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.
Spread the Word
Listed Under

* Share Market
* Share Price
* Bse India
* Nse India
* Stock Trading

* Business

* Noida - Uttar Pradesh - India

Feb. 3, 2011 - PRLog -- The Sensex closed at 18327, down 68 points from its previous close, and Nifty shut shop at 5505, down 6 points. The CNX Midcap index was up 0.5% and the BSE Smallcap index was down 0.7%. The market breadth was negative with advances at 447 against declines of 859 on the NSE. The top Nifty gainers were Siemens, ONGC, Dr Reddy's and GAIL and prime losers included JP Associates, ITC, BPCL and HDFC. The FIIs were net sellers with sales worth Rs 920.38 Cr (prov. cash market fig)

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.

More Information at http://www.appuonline.com

# # #

Information about share prices, bseindia, nseindia, share market live, share market india, online trading nse, share tips, stock trading, online share trading, current share price and Live quotes available on AppuOnlineIndia
Email:***@appuonline.com Email Verified
Tags:Share Market, Share Price, Bse India, Nse India, Stock Trading
Location:Noida - Uttar Pradesh - India
Account Email Address Verified     Disclaimer     Report Abuse

Like PRLog?
Click to Share