Watch SUNNEWS Friday 09/April/2010 live 9.30-10.30 & Investor meet in Chennai on 10/April/2010 book your seats http://akprabhakar.blogspot.com/2010/04/investor-meet-in-chennai-on-10april2010.html
Sensex in weekly graph is flat in last 4week inclusive of the current week and any close today below 17692 would be a negative close after 8weeks of rally. Sensex & Nifty are showing tiredness after 40trading days of rally, But in last 40trading days where Sensex has rallied from low of 15651 only 2days of correction has happened and which is normal so till correction below 17450 or more than 3days correction doesn’t happen Sensex can rally till 18275 also.
Market Outlook: INFOSYS results on 13/April/2010 with strong Rupee and rise in employee cost a conservative Guidance is possible and how conservative is the guidance? is more important. Globally Euro is main issue Greece sovereign issue or other European country Debt problem if it triggers breaking of single currency is possible, then Dollar would gain and that would be positive for U.S market. Year 2010 seems to be good year for U.S market while other global markets are underperforming so no comparison should be drawn. FIIs investment in last few days is down and Market has started to see selling pressure, which means if fresh capital is not coming then correction can be faster.
PCR is high @1.29 which suggest bearish undertone by majority participant which normally supports market.
3G auction begins today, may go into 2nd round. Nine companies to bid for 3G spectrum; 11 vie for BWA.
Emaar MGF Land Ltd., the Indian joint venture of the United Arab Emirates’ biggest developer, plans to sell shares in an initial public offering in 90 days.
Tata Steel and NMDC, the country’s largest private sector steelmaker and largest iron-ore miner, respectively, will team up to develop the latter’s two steel projects in Karnataka and Chhattisgarh. http://www.dnaindia.com/money/report_tata-nmdc-set-to-build-steel-plants_1369101
Industrial output to rise 16 percent in February from a year earlier, the median forecast in a poll of 20 economists shows. That is marginally lower than an annual rise of 16.7% in January. Forecasts ranged from a rise of 12 percent to 17.5 percent. Figures expected on 12 April, Monday. However, a substantially stronger-than-expected data will fuel expectations for a 50-basis-point hike in policy rates when the central bank reviews policy on April 20 and federal bond yields could retest 8% levels.
India's power output grew an annual 6.6% in the last financial year, the highest in three years, despite coal shortages and less hydroelectric generation, the Central Electricity Authority said in a report. http://in.reuters.com/article/domesticNews/idINSGE6370HN20100408
Infosys shareholders may have a lot to cheer about, as the IT bellwether is expected to announce a special dividend this month, according to a few broking houses. In the past few weeks, broking houses such as CLSA, Kotak and Emkay have hinted at the possibility of a special dividend this month.
POWERGRID has decided to focus on the fee based consultancy business in foreign markets instead of bidding for transmission grid management and construction projects. The utility has managed to bag consultancy projects, but is yet to win global bids for running or constructing transmission projects. We are not in favour of committing the company’s equity to overseas projects where competition is intense from a host of large global players. Consultancy work suits our business model and this would be pursued in any future transmission projects abroad, Power-Grid chairman and managing director SK Chaturvedi told ET.
