The Market is likely to have negative opening, as the cues from global markets are not in favor. The market surged yesterday to hit new landmarks by creating a rally over the sectoral indices scrips on the back of heavy buying across the counters. Both the benchmark indices closed lifetime high with handsome gains.
Today, Nifty has support at 5,962 and resistance at 6,139 and BSE Sensex has support at 19,928 and resistance at 20,396
The Index of Industrial Production (IIP) data for October 2007 is due today, 12 November 2007. IIP had slumped 6.4% in September 2007 over 12% in September 2006. Industrial output moved down 9.2% in April-September 2007 compared with 11.1% in April-September 2006.
Stocks in News:
Wipro is looking to earn one-sixth of its global revenues by March 2009 from system integration business.
Pfizer's patent for new HIV follow up treatment drug Celzentry in India may face opposition from patient groups and NGOs.
Marico is currently test marketing hair oil, gel and shampoo for children.
ITC to provide supply solutions to help small stores place orders over mobile phones.
TV18 Group to buy a majority 53% stake in Infomedia India.
Ansal API receives UP government’s approval for two SEZs.
Jindal Drilling plans to divest 10% stake to fund expansion plans.
Nalco is investing Rs300bn over the next five years for setting up smelter and power plant in Indonesia.
SBI expects slowdown in personal loans by 5-10% in second half of FY08.
Shriram Transport Finance is looking at the replacement market to sustain its loan growth at 50% in H2 FY08.
Idea Cellular offers Rs16.5bn for additional 4.4MHz spectrum.
Reliance Industries to spend US$12bn to develop three gas basins.
IOC says it would stop fuel supply to the railways if the latter continues to insist on discounts.
United Phosphorus is set to bid for Australia's largest agriculture chemical company, Nufarm.
Tata Steel has entered into a joint venture with SODEMI for the developing Mount Nimba iron ore deposits in Ivory Coast in West Africa.
Suzuki announces that Maruti Suzuki India will make its next global car, the A-Star.
Mercator Lines raises about US$142.5mn from its listing at the Singapore stock exchange.
Reliance Industries sings contracts for exploration in two oil and gas blocks in Colombia.
Reliance Energy led consortium will contest Sea King while bidding for the Mumbai Trans-Harbour link.
Reliance Energy’s 4,000MW Shahapur project gets environment clearance.
L&T acquires 26% stake in New Delhi based consulting and engineering firm Feedback Ventures for Rs400mn.
JSW Energy invites bids for BoP package for its proposed 3x400MW coal fired power plant in Ratnagiri.
Commerce Minister Kamal Nath rules out any possibility of relaxation of land rules for SEZs.
The RBI may soon tighten norms for foreign exchange derivatives.
The Government is likely to extend Software Technology Parks of India scheme only to Indian ITES/BPO firms beyond 2009.
The Petroleum & Natural Gas Regulatory Board has urged the petroleum ministry to offer targeted subsidy on petrol, diesel, LPG and kerosene.