Wall Street extended the pullback on Tuesday after news of a seventh
straight monthly drop in industrial production overshadowed better-thanexpected
reports on home construction, building permits and inflation.
While Dow Jones fell 1.25%, NASDAQ plunged by 1.11%. Asian
bourses are trading in the mixed with Nikkei up by 0.40%, Hang Seng
down by 1.39% and Singapore Nifty down by 27 points.
Though global cues point to possible negativeness, considering
technical aspects the domestic bourses might trade range bound for the
day. Technically spot nifty may take resistance at 4570/4620/4750
levels and support at 4435/4355/4225 levels.
POST-MARKET ANALYSIS:
Though, following negative global cues markets opened gapped down,
they soon recovered with buying seen in banking, PSU, power and
metal stocks. The key benchmark indices Sensex and Nifty gained
marginally by 0.55% and 0.75% respectively.
FIIs’ were net sellers both in equity and derivatives.
ADRs: Satyam Computers. (+13.95%), Patni Computers (-4.31%),
Sterlite Ind. (-3.63%) and Wipro (-3.51%)
NEWS TO USE:
Positive
POWER GRID standalone net profit increased by 16.72% (YoY) to
Rs.1690.61 crore for FY09. Net sales rose by 44.66% (YoY) to
Rs.6675.85 crore.
IVRCL INFRA’s buildings, power and roads divisions has bagged
several orders valued at Rs 432.36 crore, including structural works
from the Uranium Corporation of India Ltd (UCIL) for their upcoming
project in Andhra Pradesh.
TITAN INDUSTRIES has set a goal of crossing the USD 1-billion
turnover in the current fiscal.
DR REDDY’S (DRL) has announced a partnership with
GLAXOSMITHKLINE (GSK) Plc to develop and market select products
across emerging markets outside India. Under the terms of the
agreement GSK will gain exclusive access to more than 100 branded
pharmaceuticals of DRL.
The merger of Catholic Syrian Bank with FEDERAL BANK is expected to be through in a month.
NEUTRAL
After the Nano and the World Truck, TATA MOTORS is readying for yet another big-ticket launch. This
time, it will be on a ‘crossover’ sports utility vehicle (SUV) platform.
The Ministry of Petroleum and Natural Gas issued orders directing Reliance to sell 3.75 metric million
standard cubic metres per day (mmscmd) of gas to ESSAR STEEL, ISPAT STEEL AND VIKRAM
ISPAT.
RELIANCE NATURAL RESOURCES LTD (RNRL) has joined the race to hire the LNG terminal
adjacent to the Dabhol power plant to import liquefied natural gas (LNG) cargoes.
OPTO CIRCUITS INDIA LTD is planning to develop a single-product special economic zone (SEZ) at
Hassan at an investment of close to Rs 150 crore.
The construction work for the proposed 15 million tonne per annum (mtpa) refinery of the INDIAN OIL
CORPORATION LTD (IOCL) at Paradeep is expected to start in the first quarter of 2010-11.
CENTRAL BANK OF INDIA and ASHOK LEYLAND signed an agreement to provide loans for
commercial vehicles. Under the tie-up, Central Bank of India will provide loans for Ashok Leyland’s
customers at 100 basis points below its benchmark prime lending rate till March 31, 2010.
SESA GOA is looking to raise about Rs 583 crore through issue of shares to the firm's promoters and
its associates.
JUBILANT ORGANOSYS LTD is looking at selling off its non-core business of industrial performance
polymers.
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