30th August 2010 Morning Market Updates:

30th August 2010 Morning Market Updates:
Stocks that are in news today:
GMR Infra
Withdraws fund raising plan of Rs 5,000 crore
Already raised Rs 2,800 crore via QIP, private equity
Sesa Goa
Plans Rs 6000-9000 crore steel Foray – BS
Company writes to transfer MoU signed earlier with Sterlite Iron and Steel to be transferred to Sesa Goa
Tech Mahindra
CEO Sanjay Kalra steps down on September 15
Vineet Nayyar to takeover operational responsibilites
Tata Steel update (Stock was buzzing on Friday for this)
Corus, Thailand-based SSI in pact for Teesside Plant sale
SSI to buy Corus' Teesside plant for USD 500 million
Prime Focus
Board approves issue of 10 lakh warrants to Promoter
Approves raising of funds up to USd 50 million
Approves stock split from 10:1
Cairn India
Completes a year Of production from Mangala Field
Produces 12.3 million barrels from Mangala Field in first year
Oudh Sugars Qtr Results
Sales at Rs 176 crore versus Rs 170.5 crore ((YoY))
Loss of Rs 40 crore versus PAT of Rs 1.7 crore ((YoY))
Ispat Q1
Sales at Rs 2427 crore versus Rs 1399 crore (up 73% YoY)
Loss at Rs 69 crore versus loss of Rs 214 crore (YoY)
EBITDA margins at 14% versus 7.3% (YoY)
Ex-Dates
Hero Honda : Ex-Dividend @ Rs 30/share
Indian Hume : Ex-Spilt 5 : 1
Other stocks and sectors that are in news today:
PSU oil cos to up petrol prices in Sep first week: NW18
Borosil Glass : Sells Andheri land for Rs 830 crore ((Market cap of Rs 300 crore, debt of Rs 50 crore))
Sources Says: Environment Ministry okays JSPL 2,400 MW Chhatisgarh Unit
Holcim appoints Hewitt Associates for organizational restructuring in ACC and Ambuja, this is seen as a first step towards merger, merger likely in 3-6 months
Ansal Housing &Construction- Approves issue of 12 lakh warrants at Rs 70/share to promoters
Jindal Poly Films : Board Meet on September 3 for Fund Raising
F&O cues:
Futures Open Int up Rs 194 crore
Options Open Int up Rs 8617 crore
Nifty Futures add 6.2 lakh shares in Open Int
Nifty Futures at 7-point premium
Nifty Open Int PCR at 1.45 versus 1.41
Nifty Puts add 94 lakh shares in Open Int
Nifty Calls add 50 lakh shares in Open Int
Nifty 5400 Put adds 15 lakh shares in Open Int
Nifty 4900 Put adds 15 lakh shares in Open Int
Nifty 5100 Put adds 12 lakh shares in Open Int
Nifty 5400 Call adds 12 lakh shares in Open Int
Nifty 5700 Call adds 9.4 lakh shares in Open Int
Stock Futures add 3.1 crore shares in Open Int
FIIs in F&O on August 27
Net sell Rs 222 crore in Nifty Futures
Net buy Rs 2806 crore in Nifty Options
Market cues:
DTC to be presented in parliament today
US mkts surge on Friday, Dow ends above 10,000
Asian markets firm in early trade
FIIs were net buyers of USD 33.5 million in equities on August 26
NSE F&O Open Int was up by Rs 8811 crore at Rs 1.41 lakh crore
As per provisional data of August 27, FIIs were net sellers of Rs 108 crore; DIIs were net buyers of Rs 240 crore in cash markets. FIIs were net buyers of Rs 2484 crore in F&O.
US Market:
US stocks rebounded to post their best gains in nearly four weeks on Friday, overcoming initial skittishness brought on by a revenue warning from Intel and dour comments from Federal Reserve Chairman Ben Bernanke.
Strong buying interest at a key technical level and short-covering sparked the market's comeback, and the tone improved as investors took a more positive view of Bernanke's comments about the economy and the Fed's readiness to act.
Bernanke told central bankers at a conference in Jackson Hole, Wyoming the recovery has weakened more than expected but the US central bank was ready to take further steps if needed to spur the recovery.
The Fed chairman downplayed concerns that the economy might slip back into recession, reassuring investors spooked by his recent comments the US economy faced "unusual uncertainty."
"Bernanke struck the right tone to say, 'We know things have been weaker than expected, but we still think we're going to get through this,'" said Scott Marcouiller, chief technical market strategist at Wells Fargo Advisors in St. Louis.
Intel Corp briefly helped take indexes lower after the chipmaker warned third-quarter revenue could fall short of its own estimates by more than USD 1 billion. But its shares finished up 1.1% at USD 18.37 after losing more than 15% since late July.
Shares in Intel were halted twice, once pending news and once after the stock triggered a circuit breaker.
"Even though the news is bad, the bad news is already in the valuation. Obviously business isn't going great there, but the stock is so cheap this doesn't matter," said Stephen Massocca, managing director at Wedbush Morgan in San Francisco.
The Dow Jones industrial average gained 164.84 points, or 1.65%, to 10,150.65. The Standard & Poor's 500 Index jumped 17.37 points, or 1.66%, to 1,064.59. The Nasdaq Composite Index climbed 34.94 points, or 1.65%, to 2,153.63.
Nonetheless, the Dow and S&P 500 racked up their third week of declines in a row. For the week, the Dow was down 0.6%, the S&P lost 0.7%, while the Nasdaq gave up 1.2%.
The stock market started on a positive note after US economic growth was revised down in the second quarter, but still the reading was better than expected. The debate over whether the economic recovery has hit a soft patch or is headed for a double-dip recession has plagued the market.
Although the data pointed to an even softer performance in the third quarter, investors were relieved that the reading was not as bad as feared.
"Coming into the day, expectations were it could be a miserable day. It didn't happen, so I have to think there was huge short-covering behind this rally," Marcouiller said.
Stocks that benefit from a strong economy were among the day's winners, with Caterpillar Inc and Boeing lifting the Dow. Caterpillar rose 3% to USD 65.90 and Boeing gained 3% to USD 63.16.
Shares of 3PAR Inc surged 24.7% to USD 32.46 after Hewlett-Packard Co again raised its buyout offer for the data storage company, leapfrogging a bid from Dell Inc. HP, a Dow component, dipped 0.6% to USD 38, while Dell rose 1.2% to USD 11.89.
Energy and materials shares also led the way up as the price of oil rose more than 2% over USD 75 a barrel. The S&P energy group jumped 2.8% and Chevron gained 2.2% to USD 74.93.