A rocket won't fly unless somebody lights the fuse.

Today, we expect another cautious to slightly positive start,

Nifty (4653) Sup 4580 Res 4695

Seeing buying in Ashok , Suzlon in dips

The bulls may have regained some lost ground with bears covering their shorts in the last couple of days. Global markets too have largely held up quite well and oil prices have retreated a bit. Lack of fresh bad news coupled with buying by local institutions have kept the bears on the defensive in the last two days. FIIs turned net buyers in the cash segment yesterday on a provisional basis. However, it remains to be seen whether the current momentum can be sustained, as the bulls still lack conviction.

Mutual funds may be sitting on a huge pile of cash, but the market needs FIIs to turn net buyers in a big way. In short the FIIs have to light the fuse to ignite positive action in the Indian bourses.

Results Today: Aurobindo Pharma, Dish TV, Era Infra, Finolex Industries, Greenply, Hotel Leela, Indraprastha Gas, Kei Industries, Marg, Mascon Global, Power Grid Corp., PNB and Rajesh Exports



Today's Pick - Allcargo Logistics

We recommend investors buy the stock of Allcargo Global Logistics with a short-term perspective. From the charts, we see that it has been on a long-term downtrend from its January 2007 peak of Rs 1,355 to its June 2008 low of Rs 620.

However, the stock found support at around Rs 640 for the second time (a key support level) recently and commenced an up move. At around Rs 700, the stock crossed over the 21-day moving average, showing signs of bullishness.

Recently, the stock penetrated the 50-day moving average as well as the long-term down trendline. The daily relative strength index is featuring in the bullish zone and the weekly RSI is rising towards this zone. The moving average convergence and divergence is on the brink of entering positive territory.

We are bullish on the stock in the short-term. We expect the stock’s current up move to prolong until it hits our price target of Rs 895 in the approaching trading sessions. Traders with a short-term perspective can buy the stock while maintaining stop-loss at Rs 750

Corporate News

Reliance Industries and ONGC may resume oil production from PMT fields. (ET)

Reliance Communications is considering buying over 40% in MTN. (BS)

Hindalco plans US$1bn rights issue. (ET)

IDEA close to launching operations in Mumbai. (ET)

UBI plans to raise upto US$2bn via MTN. (BS)

Reliance Power, Tata Power, Lanco, amongst companies qualified for Rajpura thermal power project. (BL)

Ashok Leyland may divest stake in Nissan JV. (ET)

Tech Mahindra enters into IPTV global alliance with Microsoft. (ET)

GMR’s Delhi hospitality project hits AAI hurdle. (ET)

Tata Motors plans to build US$150mn factory in Mexico to assemble cars for exports to South America. (DNA)

Two Glenmark drugs are set to enter the clinical trial stage in October 2008. (DNA)

JSW Steel Group will invest Rs5.5bn in Chile mines. (BS)

Jet Airways and SpiceJet are introducing sharp cutbacks in staff cost and salaries. (BS)

Pantaloon Retail’s arm ties-up with Dubai’s Aramex to open a 90,000 sqft warehouse in Mumbai. (BL)

Aditya Birla Group’s BPO division plans to acquire captive arms of niche financial services firms. (DNA)

Voltas buys remaining 50% stake in Fedders International. (FE)

Cadila to spin-off and merge the consumer products division into its unit, Carnation Nutra Analogue-Foods Ltd. (FE)

Escorts Group is developing a bio-fuel powered tractor. (FE)

Castrol intends to spend Rs1bn on advertisement and product promotion. (BL)

S Kumars Nationwide plans acquisitions in Europe and North America. (BS)

IBM set to invest in KLG Systel. (DNA)

Ipca Labs is looking at an overseas acquisition in the range of US$10-20mn. (DNA)

Chettinad Cement plans new plant in Karnataka and defers rights issue. (BL)

Indo Asian Fusegear is planning to foray into power generation. (BS)

KEC International wins Rs1.6bn order from NTPC for rural electrification in Jharkhand. (ET)

Godawari Power to invest Rs2.8bn over the next two years to expand capacity and acquire majority stake in an iron ore pelletisation plant. (DNA)

Champagne Indage plans to raise US$50mn through issue of securities in overseas market. (BL)

Shri Lakshmi Cotsyn plans to invest an additional Rs3.5bn in FY09 on capacity expansion. (ET)

Plethico Pharma plans to acquire a US-based nutraceuticals company. (DNA)

Economic News

Nuclear Power ventures may get overseas funding. (ET)

Indirect tax collection registers a growth of 12.8% in the first two months of the current fiscal

After short squeeze a flat day!

Nifty support at 4515-4430
Resisitance at 4630-4690

For the day, we expect the market to open on a flat to slightly positive note, as the short squeeze may continue

F&O indicators suggest that there may be more upside in the offing. The Nifty futures expiring in June shed more than 20 lakh shares in open interest while the discount slumped from about 30 points to almost nil. With this, the total open interest in Nifty futures has slipped below 4 crore shares. Over the past few months there have been a few instances where the market trend has taken an about turn following this event. It remains to be seen if the bulls are lucky this time round as well.

The advance tax numbers for a few top companies are out and as usual it’s a mixed bag. Banks like ICICI Bank, SBI and HDFC have done well and so has Reliance Industries. Bajaj Auto, Tata Motors and Ambuja Cements have reported lower tax outgo versus the same period last year.

Cadila Healthcare's Board will meet today to consider options to consolidate / restructure the Consumer Products business of the group, including its listed subsidiary, namely Carnation Nutra-Analogue Foods Ltd.

Champagne Indage's Board will consider raising of long term / medium term financial resources.

Both L&T and Crompton Greaves have denied reports that L&T is doing due diligence to acquire Crompton Greaves' project business.

FIIs were net sellers of Rs5.48bn (provisional) in the cash segment on Monday while the local institutions poured in Rs2.9bn. In the F&O segment, foreign funds were net buyers of Rs593.2mn


Results Today: BPCL, Bilpower, Cambridge Solutions, Chettinad Cement, IRB Infra, Jumbo Bag, Sical Logistics, Sri Digvijay Cement, Tantia Constructions, Tata Communications, Wire & Wireless and Zee News.



Today's Pick - GSFC

We recommend a buy in Gujarat State Fertilizers & Chemicals from a short-term perspective. It is clearly visible from the charts of Gujarat State Fertilizers & Chemicals that it had been on an intermediate-term downtrend from its January 2008 high of Rs 370 until it reached its June low of Rs 152.

However, after finding support at around Rs 150 (a significant long-term support level) in the recent times, the stock began to move up. During this upmove, the stock conclusively penetrated the intermediate-term down trendline and its 21-day moving average.

There is also an increase in trading volumes over the past two trading sessions.

We believe that the stock will continue to move higher in the short-term. The daily Relative Strength index is rising towards the bullish zone. We notice a crossover in the daily moving average convergence and divergence and it is rising in line with the stock price, indicating bullishness. Our short-term forecast for the stock is bullish. We expect the stock to move upwards until it hits our price target of Rs 200 in the forthcoming trading sessions. Traders with short-term perspective can buy the stock while maintaining stop-loss at Rs 167.
Corporate News

Japanese drug-maker Daiichi-Sankyo may revise the open offer price for Ranbaxy in the case of a competitive bid. (BS)
Reliance Industries is seeking to borrow US$1bn to fund its expansion projects. (DNA)
Reliance Power will get a US$500-million loan from ADB for the 4,000-MW UMPP coming up at Krishnapatnam in AP. (BS)
IOC, HPCL and BPCL sell bonds to RBI at a premium. (BS)
Maruti may launch a stripped-down version of Maruti 800 to compete with Nano. (BS)
Balmer Lawrie is set to acquire a 50% stake in a travel and tourism company with a national presence. (ET)
TCS plans to participate in e-governance projects in India as well as countries in the Middle East, Latin America, eastern Europe and Africa. (ET)
Unitech has scrapped plans for a US$600mn sale of shares in a real estate investment trust in Singapore. (BS)
ITC Welcom Group through its subsidiary Fortune Park Hotels Ltd is planning to add another 21 hotels in the next three years. (BS)
The Al Rostmani group, one of the largest conglomerates in the UAE, is planning to pick up a majority stake in GHCL for an estimated investment of Rs7bn. (BS)
Srei Equipment Finance Pvt. Ltd., a 50:50 JV between Srei Infrastructure Finance Ltd and BNP Paribas, will raise ~Rs80-90bn during FY09. (DNA)
Aksh Optifibre, in collaboration with MTNL has cut its subscription rates to Rs199 per month. (ET)
Daiichi-Sankyo has been granted two product patents by the Kolkata Patent Office. (BS)
Jet Airways plans to put its international expansion on hold until the end of next year due to soaring oil prices. (ET)
Jet Airways has announced a two-year tie-up with Shell-MRPL Aviation Fuels and Services Pvt. Ltd for its fuel supply at the new airports in Banaglore and Hyderabad. (Mint)
Sterlite Industries may consider legal action if the bankruptcy court favors Grupo Mexico's counter-offer of US$4.1bn for Asarco, the US copper mining giant. (BS)
Godavari Fertilisers and Chemicals Limited would solely cater to the agri input requirements of the state farmers, starting this kharif season. (BS)
Gujarat State Petroleum Corporation (GSPC) has applied to the Directorate General of Hydrocarbons (DGH) for declaration of commerciality of its discoveries in the KG basin block. (BL)
SRF plans to put its share buyback plan on hold. (Mint)
NMDC has resumed operations at three iron ore mines in Chattisgarh. (Mint)
Transport Corporation of India plans to raise capital for its expansion plan by diluting promoter holding by ~10%, which is expected to generate ~Rs680mn. (ET)
Goldman Sachs has acquired a minority stake in Shapoorji Pallonji’s engineering arm Sterling & Wilson for over Rs2bn. (ET)
Gemini Communications has acquired a majority stake in Chennai based Veeras Infotek for Rs70mn. (ET)
Nokia’s market share in India has increased to 62.5% in 2007-08 from 53.6% last year. (ET)
Cobra Beer India, the Indian subsidiary of the US$400mn UK-based Cobra Beer will be launching diet beer in India. (ET)
Malaysian national carmaker Proton plans to enter the Indian passenger vehicle market (ET)

Economic News

State governments to roll back jet fuel tax cuts, as they believe that benefits have not been passed on to the consumers. (BS)
The Government has allowed private mobile operators to enter into mutual agreements for intra circle roaming with each other. (BS)
Mumbai Metro rail project will generate 651,938 carbon credits between 2011 and 2020. (BL)
States have asked the Centre to pay them Rs40bn for the revenue loss due to duty cuts on petrol, diesel and cooking gas during the remaining part of 2008-09. (FE)
Soaring steel and cement prices have virtually put the brakes on the Pradhan Mantri Gram Sadak Yojana, the rural road component of the UPA’s flagship ‘Bharat Nirman’ programme. (FE)
The department of fertiliser (DoF) has firmed up a time-bound completion of revival of seven sick units of Fertiliser Corporation of India (FCI) and Hindustan Fertiliser Corporation (HFC). (FE)
According to ministry officials, the national-wide rollout of CAS will happen only after the general elections in 2009. (ET)
According to TRAI, Mobile Virtual Network Operators (MVNOs) that intend to enter the domestic mobile space will not be allowed to own spectrum. (BS)
The empowered group of state finance ministers deferred its decision on rationalization of sales tax on aviation turbine fuel to June 23, 2008. (DNA)
According to CMIE, GDP is expected to grow at an impressive 9.5% in 2008-09. (ET)
Small and medium enterprises will get Rs550mn IPR facilitation package for implementation over the next four years. (ET)
Gems and jewellery exports rose by over 36% yoy to US$1.8bn in May 2008

A better Monday!

Today are nifty btst will speak rally can be seen till 4600

Bulls may lack the steam but after yet another tumultuous week, they would fell better seeing some green ticks across most global markets

Hindalco might announce a rights or bonus issue soon

Buying seen in Tata Power and Sterlite Industries as these stocks will be added to the BSE Index starting July 28th this year. These two scrips are expected to replace Ambuja Cements and Cipla Ltd

WATCH -Wire & Wireless and Indraprastha Gas Ltd.


Lots of stock specific activity is expected. Watch out for RCOM in the wake of RIL's opposition to the MTN deal. Ranbaxy could also remain in the limelight due to talk of Pfizer announcing a counter bid. Sterlite may be under pressure as it is also facing a counter bid for Asarco. Steel and iron ore companies will attract attention after the Government announced changes in duties. Car makers may be hit due to the increase in excise duty on big cars, MUVs and SUVs. Vikas WSP could see action as it announces its results today.

FIIs were net sellers of Rs1.16bn (provisional) in the cash segment on Friday while the local institutions poured in Rs4.57bn. In the F&O segment, foreign funds were net buyers of Rs6.25bn.

Today's Pick - Dabur

We recommend a buy in Dabur India from a short-term perspective. It is evident from the charts that the stock has been consolidating sideways since mid January in a broad range between Rs 94 and Rs 110. The stock began its current up move form the key support level at Rs 94.

During this up move it crossed the 21-day moving average. The daily momentum indicator is rising in the neutral region towards the bullish zone and the weekly momentum indicator has taken support around 40 level and has started rising. The moving average convergence and divergence is also showing signs of bullishness and is likely to enter the positive territory.

We are bullish on the stock in the short-term. We expect the stock to move upwards until it hits our price target of Rs 110 in this period. Traders with short-term perspective can buy the stock while maintaining the stop-loss at Rs 94.

Corporate News

Reliance Industries sends letter to MTN; says it has the first right of refusal to buy the controlling interest in Reliance Communications.(FE)
JSW Steel plans to invest Rs800bn to add 20mn tonne capacity.(BL)
Idea Cellular to buy Spice Comm. in a three stage deal in which minority shareholders of latter can swap their shares for Idea’s shares or sell them in an open offer.(BS)
Goldman Sachs to pay Rs7bn for a minority stake in M&M.(TOI)
Hindalco Industries considering various options including rights issue to repay a US$3bn bridge loan it took to finance the acquisition of Novelis Inc.(BL)
Telekom Malaysia is understood to have picked up ~15% stake in Idea Cellular at a price of Rs158 a share.(DNA)
Videocon to roll out its GSM services from Chennai on August 15th of current year.(ET)
Vedanta Resources bid for US copper firm Asarco faces a roadblock.(Mint)
Hinduja Group to finalise a strategic investor to offload 15% stake in the 1,040MW coal fired project at Vizag in Andhra Pradesh.(FE)
Wipro Technologies pulls out of its JV with Motorola.(ET)
SBI decides against raising interest rates for the time being.(BS)
ONGC Videsh, Indian Oil and Oil India together expect to spend US$3bn if they get the right to develop the Farsi block in Iran.(BS)
The New York Times Company in discussion to acquire a 5% equity stake in Sieger Solutions, a 100% subsidiary of Deccan Chronicle Holdings.(BL)
Reliance Power emerges as the lowest bidder to build two power projects in the Allahabad district of Uttar Pradesh.(BS)
3i Infotech completes the acquisition of US based Regulus Group for US$100mn.(DNA)
TPG Newbridge may invest US$150mn for a 49% stake in a company that will hold 100% equity capital of Shriram City Union Finance.(BL)
Pipe manufacturer PSL secures Rs 1.2bn order from BPCL.(BL)
Spice Comm. promoter B K Modi in negotiations to acquire 39% stake in Sony Entertainment Television.(BS)
Reliance Retail will soon enter into a 51:49 JV with US-based Avery Dennison Corp.(ET)
Philips Electronics India decides to buy back shares for Rs1.8bn at Rs260 per share.(DNA)
Maharashtra government decides to allot 25 acres of land in Nagpur to Mahindra Lifespace Developers.(ET)
Ultra mega power project in Tilaiya, Jharkhand to be awarded in November; eleven companies short listed for the project.(BS)
MAN Infraprojects, subsidiary of MAN Industries, to invest Rs10bn in real estate (DNA).
Indo Asian Fusegear forms JV with a Spanish firm to manufacture wiring devices for home automation.(Mint)
Lehman Brothers to invest Rs7.5bn in Unitech’s 97 acre project in North Mumbai.(ET)
JK Tyres to set up a greenfield site for passenger car tyres.(ET)
Sarswat Cooperative Bank has made a fresh application to the RBI to acquire the ailing South Indian Cooperative Bank.(ET)

Economic News

Inflation rises to 8.75%, a seven year high on dearer primary goods for week ended May 31st.(BL)
State governments are planning to cap sales tax on jet fuel at 12.5%.(ET)
Government raises export duty on iron ore and long steel products; imposes fresh excise duty on large cars and SUVs.(BS)
Cement output in May 2008 fell marginally to 14.89mt against 15.02mt in April according to Cement Manufacturers’ Association.(BL)
Drug price regulator has introduced pro rata pricing for injectibles in addition to oral liquids, tablets and ointments.(ET)
Due to slowdown in passenger traffic and high ATF costs, airline companies are canceling or cutting deliveries due this year or sub-leasing them to other carriers globally.(BS)
Government withdraws 5-15% export cess imposed on variety of steel products including hot and cold rolled coils, steel pipes and tubes and galvanized sheets.(ET)
DoT may impose eligibility conditions for 3G spectrum auction.(BL)
Cable operators may be allowed to build an optical fibre infrastructure.(ET)
Government approves 13 FDI proposals worth Rs 15bn including one by steel major ArcelorMittal for its operations in India.(FE)
Mining ministry to buy a Rs4.5bn deep-sea research vessel for seaboard mapping.(ET)
Government is contemplating ban on maize exports to reduce price in the domestic markets.(ET)
Empowered group of state finance ministers likely to discuss today Center’s proposal to reduce sales tax on petrol, diesel, cooking gas and jet fuel

Sell in trucks GE Shipping, Shipping Corp and book on time

It's Become, Nifty Future Habits to Achieve Our Targets Smoothly.

Yesterday's Our Target was 4500 , It's Exactly , went Upto 4530 and now near term 4600.

Now, What You'll Say about this !!!

Nothing Miracle , No Black Magic


FOR Pre Market Watch - JUNE 13 2008 VISIT

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Good News

Paid trial for one week is Rs.1750/-
Add Rs.175/- towards Bank Charges if Depositing Cash

Or Subscribe here
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For Intraday service,we are taking 1000 rs fees in advance
( fees of 2-3 calls in advance).
For Positional Calls service, we are taking 1000 rs in advance
( fees of 2-3 call in advance).

Main support at 4350 -4270

Buy Tcs in dips for 2-3 days

The IIP numbers come out today , they can change market scenario

Overall we think market will be down, but do not expect a crash or a carnage in the street.,Recovery is possible

THE SO CALLED DEAD CAT BOUNCE SEEMS TO BE OVER - IN A SPAN OF ONE & A HALF TRADING DAYS NIFTY RECOVERED FROM THE LOW OF 4370 TO 4540, A SOLID 170 POINT RISE.

SIMILARLY SENSEX MADE UP ABOUT 581 POINTS FROM TUESDAYS LOW OF 14645 TO WEDNESDAYS HIGH OF 15226.

WITH CRR HIKE BY RBI COMING AFTER MARKET HOURS ON WEDNESDAY, BE SURE TO SEE A BIG GAP DOWN OPEN IN MARKETS LIKE EARLIER CASES OF CRR HIKES OF 2006 & 2007. SO EXPECT ABOUT 2 TO 2.5% GAP DOWN OPEN FOR INDICES.

FIIS HEAVY SELLING IN EQUITIES CONTINUED ON TUESDAY & WEDNESDAY & THEY WILL BE FIRST ONES TO LIQUIDATE POSITIONS ON THURSDAY IRRESPECTIVE OF CONDITION OF DOW & OTHER ASIAN MARKETS.

In details
A hike in repo rate – a short term interest rates, by the Reserve Bank of India (RBI) after trading hours on Wednesday, 11 June 2008, and an overnight setback in US stocks are likely to take their toll on the bourses today. The market, however, had factored in a rise in interest rates with bank and realty stocks witnessing a sharp fall over the fast few days. Banks are likely to raise interest following a strong signal from RBI that interest rates in the economy are headed north. Higher interest rates will raise borrowing costs and hit bottom line of corporates.

US stocks sank on Wednesday, 11 June 2008, with all the three indices viz. the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite index - losing around 2%, after oil prices shot back near their record high, stoking fears about inflation and its toll on consumers. More signs of trouble in the financial sector further soured the mood on Wall Street. The Financial Times said on Wednesday that Lehman Brothers may look to raise more capital, hammering shares of the investment bank.

Oil futures jumped almost $7 to an intraday high above $138 a barrel on Wednesday, and settled at $136.38 a barrel on that day.

A surge in global commodity prices led by crude oil spooked stocks across the globe in the past few days. In India, foreign funds have pressed heavy sales. FIIs sold shares worth a net Rs 5170 crore in the first few days of this month, till 10 June 2008. They had dumped stocks worth a net Rs 5011.50 crore in May 2008. Their outflow in calendar 2008 reached Rs 20539.40 crore, till 10 June 2008. There has been heavy buying by domestic funds led by insurance firms in the past few days, but that has failed to stop the slide on the bourses.

A near term trigger for the market will be corporate advance tax payments for the first installment which falls due on 15 June 2008. The income tax law requires a company to 15% the estimated tax liability for the year as advance tax in the first installment. The advance tax payment by the corporate sector will give a cue on Q1 June 2008 results.

The market will also be keeping a watch on the industrial production numbers for April 2008, which the government will unveil today, 12 June 2008, which will give a cue on the extent of slowdown in the Indian economy caused by high interest rates.

BUY Hpcl,Suzlon,Rpl

Book profit accordingly as target only for clients .So subsribe NOW

Bounce back in the offing...if nifty stays above 4500 for a period of time, short covering can kick in with force.....

Yes i mentioned to stay long in nifty 4500 on radar, now watch the fun till thursday

Today, we expect a cautious to positive start for our market. Its a no brainer that the bulls will struggle later to keep the early momentum going with too many negative factors floating around. The bravehearts may pick up battered quality stocks for long-term purpose. Having said that, one has to be vary careful while picking the scrips for investments.

NIIT could see some action as it will announce a strategic JV with Genpact for the BPO industry.
FIIs were net sellers of Rs9.1bn (provisional) in the cash segment on Tuesday while the local institutions poured in Rs2.96bn. In the F&O segment, foreign funds were net sellers at Rs5.37bn.

On Monday, FIIs were net sellers of Rs13.42bn in the cash segment. With this, they have pulled out a net of $4.88bn from the Indian market this year so far.

GMDC, KPIT Cummins, NIIT, NIIT Technologies and SCI will declare their results today.

Corporate News

Hindustan Motors to launch new passenger car in October 2008. (Mint)
Reliance Industries to produce oil from KG basin by August 2008. (Mint)
BPCL to invest $200mn in overseas exploration. (Mint)
IDFC to list $1.25bn India Infra Fund. (Mint)
JSW Steel plans to borrow from export credit agencies to fund its $3.3bn expansion plan. (Mint)
Grasim sells sponge iron unit from Rs10.3bn. (Mint)
Vedanta plans to invest $20bn in India in next four years. (Mint)
Idea Cellular to invest in Spice Communications network and technology upgrade. (BS)
Bosch makes considering increasing offer price for delisting its Indian arm, Bosch Chassis Systems. (BL)
TVS Motors plans power bikes to take on competition. (BS)
Scooters India to make E-bikes. (BS)
RCom-MTN combine may seek London listing. (BS)
Omaxe forays into Dubai market. (BL)
IDFC picks up 22% stake in Seaways Shipping. (BL)
Tata Elxsi has planned a capex of Rs450mn and addition of 1,000 employees in 2008-09. (BL)
Bharti Airtel to bring Apple’s 3G iPhone to India. (BL)
Spice Telecom to unveil Braille mobile phone. (BL)
UB Group says their IPL team, Royal Challengers have achieved breakeven in the first year of operations. (BL)
Gati may hike freight rates by 7-10%. (BL)
Tata Tea to develop new range of products, fortified water, functional water and enhanced water. (FE)
Indiabulls Real Estate arm enters in MoU with government of Jharkhand for setting up 1,320MW power project. (FE)
Tata Steel JV with Riversdale Mining in Mozambique to yield premium hard coking coal and thermal. (FE)
Jet Airways enters into code-share agreement with Etihad Airways effective July 1, 2008. (FE)
Gitanjali Gems raises stake in Fantasy Diamond Cuts Pvt Ltd to make its wholly owned unit. (FE)
Gitanjali Gems merged two founder group companies Decent Securities & Finance and Eureka Finstock with itself. (FE)
Aurobindo Pharma receives USFDA approval to manufacture and market Zaleplon Capsules. (FE)
Bosch Chassis makes an offer of acquiring the public holding at a price not exceeding Rs600 per share. (FE)
Godrej Appliance to foray into colour television market by August. (FE)
Tata Motors seeking to raise US$1bn in debt or equity from the overseas market. (FE)
Tata Motors looking to raise its borrowing limit to Rs200bn from the current Rs120bn. (FE)
Idea willing to pay a premium of 10-15% over the current market price of Spice Communication. (FE)
PNB to bid for stake in IFCI through a consortium. (FE)
PNB to foray into credit card business within six months. (FE)
BHEL, L&T, Crompton Greaves among major bidders for Rs180bn transmission strengthening and upgradation project. (FE)
Financial Technologies promoted Power Exchange to launch its operation within a fortnight. (FE)
Duncans Tea in talks with IOC to tap rural market. (FE)
Bombay Dyeing to open its first retail store in Dubai. (ET)
Bombay Dyeing tied up with Dubai-based luxury lifestyle retailer Revoli Group. (ET)
Karuturi Global looks to acquisition in Europe and to foray into Horticulture. (ET)
Dabur Pharma subsidy, to get accreditation from college of America next year. (ET)
GTL promoters to hike their equity stake in the group’s telecom tower arm GTL Infrastructure to 68.29% from 43.29%. (ET)
Middle East‘s Al Rostamani may buy 25% stake in GHCL for ~US$200mn. (ET)
ONGC to tie-up with SCI to manufacture rigs. (ET)
Bata India eyes franchise model to launch its upcoming retail stores. (ET)

Economic News

Fertilizer industry wants a pricing policy in place. (BS)
New 3G aspirants unlikely to get 2G spectrum. (FE)
Civil Aviation minister Praful Patel, to meet Prime Minister today for a reduction in landing and parking charges. (ET)
The NPPA made it mandatory for companies to inform it of their plans to change the composition of their drugs. (ET)
Karnataka Government planning to come out with semiconductor policy. (ET)
Sugar production declines 6% in May 2008

Sell Suzlon and cover it soon as u get profit

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