Market Voices 1 July 2009
The market remained highly volatile this afternoon with investors choosing to lighten commitments at every noticeable rise in stock prices.
The Sensex, which plunged to 14,355.52 a little before noon, rebounded sharply and hit a high of 14,727.49 during the final hour.
The barometer ended the session at 14,638.05 (provisional) with a sharp gain of 144.21 points or 0.99%.
The Nifty closed at 4340.30, up 49.20 points or1.15%. It touched a high of 4362.30 and a low of 4249.70 today.
Realty stocks, led by DLF, had a fairly bright outing today. Auto, FMCG, power, telecom, information technology and bank stocks were among the other prominent gainers.
Oil, metal and capital goods stocks gave up a portion of their gains due to resistance at higher levels. Pharma and consumer durables stocks remained subdued today.
Reliance Infra, Tata Motors, RComm, M&M, JP Associates, HUL, Sun Pharma, Bharti Airtel, SBI, RIL, Tata Steel, Infosys and ITC closed with smart gains.
BPCL, Reliance Capital, Axis Bank, Idea Cellular, Unitech, Ambuja Cements, Siemens, Suzlon, HCL Tech, RPower and Tata Comm ended with impressive gains.
Cipla, Hindalco, Power Grid, Nalco and ONGC declined sharply. Midcaps lost their way in early afternoon trade but rebounded towards the closing minutes. The market breadth was almost neutral at close.
Thermax, Areva, Gammon India, BHEL and L&T are among the good picks for medium to long term from the capital goods space. These stocks can be picked up in a phased manner at sharp declines over the next couple of months.
Investors looking for modest returns from somewhat low-risk investments can try Hindustan Unilever, ITC, Marico and Dabur India. Though a significant rise is not likely at these counters over a short run, a decent surge looks possible. And, downside risk appears limited as of now.
One can stay invested in telecom stocks Bharti Airtel, Idea Cellular, Tata Comm and RComm.
Small quantities can be picked up at declines from current levels. Though they may remain a bit slippery in the near run, one can expect fairly good returns on investments made in the telecom space over a medium to long run.
It now looks the market will see a couple of sharp rallies before the end of the week. There will be some corrective spells during the course of the next two sessions. If global cues are not negative, then one can see the market holding at higher levels. Some fund buying looks likely.
Investors long in Reliance Industries (cmp Rs 2071) can stay invested and look for decent gains over the next 3 - 6 months. One looking for fresh exposure at the counter can try the stock at Rs 1975 - 2000 levels.
IDFC (Rs 131) is a good stock for long term. But one can consider buying in the stock at lower levels. The stock can be picked up in a staggered way. One holding the stock at present, can exit at sharp rallies and buy back later at dips.
Hindalco (down 4.4% at Rs 82.60) struggles for the second successive day on poor results. One holding the stock with a long term plan can stay invested and look to buy more at 5 - 10% down from current levels.
One can stay invested in IT majors Infosys Technologies, Wipro and TCS. A decent rally looks likely at these counters in the near run.
With quarterly results not far away, some volatile spells are not ruled out for these stocks. Those looking at short term can exit the counters at rallies and re-enter later at sharp falls.
Intra-day traders, who bought SBI at Rs 1740 - 1745 can book some profits at Rs 1765. Those with a good appetite for risk can stay long with a stop loss near Rs 1750 -1753.
ABB has won an order worth Rs 165.40 crore from Power Transmission Corporation of Uttarakhand Limited for three substations.
ABB will design, supply, install and commission the substations. The project is to be completed by 2011.
McNally Bharat Engineering Company has received an order for Supply and Installation for Ash handling Package of 3x250 MW NTPC Bangaigaon TPP for a value of Rs 81.93 crore.
The contractual period of completion of the order is 31 months. The stock, a component of BSE 500 index, is trading nearly a per cent up at Rs 132. The stock is likely to test its 52-week high of Rs 144 (hit in early August 2008) in the near run.
12:05 PM: SBI (Rs 1736) can rise to Rs 1755 - 1760 today if the stock edges up to Rs 1742 and makes a strong breakout there.
Intra-day traders with a reasonably good appetite for risk can try this stock at Rs 1742 with a stop loss near Rs 1725.
One can look for opportunites in the fertilizers space. Key stocks in the sector like RCF, Nagarjuna Fertilizers, Chambal Fertilizers, Coromandel and GSFC can be picked up at sharp declines.
Though these stocks may prove a bit sluggish in the very short run, a decent upmove looks likely over the next couple of months.
The market has turned very weak now with most of the blue chips finding support hard to come by.
Global economy will take a long time to show definite signs of improving. However, the Indian market is likely to look for cues from the Union Budget to be presented on Monday next week.
Some rallies are likely before the end of the week but one should stay cautious at higher levels.
Bank stocks could give fairly solid returns over a short to medium run.
However, one would do well to wait for a correction of sorts in the banking space before going in for fresh exposure.
Maruti Suzuki shot up to Rs 1083 this morning on impressive sales figures for the month of June.
The stock, despite having eased to Rs 1077 now, remains positive with a gain of over 1%. Investors holding the stock with a long term view can continue to hold and pick up small quantities at declines.
Short term traders can exit the counter at sharp rallies and re-enter at dips.
Nagarjuna Construction Company has secured four new orders aggregating Rs 797 crore. The orders are from Andhra Pradesh, Maharashtra State Electricity Distribution Co. Ltd., Bangalore Development Authority and the Maharashtra State Road Transport Corporation. The orders are to be executed over a period of 18 - 48 months. Buoyed by the announcement, the NCC stock is up by around 3.5% at Rs 139.50.
Market Outlook
The market is likely to open lower this morning on weak global cues. However, buying at lower levels in some front line stocks is expected to arrest the slide to an extent. In the event of a positive start on the European bourses, the market will rise sharply in afternoon trade.
Sector Watch
Bank stocks may see some buying. Realty stocks will struggle. However, bargain hunting at lower levels is not ruled out. Oil stocks are likely to remain slippery on higher crude prices. Stock specific action is seen in information technology, pharma and metal sectors.
Scrip Watch
Plenty of action is likely at the Reliance Industries counter today following the company announcing that it will not sign any agreement with RNRL on the gas supply issue without approval of the government.
Shares of Reliance Power will be in focus on reports that the company is in talks with five leading global power companies to sell 15% equity stake.
Areva T&D India has been awarded order from Hindalco for 2 x 220kV Conversion Substations. With this new Conversion Substations order from Hindalco, the Company has consolidated its leading position in the electrolysis segment in India and is looking for the future growth of the electrolysis Industry in the country. The Areva counter is likely to attract some strong buying enquiries today.
Financial Technologies is likely to edge higher on strong results. The company has posted a net profit after tax of Rs 784.904 million for the quarter ended March 31, 2009 as compared to Rs 248.460 million for the quarter ended March 31, 2008. Its total income has increased from Rs 579.683 million for the quarter ended March 31, 2008 to Rs 1580.983 million for the quarter ended March 31, 2009.
Ranbaxy Laboratories may attract attention on receiving final approval from the US Food & Drug Administration to manufacture and market for Oxcarbazepine drug in strengths 300 mg and 5 ml.
Macro and Market Factors
With the latest reports from the U.S. and other countries not giving any great hopes of a quick revival of the global economy, Asian markets are seen struggling to make a headway today. The mood back home is also likely to be cautious, albeit with a positive bias. Expectations from the budget and bargain hunting after previous session's losses could drive stock prices up sharply in intra-day trades.
However, for any upside to sustain, institutional investors will have to step in and make some heavy purchases.
Showing posts with label Investing in BSE. Show all posts
Showing posts with label Investing in BSE. Show all posts
Saturday, July 4, 2009
Brokerage Recommendations 1 July 2009
Brokerage Recommendations 1 July 2009
Buy SBI with a target of Rs 1800, says Anu Jain of India Infoline, on CNBC TV18. The stock is currently trading at Rs 1779, up 2.17% on the BSE.
Buy Indiabulls Real Estate with a target of Rs 295-310 and stop loss of Rs 190, says Husseini Wadharia of Techno Shares on CNBC Awaaz. The stock is currently trading at Rs 209, up 7.28% on the BSE.
Buy Chambal Fertilisers around Rs 66 with a short-term target of Rs 80, medium-term target of Rs 85 and stop loss of Rs 55, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 65, down 2.15% on the BSE.
Hold Nifty long with stop loss of 4270 and target of 4440, says Akshata Deshmukh, technical analyst, on Zee Business, as closing market strategy. Buy MTNL with a target of Rs 110 and stop loss of Rs 92, she adds.
Hold Nifty long above 4360 with stop loss below 4320 and target of 4420, says Rahul Mohindar, technical analyst, on CNBC-TV18, as closing market strategy.
Sell July Nifty futures with stop loss of 4340 and target of 4260, says Prakash Gaba, technical analyst, on CNBC-TV18, as closing market strategy.
Hold July Nifty futures with stop loss of 4274 and target of 4358, says Rajat Bose, technical analyst, on CNBC Awaaz, as closing market strategy.
The market continues to trade volatile and is seeing profit booking at higher levels. Sensex is trading at 14614, up 120 points and Nifty is at 4333, up 41 points from the previous close. CNX Midcap index is up 0.67% and BSE Smallcap index is down 0.05%. The market breadth is negative with advances at 543 against declines of 673 on the NSE.
In an F&O call, buy Nifty July futures with a target of 4380 and stop loss of 4320, says Salil Sharma, technical analyst, on CNBC Awaaz. We are positive on the market and if RIL rallies so will the market, he adds.
In an F&O call, buy Nifty July futures with a target of 4382-4450 and stop loss of 4309, says Mitesh Thakkar, technical analyst, on CNBC Awaaz. Go long once Nifty crosses 4350, he adds.
In an F&O call, sell Nifty July futures with a target of 4200 and stop loss of 4450, says Sandeep Wagle of Angel Broking on CNBC Awaaz. This call is for the next two-three days, he adds.
Buy Nagarjuna Fertiliser around Rs 40 with a short-term target of Rs 50, medium-term target of Rs 55 and stop loss of Rs 34, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 40, down 0.37% on the BSE.
Buy Bharti Airtel with a target of Rs 850-870 and stop loss of Rs 795, says Husseini Wadharia of Techno Shares on CNBC Awaaz. The stock is currently trading at Rs 828, up 3.32% on the BSE.
Buy JP Hydro around Rs 89 with a short-term target of Rs 110, medium-term target of Rs 120 and stop loss of Rs 78, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 90, up 0.73% on the BSE.
Buy HUL with a target of Rs 295-310 and stop loss of Rs 230, says Husseini Wadharia of Techno Shares on CNBC Awaaz. The stock is currently trading at Rs 273, up 2.21% on the BSE.
The market is likely to continue to trade volatile and see some more correction, says Simi Bhaumik, technical analyst, on Zee Business. Till Nifty is able to hold above 4150 there is no reason for worry, she adds.
The market continues to look fine. Sensex is trading at 14626, up 136 points and Nifty is at 4335, up 43 points from the previous close. CNX Midcap index is up 0.54% and BSE Smallcap index is down 0.35%. The market breadth is negative with advances at 513 against declines of 684 on the NSE.
Sell BEML with a target of Rs 1065 and stop loss of Rs 1125, says Raj Kishore Bang, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 1070, down 0.11% on the BSE.
Buy IFCI with a target of Rs 70 and keep a stop loss of Rs 45, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 53, 1.15% on the BSE.
Buy Bank of Baroda with stop loss closing below Rs 420, says Neera Jain of crnindia.com on NDTV Profit. The stock is currently trading at Rs 449, up 0.99% on the BSE.
Buy Bank of Baroda with a target of Rs 466, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 449, up 0.99% on the BSE.
Buy Navneet Publications with a target of Rs 88 and stop loss of Rs 76, says Raj Kishore Bang, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 82, up 8.9% on the BSE.
Hold TCS for gains of 15-20% in 6 months, says Gajendra Nagpal of Unicon Financial on NDTV Profit. The stock is currently trading at Rs 393.75, up 1% on the BSE.
Hold Era Infra with target of Rs 145, says Prakash Gaba, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 100, he adds. It has resistance at Rs 112, he says. The stock is currently trading at Rs 110.25, up 0.8% on the BSE.
Buy Tulip Telecom with target of Rs 1100, says Kiran Jadhav, technical analyst, on NDTV Profit. Keep stop loss of Rs 810 on a day-end closing basis, he adds. The stock is currently trading at Rs 860, up 1.9% on the BSE.
Do not buy Hindalco at the moment, says Sudarshan Sukhani, technical analyst, on CNBC TV18. If the Nifty slides even a little bit more and breaks 4200 then this stock will come down to Rs 65, he adds. The stock is currently trading at Rs 82.50, down 4.6% on the BSE.
I expect the market to be volatile ahead of the budget which will hold the key for further direction, says Anup Bagchi of ICICI Securities on CNBC TV18. While we are seeing some positive signs globally, key indicators like jobless claims data is still negative, he adds. He advises booking partial profits.
Hold Dena Bank with target of Rs 72, says MB Singh, technical analyst, on Zee Business. Keep stop loss of Rs 50, he adds. It has resistance at Rs 62, he says. The stock is currently trading at Rs 55.15, down 0.9% on the BSE.
Hold RNRL with targets of Rs 110 and then 134, says Kiran Jadhav, technical analyst, on NDTV Profit. Keep strict stop loss of Rs 80 below which exit, he adds. The stock is currently trading at Rs 82, down 2.3% on the BSE.
Hold Bank of Baroda with target of Rs 466, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 444.75, down 0.1% on the BSE.
Hold United Spirits with stop loss of Rs 860 and target of Rs 1000, says Prakash Gaba, technical analyst, on CNBC Awaaz. Long-term investors can keep target of Rs 1400, he adds. The stock is currently trading at Rs 884, up 1.3% on the BSE.
Hold Anu's Lab and exit when it comes to Rs 32, says Pradeep Surekha, technical analyst, on Zee Business. Keep stop loss of Rs 25, he adds. It is a weak stock, he says. The stock is currently trading at Rs 28.55, down 3.2% on the BSE.
Hold Siemens with target of Rs 600, says MB Singh, technical analyst, on Zee Business. Keep stop loss of Rs 440, he adds. The stock is currently trading at Rs 482.25, up 2.1% on the BSE.
Buy PNB with intra-day target of Rs 715, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 672.10, down 0.8% on the BSE.
Buy Bajaj Hindustan on any dip, says Mehraboon Irani of Centrum Broking on CNBC Awaaz. He is very bullish on sugar stocks. The stock is currently trading at Rs 198.60, down 2.8% on the BSE.
Hold L&T with target of Rs 1700 at which level book part profit, says MB Singh, technical analyst, on Zee Business. Keep stop loss of Rs 1430, he adds. The stock is currently trading at Rs 1564.85, down 0.2% on the BSE.
Hold Sterlite Industries with target of Rs 680-700, says Pradeep Surekha, technical analyst, on Zee Business. It has good support at Rs 553, he adds. The stock is currently trading at Rs 605.35, down 0.4% on the BSE.
Buy Tata Motors with stop loss below Rs 285, says Rajat Bose, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 295, up 1.3% on the BSE.
Buy Indian Bank with target of Rs 160, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 138 , he adds. The stock is currently trading at Rs 146, down 0.2% on the BSE.
Hold IFCI with targets of Rs 63 and then 67, says Pradeep Surekha, technical analyst, on Zee Business. Keep stop loss of Rs 49, he adds. The stock is currently trading at Rs 53.10, up 1.3% on the BSE.
Buy Lupin with intra-day target of Rs 835, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 815, he adds. The stock is currently trading at Rs 824.70, up 0.9% on the BSE.
Buy Shriram Transport with intra-day target of Rs 315, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 300, he adds. The stock is currently trading at Rs 301, up 0.2% on the BSE.
Buy BHEL only for trading purpose, says Pradeep Surekha, technical analyst, on Zee Business. It has resistance at Rs 2250, 2260 and 2270 and support at Rs 2180, he adds. The stock is currently trading at Rs 2231.10, up 1.2% on the BSE.
Buy Dabur India with target of Rs 133, says Anu Jain, technical analyst, on CNBC TV18. Keep stop loss of Rs 125, she adds. The stock is currently trading at Rs 125.55, up 0.4% on the BSE.
Buy Punj Lloyd with intra-day target of Rs 225, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 209, he adds. The stock is currently trading at Rs 213.85, up 2% on the BSE.
Sell RNRL with intra-day target of Rs 80, says Anil Singhvi, market expert, on CNBC Awaaz. Keep strict stop loss of Rs 84.50, he adds. The stock is currently trading at Rs 82.40, down 1.9% on the BSE.
The market opens on a reasonably positive note today. Earlier, US closed on a subdued note while Asia is trading firm. Sensex is trading at 14571, up 79 points from its previous close, and Nifty is at 4315, up 24 points. CNX Midcap index is down 2.6% and BSE Smallcap index is up 0.2%. The market breadth is positive with advances at 363 against declines of 199 on the NSE.
Sell Welspun Gujarat at Rs 195 with target of Rs 182, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 197, she adds. The stock is at Rs 192.65, down 9.2% on the BSE.
Sell Unitech at Rs 81 with target of Rs 75, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 82, she adds. The stock is at Rs 79.60, down 6.7% on the BSE.
Buy SBI with a target of Rs 1800, says Anu Jain of India Infoline, on CNBC TV18. The stock is currently trading at Rs 1779, up 2.17% on the BSE.
Buy Indiabulls Real Estate with a target of Rs 295-310 and stop loss of Rs 190, says Husseini Wadharia of Techno Shares on CNBC Awaaz. The stock is currently trading at Rs 209, up 7.28% on the BSE.
Buy Chambal Fertilisers around Rs 66 with a short-term target of Rs 80, medium-term target of Rs 85 and stop loss of Rs 55, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 65, down 2.15% on the BSE.
Hold Nifty long with stop loss of 4270 and target of 4440, says Akshata Deshmukh, technical analyst, on Zee Business, as closing market strategy. Buy MTNL with a target of Rs 110 and stop loss of Rs 92, she adds.
Hold Nifty long above 4360 with stop loss below 4320 and target of 4420, says Rahul Mohindar, technical analyst, on CNBC-TV18, as closing market strategy.
Sell July Nifty futures with stop loss of 4340 and target of 4260, says Prakash Gaba, technical analyst, on CNBC-TV18, as closing market strategy.
Hold July Nifty futures with stop loss of 4274 and target of 4358, says Rajat Bose, technical analyst, on CNBC Awaaz, as closing market strategy.
The market continues to trade volatile and is seeing profit booking at higher levels. Sensex is trading at 14614, up 120 points and Nifty is at 4333, up 41 points from the previous close. CNX Midcap index is up 0.67% and BSE Smallcap index is down 0.05%. The market breadth is negative with advances at 543 against declines of 673 on the NSE.
In an F&O call, buy Nifty July futures with a target of 4380 and stop loss of 4320, says Salil Sharma, technical analyst, on CNBC Awaaz. We are positive on the market and if RIL rallies so will the market, he adds.
In an F&O call, buy Nifty July futures with a target of 4382-4450 and stop loss of 4309, says Mitesh Thakkar, technical analyst, on CNBC Awaaz. Go long once Nifty crosses 4350, he adds.
In an F&O call, sell Nifty July futures with a target of 4200 and stop loss of 4450, says Sandeep Wagle of Angel Broking on CNBC Awaaz. This call is for the next two-three days, he adds.
Buy Nagarjuna Fertiliser around Rs 40 with a short-term target of Rs 50, medium-term target of Rs 55 and stop loss of Rs 34, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 40, down 0.37% on the BSE.
Buy Bharti Airtel with a target of Rs 850-870 and stop loss of Rs 795, says Husseini Wadharia of Techno Shares on CNBC Awaaz. The stock is currently trading at Rs 828, up 3.32% on the BSE.
Buy JP Hydro around Rs 89 with a short-term target of Rs 110, medium-term target of Rs 120 and stop loss of Rs 78, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 90, up 0.73% on the BSE.
Buy HUL with a target of Rs 295-310 and stop loss of Rs 230, says Husseini Wadharia of Techno Shares on CNBC Awaaz. The stock is currently trading at Rs 273, up 2.21% on the BSE.
The market is likely to continue to trade volatile and see some more correction, says Simi Bhaumik, technical analyst, on Zee Business. Till Nifty is able to hold above 4150 there is no reason for worry, she adds.
The market continues to look fine. Sensex is trading at 14626, up 136 points and Nifty is at 4335, up 43 points from the previous close. CNX Midcap index is up 0.54% and BSE Smallcap index is down 0.35%. The market breadth is negative with advances at 513 against declines of 684 on the NSE.
Sell BEML with a target of Rs 1065 and stop loss of Rs 1125, says Raj Kishore Bang, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 1070, down 0.11% on the BSE.
Buy IFCI with a target of Rs 70 and keep a stop loss of Rs 45, says Simi Bhaumik, technical analyst, on Zee Business. The stock is currently trading at Rs 53, 1.15% on the BSE.
Buy Bank of Baroda with stop loss closing below Rs 420, says Neera Jain of crnindia.com on NDTV Profit. The stock is currently trading at Rs 449, up 0.99% on the BSE.
Buy Bank of Baroda with a target of Rs 466, says Ashwani Gujral, technical analyst, on CNBC-TV18. The stock is currently trading at Rs 449, up 0.99% on the BSE.
Buy Navneet Publications with a target of Rs 88 and stop loss of Rs 76, says Raj Kishore Bang, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 82, up 8.9% on the BSE.
Hold TCS for gains of 15-20% in 6 months, says Gajendra Nagpal of Unicon Financial on NDTV Profit. The stock is currently trading at Rs 393.75, up 1% on the BSE.
Hold Era Infra with target of Rs 145, says Prakash Gaba, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 100, he adds. It has resistance at Rs 112, he says. The stock is currently trading at Rs 110.25, up 0.8% on the BSE.
Buy Tulip Telecom with target of Rs 1100, says Kiran Jadhav, technical analyst, on NDTV Profit. Keep stop loss of Rs 810 on a day-end closing basis, he adds. The stock is currently trading at Rs 860, up 1.9% on the BSE.
Do not buy Hindalco at the moment, says Sudarshan Sukhani, technical analyst, on CNBC TV18. If the Nifty slides even a little bit more and breaks 4200 then this stock will come down to Rs 65, he adds. The stock is currently trading at Rs 82.50, down 4.6% on the BSE.
I expect the market to be volatile ahead of the budget which will hold the key for further direction, says Anup Bagchi of ICICI Securities on CNBC TV18. While we are seeing some positive signs globally, key indicators like jobless claims data is still negative, he adds. He advises booking partial profits.
Hold Dena Bank with target of Rs 72, says MB Singh, technical analyst, on Zee Business. Keep stop loss of Rs 50, he adds. It has resistance at Rs 62, he says. The stock is currently trading at Rs 55.15, down 0.9% on the BSE.
Hold RNRL with targets of Rs 110 and then 134, says Kiran Jadhav, technical analyst, on NDTV Profit. Keep strict stop loss of Rs 80 below which exit, he adds. The stock is currently trading at Rs 82, down 2.3% on the BSE.
Hold Bank of Baroda with target of Rs 466, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 444.75, down 0.1% on the BSE.
Hold United Spirits with stop loss of Rs 860 and target of Rs 1000, says Prakash Gaba, technical analyst, on CNBC Awaaz. Long-term investors can keep target of Rs 1400, he adds. The stock is currently trading at Rs 884, up 1.3% on the BSE.
Hold Anu's Lab and exit when it comes to Rs 32, says Pradeep Surekha, technical analyst, on Zee Business. Keep stop loss of Rs 25, he adds. It is a weak stock, he says. The stock is currently trading at Rs 28.55, down 3.2% on the BSE.
Hold Siemens with target of Rs 600, says MB Singh, technical analyst, on Zee Business. Keep stop loss of Rs 440, he adds. The stock is currently trading at Rs 482.25, up 2.1% on the BSE.
Buy PNB with intra-day target of Rs 715, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 672.10, down 0.8% on the BSE.
Buy Bajaj Hindustan on any dip, says Mehraboon Irani of Centrum Broking on CNBC Awaaz. He is very bullish on sugar stocks. The stock is currently trading at Rs 198.60, down 2.8% on the BSE.
Hold L&T with target of Rs 1700 at which level book part profit, says MB Singh, technical analyst, on Zee Business. Keep stop loss of Rs 1430, he adds. The stock is currently trading at Rs 1564.85, down 0.2% on the BSE.
Hold Sterlite Industries with target of Rs 680-700, says Pradeep Surekha, technical analyst, on Zee Business. It has good support at Rs 553, he adds. The stock is currently trading at Rs 605.35, down 0.4% on the BSE.
Buy Tata Motors with stop loss below Rs 285, says Rajat Bose, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 295, up 1.3% on the BSE.
Buy Indian Bank with target of Rs 160, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 138 , he adds. The stock is currently trading at Rs 146, down 0.2% on the BSE.
Hold IFCI with targets of Rs 63 and then 67, says Pradeep Surekha, technical analyst, on Zee Business. Keep stop loss of Rs 49, he adds. The stock is currently trading at Rs 53.10, up 1.3% on the BSE.
Buy Lupin with intra-day target of Rs 835, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 815, he adds. The stock is currently trading at Rs 824.70, up 0.9% on the BSE.
Buy Shriram Transport with intra-day target of Rs 315, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 300, he adds. The stock is currently trading at Rs 301, up 0.2% on the BSE.
Buy BHEL only for trading purpose, says Pradeep Surekha, technical analyst, on Zee Business. It has resistance at Rs 2250, 2260 and 2270 and support at Rs 2180, he adds. The stock is currently trading at Rs 2231.10, up 1.2% on the BSE.
Buy Dabur India with target of Rs 133, says Anu Jain, technical analyst, on CNBC TV18. Keep stop loss of Rs 125, she adds. The stock is currently trading at Rs 125.55, up 0.4% on the BSE.
Buy Punj Lloyd with intra-day target of Rs 225, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 209, he adds. The stock is currently trading at Rs 213.85, up 2% on the BSE.
Sell RNRL with intra-day target of Rs 80, says Anil Singhvi, market expert, on CNBC Awaaz. Keep strict stop loss of Rs 84.50, he adds. The stock is currently trading at Rs 82.40, down 1.9% on the BSE.
The market opens on a reasonably positive note today. Earlier, US closed on a subdued note while Asia is trading firm. Sensex is trading at 14571, up 79 points from its previous close, and Nifty is at 4315, up 24 points. CNX Midcap index is down 2.6% and BSE Smallcap index is up 0.2%. The market breadth is positive with advances at 363 against declines of 199 on the NSE.
Sell Welspun Gujarat at Rs 195 with target of Rs 182, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 197, she adds. The stock is at Rs 192.65, down 9.2% on the BSE.
Sell Unitech at Rs 81 with target of Rs 75, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 82, she adds. The stock is at Rs 79.60, down 6.7% on the BSE.
Market Voices 30 June 2009
Market Voices 30 June 2009
The market opened on a firm note but tumbled into the red after a few minutes and kept sliding down as the session progressed as investors indulged in heavy profit taking.
While a firm trend on the Asian bourses set off a positive start, weakness in European markets and lower U.S. index futures rendered the mood negative in afternoon trade. A fall in infrastructure output also weighed in to a significant extent.
The Sensex ended at14,539.61 (provisional) with a loss of 246.13 points or 1.66%. The index plunged to a low of 14,420.41 in afternoon trade.
The Nifty closed a 4305.85, down 85.10 points or 1.94%. The Nifty touched a low of 4267.35 this afternoon.
Realty stocks were hammered today. Metal, power, capital goods, bank, oil and pharma stocks too declined sharply. DLF, Tata Motors, JP Associates, Sterlite, RComm, Reliance Infra, ICICI Bank, L&T, RIL, ACC and M&M ended with sharp losses.
Suzlon lost around 11%. Idea Cellular, Unitech, Reliance Capital, Axis Bank, Siemens, RPower, Cipla and HCL Technologies also ended with sharp losses. TCS, HUL, Hero Honda, BPCL, Tata Power and Maruti Suzuki bucked the trend and closed with notable gains.
After a bright spell, midcap and smallcap stocks lost their way and finally ended on a weak note. The market breadth was very weak at close.
Tata Power Limited has signed two contracts with OPG Group, Chennai.
Under the first contract, Tata Power will provide Operations and Maintenance Services to OPG Power Generation Pvt Ltd, for its 1x80 MW Coal based power plant. The contract is for an initial period of two years and can be extended with mutual consent.
Under the second contract, the company will provide Project Management Services to OPG Power Gujarat Pvt. Ltd. for their upcoming 2x150 MW coal based thermal power plant. This plant will be located at Bhadreswar, in the Kutch district of Gujarat and is likely to be commissioned by September 2011.
GMR Infrastructure Ltd has informed BSE that Management Committee of Board of Directors of the Company, on June 30, 2009 have decided to withdraw the QIP in light of the existing market conditions.
The company had informed yesterday that the Management Committee of Board of Directors of the Company had decided to make an issuance of Equity shares of face value Rs 2 each of the Company to Qualified Institutional Buyers. The committee had also approved the Preliminary Placement Document for the said issue. The GMR Infrastructure stock is down by around 9% at Rs 141 at present.
Hindalco has posted a net profit of Rs 2,230.27 crore for the year ended March 31, 2009 as compared to Rs 2,860.94 crore for the year ended March 31, 2008.
The company's total income has decreased from Rs 19,693.97 crore for the year ended March 31, 2008 to Rs 18,856.30 crore for the year ended March 31, 2009. The stock is down by around 1.75% at Rs 86.25 at present. Long term investors can hold the stock with a stop loss near Rs 55.
Investors with a long term plan cay pick up GMR Infrastructure at sharp dips. IVRCL Infrastructure, Gammon Infrastructure, Reliance Industrial Infrastructure and PBA Infrastructure are some of the other good picks from the infrastructure space. All these stocks can be picked up at 15 - 25% down from their current levels.
Tata Motors, which has come a long way from its 52-week low of Rs 122 recorded in mid November last year, is seen struggling since yesterday due to weak results. The stock, which went down sharply in the previous session, is down by as much as 6.25% at Rs 294.25 now.
Further weakness at the counter is not ruled out. One looking for fresh exposure to the stock would do well to wait for now and take a call after a couple of weeks.
L&T (Rs 1618) can rise to Rs 1635 if it edges up to Rs 1622 and holds firm for a while. On the downside, a fall to Rs 1600 is possible if the stock remains subdued around its current levels for some more time.
Investors looking at long term can stay invested in L&T and pick up more of it at sharp dips.
Fortis Healthcare Limited has posted a net loss of Rs 7.90 million for the quarter ended March 31, 2009 as compared to net profit of Rs 96.00 million for the quarter ended March 31, 2008.
Total Income has decreased from Rs 516.10 million for the quarter ended March 31, 2008 to Rs 507.80 million for the quarter ended March 31, 2009. The stock is down by over 4% at Rs 96.
Investors holding Infosys, TCS and Wipro with a long term plan can continue to stay invested. Though some weakness is likely in the near term, the medium to long term prospects for these stocks continue to remain bright. Sharp dips can be used to increase exposure.
Bharat Earth Movers (BEML) is a good stock to own for long term. One can look at picking up this stock at declines in a staggered manner.
Strong results and a fairly healthy order book may take the stock further up north over a medium term.
India's infrastructure sector output grew 2.8 percent in May from a year earlier, slower than an upwardly revised 5 percent in April. Output had risen 3.1 percent in the same month last year. During April-May, the output rose 3.9 per cent, up from compared with 2.7 percent in the same period last year.
While the figures are somewhat encouraging, a lot more is to happen in the infrastructure space to arouse sustained buying interest in key stocks in the sector.
HDFC Bank (cmp Rs 1496) can move up to Rs 1525 if it recovers to 1505 and trades firm for a while. On the downside, the stock can fall to Rs 1480 if it eases to Rs 1490 and exhibits weakness. Intra-day traders with a reasonably good appetite for risk can buy the stock at Rs 1505.
Shaw Wallace is reportedly planning to sell its entire stake in United Spirits. Shaw Wallace, which holds a 10.27 per cent stake in United Spirits, is planning this move in order to retire a part of its debt. The stake sale, worth around Rs 943 crore, is likely take place through open market transactions. The Shaw Wallace stock is trading 3% down at Rs 303 at present.
IndusInd Bank (Rs 89) can rise to Rs 105 - 110 in the near term. One holding the stock can stay invested with a stop loss near Rs 75 - 78.
Long term investors can look at buying the stock at declines.
Hindustan Construction Company (cmp Rs 109) can be retained with a stop loss near Rs 95. The stock can move up to Rs 125 - 130 in the short run and a further upmove is possible if a decisive breakout happens there. On the downside, a fall to Rs 65 or even lower is likely if there is a strong breach of the support at Rs 95.
Cairn India (up 3.65% at Rs 242.60) has moved up sharply on higher crude oil prices. The stock appears headed for further upside in the near to medium run. One can stay invested in the counter and look to buy more in small quantities at declines.
Sasken Communications has announced that its consolidated revenues for FY 2009 grew 22% year-on-year to Rs 697.8 crore. The net profit for the year rose 7% to Rs 42.3 crore. The stock is currently trading at Rs 109.25, up by around a per cent over its previous closing price. One holding the stock with a long term plan can stay invested for now.
Market Outlook
The market is likely to open on a firm note this morning on positive global cues. Profit taking at higher levels may cap gains to a significant extent. With a lot of companies scheduled to announce their fourth quarter and annual results today, the market is likely to remain quite listless for a better part of the session.
Sector Watch
Bank stocks will continue to remain in focus. IT stocks, which had a weak outing yesterday, are expected to rebound and regain some lost ground. Metals may move up sharply. Shares of oil marketing firms may remain a bit slippery. Action is likely to be stock specific in realty and capital goods sectors.
Scrip Watch
Nagarjuna Construction Company will be issuing equity shares and securities to the qualified institutional buyers (QIBs) through Qualified Institutional Placement (QIP) for an amount not exceeding Rs 5.50 billion.
Pyramid Saimira Theatre may see action following the company putting its businesses and assets in the US and Malaysia up for sale in order to generate funds fro its Indian operations and to cut down losses.
Apollo Hospitals & Enterprises Limited has posted a net profit of Rs 291.40 million for the quarter ended March 31, 2009 as compared to Rs 218.10 million for the quarter ended March 31, 2008. Total Income has increased from Rs 3122.30 million for the quarter ended March 31, 2008 to Rs 3966.00 million for the quarter ended March 31, 2009. The stock is likely to surge higher today.
BL Kashyap & Sons Ltd has announced that it bagged new projects worth over Rs 560 crore for Construction in the first quarter of 2009-10, out of which Rs 124 crore is for Infrastructure and PSU sector, a new thrust segment for the Company. The BL Kashyap & Sons counter is likely to attract attention today.
Macro and Market Factors
The overnight surge on Wall Street and strong gains posted by most of the Asian markets today will keep the Indian bulls quite busy this morning. However, the mood is likely to remain somewhat cautious ahead of the Budget which is just a few days away.
The market opened on a firm note but tumbled into the red after a few minutes and kept sliding down as the session progressed as investors indulged in heavy profit taking.
While a firm trend on the Asian bourses set off a positive start, weakness in European markets and lower U.S. index futures rendered the mood negative in afternoon trade. A fall in infrastructure output also weighed in to a significant extent.
The Sensex ended at14,539.61 (provisional) with a loss of 246.13 points or 1.66%. The index plunged to a low of 14,420.41 in afternoon trade.
The Nifty closed a 4305.85, down 85.10 points or 1.94%. The Nifty touched a low of 4267.35 this afternoon.
Realty stocks were hammered today. Metal, power, capital goods, bank, oil and pharma stocks too declined sharply. DLF, Tata Motors, JP Associates, Sterlite, RComm, Reliance Infra, ICICI Bank, L&T, RIL, ACC and M&M ended with sharp losses.
Suzlon lost around 11%. Idea Cellular, Unitech, Reliance Capital, Axis Bank, Siemens, RPower, Cipla and HCL Technologies also ended with sharp losses. TCS, HUL, Hero Honda, BPCL, Tata Power and Maruti Suzuki bucked the trend and closed with notable gains.
After a bright spell, midcap and smallcap stocks lost their way and finally ended on a weak note. The market breadth was very weak at close.
Tata Power Limited has signed two contracts with OPG Group, Chennai.
Under the first contract, Tata Power will provide Operations and Maintenance Services to OPG Power Generation Pvt Ltd, for its 1x80 MW Coal based power plant. The contract is for an initial period of two years and can be extended with mutual consent.
Under the second contract, the company will provide Project Management Services to OPG Power Gujarat Pvt. Ltd. for their upcoming 2x150 MW coal based thermal power plant. This plant will be located at Bhadreswar, in the Kutch district of Gujarat and is likely to be commissioned by September 2011.
GMR Infrastructure Ltd has informed BSE that Management Committee of Board of Directors of the Company, on June 30, 2009 have decided to withdraw the QIP in light of the existing market conditions.
The company had informed yesterday that the Management Committee of Board of Directors of the Company had decided to make an issuance of Equity shares of face value Rs 2 each of the Company to Qualified Institutional Buyers. The committee had also approved the Preliminary Placement Document for the said issue. The GMR Infrastructure stock is down by around 9% at Rs 141 at present.
Hindalco has posted a net profit of Rs 2,230.27 crore for the year ended March 31, 2009 as compared to Rs 2,860.94 crore for the year ended March 31, 2008.
The company's total income has decreased from Rs 19,693.97 crore for the year ended March 31, 2008 to Rs 18,856.30 crore for the year ended March 31, 2009. The stock is down by around 1.75% at Rs 86.25 at present. Long term investors can hold the stock with a stop loss near Rs 55.
Investors with a long term plan cay pick up GMR Infrastructure at sharp dips. IVRCL Infrastructure, Gammon Infrastructure, Reliance Industrial Infrastructure and PBA Infrastructure are some of the other good picks from the infrastructure space. All these stocks can be picked up at 15 - 25% down from their current levels.
Tata Motors, which has come a long way from its 52-week low of Rs 122 recorded in mid November last year, is seen struggling since yesterday due to weak results. The stock, which went down sharply in the previous session, is down by as much as 6.25% at Rs 294.25 now.
Further weakness at the counter is not ruled out. One looking for fresh exposure to the stock would do well to wait for now and take a call after a couple of weeks.
L&T (Rs 1618) can rise to Rs 1635 if it edges up to Rs 1622 and holds firm for a while. On the downside, a fall to Rs 1600 is possible if the stock remains subdued around its current levels for some more time.
Investors looking at long term can stay invested in L&T and pick up more of it at sharp dips.
Fortis Healthcare Limited has posted a net loss of Rs 7.90 million for the quarter ended March 31, 2009 as compared to net profit of Rs 96.00 million for the quarter ended March 31, 2008.
Total Income has decreased from Rs 516.10 million for the quarter ended March 31, 2008 to Rs 507.80 million for the quarter ended March 31, 2009. The stock is down by over 4% at Rs 96.
Investors holding Infosys, TCS and Wipro with a long term plan can continue to stay invested. Though some weakness is likely in the near term, the medium to long term prospects for these stocks continue to remain bright. Sharp dips can be used to increase exposure.
Bharat Earth Movers (BEML) is a good stock to own for long term. One can look at picking up this stock at declines in a staggered manner.
Strong results and a fairly healthy order book may take the stock further up north over a medium term.
India's infrastructure sector output grew 2.8 percent in May from a year earlier, slower than an upwardly revised 5 percent in April. Output had risen 3.1 percent in the same month last year. During April-May, the output rose 3.9 per cent, up from compared with 2.7 percent in the same period last year.
While the figures are somewhat encouraging, a lot more is to happen in the infrastructure space to arouse sustained buying interest in key stocks in the sector.
HDFC Bank (cmp Rs 1496) can move up to Rs 1525 if it recovers to 1505 and trades firm for a while. On the downside, the stock can fall to Rs 1480 if it eases to Rs 1490 and exhibits weakness. Intra-day traders with a reasonably good appetite for risk can buy the stock at Rs 1505.
Shaw Wallace is reportedly planning to sell its entire stake in United Spirits. Shaw Wallace, which holds a 10.27 per cent stake in United Spirits, is planning this move in order to retire a part of its debt. The stake sale, worth around Rs 943 crore, is likely take place through open market transactions. The Shaw Wallace stock is trading 3% down at Rs 303 at present.
IndusInd Bank (Rs 89) can rise to Rs 105 - 110 in the near term. One holding the stock can stay invested with a stop loss near Rs 75 - 78.
Long term investors can look at buying the stock at declines.
Hindustan Construction Company (cmp Rs 109) can be retained with a stop loss near Rs 95. The stock can move up to Rs 125 - 130 in the short run and a further upmove is possible if a decisive breakout happens there. On the downside, a fall to Rs 65 or even lower is likely if there is a strong breach of the support at Rs 95.
Cairn India (up 3.65% at Rs 242.60) has moved up sharply on higher crude oil prices. The stock appears headed for further upside in the near to medium run. One can stay invested in the counter and look to buy more in small quantities at declines.
Sasken Communications has announced that its consolidated revenues for FY 2009 grew 22% year-on-year to Rs 697.8 crore. The net profit for the year rose 7% to Rs 42.3 crore. The stock is currently trading at Rs 109.25, up by around a per cent over its previous closing price. One holding the stock with a long term plan can stay invested for now.
Market Outlook
The market is likely to open on a firm note this morning on positive global cues. Profit taking at higher levels may cap gains to a significant extent. With a lot of companies scheduled to announce their fourth quarter and annual results today, the market is likely to remain quite listless for a better part of the session.
Sector Watch
Bank stocks will continue to remain in focus. IT stocks, which had a weak outing yesterday, are expected to rebound and regain some lost ground. Metals may move up sharply. Shares of oil marketing firms may remain a bit slippery. Action is likely to be stock specific in realty and capital goods sectors.
Scrip Watch
Nagarjuna Construction Company will be issuing equity shares and securities to the qualified institutional buyers (QIBs) through Qualified Institutional Placement (QIP) for an amount not exceeding Rs 5.50 billion.
Pyramid Saimira Theatre may see action following the company putting its businesses and assets in the US and Malaysia up for sale in order to generate funds fro its Indian operations and to cut down losses.
Apollo Hospitals & Enterprises Limited has posted a net profit of Rs 291.40 million for the quarter ended March 31, 2009 as compared to Rs 218.10 million for the quarter ended March 31, 2008. Total Income has increased from Rs 3122.30 million for the quarter ended March 31, 2008 to Rs 3966.00 million for the quarter ended March 31, 2009. The stock is likely to surge higher today.
BL Kashyap & Sons Ltd has announced that it bagged new projects worth over Rs 560 crore for Construction in the first quarter of 2009-10, out of which Rs 124 crore is for Infrastructure and PSU sector, a new thrust segment for the Company. The BL Kashyap & Sons counter is likely to attract attention today.
Macro and Market Factors
The overnight surge on Wall Street and strong gains posted by most of the Asian markets today will keep the Indian bulls quite busy this morning. However, the mood is likely to remain somewhat cautious ahead of the Budget which is just a few days away.
Brokerage Recommendations 30 June 2009
Brokerage Recommendations 30 June 2009
Buy HCC with a target of Rs 125 and stop loss of Rs 100, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 103, down 3.09% on the BSE.
The market has corrected and is showing weakness, so the upside looks limited, says Prakash Gaba, technical analyst, on CNBC Awaaz. If market corrects to 14200, a technical bounce may be possible, he adds.
Buy Nifty 4300 put with a target of Rs 250 and stop loss of Rs 200, says technical trends on CNBC Awaaz, as closing market strategy.
Buy Nifty 4200 put with a target of Rs 225 and stop loss of Rs 140, says Ashwani Gujral, technical analyst, on CNBC Awaaz, as closing market strategy.
GMR Infrastrucuture has withdrawn plans to raise its QIP issue of $500 million, says Subba Rao, group CFO, of the company, on CNBC TV18. The company has Rs 2000 crore of cash and all projects are fully funded, he says. Investors felt the valuations were high and the company will decide to raise funds at an appropriate time, he says. The stock is currently trading at Rs 104, down 9.2% on the BSE.
The market has seen such a huge QIP rush that has led to over Rs 7000 crore being sucked out of the market in just a few days, says Hemen Kapadia, technical analyst, on CNBC Awaaz. This is bound to affect the secondary market, he says. There may not be any clarity till budget and Nifty could trend lower to 4150 levels, he adds.
In an F&O call, buy Nifty July futures with a target of 4280 and stop loss of 4420, says Rahul Mohindar, technical analyst, on CNBC Awaaz. In this correction, Nifty has important support at 4280-4170 after which one can go short, he adds.
In an F&O call, buy Nifty July futures tomorrow around 4350 with a target of 4515-4550 and stop loss of 4250, says Prasad Kushe, technical analyst, on CNBC Awaaz. Nifty has support at 4282 and 4266, he adds.
In an F&O call, sell Nifty July futures with a target of 4100 and stop loss of 4447, says Anuj DIxit, technical analyst, on CNBC Awaaz. The market could go lower post the budget, he adds.
In an F&O call, sell Nifty July futures with a target of 4375 and stop loss of 4275, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The crucial level to watch is 4450 for Nifty to show any strength, he adds.
Buy RIL July Futures with a target of Rs 2090 and stop loss of Rs 2000, says Hemen Kapadia, technical analyst on CNBC Awaaz. RIL likely to see a pullback and this is a one-two day call, he adds. The stock is currently trading at Rs 2027, down 2.76% on the BSE.
Buy RIL around Rs 2055 with a target of Rs 2150, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 2027, down 2.76% on the BSE.
Hold Areva T&D with a target of Rs 360-370 where one can book profits and keep a stop loss of Rs 320, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 344, down 3.34% on the BSE.
Buy Cairn India with a target of Rs 244 and stop loss of Rs 228, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 234, up 0.1% on the BSE.
In the infrastructure space, IVRCL Infrastructure and GMR Infrastructure are the top picks, says Sanjeev Bhasin, investment advisor, on NDTV Profit. In the metal space, the top picks are SAIL and Sterlite Industries, he adds.
Valuations in the FMCG space are on the higher side, states Sharekhan on NDTV Profit. In this space, they are bullish on Marico, Colgate and GCPL.
The market continues to trade weak. Sensex is trading at 14534, down 251 points and Nifty is at 4308, down 82 points from the previous close. CNX Midcap index is down 1.88% and BSE Smallcap index is down 1.82%. The market breadth is negative with advances at 272 against declines of 944 on the NSE.
Buy BHEL with a target of Rs 2400 and stop loss of Rs 2000, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 2202, down 1.58% on the BSE.
Buy Renuka Sugar with a target of Rs 160 and stop loss of Rs 135, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 139, down 6.17% on the BSE.
Hold Tech Mahindra with a target of Rs 800-860 and keep a stop loss of Rs 700, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 741, down 0.19% on the BSE.
Buy Dr Reddys with a target of Rs 820 and stop loss of Rs 770, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 779, down 0.20% on the BSE.
Buy Petronet LNG with a target of Rs 80 and stop loss of Rs 70, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 70, down 3.22% on the BSE.
Buy Crompton Greaves at Rs 280 with stop loss closing below Rs 270, says Neera Jain of crnindia.com on NDTV Profit. The stock is currently trading at Rs 294, down 2.5% on the BSE.
The Asian markets are trading mixed while European markets have opened soft. Our market is trading weak and seeing selling pressure. Sensex is trading at 14617, down 168 points and Nifty is at 4328, down 62 points from the previous close. CNX Midcap index is down 1.72% and BSE Smallcap index is down 1.48%. The market breadth is negative with advances at 311 against declines of 882 on the NSE.
Buy Bajaj Hindustan at Rs 180-190 with target of Rs 240, says Neera Jain, technical analyst, on NDTV Profit. Keep stop loss closing below Rs 180, she adds. The stock is currently trading at Rs 211.20, down 7.8% on the BSE.
Hold DLF with target of Rs 385, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 315, he adds. The stock is currently trading at Rs 322, down 4.7% on the BSE.
Hold Firstsource Solution and exit at Rs 35, says PK Agarwal of Purpleline Investment on Zee Business. Keep stop loss of Rs 22, he adds. The stock is currently trading at Rs 25.05, down 5.7% on the BSE.
Hold SBI with target of Rs 1900 where book partial profits, says Neera Jain, technical analyst, on NDTV Profit. Hold the rest with stop loss closing below Rs 1600, she adds. The stock is currently trading at Rs 1750, down 0.9% on the BSE.
The Asian markets are trading ahead of economic fundamentals, says Kirby Daley of Newedge Group on CNBC TV18. While technical factors and funds could push markets higher in the near-term, I expect a correction in the second half of the year led by a major fall in US markets, he adds. He thinks that commodities are looking overheated.
Buy Suzlon Energy at Rs 110 with target of Rs 128, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 100, he adds. The stock is currently trading at Rs 107.80, down 7.9% on the BSE.
Hold Hindalco for 2-2.5 years for more than double the returns, says Ashish Kapur of Invest Shoppe on CNBC Awaaz. The stock is currently trading at Rs 86.80, down 1.1% on the BSE.
Hold Max India with target of Rs 256, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 200, he adds. The stock is currently trading at Rs 212.90, down 3.5% on the BSE.
Hold Tata Steel for long term with targets of Rs 500 and then 625, says PK Agarwal of Purpleline Investment on Zee Business. Keep stop loss of Rs 350, he adds. The stock is currently trading at Rs 406, up 2.2% on the BSE.
Hold Apollo Hospitals with stop loss closing below Rs 500, says Neera Jain, technical analyst, on NDTV Profit. Book profits at Rs 600, she adds. The stock is currently trading at 573, up 1.1% on the BSE.
Buy GVK Power & Infrastructure with target of Rs 48.50, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. Keep stop loss of Rs 40, he adds. The stock is currently trading at Rs 42.85, down 1.2% on the BSE.
Buy Opto Circuits with target of Rs 190, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 153, he adds. The stock is currently trading at Rs 165, up 0.8% on the BSE.
Buy Petronet LNG at Rs 72 with stop loss of Rs 60, says PK Agarwal of Purpleline Investment on Zee Business. Keep short-term target of Rs 92 and medium-term target of Rs 95, he adds. The stock is currently trading at Rs 72, down 1.3% on the BSE.
Hold Satyam with stop loss of Rs 65, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 80 crossing which it can go to Rs 120, he adds. The stock is currently trading at Rs 74.40, up 1.2% on the BSE.
Hold Bajaj Hindustan for an upmove of Rs 20-25, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. Keep stop loss of Rs 210, he adds. The stock is currently trading at Rs 214.70, down 6.4% on the BSE.
Hold Sterlite Industries with target of Rs 745, says Ashwani Gujral, technical analyst, on CNBC Awaaz. It has support at Rs 600, he adds. The stock is currently trading at Rs 632, down 2.3% on the BSE.
Hold Noida Toll Bridge with trailing stop loss of Rs 37, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 48 crossing which it can go to Rs 58-60, he adds. The stock is currently trading at Rs 43.40, up 1.6% on the BSE.
An hour into opening, the market is now trading volatile after a good opening. Sensex is trading at 14749, down 35 points from its previous close, and Nifty is at 4376, down 14 points. CNX Midcap index is up 0.1% and BSE Smallcap index is up 0.2%. The market breadth is now negative with advances at 516 against declines of 579 on the NSE.
The Nifty should retest the recent peak of 4696-4700 and may head towards 5500-5700 level, says Laurence Balanco of CLSA on CNBC TV18. He sees resistance at 4620, 4755 and then 5090 and support at 4200.
Buy HCC with target of Rs 125, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. Keep stop loss of Rs 100, he adds. The stock is currently trading at Rs 109.30, up 2.3% on the BSE.
Buy Lanco Infra with target of Rs 454, says Ashwani Gujral, technical analyst, on CNBC Awaaz. It has support at Rs 320, he adds. The stock is currently trading at Rs 376, up 1.4% on the BSE.
Buy Alstom Projects with targets of Rs 528, 530 and then 540, says Rajat Bose, technical analyst, on CNBC TV18. Keep stop loss below Rs 512, he adds. The stock is currently trading at Rs 530, up 1.6% on the BSE.
Hold Dish TV with stop loss of Rs 38, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 45 crossing which it can go to Rs 55-57, he adds. The stock is currently trading at Rs 40, down 0.3% on the BSE.
Buy Titagarh Wagons with target of Rs 500, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 400, he adds. The stock is currently trading at Rs 440, up 2.2% on the BSE.
Buy India Infoline with intra-day target of Rs 140, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 130, he adds. The stock is currently trading at Rs 132.30, up 1% on the BSE.
Buy PVR with intra-day target of Rs 120, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 110.50, he adds. The stock is currently trading at Rs 116.50, up 4.5% on the BSE.
Buy Henkel India with intra-day target of Rs 22.50, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 20.25, he adds. The stock is at Rs 20.35, down 0.5% on the BSE.
Buy SCI at Rs 126 with target of Rs 131, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 123, she adds. The stock is at Rs 126.15, up 4.2% on the BSE.
Buy Sail at Rs 158 with target of Rs 161, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 154, she adds. The stock is at Rs 157.95, up 4.2% on the BSE.
Buy HDIL at Rs 265 with target of Rs 276, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 258, she adds. The stock is at Rs 265, up 5.1% on the BSE.
Buy HCC with a target of Rs 125 and stop loss of Rs 100, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 103, down 3.09% on the BSE.
The market has corrected and is showing weakness, so the upside looks limited, says Prakash Gaba, technical analyst, on CNBC Awaaz. If market corrects to 14200, a technical bounce may be possible, he adds.
Buy Nifty 4300 put with a target of Rs 250 and stop loss of Rs 200, says technical trends on CNBC Awaaz, as closing market strategy.
Buy Nifty 4200 put with a target of Rs 225 and stop loss of Rs 140, says Ashwani Gujral, technical analyst, on CNBC Awaaz, as closing market strategy.
GMR Infrastrucuture has withdrawn plans to raise its QIP issue of $500 million, says Subba Rao, group CFO, of the company, on CNBC TV18. The company has Rs 2000 crore of cash and all projects are fully funded, he says. Investors felt the valuations were high and the company will decide to raise funds at an appropriate time, he says. The stock is currently trading at Rs 104, down 9.2% on the BSE.
The market has seen such a huge QIP rush that has led to over Rs 7000 crore being sucked out of the market in just a few days, says Hemen Kapadia, technical analyst, on CNBC Awaaz. This is bound to affect the secondary market, he says. There may not be any clarity till budget and Nifty could trend lower to 4150 levels, he adds.
In an F&O call, buy Nifty July futures with a target of 4280 and stop loss of 4420, says Rahul Mohindar, technical analyst, on CNBC Awaaz. In this correction, Nifty has important support at 4280-4170 after which one can go short, he adds.
In an F&O call, buy Nifty July futures tomorrow around 4350 with a target of 4515-4550 and stop loss of 4250, says Prasad Kushe, technical analyst, on CNBC Awaaz. Nifty has support at 4282 and 4266, he adds.
In an F&O call, sell Nifty July futures with a target of 4100 and stop loss of 4447, says Anuj DIxit, technical analyst, on CNBC Awaaz. The market could go lower post the budget, he adds.
In an F&O call, sell Nifty July futures with a target of 4375 and stop loss of 4275, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. The crucial level to watch is 4450 for Nifty to show any strength, he adds.
Buy RIL July Futures with a target of Rs 2090 and stop loss of Rs 2000, says Hemen Kapadia, technical analyst on CNBC Awaaz. RIL likely to see a pullback and this is a one-two day call, he adds. The stock is currently trading at Rs 2027, down 2.76% on the BSE.
Buy RIL around Rs 2055 with a target of Rs 2150, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 2027, down 2.76% on the BSE.
Hold Areva T&D with a target of Rs 360-370 where one can book profits and keep a stop loss of Rs 320, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 344, down 3.34% on the BSE.
Buy Cairn India with a target of Rs 244 and stop loss of Rs 228, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 234, up 0.1% on the BSE.
In the infrastructure space, IVRCL Infrastructure and GMR Infrastructure are the top picks, says Sanjeev Bhasin, investment advisor, on NDTV Profit. In the metal space, the top picks are SAIL and Sterlite Industries, he adds.
Valuations in the FMCG space are on the higher side, states Sharekhan on NDTV Profit. In this space, they are bullish on Marico, Colgate and GCPL.
The market continues to trade weak. Sensex is trading at 14534, down 251 points and Nifty is at 4308, down 82 points from the previous close. CNX Midcap index is down 1.88% and BSE Smallcap index is down 1.82%. The market breadth is negative with advances at 272 against declines of 944 on the NSE.
Buy BHEL with a target of Rs 2400 and stop loss of Rs 2000, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 2202, down 1.58% on the BSE.
Buy Renuka Sugar with a target of Rs 160 and stop loss of Rs 135, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 139, down 6.17% on the BSE.
Hold Tech Mahindra with a target of Rs 800-860 and keep a stop loss of Rs 700, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 741, down 0.19% on the BSE.
Buy Dr Reddys with a target of Rs 820 and stop loss of Rs 770, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 779, down 0.20% on the BSE.
Buy Petronet LNG with a target of Rs 80 and stop loss of Rs 70, says Salil Sharma of Kapoor & Sharma Company on CNBC Awaaz. The stock is currently trading at Rs 70, down 3.22% on the BSE.
Buy Crompton Greaves at Rs 280 with stop loss closing below Rs 270, says Neera Jain of crnindia.com on NDTV Profit. The stock is currently trading at Rs 294, down 2.5% on the BSE.
The Asian markets are trading mixed while European markets have opened soft. Our market is trading weak and seeing selling pressure. Sensex is trading at 14617, down 168 points and Nifty is at 4328, down 62 points from the previous close. CNX Midcap index is down 1.72% and BSE Smallcap index is down 1.48%. The market breadth is negative with advances at 311 against declines of 882 on the NSE.
Buy Bajaj Hindustan at Rs 180-190 with target of Rs 240, says Neera Jain, technical analyst, on NDTV Profit. Keep stop loss closing below Rs 180, she adds. The stock is currently trading at Rs 211.20, down 7.8% on the BSE.
Hold DLF with target of Rs 385, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 315, he adds. The stock is currently trading at Rs 322, down 4.7% on the BSE.
Hold Firstsource Solution and exit at Rs 35, says PK Agarwal of Purpleline Investment on Zee Business. Keep stop loss of Rs 22, he adds. The stock is currently trading at Rs 25.05, down 5.7% on the BSE.
Hold SBI with target of Rs 1900 where book partial profits, says Neera Jain, technical analyst, on NDTV Profit. Hold the rest with stop loss closing below Rs 1600, she adds. The stock is currently trading at Rs 1750, down 0.9% on the BSE.
The Asian markets are trading ahead of economic fundamentals, says Kirby Daley of Newedge Group on CNBC TV18. While technical factors and funds could push markets higher in the near-term, I expect a correction in the second half of the year led by a major fall in US markets, he adds. He thinks that commodities are looking overheated.
Buy Suzlon Energy at Rs 110 with target of Rs 128, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 100, he adds. The stock is currently trading at Rs 107.80, down 7.9% on the BSE.
Hold Hindalco for 2-2.5 years for more than double the returns, says Ashish Kapur of Invest Shoppe on CNBC Awaaz. The stock is currently trading at Rs 86.80, down 1.1% on the BSE.
Hold Max India with target of Rs 256, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 200, he adds. The stock is currently trading at Rs 212.90, down 3.5% on the BSE.
Hold Tata Steel for long term with targets of Rs 500 and then 625, says PK Agarwal of Purpleline Investment on Zee Business. Keep stop loss of Rs 350, he adds. The stock is currently trading at Rs 406, up 2.2% on the BSE.
Hold Apollo Hospitals with stop loss closing below Rs 500, says Neera Jain, technical analyst, on NDTV Profit. Book profits at Rs 600, she adds. The stock is currently trading at 573, up 1.1% on the BSE.
Buy GVK Power & Infrastructure with target of Rs 48.50, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. Keep stop loss of Rs 40, he adds. The stock is currently trading at Rs 42.85, down 1.2% on the BSE.
Buy Opto Circuits with target of Rs 190, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 153, he adds. The stock is currently trading at Rs 165, up 0.8% on the BSE.
Buy Petronet LNG at Rs 72 with stop loss of Rs 60, says PK Agarwal of Purpleline Investment on Zee Business. Keep short-term target of Rs 92 and medium-term target of Rs 95, he adds. The stock is currently trading at Rs 72, down 1.3% on the BSE.
Hold Satyam with stop loss of Rs 65, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 80 crossing which it can go to Rs 120, he adds. The stock is currently trading at Rs 74.40, up 1.2% on the BSE.
Hold Bajaj Hindustan for an upmove of Rs 20-25, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. Keep stop loss of Rs 210, he adds. The stock is currently trading at Rs 214.70, down 6.4% on the BSE.
Hold Sterlite Industries with target of Rs 745, says Ashwani Gujral, technical analyst, on CNBC Awaaz. It has support at Rs 600, he adds. The stock is currently trading at Rs 632, down 2.3% on the BSE.
Hold Noida Toll Bridge with trailing stop loss of Rs 37, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 48 crossing which it can go to Rs 58-60, he adds. The stock is currently trading at Rs 43.40, up 1.6% on the BSE.
An hour into opening, the market is now trading volatile after a good opening. Sensex is trading at 14749, down 35 points from its previous close, and Nifty is at 4376, down 14 points. CNX Midcap index is up 0.1% and BSE Smallcap index is up 0.2%. The market breadth is now negative with advances at 516 against declines of 579 on the NSE.
The Nifty should retest the recent peak of 4696-4700 and may head towards 5500-5700 level, says Laurence Balanco of CLSA on CNBC TV18. He sees resistance at 4620, 4755 and then 5090 and support at 4200.
Buy HCC with target of Rs 125, says Rajesh Jain of SMC Global Securities on CNBC Awaaz. Keep stop loss of Rs 100, he adds. The stock is currently trading at Rs 109.30, up 2.3% on the BSE.
Buy Lanco Infra with target of Rs 454, says Ashwani Gujral, technical analyst, on CNBC Awaaz. It has support at Rs 320, he adds. The stock is currently trading at Rs 376, up 1.4% on the BSE.
Buy Alstom Projects with targets of Rs 528, 530 and then 540, says Rajat Bose, technical analyst, on CNBC TV18. Keep stop loss below Rs 512, he adds. The stock is currently trading at Rs 530, up 1.6% on the BSE.
Hold Dish TV with stop loss of Rs 38, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 45 crossing which it can go to Rs 55-57, he adds. The stock is currently trading at Rs 40, down 0.3% on the BSE.
Buy Titagarh Wagons with target of Rs 500, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 400, he adds. The stock is currently trading at Rs 440, up 2.2% on the BSE.
Buy India Infoline with intra-day target of Rs 140, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 130, he adds. The stock is currently trading at Rs 132.30, up 1% on the BSE.
Buy PVR with intra-day target of Rs 120, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 110.50, he adds. The stock is currently trading at Rs 116.50, up 4.5% on the BSE.
Buy Henkel India with intra-day target of Rs 22.50, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 20.25, he adds. The stock is at Rs 20.35, down 0.5% on the BSE.
Buy SCI at Rs 126 with target of Rs 131, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 123, she adds. The stock is at Rs 126.15, up 4.2% on the BSE.
Buy Sail at Rs 158 with target of Rs 161, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 154, she adds. The stock is at Rs 157.95, up 4.2% on the BSE.
Buy HDIL at Rs 265 with target of Rs 276, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 258, she adds. The stock is at Rs 265, up 5.1% on the BSE.
Closing Bell 29 Jun 2009
Closing Bell 29 Jun 2009
The Indian markets gave up the huge gains they had registered during the second half of today’s trading session, and closed on a flat note as selling activity intensified during the fag end. The BSE Sensex and NSE Nifty ended higher by around 10 points each. However, the stocks from the BSE mid-cap and BSE small-cap indices ended strong, up by around 1.2% and 1.5% respectively. Buying activity was witnessed in stocks from the metal, realty and banking spaces, while stocks from auto and software spaces ended on a negative note. The overall advance to decline ratio was poised at 1.7 to 1 on the BSE.
Most of the other Asian markets ended the day on a weak note. The European indices are currently trading in the green. The Rupee was trading at 48.15 against the US Dollar at the time of writing.
As per a leading business, realty majors, DLF and Unitech plan to restart some of their Mumbai based projects, which were earlier halted on account of poor demand and liquidity problems. DLF has restarted construction at NTC mill in Lower Parel on a 17.5 acres land. The company has re-planned to develop largely commercial establishments along with residential apartments from its earlier plans for a retail-cum-entertainment centre. Unitech, on the other hand, has a number of slum redevelopment projects and plans to focus on the development of affordable housing in the city. It may be noted that both companies of late are trying to resolve their liquidity problems. DLF has raised US$ 800 m through a stake sale, while Unitech has raised US$ 325 m through institution placement. Both, DLF and Unitech ended the day higher, along with their peers.
As per a leading business daily, software majors are eyeing a huge government’s IT spend of Rs 400 bn over the next few years. The government is looking for a roadmap for IT-enabled services in order to roll out some critical applications for establishing common service centers. The projects along with the Unique Identification Authority of India are among the series of IT transformation activities. With this, the government plans to maintain a common national database for various records. Infosys already expects around US$ 1 bn of projects from the Indian markets, while TCS, Wipro and HCL Tech are ramping up their capabilities in order to address this opportunity. This huge government spending will help Indian software companies which were under pressure due to the lower IT spending in the developed markets in the wake of the global economic slowdown. Software stocks ended the day on a mixed note.
The prime minister’s economic advisory committee expects the Indian economy to recover after September and expects it to expand by 7% during the current fiscal. However, the committee believes that economic growth may be affected if the monsoon is weak. It also believes that high bank lending rates continue to affect domestic demand. However, the central bank has estimated GDP growth at 6.5% during FY10.
The markets continued to trade upward in the positive territory during the previous two hours of trade on account of sustained buying activity. Currently, stocks from the realty, metal and banking sectors are leading the pack of gainers, while select auto and software stocks are trading weak. The overall advance to decline ratio is poised at 2.1 to 1 on the BSE.
The BSE-Sensex and NSE-Nifty are trading firm, up by around 140 points and 50 points respectively. The BSE-Midcap and BSE-Smallcap indices are trading higher by around 1.7% and 2.0% respectively. The Rupee is trading at 48.12 to the Dollar.
Power stocks are trading mixed. While NTPC and Reliance Power are trading higher, Tata Power and PTC are trading lower. As per a leading business daily, the power ministry is planning to add three more ultra mega power projects (UMPPs) of 4,000 MW each in FY10 in order to increase the power supply in India. The three projects are expected to come in the states of Tamil Nadu, Gujarat and Orissa at a total investment of around Rs 600 bn. It may be noted that UMPPs are large projects conceived to supply power to distribution entities. These projects are formulated on a build own transfer basis and aimed at enhancing capacity addition. The above mentioned project of three UMPPs is a part of the government’s 100 day agenda for power sector. The ministry has already asked the Power Finance Corporation, the nodal agency for developing UMPPs, to complete the formalities within 100 days and invite bids for the same. This is a positive development for the sector as it would open more opportunities for the power companies.
Except for Suzlon, the majority of engineering stocks are trading higher led by BHEL and L&T. Suzlon announced its FY09 results today. The consolidated topline grew by 91% YoY on the back of consolidation and acquisition of further stake in REpower Systems during the fiscal. Operating profits grew by 30.7% YoY, lower than the topline growth mainly on account of increase in other expenses and employee costs. Thus operating margins contracted by 4.7% to 10.1% during the fiscal. Consolidated net profits fell by 77% YoY, mainly on account of contraction in operating margins and significant increases in interest, depreciation, tax expenses and substantially higher extraordinary expenses during the year. However, excluding the extraordinary expenses, net profits fall by 14% YoY during FY09.
Although trading in the green, the Indian markets were volatile during the previous two hours of trade. Heavy buying was witnessed in the stocks from the realty, banking and metals sectors. However, select auto and pharma stocks are finding no takers. The overall advance to decline ratio is poised at 2.3 to 1 on the BSE.
The BSE-Sensex and NSE-Nifty are trading firm, up by around 30 points and 15 points respectively. The BSE-Midcap and BSE-Smallcap indices are trading higher by around 1.6% and 2.0% respectively. The Rupee is trading at 48.18 to the Dollar.
As per a leading business daily, FMCG companies are focusing on volume growth in a move to maintain their market share, although they see a fall in the margins in the process. As per the latest information from the research firm, AC Nielsen, the report exhibits that given the threat of losing market share to cheaper regional brands and private labels, FMCG majors like HUL, Nestle, Marico and Colgate are aggressively boosting their volume sales. In fact, some of these companies have corrected their grammage, pushing lower priced unit packs, increased promotion and highlighted pricing within the communication, in order to boost volumes. Further, Marico's management believes that the topline has become a much focused area currently as compared to the earlier year, where many companies were involved in improving margins. It may be noted that FMCG majors like HUL have witnessed a decline in year-on-year volumes during 4QFY09. The stocks of FMCG are trading mixed.
The commercial vehicle major, Tata Motors had announced its consolidated FY09 results recently. The results were not comparable with that of the earlier year, as the company has consolidated financials for Jaguar Land Rover (JLR), which it had acquired during FY09. During FY09, Tata Motors reported a loss of Rs 25 bn mainly on account of poor performance of JLR. In fact, JLR had witnessed a 32% YoY decline in volumes between June 2008 and March 2009, the period that it spent as part of Tata Motors. The EBITDA margins had witnessed a decline of almost 12% to 3% in FY09. Interest costs and depreciation charges were also significantly higher during the period. Tata Motors is currently trading weak, while M&M is marginally higher.
The Indian markets have opened the day on a cautious note as mixed sentiments are being witnessed among the investors. While engineering, cement, FMCG and software stocks are trading lower, auto, banking, metals and telecom stocks are witnessing buying currently. The overall advance to decline ratio is in favour of the former in the ratio of 1.4:1 on the NSE. As regards global markets, the US and the European markets ended mixed last Friday. The Asian markets are trading mixed currently.
The BSE Sensex is trading higher by around 60 points. The NSE Nifty is down 10 points. The BSE Midcap and the BSE Smallcap indices are trading firm. The rupee is trading at 48.02 to the dollar.
As per a leading business daily, Wockhardt and Biocon have come under the scanner of the drug price regulator National Pharmaceutical Pricing Authority (NPPA) for allegedly violating pricing norms . Wockhardt's ‘Glaritus' and Biocon's ‘Basalog' have come under the scanner as both these companies are selling these medicines without receiving price approval. Both these drugs are insulin analogue brands and are the brand names of the ‘Glargine' formulation. The NPPA has stated that the ‘Glargine' formulation falls under its price control. According to Wockhardt, the ‘Glaritus' cartridge is priced at Rs 435, which is 11% less than the price of the Aventis' ‘Lantus' cartridge. The company is currently targeting an analogue market of Rs 1.3 bn, which is growing at around 23%. Insulin is a big product for both these companies and hence any negative development on this front can affect their revenues. Pharma stocks are trading mixed.
Cement stocks are trading lower. As per a leading business daily, cement prices are expected to soften by Rs 3 to Rs 5 per 50 kg bag next month due to excess supply and lower demand. Post this cut, the retail cement prices will come down to Rs 255 in Mumbai, Gujarat and South India and around Rs 245 in the northern and eastern markets. The demand fell by 6% YoY and an additional capacity of 20 million tonnes (MT) was added in June. The supply will further go up by 30 MT in December 2009. As per the industry, the demand will further go down during the next few weeks due to the monsoons which might lead to a further reduction in prices by August. According to the Cement Manufacturers' Association, 110 MT of capacity will be added with an investment of about Rs 500 bn in the next three years. This would affect the realisations and operating margins of the cement companies.
If the SEBI were to get its way through, some days later, you will be reading our pre-open commentaries almost an hour earlier than you do now. This is given that the market regulator is contemplating increasing the trading hours for Indian markets by around 2 hours and 25 minutes. From the current schedule of 9.55 am to 3.30 pm, the cash and derivative markets will then remain open from 9.00 am to 5.00 pm.
The rationale SEBI (Securities & Exchange Board of India) gives for proposing increase in trading time is that this would give market participants in India a better chance to 'react' to development in global markets.
Well, at a time when the SEBI still needs to go a long way in establishing better safeguards for minority investors and promote equity culture by way of educating investors on long-term investing, increasing the trading time so that traders are better equipped to track daily global developments doesn't make material sense.
Anyways, this proposal, which is based on the feedback received on a discussion paper floated by SEBI, is likely to be taken up with the Secondary Market Advisory Committee (SMAC), which consists of representatives from SEBI itself along with some investor groups, stock exchanges and other market participants. These representatives will debate the proposal and send it back to the SEBI, which will then take the final decision.
For the broking community, this would mean that their infrastructure needs to be in place to handle the long trading hours. And for banks and financial institutions, this would mean keeping offices open for the extended duration.
For you, dear investor, this would mean longer hours to see Mr. Market in action who, with his baggage of stock quotations, will have a greater chance of frightening or enticing you. And, least to say, for many who are glued to the stock ticker on a minute by minute basis, this would mean lesser productivity at work as more time will be spent in tracking how stocks are doing.
SEBI itself agrees (though indirectly) that this proposal has not really been made with an intention of benefiting the 'investors'. As the regulator's discussion paper on this proposal says, "In a world where different exchanges are competing with each other to increase participation, it is imperative that the Indian markets align themselves to global markets to attract such trading interest. Extension of market hours would enable market participants to execute trading strategies in Indian markets…which otherwise would have been executed outside India."
The Indian markets gave up the huge gains they had registered during the second half of today’s trading session, and closed on a flat note as selling activity intensified during the fag end. The BSE Sensex and NSE Nifty ended higher by around 10 points each. However, the stocks from the BSE mid-cap and BSE small-cap indices ended strong, up by around 1.2% and 1.5% respectively. Buying activity was witnessed in stocks from the metal, realty and banking spaces, while stocks from auto and software spaces ended on a negative note. The overall advance to decline ratio was poised at 1.7 to 1 on the BSE.
Most of the other Asian markets ended the day on a weak note. The European indices are currently trading in the green. The Rupee was trading at 48.15 against the US Dollar at the time of writing.
As per a leading business, realty majors, DLF and Unitech plan to restart some of their Mumbai based projects, which were earlier halted on account of poor demand and liquidity problems. DLF has restarted construction at NTC mill in Lower Parel on a 17.5 acres land. The company has re-planned to develop largely commercial establishments along with residential apartments from its earlier plans for a retail-cum-entertainment centre. Unitech, on the other hand, has a number of slum redevelopment projects and plans to focus on the development of affordable housing in the city. It may be noted that both companies of late are trying to resolve their liquidity problems. DLF has raised US$ 800 m through a stake sale, while Unitech has raised US$ 325 m through institution placement. Both, DLF and Unitech ended the day higher, along with their peers.
As per a leading business daily, software majors are eyeing a huge government’s IT spend of Rs 400 bn over the next few years. The government is looking for a roadmap for IT-enabled services in order to roll out some critical applications for establishing common service centers. The projects along with the Unique Identification Authority of India are among the series of IT transformation activities. With this, the government plans to maintain a common national database for various records. Infosys already expects around US$ 1 bn of projects from the Indian markets, while TCS, Wipro and HCL Tech are ramping up their capabilities in order to address this opportunity. This huge government spending will help Indian software companies which were under pressure due to the lower IT spending in the developed markets in the wake of the global economic slowdown. Software stocks ended the day on a mixed note.
The prime minister’s economic advisory committee expects the Indian economy to recover after September and expects it to expand by 7% during the current fiscal. However, the committee believes that economic growth may be affected if the monsoon is weak. It also believes that high bank lending rates continue to affect domestic demand. However, the central bank has estimated GDP growth at 6.5% during FY10.
The markets continued to trade upward in the positive territory during the previous two hours of trade on account of sustained buying activity. Currently, stocks from the realty, metal and banking sectors are leading the pack of gainers, while select auto and software stocks are trading weak. The overall advance to decline ratio is poised at 2.1 to 1 on the BSE.
The BSE-Sensex and NSE-Nifty are trading firm, up by around 140 points and 50 points respectively. The BSE-Midcap and BSE-Smallcap indices are trading higher by around 1.7% and 2.0% respectively. The Rupee is trading at 48.12 to the Dollar.
Power stocks are trading mixed. While NTPC and Reliance Power are trading higher, Tata Power and PTC are trading lower. As per a leading business daily, the power ministry is planning to add three more ultra mega power projects (UMPPs) of 4,000 MW each in FY10 in order to increase the power supply in India. The three projects are expected to come in the states of Tamil Nadu, Gujarat and Orissa at a total investment of around Rs 600 bn. It may be noted that UMPPs are large projects conceived to supply power to distribution entities. These projects are formulated on a build own transfer basis and aimed at enhancing capacity addition. The above mentioned project of three UMPPs is a part of the government’s 100 day agenda for power sector. The ministry has already asked the Power Finance Corporation, the nodal agency for developing UMPPs, to complete the formalities within 100 days and invite bids for the same. This is a positive development for the sector as it would open more opportunities for the power companies.
Except for Suzlon, the majority of engineering stocks are trading higher led by BHEL and L&T. Suzlon announced its FY09 results today. The consolidated topline grew by 91% YoY on the back of consolidation and acquisition of further stake in REpower Systems during the fiscal. Operating profits grew by 30.7% YoY, lower than the topline growth mainly on account of increase in other expenses and employee costs. Thus operating margins contracted by 4.7% to 10.1% during the fiscal. Consolidated net profits fell by 77% YoY, mainly on account of contraction in operating margins and significant increases in interest, depreciation, tax expenses and substantially higher extraordinary expenses during the year. However, excluding the extraordinary expenses, net profits fall by 14% YoY during FY09.
Although trading in the green, the Indian markets were volatile during the previous two hours of trade. Heavy buying was witnessed in the stocks from the realty, banking and metals sectors. However, select auto and pharma stocks are finding no takers. The overall advance to decline ratio is poised at 2.3 to 1 on the BSE.
The BSE-Sensex and NSE-Nifty are trading firm, up by around 30 points and 15 points respectively. The BSE-Midcap and BSE-Smallcap indices are trading higher by around 1.6% and 2.0% respectively. The Rupee is trading at 48.18 to the Dollar.
As per a leading business daily, FMCG companies are focusing on volume growth in a move to maintain their market share, although they see a fall in the margins in the process. As per the latest information from the research firm, AC Nielsen, the report exhibits that given the threat of losing market share to cheaper regional brands and private labels, FMCG majors like HUL, Nestle, Marico and Colgate are aggressively boosting their volume sales. In fact, some of these companies have corrected their grammage, pushing lower priced unit packs, increased promotion and highlighted pricing within the communication, in order to boost volumes. Further, Marico's management believes that the topline has become a much focused area currently as compared to the earlier year, where many companies were involved in improving margins. It may be noted that FMCG majors like HUL have witnessed a decline in year-on-year volumes during 4QFY09. The stocks of FMCG are trading mixed.
The commercial vehicle major, Tata Motors had announced its consolidated FY09 results recently. The results were not comparable with that of the earlier year, as the company has consolidated financials for Jaguar Land Rover (JLR), which it had acquired during FY09. During FY09, Tata Motors reported a loss of Rs 25 bn mainly on account of poor performance of JLR. In fact, JLR had witnessed a 32% YoY decline in volumes between June 2008 and March 2009, the period that it spent as part of Tata Motors. The EBITDA margins had witnessed a decline of almost 12% to 3% in FY09. Interest costs and depreciation charges were also significantly higher during the period. Tata Motors is currently trading weak, while M&M is marginally higher.
The Indian markets have opened the day on a cautious note as mixed sentiments are being witnessed among the investors. While engineering, cement, FMCG and software stocks are trading lower, auto, banking, metals and telecom stocks are witnessing buying currently. The overall advance to decline ratio is in favour of the former in the ratio of 1.4:1 on the NSE. As regards global markets, the US and the European markets ended mixed last Friday. The Asian markets are trading mixed currently.
The BSE Sensex is trading higher by around 60 points. The NSE Nifty is down 10 points. The BSE Midcap and the BSE Smallcap indices are trading firm. The rupee is trading at 48.02 to the dollar.
As per a leading business daily, Wockhardt and Biocon have come under the scanner of the drug price regulator National Pharmaceutical Pricing Authority (NPPA) for allegedly violating pricing norms . Wockhardt's ‘Glaritus' and Biocon's ‘Basalog' have come under the scanner as both these companies are selling these medicines without receiving price approval. Both these drugs are insulin analogue brands and are the brand names of the ‘Glargine' formulation. The NPPA has stated that the ‘Glargine' formulation falls under its price control. According to Wockhardt, the ‘Glaritus' cartridge is priced at Rs 435, which is 11% less than the price of the Aventis' ‘Lantus' cartridge. The company is currently targeting an analogue market of Rs 1.3 bn, which is growing at around 23%. Insulin is a big product for both these companies and hence any negative development on this front can affect their revenues. Pharma stocks are trading mixed.
Cement stocks are trading lower. As per a leading business daily, cement prices are expected to soften by Rs 3 to Rs 5 per 50 kg bag next month due to excess supply and lower demand. Post this cut, the retail cement prices will come down to Rs 255 in Mumbai, Gujarat and South India and around Rs 245 in the northern and eastern markets. The demand fell by 6% YoY and an additional capacity of 20 million tonnes (MT) was added in June. The supply will further go up by 30 MT in December 2009. As per the industry, the demand will further go down during the next few weeks due to the monsoons which might lead to a further reduction in prices by August. According to the Cement Manufacturers' Association, 110 MT of capacity will be added with an investment of about Rs 500 bn in the next three years. This would affect the realisations and operating margins of the cement companies.
If the SEBI were to get its way through, some days later, you will be reading our pre-open commentaries almost an hour earlier than you do now. This is given that the market regulator is contemplating increasing the trading hours for Indian markets by around 2 hours and 25 minutes. From the current schedule of 9.55 am to 3.30 pm, the cash and derivative markets will then remain open from 9.00 am to 5.00 pm.
The rationale SEBI (Securities & Exchange Board of India) gives for proposing increase in trading time is that this would give market participants in India a better chance to 'react' to development in global markets.
Well, at a time when the SEBI still needs to go a long way in establishing better safeguards for minority investors and promote equity culture by way of educating investors on long-term investing, increasing the trading time so that traders are better equipped to track daily global developments doesn't make material sense.
Anyways, this proposal, which is based on the feedback received on a discussion paper floated by SEBI, is likely to be taken up with the Secondary Market Advisory Committee (SMAC), which consists of representatives from SEBI itself along with some investor groups, stock exchanges and other market participants. These representatives will debate the proposal and send it back to the SEBI, which will then take the final decision.
For the broking community, this would mean that their infrastructure needs to be in place to handle the long trading hours. And for banks and financial institutions, this would mean keeping offices open for the extended duration.
For you, dear investor, this would mean longer hours to see Mr. Market in action who, with his baggage of stock quotations, will have a greater chance of frightening or enticing you. And, least to say, for many who are glued to the stock ticker on a minute by minute basis, this would mean lesser productivity at work as more time will be spent in tracking how stocks are doing.
SEBI itself agrees (though indirectly) that this proposal has not really been made with an intention of benefiting the 'investors'. As the regulator's discussion paper on this proposal says, "In a world where different exchanges are competing with each other to increase participation, it is imperative that the Indian markets align themselves to global markets to attract such trading interest. Extension of market hours would enable market participants to execute trading strategies in Indian markets…which otherwise would have been executed outside India."
Market Voices 29th June 2009
Market Voices 29th June 2009
The start was positive but the market tumbled into the red soon and struggled for support for the next couple of hours before rallying higher on across-the-board buying.
While mixed cues from Wall Street and Asian bourses rendered the market sluggish in morning trade, a firm trend on the European bourses lifted it up sharply this afternoon.
The Sensex ended the day at 14,785.74 with a small gain of 21.10 points. The Nifty closed at 4386.90 (provisional), up 11.40 points.
In intra-day trades, the Sensex hit a high of 14,955.55. The Nifty touched 4439.95.
Consumer durables, realty, metal and oil stocks rallied sharply. Select bank, power, PSU and capital goods stocks too ended on a firm note.
IT stocks declined sharply. Auto, FMCG and pharma stocks struggled for support.
Midcap and smallcap stocks had a fairly impressive outing today. The market breadth was strong right through the session.
Sterlite, DLF, RIL, ONGC, Tata Steel, BHEL, NTPC, Hindalco, NTPC, M&M and SBI closed with impressive gains. Tata Motors, Sun Pharma, TCS, HDFC, Grasim, Infosys, Hero Honda, RComm, ITC and Wipro ended with notable losses.
Jindal Steel, Axis Bank, Unitech, SAIL, ABB, PNB, Reliance Capital, Nalco and GAIL were among the major gainers in the Nifty. Suzlon, Idea Cellular, Siemens and Ambuja Cements closed on a weak note.
Nagarjuna Construction Company Ltd has informed that the Board of Directors of the Company has accorded in principle approval for issue of Equity Shares/Securities to Qualified Institutional Buyers through Qualified Institutional Placement, for an amount not exceeding Rs 550 crore, including a Green Shoe Option to retain upto Rs 50 crore from the excess subscription if any received. The proposal is subject to shareholders' approval in the AGM to be held on July 30, 2009. The Nagarjuna Construction stock is up by 3.2% at Rs 140.70 at present. The stock had earlier moved on to Rs 146.50 this morning.
Bank stocks have rallied sharply today. A further upmove looks likely in most of the stocks in the banking space before the budget. One holding stocks in the sector can stay invested and look at buying more (in small quantities) at sharp declines. Though a correction is not ruled out, most of the stocks in the PSU banking space are likely to give fairly solid returns over a medium to long run.
Cairn India (Rs Rs 235) is a good buy at declines. On the downside, the stock has support at Rs 380 and a pronounced weakness there can result in a fall to Rs 376 or even lower. The stock is likely to see a fairly decent upmove in the near run. At the same time, a few weak spells are also possibile. One can use dips to increase exposure to the stock.
One can buy cement stocks Ambuja Cements, ACC, India Cements and Ultratech Cement at declines for long term. Though these stocks may remain highly sluggish in the near run, their long term prospects look fairly bright. A modest rise is likely even over a period of 3 - 5 months.
Vakrangee Softwares Ltd has informed that the Board of Directors of the Company has approved investment to be made in Vakrangee e-Solutions INC, a 100% Subsidiary of Vakrangee Softwares Ltd. The stock has hit the 5% upper circuit at Rs 71.45 today.
Wipro (Rs 382) can be tried for intra-day if the stock rises to Rs 384 and trades firm for a while.
Infrastructure stocks Gammon Infra, Reliance Industrial Infrastructure, GMR Infra, IVRCL Infrastructure can be picked up for medium to long term. There are great expectations that the government will give a tremendous boost to the infrastructure sector through the Union Budget to be presented early next week. Other stocks from the infrastructure space can all so be picked up in a staggered manner.
Tata Motors (down 5.7% at Rs 320.75) is on a trip down south today due to weak results. The automobile major has reported a consolidated net loss of Rs 2,505 crore for 2008-2009. The company reported its first net loss in eight years, due largely to losses posted by British premium brands Jaguar and Land Rover, acquired by the company at a cost of around 2.3 billion dollars, last year.
Vijay Shanthi Builders has announced that it has successfully obtained the planning approval from the Director of Town and Country Planning, Chennai for its extravagant and flamboyant project Lotus Pond, having a project value of almost Rs 300 crore, launched earlier this year.
Construction work on the project has already begun. The project is expected to be completed within 21 months. The thinly traded stock is up nearly 5% at Rs 29.20 at present. The stock had hit a low of Rs 9.75 in mid March this year.
Suzlon Energy (Rs 118) can move on to Rs 135 - 140 but not before a few weak spells. One can pick up the stock in small quantities at declines. For now, a stop loss can be placed around Rs 100.
The Nifty (4386) has good support at 4360 today. A breach there and some weakness around 4350 could result in a slide to 4315 or even further down. On the upside, the index can move on to 4415 - 4420 if the current momentum sustains for a while.
HDIL (cmp Rs 266) can rise to Rs 320 or even higher if it manages to decisively breach a resistance around Rs 275 - 280. One with a medium to long term plan can hold the stock with a stop loss near Rs 225. A strong breach there could result in a fall to Rs 185 or even lower.
Biocon Limited has announced that it has executed a definitive agreement with Mylan Inc. for an exclusive collaboration on the development, manufacturing, supply and commercialization of multiple, high value generic biologic compounds for the global marketplace.
The partnership brings together the highly complementary capabilities of the two firms and will significantly advance their efforts to secure a leading position in the emerging generic biologics industry. Biocon is trading at Rs 233, up 2.8% over its previous closing price.
Jain Irrigation Systems Limited has announced that its food division has bagged large orders worth Rs 158 crore from various Cocoa-Cola bottlers in India and overseas for supply of mango pulp for the 2009-2010 season. The order, which is more than 85% higher in value compared to last season, will be executed over next year or so. Jain Irrigation's food division is the largest processor of fruits and vegetables in India. The Jain Irrigation Systems stock is currently trading up 2.7% at Rs 633.
Larsen & Toubro has bagged six orders aggregating to Rs 1230 crore from the electrical projects in the domestic market. This includes orders valued at Rs 1031 crore for transmission line & railway construction, and two orders worth Rs 199 crore for the construction of sub-stations.
Market Outlook
With global cues not any significantly positive, the mood is likely to be quite cautious on the major Indian bourses today. After a cautious start, select blue chips may surge higher on expectations of a somewhat market friendly budget from the UPA government. Though the market is likely to remain rangebound, some volatility is not ruled out.
Sector Watch
Bank stocks may surge higher. Realty stocks could also edge up but are likely to face stiff resistance at higher levels. Select information technology, capital goods and metal stocks may move up. A fair amount of buying is seen in midcap and smallcap segments.
Scrip Watch
Tulip Telecom may see action following a sharp jump in the net profit posted by the company for the quarter ended 31 March 2009. The firm has posted a net profit of Rs 1057.326 million for the quarter ended March 31, 2009 as compared to Rs 662.687 million for the quarter ended March 31, 2008. It's total income has increased from Rs 4202.556 million for the quarter ended March 31, 2008 to Rs 5195.279 million for the quarter ended March 31, 2009.
Wockhardt will be in focus following the company signing an agreement to divest its Animal Health Division to Vetoquinol, France. The animal health division of the company had recorded net sales of Rs 77 crore for the year ended December 31, 2008. For the pharma company, this initiative to divest its non-core business is a step towards its continued growth plan and a firm focus on its core human pharmaceutical business.
India Cements Limited has posted a net profit of Rs 938.60 million for the quarter ended March 31, 2009 as compared to Rs 1044.40 million for the quarter ended March 31, 2008. Total Income has decreased from Rs 10158.00 million for the quarter ended March 31, 2008 to Rs 9933.20 million for the quarter ended March 31, 2009. The stock is likely to have a slippery ride today.
It may be a weak outing for Gujarat NRE Coke stock today following the company posting a net loss of Rs 1031.80 million for the quarter ended March 31, 2009 as compared to a net profit Rs 642.00 million it had recorded for the quarter ended March 31, 2008.
Macro and Market Factors
Stocks ended on a mixed note on Wall Street last Friday. Asian markets are exhibiting a mixed trend this morning. Investors back home will have to look for local cues today. Expectations from the Union Budget will drive the market over the next few sessions.
The start was positive but the market tumbled into the red soon and struggled for support for the next couple of hours before rallying higher on across-the-board buying.
While mixed cues from Wall Street and Asian bourses rendered the market sluggish in morning trade, a firm trend on the European bourses lifted it up sharply this afternoon.
The Sensex ended the day at 14,785.74 with a small gain of 21.10 points. The Nifty closed at 4386.90 (provisional), up 11.40 points.
In intra-day trades, the Sensex hit a high of 14,955.55. The Nifty touched 4439.95.
Consumer durables, realty, metal and oil stocks rallied sharply. Select bank, power, PSU and capital goods stocks too ended on a firm note.
IT stocks declined sharply. Auto, FMCG and pharma stocks struggled for support.
Midcap and smallcap stocks had a fairly impressive outing today. The market breadth was strong right through the session.
Sterlite, DLF, RIL, ONGC, Tata Steel, BHEL, NTPC, Hindalco, NTPC, M&M and SBI closed with impressive gains. Tata Motors, Sun Pharma, TCS, HDFC, Grasim, Infosys, Hero Honda, RComm, ITC and Wipro ended with notable losses.
Jindal Steel, Axis Bank, Unitech, SAIL, ABB, PNB, Reliance Capital, Nalco and GAIL were among the major gainers in the Nifty. Suzlon, Idea Cellular, Siemens and Ambuja Cements closed on a weak note.
Nagarjuna Construction Company Ltd has informed that the Board of Directors of the Company has accorded in principle approval for issue of Equity Shares/Securities to Qualified Institutional Buyers through Qualified Institutional Placement, for an amount not exceeding Rs 550 crore, including a Green Shoe Option to retain upto Rs 50 crore from the excess subscription if any received. The proposal is subject to shareholders' approval in the AGM to be held on July 30, 2009. The Nagarjuna Construction stock is up by 3.2% at Rs 140.70 at present. The stock had earlier moved on to Rs 146.50 this morning.
Bank stocks have rallied sharply today. A further upmove looks likely in most of the stocks in the banking space before the budget. One holding stocks in the sector can stay invested and look at buying more (in small quantities) at sharp declines. Though a correction is not ruled out, most of the stocks in the PSU banking space are likely to give fairly solid returns over a medium to long run.
Cairn India (Rs Rs 235) is a good buy at declines. On the downside, the stock has support at Rs 380 and a pronounced weakness there can result in a fall to Rs 376 or even lower. The stock is likely to see a fairly decent upmove in the near run. At the same time, a few weak spells are also possibile. One can use dips to increase exposure to the stock.
One can buy cement stocks Ambuja Cements, ACC, India Cements and Ultratech Cement at declines for long term. Though these stocks may remain highly sluggish in the near run, their long term prospects look fairly bright. A modest rise is likely even over a period of 3 - 5 months.
Vakrangee Softwares Ltd has informed that the Board of Directors of the Company has approved investment to be made in Vakrangee e-Solutions INC, a 100% Subsidiary of Vakrangee Softwares Ltd. The stock has hit the 5% upper circuit at Rs 71.45 today.
Wipro (Rs 382) can be tried for intra-day if the stock rises to Rs 384 and trades firm for a while.
Infrastructure stocks Gammon Infra, Reliance Industrial Infrastructure, GMR Infra, IVRCL Infrastructure can be picked up for medium to long term. There are great expectations that the government will give a tremendous boost to the infrastructure sector through the Union Budget to be presented early next week. Other stocks from the infrastructure space can all so be picked up in a staggered manner.
Tata Motors (down 5.7% at Rs 320.75) is on a trip down south today due to weak results. The automobile major has reported a consolidated net loss of Rs 2,505 crore for 2008-2009. The company reported its first net loss in eight years, due largely to losses posted by British premium brands Jaguar and Land Rover, acquired by the company at a cost of around 2.3 billion dollars, last year.
Vijay Shanthi Builders has announced that it has successfully obtained the planning approval from the Director of Town and Country Planning, Chennai for its extravagant and flamboyant project Lotus Pond, having a project value of almost Rs 300 crore, launched earlier this year.
Construction work on the project has already begun. The project is expected to be completed within 21 months. The thinly traded stock is up nearly 5% at Rs 29.20 at present. The stock had hit a low of Rs 9.75 in mid March this year.
Suzlon Energy (Rs 118) can move on to Rs 135 - 140 but not before a few weak spells. One can pick up the stock in small quantities at declines. For now, a stop loss can be placed around Rs 100.
The Nifty (4386) has good support at 4360 today. A breach there and some weakness around 4350 could result in a slide to 4315 or even further down. On the upside, the index can move on to 4415 - 4420 if the current momentum sustains for a while.
HDIL (cmp Rs 266) can rise to Rs 320 or even higher if it manages to decisively breach a resistance around Rs 275 - 280. One with a medium to long term plan can hold the stock with a stop loss near Rs 225. A strong breach there could result in a fall to Rs 185 or even lower.
Biocon Limited has announced that it has executed a definitive agreement with Mylan Inc. for an exclusive collaboration on the development, manufacturing, supply and commercialization of multiple, high value generic biologic compounds for the global marketplace.
The partnership brings together the highly complementary capabilities of the two firms and will significantly advance their efforts to secure a leading position in the emerging generic biologics industry. Biocon is trading at Rs 233, up 2.8% over its previous closing price.
Jain Irrigation Systems Limited has announced that its food division has bagged large orders worth Rs 158 crore from various Cocoa-Cola bottlers in India and overseas for supply of mango pulp for the 2009-2010 season. The order, which is more than 85% higher in value compared to last season, will be executed over next year or so. Jain Irrigation's food division is the largest processor of fruits and vegetables in India. The Jain Irrigation Systems stock is currently trading up 2.7% at Rs 633.
Larsen & Toubro has bagged six orders aggregating to Rs 1230 crore from the electrical projects in the domestic market. This includes orders valued at Rs 1031 crore for transmission line & railway construction, and two orders worth Rs 199 crore for the construction of sub-stations.
Market Outlook
With global cues not any significantly positive, the mood is likely to be quite cautious on the major Indian bourses today. After a cautious start, select blue chips may surge higher on expectations of a somewhat market friendly budget from the UPA government. Though the market is likely to remain rangebound, some volatility is not ruled out.
Sector Watch
Bank stocks may surge higher. Realty stocks could also edge up but are likely to face stiff resistance at higher levels. Select information technology, capital goods and metal stocks may move up. A fair amount of buying is seen in midcap and smallcap segments.
Scrip Watch
Tulip Telecom may see action following a sharp jump in the net profit posted by the company for the quarter ended 31 March 2009. The firm has posted a net profit of Rs 1057.326 million for the quarter ended March 31, 2009 as compared to Rs 662.687 million for the quarter ended March 31, 2008. It's total income has increased from Rs 4202.556 million for the quarter ended March 31, 2008 to Rs 5195.279 million for the quarter ended March 31, 2009.
Wockhardt will be in focus following the company signing an agreement to divest its Animal Health Division to Vetoquinol, France. The animal health division of the company had recorded net sales of Rs 77 crore for the year ended December 31, 2008. For the pharma company, this initiative to divest its non-core business is a step towards its continued growth plan and a firm focus on its core human pharmaceutical business.
India Cements Limited has posted a net profit of Rs 938.60 million for the quarter ended March 31, 2009 as compared to Rs 1044.40 million for the quarter ended March 31, 2008. Total Income has decreased from Rs 10158.00 million for the quarter ended March 31, 2008 to Rs 9933.20 million for the quarter ended March 31, 2009. The stock is likely to have a slippery ride today.
It may be a weak outing for Gujarat NRE Coke stock today following the company posting a net loss of Rs 1031.80 million for the quarter ended March 31, 2009 as compared to a net profit Rs 642.00 million it had recorded for the quarter ended March 31, 2008.
Macro and Market Factors
Stocks ended on a mixed note on Wall Street last Friday. Asian markets are exhibiting a mixed trend this morning. Investors back home will have to look for local cues today. Expectations from the Union Budget will drive the market over the next few sessions.
Brokerage Recommenations 29 Jun 2009
Brokerage Recommendations 29 June 2009
Positive global cues aided our market trade firm at noon but profit booking set in, in late trade. The market ended flat today with a strong rally in infrastructure and sugar stocks. Sensex shut shop at 14785, up 21 points and Nifty at 4390, up 15 points from the previous close. CNX Midcap index was up 1.10% and BSE Smallcap index was up 1.50%. The market breadth was positive with advances at 840 against declines of 400 on the NSE. Top Nifty gainers included Axis Bank, SAIL and DLF while losers included Tata Motors, Suzlon and TCS.
Buy Kalindee Rail with a target of Rs 430 in 2 years, says Ashish Kapur of InvestShoppe on CNBC Awaaz. The stock is currently trading at Rs 225, up 4.54% on the BSE.
Hold BGR Energy with a target of Rs 350 after which it can go to Rs 380-400 and keep a stop loss of Rs 260, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 317, down 6.3% on the BSE.
Buy PNB with a target of Rs 700 and stop loss of Rs 620, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 679, up 3.6% on the BSE.
Buy Era Infrastructure with a short-term target of Rs 140, says Ashish Kapur of InvestShoppe on CNBC Awaaz. The stock is currently trading at Rs 114, up 9.27% on the BSE.
Buy RIL with a target of Rs 2175 and stop loss of Rs 2050, says Prakash Gaba, technical analyst, on CNBC Awaaz, as closing market strategy.
Buy Cairn India with a target of Rs 265 and stop loss of Rs 220, says Ashwani Gujral, technical analyst, on CNBC Awaaz, as closing market strategy.
The budget is likely to be positive for the market as it would be growth friendly, says Prateek Agarwal, market expert, on NDTV Profit. But the market is unlikely to see any sharp uptick or downtick from the budget, he feels. There is more likely to be a gradual improvement in market levels, he adds.
This is a technical rally and market is likely to see selling pressure at higher levels, says Anil Maghnani, technical analyst, on Zee Business. Till Nifty holds above 4482 this correction is healthy for the market, he feels.
The market is seeing profit booking at higher levels and is trending lower. Sensex is trading at 14784, up 20 points and Nifty is at 4390, up 14 points from the previous close. CNX Midcap index is up 1.10% and BSE Smallcap index is up 1.65%. The market breadth is positive with advances at 864 against declines of 366 on the NSE.
In an F&O call, buy Nifty July futures with a target of 4500 and stop loss of 4400, says Prakash Gaba, technical analyst, on CNBC Awaaz. Book partial profits around Nifty 4550, he adds.
In an F&O call, buy Nifty July futures with a target of 4450 and stop loss of 4365, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Book partial profits around Nifty 4650 as upside seems capped here, he adds.
In an F&O call, buy Nifty July futures with a target of 4460 and stop loss of 4395, says Raj Kishore Bang, technical analyst, on CNBC Awaaz. If the market crosses 4465 it will get into a new higher range where one can keep a stop loss of 4375, he adds.
In an F&O call, buy Nifty July futures with a target of 4600 and stop loss of 4300, says Hardik Jain, technical analyst, on CNBC Awaaz. The market is showing good momentum, if it crosses 4440-4450 then 4650 is possible, he adds.
Buy Federal Bank with a target of Rs 260 and stop loss of Rs 240, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 257, up 5.04% on the BSE.
Buy Bartronics with a target of Rs 235, says Harit Shah of Angel Broking on CNBC Awaaz. The stock is currently trading at Rs 182, up 0.39% on the BSE.
Buy Petronet LNG with a target of Rs 78 and stop loss of Rs 70, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 74, up 2.6% on the BSE.
In an F&O call, buy ACC July futures with a target of 820 and stop loss of 768, Srikant Chouhan of Kotak Securities, on CNBC Awaaz. The stock is currently trading at Rs 800, up 0.15% on the BSE.
Buy ONGC with a target of Rs 1200, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 1070, up 2.84% on the BSE.
In an F&O call, buy IDFC July futures with a target of 150 and stop loss of 128, Srikant Chouhan of Kotak Securities, on CNBC Awaaz. The stock is currently trading at Rs 140, up 2.25% on the BSE.
Buy RIL with a target of Rs 2175-2200, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 2094, up 3.25% on the BSE.
In an F&O call, buy PFC July futures with a target of 230 and stop loss of 190, Srikant Chouhan of Kotak Securities, on CNBC Awaaz. The stock is currently trading at Rs 201, up 0.25% on the BSE.
Sell Noida Toll Bridge with a target of Rs 38 and stop loss of Rs 45, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 43, up 0.81% on the BSE.
Sell Welspun Gujarat with a target of Rs 165 and stop loss of Rs 212, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 214, up 4.87% on the BSE.
In an F&O call, buy Bombay Rayon July futures with a target of 225-235 and stop loss of 187, Srikant Chouhan of Kotak Securities, on CNBC Awaaz. The stock is currently trading at Rs 193, down 3.54% on the BSE.
Hold Hindalco with target of Rs 113 in September-October, says Hemen Kapadia, technical analyst, on NDTV Profit. It has support at Rs 80 and resistance at Rs 98, he adds. The stock is currently trading at Rs 88, up 2.02% on the BSE.
Buy CMC with a target of Rs 950, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock could be a long-term outperformer, he adds. It is currently trading at Rs 792, up 0.37% on the BSE.
Hold Bartronics which is clearly in an uptrend now and we can expect an upmove, says Hemen Kapadia, technical analyst, on NDTV Profit. It has support at Rs 172 and resistance at Rs 203, he adds. The stock is currently trading at Rs 182, up 0.77% on the BSE.
The market is fairly valued with limited downside risks, says Prabhat Awasthi of Nomura Financial Advisories & Securities on CNBC TV18. We have set a 12-month Sensex target of 16400, he adds. He would advise a mix of defensives and domestic cyclical stocks.
Buy IDBI Bank with a target of Rs 120-125, says Rahul Mohindar, technical analyst, on CNBC TV18. The stock is currently trading at Rs 117, up 1.34% on the BSE.
The Asian markets are trading quiet while European markets have opened soft. Our market is looking good. Sensex is trading at 14881, up 102 points and Nifty is at 4414, up 39 points from the previous close. CNX Midcap index is up 1.34% and BSE Smallcap index is up 2.09%. The market breadth is positive with advances at 917 against declines of 300 on the NSE.
Hold ITC with target of Rs 230, says Prasad Kushe, technical analyst, on CNBC Awaaz. It has support at Rs 175 and resistance at Rs 210, he adds. The stock is currently trading at Rs 194, down 1.4% on the BSE.
Buy Nalco above Rs 314 with target of Rs 360, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 312.45, up 1.3% on the BSE.
Buy Unity Infraprojects with short-term target of Rs 365, says a market expert from Sharekhan on NDTV Profit. The stock is currently trading at Rs 336.10, up 5% on the BSE.
Buy Hindalco on decline if the view is long term, for 1-1.5 years, says P Phani Sekhar of Angel Broking on NDTV Profit. Short-term investors should exit on rally, he adds. The stock is currently trading at Rs 87.60, up 1.1% on the BSE.
Hold Chambal Fertilisers with target of Rs 80 in 3-4 months, says Hemen Kapadia, technical analyst, on NDTV Profit. Buy more on dips at Rs 60, he adds. The stock is currently trading at Rs 67.30, up 3.2% on the BSE.
Buy Astra Microwave with medium-term target of Rs 90-115 and long-term target of Rs 200, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 75, he adds. The stock is currently trading at Rs 83.50, up 2.4% on the BSE.
Hold Unitech with targets of Rs 104 and then Rs 125-130, says Ashwani Gujral, technical analyst, on CNBC TV18. It has key support at Rs 72, he adds. The stock is currently trading at Rs 85.40, up 3.7% on the BSE.
Buy Suzlon Energy on dips at Rs 100-105, says Hemen Kapadia, technical analyst, on NDTV Profit. Keep targets of Rs 140 and then 160 in August-September, he adds. He sees support for it at Rs 115. The stock is currently trading at Rs 117.50, down 4.7% on the BSE.
Hold DLF with target of Rs 350, says Prakash Gaba, technical analyst, on CNBC Awaaz. It is a stronger stock than Unitech, he adds. The stock is currently trading at Rs 338.95, up 4.1% on the BSE.
Buy Tata Power with medium-term targets of Rs 1400 and then 1600, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 1050, he adds. The stock is currently trading at Rs 1158, down 0.5% on the BSE.
Buy Suzlon Energy on dips with targets of Rs 128 and then 145, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 110, he adds. The stock is currently trading at Rs 117.55, down 4.7% on the BSE.
Buy Neyveli Lignite at Rs 110 with target of Rs 175-240 in 1-1.5 months, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 105, he adds. The stock is currently trading at Rs 126, up 0.1% on the BSE.
I expect the budget to be a non-event from market perspective, says Hans Goetti of LGT Bank on CNBC TV18. He believes that valuations have now started reaching fair zone in India. Liquidity flows may continue into Asia over the next two months and the Sensex may hit 16000 levels over medium-term, he adds.
Hold IFCI with target of Rs 100, says Rajesh Tambe of Sunchan Securities on Zee Business. The stock is currently trading at Rs 57.15, up 2.9% on the BSE.
Hold DCB with target of Rs 49, says Ashwani Gujral, technical analyst, on CNBC TV18. It has support at Rs 34 and resistance at Rs 44, he adds. The stock is currently trading at Rs 39.40, up 1.7% on the BSE.
Buy Sesa Goa with target of Rs 220-240 in two weeks, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 170, he adds. The stock is currently trading at Rs 187.90, down 2.4% on the BSE.
Buy BHEL with long-term view, says Vijay Bhambwani, technical analyst on CNBC Awaaz. It has resistance at Rs 2450 and support at Rs 1840, he adds. The stock is currently trading at Rs 2212, up 0.5% on the BSE.
An hour into opening, the market is trading rather subdued, witnessing sporadic buying. Asia is trading mixed. Sensex is trading at 14728, down 35 points from its previous close, and Nifty is at 4365, down 10 points. CNX Midcap index is up 0.8% and BSE Smallcap index is up 1.2%. The market breadth is positive with advances at 787 against declines of 368 on the NSE.
Buy Reliance Capital at Rs 930 with target of Rs 1050, says Pankaj Jain of Satguru Capital on Zee Business. Keep stop loss of Rs 890, he adds. The stock is currently trading at Rs 972.55, up 3.6% on the BSE.
Hold HDIL with target of Rs 327, says Ashwani Gujral, technical analyst, on CNBC TV18. It has support at Rs 225, he adds. The stock is currently trading at Rs 265, up 5.1% on the BSE.
Hold Wockhardt Ltd with long-term target of Rs 175, says Prakash Gaba, technical analyst, on CNBC Awaaz. It has support at Rs 130, he adds. The stock is currently trading at Rs 146, up 2.5% on the BSE.
Buy JSW Steel at Rs 623 with target of Rs 652, says SP Tulsian, investment advisor, on CNBC TV18. The stock is currently trading at Rs 628, up 0.7% on the BSE.
Buy Suzlon Energy at Rs 105-110, says Pankaj Jain of Satguru Capital on Zee Business. Keep short-term target of Rs 125-127 and medium-term target of Rs 140 plus, he adds. The stock is currently trading at Rs 115.50, down 6.4% on the BSE.
Buy RComm with target of Rs 328-330, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 316, up 1.2% on the BSE.
Buy 4400 Nifty Call Options with target of Rs 206, says Hemen Kapadia, technical analyst, on CNBC TV18. Keep stop loss of Rs 176, he adds.
Buy Balrampur Chini with intra-day target of Rs 118, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 109, he adds. The stock is currently trading at Rs 114, up 4.3% on the BSE.
Buy IFCI with intra-day target of Rs 59, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 55, he adds. The stock is currently trading at Rs 55.95, up 0.7% on the BSE.
Buy Axis Bank at Rs 818 with target of Rs 838, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 808, she adds. The stock is at Rs 818.45, up 5.3% on the BSE.
Buy Jaiprakash Associates at Rs 221 with target of Rs 226, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 218, she adds. The stock is at Rs 221.20, up 1.6% on the BSE.
The market will open on a positive note today, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. He sees strong resistance for the Nifty at 4450. He advises buying when the market opens for gains of 30-40 points.
Buy PNB at Rs 655 with target of Rs 670, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 645, she adds. The stock is at Rs 655.30, up 4.1% on the BSE.
Positive global cues aided our market trade firm at noon but profit booking set in, in late trade. The market ended flat today with a strong rally in infrastructure and sugar stocks. Sensex shut shop at 14785, up 21 points and Nifty at 4390, up 15 points from the previous close. CNX Midcap index was up 1.10% and BSE Smallcap index was up 1.50%. The market breadth was positive with advances at 840 against declines of 400 on the NSE. Top Nifty gainers included Axis Bank, SAIL and DLF while losers included Tata Motors, Suzlon and TCS.
Buy Kalindee Rail with a target of Rs 430 in 2 years, says Ashish Kapur of InvestShoppe on CNBC Awaaz. The stock is currently trading at Rs 225, up 4.54% on the BSE.
Hold BGR Energy with a target of Rs 350 after which it can go to Rs 380-400 and keep a stop loss of Rs 260, says MB Singh, technical analyst, on Zee Business. The stock is currently trading at Rs 317, down 6.3% on the BSE.
Buy PNB with a target of Rs 700 and stop loss of Rs 620, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 679, up 3.6% on the BSE.
Buy Era Infrastructure with a short-term target of Rs 140, says Ashish Kapur of InvestShoppe on CNBC Awaaz. The stock is currently trading at Rs 114, up 9.27% on the BSE.
Buy RIL with a target of Rs 2175 and stop loss of Rs 2050, says Prakash Gaba, technical analyst, on CNBC Awaaz, as closing market strategy.
Buy Cairn India with a target of Rs 265 and stop loss of Rs 220, says Ashwani Gujral, technical analyst, on CNBC Awaaz, as closing market strategy.
The budget is likely to be positive for the market as it would be growth friendly, says Prateek Agarwal, market expert, on NDTV Profit. But the market is unlikely to see any sharp uptick or downtick from the budget, he feels. There is more likely to be a gradual improvement in market levels, he adds.
This is a technical rally and market is likely to see selling pressure at higher levels, says Anil Maghnani, technical analyst, on Zee Business. Till Nifty holds above 4482 this correction is healthy for the market, he feels.
The market is seeing profit booking at higher levels and is trending lower. Sensex is trading at 14784, up 20 points and Nifty is at 4390, up 14 points from the previous close. CNX Midcap index is up 1.10% and BSE Smallcap index is up 1.65%. The market breadth is positive with advances at 864 against declines of 366 on the NSE.
In an F&O call, buy Nifty July futures with a target of 4500 and stop loss of 4400, says Prakash Gaba, technical analyst, on CNBC Awaaz. Book partial profits around Nifty 4550, he adds.
In an F&O call, buy Nifty July futures with a target of 4450 and stop loss of 4365, says Ashwani Gujral, technical analyst, on CNBC Awaaz. Book partial profits around Nifty 4650 as upside seems capped here, he adds.
In an F&O call, buy Nifty July futures with a target of 4460 and stop loss of 4395, says Raj Kishore Bang, technical analyst, on CNBC Awaaz. If the market crosses 4465 it will get into a new higher range where one can keep a stop loss of 4375, he adds.
In an F&O call, buy Nifty July futures with a target of 4600 and stop loss of 4300, says Hardik Jain, technical analyst, on CNBC Awaaz. The market is showing good momentum, if it crosses 4440-4450 then 4650 is possible, he adds.
Buy Federal Bank with a target of Rs 260 and stop loss of Rs 240, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 257, up 5.04% on the BSE.
Buy Bartronics with a target of Rs 235, says Harit Shah of Angel Broking on CNBC Awaaz. The stock is currently trading at Rs 182, up 0.39% on the BSE.
Buy Petronet LNG with a target of Rs 78 and stop loss of Rs 70, says Neera Jain of crnindia.com on CNBC Awaaz. The stock is currently trading at Rs 74, up 2.6% on the BSE.
In an F&O call, buy ACC July futures with a target of 820 and stop loss of 768, Srikant Chouhan of Kotak Securities, on CNBC Awaaz. The stock is currently trading at Rs 800, up 0.15% on the BSE.
Buy ONGC with a target of Rs 1200, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 1070, up 2.84% on the BSE.
In an F&O call, buy IDFC July futures with a target of 150 and stop loss of 128, Srikant Chouhan of Kotak Securities, on CNBC Awaaz. The stock is currently trading at Rs 140, up 2.25% on the BSE.
Buy RIL with a target of Rs 2175-2200, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 2094, up 3.25% on the BSE.
In an F&O call, buy PFC July futures with a target of 230 and stop loss of 190, Srikant Chouhan of Kotak Securities, on CNBC Awaaz. The stock is currently trading at Rs 201, up 0.25% on the BSE.
Sell Noida Toll Bridge with a target of Rs 38 and stop loss of Rs 45, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 43, up 0.81% on the BSE.
Sell Welspun Gujarat with a target of Rs 165 and stop loss of Rs 212, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 214, up 4.87% on the BSE.
In an F&O call, buy Bombay Rayon July futures with a target of 225-235 and stop loss of 187, Srikant Chouhan of Kotak Securities, on CNBC Awaaz. The stock is currently trading at Rs 193, down 3.54% on the BSE.
Hold Hindalco with target of Rs 113 in September-October, says Hemen Kapadia, technical analyst, on NDTV Profit. It has support at Rs 80 and resistance at Rs 98, he adds. The stock is currently trading at Rs 88, up 2.02% on the BSE.
Buy CMC with a target of Rs 950, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock could be a long-term outperformer, he adds. It is currently trading at Rs 792, up 0.37% on the BSE.
Hold Bartronics which is clearly in an uptrend now and we can expect an upmove, says Hemen Kapadia, technical analyst, on NDTV Profit. It has support at Rs 172 and resistance at Rs 203, he adds. The stock is currently trading at Rs 182, up 0.77% on the BSE.
The market is fairly valued with limited downside risks, says Prabhat Awasthi of Nomura Financial Advisories & Securities on CNBC TV18. We have set a 12-month Sensex target of 16400, he adds. He would advise a mix of defensives and domestic cyclical stocks.
Buy IDBI Bank with a target of Rs 120-125, says Rahul Mohindar, technical analyst, on CNBC TV18. The stock is currently trading at Rs 117, up 1.34% on the BSE.
The Asian markets are trading quiet while European markets have opened soft. Our market is looking good. Sensex is trading at 14881, up 102 points and Nifty is at 4414, up 39 points from the previous close. CNX Midcap index is up 1.34% and BSE Smallcap index is up 2.09%. The market breadth is positive with advances at 917 against declines of 300 on the NSE.
Hold ITC with target of Rs 230, says Prasad Kushe, technical analyst, on CNBC Awaaz. It has support at Rs 175 and resistance at Rs 210, he adds. The stock is currently trading at Rs 194, down 1.4% on the BSE.
Buy Nalco above Rs 314 with target of Rs 360, says Ashwani Gujral, technical analyst, on CNBC TV18. The stock is currently trading at Rs 312.45, up 1.3% on the BSE.
Buy Unity Infraprojects with short-term target of Rs 365, says a market expert from Sharekhan on NDTV Profit. The stock is currently trading at Rs 336.10, up 5% on the BSE.
Buy Hindalco on decline if the view is long term, for 1-1.5 years, says P Phani Sekhar of Angel Broking on NDTV Profit. Short-term investors should exit on rally, he adds. The stock is currently trading at Rs 87.60, up 1.1% on the BSE.
Hold Chambal Fertilisers with target of Rs 80 in 3-4 months, says Hemen Kapadia, technical analyst, on NDTV Profit. Buy more on dips at Rs 60, he adds. The stock is currently trading at Rs 67.30, up 3.2% on the BSE.
Buy Astra Microwave with medium-term target of Rs 90-115 and long-term target of Rs 200, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 75, he adds. The stock is currently trading at Rs 83.50, up 2.4% on the BSE.
Hold Unitech with targets of Rs 104 and then Rs 125-130, says Ashwani Gujral, technical analyst, on CNBC TV18. It has key support at Rs 72, he adds. The stock is currently trading at Rs 85.40, up 3.7% on the BSE.
Buy Suzlon Energy on dips at Rs 100-105, says Hemen Kapadia, technical analyst, on NDTV Profit. Keep targets of Rs 140 and then 160 in August-September, he adds. He sees support for it at Rs 115. The stock is currently trading at Rs 117.50, down 4.7% on the BSE.
Hold DLF with target of Rs 350, says Prakash Gaba, technical analyst, on CNBC Awaaz. It is a stronger stock than Unitech, he adds. The stock is currently trading at Rs 338.95, up 4.1% on the BSE.
Buy Tata Power with medium-term targets of Rs 1400 and then 1600, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 1050, he adds. The stock is currently trading at Rs 1158, down 0.5% on the BSE.
Buy Suzlon Energy on dips with targets of Rs 128 and then 145, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 110, he adds. The stock is currently trading at Rs 117.55, down 4.7% on the BSE.
Buy Neyveli Lignite at Rs 110 with target of Rs 175-240 in 1-1.5 months, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 105, he adds. The stock is currently trading at Rs 126, up 0.1% on the BSE.
I expect the budget to be a non-event from market perspective, says Hans Goetti of LGT Bank on CNBC TV18. He believes that valuations have now started reaching fair zone in India. Liquidity flows may continue into Asia over the next two months and the Sensex may hit 16000 levels over medium-term, he adds.
Hold IFCI with target of Rs 100, says Rajesh Tambe of Sunchan Securities on Zee Business. The stock is currently trading at Rs 57.15, up 2.9% on the BSE.
Hold DCB with target of Rs 49, says Ashwani Gujral, technical analyst, on CNBC TV18. It has support at Rs 34 and resistance at Rs 44, he adds. The stock is currently trading at Rs 39.40, up 1.7% on the BSE.
Buy Sesa Goa with target of Rs 220-240 in two weeks, says Prasad Kushe, technical analyst, on CNBC Awaaz. Keep stop loss of Rs 170, he adds. The stock is currently trading at Rs 187.90, down 2.4% on the BSE.
Buy BHEL with long-term view, says Vijay Bhambwani, technical analyst on CNBC Awaaz. It has resistance at Rs 2450 and support at Rs 1840, he adds. The stock is currently trading at Rs 2212, up 0.5% on the BSE.
An hour into opening, the market is trading rather subdued, witnessing sporadic buying. Asia is trading mixed. Sensex is trading at 14728, down 35 points from its previous close, and Nifty is at 4365, down 10 points. CNX Midcap index is up 0.8% and BSE Smallcap index is up 1.2%. The market breadth is positive with advances at 787 against declines of 368 on the NSE.
Buy Reliance Capital at Rs 930 with target of Rs 1050, says Pankaj Jain of Satguru Capital on Zee Business. Keep stop loss of Rs 890, he adds. The stock is currently trading at Rs 972.55, up 3.6% on the BSE.
Hold HDIL with target of Rs 327, says Ashwani Gujral, technical analyst, on CNBC TV18. It has support at Rs 225, he adds. The stock is currently trading at Rs 265, up 5.1% on the BSE.
Hold Wockhardt Ltd with long-term target of Rs 175, says Prakash Gaba, technical analyst, on CNBC Awaaz. It has support at Rs 130, he adds. The stock is currently trading at Rs 146, up 2.5% on the BSE.
Buy JSW Steel at Rs 623 with target of Rs 652, says SP Tulsian, investment advisor, on CNBC TV18. The stock is currently trading at Rs 628, up 0.7% on the BSE.
Buy Suzlon Energy at Rs 105-110, says Pankaj Jain of Satguru Capital on Zee Business. Keep short-term target of Rs 125-127 and medium-term target of Rs 140 plus, he adds. The stock is currently trading at Rs 115.50, down 6.4% on the BSE.
Buy RComm with target of Rs 328-330, says Mitesh Thacker, technical analyst, on CNBC TV18. The stock is currently trading at Rs 316, up 1.2% on the BSE.
Buy 4400 Nifty Call Options with target of Rs 206, says Hemen Kapadia, technical analyst, on CNBC TV18. Keep stop loss of Rs 176, he adds.
Buy Balrampur Chini with intra-day target of Rs 118, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 109, he adds. The stock is currently trading at Rs 114, up 4.3% on the BSE.
Buy IFCI with intra-day target of Rs 59, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 55, he adds. The stock is currently trading at Rs 55.95, up 0.7% on the BSE.
Buy Axis Bank at Rs 818 with target of Rs 838, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 808, she adds. The stock is at Rs 818.45, up 5.3% on the BSE.
Buy Jaiprakash Associates at Rs 221 with target of Rs 226, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 218, she adds. The stock is at Rs 221.20, up 1.6% on the BSE.
The market will open on a positive note today, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. He sees strong resistance for the Nifty at 4450. He advises buying when the market opens for gains of 30-40 points.
Buy PNB at Rs 655 with target of Rs 670, says Simi Bhaumik, technical analyst, on Zee Business. Keep stop loss of Rs 645, she adds. The stock is at Rs 655.30, up 4.1% on the BSE.
Sunday, June 28, 2009
Closing bell 26 June 2009
Closing bell 26 June 2009
Persistent buying activity during the day led the markets to end the week on a strong note. The BSE-Sensex ended higher by around 419 points, while the NSE-Nifty closed up by about 135 points. Stocks from the mid-cap and small-cap spaces ended the day on a positive note, recording gains of 2.4% and 1.9% respectively. Buying activity was witnessed in stocks from the banking, consumer goods and IT spaces, while stocks from healthcare ended on a negative note.
Most of the other Asian markets ended the day on a positive note today. The European indices are currently trading in the green. The Rupee was trading at 48.27 against the US Dollar at the time of writing.
As per a leading business daily, on account of poor natural gas offtake from the power plants, Reliance Industries (RIL) is forced to suppress the production at its D6 block in the KG basin fields. As per management reports, the company is currently producing around 28 m cubic meters a day (mcmd) gas from the above block as against a capacity of 37 mcmd. It may be noted that the government had prioritized consumers for the gas from D6 blocks, wherein the power sector was allocated 18 mcmd and fertilizers was given 15 mcmd. However, on account of lower demand, the fertilizers and power sectors are taking only 12 mcmd and 13.5 mcmd of gas respectively. Despite of all this RIL is targeting to achieve production of 80 mcmd by the end of December 2009.The stock of RIL closed the day in the green.
On the final day of the offer, the IPO of Mahindra Holidays & Resorts got fully subscribed raising a sum of Rs 3 bn for the company. The company will use the proceeds in setting up new projects to fuel its expansion plans. Full subscription of the issue signals a revival in investment appetite in the IPO market, which has lately had a dry spell on account of the credit crunch and risk aversion. The IPO got good response from institutional investors like Qualified Institutional Buyers (QIBs) and Foreign Institutional Investors (FIIs) and also from corporates and individuals. The enthusiasm from retail investors remained a little subdued. The parent company, Mahindra and Mahindra closed the day on a weaker note.
The World Bank is of the view that the emerging economies will see a 14% surge in foreign direct investment (FDI) in the next one year. This year, due to a credit crunch arising out of global recession, the FDI inflows to the emerging world fell by 34% to US $385 bn from US $580 bn in 2008. It is expected to rebound to US $ 440 bn in 2010. Significantly, emerging nations, led by the BRIC countries will increasingly invest in each other. According to Bloomberg, BRIC nations, together hold about US$ 2.8 trillion i.e. 41% of the world’s foreign currency reserves. This figure is all set to increase on account of revised confidence in the fundamentals of these countries and their potential of leading the world out of the recession
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GAIL to lay more pipelines
Markets continued to move upwards during the previous two hours of trade, on account of sustained buying activity across the index heavyweights. Stocks from the banking, energy and telecom sectors are leading the pack of gainers, while select stocks from the pharma, metal and auto sectors are trading weak. The overall advance to decline ratio is poised at 1.8 to 1 on the BSE.
The BSE-Sensex and NSE-Nifty are trading firm, up by around 240 points and 90 points respectively. The BSE-Midcap and BSE-Smallcap indices are also trading higher, up by around 1.6% and 1.3% respectively. The Rupee is trading at 48.42 to the Dollar.
Except for Tata Steel, majority of the steel stocks are trading higher led by JSW Steel and SAIL. Tata Steel announced its FY09 results last evening. The standalone topline grew by 23.5% YoY backed by both higher volumes and realizations. The operating profits grew by 14% YoY, lower as compared to the topline, mainly on account of higher than proportionate growth in operating costs. Thus, operating margins declined by 3.1% to 37.6% during the fiscal. Net profits grew by 11% YoY in FY09. On a consolidated basis, while the topline grew by 12% YoY, the bottomline declined by 60.6% YoY during the fiscal. It has recommended a dividendof Rs 16 per share (dividend yield of 4%).
Energy stocks are trading positive led by RIL, Cairn India and GAIL. As reported by a leading business daily, GAIL, the largest natural gas transmission and marketing company in India, is planning to invest over Rs 75 bn in laying pipelines from Dabhol on the Maharashtra coast to Bengaluru, Kochi and Mangalore. The first project comprising of laying a 1,389 km long, 16 mcmd (million cubic metres per day) pipeline between Dabhol and Bengaluru is expected to be completed by 2013 with an investment of about Rs 45 bn. The second project for laying the 1,114 km long Kochi-Kanjirkkod-Bengaluru-Mangalore pipeline will cost around Rs 30 bn. The two projects will be executed in a phased manner. Government approvals regarding these are underway. These pipelines will go a long way in advancing its capacity and reach to fulfil the ever increasing fuel demand in the country.
Sun Pharma down on US FDA move
The Indian markets continued to trade above the dotted line during the previous two hours of trade as buying activity sustains among stocks. Currently, stocks from the engineering, banking and metals sectors are leading the pack of gainers, while select pharma and auto stocks are trading weak. The overall advance to decline ratio is poised at 1.5 to 1 on the BSE.
The BSE-Sensex and NSE-Nifty are trading firm, up by around 90 points and 40 points respectively. The BSE-Midcap and BSE-Smallcap indices are also trading higher, up by around 1.2% and 1.0% respectively. The Rupee is trading at 48.51 to the Dollar.
Pharma stocks are trading mixed on the bourses currently. While Dr. Reddy's and Glenmark Pharma are trading firm, Sun Pharma is trading deep in the red, riding on the news that the USA FDA has seized drugs manufactured by its US subsidiary, Caraco. It is believed that the US FDA has seized some 30 drugs manufactured from Caraco's Michigan facility on the back of manufacturing deficiencies. However, the company currently is waiting for more clarity from the US FDA on this move. It may be noted that earlier the US FDA had also seized drugs manufactured in the Caraco's Detroit facility, which had led to Sun Pharma's exports formulation business to witness a drop of 57% YoY in 4QFY09.
Power stocks are trading firm led by Reliance Power and Tata Power. As per a leading business daily, Tata Power plans to build a 525 MW power plant at the Tata Steel's Corus facility in the Netherlands. For this, the company is close to signing an MOU with Tata Steel and Corus Steel BV. Under the agreement, Tata Power and Tata Steel will set up a joint venture company that will develop the project on BOO (build, own and operate the power plant) basis. The plant will use most of the excess gas produced in the plant to produce steam and power for the facility. It is expected that the new plant will operate by 2013 and Corus will partly replace its existing power supply arrangements. The development will ensure Tata Power's long term engagement with Corus.
Low growth fear hits FMCG stocks
Mirroring the global markets, the Indian markets have opened the day's proceedings on a positive note today. Barring select pharma stocks, all the stocks on the NSE Nifty are trading higher. Energy, banking and engineering stocks are leading the pack of gainers. As regards global markets, the US markets found momentum yesterday as buying was witnessed at lower levels. The European markets ended in the green yesterday, while the Asian markets are trading mixed.
The BSE Sensex is trading higher by around 80 points. The NSE Nifty is up 40 points. The BSE Midcap and the BSE Smallcap indices are also trading firm. The rupee is trading at 48.53 to the dollar.
As per the latest Nielson report, a slowdown has been witnessed in the FMCG sector growth. The year on year growth in April and May was seen at 16.2%. This is lower than that of April and May 2008, at 19% YoY. Overall growth was broad-based, as all categories, except toothpaste and edible oils, grew over 10% YoY. However, washing powder and detergent cakes continued to witness declining volumes. This is inspite of price cuts taken by the companies during the start of the year. Out of the big FMCG players, only Nestle recorded a good sales growth of 20.1% YoY during the April-May period on the back of strong growth experienced in noodles, milk food and milk powder. Further, as per the report, a sharp volume and market-share dip in key categories for HUL was witnessed. FMCG stocks are trading mixed. FMCG stocks are trading weak currently.
Banking stocks are trading firm. As per a leading business daily, the Reserve Bank of India (RBI) is planning to tighten prudential norms for banks to provide a cushion for financial dependability especially in turbulent times like these. The central bank is considering suggestions to increase the capital adequacy ratio from the present 9%. The additional capital will be used by banks to tide over a financial crisis or other eventualities during an economic downturn. It is also considering the option of making additional provisions during good times. This could mean provisioning of 120% of risk weightage when the actual requirement may be 100%. The RBI may also stipulate a leverage ratio for banks to prevent excess strain on capital. At present there are no leverage ratios. This ratio would be made applicable for internal and external operations of the bank. The move is in line with the recommendations of the G-20 working group on enhancing sound financial regulation and strengthening transparency. While Indian banks are currently safeguarded from the financial crisis being witnessed across global banks, these measures would certainly benefit them.
Change is coming to India...
...or so we can hope, with one of India's most revered corporate citizens getting down to a new role in India's governance. We are talking about Nandan Nilekani, the co-Chairman of India's second largest and among the most respected companies, Infosys. He has quit from the company's board after being appointed the chairperson of the Unique Identification Authority of India, an estimated Rs 20 bn national project to build India's database of her billion-plus population.
This database will comprise a unique permanent identity number assigned to every resident Indian, and will be created over the next 12 to 18 months. The biggest benefit for us citizens will be that we then won't have to produce multiple proofs of identity, while the country is expected to become more secure.
Nilekani, who will now have to shift base to Delhi, has been roped in by Prime Minister Dr. Manmohan Singh himself to lead this project. And while his inclusion is expected to provide a big boost to India's mismanaged governance, it might leave some gaps in the management of Infosys, with which he has been associated for the past three decades. And this is especially at a time when the company is going through a tough phase owing to a global slowdown in technology spending.
When asked by a news channel on the pains of leaving the company he helped create, Nilekani said, "Definitely it was a very big decision, because it was a company which I was the co founder, which I had nurtured for 30 years. Certainly it was a very emotional decision. But at the end of the day when the PM requests you take up a project of national importance and says please take this and do something in five years, that's an offer you can't refuse."
Coming back to the project, we see this presenting Indian IT companies with a big chance to showcase their skills for the Indian market. While the project size in itself is not too big for the kind of work that the large Indian IT companies do for their US and European clients, it certainly will be a game changer in times when these companies are looking to the domestic market for some respite from a global tech slowdown.
As far as Infosys is concerned, Nilekani has indicated that he will ensure that there is no conflict between his new role and the interests of the company. True to what was expected of him, he has said, "I will make sure that we have the highest standards of integrity, openness, transparency and process in all procurement. A slightest issue (and) I will recuse myself from the decision."
Overall, in a country where corporate chieftains have never played any key in the governance (despite many being part of the government), Nilekani's appointment is like a breath of fresh air. It also is a hope that the country's governance will see a change for the better. As for Infosys, we need to hear what they have to say when they come in front of investors with their quarterly results in the second week of July.
Persistent buying activity during the day led the markets to end the week on a strong note. The BSE-Sensex ended higher by around 419 points, while the NSE-Nifty closed up by about 135 points. Stocks from the mid-cap and small-cap spaces ended the day on a positive note, recording gains of 2.4% and 1.9% respectively. Buying activity was witnessed in stocks from the banking, consumer goods and IT spaces, while stocks from healthcare ended on a negative note.
Most of the other Asian markets ended the day on a positive note today. The European indices are currently trading in the green. The Rupee was trading at 48.27 against the US Dollar at the time of writing.
As per a leading business daily, on account of poor natural gas offtake from the power plants, Reliance Industries (RIL) is forced to suppress the production at its D6 block in the KG basin fields. As per management reports, the company is currently producing around 28 m cubic meters a day (mcmd) gas from the above block as against a capacity of 37 mcmd. It may be noted that the government had prioritized consumers for the gas from D6 blocks, wherein the power sector was allocated 18 mcmd and fertilizers was given 15 mcmd. However, on account of lower demand, the fertilizers and power sectors are taking only 12 mcmd and 13.5 mcmd of gas respectively. Despite of all this RIL is targeting to achieve production of 80 mcmd by the end of December 2009.The stock of RIL closed the day in the green.
On the final day of the offer, the IPO of Mahindra Holidays & Resorts got fully subscribed raising a sum of Rs 3 bn for the company. The company will use the proceeds in setting up new projects to fuel its expansion plans. Full subscription of the issue signals a revival in investment appetite in the IPO market, which has lately had a dry spell on account of the credit crunch and risk aversion. The IPO got good response from institutional investors like Qualified Institutional Buyers (QIBs) and Foreign Institutional Investors (FIIs) and also from corporates and individuals. The enthusiasm from retail investors remained a little subdued. The parent company, Mahindra and Mahindra closed the day on a weaker note.
The World Bank is of the view that the emerging economies will see a 14% surge in foreign direct investment (FDI) in the next one year. This year, due to a credit crunch arising out of global recession, the FDI inflows to the emerging world fell by 34% to US $385 bn from US $580 bn in 2008. It is expected to rebound to US $ 440 bn in 2010. Significantly, emerging nations, led by the BRIC countries will increasingly invest in each other. According to Bloomberg, BRIC nations, together hold about US$ 2.8 trillion i.e. 41% of the world’s foreign currency reserves. This figure is all set to increase on account of revised confidence in the fundamentals of these countries and their potential of leading the world out of the recession
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GAIL to lay more pipelines
Markets continued to move upwards during the previous two hours of trade, on account of sustained buying activity across the index heavyweights. Stocks from the banking, energy and telecom sectors are leading the pack of gainers, while select stocks from the pharma, metal and auto sectors are trading weak. The overall advance to decline ratio is poised at 1.8 to 1 on the BSE.
The BSE-Sensex and NSE-Nifty are trading firm, up by around 240 points and 90 points respectively. The BSE-Midcap and BSE-Smallcap indices are also trading higher, up by around 1.6% and 1.3% respectively. The Rupee is trading at 48.42 to the Dollar.
Except for Tata Steel, majority of the steel stocks are trading higher led by JSW Steel and SAIL. Tata Steel announced its FY09 results last evening. The standalone topline grew by 23.5% YoY backed by both higher volumes and realizations. The operating profits grew by 14% YoY, lower as compared to the topline, mainly on account of higher than proportionate growth in operating costs. Thus, operating margins declined by 3.1% to 37.6% during the fiscal. Net profits grew by 11% YoY in FY09. On a consolidated basis, while the topline grew by 12% YoY, the bottomline declined by 60.6% YoY during the fiscal. It has recommended a dividendof Rs 16 per share (dividend yield of 4%).
Energy stocks are trading positive led by RIL, Cairn India and GAIL. As reported by a leading business daily, GAIL, the largest natural gas transmission and marketing company in India, is planning to invest over Rs 75 bn in laying pipelines from Dabhol on the Maharashtra coast to Bengaluru, Kochi and Mangalore. The first project comprising of laying a 1,389 km long, 16 mcmd (million cubic metres per day) pipeline between Dabhol and Bengaluru is expected to be completed by 2013 with an investment of about Rs 45 bn. The second project for laying the 1,114 km long Kochi-Kanjirkkod-Bengaluru-Mangalore pipeline will cost around Rs 30 bn. The two projects will be executed in a phased manner. Government approvals regarding these are underway. These pipelines will go a long way in advancing its capacity and reach to fulfil the ever increasing fuel demand in the country.
Sun Pharma down on US FDA move
The Indian markets continued to trade above the dotted line during the previous two hours of trade as buying activity sustains among stocks. Currently, stocks from the engineering, banking and metals sectors are leading the pack of gainers, while select pharma and auto stocks are trading weak. The overall advance to decline ratio is poised at 1.5 to 1 on the BSE.
The BSE-Sensex and NSE-Nifty are trading firm, up by around 90 points and 40 points respectively. The BSE-Midcap and BSE-Smallcap indices are also trading higher, up by around 1.2% and 1.0% respectively. The Rupee is trading at 48.51 to the Dollar.
Pharma stocks are trading mixed on the bourses currently. While Dr. Reddy's and Glenmark Pharma are trading firm, Sun Pharma is trading deep in the red, riding on the news that the USA FDA has seized drugs manufactured by its US subsidiary, Caraco. It is believed that the US FDA has seized some 30 drugs manufactured from Caraco's Michigan facility on the back of manufacturing deficiencies. However, the company currently is waiting for more clarity from the US FDA on this move. It may be noted that earlier the US FDA had also seized drugs manufactured in the Caraco's Detroit facility, which had led to Sun Pharma's exports formulation business to witness a drop of 57% YoY in 4QFY09.
Power stocks are trading firm led by Reliance Power and Tata Power. As per a leading business daily, Tata Power plans to build a 525 MW power plant at the Tata Steel's Corus facility in the Netherlands. For this, the company is close to signing an MOU with Tata Steel and Corus Steel BV. Under the agreement, Tata Power and Tata Steel will set up a joint venture company that will develop the project on BOO (build, own and operate the power plant) basis. The plant will use most of the excess gas produced in the plant to produce steam and power for the facility. It is expected that the new plant will operate by 2013 and Corus will partly replace its existing power supply arrangements. The development will ensure Tata Power's long term engagement with Corus.
Low growth fear hits FMCG stocks
Mirroring the global markets, the Indian markets have opened the day's proceedings on a positive note today. Barring select pharma stocks, all the stocks on the NSE Nifty are trading higher. Energy, banking and engineering stocks are leading the pack of gainers. As regards global markets, the US markets found momentum yesterday as buying was witnessed at lower levels. The European markets ended in the green yesterday, while the Asian markets are trading mixed.
The BSE Sensex is trading higher by around 80 points. The NSE Nifty is up 40 points. The BSE Midcap and the BSE Smallcap indices are also trading firm. The rupee is trading at 48.53 to the dollar.
As per the latest Nielson report, a slowdown has been witnessed in the FMCG sector growth. The year on year growth in April and May was seen at 16.2%. This is lower than that of April and May 2008, at 19% YoY. Overall growth was broad-based, as all categories, except toothpaste and edible oils, grew over 10% YoY. However, washing powder and detergent cakes continued to witness declining volumes. This is inspite of price cuts taken by the companies during the start of the year. Out of the big FMCG players, only Nestle recorded a good sales growth of 20.1% YoY during the April-May period on the back of strong growth experienced in noodles, milk food and milk powder. Further, as per the report, a sharp volume and market-share dip in key categories for HUL was witnessed. FMCG stocks are trading mixed. FMCG stocks are trading weak currently.
Banking stocks are trading firm. As per a leading business daily, the Reserve Bank of India (RBI) is planning to tighten prudential norms for banks to provide a cushion for financial dependability especially in turbulent times like these. The central bank is considering suggestions to increase the capital adequacy ratio from the present 9%. The additional capital will be used by banks to tide over a financial crisis or other eventualities during an economic downturn. It is also considering the option of making additional provisions during good times. This could mean provisioning of 120% of risk weightage when the actual requirement may be 100%. The RBI may also stipulate a leverage ratio for banks to prevent excess strain on capital. At present there are no leverage ratios. This ratio would be made applicable for internal and external operations of the bank. The move is in line with the recommendations of the G-20 working group on enhancing sound financial regulation and strengthening transparency. While Indian banks are currently safeguarded from the financial crisis being witnessed across global banks, these measures would certainly benefit them.
Change is coming to India...
...or so we can hope, with one of India's most revered corporate citizens getting down to a new role in India's governance. We are talking about Nandan Nilekani, the co-Chairman of India's second largest and among the most respected companies, Infosys. He has quit from the company's board after being appointed the chairperson of the Unique Identification Authority of India, an estimated Rs 20 bn national project to build India's database of her billion-plus population.
This database will comprise a unique permanent identity number assigned to every resident Indian, and will be created over the next 12 to 18 months. The biggest benefit for us citizens will be that we then won't have to produce multiple proofs of identity, while the country is expected to become more secure.
Nilekani, who will now have to shift base to Delhi, has been roped in by Prime Minister Dr. Manmohan Singh himself to lead this project. And while his inclusion is expected to provide a big boost to India's mismanaged governance, it might leave some gaps in the management of Infosys, with which he has been associated for the past three decades. And this is especially at a time when the company is going through a tough phase owing to a global slowdown in technology spending.
When asked by a news channel on the pains of leaving the company he helped create, Nilekani said, "Definitely it was a very big decision, because it was a company which I was the co founder, which I had nurtured for 30 years. Certainly it was a very emotional decision. But at the end of the day when the PM requests you take up a project of national importance and says please take this and do something in five years, that's an offer you can't refuse."
Coming back to the project, we see this presenting Indian IT companies with a big chance to showcase their skills for the Indian market. While the project size in itself is not too big for the kind of work that the large Indian IT companies do for their US and European clients, it certainly will be a game changer in times when these companies are looking to the domestic market for some respite from a global tech slowdown.
As far as Infosys is concerned, Nilekani has indicated that he will ensure that there is no conflict between his new role and the interests of the company. True to what was expected of him, he has said, "I will make sure that we have the highest standards of integrity, openness, transparency and process in all procurement. A slightest issue (and) I will recuse myself from the decision."
Overall, in a country where corporate chieftains have never played any key in the governance (despite many being part of the government), Nilekani's appointment is like a breath of fresh air. It also is a hope that the country's governance will see a change for the better. As for Infosys, we need to hear what they have to say when they come in front of investors with their quarterly results in the second week of July.
Market voices 26 June 2009
Market voices 26 June 2009
The market opened on a firm note on strong global cues, shrugged off a mild setback it suffered around mid morning and gained in strength as the session progressed today.
As stocks almost across the board rallied higher, the Sensex off in style today. The Nifty too finished with a hefty gain. While the Sensex ended at 14,764.89 (provisional) with a huge gain of 419.27 points or 2.92%, the Nifty closed at 4374.40, up 132.55 points or 3.12%. The Sensex rose to 14,781.94 while the Nifty hit a high of 4383.75 today.
Bank, capital goods, IT, realty and telecom stocks posted strong gains. Consumer durables, oil, metal, power and FMCG stocks also ended on a high note. PSU and Auto sectors saw stock specific action.
Pharma stocks were among the ones to lag behind today. Several midcap and smallcap stocks had a good outing today. The market breadth was strong right through the session.
ICICI Bank gained around 9%. L&T and Sterlite moved up by over 5.5%. TCS, RComm, Infosys Technologies, RIL, Maruti, BHEL, HDFC, HUL, Wipro, SBI, ACC, DLF, HDFC Bank, ONGC, Hindalco, Reliance Infra and ITC also closed on a high note today.
Jindal Steel, Ambuja Cements, Axis Bank, Suzlon Energy, Siemens and Reliance Capital moved up sharply. HCL Tech, Power Grid Corporation, ABB, Tata Comm, PNB, GAIL, RPower and SAIL also ended with impressive gains.
Sterlite Technologies has charted out a Rs 250 crore capex outlay to scale its optical fibre capacity from 12 million-km to 20 million-km. The enhanced capacity, which would be functional by 2011, would position Sterlite amongst the top three manufacturers globally.
The Sterlite Technologies stock is locked at the 10% upper circuit at Rs 183.50. Over 3 lakh shares were traded at the counter today, far higher than the average daily volume of around 88,000 shares the counter has been clocking in recent times.
Unitech, is likely to raise nearly Rs 1,000 crore within the next three months by selling stake in its affordable housing projects to private equity players. According to some reports, Unitech is in advance stages of negotiations with some domestic and global private equity firms to raise funds for its affordable housing projects being developed under the brand 'Uni Homes'.
Unitech had last month announced its plans to construct 20,000 affordable houses at a cost of Rs 1,700 crore to become India's numero-uno realty company within a year.
Max India Limited has posted a net loss of Rs 6.76 crore for the quarter ended March 31, 2009 as compared to net profit of Rs 20.22 crore for the quarter ended March 31, 2008. Total Income has decreased from Rs 111.43 crore for the quarter ended March 31, 2008 to Rs 91.42 crore for the quarter ended March 31, 2009. For the year ended 31 March 2009, the company has posted a net profit of Rs 21.84 crore as compared to Rs 61.90 crore for the year ended March 31, 2008. The stock is trading weak at Rs 205, down 2.2% from its previous closing price.
Tech Mahindra has entered into a strategic alliance with Win Plc, a leading provider of interactive mobil information and entertainment services. Under the terms of the initial agreement, Tech Mahindra will work with WIN to develop the company's next generation mobile platform. The two firms will also look to develop jont go-to-market strategies in key territories, notably Tech Mahindra's strong Asian market.
Investors with a medium to long term plan can try Aurobindo Pharma (cmp Rs 501) at current levels. A modest exposure can be had at current levels. More can be added at declines. The stock can move on to Rs 540 - 550. It has support at Rs 450 levels. For now, a stop loss can be placed there.
One can stay invested in fertilizers stocks and pick up more of them at sharp declines for decent returns over a short to medium term. Godavari Fertilizers, RCF, Nagarjuna Fertilizers, Coromandel Fertilizers, MRPL, GNFC and Tata Chemicals can all give fairly solid returns.
GAIL India rose to Rs 284.70 today on reports that it will invest Rs 7,600 crore towards two pipeline projects linking Karnataka to the National Gas Grid. The stock has eased to Rs 280 now, but still holds on in the positive territory with a fairly sharp gain. One holding the stock can stay invested and look at buying more at sharp dips.
Stay invested in IT majors Infosys, TCS, Wipro, Tech Mahindra and Oracle Financial Services.
Though some downside is likely in the near term, all these stocks are likely to rebound and rally higher over the next 12 - 18 months. One can consider sharp dips as opportunities to buy more of these stocks.
One can stay invested in bank stocks for now. Though a few stocks from this space may see some weakness in the near run, most of the stocks in the sector are likely to give fairly strong returns over the next 6 - 12 months. Fresh buying in heavyweights SBI, HDFC Bank, ICICI Bank and PNB can be considered at declines.
Gemini Communication Ltd has acquired a 51% stake in M/s. SANAT Technologies providing advanced storage products and solutions based in South India. The company has also announced that it has formed a joint venture with GEOSS Technologies AG for providing fully funded intelligent metering and payment operating solutions for gas, water & electricity utility providers in India. The Gemini Communications stock is up by around 1.5% at Rs 23.10 at present.
Cairn India (Rs 229) can move up sharply in the near to medium term. Scrip in focus: Syndicate Bank One holding the stock can stay invested with a stop loss around Rs 180. Those looking at fresh exposure, can enter the counter at Rs 210 - 215 levels.
Sobha Developers (up 2% at Rs 205.50) can edge higher in the short to medium run. One with a reasonably good appetite for risk can try this stock at current levels or 5% - 10% lower. The company is reported to be in talks with some private equity firms, including JP Morgan, Actis and IL&FS, for selling stakes in some of its projects to raise funds.
Tata Power will put up a 525 MW production gas based power plant to secure energy for Corus IJmuiden in the Netherlands. The company has signed an MoU with Tata Steel and Corus Steel B.V. for the said construction. Tata Power and Tata Steel will set up a JV to build, own and operate the power plant which will use most of the excess production gases of the steel plant and will convert the same into steam and power for the use of the steel plant.
The market opened on a firm note on strong global cues, shrugged off a mild setback it suffered around mid morning and gained in strength as the session progressed today.
As stocks almost across the board rallied higher, the Sensex off in style today. The Nifty too finished with a hefty gain. While the Sensex ended at 14,764.89 (provisional) with a huge gain of 419.27 points or 2.92%, the Nifty closed at 4374.40, up 132.55 points or 3.12%. The Sensex rose to 14,781.94 while the Nifty hit a high of 4383.75 today.
Bank, capital goods, IT, realty and telecom stocks posted strong gains. Consumer durables, oil, metal, power and FMCG stocks also ended on a high note. PSU and Auto sectors saw stock specific action.
Pharma stocks were among the ones to lag behind today. Several midcap and smallcap stocks had a good outing today. The market breadth was strong right through the session.
ICICI Bank gained around 9%. L&T and Sterlite moved up by over 5.5%. TCS, RComm, Infosys Technologies, RIL, Maruti, BHEL, HDFC, HUL, Wipro, SBI, ACC, DLF, HDFC Bank, ONGC, Hindalco, Reliance Infra and ITC also closed on a high note today.
Jindal Steel, Ambuja Cements, Axis Bank, Suzlon Energy, Siemens and Reliance Capital moved up sharply. HCL Tech, Power Grid Corporation, ABB, Tata Comm, PNB, GAIL, RPower and SAIL also ended with impressive gains.
Sterlite Technologies has charted out a Rs 250 crore capex outlay to scale its optical fibre capacity from 12 million-km to 20 million-km. The enhanced capacity, which would be functional by 2011, would position Sterlite amongst the top three manufacturers globally.
The Sterlite Technologies stock is locked at the 10% upper circuit at Rs 183.50. Over 3 lakh shares were traded at the counter today, far higher than the average daily volume of around 88,000 shares the counter has been clocking in recent times.
Unitech, is likely to raise nearly Rs 1,000 crore within the next three months by selling stake in its affordable housing projects to private equity players. According to some reports, Unitech is in advance stages of negotiations with some domestic and global private equity firms to raise funds for its affordable housing projects being developed under the brand 'Uni Homes'.
Unitech had last month announced its plans to construct 20,000 affordable houses at a cost of Rs 1,700 crore to become India's numero-uno realty company within a year.
Max India Limited has posted a net loss of Rs 6.76 crore for the quarter ended March 31, 2009 as compared to net profit of Rs 20.22 crore for the quarter ended March 31, 2008. Total Income has decreased from Rs 111.43 crore for the quarter ended March 31, 2008 to Rs 91.42 crore for the quarter ended March 31, 2009. For the year ended 31 March 2009, the company has posted a net profit of Rs 21.84 crore as compared to Rs 61.90 crore for the year ended March 31, 2008. The stock is trading weak at Rs 205, down 2.2% from its previous closing price.
Tech Mahindra has entered into a strategic alliance with Win Plc, a leading provider of interactive mobil information and entertainment services. Under the terms of the initial agreement, Tech Mahindra will work with WIN to develop the company's next generation mobile platform. The two firms will also look to develop jont go-to-market strategies in key territories, notably Tech Mahindra's strong Asian market.
Investors with a medium to long term plan can try Aurobindo Pharma (cmp Rs 501) at current levels. A modest exposure can be had at current levels. More can be added at declines. The stock can move on to Rs 540 - 550. It has support at Rs 450 levels. For now, a stop loss can be placed there.
One can stay invested in fertilizers stocks and pick up more of them at sharp declines for decent returns over a short to medium term. Godavari Fertilizers, RCF, Nagarjuna Fertilizers, Coromandel Fertilizers, MRPL, GNFC and Tata Chemicals can all give fairly solid returns.
GAIL India rose to Rs 284.70 today on reports that it will invest Rs 7,600 crore towards two pipeline projects linking Karnataka to the National Gas Grid. The stock has eased to Rs 280 now, but still holds on in the positive territory with a fairly sharp gain. One holding the stock can stay invested and look at buying more at sharp dips.
Stay invested in IT majors Infosys, TCS, Wipro, Tech Mahindra and Oracle Financial Services.
Though some downside is likely in the near term, all these stocks are likely to rebound and rally higher over the next 12 - 18 months. One can consider sharp dips as opportunities to buy more of these stocks.
One can stay invested in bank stocks for now. Though a few stocks from this space may see some weakness in the near run, most of the stocks in the sector are likely to give fairly strong returns over the next 6 - 12 months. Fresh buying in heavyweights SBI, HDFC Bank, ICICI Bank and PNB can be considered at declines.
Gemini Communication Ltd has acquired a 51% stake in M/s. SANAT Technologies providing advanced storage products and solutions based in South India. The company has also announced that it has formed a joint venture with GEOSS Technologies AG for providing fully funded intelligent metering and payment operating solutions for gas, water & electricity utility providers in India. The Gemini Communications stock is up by around 1.5% at Rs 23.10 at present.
Cairn India (Rs 229) can move up sharply in the near to medium term. Scrip in focus: Syndicate Bank One holding the stock can stay invested with a stop loss around Rs 180. Those looking at fresh exposure, can enter the counter at Rs 210 - 215 levels.
Sobha Developers (up 2% at Rs 205.50) can edge higher in the short to medium run. One with a reasonably good appetite for risk can try this stock at current levels or 5% - 10% lower. The company is reported to be in talks with some private equity firms, including JP Morgan, Actis and IL&FS, for selling stakes in some of its projects to raise funds.
Tata Power will put up a 525 MW production gas based power plant to secure energy for Corus IJmuiden in the Netherlands. The company has signed an MoU with Tata Steel and Corus Steel B.V. for the said construction. Tata Power and Tata Steel will set up a JV to build, own and operate the power plant which will use most of the excess production gases of the steel plant and will convert the same into steam and power for the use of the steel plant.
Brokerage Recommendations 26th June 2009
Brokerage Recommendations 26th June 2009
Buy Astra Microwave with a target of Rs 90-115 and stop loss of Rs 75, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 81, up 3.2% on the BSE.
Buy CMC with a target of Rs 900, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 790, up 14% on the BSE.
Buy HDIL with a target of Rs 260-272, says Rahul Mohindar,technical analyst, on CNBC TV18. The stock is currently trading at Rs 252, up 11.3% on the BSE. » Send to friends
4:10 PM - Sell Relaince Infrastructure with a target of Rs 1100 and stop loss of Rs 1310, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 1264, up 2% on the BSE.
Buy Info Edge with a target of Rs 780-790, says Prakash Gaba, technical analyst, on CNBC TV18. The stock is currently trading at Rs 681, up 6.4% on the BSE.
Sell Sterlite Industries with a target of Rs 475 and stop loss of Rs 665, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 612, up 6.11% on the BSE.
Buy IDFC with a target of Rs 155-160, says Rahul Mohindar, technical analyst, on CNBC TV18. It can be an outperformer in the long term, he adds. The stock is currently trading at Rs 137, up 4.8% on the BSE.
Buy Finolex Industries with a target of Rs 50 and stop loss of Rs 39, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 46, up 5.8% on the BSE.
The undertone for the market is likely to stay positive leading to the budget on July 6, says Ajay Loganandan of HSBC, on CNBC TV18. Buying has emerged at lower levels in a correction, he adds. India's long-term story is intact, he says.
Hold Sesa Goa with a target of Rs 205 where one can exit and keep stop loss of Rs 180, says Rajesh Jain of SMC Global Securities on Zee Business. The stock is currently trading at Rs 192, up 2.8% on the BSE.
In an F&O call, buy ICICI Bank July futures with a target of 770 and stop loss of 708, says Hardik Jain of ISJ Securities on CNBC Awaaz. The stock is currently trading at Rs 748, up 7.17% on the BSE.
In an F&O call, buy Nifty July futures with a target of 4378 and stop loss of 4310, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz. Nifty is looking firm, he adds.
In an F&O call, buy Nifty July futures with a target of 4387 -4418 and stop loss of 4285, says Rajat Bose, technical analyst, on CNBC Awaaz. Carry on Nifty longs once it crosses 4418 as it has more strength, he adds.
In an F&O call, buy Nifty July futures with a target of 4365 -4390 and stop loss of 4290, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. Hold on to Nifty longs, he adds.
In an F&O call, buy Neyvelli Lignite July futures with a target of 143 and stop loss of 117, says Hemant Thukral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 125, up 0.15% on the BSE.
Buy HDIL on dips with a target of Rs 250-260 where one can exit, says Rajesh Jain of SMC Global Securities on Zee Business. The stock is currently trading at Rs 236, up 1.16% on the BSE.
Buy Bhushan Steel with a target of Rs 698 and stop loss of Rs 645, says Akshata Deshmukh, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 674, up 1.35% on the BSE.
Buy Suzlon on dips with a target of Rs 130 and stop loss of Rs 110, says Rajesh Jain of SMC Global Securities on Zee Business. The stock is currently trading at Rs 123, up 4.6% on the BSE.
In an F&O call, buy Voltas July futures with a target of 137-140 and stop loss of 115, says Hemant Thukral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 131, up 1.51% on the BSE.
Buy Aurobindo Pharma with a target of Rs 557 and and stop loss of Rs 475, says Akshata Deshmukh, technical analyst, CNBC Awaaz. The stock is currently trading at Rs 498, down 0.90% on the BSE.
Hold Idea Cellular with a target of Rs 90, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 78, down 1.19% on the BSE.
Buy Ashok Leyland with a target of Rs 35 and stop loss of Rs 30, says Akshata Deshmukh, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 31.90, up 0.63% on the BSE.
Buy Tulip Telecom with a medium term target of Rs 900, says Srikant Chouhan of Kotak Securities, on CNBC TV18. The stock is currently trading at Rs 747, up 1.54% on the BSE.
Hold TTML with a target of Rs 40-45 after which one can exit and stop loss of Rs 35, says Rajesh Jain of SMC Global Securities on Zee Business. The stock is currently trading at Rs 38, down 1.16% on the BSE.
Hold TTML with a target of Rs 41 after which it could rally further, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 38, down 1.03% on the BSE.
Hold Dabur with target of Rs 133, says Ashu Bagri, technical analyst, on NDTV Profit. Keep stop loss of Rs 115, he adds. The stock is currently trading at Rs 121, up 0.2% on the BSE
Hold Neyveli Lignite with target of Rs 168, says Gaurang Shah of Geojit BNP Paribas on Zee Business. It has resistance at Rs 145, he adds. The stock is currently trading at Rs 125.60, up 0.6% on the BSE.
Do not buy banking stocks at this level, says Sudarshan Sukhani, technical analyst, on CNBC TV18. This is a small rally which will eventually peter out, he feels. The only trade is for the Nifty, he adds, so one can buy that.
Book partial profits in IRB Infra, says Neera Jain, technical analyst, on CNBC Awaaz. Hold rest with stop loss of Rs 135, she adds. The stock is currently trading at Rs 152.30, up 0.5% on the BSE.
Hold RNRL with stop loss of Rs 82, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 93 crossing which it can go to Rs 105, he adds. The stock is currently trading at Rs 90.70, up 2.9% on the BSE.
Book partial profits in Renuka Sugars and hold rest with target of Rs 166, says Ashu Bagri, technical analyst, on NDTV Profit. Keep stop loss of Rs 136, he adds. The stock is currently trading at Rs 140, down 1.7% on the BSE. » Send to friends
12:10 PM - Buy Petronet LNG at Rs 66 with target of Rs 85, says Neera Jain, technical analyst, on CNBC Awaaz. Keep stop loss below Rs 65, she adds. The stock is currently trading at Rs 72.35, up 1% on the BSE.
The market at noon is trading flat. Sensex is trading at 14444, up 99 points from its previous close, and Nifty is at 4277, up 35 points. CNX Midcap index is up 1% and BSE Smallcap index is up 1%. The market breadth is positive with advances at 784 against declines of 386 on the NSE.
Buy Suzlon Energy at Rs 112 with target of Rs 220 in 12-18 months, says Gaurang Shah of Geojit BNP Paribas on Zee Business. The stock is currently trading at Rs 120.30, up 2.1% on the BSE.
Buy IDBI Bank with short-term target of Rs 145, says Hardik Jain, technical analyst, on CNBC Awaaz. It has support at Rs 95, he adds. The stock is currently trading at Rs 114.65, up 1.9% on the BSE.
Buy Tata Steel and JSW Steel for returns of 10-15%, says Hemang Jani of Sharekhan on CNBC Awaaz. Tata Motors will show an upside of 15-25%, he adds.
The markets had run up too fast and the large equity issuances sucked up some liquidity, says Manishi Raychaudhuri of BNP Paribas on CNBC TV18. He expects the market to be range-bound in the short-term. He believes that there may be further correction, but it won't be a deep one as there is a lot of money waiting on the sidelines. We maintain our Sensex year-end target of 16500, he adds.
Hold Satyam with stop loss of Rs 65, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 80 crossing which it can go to Rs 120, he adds. The stock is currently trading at Rs 72.50, down 0.9% on the BSE.
Hold Biocon with target of Rs 245-255, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Keep trailing stop loss of Rs 215, he adds. The stock is currently trading at Rs 225.65, down 0.6% on the BSE.
Buy JP Hydro and Jaiprakash Associates on dips for short-term upmove of 10-15%, says Ashu Madan of Religare on CNBC Awaaz.
Buy India Cements with target of Rs 160, says Hardik Jain, technical analyst, on CNBC Awaaz. It has support at Rs 135, he adds. The stock is currently trading at Rs 141.60, up 0.6% on the BSE.
Do not go short in this market, says Siddharth Bhamre of Angel Broking on CNBC Awaaz. He advises going long with a target of 4500. His focus would be more on largecap stocks instead of the midcaps. Go long on RIL, ONGC, NTPC, RComm, he adds.
Buy ABG Shipyard with intra-day target of Rs 215, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 204, he adds. The stock is currently trading at Rs 206.85, up 1.3% on the BSE.
Hold DLF with stop loss of Rs 295, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 340 crossing which it can go to Rs 390, he adds. The stock is currently trading at Rs 325.20, up 2.3% on the BSE.
Buy Sasken Communications with target of Rs 125, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 90, he adds. The stock is currently trading at Rs 111.30, up 4.8% on the BSE.
Buy Videocon Industries with intra-day target of Rs 175, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 167, he adds. The stock is currently trading at Rs 171, up 2.3% on the BSE.
Hold Sun Pharma and exit on next rally, says Deepak Mohoni, technical analyst, on CNBC Awaaz. The stock has plunged after news that US FDA has seized drugs from the Michigan facility of Caraco, which is a subsidiary of Sun Pharma. The stock is currently trading at Rs 1120, down 13.7% on the BSE.
Buy JP Hydro with intra-day target of Rs 100, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 93, he adds. The stock is currently trading at Rs 94.75, up 1.1% on the BSE.
Buy ICICI Bank at Rs 700 with target of Rs 714, says Simi Bhaumik, technical ananlyst, on Zee Business. Keep stop loss of Rs 691, she adds. The stock is at Rs 698.70, up 1.4% on the BSE.
Buy Unitech with intra-day target of Rs 87, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 81, he adds. The stock is at Rs 82.05, up 5.2% on the BSE.
The market will remain range-bound till the budget, says Hardik Jain, technical analyst, on CNBC Awaaz. We have seen selling pressure on 4300-4350 levels and 4270 will be the crucial mark for the Nifty, he adds. He believes that if the Nifty closes above 4300 for two days in a row then we will see strength in the market.
Buy Jaiprakash Associates at Rs 217 with target of Rs 223, says Simi Bhaumik, technical ananlyst, on Zee Business. Keep stop loss of Rs 213, she adds. The stock is at Rs 217.75, up 2% on the BSE.
Buy Astra Microwave with a target of Rs 90-115 and stop loss of Rs 75, says Prasad Kushe, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 81, up 3.2% on the BSE.
Buy CMC with a target of Rs 900, says Prakash Gaba, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 790, up 14% on the BSE.
Buy HDIL with a target of Rs 260-272, says Rahul Mohindar,technical analyst, on CNBC TV18. The stock is currently trading at Rs 252, up 11.3% on the BSE. » Send to friends
4:10 PM - Sell Relaince Infrastructure with a target of Rs 1100 and stop loss of Rs 1310, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 1264, up 2% on the BSE.
Buy Info Edge with a target of Rs 780-790, says Prakash Gaba, technical analyst, on CNBC TV18. The stock is currently trading at Rs 681, up 6.4% on the BSE.
Sell Sterlite Industries with a target of Rs 475 and stop loss of Rs 665, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 612, up 6.11% on the BSE.
Buy IDFC with a target of Rs 155-160, says Rahul Mohindar, technical analyst, on CNBC TV18. It can be an outperformer in the long term, he adds. The stock is currently trading at Rs 137, up 4.8% on the BSE.
Buy Finolex Industries with a target of Rs 50 and stop loss of Rs 39, says Anuj Dixit of Gupta Equities, on CNBC Awaaz. The stock is currently trading at Rs 46, up 5.8% on the BSE.
The undertone for the market is likely to stay positive leading to the budget on July 6, says Ajay Loganandan of HSBC, on CNBC TV18. Buying has emerged at lower levels in a correction, he adds. India's long-term story is intact, he says.
Hold Sesa Goa with a target of Rs 205 where one can exit and keep stop loss of Rs 180, says Rajesh Jain of SMC Global Securities on Zee Business. The stock is currently trading at Rs 192, up 2.8% on the BSE.
In an F&O call, buy ICICI Bank July futures with a target of 770 and stop loss of 708, says Hardik Jain of ISJ Securities on CNBC Awaaz. The stock is currently trading at Rs 748, up 7.17% on the BSE.
In an F&O call, buy Nifty July futures with a target of 4378 and stop loss of 4310, says Salil Sharma of Kapoor & Sharma Company, on CNBC Awaaz. Nifty is looking firm, he adds.
In an F&O call, buy Nifty July futures with a target of 4387 -4418 and stop loss of 4285, says Rajat Bose, technical analyst, on CNBC Awaaz. Carry on Nifty longs once it crosses 4418 as it has more strength, he adds.
In an F&O call, buy Nifty July futures with a target of 4365 -4390 and stop loss of 4290, says Vijay Bhambwani, technical analyst, on CNBC Awaaz. Hold on to Nifty longs, he adds.
In an F&O call, buy Neyvelli Lignite July futures with a target of 143 and stop loss of 117, says Hemant Thukral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 125, up 0.15% on the BSE.
Buy HDIL on dips with a target of Rs 250-260 where one can exit, says Rajesh Jain of SMC Global Securities on Zee Business. The stock is currently trading at Rs 236, up 1.16% on the BSE.
Buy Bhushan Steel with a target of Rs 698 and stop loss of Rs 645, says Akshata Deshmukh, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 674, up 1.35% on the BSE.
Buy Suzlon on dips with a target of Rs 130 and stop loss of Rs 110, says Rajesh Jain of SMC Global Securities on Zee Business. The stock is currently trading at Rs 123, up 4.6% on the BSE.
In an F&O call, buy Voltas July futures with a target of 137-140 and stop loss of 115, says Hemant Thukral, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 131, up 1.51% on the BSE.
Buy Aurobindo Pharma with a target of Rs 557 and and stop loss of Rs 475, says Akshata Deshmukh, technical analyst, CNBC Awaaz. The stock is currently trading at Rs 498, down 0.90% on the BSE.
Hold Idea Cellular with a target of Rs 90, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 78, down 1.19% on the BSE.
Buy Ashok Leyland with a target of Rs 35 and stop loss of Rs 30, says Akshata Deshmukh, technical analyst, on CNBC Awaaz. The stock is currently trading at Rs 31.90, up 0.63% on the BSE.
Buy Tulip Telecom with a medium term target of Rs 900, says Srikant Chouhan of Kotak Securities, on CNBC TV18. The stock is currently trading at Rs 747, up 1.54% on the BSE.
Hold TTML with a target of Rs 40-45 after which one can exit and stop loss of Rs 35, says Rajesh Jain of SMC Global Securities on Zee Business. The stock is currently trading at Rs 38, down 1.16% on the BSE.
Hold TTML with a target of Rs 41 after which it could rally further, says Salil Sharma of Kapoor & Sharma Company, on Zee Business. The stock is currently trading at Rs 38, down 1.03% on the BSE.
Hold Dabur with target of Rs 133, says Ashu Bagri, technical analyst, on NDTV Profit. Keep stop loss of Rs 115, he adds. The stock is currently trading at Rs 121, up 0.2% on the BSE
Hold Neyveli Lignite with target of Rs 168, says Gaurang Shah of Geojit BNP Paribas on Zee Business. It has resistance at Rs 145, he adds. The stock is currently trading at Rs 125.60, up 0.6% on the BSE.
Do not buy banking stocks at this level, says Sudarshan Sukhani, technical analyst, on CNBC TV18. This is a small rally which will eventually peter out, he feels. The only trade is for the Nifty, he adds, so one can buy that.
Book partial profits in IRB Infra, says Neera Jain, technical analyst, on CNBC Awaaz. Hold rest with stop loss of Rs 135, she adds. The stock is currently trading at Rs 152.30, up 0.5% on the BSE.
Hold RNRL with stop loss of Rs 82, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 93 crossing which it can go to Rs 105, he adds. The stock is currently trading at Rs 90.70, up 2.9% on the BSE.
Book partial profits in Renuka Sugars and hold rest with target of Rs 166, says Ashu Bagri, technical analyst, on NDTV Profit. Keep stop loss of Rs 136, he adds. The stock is currently trading at Rs 140, down 1.7% on the BSE. » Send to friends
12:10 PM - Buy Petronet LNG at Rs 66 with target of Rs 85, says Neera Jain, technical analyst, on CNBC Awaaz. Keep stop loss below Rs 65, she adds. The stock is currently trading at Rs 72.35, up 1% on the BSE.
The market at noon is trading flat. Sensex is trading at 14444, up 99 points from its previous close, and Nifty is at 4277, up 35 points. CNX Midcap index is up 1% and BSE Smallcap index is up 1%. The market breadth is positive with advances at 784 against declines of 386 on the NSE.
Buy Suzlon Energy at Rs 112 with target of Rs 220 in 12-18 months, says Gaurang Shah of Geojit BNP Paribas on Zee Business. The stock is currently trading at Rs 120.30, up 2.1% on the BSE.
Buy IDBI Bank with short-term target of Rs 145, says Hardik Jain, technical analyst, on CNBC Awaaz. It has support at Rs 95, he adds. The stock is currently trading at Rs 114.65, up 1.9% on the BSE.
Buy Tata Steel and JSW Steel for returns of 10-15%, says Hemang Jani of Sharekhan on CNBC Awaaz. Tata Motors will show an upside of 15-25%, he adds.
The markets had run up too fast and the large equity issuances sucked up some liquidity, says Manishi Raychaudhuri of BNP Paribas on CNBC TV18. He expects the market to be range-bound in the short-term. He believes that there may be further correction, but it won't be a deep one as there is a lot of money waiting on the sidelines. We maintain our Sensex year-end target of 16500, he adds.
Hold Satyam with stop loss of Rs 65, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 80 crossing which it can go to Rs 120, he adds. The stock is currently trading at Rs 72.50, down 0.9% on the BSE.
Hold Biocon with target of Rs 245-255, says Gaurang Shah of Geojit BNP Paribas on Zee Business. Keep trailing stop loss of Rs 215, he adds. The stock is currently trading at Rs 225.65, down 0.6% on the BSE.
Buy JP Hydro and Jaiprakash Associates on dips for short-term upmove of 10-15%, says Ashu Madan of Religare on CNBC Awaaz.
Buy India Cements with target of Rs 160, says Hardik Jain, technical analyst, on CNBC Awaaz. It has support at Rs 135, he adds. The stock is currently trading at Rs 141.60, up 0.6% on the BSE.
Do not go short in this market, says Siddharth Bhamre of Angel Broking on CNBC Awaaz. He advises going long with a target of 4500. His focus would be more on largecap stocks instead of the midcaps. Go long on RIL, ONGC, NTPC, RComm, he adds.
Buy ABG Shipyard with intra-day target of Rs 215, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 204, he adds. The stock is currently trading at Rs 206.85, up 1.3% on the BSE.
Hold DLF with stop loss of Rs 295, says Ramesh Arora, technical analyst, on Zee Business. It has resistance at Rs 340 crossing which it can go to Rs 390, he adds. The stock is currently trading at Rs 325.20, up 2.3% on the BSE.
Buy Sasken Communications with target of Rs 125, says Ashwani Gujral, technical analyst, on CNBC TV18. Keep stop loss of Rs 90, he adds. The stock is currently trading at Rs 111.30, up 4.8% on the BSE.
Buy Videocon Industries with intra-day target of Rs 175, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 167, he adds. The stock is currently trading at Rs 171, up 2.3% on the BSE.
Hold Sun Pharma and exit on next rally, says Deepak Mohoni, technical analyst, on CNBC Awaaz. The stock has plunged after news that US FDA has seized drugs from the Michigan facility of Caraco, which is a subsidiary of Sun Pharma. The stock is currently trading at Rs 1120, down 13.7% on the BSE.
Buy JP Hydro with intra-day target of Rs 100, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 93, he adds. The stock is currently trading at Rs 94.75, up 1.1% on the BSE.
Buy ICICI Bank at Rs 700 with target of Rs 714, says Simi Bhaumik, technical ananlyst, on Zee Business. Keep stop loss of Rs 691, she adds. The stock is at Rs 698.70, up 1.4% on the BSE.
Buy Unitech with intra-day target of Rs 87, says Anil Singhvi, market expert, on CNBC Awaaz. Keep stop loss of Rs 81, he adds. The stock is at Rs 82.05, up 5.2% on the BSE.
The market will remain range-bound till the budget, says Hardik Jain, technical analyst, on CNBC Awaaz. We have seen selling pressure on 4300-4350 levels and 4270 will be the crucial mark for the Nifty, he adds. He believes that if the Nifty closes above 4300 for two days in a row then we will see strength in the market.
Buy Jaiprakash Associates at Rs 217 with target of Rs 223, says Simi Bhaumik, technical ananlyst, on Zee Business. Keep stop loss of Rs 213, she adds. The stock is at Rs 217.75, up 2% on the BSE.
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