8th March Morning Updates

8th March 2010 Morning Updates 08:53
Recommendations :
Nifty will open around 5150 mark because of strong Asians.Nifty will face a resistance of 5170 while immediate support for Nifty will be 5110.Hold all long from last week's recommendations and keep booking profits on higher levels.

Buy Bhartiartl sl 294 Target 306

Hold Long Dlf Trail sl 306
Buy Relcapital sl 801 Target 816 / 827
Stocks that are in news today:Indian ADRs:
Tata Motors up 4.4%, tata Comm up 3.9%, ICICI Bk up 3.5%
DQ Entertainment IPO opens for subscription today
IPO Price Band Fixed At Rs75 to Rs80
Raised Rs22.64 Cr Via Anchor Investors At Rs80/share
Anchor Investors Include IDFC, TRowe Price International Discovery Fund, Birla Sunlife Equity Fund, Morgan Stanley A.C.E Fund, Axis Tax Saver Fund
NMDC FPO opens on 10th March
REC FPO shrs available for trading from today
FM Says New Bank Licenses Need To Meet RBI Criteria
SEBI Bd Meet Takeaways
SEBI board decision- QIBS to pay up 100% for application for primary issuances vs 10% currently.
Decision will bring parity btw institutional & Retail investors.
5 Yr Contracts To Be Possible For Long-term Derivative Seg
To Enable Physical Delivery In Derivative Contracts
Efforts On To Reduce Time Between Issuance
Hind Copper: From Govt Sources
Cabinet Note For Hind Copper Divestment Being Prepared
10% Fresh Equity And 10% Offer-For-Sale Proposed
Issue Timing Likely July Or August This Year
Govt Holding In Hind Copper At 99.59% As On Dec 31, 2009
ONGC Says: NW18
Made Significant New Discoveries In Syria
Syria Discoveries Hold Around 185 m Barrel Oil In-place
Bharti Zain update
Sunil Mittal, A Gupta Start Visit To Separate Countries
Visits Aimed At Quick Assessment Of Zain Ops
Bharti In Talks To Buy Zain's 15 Country Ops In Africa
Zee Ent: from Sources
Zee Ent In Talks To Acquire 9X's Hindi GEC
Zee Ent-9x GEC Deal Valued At Rs 65-75 Cr
9X Hindi GEC Has Accumulated Losses9X Deal To Give Zee Ent Access To Its Library
Zee Ent Refused To Comment On The Deal
INX Media Owns 9X Hindi GEC & 9X Music
HT media update
Hindustan Media Ventures files DRHP with SEBI for Rs 300 cr issue
Hindustan Media is subsidiary of HT Media
Corporate actions:
Sterlite tech – 1:1 bonus and 5:2 stk split
Kirloskar bros – scheme of arrangement
Other stocks and sectors in the news
Tata Motors to supply 1000 school buses to Saudi Arabia
Essar group set to buy US Co Trinity Coal for $600m – Reports, Essar group plans $8bn London listing – Reports
Fidelity to sell 2% in MCX to Intel arm, moved aimed to bring down holding to 5% as per norms – ET
Blackstone to acquire 12% stake in Monnet Power, deal is valued at Rs 275 cr – DNA (It’s a sub of Monnet Ispat)
Mercator Lines looking of more coal mines abroad, to invest $100-150m – FE
IL&FS Transportation IPO opens on March 11, closes on March 15
FDA asks Glenmark to stop selling painkiller drug by July 24, impact minimal – DNA
Northgate buys Convergys HR Unit for $100m – FE
STel ordered to shut down mobile service in 3 circles by DoT
AP HC nullifies Rs 121 cr govt contract given to Maytas Infra
Truckers to go on an indefinite strike from April 5, demanding a roll-back of the fuel price hike announced in the Budget.
Bilpower bd meet today to approve scheme of arrangement
Shree Digvijay Cem results today
F&O cues:

Futures Open Int up Rs 507 crore
Options Open Int up Rs 2646 crore
Nifty futures add 5 lakh shares in Open Int, at 1-pt discount
Nifty Open Int PCR at 1.32 versus 1.34
Nifty Puts add 22 lakh shares in Open Int
Nifty Calls add 23 lakh shares in Open Int
Nifty 5100 Put adds 8 lakh shares in Open Int
Nifty 4700 Put adds 6.6 lakh shares in Open Int
Nifty 5100 Call adds 14 lakh shares in Open Int
Stock futures add 1.5 crore shares in Open Int
FIIs in F&O
FIIs net buy Rs 78 crore in Index Futures
FIIs net buy Rs 272 crore in Index Options
FIIs net sell Rs 160 corer in Stock Futures
US Markets:
US stocks jumped and the Nasdaq hit an 18-month closing high on Friday as US employers cut fewer jobs than expected last month and consumers showed signs of shedding their penny-pinching ways.Apple Inc surged to an all-time high after the company said its much hyped iPad computer would arrive in U.S. stores in April, easing concerns about delays.The broader market got a lift from smaller-than-expected job losses, after U.S. data showed nonfarm payrolls shed 36,000 jobs in February compared with expectations in a Reuters poll for a loss of 50,000. Investors had been concerned severe winter weather that affected swaths of the country would cause a larger drop in payrolls."We had been bracing for bad news, and what we got was much better than expected, which suggests we could potentially rebound further in March and April," said Marc Pado, market strategist at Cantor Fitzgerald & Co in San Francisco.
"This was the number people were fearing, and that we got through it like this is very positive for the long run."News that consumer credit rose USD 4.96 billion in January, its first increase in a year and the largest for any month since mid-2008, according to Federal Reserve data, boosted financial stocks. American Express rose 3.4% to USD 40.20 and ranked among the Dow industrials' top advancers.
The Dow Jones industrial average gained 122.06 points, or 1.17%, to end at 10,566.20. The Standard & Poor's 500 Index added 15.73 points, or 1.40%, to 1,138.70. The Nasdaq Composite Index rose 34.04 points, or 1.48%, to 2,326.35.
The Dow and the S&P 500 closed at their highest levels in six weeks. The S&P 500 is now off only 1% from a 15-month closing high set on Jan 19, having clawed back from a drop of more than 8% through Feb.8. All three indexes are now positive for the year.For the week the Dow rose 2.3%, the Nasdaq added 3.9% and the S&P 500 climbed 3.1%.Apple boosted the Nasdaq as the stock shot up nearly 4% to an all-time closing high at USD 218.95 after the company said the first iPad computers will be in US stores in early April.
There was broad participation across most market sectors, with cyclicals among the leaders as commodity prices rose along with investor optimism. But volume remained low in a sign of residual investor caution.
"The volume is really quite light, so the true interest that's waiting on the sidelines, although we're seeing an upside bias, is waiting for (political) progress in Washington," said Jason Weisberg, a trader at Seaport Securities in New York.
US crude oil futures prices ended at their highest level in almost eight weeks, at USD 81.50 a barrel. An S&P energy index shot up 1.8%, with energy among the S&P's best-performing sectors.
Dow components Chevron Corp and Exxon Mobil Corp rose, with Chevron up 1.7% at USD 74.30, and Exxon up 1.6% at USD 66.47.
Diversified manufacturer 3M Co gained 1.8% to USD 82.44, and ranked among the Dow's top gainers after the jobs data showed the manufacturing sector added 1,000 jobs in February.
Declining shares included Solarfun Power Holdings, which fell 9.1% to USD 6.84 after the company warned of a steeper fall in average selling prices in its first quarter.
Transatlantic Holdings Inc shares fell 3.4% to USD 51.96 after American International Group Inc said it would sell its 13.8% stake in the company. AIG's stock gained 5.1% to USD 28.08.
About 8 billion shares traded on the New York Stock Exchange, the American Stock Exchange and the Nasdaq, below last year's estimated daily average of 9.65 billion.
Advancing stocks outnumbered declining ones on NYSE by a ratio of nearly 11 to 2, while on Nasdaq, about 11 stocks rose for every three that fell.
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