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Delivery CAll - AMARARAJA +ve above 230 Tgt 250+.
Keep eyes on Shiv vani, Bombay dying, Bhel
Bernake fails to enthuse markets ; Are the Bears ready to hit targets??
On the downside we find a immediate support at 5115 followed by 5025. If we happen to break this there is a possiblity of showing 4860 on Nifty.
On the upside the way is clear upto 5270 where Nifty find first resistance break of which can take to 5355... break and stay above this Nifty gives first sign of bullishness again and can even test 5500 and 5650
Bernake today met the expectations of the wall street by deciding to cut the US interest rates by 50 basis points. With in a fornight the Fed has reacted swiftly by cutting the rates by 125 basis points to avert the recession danger.
US Markets reacted sharply on the news and at one point of time wall street jumped 160 points only to close down 39 points by the end of trade at 12,442.83 while Nasdaq closed down 9.06 points to 2,349.00.
We believe it makes absolutely no sense for the markets to go down from here. On the other side Indian markets are crushed by huge FII selling yesterday.FII's have built in huge short positions in F&O taking advantage of subdued news flow.
How will the 50 basis point augur for Indian markets??
The news is indeed a big boon for emerging markets resulting in huge capital inflows. Though it is tough to decide on the market movement today due to the F&O expiry, we believe emerging markets should turn around now.
F&O has played havoc this month. Very few stocks battled the fall yesterday and they include Geodesic Info, SEL Manufacturing, HT Media, Sun Pharma, Bihar Tubes etc.
Government today relaxed FDI norms in cargo and charter airlines, helicopter services, credit information companies, titanium mining, industrial parks and construction development projects.
Volatility might be part of the trade today and we need to wait how Asian markets open.
GNFC, DLF, Southern Online, GBN, FACOR Alloys, Tata Tea and many more stocks hit the headlines today
GNFC net profit doubled to Rs 124 crore
DLF Limited, Emaar MGF and Unitech along with 10 companies are in the fray to grab the development of Railway land
Southern Online Bio Technologies has received a huge order for three lakh litres of bio-diesel a month from Road Transport Coporation of Andhra Pradesh(APSRTC)
Ferro Alloys Corporation Ltd (FACOR) has lined up Rs 2,750 crore capex for setting up a stainless steel plant and a power facility.
Global Broadcast News Ltd is expected to raise Rs800 crore to launch regional channels
Tata Tea plans to expand Chai Unchai outlets abroad
Bharti Airtel Ltd is likely to further divest stake in Bharti Infratel, the group’s tower company.
Arvind Mills plans to set up 35 large-format discount stores in the next four years
Pick No 1 - Buy Tata Metalik (bse code 513434) - Trading at 170.20 in BSE having good supports, ideal stop loss below 165 and buy at current level, momentum will be seen once stock crosses 173. Final Target and Final stop loss only to clients and will be informed by SMS
Pick No 3 - Buy Subhash Project (BSE Code 500402) - Intraday cum short term buy call of Subhash Project, we expect a good result CMP 442. Can buy at current levels for good gains. Final Target and Final stop loss only to clients and will be informed by SMS
News Snippets:
Tatas may have to pay more for Jaguar and Land Rover due to better sales performance in 2007.
Godrej Appliances plans new products for high-end customers.
Reliance Retail opens its second hypermarket store ‘Reliance Mart’ in Jamnagar.
Bharti Airtel gets extra 2G spectrum in 5 circles of Gujarat, UP (West), Assam, WB and Haryana.
TRAI wants BIS to set technical standards for advanced DTH services.
Variable pay cut by TCS is not a cause for concern, says Infosys’ HR Head.
ICICI Bank may have to wait for its entry into Singapore; SBI will be allowed first to open branches in Singapore.
Global Broadcast News (GBN) to raise Rs8bn, launch regional channels.
Tata Tea plans to take Chai Unchai retail outlets abroad.
Indian Oil is unable to sign long-term LNG supply contract with Algeria.
Coal India to consider IPO only after getting Navratna Status: Chairman.
Civil Aviation Ministry approves Air India’s plan for employee stock options.
Tamil Nadu Govt threatens to takeover lock-out MRF plant.
Wockhardt Hospitals cuts IPO price band to Rs225260 from Rs280310 due to volatile markets; the IPO opens on Jan. 31.
United Spirits plans to launch Whyte & Mackay brands in India; to double share in Scotch whisky market in 2 years to 24%.
Delhi High Court stays CLB order against Essel Group’s acquisition of news agency UNI.
Govt defers approval for the proposed Hero-Daimler joint venture for CVs.
Dubaibased Landmark Group, which operates the Lifestyle chain, plans to invest US$500mn in India by 2010.
Videocon group proposes new investments in WB, including a deep-sea port and revival of an abandoned airstrip.
L&T plans to launch AMC; finalises Travelers as JV partner for non-life insurance venture.
UK’s CDC to pump US$1bn in new emerging market infra fund to be run managed by Actis.
NTPC seeking location Nigeria to set up its 500mw coal based and 700mw gas based power plants.
JSW steel may acquire its own captive resource to feed upcoming expansion.
Godrej Group is planning to set up additional manufacturing facilities in Himachal Pradesh.
IOC and Essar Oil delayed crude pipeline at Vadinar in Gujarat is likely to shape soon.
Spice Communication has been accused by DOT of giving false statement.
TTK Prestige has forayed into modular kitchen business.
BPCL may acquire SPIC petrochemical asset.
DLF, Emaar MGF and Unitech among others bid for developing spare railway land.
Andhra Bank will soon start its operation in New Jersey.
Novartis Pharma to ramp up its operation in India by adding 700 employees in next 18 month.
Economy News
Govt hikes FDI limit in 7 sectors; FDI in nonscheduled airlines capped at 74%; foreign investment in commodity exchanges capped at 49%.
SEBI has ruled that investors in close-ended MFs should not bear initial issue expenses.
Government considering launching Sovereign Wealth Fund.
India’s forex reserves to swell by US$100bn in 2007-08: Chidambaram.
NCAER revises FY08 GDP growth forecast to 9.1% from earlier projection of 8.9%.
GoM meet on new pharma policy ends inconclusively.
Govt clears FDI proposals worth Rs22.88bn.
Weight of fuel group to increase in the revised WPI; current weight is 14.22%.
Govt targets US$10bn spice exports by 2018.
Andhra Pradesh may get another Ultra Mega Power Project.
Jawaharlal Nehru Port Trust faces capacity constraints.
Director general of hydrocarbons (DGH) has agreed drilling holidays on account of global rig shortage.
Indian Railway’s may announce Rs350bn capex plan in the upcoming budget