Tuesday, November 22, 2011

TECHOUTLOOK : Support for Nifty is at 4730 and resistance at 4850

Market Outlook: Indian markets are expected to open flat to higher following Asian markets. Markets are likely to be under pressure as expiry pressures coupled with continuously deteriorating global cues. Sugar stocks will be in focus after the meeting of the Empowered Group of Ministers (EGoM) on Food scheduled for today to decide on granting permission for sugar exports.

Results today: Siemens

Parliament's Winter Session: Here is what's on the agenda

  • The Lok Pal Bill, 2011: Provides for the establishment of a Lok Pal for inquiring into corruption complaints
  • The Public Interest Disclosure and Protection to Persons Making the Disclosure Bill, 2010: Seeks to protect whistle-blowers
  • The Pension Fund Regulatory and Development Authority Bill, 2011: Gives statutory status to the authority
  • The Judicial Standards and Accountability Bill, 2010: Requires judges to declare assets and lays down judicial standards
  • The National Food Security Bill, 2011: Seeks to provide food and nutritional security by ensuring access to adequate quantities of quality food at affordable prices
  • The Mines and Mineral (Development and Regulation) Bill, 2011: Proposes to set up a benefit-sharing regime for mining companies to share profits and royalty

Global Markets: U.S markets closed down backed by spiraling problems of European economy & the lack of progress by American lawmakers in reaching a deficit-cutting agreement spooked U.S markets to close negative. Mean while U.S industry data showed that existing home sales rose unexpectedly to a seasonally adjusted annual rate of 1.4% last month to a seasonally adjusted annual rate of 4.97 million. Moody's states that its credit rating for the US government remains triple-a with a negative outlook. Asia trading flat to negative; Hang Seng down, Nikkei flat.

Global events to watch:

  • Third-quarter U.S. GDP revision: The US GDP for the third quarter is expected to come in marginally lower at 2.4 % versus 2.5%.
  • Federal Reserve's FOMC minutes.

Global indices Update @ 8:

Dow Jones : 11547 (-248.8)

NASDAQ : 2523 (-49.36)

Nikkei 225 : 8333 (-14.84)

Hang Seng : 18183 (-42.62)

SGX CNX Nifty : 4806 (+19.00)

Gold (USD/t oz.) : 1686

Nymex Crude (F) : 97.04

INR / 1 USD : 51.71

TECHOUTLOOK : Support for Nifty is at 4730 and resistance at 4850

Call for the day:

Sell SBI SL 1710 Target 1640

Buy Force Motors SL 495 Target 520.

Buy Amtek Auto SL 93 Target 115

Stocks in action for the day: Nitesh Estates, Force Motors, Kingfisher

Federal Bank signs pact with Tata Motors for vehicle financing.

Tata Sons to issue 1:5 bonus shares: Tata Sons, holding company of the Tata Group, plans to raise Rs 202.07 crore through issue of bonus shares. It will issue five ordinary shares of Rs 1,000 each for every one share held in the company.

Reliance Infra commissions transmission line in Gujarat: Reliance Infrastructure has commissioned a 140-km 400 kV double circuit transmission line between Ranchodpura (Vadavi) and Zerda (Kansari) in Gujarat.

FIIs seek preferential treatment from govt: With disinvestment programme yet to pick up steam, foreign institutional investors (FIIs) today sought from the government some kind of preferential treatment for them in the sale of stake in India’s public sector undertakings. A delegation of FIIs, led by JP Morgan, met finance ministry officials — and said their bringing money to the country in dollars was virtually under-recognised, as they continued to be allocated shares on a pro-rata basis as nothing more than qualified institutional buyers (QIBs). They wanted this mechanism to change

FinMin asks Sebi to review MF charges.

FII holding in Everonn drops to 12.17%

Fitch affirms ‘AA’ rating for J&K Bank

Kingfisher turmoil -Rumors of Malvinder Singh likely to invest in Kingfisher Airlines are doing rounds in the market (BS)-DGFT says Kingfisher Airlines ATF plea not received (Mint)

Cabinet note for aviation FDI sent to ministry: Sources -Finance Ministry supports 26% stake for foreign carriers -Finance Ministry also mulls 49% for foreign carriers -Finance Ministry may push for higher stake than what DIPP suggested -DIPP pitched for 26% as it allows special resolution -Civil aviation ministry suggests only 24% for foreign carriers

Maruti Suzuki: Agencies -Do not expect sales volume growth in FY12 -See Indian auto industry sales volumes growing 2-3% in FY12 -Hope to start buying diesel engines from Fiat -Trying to build export market beyond Europe

Force Motors CMP: Rs 501, M-cap: Rs 653 crore -Force Motors to sell stake in JV with German Co MAN for 150 million Euros -Prior to deal, MAN held 50% stake in JV with Force Motors -To sell & transfer: 5.5 crore shares

F&O Ban: Gitanjali Gems, RuchiSoya, Suzlon

Scheme of Arrangement: Jindal Saw F&O contract inclusion w.e.f today

Phoenix Mills converts high cost debt into a lease rental discounting loan worth Rs 575 crore (ET)

JP Morgan Fund buys 45% stake in Nitesh Estates SPV for Rs 204 crore – ET

Zandu Realty in deal with Sheth developers to develop a property in Mumbai (Mint)

Banks ready to cut rate by 2% for GTL; asks the company to bring in 15% of debt as equity to facilitate CDR (FE)

Avantel buy back at maximum price of Rs 70/share (CMP: Rs 52.70)

Amtek Auto buy back at maximum price of Rs 200/sh (CMP: Rs 101.30)

Auditors say Jet Airways needs to raise money to meet its obligations & fund Jet Lite

Tata Sons lines up bonus issue in 5:1 & board also recommends 800% dividend


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