Daily Market Outlook: 27 April 2009
Stock markets always have surprises for investors and same happened today. While many on the street were expecting the market to remain range bound, it shot in the afternoon trade. In the morning, indices opened on a flat note and were trading in a narrow range like other leading Asian indices. But with European markets opening in green and with the help of rate sensitive sectors markets managed to close in green. While Sensex closed at 11329.05 (Up 194 points or 1.74 per cent) Nifty closed at 3480.75 (Up 57 points or 1.67 per cent). All the sectoral indices closed in green and it is a positive sign. Mid cap and Small cap indices also closed higher by 1.86 per cent and 1.71 per cent respectively. Market breadth was positive since morning and improved further as the day progressed. There were 1536 advances as against 970 declines.
Market may open in flat note so be cautious on higher levels
BSE Sensex: The support for the Sensex is 10990-10775 and the resistance to the up move is at 11400/11750
Nifty Technical Trend: Nifty closed above its important level of 3450 now strong support for the Nifty is 3370-3300 and upside targets are 3450 after that 3520-3610
Hold all Nifty longs with a target of 3527 and stop loss of 3434,
The US government’s bailout packages designed for financial institutions may not work. It is a peculiarly-structured program. The program is designed in a flawed way to give the private sector, hedge funds and other partners huge amounts of money, because everyone is afraid they won’t be able to keep that, it will inhibit bidding for assets.- Joseph Stiglitz, Nobel Prize winner
-:More Uptrend is looking in:-
ADLABSFILM above 240 ; ORCHIDCHEM above 105;
Next resistance level of LICHSGFIN of 380 ; IDEA above 61 ;
IDBI above 68; ESSAROIL above 169; CORPBANK above 226
Corporation Bank :-The Bank has posted a net profit of Rs 8927.699 million for the year ended March 31, 2009 as compared to Rs 7349.876 million for the year ended March 31, 2008. Total Income has increased from Rs 52163.333 million for the year ended March 31, 2008 to Rs 71745.662 million for the year ended March 31, 2009. The Group has posted a net profit of Rs 9003.237 million for the year ended March 31, 2009. Total Income is Rs 71787.058 million for the year ended March 31, 2009.
Automobile Corporation:-Automobile Corporation of Goa has announced that its net profit for the fourth quarter ended March 31, declined 87% to Rs 1.13 crore. It had a net profit of Rs 8.76 crore in the same quarter ended March 2008. Net sales of the company moved down to Rs 46.65 crore during the quarter under review, as against Rs 114.80 crore in the same quarter previous quarter. The company has proposed a dividend of Rs 10 a piece (100%) for the year ended March 31, 2009.
Maruti Suzuki:-The Group has posted a net profit of Rs 12274.50 million for the year ended March 31, 2009 as compared to Rs 17898.70 million for the year ended March 31, 2008. Total Income has increased from Rs 190708.80 million for the year ended March 31, 2008 to Rs 217768.40 million for the year ended March 31, 2009.
Piramal Healthcare:-The Group has posted a net profit of Rs 3162.50 million for the year ended March 31, 2009 as compared to Rs 3337.80 million for the year ended March 31, 2008. Total Income has increased from Rs 28735.50 million for the year ended March 31, 2008 to Rs 32884.80 million for the year ended March 31, 2009.
IDBI Bank:-The Group has posted a net profit of Rs 7665.40 million for the year ended March 31, 2009 as compared to Rs 7465.90 million for the year ended March 31, 2008. Total Income has increased from Rs 99631.10 million for the year ended March 31, 2008 to Rs 133468.50 million for the year ended March 31, 2009.
JSW Steel:-JSW Steel has cancelled two of its outstanding zero coupon Foreign Currency Convertible Bonds of US $ 1,00,000 each due 2012, aggregating to US $ 2 Million, repurchased in accordance with the A.P. (DIR Series) Circular No. 39 dated December 08, 2008 issued by the Reserve Bank of India. The principal amount of Bonds outstanding after this repurchase and cancellation is US $ 274.40 Million.
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Disclaimer: The recommendations made herein do not constitute an offer to sell or a solicitation to buy any of the securities mentioned. Readers using the information contained herein are solely responsible for their actions. The information and views contained herein are believed to be reliable but no responsibility or liability is accepted for errors of fact or opinion. Editors may or may not have trading or investment positions in the securities mentioned herein.
