilizer subsidy without due process to check fraudulent claims by companies between 2007-08 & 2009-10 (Mint)
Alok Industries starts divesting its real estate portfolio to ease debt to sell 73 acres of land in Silvassa with other deals to garner about Rs 70 crore (Mint)
Oil firms hike jet fuel prices by 2.7% in line with firming rates in international markets (Mint)
SC stays NTPC’s Rs 5000 crore cooling tower order to Lanco Infratech (DNA)
Power Ministry seeks gas for eight more plants to the petroleum ministry for allocation of gas this year (DNA).
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