Market Outlook: Indian markets are expected to open in a flat but on negative note and trade volatile on the back mixed trend seen on Asian counters. Germany's passage of an expansion to the region's bailout fund failed to allay investor concern about the sovereign debt crisis.
On the global space: The US markets erased a strong rally following a broad selling pressure but still finished off their worst levels in thin, choppy trading as the Dow and S&P rebounded from afternoon lows. The US economy grew at an annual rate of 1.3% in the second quarter.
Asian markets are trading firm; Nikkei, Taiwan Weighted up. South Korea posted a slower than expected rise in industrial output. Output rose 4.8%, as compared to the 7% median forecast by economists. Japan's industrial output rose 0.8% in August as companies made up for production delays caused by the twin disaster in March. The rise, however, was smaller than a median market forecast of 1.5%
Europe: European markets mixed at close; Dax up 1.10%. Germany's passage of an expansion to the region's bailout fund failed to allay investor concern about the sovereign debt crisis. The lower house of the German parliament - Bundestag has approved an enhanced rescue fund and backed more powers for the European Financial Stability Facility. Markets ended higher after the German parliament approved new powers to the european financial stability fund, the Euro zone's rescue fund. Greece's Papandreou will hold debt talks in PARIS today. And Eurozone finance ministers will meet on Monday to discuss about how to leverage the EFSF bail out fund to give it more powers without having to increase national guarantees.
Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4895 and resistance at 5080.
Global events to watch for today:
Þ Personal Income and Outlays
Þ Chicago PMI
Þ Consumer Sentiment.
Global indices Update @ 8:
Dow Jones : 11153 (+143.0)
NASDAQ : 2491 (- 10.82)
Nikkei 225 : 8723 (+21.89)
Hang seng : 17726 (-284.0)
SGX CNX Nifty : 5005 (-31.00)
Gold (USD/t oz.) : 1639.7 (+22.00)
Nymex Crude (F) : 82.55 (+00.41)
INR / 1 USD : 48.92
TECHOUTLOOK : Support for the Nifty is at 4895 and resistance at 5080.
Call for the day :
BUY TATAMOTORS AROUND 156-160 SL 150 TARGET 170-185.
BUY COX & KINGS LIMITED 208-215 SL 192 TARGET 234-240 .
SELL SESAGOA SL 198 TARGET 180.
BUY AMTEKINDIA SL 121 TARGET 145 (POSITIONAL CALL) HOLD.
Stocks in action for the day: Reliance ADA Group(-), Lanco Infra(+), L&T(-), Indraprastha Gas(+),Bloom Dekor, Bajaj Corp, Trent, Koutons.
Some trouble is brewing for the Reliance ADA Group. The CBI has sought to turn the three jailed Reliance ADA executive as approvers in the case. The CBI has also told the apex court that the role of Anil Ambani and other employees in the sale of Swan to Delphi is also being investigated.
L&T: Subdued outlook on growth concerns: Larsen & Toubro’s stock touched its 52-week low of Rs 1,348.65 on Thursday before closing slightly higher at Rs 1,373.55. Macroeconomic concerns, leading to slower spending on infrastructure and capacity creation, have turned the market cautious on the stock. The outlook for order inflows continues to be challenging and, unlike earlier, many experts now believe the reversal in interest rates is still some time away.
CNG prices to rise by Rs 2 per kg this week: Indraprastha Gas Ltd is expected to hike the price of CNG (compressed natural gas) by Rs 2 per kg over the weekend to pass on the impact of a stronger dollar, costlier electricity and sale of higher quantities of imported gas that is three times more expensive than the government's allocation of fuel from domestic fields. This is essentially because IGL will have to buy more and more of the imported gas to meet shortfall in supplies from the Andhra offshore fields of Reliance Industries Ltd.
Lanco Infra has stated that they would vigorously defend Perdaman's allegations. Perdaman had alleged that Lanco Infra violated Australia coal pact.
Unitech shareholders reject the proposed dividend for FY11. Just to remind you the Unitech board had proposed Rs 0.10 per share FY11 dividend.
Bhansali Engineering . The company law board refused to grant any interim relief for minority shareholders, who had alleged financial irregularities.
Indo Thai Securities IPO of 40 lakh shares with a price band of Rs 70-84/sh opens today
Axis Bank rolls out fixed home loan for life (20 years) at 11.75%, (almost 250 pbs lower that other fixed interest rates, analyst thumbs down move) - (came during market hours yesterday)
HUL shortlists 6 bidders to sub-lease Worli property for an expected price of Rs 400 crore; company likely to consider re-tender for sale (ET)
Koutons Retail gets a nod for debt restructuring plan of worth Rs 500 crore (ET)
Fame India rights issue sets stage for battle between Inox & Anil Ambani ((Inox holds: 50.27%)) & ((Reliance Capital: 35.39%))
TTK Prestige set to buy Italian firm’s local unit Triveni Bialetti Industries to expand production capabilities with an undisclosed amount (DNA)
Maruti Suzuki has lost around Rs 540 crore in revenue in past 2 months because of labor unrest in its Manesar facility (Mint)
LGB Board to meet & consider the proposal of rights issue
Bajaj Corp acquires Uptown properties & leasing for Rs 75 crore
Trent Ltd to seek approval of shareholders to raise funds of upto Rs 300 crore
Prism Cement signs an agreement for mining & develop SIAL coal block with India Resources Australia
F&O Ban: Gitanjali Gems
Bloom Dekor makes an open offer to acquire 14 lakh shares at a price upto Rs 15.75/sh ((CMP: 17.30))
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