5th March 2010 Morning Market Updates

05 March,2010 Morning Updates 08:54
Nifty will open in positive.Resistance is at 5123-5130 levels.Keep your stops trailing.
Recommendations:
Stocks in news today :
Recommendations :

Book Profits in Banknifty around 9105 Seeks further dividend distribution tax exemption at SPV level

Aban Ref.26/02 Trail sl 1231 Target 1268
Dlf Ref.03/03 Trail sl 301 Target 315 / 319 T1(306) reached
Buy Jpassociat sl 140 Target 150
Buy Rcom sl 159 Target 174
Hold Long Relinfra Ref.04/03 Trail sl 1013 Target 1032 / 1038 T1(1030) almost reached
Unitech Ref.02/02 Trail sl 75
Hold Long Ibrealest Ref.04/03 Trail sl 170 Target 177 T1(173) reached
Buy Kotakbank sl 763 Target 798
Hold Long Lupin Ref.04/03 sl 1528 Target 1549
Buy Techm above 929 sl 922 Target 940
Buy Videoind sl 231 Target 238
Buy Renuka above 178 sl


Clarify 'New' infra facility w.r.t 10-year tax holiday
Drop proposed MAT levy clause in direct tax code
Operationalise takeout financing scheme at earliest
Do not recommend separate Road Finance Corporation
Seeks RBI nod for escrow, substitution agreements
No FDI relaxation for road sector
Finance Ministry must pursue issues w.r.t infra investment by insurance companies
Asks IRDA to relax minimum rating norms for insurance companies
Asks IRDA to relax dividend payment norms for insurance companies
Submits Part II of highway report to Kamal Nath
Part I Of report was approved by cabinet in September
Banks withdraw teaser loans
Bank Of India says no plan to extend special home loan scheme; scheme lapsed February-end
Sources say HDFC Bank hikes auto loan rates by 50-100 bps
ICICI Bank raises auto loan rates by 25-50 bps & discontinue 8.25% home loan scheme effective March 1
DLF : Realty sector already pays 13-16% in indirect taxes
Including service tax Realty will have to pay about 19%
Service tax imposition will make realty one of highest tax paying sectors
Board meet today
Bosch FY 09 results today
Zicom to make strategic changes in operations / business
Transwarranty Finance–merger proposal of 2(two) subsidiary Companies with the holding Company.
Other stocks and sectors in news today
Russia’s Severstal has approached Tata Steel and Arcelor Mittal to sell one of its unit in Italy
NMDC plans to raise iron ore prices by 40-50%.
AstraZeneca sues Sun Pharma for challenging the patent on its ulcer drug.
JSW Steel posts 69% growth in Crude steel production for February, 2010
Natco Pharma to move SC to challenge the Intellectual Property Appellate Board’s decision that held that Novartis’ blood cancer drug in Novel.
Wipro Technologies enters into a strategic partnership with The Main Street America Group
ADAG revives plan to launch airline.
Hindustan Construction gets orders worth Rs 299 crore from Hindalco
Ranbaxy may still gain from Flomax
Spice Mobiles board approves fund raising upto Rs 700 crore
Surana Industries promoters up stake to 71.28% from 64.85% via conversion of 70 lakh warrants (at Rs 300); to make open offer
No circuit filter in Mehta Securities, Spectrum Foods
F&O Cues:

Stock futures add 4 crore shares in Open Int
Futures Open Int up by Rs 1175 crore, Options Open Int up by Rs 2142 crore
Nifty futures shed 2 lakh shares in Open Int, at 1 point premium
Nifty Open Int PCR at 1.34 versus 1.27
Nifty Puts add 32 lakh shares, Calls add 2 lakh shares in Open Int
Nifty Apr 4800 Put adds 14 lakh shares in Open Int
Nifty Mar 5000 Put adds 10 lakh shares in Open Int
Nifty 5200 Call adds 6.6 lakh shares in Open Int
Nifty 5100 Call adds 5.5 lakh shares in Open Int
Open Int Rs cr
Nifty futures 13,845
Stock futures 31,667
Nifty options 50,495
FIIs in F&O on March 4
Net sell Rs 728 cr in Nifty futures
Open Int down 7,617 contracts
Net buy Rs 1316 cr in Nifty options
Nifty options Open Int up 1 lakh contracts (addition of 50 lakh shares)
Net sell Rs 196 cr in Stock futures
Stock futures Open Int up 12,052 contracts
US Markets:
The US markets eked out modest gains after some encouraging economic news ahead of the jobs report later today. Consumer stocks were the top performers on better-than-expected retail-sales reports. Earlier stocks had bobbled midmorning after a report showed an unexpected drop in pending-home sales.

Strength among financials helped the broader market shrug off a stronger dollar, which gained 0.7% against competing currencies. The Dow gained 47.38 or half a percent, to close at 10,444.14. The S&P 500 and Nasdaq also posted modest gains.
In key economic data to watch initial jobless claims for the week ended Feb 27 totaled 469,000, which was in-line with the consensus call. Continuing claims dropped more than expected to 4.50 million.
In other economic news, pending home sales for January fell 7.6% month-over-month. A 1% monthly increase had been expected.
Factory orders for January increased 1.7%, which was in stride with the 1.8% increase that had been widely expected.Retailers dominated corporate news flow with the release of February same-store sales figures, which was higher than expected.The dollar rose versus the euro, which was pressured in the wake of the decision by both the European Central Bank and the Bank of England to keep target interest rates unchanged. The Bank of England also kept its quantitative easing measures unchanged. The dollar index is hovering around that 80 mark.Still, the greenback's gain hurt commodity prices. Specifically, oil futures prices fell 0.8%, however crude prices were able to hold on to the USD 80 per barrel level.
Copper prices fell for the first time in five sessions after a report showed an unexpected drop in US home-sales, spurring concern that demand from builders will remain weak. Lead, nickel, tin and zinc prices also fell. Aluminum prices however saw an up move.
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