Stocks In News:
Bharti Airtel Ltd: Bharti Airtel is raising over $400 million (Rs 2,446 crore) through a bond offering to European investors, its second in less than a quarter, a banker on the deal said, as the telecom major moved to bring down its net finance costs.
Maruti Suzuki Ltd: Maruti's institutional investors today approached Sebi, seeking its intervention to safeguard minority shareholders' interests and to ensure compliance with good corporate governance norms with regard to the transfer of a Gujarat project to the car maker's Japanese parent Suzuki.
Gujarat Gas Company Limited: Post a Petroleum and Natural Gas Regulatory Board (PNGRB) nod, Gujarat Gas Company Limited (GGCL) can now expand its city gas distribution (CGD) network into Bhavnagar district.
Tata Motors Ltd: Tata Motors said global sales, including Jaguar Land Rover (JLR) vehicles, declined 19.06 per cent to 79,996 units in February from a year ago. The company had sold 98,837 units in February last year, Tata Motors said in a statement.
AstraZeneca Pharma India Ltd: The board will meet on 15 March to decide on delisting the company's shares from the stock exchanges. The drug maker's Swedish parent, AstraZeneca Pharmaceuticals AB, had on 1 March written to the Indian unit about its decision to voluntarily delist the company, said media reports.
MphasisS Ltd: HP-owned IT services firm MphasiS reported a 2 per cent fall in consolidated net profit at Rs 180.6 crore for the first quarter ended January 31, 2014.
Crompton Greaves Ltd: Billionaire Gautam Thapar has put Crompton Greaves up for sale, said two persons familiar with the development. Thapar wants to sell his controlling 42.7% stake to an overseas company seeking to establish itself in the Indian power transmission and distribution sector, said one of the persons.
Infosys Ltd: IT services major Infosys said its Senior Vice President and head of Computers and Communications Division (CCD) K Muralikrishna has sold shares worth Rs 5.48 crore.
IOC Ltd: State-owned Indian Oil Corp is mulling setting up a Rs 30,000 crore refinery at Mundra in Gujarat as part of a plan to increase its processing capacity to 100 million tonnes.
Coal India Ltd: Production and supplies at Coal India mines dwindled about 20% on Thursday as officers of the state-run company started a three-day strike demanding salary increase. Coal-fired power generation, though, has not been affected and is expected to remain largely normal the next two days as most power stations have stocked up enough coal.
Nifty News
Indian markets are expected to trade in a range on Friday following muted trend seen in other Asian markets. The key support for the index is around 6,450 levels.
"The Nifty is expected to trend up till 6561 in the next couple of days. In this period the key support will be at 6450 and resistance will be at 6561," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.
"The Nifty has been forming higher tops and higher bottoms; it has also closed above the previous swing's high which is a positive sign for the market. The short-term bias for the index remains positive for a target of 6600 with reversal at 6200," he added.
Mehta is of the view that the medium-term outlook also remains positive as the index has started forming higher tops and higher bottoms on the weekly chart and the momentum indicator has given a positive cross-over.
Pre-market: Nifty seen opening lower; inflation data eyed
(Source: Economic Times)The 50-share Nifty index is expected to open lower on Friday following muted trend seen in other Asian markets. Tracking the momentum, the index is expected to retest 6,450 levels.
At 07:30 a.m., Nifty India stock futures in Singapore were trading 37.50 point higher at 6487.50, indicating a lower opening on the domestic market.
Markets will also keep a close eye on inflation data for the month of February. The WPI inflation is expected to ease marginally to 4.8 per cent as compared to 5.05 per cent recorded in the month of January.
The BSE benchmark index Sensex pared early gains to close down by 81 points on Thursday. The Nifty ended the day with a loss of 23 points at 6493.
The Nifty tested the level of 6550 and succumbed to selling pressure. However, the upside momentum in Nifty would continue to remain intact as long as 6400 is held as a support in the coming sessions.
"If any further correction is seen then it has immediate support at 6465 and below that 6400 is the next support level to watch out for," GEPL Capital said in a note.
"In the immediate term it may retest 6550 and beyond that scale higher till 6600 if 6465 is held as a support else there may be further decline till the next support level of 6400," the note added.
Overnight, US stocks ended lower with the Dow and the S&P 500 suffering their worst day since early February, on rising concerns over Ukraine and Russia and new signs of a slowdown in China.
"Russia launched military exercises near its border with Ukraine, showing no sign of backing down in its plans to annex its neighbour's Crimea region despite a stronger-than-expected push for sanctions from the EU and the United States," Reuters reported.
Banking, energy and FMCG stocks may push Nifty towards 6650-6700: Mitesh Thacker
(Source Economic Times)In a chat with ET Now, Mitesh Thacker, Technical Analyst, miteshthacker.com, shares his views on market outlook, Excerpts:
ET Now: How are you positioning yourself on the index right now because we are looking at retesting the previous highs, the market is making a higher high as well as higher low kind of pattern on the technicals but where does the market go from here because it is still in that range?
Mitesh Thacker: See on the strictly intraday charts the last three days of consolidation after the 350 point kind of rally has been in this range of about 70 points. 6500, 6300 and 6490 have been in the contours.
So the next signal should come once the market starts getting beyond 6560. I am taking a slightly positive bias because of the fact that the Bank Nifty the energy stocks as well as some of the FMCG stocks are showing positive signals and possibly we will make up for the disappointment of the decline in the CNX IT. So there is a good chance that we might get past 6560 and head towards 6650-6700.
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