New Page 1 With markets globally rallying strongly on the back of optimism on economic recovery front, Sensex to open with strong gains.
Headlines for the day
20% REC issue approved by CCEA
Balrampur Chini Mills promoters to sell their stake, Bajaj Hindusthan to buy: as per TV reports
RIL profit hit by low refining margins
Ranbaxy eyes acquisition to stay leader
US economy back on track, IMF raises Asia forecast
Standard Chartered explores IDR route to list here
Lower subsidy bill boosts ONGC's net
Events for the day
Major results: ABB, Adani Enterprises, Aditya Birla Nuvo, Alstom Projects, Arvind, Ashok Leyland, Aurobindo Pharma, Ballarpur Industries, Bank of Maharashtra, Bharat Electronics, Bharti Airtel, Divi's Lab, Educomp Solutions, EID Parry, Federal Bank, Essar Shipping, Gammon India, GlaxoSmithkline Consumer Healthcare, Godrej Consumer Products, Great Eastern Shipping, GVK Power & Infrastructure, Indiabulls Securities, ICICI Bank, Indiabulls Real Estate, Indian Oil Corporation, IRB Infrastructure, Nestle, Mudra Port, MTNL, Reliance Capital, IVRCL Infraprojects, J&K Bank, SAIL, Oracle Financial Services, Orchid Chemicals, Tanla Solutions, Thermax, Torrent Power
Major corporate action: Ex-date for the interim dividend of Crompton Greaves, Dabur India, HCL Technologies, IPCA Labs, Madras Cement, Marico Industries, Ramco Industries, Vinati Organics, ex-date for stock split of Vinati Organis from face value of Rs10 to Rs2 each
IPO Listing: Indiabulls Power Ltd. (BSE Code: 533122, NSE symbol: IBPOW)
After four consecutive days of losses, Sensex may today take a breather and trade in positive zone on the back of strong and positive global cues. The Sensex is expected to open gap-up, however volatility may continue. The positive global signals will help to contain losses for the domestic indices. On Thursday, the major US indices rose by close to 2% each, while the European indices closed in green with gains of over 1% each. While in today's trade, the major Asian markets followed the global cues and rose sharply on the back of rising optimism on the economic recovery front. Wherein all the Asian indices traded in green with gains in the range of 0.37%-2.97% each, with Hang Seng gaining the most. Besides, even Singapore Nifty that opened stronger, at the time of writing this report was currently trading 58 points higher to its previous days settlement price. Such strong and positive indicators may push Sensex higher. Among the local indices, the Nifty could test the 4850- 4970 range on the up side while on the down side it could find support at 4700 and 44550. The Sensex is likely to get support at 15400 and may face resistance at 16750.
On the back of the US GDP turning positive in Q3 and better-than-expected corporate earnings, the stocks in the US rose sharply, wherein major US indices closed with heavy gains. Dow closed with gains of about 200 points or 2.05% higher at 9963 inching towards 10000, while S&P 500 rose by 2.25% and Nasdaq jumped by 1.84%.
Among the Indian ADRs trading on the US bourses, only MTNL and VSNL traded in red with losses of 0.64% and 4.7% respectively. And rest all ADR's traded in green with gains in the range of 1.88%-13.97% each, wherein Infosys Technologies gained most and Satyam surging most.
In the commodity space, after two days of losses, Crude oil prices recovers sharply and touched $80, however the Nymex light crude oil for November series rose by $2.41 to close at $77.46 a barrel. In the metals space, the Comex Gold for December series surges by $16.60 to settle at $1047.10 a troy ounce, while Comex Silver for December series jumped by $0.42 to settle at $16.66 a troy ounce.
Daily trend of FII/MF investment in equities
On October 29, 2009, FIIs were the net buyers of the Indian Stocks in the tune of Rs27.70 crore (with the gross purchase of Rs3035.90 crore and gross sales of Rs3008.10 crore). While the Domestic mutual funds mutual funds, on October 27, 2009, were the net seller of the stocks in the tune of Rs637.60 crore (with gross purchase of Rs912.80 crore and gross sales of Rs1550.40 crore).
