&O expiry for the month of September, which was dictating terms from the last 3-4 trading sessions will finally come to an end today. Allahabad High court will announce the Ayodhya verdict at 03:30 PM.
Global markets : US & Asia flat
US markets closed flat while Asia is currently is trading the same. European woes have started increasing but none of the markets reacted voilently. Buzz about European crisis might not tamper market euphoria but a new crisis can.
Mahindra Satyam : On the right track
Mahindra Satyam says it saw revenues at a higher-than-expected Rs 8,800 crore and a net loss of Rs 8,176 crore. The management says the company has not fully recovered yet and a full recovery will take up to two more years.
We believe the stock is only a long term hold and given the merger proposal in the next 6 to 8 months, we expect a raw deal for Mahindra Satyam shareholders in case the merger happens.
FIIs with single client will not be allowed to trade in India from October 01 says regulator SEBI. Lot of IPOs sucked in money from the secondary market and the big one is yet to come. Coal India is coming out with a huge IPO, halfway through this month and is expected to absorb more liquidity.
We expect a flat trading day today with a positive bias. Nifty is expected to close around 6,000 levels