Thursday, December 1, 2011

TECHOUTLOOK : Support for Nifty is at 4800 resistance at 5050.

Market Outlook: Indian markets are expected to open on a strong foot backed by Asian markets and global market cues. China's central bank cut the reserve requirement ratio for its banks by 50 bps followed with World's six major central banks move to tame a liquidity crunch for European banks by providing cheaper dollar funding has spooked global markets. Indian markets are expected to open with gap up in the early morning session while investors will closely watch weekly inflation data to be released later in the day.

Global Markets: US stocks surged on Wednesday after major central banks agreed to make cheaper dollar loans for struggling European banks to prevent the euro-zone debt woes from turning into a full-blown credit crisis. The Dow posted its best day since March 2009 after the Federal Reserve, the European Central Bank and other major central banks stepped in to head off escalating funding pressures that threaten the key arteries of the world's financial system.

Global events to watch:

  • Spain and France to hold bond auctions
  • U.S. jobless claims.
  • Construction spending for October and ISM manufacturing for November

Global indices Update @ 8:

Dow Jones : 12045 (+490.0)

NASDAQ : 2620 (+104.8)

Nikkei 225 : 8606 (+172.0)

Hang Seng : 18920 (+930.9)

SGX CNX Nifty : 5002 (+159.0)

Gold (USD/t oz.) : 1752

Nymex Crude (F) : 100.63

INR / 1 USD : 52.16

TECHOUTLOOK : Support for Nifty is at 4800 resistance at 5050.

Call for the day:

Sell Dr Reddy SL 1590 Target 1550.

Buy DLF SL 201 Target 220. (Positional Call)

Buy Ranbaxy SL 426 Target 460.

Stocks in action for the day: Reliance Industries, SBI, Dr Reddy, Ranbaxy.

Manufacturing drags GDP growth to 6.9% in Q2: The manufacturing sector grew 2.7 per cent in Q2, lower than the growth rate of 7.8 per cent in the same quarter last year, the mining output declined by 2.9 per cent (growth of 8 per cent in Q2 last year). Agriculture growth slowed to 3.2 per cent from 5.4 per cent in the same quarter last year.

The fiscal deficit for the first seven months (April-October) of the current fiscal has already hit 75 per cent of targeted deficit for the entire year, according to data released by the Controller General of Accounts (CGA)

Public sector oil retailers have cut petrol prices by up to Rs 0.83 a litre effective tonight

Excessive rains, CIL workers’ union strike hit coal production in last 2 months

Reliance Industries plans to issue a USD 1 billion 10-year overseas bond, probably early next year, to fund capital spending and possible acquisitions

State-run banks led by State Bank of India plan to install 40,000 ATMs across the country. The banks will jointly install white-label ATMs, which are not owned by any single bank.

RIL Not to Make Fresh Investments in D6 Block Pending until Arbitration

Private Debt Placements Fall 12% in First Half of FY12

FIIs bid 32% more than the $10-b debt offered for auction, raising hopes of reprieve for sliding rupee.

LIC may be asked to pick up govt stake in PSUs.

Jet Airways -May review low cost carrier strategy to take on IndiGo -Top management meets to explore tiered structure -May look to abandon Konnect strategy of low-fare carrier –Exploring launching LCC instead of low-fare airline-LCC will operate on both domestic, international routes

MphasiS Q4 Net revenue at Rs 1,314 crore versus Rs 1,293.6 crore (QoQ) Net profit at Rs 183 crore versus Rs 194.8 crore (QoQ)

Dealers say -SEBI auctioned Rs 25,300 crore FII gilt investment cap -SEBI auctioned Rs 26,100 crore FII corporate bond limit -SEBI got 395 bids for FII gilt investment cap sale -SEBI got Rs 25,300 crore bids for FII gilt investment cap sale -SEBI got 340 bids for FII corporate bond investment cap sale -SEBI sets 115 bps cut-off on FII gilt investment cap sale -SEBI sets 67 bps cut-off on FII corp bond investment cap sale

RBI Sources -RBI has taken final view on RBS-HSBC deal-Have told RBS it should lock, stock & barrel asset sale -Deal should include sale of retail, wholesale assets

Watson launches Lipitor Generic in US and company in agreement with Pfizer till November 30, 2016

2G Court: Reserves order on RK Chandolia bail plea till Thursday

A2Z Maintainence promoter pledges 7.73% of outstanding equity

Hindustan Dorr gets Rs 170 crore order from ONGC

Spanco transfers power distribution biz to step down subsidiary Spanco Nagpur Discom

HDIL sells off Eveready Industries plot at Turbhe for an Rs 42 crore loss; it had bought for Rs 115 crore

Asset management companies have increased their lending to power generation and transmission companies this year. Overall debt exposure of mutual funds to power sector shot up 35% to around . 1,613 crore between January and October this year. Excluding investments in power finance companies and NBFCs, the mutual fund industry has about 1% exposure to core power generation, transmission and equipment companies as of end-October.

Dr Reddy's Laboratories Ltd after the Central Bureau of Investigation (CBI) issued a notice to the drugmaker seeking details of the tax benefits it had availed during the reign of N Chandrababu Naidu as chief minister in Andhra Pradesh.

Gayatri Projects Ltd after the company has convened a meeting of the board of directors on December 5 to consider the withdrawal of the Draft Letter of Offer dated March 21 filed with the SEBI and stock exchanges on its rights offer and to reconsider its terms.

SKS Microfinance Ltd after the company plans to increase the upper limit of foreign institutional investment in the company. A special resolution to increase the foreign institutional investment limit from 24 per cent to 74 per cent of the paid-up equity shares of the company in line with the regulatory norms would be taken up in the meeting.

The USFDA has given a clean chit to Ranbaxy’s new manufacturing plant at Mohali in Punjab, paving the way for the country’s largest drugmaker to sell drugs in the US from this plant


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