Monday, January 16, 2012

Technical Outlook: Nifty support seen near 4820 and resistance at 4880

Market Outlook: Indian markets are to expected to open with a negative note backed by sentiments on the European downgrades. Indian sentiments to remain cautious backed by global news. Markets will only stabilise once there is clarity on macroeconomic issues like growth, inflation, interest rates and deficit.

Results Today - ING Vyasa Bank, Dawn Housing, Automotive Stamping, Magma FinCorp, Motilal Oswal Financial Services, Reliance Industrial Infra, South Indian Bank, Tata Elxsi, Tata Investment Corp.

Downgrades: Credit ratings agency Standard & Poor downgrades nine eurozone countries. Stripping France and Austria of their coveted AAA status. They have downgraded France one notch to AA+ from AAA while Spain has been downgraded two notches to 'A' from 'AA-'. Italy lost two notches to 'BBB+' from 'A'. Portugal too lost two notches to BB from BBB-. They said that the long-term outlooks on France, Italy, Spain, Portugal is negative while the outlook on Germany long-term ratings is stable.

Global Markets: The US markets bounced off their lows on Friday, but still ended in negative territory. Despite the day's losses, stocks still posted a gain for the week. Meanwhile, US markets will remain shut today on account of Martin Luther King day. And on economic data front, the trade deficit totaled USD 47.8 billion, widening in November to its largest in five months. Meanwhile, preliminary January consumer sentiment index rose to 74. European markets too closed lower on Friday.

Global events to watch:

ü US Holiday : Martin Luther King Jr Day.

ü Bond, Equity market closed.

Global indices Update @ 8:

Dow Jones : 12422 (-48.96)

NASDAQ : 2710 (-14.03)

Nikkei 225 : 8374 (-128.6)

Hang Seng : 19039 (-165.0)

SGX CNX Nifty : 4845 (-41.00)

Gold (USD/t oz.) : 1641

Nymex Crude (F) : 98.85

INR / 1 USD : 51.43

Technical Outlook: Nifty support seen near 4820 and resistance at 4880

Stocks in action for the day: SpiceJet, OIL, RIL, IL&FS Investment, CMC.

Telenor, Unitech spar over JV valuations, Unitech calls Rs 600 crore valuation should we worth 20 times more - ET Unitech says: CNBC-TV18 exclusive-Continue to object to Uninor's proposed Rights issue-Company does not require rights issue-Telenor has arbitrarily declined SBI funds-Believe debt funding is still the best option for Uninor-Rights issue being heard by an Arbitration panel-Punjab & Haryana HC order to allow rights issue conditional on the outcome of Arbitration

CMC Q3FY12 -Consolidated net profit at Rs 41.4 crore vs Rs 45.4 crore (YoY) -Consolidated net sales at Rs 396 crore vs Rs 273 crore (YoY) -PAT at Rs 41.3 crore, up 27% QoQ-Margins at 16.2% vs 14.7% -Company added 1,474 employees and 21 clients in Q3

CEA revises gas requirement for Indian power projects-Seeks immediate allocation of 21.80 mmscmd Recommendation sent to Power Ministry on January 6 -EGOM likely to meet and finalize gas allocation schedule-Gas requirement for projects commissioned by March-6.4 mmscmd for Rel Power Samalkot by March 2012 additional 3.2 mmscmd for Dec 2012 -2 projects of GVK dropped due to gas uncertainty

IL&FS Investment Managers buys 9.4% in Indiabulls worli property for Rs 200 crore

Govt mulls hike in urea prices ahead of state elections - ET

Cash strapped UB group plans to list W&M overseas - ET

DGH says govt can't stop RIL from recovering D6 costs - ET

RIL plans to pick up 26% stake in leading cable operator including MSO - BS

DCB postpones its Rs 150 crore QIP plans to June - BS

Oil India (OIL) in talks to buy 25% stake in Shale Gas for USD 200 million - Mint

2 key executives of SpiceJet quit even as airline plans to expand - Mint

F&O Ban: Aban Offshore, ABG Shipyard, Gitanjali Gems, Punj Lloyd and Ruchi Soya

Vodafone plans Indian listing despite regulatory uncertainties

GOM meeting on ATF import & FDI next week (PTI)

Govt may slash subsidy on Dap and Potash Fertilisers


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