8th June Morning Market Updates:

8th June Morning Market Updates:
Nifty resistance at 5070
Stocks that are in news today:

Empowered Group of Ministers (EGoM) defers decision on oil pricing
Oil Secretary S Sundaresan says EGoM likely to meet in the next 10 days
Need to discuss fuel price issue further
Possible inflationary effect of fuel price hike discussed
Burden on govt on revenues loss at Rs 3.45 lakh crore in FY04-10
IOC says
Still hopeful fuel prices will be deregulated
Fine as long as oil companies compensated for revenue loss
Kirit Parikh Says
Disappointed EGoM did not take a decision
Hope EGoM implements recommendations at next meet
Burden to consumers can be eased by rationalising taxes
Post 3G bonanza, enough elbow room to cut duties
Right time to deregulate petrol, diesel prices
Other stocks and sectors that are in news today:
FIs, NRIs & VC to pick up 26% in HT Media’s Hindi arm Hindustan Media Ventures for Rs 350 crore: FE
eClerx Services : Board approves a bonus in ratio of 1:2
Whirlpool of India, Sri Adhikari Brothers transferred to T2T
Ex-dates today - Rallis India: Bonus in ratio of 1:2
Govt notifies amendments to SCRA on 25% public floats, public shareholding to exclude shares held by custodians against ADRs/GDRs ((Wipro may have to go for more dilution))
Andhra Bank may buy-back shares : BL
Vishal Retail may close deal with TPG in 2-3 months : Mint
India proposes a Windfall tax like Australlia on Miners : Mint
Govt to cap Temasek, GIC Joint holding in Govt Companies : FE
IVRCL Assets plans equity infusion : DNA
Market cues:

EGoM defers decision on oil pricing
US markets see sell-off in late trade after volatile session
FIIs were net buyers of USD 58.9 million in equities on June 4NSE F&O Open Int up was Rs 2575 crore at Rs 1.22 lakh crore
As per provisional data of June 7, FIIs were net sellers of Rs 403 crore; DIIs were net sellers of Rs 203 crore in cash markets. FIIs were net sellers of Rs 51 crore in F&O.
F&O cues:

Futures Open Int down Rs 219 crore, Options Open Int up Rs 2794 crore
Nifty futures add 11 lakh shares in Open Int, at 14-point discount
Nifty Open Int PCR at 1.37 versus 1.40

Nifty Puts add 21 lakh shares, Nifty Calls add 27 lakh shares in Open Int
Nifty 4800 Put adds 9 lakh shares in Open Int
Nifty 5000 Put sheds 8 lakh shares in Open Int
Nifty 5100 Put sheds 6 lakh shares in Open Int
Nifty 5300 Call adds 10 lakh shares in Open Int
Nifty 5000 Call adds 6.8 lakh shares in Open Int
Stock futures add 1.5 crore shares in Open Int
FIIs in F&O on June 7
Net sell Rs 1665 crore in Nifty futures
Nifty Futures Open Int up 51,992 contracts
Net buy Rs 1890 cr in Nifty options
Nifty Options Open Int up 92,342 contracts
Net sell Rs 262 crore in Stock futures
Stock futures Open Int up 10,303 contracts
US markets fell sharply in late trade after a jittery session. US consumer credit data for April, released Yesterday, showed Americans largely shying away from taking on new debt amid high unemployment. Worries about Europe also nagged investors.

Instead of seeing a bounce following a selloff like we saw on Friday, lack of conviction kept proceedings under pressure.
The CBOE volatility index, widely considered the best gauge of fear in the market, was above 36 at the closing bell.
The Dow lost over a percent, to close at 9,816, its lowest close since November 2009. The S&P 500 shed nearly a percent and a half, while the Nasdaq lost over 2%.

In the currency space - the euro hits multi-year low below 1.19 to the dollar before recovering on the back of a bigger-than-expected jump in German industrial orders and reasonable demand at an offer of Belgian government debt. Corporate demand also helped lift the euro from those lows.
Meanwhile, in the commodity space - gold rallied to less than USD 10 below its all-time high of 1249, as funds piled in for safety amid choppy currency and equity markets due to ongoing fears about euro zone credit contagion. Gold hit an intra- session high of over 1243 dollars an ounce.

Base metals however declined, copper, zinc, lead & aluminum hit their lowest levels this year, while nickel slipped to the lowest in the last 4 months. Investors fearing economic and demand growth meltdown in the euro zone fled base metals. Currently, fundamentals aren't really driving industrial metals, but people are concerned about the european economy and demand from china.
It was a quiet session for the energy complex. US crude oil futures ended Monday slightly lower, though well above early lows, as persistent economic worries undermined a late drive to positive territory. Forecasts calling for a drawdown of a further million barrels in crude stockpiles ahead of inventory reports this week appeared to be putting a break on the day's decline in crude futures.
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