Monday, December 12, 2011

TECHOUTLOOK : Support for Nifty is at 4830 resistance at 4910.

Market Outlook: Indian markets are expected to open positive backed by constructive Asian markets. Further investors will keep an eye on the important data to watch out for is the industrial output numbers for October which is expecting a contraction of 1.6% on the back of poor capital expansion. Economic data would be the key driver for market direction.

Global Markets: The US markets closed near their highs, climbing steadily throughout the session, as US consumer confidence report hit a 6-month high and as investors appeared to show relief after the Euro zone's latest plan to solve its debt crisis and the euro leaders agreement to closer fiscal ties. All three indices posted an impressive gain for the second week. Dow closed up 1.5% for the week.

Global events to watch:

  • Treasury Budget.

Global indices Update @ 8:

Dow Jones : 12184 (+186.5)

NASDAQ : 2646 (+50.47)

Nikkei 225 : 8651 (+114.5)

Hang Seng : 18860 (+274.5)

SGX CNX Nifty : 4908 (+25.50)

Gold (USD/t oz.) : 1713.4

Nymex Crude (F) : 99.34

INR / 1 USD : 52.22

TECHOUTLOOK : Support for Nifty is at 4830 resistance at 4910.

Call for the day:

Sell Sesa Goa SL 178 Target 165.

Buy Coal India SL 310 Target 330/335.

Stocks in action for the day: Kingfisher Airlines, Gail, Sun Pharma.

New FDI norms for pharma: The RBI has notified new FDI norms for pharma sector. The RBI has said that the banks will compensate customers for delays at prevailing rate. It allows issuing equities against capital good imports

CBEC Chairman says KFA has not paid service tax from April-November Will take legal steps against KFA unless it pays service tax

Buyback preparations The government is clearing the decks for the buyback programme and will amend the Articles of Association (AoA)of public sector units for share buybacks. AoA: Articles Of Association Guidelines w.r.t Investment Of Surplus By PSUs To Be Modified GoI Equity To Be Maintained At 51% In All Buybacks EGoM To Approve Share Offers At Buyback Price EGoM To Approve Sale Price In Buyback Or Cross-holdings CCEA Nod Be Dispensed With Ensuring No Breach Of 51% Rule DoD May Sell GoI Stake To LIC, PSBs In Off-market Deals DoD May Sell GoI Stake To State Entities DoD May Sell GoI Stake To SPVs In Off-market Deals Cabinet Note On Disinvestment Has Pre-approval Of FM

Focus on telecom The department of telecom, sources indicate that they, will finalise M&A and exit policy this week. The telecom commission has converged on most M&A and exit policy issues. It will meet on Tuesday to finalise telecom M&A policy

Import duty on equipment? The power ministry has floated draft cabinet note on import duty on equipment. The draft note proposes 14% duty on imported power equipment. Power Min Floats Draft Cabinet Note On Import Duty On Equipment Draft Note Proposes 14% Duty On Imported Power Equipment Draft Note Proposes 5% Import Duty, 5% SAD, 4% CVD SAD Special Additional Duty Heavy Industry Min Not Happy With Proposal Heavy Ind Min Wanted Maira Committee Recommendations Maira Committee Recommended 10% Import Duty, 4% CVD

Focus on Maruti Suzuki: Maruti Suzuki is likely to defer proposed investments in Gujarat as rising interest rates and fuel prices in a cooling economy force prospective buyers to retreat.

Focus on RIL: RIL says that they are looking to buy oil assets in politically stable areas. They want to buy stake in heavy oil producing blocks. They are eyeing further investment in US shale gas.

Kinetic Motor to merge with Kinetic Engineering at a proposed swap ratio of 7.75:1

Shah Alloys board to consider fund raising.

Nestle India: Ex Interim Dividend 27/sh.

Gail signs 20-yr LNG sale, purchase agreement with Cheniere, USA

Power Grid board approves investment worth Rs 692.81 cr

Sun Pharma gets USFDA nod for generic Ultram ER tablets

Tesco puts cash and carry Plans on hold – BS (has franchise with Trent)

F&O Ban: ABG Shipyard, Gitanjali Gems and Ruchi Soya


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