12 Nov Morning Market Updates:

12 Nov Morning Market Updates   08:50

12 Nov 2010 Morning Market Updates 08:45


Spot Nifty has strong support at 6155(closing basis) and consecutive closings below this level will lead Nifty to correct upto 6080 to 6032 levels.
Nifty Fut support levels : 6174
If it breaks on closing basis may tests 6147/6090/6066.

Buy Apil In dips sl 741 T 776


Buy Cipla In dips sl 324 T 342

Buy DLF sl 341 T 353

Buy Rcom In dips sl 174

Buy Relinfra sl 1055 T 1074

Buy Sail Abv 202 sl 199 T 208

Buy Tatapower Abv 1408 sl 1400 T 1428







Sell Acc sl 1100 T 1078

Sell Axisbank Bel 1506 sl 1518 T 1490

Sell DLF Bel 341 sl 345 T 335

Sell HDFC sl 718 T 698

Sell Patni sl 477 T 461


Stocks that are in news today:
Results Today: Reliance Infrastructure, Reliance Power, Tata Power, Tata Steel, BEML, HPCL, India Cements, Educomp, Gammon India, Oil India, IGL, ISPAT, Parsvnath, Wockhardt
Cipla Q2FY11 YoY

Net sales at Rs 1579.9 crore versus Rs 1,371.1 crore (up 15%)
Net profit at Rs 263 crore versus Rs 275.7 crore (dn 5%)
OPM%: 21% versus 23%
Management Says
Domestic business grew by 14%
Exports degrew 1%
Q2 margins at 22.6%
PAT margins at 16.2%
Stick to FY11 guidance of 8-10%
Started new factory in Indore: investment of Rs 1000 crore
FACT: Q2FY11 YoY
Net Profit: Rs 12.5 crore versus loss of Rs 11.4 crore
MMTC Q2FY11 YoY
Net profit at Rs 40.7 crore versus Rs 48.9 crore
Net sales at Rs 18700 crore versus Rs 9400 crore
Jubilant Life Q2FY11 YoY
Consolidated net profit at Rs 82.1 crore versus Rs 57.7 crore
Consolidated net sales at Rs 987 crore versus Rs 933 crore
Shree Cement Q2
Net profit at Rs 10.6 crore versus Rs 289 crore
Net sales at Rs 718 crore versus Rs 900 crorer
Bhushan Steel Q2
Net profit at Rs 259 crore versus Rs 189 crore
Net sales at Rs 1,719 crore versus Rs 1,298 crore
Board Meetings today:
Lakshmi Overseas: To consider buyback
Global Capital Market: To Issue & Allot Equity Shares on Preferential basis to Promoters & Non- Promoters group.
SVC Resources : To consider stock split; consider, issue of GDR upto USD 150 million; increase in limit of investment by FII's.
Vinati Organics: To discuss and approve the financing of upcoming Capex plan
Other stocks and sectors that are in news today:
Sun Pharma buys out Templeton’s 12% stake in Taro for USD 82 million – BS
GMR to sell Inergen stake in Chinese co Huangen for USD 1.5 billion – ET/BS
Navin Fluro buy back at Rs 400/sh, offer opens on January 7, closes on February 5
Roche sues DR Reddy's over osteoporosis fighting drug Boniva – DNA
Tata Steel plans to raise USD 1 billion via DVR share sale in December
ICICI Bank, Axis Bank infra NBFC hits RBI hurdle – BS
Market cues:

G20 Update
There was sharp divergence in views among member nations. It looks like there is slim chance of accord on currency issue and slim chance of accord on trade imbalance as well.

Index of Industrial Production (IIP) numbers will be announced today; CNBC-TV18 poll sees September IIP at 6.46% versus actual 5.6% (MoM).
NSE F&O open interest was down by Rs 240 crore at Rs 1.64 lakh crore.
Institutional action
FIIs were net sellers to the tune of Rs 60.4 crore and DIIs net sellers of Rs 270 crore in cash markets on November 11, as provisional data available on NSE website. FIIs were net sellers of Rs 541 crore in F&O.
In the US, stocks managed to slash losses towards end of trade but still settled in the red following another gain by the greenback and disappointing guidance from Cisco.

And in key data to watch out for in US today, the University of Michigan’s Consumer Sentiment Index for November is expected today. It is seen rising to 69 from 67.7 in October.
European markets dipped further retreating from two-year highs hit earlier in the week, as investors dumped stocks on mounting fears over Ireland’s debt woes. Meanwhile, Asian markets were trading in the red zone.

In the currency space, the dollar continued its gains as growing uncertainty about Ireland’s ability to repay its debts sent the euro to its lowest level in five weeks overshadowing attempts at a G20 summit to ease tensions over currency and trade policies.
In the currency space, the dollar continued its gains as growing uncertainty about Ireland’s ability to repay its debts sent the euro to its lowest level in five weeks overshadowing attempts at a G20 summit to ease tensions over currency and trade policies.
In commodities, oil fell from 25-month highs as gains in the dollar and the weaker stock market offset strong Chinese demand data.
And back home, in our markets, the Nifty slipped 80 points to close below the 6200 mark. Volumes were high at nearly Rs 1.5 lakh crores. Here are more details.
India's annual industrial output growth probably rose to 7% in September from the previous month, a median forecast of 27 economists showed. The output growth had plunged unexpectedly to 5.6% in August from a 15.2-percent surge in July. India Sept industrial output growth seen at 7%. Forecasts ranged from a rise of 4.5% to 10%.
In earnings, Tata Steel will report its Q2 performance today. Its consolidated core net profit is expected to decline by 22% QoQ led by lower Corus profits. The reported net profit could be higher due to one-time gain from sale of investments in Tata Motors & Tata Power.
A strong team of leaders is vital in running a successful diversified conglomerate. And while M&M's acquisitions may suggest a risk taking streak, they are all well calculated maneuvers. That's the message Anand Mahindra sent out, in conversation with Vallabh Bhanshali at the Enam India Conference.
Maruti Suzuki India is back with its 50% market share after four months of consecutive fall. The company has managed to get back the share inpsite of stiff competition in the passenger car space which has seen over a dozen new small car launches in the last nine months. Also, check out some other STOCKS IN NEWS
US Markets:
US stocks managed to slash losses towards end of trade but still settled in the red following another gain by the greenback and disappointing guidance from Cisco.

The Dow Jones Industrial Average closed at 11,283.10, down 73.94 points or 0.65%. The Nasdaq Composite ended at 2,555.52, down 23.26 points or 0.90% and The S&P 500 Index fell 5.17 points or 0.42% to 1,213.54.
In key data to watch out for in US today, the University of Michigan's Consumer Sentiment Index for November is expected today. It is seen rising to sixty nine from sixty-seven point seven in October.

European markets dipped further retreating from two-year highs hit earlier in the week, as investors dumped stocks on mounting fears over Ireland's debt woes; CAC was down 0.54% and FTSE down 0.03% while DAX was up 0.05%.
In the currency space, the dollar continued its gains as growing uncertainty about Ireland's ability to repay its debts sent the euro to its lowest level in five weeks overshadowing attempts at a G20 summit to ease tensions over currency and trade policies.
In commodities, oil fell from 25-month highs as gains in the dollar and the weaker stock market offset strong Chinese demand data.
Timothy Geithner, Treasury Secretary of USA said, "I think most of what we are seeing around the world is an encouraging sign of greater confidence and recovery. You see that particularly in Asia and EMs where growth has been really strong and strong for sometime now and it's increasing. You are seeing the world look at the growth prospects in those countries and say it's going to bet on growth over a very long period, that a fundamentally healthy thing for the US because US export growth is very strong and will be stronger if these countries grow faster. But fundamentally its a sign of greater confidence in durability, sustainability of the expansion you are seeing."