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Daily Indian Stock Market Outlook
Indian market took a weak start, traded below the dotted line, however shed most of the loses in final hour recovery. Realty, FMCG and IT appeared weak while Banking, Capital Goods and Auto participated in recovery.
In the next session, NIFTY is to trade in the range 5450-5555. Sustaining above 5555 nifty may take a run up to 5630-5656. However, 5400 may act as a strong support in NIFTY. Banking and Auto are expected to trade strong, while FMCG and IT may face more selling. Traders are suggested to take profit out of stock specific action.
IT hardware firm HCL Infosystems has bagged Rs 250-crore order from the public sector telephone service provider Bharat Sanchar Nigam Limited (BSNL).The IT company will be responsible for deploying a modern facility for printing and managing BSNL customer bills and make the entire capital investment to upgrade the existing systems for higher efficiency.
Tata Power, the largest private utility in the country, is negotiating to refinance debt of $270 million, raised to buy assets of Indonesia's PT Bumi Resources. The company had purchased 30% stake in two thermal coal mines and trading companies of Bumi for $1.1 billion in 2007. The acquisition was then backed by UK's Barclays Bank.
Oil and Natural Gas Corp has asked the government not to approve London-listed Vedanta Resources' $9.6 billion acquisition of Cairn India until the issue of excess royalty it pays on Rajasthan crude oil is sorted out. ONGC holds a 30% stake in Cairn India's mainstay Rajasthan oilfields. Its board recommended that the royalty it pays not only on its share, but also on the 70% share of Cairn India, should be deducted from the price realised on the sale of crude oil from Mangala and other oilfields in the Rajasthan block.
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