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Pre-market: Sensex to open marginally higher

Monday, November 16, 2009

 
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Sensex to open marginally higher

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Considering the mixed cues coming from the global front, domestic markets may open with marginal gains and remain volatile

Headlines for the day

L&T likely to bag 1320 MW Rajpura plant - DNA Money

SAIL, NMDC sell-off may fetch Rs30,000 crore - Business Line

TVS Motor set to launch 100cc gearless scooter - Business Line

AT&T, Intel join telcos in pre-bid meet for 3G spectrum auction - Business Standard

Tata Motors to expand Pantnagar plant - Business Standard

Events for the day

Major corporate action: Nil

Pre-market report

Global signals

  • The European stocks opened the week with heavy gains and surged for the forth consecutive day to hit a 13-month high closing on Monday. Owing to the commodity stocks that rallied due to strong gains recorded in the crude and the metal space, FTSE 100 closed 1.63% higher at 5383.

  • While such surge in the commodity space even helped the US markets to record a 13-month high closing wherein major indices gained 1.4% on an average. While the the Federal Reserve Chairman, Ben Bernanke indicated that there are expectations that the interest rates would stay low to spur growth which further helped the markets to close higher.

  • In today's trade, the major Asian indices bucked the trend and were trading in the red, except for the Shanghai Composite that was marginally up by 0.27%. And at the time of writing this report, SGX Nifty that opened strong, had lost its mornings heavy gains and was trading higher by 20 points.

Indian markets

  • The domestic indices are expected to open slightly higher, remain range bound and volatile owing to the weak Asian cues. However with the positive signal coming from the US and European front wherein the US Fed indicated the low interest rate regime to continue, domestic markets may get strength.

  • Among the local indices, the Nifty could test the 5100-5150 range on the up side, while on the down side it could find support at 5000 and 4920. While the Sensex is likely to get support at 16600 and may face resistance at 17300.

Indian ADR's

  • Among the Indian ADRs trading on the US bourses, only Satyam in the red with a loss of 2.79%, while rest all of the Indian ADR closed in the green with the gains in the range of 1.16%-3.38% each wherein MTNL surged the most.

Commodity cues

  • It was a day of heavy gains in the in the commodity space, wherein the Crude oil prices recorded decent gains, with the Nymex light crude oil for December series rising by $2.99 to settle at $79.34 a barrel.

  • In the metals space, the yellow metal surged heavily with the Comex Gold for December series jumping by $22.70 to settle at $1139.40 a troy ounce, while Comex Silver for December series rose past $18 and gained $1.03 to settle at $18.41 to a troy ounce.

Daily trend of FII/MF investment in equities

  • On November 16, 2009, FIIs were the net buyers of the Indian Stocks in the tune of Rs671.80 crore (with the gross purchase of Rs2271.90 crore and gross sales of Rs1600.10 crore).

  • While the Domestic mutual funds mutual funds, on November 13, 2009, were the net buyer of the stocks in the tune of Rs98.50 crore (with gross purchase of Rs623.40 crore and gross sales of Rs524.90 crore).

 INDICES SNAPSHOT
ASIAN INDICES at 09:20 IST on 17/11/2009
Index Level Change(pts)Change(%)
Nikkei9777.42-13.76-0.14
Hang Seng22851.01-92.97-0.41
Kospi Index1590.71-1.76-0.11
Straits Times2772.10-11.75-0.42
Jakarta Composite2466.80-1.87-0.08
EUROPEAN INDICES at close on 16/11/2009
FTSE 1005382.67106.172.01
CAC 40 Index3863.1657.151.50
Dax Index5804.82117.992.07
US INDICES at close on 16/11/2009
Dow Jones10406.96136.491.33
Nasdaq2197.8529.971.38
PRE-MARKET COMMENTARY
17/11/2009| Market round-up, 9:45 IST
STOCK TO WATCH TODAY
L&T
TVSMOTOR
TATAMOTORS
INFOSYS
TCSCONS
 

INDIAN ADRs

CompanyLast Close %Change
Infosys51.912.04
Satyam5.23-2.79
Wipro20.201.76
Dr.Reddy's24.501.16
Tata Motors14.002.49
ICICI Bank39.782.31
HDFC Bank136.513.35
MTNL3.363.38
VSNL (TCL)*16.271.69
Rediff3.232.22
Patni Comp21.38-2.15

 

 

 


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