02 March,2010 Morning Market Updates

Morning Updates 2 Mar 2010 08:55
Recommendations :
Hold long BankNifty sl 8702

Buy Cairn sl 263 Target 270
Buy Cipla sl 312 Target 320
Buy Dlf Above 301 sl 297 Target 309
Buy Grasim sl 2671 Target 2727 / 2744
Buy LT sl 1547 Target 1581 / 1613
Buy M & M sl 992 Target 1054
Buy Ranbaxy sl 460 Target 487
Buy Relcapital sl 772 Target 808
Buy Relinfra above 1022
Buy Rpower Above 141 sl 138 Target 145 / 148
Buy Sail sl 215 Target 227
Buy Suzlon above 73 sl 71 Target 76
Buy Tatasteel Above 587 sl 570 Target 607
Buy Unitech sl 70.5 Target 75
Buy Abirlanuvo sl 835 Target 858
Buy Bankindia sl 331 Target 338
Buy Crompgreav sl 412 Target 422
Buy Lichsgfin sl 743 Target 768
Buy Moserbaer sl 74 Target 79
Sell ABB sl 800 Target 787
Sell Bhel sl 2365 Target 2323
Sell ITC sl 237 Target 228
Sell Patni below 472 sl 478
Stocks that are in news today:
Results today: Esab India, Kinetic Engineering
Finance Secretary says
No extension for STPI, EOUs
Undecided on exemptions for SEZs
Profit linked incentives have to go
Tata Motors February sales
February '10 sales at 69,427 units versus 43,811 units (YoY)
Domestic sales for commercial & passenger vehicles up 56%
AIG
UK's Prudential buys AIG Asia business for USD 35.5 billion: Agencies
Prudential says will pay USD 25 billion cash, USD 10.5 billion in new shares, securities: Agencies
Prudential says to raise USD 20 billion of cash through rights issue: Agencies
Prudential has 26% stake in Life Insurance JV with ICICI in India
Prudential can't hold 2 JVs in india as per regulations
Tata's may have to buy out AIG's 26% stake in JV
Tata spokesperson says no comments at this point of time
15 stocks will be available for trading in F&O from today - Balrampur Chini Mills, Bhushan Steel, Dish TV India, Essar Oil, Firstsource Solutions, Gujarat State Petronet, K Power, HCC, Indiabulls Real, Jaiprakash Power Ventures, Jindal Steel & Power, LIC Housing Finance, MphasiS, Videocon Ind, Yes Bank
Other stocks that are in news today:
Indian ADRs: Wipro up 3.5%, Tata Motors up 3.2%
Retail investors to get 5% discount in NMDC offer – FE
Arss Infra to list on March 03
Cement companies hike prices by Rs 10-12/bag to offset excise duty rise and rise in diesel rates
LyondellBasell (LB) rejects RIL’s bid
TPG likely to takeover Vishal Retail – ET
GVK may take control of BAIL – ET
Hindustan Dorr acquires UK based company DavyMarkham
3G players kept out of tax break under Sec 80IA – BL
Bhushan Steel propose to set up a value added steel plant Karnataka with a investment of Rs 28000 crore
BEML & Kamaz Vectra signs MoA to develop Commercial Vehicles
Airline companies to pass on service tax liabilty to consumers; ticket prices set to rise
EdServ board meet tom to consider fund raising through QIP
DMK Threatens pull out on fuel price hike, PM says no roll back
F&O cues:
Futures Open Int up Rs 2895 crore, Options Open Int up Rs 5706 crore
Nifty Mar futures add 11 lakh shares in Open Int, at 8-point premium
Nifty Apr futures add 9 lakh shares in Open Int, at 8-point premium
Nifty May futures add 7 lakh shares in Open Int, at 15-point premium
Nifty Open Int PCR at 1.19 versus 1.14
Nifty Puts add 65 lakh, Calls add 37 lakh shares in Open Int
Nifty 4800 Put adds 11 lakh shares in Open Int
Nifty 4900 Put adds 9 lakh shares in Open Int
Nifty 5000 Put adds 8 lakh shares in Open Int
Nifty 5000 Call adds 15 lakh shares in Open Int
Stock futures add 3 cr shares in Open Int
Open Int Rs crore
Nifty futures 12,114
Stock futures 27,981
Nifty options 42,349
FIIs in F&O on February 26
Net buy Rs 1560 crore in Nifty future
Nifty Futures Open Int up 16,324 contracts
Net buy Rs 258 crore in Nifty options
Nifty Options Open Int up 37,930 contracts
Net sell Rs 348 crore in Stock futures
Stock Futures Open Int up 18,948 contract
In US markets, stocks kicked off March with gains led by technology stocks after an encouraging report on chip sales and strong outlook from Sandisk. Some M&A activity too gave the broader market a boost. The Dow Jones Industrial Average gained 78.53 points, or 0.8%, to close at 10,403.79, led by Intel. The tech-heavy Nasdaq jumped 1.6%, while the S&P 500 added 1%. The CBOE volatility index dropped back below 20.
In economic data, the ISM reported that the manufacturing sector continued to grow in February, even though it fell to 56.5 from 58.4 in January, as the gauge remained over 50.Some good news on the consumer front, personal spending rose 0.5% in January, even though income gained only 0.1%. Spending on both durable and nondurable goods was strong.The dollar rose against the euro, led by a sharp sell-off in sterling and lingering uncertainty over a bailout for debt-strapped Greece. The pound hit a 10-month low versus the dollar and was on track for its biggest one-day drop since October. The dollar index is close to the 81 mark.Crude fell from a six-week high as the dollar advanced against the euro reducing demand for raw materials as an alternative investment.Copper surged higher in LME session on supply concerns prompted by the massive earthquake in Chile at the weekend. For rest of the industrial metals, it has been a mixed session.


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