Hoping to reap further gains

"What we plant in the soil of contemplation, we shall reap in the harvest of action" – Meister Eckhart

Its harvest festival down south and investors too seem to be reaping. Yes, the gains on the bourses have been bountiful even as global markets continue to remain shaky. The question now is can the Nifty break past the 5500 level convincingly.



The F&O expiry is expected to see added volatility. There is no confirmed trend as yet. While any pull back could invite margin calls, the bulls will hope short-covering comes to the rescue. All in all, the markets are precariously poised so remain cautious. Avoid any over commitment be it mid-caps or large caps. Use any gains to lighten positions or make the necessary adjustments in the portfolio.

Not much cues coming in from the global markets. While the US markets ended mixed, Asian too is behaving the same way. The Nikkei is lower while the Shanghai Composite Index is in the green. Reports state most Asian stocks fell amid mounting concerns over the global economy after calls by a European Central Bank official to maintain stimulus measures.

In other news in the media : Maruti Suzuki is looking at limiting exports to 15% of its total output to meet requirements within the country.

IVRCL Infrastructure and Projects says it plans to raise funds for two subsidiaries - Rs6bn through a QIP for IVRCL Assets and Holdings, and an Rs2.5bn QIP for Hindustan Dorr Oliver, its industrial EPC arm.

Builders such as the Lokhandwala Group, HDIL and Everest, can now claim tax benefits on their profits, says a report.

PNB plans to foray into insurance business.

Dabur India plans to bring in a strategic investor in its retail venture christened "newu", once it breaks even in the business.

Golden Tobacco plans to sell 5.5 acres land in Mumbai.

Aurobindo Pharma has received final approval from the USFDA for its abbreviated new drug Ampicillin.

The Govt has scrapped NTPC’s 600MW Loharinag Pala hydel power project on financial, environmental and religious grounds.

Sterlite Energy, part of Vedanta Resources plc, commissioned its first unit of 4 X 600MW Jharsuguda thermal power plant in Orissa.

JK Tyres to hike prices by5% from next month.

HCC Infrastructure, wholly-owned subsidiary of HCC, is entering the business of building and operating airports.

Tata-Quippo telecom tower joint venture is set to raise up to Rs50bn through a public issue partly to fund expansion and to provide part exit option to some PEs.

Finance Minister has privately conceded that the implementation date of April 2011 for GST would be missed.