Markets opened on a gap down note. After that we have seen some volatility because of F&O expiry. On the sectoral front realty, IT and Teck ended on the gainers side whereas auto, bankex and CD ended on the losing side. The advance decline ratio was in favour of declining counters (Advances = 1184/ Declines=1416).
Pattern Formation: On the Daily chart, we are witnessing market still below short term moving averages 5&20 SMA.
Future Outlook: In view of the above pattern formation, market is facing resistance around 4950-4980. On the down side 4900-4880 supports for the day. We maintain our previous view unless market will not close above 4950-4980. One should adopt cautious approach at higher level
FII & DII activity on 31-05-2012 – FII net sellers in index future to the amount of Rs 1251.78 cr , in index options net buyers to the amount of Rs 618.20 Cr, in stock futures net buyers to the amount of Rs 146.10 Cr & in stock options net buyers to the amount of Rs 72.91 Cr. Overall FIIs were net sellers by Rs 414.57 Cr.
Capital Market Segment – FII trading activity net sellers of Rs 665.76 Cr & DII trading activity net sellers of Rs 266.38 Cr.
Data Alert From India –
• Manufacturing PMI for May, by HSBC.
• Trade data for April, by commerce and industry ministry.
• Automobile sales data for May, by SIAM
Data Alert From Overseas -
• Unemployment Rate of Europe at 2:30 pm.
• Unemployment Rate of US at 6:00 pm.
Domestic Sector News –
• AVIATION: State-owned oil marketing companies have cut aviation turbine fuel price by an average 1,427.93 rupees a kL in the four metropolitan cities.
• COAL: Govt has earmarked 16 coal blocks for power sector and 12 for steel industry. The Central Vigilance Commission has recommended Central Bureau of Investigation to probe misuse of coal blocks allotted to some companies.
• FERTILISERS: Indian Farmers Fertilisers Co-operative is setting up a gas-based ammonia-urea plant in Canada and is also scouting for a joint venture partner for Dubai-based subsidiary.
• POWER: Government has notified new guidelines governing short-term electricity purchase of up to one year by power distribution companies.
• STEEL: Long steel prices are up as demand from housing is stronger than that of cars and consumer goods, which use flat steel.
Domestic Stock Specific News -
• India Jan-Mar GDP growth 5.3%; FY12 estimate cut to 6.5%.
• Elecon Engineering: Has received the Letter of Intent from Manikgarh Cement for a 70-mln-rupee order.
• Hinduja Foundries: Defers 1.25-bln-rupees rights issue due to volatile market conditions.
• Pantaloon Retail India: Shareholders have approved the 8-bln-rupee convertible debenture issue to Aditya Birla Nuvo.
International News -
• Retail turnover in April 2012 in Germany decreased 2.0% in nominal terms and 3.8% in real terms compared with the corresponding month of the previous year.
Today’s Result –
AMLSteel, MBECL, Mphasis.
Results Announced on 31-05-2012 -
• BEML Jan-Mar net loss 13.99 cr rupees vs 70.25 cr rupees profit (YoY).
• Kingfisher Airlines Jan-Mar net loss 1151.52 cr rupee vs 355.54 cr rupee loss (YoY).
Pattern Formation: On the Daily chart, we are witnessing market still below short term moving averages 5&20 SMA.
Future Outlook: In view of the above pattern formation, market is facing resistance around 4950-4980. On the down side 4900-4880 supports for the day. We maintain our previous view unless market will not close above 4950-4980. One should adopt cautious approach at higher level
FII & DII activity on 31-05-2012 – FII net sellers in index future to the amount of Rs 1251.78 cr , in index options net buyers to the amount of Rs 618.20 Cr, in stock futures net buyers to the amount of Rs 146.10 Cr & in stock options net buyers to the amount of Rs 72.91 Cr. Overall FIIs were net sellers by Rs 414.57 Cr.
Capital Market Segment – FII trading activity net sellers of Rs 665.76 Cr & DII trading activity net sellers of Rs 266.38 Cr.
Data Alert From India –
• Manufacturing PMI for May, by HSBC.
• Trade data for April, by commerce and industry ministry.
• Automobile sales data for May, by SIAM
Data Alert From Overseas -
• Unemployment Rate of Europe at 2:30 pm.
• Unemployment Rate of US at 6:00 pm.
Domestic Sector News –
• AVIATION: State-owned oil marketing companies have cut aviation turbine fuel price by an average 1,427.93 rupees a kL in the four metropolitan cities.
• COAL: Govt has earmarked 16 coal blocks for power sector and 12 for steel industry. The Central Vigilance Commission has recommended Central Bureau of Investigation to probe misuse of coal blocks allotted to some companies.
• FERTILISERS: Indian Farmers Fertilisers Co-operative is setting up a gas-based ammonia-urea plant in Canada and is also scouting for a joint venture partner for Dubai-based subsidiary.
• POWER: Government has notified new guidelines governing short-term electricity purchase of up to one year by power distribution companies.
• STEEL: Long steel prices are up as demand from housing is stronger than that of cars and consumer goods, which use flat steel.
Domestic Stock Specific News -
• India Jan-Mar GDP growth 5.3%; FY12 estimate cut to 6.5%.
• Elecon Engineering: Has received the Letter of Intent from Manikgarh Cement for a 70-mln-rupee order.
• Hinduja Foundries: Defers 1.25-bln-rupees rights issue due to volatile market conditions.
• Pantaloon Retail India: Shareholders have approved the 8-bln-rupee convertible debenture issue to Aditya Birla Nuvo.
International News -
• Retail turnover in April 2012 in Germany decreased 2.0% in nominal terms and 3.8% in real terms compared with the corresponding month of the previous year.
Today’s Result –
AMLSteel, MBECL, Mphasis.
Results Announced on 31-05-2012 -
• BEML Jan-Mar net loss 13.99 cr rupees vs 70.25 cr rupees profit (YoY).
• Kingfisher Airlines Jan-Mar net loss 1151.52 cr rupee vs 355.54 cr rupee loss (YoY).