Today, Nifty has support at 5,842 and resistance at 6,027 and BSE Sensex has support at 19,521 and resistance at 20,189
On Wednesday, the FIIs stood as net buyer both in equity and debt. The gross equity purchased was Rs5,209.90 Crore and the gross debt purchased was Rs249.10 Crore while the gross equity sold stood at Rs4,984.10 Crore and gross debt sold stood at Rs45.10 Crore. Therefore, the net investment of equity reported was Rs225.80 Crore and net debt was Rs204 Crore.
TCS beats the street with exemplory results with a 19% jump in the net profit. The company is more focussed on emerging economies and reducing the exposure to US. Growth in operating margins of IT biggies is definitely worth noting with TCS contuining the trend intiated by Infosys, offsetting the strong Rupee.
US Markets could not sustain at higher levels and continued to drift down.
Indian Markets are likely to consolidate today and Midcaps are showing signs of resistance. Reliance Power and Future Capital IPO continued to take the sheen away from the secondary markets with huge interest from retail investors oversubscribing the issues 13 and 132 times respectively
We are not cautious on Indian Markets at these levels except for volatility. We believe markets are likely to move up after a decent consolidation. But major up moves cannot be expected with global turmoil buzz doing rounds. Patience pays
ICICI Bank is expected to double on value unlocking in the next one year
Megasoft is doing exceedingly well but can be picked only from a one year
perspective
Wockhard is expected to jump soon on the demerger news.
News Snippets:
Vedanta Resources is panning to invest over US$12.5bn in metals, mining and power generation by 2012.
REL gets nod from ministry of environment and forest for a 4,000MW power project in Maharashtra.
Infosys BPO expects to close three integrated IT-BPO deals in the range of US$50-150mn each in the next 3-6 months.
Wipro denies negotiations to takeover or merge with French IT company, Cap Gemini.
Maruti to roll out its Rs10-lakh luxury passenger car, Kizashi, in 2010.
NTPC to foray into power equipment manufacturing after getting a clearance from the board for a JV with Bharat Forge.
PTC raises Rs12bn through QIP.
JSW Steel gets 8 mining concessions in north of Chile.
Apollo Tyres is planning to set-up a greenfield passenger car radial tyre facility in Hungary.
Tata Steel enters in JV with Oman-based Al Bahja group for development of Uyum limestone deposits at Salalah.
Infosys BPO to set-up a new unit for its foray in the domestic business.
M&M will invest Rs1bn to make diesel engine for Scorpio, to comply with the US emission norms.
National Fertilizers, RCF and KRIBHCO to form JV to explore the possibility of investments in nitrogenous, phosphatic and potassic sector.
Sterlite Energy is planning a pre-IPO placement of US$1bn in next couple of months.
MTNL to invest Rs15bn to expand GSM and broadband operations.
NMDC likely to get Navratna status.
Simplex Infrastructure to foray into thermal power generation through a JV.
LIC Housing Finance plans to raise Rs3-4bn by issuing fresh shares to select investors in next 3-4 months.
GHCL to expand soda ash capacity in India by 2,50,00 tpa by 2010.
Deccan plans to launch international flights from August.
Gitanjali Gems forms five wholly-owned subsidiaries for developing SEZs.
Royal Orchid Hotels to open its first Ramada brand hotel in India by April.
The Government is likely to confer Navratna Status to CONCOR soon.
Hindustan Sanitaryware to foray into home interior solutions retail business.
Mahindra Holiday & Resorts to offer 1% stake to Jacob Ballas India fund through a private placement for around US$10mn.
The annual export target of US$160bn is likely to be reduced to US$150bn on account of the sharp appreciation in the rupee.
Apparel exports register a decline of 14% in 2007.
Finance Ministry is considering cutting import duties on ferro nickel from present 5% to 2%.
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