Market Outlook: Indian markets are expected to open with a positive note on the back of constructive sentiments seen on the global markets. Domestic momentum is now driven by upcoming IIP data due on Oct 12th. We expect growth number to remain subdued as a dozen interest rate hikes and a wobbly world meant purchase orders were tapering off.
Results Today: Sintex Ind, TTK Prestige, Chemfab Alkalies.
On the global space: US markets close lower; Dow Jones down 0.18% and Asia trading mixed; Hang Seng down, Straits Times up.
Back to Indian Markets are following global cues, so we continue to hold a cautious outlook with support 4820 and resistance at 4950.
Global events to watch for today:
Þ Monster Employment Index
Þ Employment Situation
Þ Wholesale Trade
Þ Consumer Credit
TECHOUTLOOK : Support for the Nifty is at 4820 and resistance at 4950.
Call for the day:
Buy Coal India SL 330 Target 350.
Buy Lupin Sl 455 Target 487.
Stocks in action for the day: Maruti, Coal India, Pipavav, Lupin
Maruti Suzuki Update: -Company on Sunday dismissed 10 workers, terminating 5 trainees and 10 employees -Labourers at Manesar indulge in acts of violence -Labourers at Manesar damage property in factory premises-Workers at Manesar plant attack co-workers, supervisors-Workers at Manesar plant on stay-in strike since Friday-Police rescued 355 contractual workers today -Contractual workers beaten up; forced to join strike
MCA accepts SFIO report on Sesa Goa & Sesa Industries-MCA directs SFIO to initiate action for companies act violation-MCA also referring matter to ED & I-T Dept -Sesa Industries to also be charged for non-cooperation-Probe period prior to acquisition by Anil Agarwal
SFIO report alleges-Sesa companies (cos) guilty of under-invoicing exports-Sesa cos under-invoiced exports by Rs 1,002 crore-Sesa cos guilty of over-invoicing iron ore sale-Sesa cos over-invoiced iron ore by Rs 42.51 crore-Sesa cos over-invoiced coking coal imports
-Over-invoicing of Rs 14.6 crore allegedly w.r.t coking coal
Sesa Goa MD says:-Will explore all options once MCA directive received-Have not received any communication from MCA yet-Have submitted enough documents to prove innocence -Believe SFIO did not rely on certain documents
Cabinet-Okays policy guidelines for TV channels uplink, downlink-Okays change in net-worth norms for TV channel companies
Draft telecom policy to be announced today-CNBC-TV18 exclusive: Draft new telecom policy -One nation-one license across services, across service areas-Currently 22 telecom service areas in India-One nation full mobile number portability-One nation-nationwide free roaming -Permit sharing of networks -Provide additional 300 MHz for 3G by 2017 -Provide additional 200 MHz for 3G by 2020-De-license additional frequency bands for public utility services-Mandate preference for domestically manufacturing telecom products -Aim domestic manufacturing of 80% telecom equipment-Give ample unlicensed spectrum for wireless broadband-Migration path for existing licensees to unified license -2 separate categories of unified license-Network service operator & service delivery operator -New unified license to allow flexibility to operate any service-To frame Exit Policy, different from surrender-To review current practice of roaming charges-To provide new frequencies in 8 slots for mobile services-To enact separate Spectrum Act including pricing norms -Amend laws to bring disputes under consumer protection Act-Create Telecom Finance Corporation -Make telecom projects eligible for IIFCL lending-IIFCL is Indian Infrastructure Finance Company Ltd-Separate licensing, spectrum allocation from DoT-Entrust licensing, spectrum to subordinate office of DoT
Coal India to replace Reliance Capital in Nifty from today
Defence ministry gives clean chit to Mazagon for JV with Pipavav Defence & Offshore (ET)
Rakesh Jhunjhunwala buys 14.04 lakh Lupin shares in last 3 months, stake now at 3% - FE
F&O ban: ABG Shipyard , Gitanjali Gems
DLF appeal against CCI order likely in tribunal on Monday
Shipping Corp calls off plans to buy new ships, as company to slowdown on ship purchases on low freight rates & rising costs (Mint)
Starbucks set for café JV with Tatas; to expand alliance with Tatas into full fledged retail play (TOI)
Unity Infra bags road project worth Rs 135.77 crore
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