Market Outlook: Indian markets are expected to open with a gap up grip looking the hopes for eurozone resolution. There can a short covering attempt but will not support the pull back against the fall. Asian stocks enjoyed a vigorous rebound early morning after a pledge by European officials to resolve the region's debt problems helped soothe market sentiment.
On the global space: The US markets closed near session highs in volatile trading, led by financials and energy, amid hopes for coordinated action from Euro zone policymakers to contain the region's debt crisis. The Dow soared 2.53% rallying above the psychologically-important 11,000 level. Asian markets trading higher; Seoul Composite gains 3.5%
Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4820 and resistance at 5000.
Global events to watch for today:
Þ S&P Case-Shiller HPI.
Þ Consumer Confidence.
Þ State Street Investor Confidence Index.
Global indices Update @ 8:
Dow Jones : 11043 (+272.3)
NASDAQ : 2516 (+33.46)
Nikkei 225 : 8524 (+150.4)
Hang seng : 17908 (+500.6)
SGX CNX Nifty : 4930 (+90.50)
Gold (USD/t oz.) : 1633.7 (+38.90)
Nymex Crude (F) : 81.97 (-00.36)
INR / 1 USD : 49.61
TECHOUTLOOK : Support for the Nifty is at 4820 and resistance at 5000.
Call for the day :
BUY BHARTI AIRTEL SL 370 TARGET 405
BUY BGR Energy SL 318 TARGET 342
SELL SUNTV NETWORK SL 292 TARGET 255
Stocks in action for the day: SUNTV, JSW Steel, Symphony, Maruti, Alok Industries, BEML.
Sun TV will be in focus today-- sources indicate that the CBI may charge Maran brothers with criminal conspiracy.
GMR Group agrees to sell 30% stake in its Singapore subsidiary -- GMR Energy Singapore -- to Petronas International Cooperation, a wholly owned subsidiary of Malaysia based Petronas Group. GMR Energy Singapore is developing an 800mw gas-based power plant in Singapore.
Post the mining ban in Bellary. JSW Steel says it had no option but to scale down production to 30% of its capacity due to abrupt shortage of iron ore. The company says that the Supreme Court's directive to provide the steel industry 2.5 million tonnes of iron ore from NMDC and stock piles still has to be achieved.
ONGC sources indicate that the agenda for today's board meet still not finalised and that they cannot say right now if board will discuss Cairn -Vedanta NOC.
Supreme Court tells AP High Court to give its final order on the MFI Act before Jan 31. SKS Micro needs to appeal again before AP HC on MFI Act. SKS had filed a petition in the apex court against the AP High Court hearing on the Act.
Defence Ministry puts Pipavav Defence-Mazagon Dockyard JV on hold Defence Ministry says -To study complaints from private shipyards regarding JV -JVs must compete for contracts -JVs should not get contracts on nomination basis
Rakesh Jhunjhunwala may pick up 5% stake in Symphony – BS (CMP Rs 1285) Management denies the same
Talks between Maruti management & workers fail to come to any conclusions (ET)
TCS sees demand on rise, plan overseas acquisitions in France, Germany, Japan & USA (ET)
Alok Realtors, arm of Alok Industries to sell Mumbai property at a loss, bought the property for Rs 1075 crore in 2007 – ET
DB Realty looking for JV partners for its Mumbai projects – BS
DLF sells land in 10.8 acers in Gurgaon for Rs 280 crore – FE
Airport Authority, Hotel Leela spar over Mumbai land lease terms, AAI asking for 7.5% of gross turnover as royalty, while Leela is asking to bring it down to 5.3% - BS
BEML bags orders worth Rs 230 crore for its mining equipment from Central coal fields & northern coal fields
Mercator Lines completes acquisition of 50% stake in Indonesia based coal mine company
Tijaria Polypipes IPO of 1 crore shares with fixed issue price of Rs 60/sh opens today
Ex Bonus: Zodiac Clothing 1:2, Jocil 1:1
F&O Ban: ABG Shipyard, Gitanjali Gems, Ruchi Soya
DGH pulls up RIL over CBM block; company yet to complete work in acreage for extracting gas (TOI)
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