22 March 2010 Morning Market Updates

22 March 2010 Morning Market Updates 08:57
Recommendations :
Follow sell calls in falling market and v.v.
Buy Powergrid sl 107 Target 110 / 112
Hold Long Rcom Trail sl 163 Target 171
Hold Long Relinfra Trail sl 1011 Target 1040
Buy Bajaj-auto sl 1852 Target 1882
Buy Canbk above 412 sl 407 Target 418 / 423 Positional
Buy Glaxo above 1728 sl 1712 Target 1745
Buy Glenmark above 250 sl 247
Buy Onmobile above 399 sl 385 Target 410
Sell IDFC below 163 sl 166 Target 159 / 157
Sell M&M below 1064 sl 1078 Target 1052
Sell Maruti below 1422 sl 1442 Target 1400 / 1392
Sell Ster below 816 sl 825 Target 808 / 803 / 800
Sell Mcdowell-n sl 1390 Target 1348
Sell Mphasis below 661 sl 668 Target 648
Sell OFSS below 2300 sl 2318 Target 2271
Stocks that are in news today:
Cipla to replace Sun Pharma in the Sensex from May 3
Bharti-Zain deal update
Bharti ties up financing for proposed acquisition of Zain Africa buy
Entire financing of USD 8.3 billion for Zain successfully tied-up
IPL update
Sahara buys team Pune for USD 370 million ((Existing top teams may now command valuations of over USD 600 million or so easily))
Rendezvous Sports buys team Kochi for USD 333.3 million
Mahindra Satyam says
Mahindra Satyam among firms shortlisted for UID project
India, Europe, West Asia, Africa markets pose great opportunities
To focus on Police, Urbanisation projects in India
EU firms are relationship oriented, still with us
Little damage done due to Satyam scam
OP Bhatt on RBI Rate hike:
April Monetary Policy may see tightening of rates
Rise in interest rates will depend on liquidity
No immediate impact of rate hike on SBI lending rates
Inflation may peak in 2-3 months
Will take call on 8% home loan plan by end of FY10
Persistent IPO closes
Total 93.6 times (X)
QIB 144x
NII 108x
Retail 22x
Other stocks and sectors that are in news today:
Bhilwara Spinners open offer at Rs 18/share
Educomp plans biz recast, appoints E&Y
GMR Mulls ways to monetize MIAL Land Bombay HC approves demerger of Zee News’ GEC biz and transfer of same to Zee Entertainment
PVR board approves merger of Leisure World, (owner of PVR Anupam at Saket) with self
10 companies including Infosys, Wipro, TCS shortlisted for Unique ID project – BL
Prajay Eng plans USD 150 million FCCB issue – BL
NHAI ease financial closure clause which restricted developers from bidding for further projects Tata Motors to sell stake in Telecon to partner Hitachi – Mint
Asarco hauls Sterlite to court for backing out of USD 2.6 billion takeover deal – BS
Tata Power proposes tariff hike for Mumba
F&O cues:
Futures Open Int up Rs 1447 crore
Options Open Int up Rs 916 crore
Nifty Mar Fut shed 3 lakh shares in Open Int, at 12-pt prem
Nifty Apr Fut add 15 3 lakh shares in Open Int, at 15-pt prem
Nifty Open Int PCR at 1.68 versus 1.67
Nifty Puts add 11 lakh shares in Open Int
Nifty Calls add 3 lakh shares in Open Int
Nifty 5300 Put adds 8 lakh shares in Open Int
Nifty 5400 Call adds 5 lakh shares in Open Int
Stock Futures add 2 crore shares in Open Int
Nifty Futures Open Int up 35,144 contracts
Market cues:
RBI hiked repo, reverse repo by 25 bps each
FIIs were net buyers of USD 156 million in equities on March 17
NSE F&O Open Int was up by Rs 2363 crore at Rs 1,32,369 crore; at an all-time high
As per provisional data of March 18, FIIs were net buyers of Rs 284 crore, DIIs were net buyers of Rs 113 crore in cash markets. FIIs were net buyers of Rs 340 crore in F&O.
US Market:
US stocks fell on Friday, interrupting the Dow's eight-session winning streak, as the dollar's climb hurt oil prices and dragged on energy stocks.

The euro fell to more than a two-week low against the greenback on revived worries about Greece's debt problems. Dollar-denominated commodities such as oil and gold fell as a stronger dollar makes them more expensive for holders of other currencies.
Regarding Greece and its huge debt burden, the European Union's monetary affairs chief urged the bloc's leaders to agree on a standby aid package for Greece next week. But investors fear German reluctance could hinder the effort
Between France, Germany, and the IMF -- they are playing chicken," said Peter Kenny, managing director of Knight Equity Markets in Jersey City, New Jersey.

"We can't seem to get rid of this thing, and the longer it hangs around, the greater the rush is going to be for the exit."
Energy stocks stumbled on the drop in commodity prices, with the S&P Energy Index down 1.2 percent as US crude oil futures lost 1.9 percent to $80.64 a barrel. Dow component Exxon Mobil fell 1 percent to $66.74.
But healthcare stocks rose ahead of an impending congressional vote to overhaul the US healthcare system, with the Morgan Stanley Healthcare Payor index up 2.6 percent. Further boosting the sector was Aetna Inc, which gained 3.8 percent to $34.49 after it forecast first-quarter earnings above consensus.
The Dow Jones industrial average dropped 52.30 points, or 0.49 percent, to 10,726.87. The Standard & Poor's 500 Index dropped 6.93 points, or 0.59 percent, to 1,158.91. The Nasdaq Composite Index dropped 19.67 points, or 0.82 percent, to 2,371.61.
Boeing Co tacked on 1 percent to $71.56 after the Dow component said it will move up production for both its 777 and 747 widebody planes, citing increased demand.
3M Co, which fell 2 percent to $81.97, was the top drag on the Dow as the diversified manufacturer erased gains made in Thursday's sessions, when it was one of the top gainers on the blue-chip index.
Weighing on the Nasdaq was Palm Inc, which plunged 26.9 percent to $4.12 a day after it warned that quarterly revenues would be far below expectations as low demand for its smartphones left wireless carriers with excess inventory.
SunPower Corp tumbled 15.3 percent to $18.67 a day after it gave a weaker-than-expected profit outlook for 2010, prompting a number of analysts to cut their price targets on the stock.
Electronics retailer Best Buy climbed 1.6 percent to $41.10 after Goldman Sachs upgraded the stock to "buy," citing prospects for a better-than-expected 2010.
Volume has been thin during the week and volatility has dropped considerably. The CBOE Volatility Index is down roughly 5 percent this week and hit its lowest mark since May 2008.
Friday marks the second day of a convergence known as quadruple witching, when four types of options and futures contracts expire, possibly triggering volatility and higher volumes
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