The consumer confidence figures, that fell short of expectations
(consumer confidence index fell to 49.3 in June from a revised 54.8 in
May), weighed on Wall Street, offsetting Monday's gains. While Dow
Jones fell by 0.97%. NASDAQ dropped 0.49%. Asian bourses are
trading mixed with Nikkei up by 0.09%, Hang Seng down by 0.81% and
Singapore Nifty up by 2 points.
With mixed global cues the domestic markets could trade range bound.
Technically spot nifty may take resistance at 4330/4390/4490 levels and
support at 4230/4170/4010 levels.
POST-MARKET ANALYSIS:
After having opened positive - following global cues, the domestic
bourses pared all its gains and fell into the negative terrain on profit
booking amid volatility. The key benchmark indices Sensex and Nifty
fell 1.97% and 2.27% respectively.
FIIs’ were net buyers in equity and net sellers in derivatives.
ADRs: TATA Motors (-9.36%), Sterlite Industries (-5.54%), Satyam
Computers (-4.60%) & ICICI Bank (-4.22%)
NEWS TO USE:
Positive
WIPRO AND INFOSYS are pursuing contracts worth Rs 2,000 crore
from the country’s defense forces.
INDIAN OIL CORP (IOC) is planning an investment of over Rs 60,000
crore in raising its refining capacity to 80 million tons per annum by
2011-12 from 60.2 million tons at present.
LUPIN has acquired the global rights for an intra-nasal steroid (INS)
product, AllerNaze from Collegium Pharmaceuticals, a mid-size
innovator company in the US.
HCL TECHNOLOGIES LTD announced that it would provide IT
application and infrastructure operations and management for Dr
Pepper Snapple Group, a producer of flavoured beverages.
NEUTRAL
STATE BANK OF INDIA has launched two special loan schemes that assure low interest rates in the
first three years.
TATA CONSULTANCY SERVICES (TCS) will invest Rs 1,300 crore for its capital expenditure in the
current financial year.
State-run oil firms hiked jet fuel prices by 6%, following an increase in crude oil prices in international
markets.
TATA CONSULTANCY SERVICES (TCS) expects muted growth in the next few quarters as the
economic slowdown continues to crimp the outsourcing industry.
Oil prices jumped more than 2 percent to an eight-month high above $73 a barrel as a sudden spike in
Brent buying.
The government is contemplating penal action against RELIANCE INDUSTRIES (RIL) for committing
28 million standard cubic meters of gas per day (mmscmd) from its KG basin block to Reliance Natural
Resources (RNRL) at a price of $2.34 per million British thermal units (mmBtu)) as part of the Ambani
family settlement without the permission of the government.
LIC HOUSING FINANCE has cut lending rates by 50 basis points for its existing customers with effect
from July 1.
TATA POWER COMPANY has signed contracts with the Chennai-based OPG Group relating to its
power plants.
After a release spree in the previous three months, the Centre has suddenly turned cautious on the
sugar front. Only 16.60 lakh tonnes (lt) of sugar will be available for public consumption during July.
