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Indian stock market morning report by Keynote Capitals (October 29, 2008, Wednesday, 7.00 a.m. GMT) 29 October 2008 Source: www.keynoteindia.net
- After a close at Rs49.87/88 on Monday, Rupee is stronger today trading at Rs49.62/63 per dollar. - The crude price has found a bottom at $60-62/ barrel levels. Today, Crude Oil is trading at $64.22/ barrel levels on NYMEX. - SEBI Hikes creeping Acquisition Limits till 75% Of Shareholding Vs 55% Earlie. Promoters Can Now Buy Up To 5% every year till 75% limit is hit. The acquisitions are allowed via normal open offer and not bulk deal. Another major announcement is automatic exemption Up To 5% hike in Promoter stake after company buy back. - Engineering major L&T is planning to set up a large heavy engineering facility at Sohar in Oman to manufacture high-pressure heat exchangers and reactors used by the hydrocarbon sector. - Religare Enterprises announced plans to raise over Rs10bn through rights offering to its existing shareholders. - Nagarjuna Construction Co Ltd (NCC) has clamped down on future real estate projects due to current slowdown in the sector and has tempered its capital expenditure plan for 2008/09. The company is also planning to spin off its real estate operations by March 2009 to its subsidiary NCC Urban Infrastructure Ltd. The announcement from NCC came after its rivals viz., HCC and IRB Infra had already announced the plans for slowing their real estate forays. - Visa Steel says ferro chrome plant temporarily closed due to poor market conditions. Results to be announced today Bharati Shipyard, Britannia, Cairn India, Divi's Labs, Eicher Motors, Eid Parry, Everonn, Fortis Healthcare, Jindal Stainless, Landmark Property, Lotus Eye Care, M&M, Matrix Labs, Rane Holdings, RCF, Religare Enterprises, Sical Logistics, Subex Azure US markets last Friday The US markets ended up 10.9% in anticipation of rate cut despite crushingly negative consumer confidence numbers and rising crude prices. Strength was broad-based with all 10 economic sectors posting a gain. The energy sector rose 11.9%, lifted by better-than-expected results at Occidental Petroleum and Valero Energy. The materials sector climbed 12.6% aided by better-than-expected earnings at US Steel. Boeing climbed 15.3% after it reached a four-year tentative labor agreement with its striking machinist union. The union, Boeing's largest, has been on strike since the beginning of September due to disagreements on compensation, benefits and job security. The gains in Volkswagen sparked some volatility in the US market, with Goldman Sachs dropping as much as 11% on speculation that it was exposed to Volkswagen short positions. The financial sector ended 12.5%. Views on markets today Asian markets advanced today after a strong overnight rally in the US markets. Markets hope that US Fed and Japanese Central Bank will reduce the interest rates to support their weakening economies. Indian markets are in festive mood. Yesterday, on Mahurat Trading session markets traded in a bullish zone. Sensex crossed crucial 9000 level. However, the long term rally is still not confirmed. Investors confidence is deteriorating and the recovery does not seem to continue for a long as few major events are in the pipeline such as FOMC meet today and Q3 GDP data announcement tomorrow in the US. Few major companies will announce their results which include M&M and Cairn India. We expect markets to trade positive today taking cues from global markets. |
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