Now Sensex 13800 or 16000??
Still thinking for subscribe ??
Market will be Volatile throughout the Day
Still, It's Not Advisable to Take Any Fresh Long Position.
However, Trader Can Trade, with Little Qty
On Upper - Side It Can Try to Hit 4510 - 4535
Support : 4390 - 4330
we may see some bounce back after yesterday's carnage. Stick to the defensive sectors like IT (given circumstance it is defensive for time being), Pharma and FMCG and stay away from the risky ones like Real Estate, Infrastructure and Capital Goods. Of course you can argue that the beaten down ones will recover fastest. But we are worried it may take longer. So be on the defensive.
Also, small- and mid-cap stocks could be risky, especially now. On the other hand, quite a few large caps have fallen to attractive levels. Long-term buying can be considered in these stocks.
FIIs were net sellers of Rs13.45bn (provisional) in the cash segment on Monday while the local institutions poured in Rs10.3bn. In the F&O segment, foreign funds were net buyers at Rs3.69bn. On Friday, FIIs were net buyers of Rs3.07bn in the cash segment. With this, they have pulled out a net of $4.5bn from the Indian market this year so far.
ABG Shipyard, Asian Hotels, Evinix Accessories, Gujarat Industrial Power, Gujarat Fluorochemicals, NALCO, Sangam India and Zandu Pharma will announce their results today
Corporate News
Idea cellular to buy out 40.8% BK Modi’s stake in Spice Communication for Rs22bn. (ET)
TCS hedges US$1.5bn to safeguard it from Rupee fluctuations. (BS)
UB group to offer stake in airline business to raise funds. (BL)
ONGC may not accept Gazprom’s offer to pick up 50% in its (Gazprom’s) shallow water exploration asset in the North Eastern coast off Orissa. (BL)
Educomp Solutions has secured contracts from 395 schools under the ICT segment. (BL)
M&M to capitalise on the recent acquisition of the US$12mn Italian two-wheeler design company, made by its component arm Systech. (BL)
Paramount Airways has joined the race for buying Spicejet. (ET)
Great Offshore drops plans to acquire two rigs; the company is now planning to buy only one rig. (ET)
HT Media has signed a JV with German media group Hubert Burda. It will set up a printing facility near its own Greater Noida facility. (BL)
Ashok Leyland to borrow Rs10bn in two equal parts to raise its India capacity. (Mint)
Moser Baer plans to set up Rs20bn manufacturing facility near Chennai to make photovoltaic products. (BL)
Aditya Birla Group may acquire 51% stake in Apollo Sindhoori Capital, a broking firm promoted by Apollo Hospital Group. (ET)
SC directs Sahara India Financial Corporation to approach RBI on Thursday to convince it that its financial activities are in order. (BS)
Zydus Cadila acquires majority stake in South Africa based Simalaya Pharmaceuticals. (BS)
BSNL reduces STD rates for its fixed line and cellular subscribers by up to 50%. (BL)
Gujarat High Court has stayed on NPPA order to cut prices of Cadila's drug Envas. (ET)
Cognizant Techology has acquired Strategic Vision Consulting, Inc (SVC), a management and technology consulting firm in US. (BL)
Pipavav Shipyard plans to build offshore patrol vessels for the Indian Navy. (Mint)
Integreon is likely to acquire three companies for US$100mn in next two-three years. (ET)
Economic News
The Government may revise gas pricing formula by raising the cap for gas and crude oil prices at KG basin. (ET)
Finance Minister says the direct tax collection target will be hiked to Rs4 trillion for the current fiscal year. (ET)
According to the Nasscom, the Indian IT industry to witness a 3-4% dip in growth in FY09 as against a 28% growth it achieved in FY08. (BS)
SEBI has proposed to expedite the process of disclosures made by listed companies. (BS)
SEBI proposes to shrink time period for disclosure from 9 days to 2 days. (BL)
The Centre is mulling over a fresh proposal for decontrol of the sugar industry. (BL)
The Government to enforce corporate governance norms in the Navratna Central Public Sector Enterprises CPSEs. (BS)
Steel prices in the spot markets of Delhi, Mumbai and Chennai have gone up during the first week of June