23 March 2010 Morning Market Updates

23 March 2010 Morning Updates:
Recommendations:
Follow Sell calls in falling market or if Nifty goes below 5170
Buy NTPC above 204 sl 201 Target 209

Buy Onmobile sl 390 Target 404 / 411 Positional
Sell ABB sl 846 Target 823 / 816
Sell DLF sl 307 Target 298 / 295
Sell Gail sl 410 Target 403
Sell HCLTech below 366 sl 371 Target 359
Sell HDFC sl 2560 Target 2606 / 2581
Sell Hindalco below 168 sl 172 Target 162
Sell ICICIBank below 926 sl 935 Target 912
Sell JPAssociat below 146 sl 149 Target 142
Sell LIC sl 812 Target 795
Stocks that are in news today:

Alok Industries - sources
Alok Industries QIP book opens
Alok Industries to raise between Rs 350-460 crore via QIP
Alok Industries QIP issue priced at Rs 23.32/share ((CMP: 23.25))
Welspun Gujarat
Open offer for MSK Projects at Rs 130.50/share ((CMP: 150))
Open offer for MSK Projects from May 6 to May 25
Cadila - PharmAsia News
Cadila in pact with US-based NIH to develop new HPV (human papilloma virus) Vaccine
HPV is known to be a major cause of cervical cancer
Cadila's vaccine based on Measles Vaccine platform technology that can be used earlier than existing products
Gardasil of Merck and Cervarix of GSK are the two HPV vacs in market
Cadila's vaccine will immunize against strains more prevalent in India
Other stocks and sectors that are in news today:
IVRCL to sell chunk of its 3300 acres land to unlock value, management says working on a plan of accruing at least Rs 100 crore every year – DNA
Fresh trouble for Wockhardt as offshore lenders may move to court
GE Shipping board approves IPO of subsidiary Great Ship
TRF acquires UK based Hewitt Robins Int for 3 million pound
Jindal Cotex board approves fund raising of up to Rs 150 crore via rights issue and upto USD 50 million via GDR/FCCB issue, to raise FII limit to 74% from 24%
Videocon led consortium strikes add gas in Mozambique filed (Both BPCL and Videocon has 10% participating int in the block)
UltraTech Cement shareholders approves scheme of arrangement of amalgamation of Samruddhi Cement
HDFC Standard Life says IPO plans delayed by a year to FY12
Ex-dividend: ACC (Rs 13/sh)
F&O cues:

Futures Open Int down by Rs 551 crore
Options Open Int up by Rs 704 crore
Nifty Mar Fut shed 37 lakh shares in Open Int, at 8-pt prem
Nifty Apr Fut add 41 lakh shares in Open IntI, at 12-pt prem
Nifty Open Int PCR at 1.67 versus 1.68
Nifty Puts add 3.6 lakh shares in Open Int
Nifty Calls add 7.6 lakh shares in Open Int
Nifty 5000 Put adds 4.6 lakh shares in Open Int
Nifty 5200 Put adds 3.8 lakh shares in Open Int
Nifty 5100 Put adds 2.4 lakh shares in Open Int
Nifty 5300 Put sheds 4 lakh shares in Open Int
Stock Futures add 0.6 cr shares in Open Int
Rollovers
Marketwide rollover at 38% versus avg of 45%
Nifty rollover at 40% versus average of 44%
Strong rollovers in cement, FMCG
FIIs in F&O on March 22
Net sell Rs 1102 crore in Nifty Futures
Net buy Rs 1187 crore in Nifty Options
Net sell Rs 433 crore in Stock Futures
FIIs net sell Rs 1102 cr in Nifty futures
FIIs were net sellers to the tune of Rs 1,102 crore in Nifty futures while net buyers of Rs 1,187 crore in Nifty options. The Nifty March futures ended at 8-point premium and Nifty April futures at 12-point premium.

The Nifty Open Interest PCR was at 1.67 versus 1.68. Nifty 5000 Put added 4.6 lakh shares in Open Interest and Nifty 5200 Put added 3.8 lakh shares in Open Interest.
Marketwide rollover was at 38% versus average of 45% and Nifty rollover at 40% versus average of 44%.
Realty stocks plunged on hike in key rates by RBI. Indiabulls Real tumbled 6.8% and its futures Open Interest was up by 20%. Similar trend was seen in HDIL.
Fresh short positions were seen in Suzlon Energy and GVK Power. Suzlon lost 3.7% and its futures Open Interest was up by 3%. GVK Power slipped 2.8% and its futures Open Interest was up by 17%.
Fresh long positions were seen in Voltas. The stock rose 2% and its futures Open Interest was up by 15%.
Long unwinding was seen in IFCI. The stock fell 2.2% and its futures Open Interest was down by 6%
US Market:
After a weak opening, US stocks finally closed higher led by healthcare as passage of the health-care bill lifted uncertainty surrounding the legislation that was hanging over the market. Stocks like Merck and Pfizer supported the Dow.

In other stocks, Citigroup jumped more than 4% after an analyst upgrade on the stock to "buy" from "neutral." The other key gainer in yesterday's trade was automaker Ford, which gained more than 5%.
And in other important news, the senate banking committee approved the democratic legislation overhauling Wall Street regulations on a party-line vote. The bill now goes to the senate. The bill would give the government unprecedented powers to split up firms considered a threat to the economy, put together a council of regulators to watch for risks in the financial system and create an independent consumer watchdog.
At the end of Monday's trade, the Dow shut shop 44 points higher at 10,786, the S&P 500 closed at 1,166 while Nasdaq ended 21 points up at 2,395.

The dollar fell versus the euro after touching a 3-week high as some risk appetite returned.
European leaders tried to allay concerns that they were unprepared to aid Greece easing pressure on higher- yielding assets. The ECB president said the central bank is prepared to reassess its collateral rules if necessary, softening its stance as Greece struggles to cut the region's largest budget shortfall.
In commodities, crude prices rose slightly after Wall Street saw modest gains.
Copper prices gained marginally for the first time in three sessions as the dollar's retreat bolstered demand for commodities as alternative assets.
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