India Equity Analysis, Reports, Recommendations, Stock Tips and more!
Search Now
Recommendations
Wednesday, July 28, 2010
Markets look to a flat opening
Headlines for the day:
RBI raises key rates, but banks may hold on
JSW to raise Rs5,700 crore from JFE stake sale
RBI raises GDP growth forecast to 8.5%
Events for the day:
Major corporate action
SKS Microfinance IPO opens today
New listings: Aster Silicates, Emami Infrastructure
Results: DLF, Jindal Steel, Mahindra & Mahindra
For more events and news, log on to Sharekhan.com
Updates on global events
The US Consumer Confidence for the month ended July 2010 stood at 50.4 as compared to 54.3 seen in the previous month.
The US Richmond Fed Manufacturing Index for the month ended July 2010 stood at 16 as compared to 23 seen in the previous month.
Pre-market report
Global signals
The European shares rose to a five-week closing high on Tuesday (July 27, 2010) as strong results from UBS boosted banks, but more than half the market's early gains were erased after data showed a drop in US consumer confidence.
The S&P snapped a three-day winning streak on Tuesday after mixed earnings reports and a fall in consumer confidence, but analysts said US stocks were taking a breather and the rally could pick back up.
The Asian markets were trading mixed. SGX Nifty was trading mere two points lower, suggesting towards a flat start on the Indian bourses.
Indian Indices
The world markets have been reacting to the signals coming from the US, as of one day the economic data encourages, while on another day the other data disappoints. Tracking the subdued global markets, the Indian bourses head towards a flat opening.
However, the derivative contracts for July are set to expire on Thursday (July 29, 2010), which may lead to some volatility in the markets.
The market players will be closely watching the index heavyweight Reliance Industries Ltd (RIL)’s movement, as its first quarter numbers were declared post the market hours yesterday. RIL is expected to decide the direction of the Sensex.
Sun TV Network, Mahindra & Mahindra, MMTC, GTL Infrastructure, JIndal Steel, Gujarat Mineral Development Corporation, Chennai Petroleum Corporation, DLF, Videsh Sanchar Nigam Ltd, Welspun Gujarat, Sun Pharmaceuticals Industries, Neyveli Lignite Corporation, Marico, Lupin. will declare their results today; the stocks will be closely eyed.
Commodity cues
The crude oil prices declined on Tuesday on poor US economic data, as the crude oil futures for September delivery dipped $1.48, to settle at $77.50 a barrel.
Daily trend of FII/MF investment in equities
The foreign institutional investors (FIIs) bought shares worth a net Rs472.50 crore on Tuesday, as investors turned cautious on the developed markets due to concerns on the economic growth.