Morning Note - Sep 3 2010
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Friday, September 03, 2010
Grey Market Premiums - Gujarat Pipavav - Sep 3 2010
| Company Name | Offer Price (Rs.) | Premium (Rs.) |
| | 46 | 8 to 9 |
Daily News Roundup - Sep 3 2010
The marketing agreement between GAIL and RIL to sell D6 gas stands inoperative due to a Government policy that does not allow RIL to sell gas independently. (BL)
DLF has put on hold its plan to sell its non-core assets including ultraluxury hotel chain Aman Resorts and wind energy business for the next three quarters. (ET)
Sensex ekes out slim gains...Small-Caps rally
The Sensex gained 32 points to close at 18,238, the index hit an intra-day high of 18,356 and an intra-day low of 18,215. While, NSE Nifty added 14 points to close at 5,486.
Among the BSE sectoral indices, the BSE Consumer Durables index was the top gainer the index was up 1.1%, followed by BSE FMCG index (up 0.8%) and BSE Bank index (up 0.8%) and BSE Auto index (up 0.6%).
Market may extend last two days' gains on firm Asian stocks; food inflation data eyed
The market may edge higher for the third straight day, tracking gains in Asian stocks. Trading of the S&P CNX Nifty futures on the Singapore stock exchange indicate that the Nifty could gain 21 points at the opening bell.
Flat start on the cards
Headlines for the day:
Insurance industry reinvents itself under new regime
Cipla to buy 25% in South Africa unit
Petronet plans Rs2,300 crore expansion at LNG terminal
Texmaco
We recommend a buy in the stock of Texmaco from a short-term perspective. After finding support in the band between Rs 115 and Rs 120 in late May, the stock reversed higher. The long-term trend is up from its March 2009 low of Rs 35. In early August, the stock breached its 200-day moving average as well as significant intermediate-term resistance at Rs 140 and continued to trend up. The stock is hovering well above its 50- and 200-day moving average. On Thursday, the stock climbed 3.4 per cent, penetrating its near-term resistance level of Rs 155. We notice that there is an increase in volume over the past two trading sessions. The 14-day relative strength index has re-entered in to the bullish zone from the neutral region whereas the weekly RSI is featuring in the bullish zone. Both daily and weekly moving average convergence divergence oscillators are hovering in the positive territory implying upward momentum. Our short-term forecast on the stock is positive. We anticipate it to continue its up-move until it hits our price target of Rs 164 or Rs 169. Short-term traders can buy the stock while maintaining stop-loss at Rs 154.
via BL
US stocks manage to stay steady and strong
Economic data checks in mixed in nature
US stocks finished with modest gains on Thursday, 02 September 2010. After a fierce rally yesterday and overnight rally in Asian markets, stocks started the day flat at the open but then gradually tried to pick up momentum in the course of the day. Stocks faltered at times and indices dropped in the red in between. Economic data dominated the day and the same that checked in were mixed in nature.
Bullion metals close little shy of record highs
Prices glitter as economic data increase their appeal
Precious metals ended higher on Thursday, 02 September 2010 at Comex. Prices almost touched their record high as economic data once again increased the appeal of precious metals as an alternate investment.
Crude crosses $75
Prices rise on output concerns
Crude prices ended substantially higher on Thursday, 03 September 2010 at Nymex. Prices ended higher as a fire at a Mexican oil platform raised concerns about output of crude. Certain economic data also helped crude climb up.
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