Kotak Morning Call + HPCL

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Networth Stock - Morning Notes

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Trend may remain positive

After gaining over 129 points in the last two trading session, the market may show more exuberance and advance further on the last day of the week on the back of bullish sentiment amongst investors. Yesterday, the Sensex crossed 13100 mark and settled at 13091, for the first time amid buying in several heavyweight and sectoral stocks. However marginally fall in US & European indices coupled with mixed in Asian indices in the morning trades may make the domestic indices volatile in the early trades.

US indices on Thursday were down marginally with the Dow Jones losing 12 points to close at 12019, while tech heavyweight, the Nasdaq shed 0.33 points to close at 2334.

Indian ADRs largely ended on a mixed note on the US bourses. ICICI Bank and Patni gained over 1% each while Infosys, Dr Reddy's, Tata Motors and HDFC Bank ended the day with steady gains. However, VSNL tumbled over 1%, Satyam, Wipro, MTNL and Rediff ended with marginal losses.

Crude oil prices in the US market took a small hit, with the Nymex light crude oil for December delivery dropping by $0.83 to close at $57.88 a barrel while the London Brent crude was down by $0.05 at $58.98 per barrel. However, in the commodity space, the Comex gold for December series advanced $8.50 to settle at $627.80 an ounce.

On Nov 01 2006, FIIs were net buyers of stocks to the tune of Rs368.50 crore (purchases worth Rs1898.60 crore and sales of Rs1530.20 crore).

Market may move sideways

The presense of a sharp intra-day volatile trend due to lack of clarity may see the market remain edgy and move on the either side of the zone. Marginally fall at the US markets coupled with a mixed Asian indices trend in the present trades could make the market volatile in early trades. Also the SEBI's meeting to finalise the norms for divestment of brokers' stake in stock exchanges could hold the key.

Barring few, majority of the Indian floats ended at lower levels for the second day in a row. VSNL was the biggest loser and tumbled above 4%. HDFC Bank, Satyam and Wipro shed over 2% each while ICICI Bank, MTNL and Infosys declined over 1-2%. However, Tata Motors bucked the downtrend and soares 1.76% while Satyam was up nearly 1%. Patni ended the day with marginal gain.

US indices declined on Wednesday, with the Dow Jones falling by 50 points to close at 12031, while the Nasdaq ended weak at 2334, down 32 points.

Crude oil prices marginally down, with the Nymex light crude oil for December delivery falling by $0.02 to close at $58.71 a barrel and the London Brent Crude moving up by $0.35 to close at $59.03. In the commodity space, the Comex gold gained $12.50 to settle at $619.30 an ounce.

On Oct 31 2006, FIIs were net buyers of stocks to the tune of Rs323.80 crore (purchases worth Rs2,343.60 crore and sales of Rs2,019.90 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs73.70 crore (purchases worth Rs666.10 crore and sales of Rs592.40 crore).

Stock to Watch

Bajaj Auto Finance's Board is likely to meet toady to discussed the Rights issue.

Color Chips India forayed into the Australian market by signing major contract through its marketing arm in Australia.

ABN Amro - Daily Morning Notes

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Action may continue

On Oct 27 2006, FIIs were net buyers of stocks to the tune of Rs496.70 crore (purchases worth Rs2,661.50 crore and sales of Rs2,164.70 crore).

The market may show more exuberance and advance further on the back of bullish sentiment amongst investors. Yesterday, the Sensex closed above 13000 mark for the first time amid buying in several heavyweight and sectoral stocks. On the eve of the key credit policy announcement today, the market may appear little cautious during intra-day trades and would hope for the interest rates to remain unchanged. In morning trades, upmove in several Asian indices like Nikkei, Kospi and Jakarta may help the domestic indices commence in positive territory. On the technical side, the Nifty could test upper levels at 3835 and 3880 and should find support in the 3745-3727 range, while the Sensex may face resistance at 13085 and test lower levels at 12800.

On the earnings front, BPCL, Dabur India, HLL, Tata Tea and VSNL etc are some of the major results to be announced today.

US indices on Monday displayed mixed trend. While buying action in technology stocks and fall in crude oil prices helped the Nasdaq gain 13 points at 2364, disappointing news from Wal-Mart and Verizon dragged the Dow Jones to 12086, down four points.

Indian ADRs largely ended on a mixed note on the US bourses. Infosys, Satyam, Wipro, ICICI Bank, HDFC Bank and VSNL gained over 1% each while Tata Motors tumbled over 4% and Patni Computers shed 3.79%. Dr Reddy's, MTNL and Rediff ended with marginal losses.

Crude oil prices in the US market took a major hit, with the Nymex light crude oil for December delivery dropping by $2.39 to close at $58.36 a barrel. However, the London Brent crude was up by 31 cents at $61.08 per barrel. In the commodity space, the Comex gold for December series advanced $6.20 to settle at $607.20 an ounce.