Thursday, November 24, 2011

Stocks in action for the day: Amtek India, GMR Infra, IGL, SBI, SKS Micro.

Market Outlook: Indian markets are expected to open weak backed by Global markets and threats of a possible recession in Europe loom nearer. Investors all eyes will be on how the markets reacts on the F&O expiry of today. The ongoing contagion of debt crisis in the Eurozone, lower-than- expected GDP growth in the US and rising dollar value are amongst the primary factors to keep Indian markets under pressure.

Global Markets: U.S markets continued it sell off on weak economic data and ongoing debt concerns from the Eurozone. US weekly jobless claims edged up 2,000 to 393,000. Meanwhile consumer sentiment came in at 64.1 for November, up from 60.9 the month before. Mortgage applications slipped 1.2% in the week ended November 18, after a 10% drop the week before.

Global events to watch:

  • Germany’s IFO business climate index for November

Global indices Update @ 8:

Dow Jones : 11257 (-236.1)

NASDAQ : 2460 (-61.20)

Nikkei 225 : 8200 (-133.9)

Hang Seng : 17822 (-40.77)

SGX CNX Nifty : 4705 (-18.00)

Gold (USD/t oz.) : 1696

Nymex Crude (F) : 95.92

INR / 1 USD : 52.10

TECHOUTLOOK : Support for Nifty is at 4635 and resistance at 4750.

Call for the day:

Sell GMR Infra SL 21.5 Target 17.50.

Sell Sesa Goa SL 175 Target 161.

Sell SBI SL 1677 Target 1605.

Stocks in action for the day: Amtek India, GMR Infra, IGL, SBI, SKS Micro.

Cyrus Mistry’s appointed Deputy Chairman of Tata Sons. To take responsibility on Ratan Tatas retirement. Cyrus Mistry to takeover as group head by December 2012

Cabinet to decide on raising FDI limit today: the Union Cabinet is likely to take up a proposal of hiking foreign direct investment in single-brand retail to 100 per cent from the current 51 per cent and allowing 51 per cent FDI in multi-brand retail trading.

Muthoot Fincorp ties up with MoneyGram for global money transfer services.

RBI tweaks ECB norms to stem falling rupee: Reserve Bank of India (RBI) directed Indian companies to bring back offshore funds, raised through external commercial borrowings (ECBs) for the purpose of domestic business expenditure. Those funds need to be parked with Indian banks.

JPMorgan Cuts Crude Oil Forecasts for 2012

The Reserve Bank has deregulated interest rate on savings accounts in Regional Rural Banks (RRBs), a move that will fetch better returns for its depositors.

RBI lifts $100 m cap on banks' net forex supply position.

The National Highways Authority of India (NHAI) will soon raise . 10,000 crore through a public debt issue to fund various projects across the country.

Irda Plans to Limit Insurers’ Bank Tie-ups.

Andhra govt rules out help in MFI loan recovery.

Vikram Akula steps down from SKS Micro board.

State Bank of India has decided to waive prepayment charges on home loans linked to both floating and fixed rates for old and new customers.

Lighting companies Philips, Havells and Bajaj Electricals have increased the prices of CFL (compact fluorescent lamp) bulbs by up to 15% due to soaring prices of key raw material.

Severstal, Russia’s second-largest steel company, and NMDC, India’s largest iron ore miner, plan to sign their joint venture agreement for the proposed $3-billion steel plant in Karnataka by December 16.

GMR Infra promoters have pledged additional three crore shares.

Amtek India board has approved a 1:1 bonus issue.

India's biggest private lender ICICI Bank is open to buying loan portfolios of European banks.

Energy major BP has signed a memorandum of understanding (MoU) with Indian Oil Corporation (IOC) to set up a joint venture (JV) company.

RBI: Hikes rates on non-resident (external) rupee deposits Hikes rate on foreign currency non-resident (banks) deposits NRE deposit rate for 1-3 years not to exceed LIBOR +275 bps Caps FCNR deposit rate on all tenures at LIBOR +125 bps FCNR deposit rate cap was at LIBOR +100 bps earlier

Indraprastha Gas (IGL) looking to acquire BG’s 49.75% stake in Mahanagar Gas – ET

Indowind Energy promoters acquires additional 1% stake, up stake to 31.41%

F&O Ban: Gitanjali Gems, Ruchi Soya, Suzlon.


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