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Tuesday, August 10, 2010
Markets slip on global weakness
Today's major news
Tata Motors speeds up on robust Q1 numbers; the stock ends 4.17% higher
Rolta FY10 consolidated net profit dips 13%; the stock closes 1.33% down
Nagarjuna Construction Q1 consolidated net profit up 18% yoy; the stock ends 1.13% lower
BSE Bulk Deals to Watch - Aug 10 2010
Deal Date Scrip Code Company Client Name Deal Type * Quantity Price **
10/8/2010 532975 Aishwarya Tele PARESH RAMJIBHAI CHAUHAN B 150000 29.62
10/8/2010 532975 Aishwarya Tele PARESH RAMJIBHAI CHAUHAN S 150000 29.62
10/8/2010 512355 Anukaran Comm HANISHA PARESH PUJARA B 5600 27.10
NSE Bulk Deals to Watch - Aug 10 2010
Date,Symbol,Security Name,Client Name,Buy/Sell,Quantity Traded,Trade Price / Wght. Avg. Price,Remarks
10-AUG-2010,AMTEKINDIA,Amtek India Limited,RAJASTHAN GLOBAL SECURITIES LTD,BUY,771580,64.36,-
10-AUG-2010,DCM,DCM Ltd,OM INVESTMENTS,BUY,107781,102.18,-
Bulls take a breather
Weak global stocks triggered profit taking on the domestic bourses as the key benchmark indices retracted from 2-1/2-year highs hit on Monday, 9 August 2010. But, Tata Motors bucked the weak trend as shares of the commercial vehicles major hit a record high after the company reported turnaround Q1 June 2010 consolidated results. The market breadth was negative in contrast to a strong breadth earlier in the day. The BSE 30-share Sensex lost 67.51 points or 0.37%, up close to 49 points from the day's low and off close to 73 points from the day's high.
Eyes set on Fed meet
Caution is the eldest child of wisdom. - Victor Hugo.
The opening is likely to be cautious given the soft Asian markets. Stocks in the US managed modest gains while those in Europe did exceedingly well. A few key earnings are due today but the same may not have a market-wide impact.
Grey Market Premiums - Aug 10 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| Engineers QIB | 290 | 15 to 17 |
| Engineers Retailers | 275.50 | 30 to 35 |
| SKS Micro Finance | 985 | 47 to 48 |
| Bajaj Corp. Ltd. | 660 | 70 to 72 |
| Prakash Steelage | 100 to 110 | 10 to 12 |
Gains Expected - IPOs - SKS Microfinance, Bajaj Corp
| | EIL | SKS | Bajaj Corp. |
| Cost of Retailers (Rs) | 275.50 (Rs. 290-14.50) | 935.00 (Rs. 985-50) | 660.00 |
| Over Subscribed | 2.99 times | 2.50 times | 6.62 times |
| Allotment Expectation (Rs. 1 Lak Application) | 115 Shares | 35 Shares | 22 Shares |
| Listing Price (Expected) | Rs. 310 to 320 | Rs. 1025 to 1030 | Rs. 725 to 730 |
| Minimum Gain � Approximate (Rs. 1 Lakh) | 4000 to 5000 | 3200 to 3400 | 1500 to 1600 |
Market may edge lower on weak Asian stocks
The market may edge lower in opening trade tracking weak Asian stocks. Trading of the S&P CNX Nifty futures on the Singapore stock exchange indicated that the Nifty could fall 1.50 points at the opening bell.
Daily News Roundup - Aug 10 2010
BHEL has bagged a contract worth Rs25.3bn from Abhijeet Infra Ltd for setting up a 1,080MW thermal power plant in Jharkhand. (BL)
Glenmark has entered into a settlement agreement with US-based Sepracor on a patent litigation suit related to the generic versions of insomnia drug eszopiclone. (BS)
Nifty misses out on 5500 yet again…RIL slips
Indian indices inched higher, but yet again the NSE Nifty failed to cross the psychological barrier of 5,500. The 5490 levels turned to be a strong resistance for the Nifty. Index heavyweight Reliance Industries was the top laggard, the stock lost ~1% during the day.
Markets set to start flat
Headlines for the day:
Home ministry asks dot to stop all 3G services
Government dilutes 25% public float norms
Lupin sues Ranbaxy in US for patent infringement
US stocks end modestly higher on a dull day
Cisco Systems and Mc Donalds lead the Dow higher
It was a lackluster day at Wall Street on Monday, 09 August 2010. There was not much of corporate news or economic data flow during the day. Still stocks, managed to end modestly higher for the day without the help of any particular leader. Gains were broad and varied ahead of Federal Reserve's interest are decision.
Copper rises marginally higher
Prices rise on Fed's interest rate speculation
Copper prices ended higher for first time in three sessions on Monday, 09 August 2010. Prices rose on speculation that the Federal Reserve will extend efforts to shore up the U.S. economy.
Precious metals turn pale
Gold drops for first time in nine sessions
Bullion metal prices ended lower on Monday, 09 August 2010 at Comex. Prices pared early gains and fell ultimately as the dollar strengthened.
Crude gains but natural gas slips
Oil prices end higher for first time in four sessions
Crude oil prices ended higher for first time in four sessions on Monday, 09 August 2010. Prices rose in tandem with US stocks despite a strong dollar.
BL Kashyap and Sons
We recommend a buy in the stock of B.L.Kashyap and Sons from a short-term perspective. It is apparent from the charts of the stock that after encountering significant long-term resistance around Rs 500 in late December 2009, it started to trend downward. However, the stock found support at Rs 300 in June and repeatedly took support at this level until it emphatically bounced up on Monday. In that session, it jumped 16 per cent with extra-ordinary volume, conclusively penetrating its medium-term down trend-line as well as 200-day moving average. The stock's upward reversal has been backed by a positive divergence displayed in the daily moving average convergence divergence indicator and this oscillator has entered in to the positive territory. The 14-day relative strength index has entered in to the bullish zone and weekly RSI is on the verge of entering this zone. Our short-term forecast on the stock is bullish. We expect it to move up further until it hits our price target of Rs 400 or Rs 410 in the upcoming trading sessions. Short-term traders can buy the stock while maintaining stop-loss at Rs 376.
via BL
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