30 March,2010 Morning Market Updates

30 March,2010 Morning Market Updates  08:51

Market may continue testerday's rally.Spot Nifty is not closing above previous top of 5310 and Nifty future is trading at higher premiums, these are the reasons to worry.Nifty resistance 5340 and support 5250.

Recommendations :
Follow Buy calls in improving market and v.v.
Buy Bhel sl 2388 Target 2407 / 2416

Buy BPCL sl 520 Target 534
Buy HDFC Above 2668 sl 2637 Target 2694 / 2710
Buy Hindunilvr Above 241 sl 235 Target 248
Buy IDFC Above 163 sl 161.5 Target 166
Buy Maruti Above 1438 sl 1423 Target 1457 / 1465
Buy NTPC Above 205 sl 199 Target 209 / 216 Positional
Buy Andhrabank sl 102 Target 105 / 109
Buy BankIndia Above 230 sl 325 Target 336 / 338
Buy Federalbnk sl 261 Target 268
Buy Kotakbank Above 764 sl 756 Target 772 / 782
Buy Syndibank sl 86.25 Target 89.5
Buy Prajind Above 87 sl 85 Target 90
Buy NIITTech sl 175 Target 180
Hold Yesbank Ref.29/03/2010 Trail sl 250 Target
Hindpetro Bounceback exp.

Sell Infosystch sl 2729 Target 2700 / 2666 Positional
Sell TCS Below 810 sl 818 Target 803

Stocks in News : 
 Bharti – Zain deal –from sources agencies
-Bharti, Zain likely to sign deal on Tuesday in Amsterdam
Gabon Govt: From Agencies
-Disapproves of sale of Zain's Gabonese assets to Bharti
-Reserves all rights to take 'all necessary measures'
-Zain Gabon has not complied with local telecom regulations
SREI Infra:
-SREI Infra to sell 9% stake in Quippo-WTTI
-SREI stake to fall to 16% from current 25%
Unitech promoters convert 5 crore warrants ahead of schedule
-Unitech issued 5 crore warrants at conversion price of Rs 48.75/share
-Promoters stake goes up to 45% from 43.84%
Jindal Stainless Steel QIP: from sources
-Launches USD 50-55 million QIP at a floor price of QIP at Rs 105.13/share
-QIP to lead to dilution of 13% post issue
-JM Financial sole banker to issue
SBI :
-SBI extends 8% special home loan scheme till April 30
-SBI discontinues SBI easy home loans for below Rs 50 Lakh
-SBI to take final call on interest rates post RBI's April policy
-Home Loans @ 8% for 1st year, 9% for next two years, floating thereafter
Sundaram Fin :
-Sundaram Finance to exit General Insurance JV with RSA Ins group PLC
-RSA to acquire 74% stake from Sundaram Finance
-RSA to merge insurance company with Reliance General Insurance
-RSA to hold 26% in new insurance JV; Reliance Cap to hold 74%
Indoco Licences out some Opthalmic products to Aspen
-Indoco, Aspen in pact for Opthalmic products in EMs
-Indoco to get milestone payments, sales proceeds from Aspen deal
SIAM meets to discuss Euro III, IV Emission norms implementation: exclusive
-Euro III norms delayed by 6 months
-Euro III norms to be implemented from October 1
-Euro IV norms to be implemented from April 1
-Auto Industry says have not been informed as cabinet approval still to come
Board meets today:
Hero Honda to consider declaration special interim dividend
-M&M –demerger of Agri Inputs Business of Mahindra Shubhlabh Services (MSSL) and M&M
-Jay Shree Tea - in the process of acquiring 100% shares in M.P.Chini Industries; cost of Rs 112.5/sh
-Plethico Pharma – Quarterly results
-Nirma board meet tom to approve transfer demerged cement and mining division of Nirma credit and capital to the company and amalgamation of Nirma consumer with company
Other stocks and sectors that are in news today:
-ADRs: Sterlite up 3.8%, ICICI Bank up 3.6%
-IL&FS Transportation lists today
-SAIL to form shipping JV company with SCI
-Daiichi Sankyo plans to delist Ranbaxy in next 4 months, management denies any such plans –
-Kalanithi Maran’s Rs 700 crore offer for 51% stake in SpiceJet not favored by promoters – 
-TPG set to pick up 20% stake in Shriram Cap, the holding company of Shriram group – 
-Sanofi moves US court against Wockhardt for challenging the patent for Allegra, one of the largest selling anti-allergic drug –
-Aqua Logistics to acquire 3 Hongkong based Logistics Companies through its wholly owned subsidiary Aqua Logistics HK Pvt
-FIIs not allowed to further buy shares in Pantaloon Retail; FII cap reached
-Cholamandalam DBS Finance to raise Rs 2,000 crore via NCD private placement
-SRF board approves capital expenditure of Rs 97 crore to setting up a multi-purpose chemical plant at Dahej
-SRF has declared Rs 7 interim dividend (CMP of 190)
-Edelweiss Capital wholly owned housing finance subsidiary receives registration to commence business of a housing finance institution.
-Nava Bharat Ventures subsidiary achieved Financial Closure for the total debt of Rs 970 crore for two coal fired thermal power plants of 150 MW each to be implemented in AP
-Suashish Diamond delisting floor price set at Rs 220 (cmp at 297)
-Gujarat Fluoro subsidiary Inox Wind has commissioned its project at HP to manufacture of Wind Operated Electricity Generators
-Praj Industries has fully divested from its wholly owned US subsidiary Praj Schneider Inc, and has launched new Co in the US to address north, south and central America
-SEBI may get powers to monitor use of IPO funds – BL
-Pipavav Shipyard open offer opens on May 21st (price at Rs 61.5)
-Colgate Palmolive board approves merger of CC Healthcare Products with itself
F&O cues:
Total Futures Open Int up Rs 1467 crore
Total Options Open Int up Rs 2793 crore
Stock futures add 3.2 crore shares in Open Int
Nifty up 0.4%, Open Int up 3% (8lakh shares)
Nifty Open In PCR at 1.16 from 1.17
Nifty Call add 22 lakh shares, Put adds 21.5 lakh shares
Nifty April 5400 Call add 6.8 lakh shares in Open Int
Nifty April 5400 Put add 4.9 lakh shares in Open Int
Nifty April 5600 Call add 3.8 lakh shares in Open Int
Nifty April 5300 Put add 4.5 lakh shares in Open Int
FIIs in F&O on March 29
Net buy Rs 232 crore in Nifty futures
Nifty Futures Open Int up by 15353 contracts
Net buy Rs 412 crore in Nifty options
Nifty options Open Int up by 54707 contracts
Net sell Rs 686 crore in Stock futures
Stock Futures Open Int up by 17734 contracts
Market cues:

FIIs were net buyers of USD 238 million in equities on March 26
IL&FS Transportation Networks listing today
Total F&O Open Int was up by Rs 4,260 crore to Rs 89,834 crore
As per provisional data of March 29, FIIs were net buyers of Rs 1063 crore, DIIs were net sellers of of Rs 271 crore in cash markets. FIIs were net sellers of Rs 64 crore in F&O.
US Markets :
The US markets gained led by the energy sector as the dollar weakened and crude topped USD 82 a barrel. The advance was broad based, but financials lagged from the start. Financials oscillated between positive and negative territory, lagging all the while. Still, the sector managed to finish with a 0.2% gain.
The lack of market-moving data and the absence of any major corporate news items made for moderate participation and trading volume on the NYSE failed to eclipse the 1 billion shares.






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