Stock Market & Business News Highlights – 3 July 2009

• On Positive global cues yesterday, Sensex opened with a positive gap of 50 points at 14,694 and was trading flat with negative bias. After mid-session trading Economic Survey helped market to touch high 14,764. But U.S. jobless data dragged all asian markets into deep low level and indian stock market touched 14470 level which is 294 low from day’s high of 14764. But in end market showed some recovery and finally closed with 13 points gains at 14,657 level. Nifty again closed below 4350 level at 4348 with minor 7 poits gains. ONGC, Tata Steel, Sun Pharma and GAIL are the major gainers of the day with 4-7% hike.
• UK`s benchmark FTSE 100, French benchmark index CAC and Germany`s benchmark index DAX were trading with heavy losses of 2-3% due to very high jobless numbers in U.S. and chances of delay in recovery. U.S. Dow Jones and Nasdaq were also opened with 1.5% losses.
• Crude Oil prices declined by 3.5% to trade at $66.5 with lossing $2.5 in a single day – Bloomerg.com, Yahoo Finance
• Aditya Birla Group firm Hindalco Industries is planning to raise Rs 2,400 crore (about $500 million) through qualified institutional buyers (QIB) – Bissness Standards
• The U.S. saw 4,67,000 job losses in June which pushed the unemployment rate to a 26-year high of 9.5%, indicating that economic revival may take longer time than anticipated – Bissness Standards
• Minister of State for Petroleum and Natural Gas said Reliance Industries will have to pay royalty on natural gas it is producing from KG basin fields as per the Production Sharing Contract (PSC) signed with it – BS
• Raising funds by selling stakes in state-owned companies is not a sustainable strategy – Moody’s Economy.Com
• Sugar and bio-fuel manufacturer Shree Renuka Sugars has raised over Rs 506 crore through QIP – BS
• Reliance has decided to take RNRL to supreme court against high court decision.

Today’s Sensex & Nifty Trading Calls

• Stock Market Pre-opening Outlook: Yesterday indian stock market was very volatile and finally closed flat with minor gains. But US jobless data dragged EU and US markets 3% down and we may see very negativee openings in indian market as well. Nifty may go below 4260 levels in intial 2 hours trading. But if nifty finds buying interest and able to trade above 4390 level with nice volume then we may see 4440 levels. But don’t go long for monday as budget day may be a verey good or very bad for market. I am expecting upper circuit or lower ciruit on monday/tuesday. So be careful before going long in any stocks
  
• On 2nd July 2009 ,  (Provisional Data) Foreign institutional investors (FIIs) were net buyers of Rs. 247 crore, Domestic institutional investors (DIIs) were net sellers of Rs 213 crore  and Mutual Fund Houses were the net sellers of Rs. 166 crores on Indian Stock market benchmark Bombay Stock Exchange – BSE Data, BS
  
• Nifty Levels: Current: 4348 Support Level 4320, 4260, 4220 Resistance Level 4350,4390, 4440
• Mamta benerjee will present her Indian Railway Budget 2009-2010
• Exit Railway stocks on Rise ass we may see profit booking on monday.
• Exit Tata motors, TVS Auto, Gulf Oil
  
• Buy Kaveri Telecom Products: CMP 49.3 Target 50.5, 51.5 Stop Loss 48.7
• Buy Jindal Stainless (JSL Ltd.): CMP 82.65 Target 85.7, 87 Stop Loss 79
• Sell Aban Offshore: CMP 863 Target 835, 827, 816 Stop Loss 890
• Buy Sun Pharma: CMP 1146.9 Target 1160, 1172 Stop Loss 1129
• Sell JP Assoc: CMP 206 Target 199, 193 Stop Loss 210
• Sell Suzlon Energy: CMP 103 Target 99, 96 Stop Loss 106
• Sell Tata Comm: CMP 476 Target 460, 451, 443 Stop Loss 489
• Buy Radico Khaitan: CMP 79.8 Target 81.9, 82.5, 83.7 Stop Loss 77
• Don’t Forget to buy Opto Ckt, Welspun Gujarat on dips
• Past Trading Calls View Here

Mid-Session Updates