24 Nov Morning Market Updates:

24 Nov Morning Market Updates:
Stocks that are in news today:

Public offers
MOIL issue price fixed at Rs 340-375, to open on November 26; to raise Rs 1238 crore via 20% dilution (market talk was that price band could be around 450, current grey market premium stands at Rs 270-280)
Claris IPO opens today, issue price band at Rs 278-293/sh
SCI FPO opens on November 30, closes on December 3, board meet on 25th to consider pricing of their FPO
Dr Reddy's

Dr Reddy's Labs (DRL) has also bought rights for Augmentin and Amoxil brands in the US from GSK
DRL buys GSK’s oral penicillin facility in US
Other stocks and sectors that are in news today:
Jalan committee opposes listing of exchanges, clearing corporations and depositories (FT to get impacted)
M&M acquires 70% in Ssangyong Motors for USD 463 million
JSW Energy acquires Canada’s CIC Energy for Canadian dollar 422 million
Biyani tells kin to hand over Future reins to professionals – ET
Nestle ups stake in Indian arm by 0.8% to 62.76%, fuels speculation of possible delisting – ET
Gujarat Pipavav Port has entered into an MOU with Aegis Logistics Ltd., one of the leading oil, gas and chemical logistics Company, wherein they intend to take on lease 75 acres of land at Pipavav Port to develop tankage facility.
Siemens - results to be announced today
Abbott India board meet today to consider proposal of merger of Solvay Pharma
Greaves Cotton: stock split 5:1
F&O cues:

Stock futures shed 3.4 crore shares in Open Int
Futures Open Int down Rs 213 crore, Options Open Int up Rs 3663 crore

Nifty futures add 12.3 lakh shares in Open Int, prem at 7 pts versus nil
Nifty Open Int PCR down at 1.01 from 1.05
Nifty Puts add 16.2 lakh shares; Calls add 48 lakh shares in Open Int
Nifty Nov 5900 Call adds 19 lakh shares in Open Int
Nifty Nov 6000 Call adds 14.5 lakh shares in Open Int
Nifty Dec 5600 Put adds 8.5 lakh shares in Open Int
Nifty Dec 5800 Put adds 7.6 lakh shares in Open Int
Nifty Dec 5900 Put adds 6.2 lakh shares in Open Int
Nifty Dec 5700 Put adds 5,8 lakh shares in Open Int
Nifty Nov 6100 Put sheds 7.9 lakh shares in Open Int
Nifty Nov 6000 Put sheds 6.8 lakh shares in Open Int
FIIs in F&O on November 23
FIIs net sell Rs 1592 crore in Index Futures; Open Int up by 27,356 contracts
FIIs net buy Rs 2475 crore in Index Options; Open Int up by 83,522 contracts
FIIs net buy Rs 548 crore in Stock Futures; Open Int down by 10433 contracts
Market cues:

NSE F&O Open Int up Rs 3451 crore at Rs 1.75 lakh crore
Market-wide rollover 48%; Nifty rollovers 51%

Korea emergency meeting to be held today
As per provisional data of November 23, FIIs were net sellers of Rs 1493 crore in the cash market. FIIs were net buyers of Rs 1416 crore in the F&O market. DIIs were net buyers of Rs 1503 crore in the cash market
US Markets:
US markets tumbled amid fear of contagion effects of the Irish crisis on the other European countries and the Korean crisis. Downside momentum took the Dow below the 11,000 before it settled on its 50-day moving average and the S&P 500 moved below 1180 before it recovered to that point. The CBOE volatility index, widely considered the best gauge of fear in the market, soared more than 12% to nearly 21.

In economic data in US, upward revisions to third quarter GDP failed to provide fodder for buyers. The data indicated that US GDP grew 2.5% from July through September, higher than estimates.
Reflective of the GDP data, minutes from the most recent FOMC meeting generally indicated that the economic recovery has proceeded at a modest rate in recent months. However, there has been only a gradual improvement in labour market conditions. Also, inflation remains low.

In the currency space, the dollar touched a two-month high against the euro as Standard & Poor's ratings services cut Ireland's credit rating. The won also extend losses after yesterday's decline. Weaker Asian equities also supported the currency.