Thursday, September 22, 2011

Stocks in action for the day: NTPC, Rel Capital, GMR Infra, Nitin Fire.

Market Outlook: Indian markets are expected to open with a gap down response on the back of feebling sentiments on the global markets. On the global space US markets closed near session lows after selling off sharply in the final hour as investors were cautious over the Fed's grim outlook, even as it proposed plans to ramp up its aid to help the economy. They have kept rates unchanged at 0-0.25% and the discount rate at 0.75%. Meanwhile gold too tumbles more than a percent after a rally in dollar on Fed's bond plan to bolster US economy.

Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4980 and resistance at 5160.

Global events to watch for today:

Þ FHFA House Price Index

Þ Jobless Claims

Þ Bloomberg Consumer Comfort Index

Global indices Update @ 8:

Dow Jones : 11124 (-283.8)

NASDAQ : 2538 (-52.05)

Nikkei 225 : 8598 (-142.8)

Hang seng : 18139 (-684.6)

SGX CNX Nifty : 5049 (-86.00)

Gold (USD/t oz.) : 1775 (-32.40)

Nymex Crude (F) : 84.55 (-01.37)

INR / 1 USD : 47.89

TECHOUTLOOK : Support for the Nifty is at 4980 and resistance at 5160.

Calls for the day:


BUY STERLITE IND around 132-134 SL 130 TARGET 140

BUY EXIDE IND around 134-137 SL 130 TARGET 152.

Stocks in action for the day: NTPC, Rel Capital, GMR Infra, Nitin Fire.

Subramanian Swamy on 2G Case says -PM & Pranab had no authority on 2G spectrum decision-'PM not culpable'; decisions taken by FM, Telecom Minister -'Criminal culpability clear on part of P Chidambaram'

Advance tax payment up 9.9% in Q2, confirms slowdown fears: Nearly a quarter of India's top 100 companies have paid lower advance tax for the July-September 2011 quarter than a year ago, reflecting the slowdown in growth and pressure on margins because of rising input costs and higher interest rates. Some of the big companies that have paid lower advance tax, indicating a drop in profits, include State Bank of India, Piramal Healthcare, IndianOil, Maruti Suzuki and Bharti, preliminary data released by the Income-Tax Department.

Sebi bars 7 cos from issuing shares or convertibles: Sebi investigation over 2009-2010 found seven companies where price manipulations were prevalent. The seven are: Asahi Infra , IKF Technologies , Avon Corp , K Sera Sera , CAT Tech , Maars Software and Cals Refineries . NSDL & CDSL asked to freeze accounts of beneficial owners & entities SEBI forwards copy of order to ED to take necessary action -SEBI bars 10 entities including 1 FII, 4 sub accounts from dealing in indian securities

2G case update -D Raja says letter written by Pranab should be taken seriously –P Chidambaram's role should be examined -Subramanian Swamy submits Finance Ministry fact sheet on 2G at SC today -Finance Ministry fact sheet of March 25, 2011 blames P Chidambaram -Fact sheet on grant of 2G licenses in January 2008

RBI removes Union Bank , Karur Vysya Bank from FII buy caution list -FII stake in Union Bank, Karur Vysya Bank Now below trigger cap

Aviation ministry favors FDI upto 49% in local carriers- FE

Govt may interfere in Mazgaon- Pipavav Deal; move follows complaints from rivals ABG Shipyard & L&T (ET)

ACC - Ambuja meger deferred indefinitely due to multiple issues (BS)

Oil Ministry rejects CAG suggestion of a fixed profit sharing ratio, would make it unattractive for investors (FE)

GVK in talks with Indonesian based Kideco for stake sale (Mint)

Fortis pulls out of stake talks with Turkish hospital group (ET)

NTPC gets in principle approval for its 5 coal blocks from the coal ministry (ET)

Reliance Capital may sell 26% stake in its subsidiary Reliance General Insurance Co (BS)

DLF to sell IT Park to IDFC for Rs 512 crore, move to ease off its Rs 21000 crore debt burden (ET)

GMR Infra looks at PE funding of around Rs 960 crore for its road business (BS)

Ex Bonus: Nitin Fire Protection Industries 5:2

Ex Stock Split: BHEL 10:2 on October 3

F&O Ban: ABG Shipyard, Gitanjali Gems, IFCI


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