Sensex trades up 86 pts; Power, Bankex rise

Tue, 05 Jun 2012 10:10:00 +0530

Indian equities continued to gain for the second day on Tuesday. At 10.07 a.m, the Sensex was trading up 85.84 points or 0.54% at 16,074.24 with 24 components gaining. Meanwhile, the Nifty was trading higher by 32.50 points or 0.67% at 4,880.65 with 41 components gaining.

The 30-share benchmark index, BSE Sensex opened with a gain of 76.97 points or 0.48% at 16,065.37, while the broad based NSE Nifty started with a rise of 21.30 points or 0.44%, at 4,869.45.

Sensex Movers

Lupin gets USFDA nod for Suprax capsules

Tue, 05 Jun 2012 10:10:00 +0530

Pharma major Lupin announced that its subsidiary, Lupin Pharmaceuticals has received approval from Suprax capsules 400 mg from the United States Food and Drugs Administration (USFDA). Lupin expects to commence shipping the product in the near future.

Commenting on the approval, Nilesh Gupta, group president and executive director, Lupin said, ``We are happy to receive this approval. The new dosage form will add to our growing Suprax franchise and gives health care providers and patients a new formulation to treat the indicated infections. The approval...

Commodity market opens positive

Tue, 05 Jun 2012 10:10:00 +0530

The Multi Commodity Exchange (MCX), COMDEX opened positive after a rise of 5.24 points, or 0.14% on Monday. It is currently trading higher by 21.75 points, or 0.60%, at 3,653.92 at 10.01 a.m. after opening at 3,633.99.

Other index like MCXMETAL is trading upward by 15.33 points, or 0.31%, at 4,934.08 after opening at 4,921.55. MCXAGRI is trading up 10.47 points, or 0.38%, at 2,762.61 after opening at 2,754.60. Meanwhile MCXENERGY is trading up 35.98 points, or 1.14%, at 3,184.80 after opening at 3,153.57.

Gainers...

Monsoon rains to hit Kerala by Wednesday

Tue, 05 Jun 2012 10:07:00 +0530

South-west monsoon, the key to the agriculture driven trillion-dollar Indian economy, is on course and is expected to drench Kerala by Wednesday thereby bringing much-needed relief to farmers.

``Monsoon is round the corner. Parts of Kerala have been receiving rains since this morning. We may declare the onset of monsoon over Kerala coast by Wednesday,`` Laxman Singh Rathore, director general, India Meteorological Department (IMD) said in New Delhi on Monday.

Kerala usually receives monsoon showers by June 1, but Rathore said there was...

Nifty has support at 4,800 & 4,760: Pace Stock Broking

Tue, 05 Jun 2012 10:07:00 +0530

``The indices opened lower, but managed to close around the previous day`s closing levels. The breadth was marginally in favour of declines and the volumes decent. The indices in yesterday`s trading session opened with big downside gap, but the value area around 4,770-4,760 once again became the saviour. The index made a low of 4,770 and slowly and steadily started forming higher tops and higher bottoms on intraday charts,`` said Pace Stock Broking Services.

``The momentum readings are starting to flash first signs of positive divergences, but we need...

Top 2 intra-day picks from IDBI Capital

Tue, 05 Jun 2012 10:04:00 +0530

IDBI Capital has recommended following stocks for intra-day trade on Tuesday, June 05, 2012:

Rolta India

`Buy` at Rs 73-73.2 for target of Rs 74.5-75 with stop loss Rs 72.

Satyam Computers

`Buy` at Rs 74-74.5 for target of Rs 76 with stop loss Rs 72.2.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However,...

Top 3 intra-day picks from Fairwealth

Tue, 05 Jun 2012 10:01:00 +0530

Fairwealth Securities has recommended following stocks for intra-day trade on Tuesday, June 05, 2012:

Dr Reddy`s Laboratories

`Sell` at Rs 1635-1645 for the target price of Rs 1600-1570 with a stop loss placed at Rs 1655.

Sun TV Networks

`Buy` at of Rs 215-218 for the target price of Rs 230-240 with a stop loss placed at Rs 213.

Sun Pharmaceutical Industries

`Sell` below Rs 558 for...

Metals & mining sector outlook by Emkay

Tue, 05 Jun 2012 09:54:00 +0530

``Price fall continued in both ferrous and non- ferrous metals during the last fortnight ending June 1, as global economic scenario remains uncertain, aided primarily by Europe and China and also due to strong upward movement in USD against major basket of currencies. Iron ore prices found some grounds. Indian players continue to be benefited on weakness in INR despite lackluster demand situation,`` said Emkay Global Financial Services. Following are the key highlights of the report on metals & mining sector from Emkay Global Financial Services:

Ferrous: price fall continues

> Steel prices globally continued...

Jaypee Infra`s Yamuna expressway to start soon; stock up 10%

Tue, 05 Jun 2012 09:52:00 +0530

Jaypee Infratech jumped on Tuesday after media reports quoted that JP Group`s project may become operational soon. The Yamuna expressway is close to being operational. Utter Pradesh government is expected to finalize toll rates soon.

Shares of the company are trading at Rs 46.90, up Rs 4.4, or 10.35% at the Bombay Stock Exchange (BSE) on Tuesday at 9:48 a.m.

Expressway has completed in all respects for commercial operations and it could be inaugurated by up CM Akhilesh Yadav. The possible date for commercial operation is July 1.

The scrip has touched an...

Weekly commodity outlook from JRG Wealth

Tue, 05 Jun 2012 09:43:00 +0530

Following is the weekly commodity & currency outlook from JRG Wealth Management:

Gold

Gold witnessed a strong surge in prices towards the weekend, which effectively erased the entire losses made earlier in the week. Markets opened on a flat note and maintained a sideways to lower note initially taking prices towards the support ranges at USD 1530-USD 1525 levels. Markets maintained a sideways stance thereafter, unable to breach the supports and at the same time not able to muster enough strength to move higher either. However, prices surged higher on Friday, riding on the back...

Geometric gains on launch of CAMWorks Nesting

Tue, 05 Jun 2012 09:38:00 +0530

Geometric gained on Tuesday after company announced the release of CAMWorksÂ® Nesting, a nesting module designed to nest the layouts of SolidWorksÂ® parts or assemblies, thus optimizing material utilization.

Shares of the company are trading at Rs 67.45, up Rs 0.95, or 1.43% at the Bombay Stock Exchange (BSE) on Tuesday at 9:35 a.m.

Integrated with SolidWorks, CAMWorks Nesting allows users to seamlessly transition 3D SolidWorks models as well as sheet metal parts or assemblies to CAM nested SolidWorks 3D assembly files, within the SolidWorks interface.

The scrip has touched an intra-day high of...

Suzlon launches new wind turbine with up to 29% increased output

Tue, 05 Jun 2012 09:33:00 +0530

Suzlon, the world`s fifth largest wind turbine manufacturer, today announced the launch of its newest wind turbine - the S111 - 2.1 MW machine designed for low wind speed sites.

Featuring a rotor diameter of 111 meters, and a swept area of more than 9,500 square meters, the S111 is the latest generation of Suz 2.1 MW fleet, and one of the highest-yielding IEC Class III wind turbines of any comparable class machine.

Shares of the company gained Rs 0.15,...

Currency outlook & strategy from brokers

Tue, 05 Jun 2012 09:31:00 +0530

Myiris.com has collated views of experts on the currency markets for today. The same are as under:

ICICIdirect:

ICICIDirect expects the US dollar to attract some selling on rallies against the INR. ``Utilize the highs in the USD/INR June contract to sell below 55.86 with 55.66/55.58 and a stop loss of 55.95,`` it says.

``In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 55.7. The USD/INR June open interest was up by...

Rupee gains 15 paise against US dollar to 55.38

Tue, 05 Jun 2012 09:29:00 +0530

Indian rupee gained against the greenback in morning trade on Tuesday. Rupee was up by 15 paise or 0.27% against USD to Rs 55.38 (09.23 a.m.).

At 09.26 a.m., the Sensex was trading up 65.50 points or 0.41% at 16,053.90 with 25 components gaining. Meanwhile, the Nifty was trading higher by 24.50 points or 0.51% at 4,872.65 with 40 components gaining.

In the spot market, the Dollar Index decreased 0.19% to 82.40 (23:52 ET).

Euro - USD was trading at...

Nifty has support at 4,680-4,700 levels: Mansukh

Tue, 05 Jun 2012 09:24:00 +0530

``We expect more downside in upcoming sessions however next level of support could be around 4,680-4,700. On the flip side, any consolidation around 4,950-4,970 level may create some slight possibility of bounce back though any rally would be used to create fresh shorts,`` said the broking house Mansukh.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and...

Sensex rises in early trade

Tue, 05 Jun 2012 09:24:00 +0530

Indian equities continued to rally in early trade for the second day on Tuesday. The 30-share benchmark index, BSE Sensex opened with a gain of 76.97 points or 0.48% at 16,065.37, while the broad based NSE Nifty started with a rise of 21.30 points or 0.44%, at 4,869.45.

At 09.20 a.m., the Sensex was trading up 60.76 points or 0.38% at 16,049.16 with 21 components gaining. Meanwhile, the Nifty was trading higher by 29.60 points or 0.61% at 4,877.75 with 38 components gaining.

Sensex...

`Accumulate` Bata, Titan on dips: Satish Gupta

Tue, 05 Jun 2012 09:21:00 +0530

By Satish Gupta of http://astrostocktips.in

Today`s planetary position: Moon will be transiting in Sagittarius, Mars in Leo, retrograde Saturn in Virgo, Sun, Jupiter, Ketu & Retrograde Venus in Taurus, Mercury in Gemini, Rahu in Scorpio, Pluto in Sagittarius, Uranus in Pisces, Neptune in   Aquarius.

Rahu Kal Time: - 15.00 -16.30

We predicted on May 05, 2012, ``Trade cautiously. Astrological position about market is not comfortable in coming days.`` Nifty lost over 300 points from that date & many stocks...

Japan`s private sector growth stagnates in May

Tue, 05 Jun 2012 09:19:00 +0530

The Japan headline seasonally adjusted Business Activity Index fell at 49.8 in May from 51.0 in April, signalling a decline in business activity for the first time in six months. However, the rate of contraction was only fractional.

Meanwhile, manufacturing PMI data showed the slowest expansion of factory output in the current five-month period of growth. Consequently, the Composite Output Index (covering manufacturing and services) fell further from March`s series-record high to a five-month low of 50.1.

The slight dip in service sector activity reflected...

Nifty has support around 4,810: SMC Global

Tue, 05 Jun 2012 09:19:00 +0530

``Nifty saw a gap down opening of 55 points due to weak global cues but in the later half it reversed sharply from intraday losses on back of positive news coming from India`s top weather official saying monsoon rains are likely to hit the southern Kerala coast in two days. The breadth of the market improved on late recovery. About 1,231 shares advanced, 1,425 shares declined, and 768 shares remain unchanged,`` said SMC Global Research.

``On the sectoral front, the rate sensitive sectors such as capital goods, bankex and auto indices are among the top...

`Buy` BoB, `Sell` Wipro June futures: ICICIdirect

Tue, 05 Jun 2012 09:08:00 +0530

ICICIdirect has recommended derivative strategy on the following two stocks:

Bank of Baroda (BOB)

`Buy` June Futures in the range of Rs 660-661 for the target price of Rs 675-688 with a stop loss placed at Rs 647.8.

Wipro

`Sell` June Futures below of Rs 396-397 for the target price of Rs 386-377 with a stop loss placed at Rs 403.20.

Disclaimer: IRIS has taken due care and caution in compilation of data for...

Nifty has resistance at 4,890-4,900 levels: Nirmal Bang

Tue, 05 Jun 2012 09:08:00 +0530

``The Nifty bounced from its support of 4,770 levels and has closed above 4,800 levels at 4,848. There is an immediate resistance at 4,890-4,900 levels on the upside. On decisive break above, expect rise to 4,960 & 5,000 levels in the near term,`` said the broking house Nirmal Bang.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and...

Nifty has resistance at 4,870: Fortune Equity Brokers

Tue, 05 Jun 2012 09:05:00 +0530

``Nifty cash index closed the day flat at 4,848 points over the close of previous day. Trading wise it was a bullish day as index saw a 90 point rally from the low of the day and closed at the high point. Markets had couple of things to cheer with Monsoon arrival forecast and RBI hinting that there is room for rate cut. Following weak global markets opened with a gap down. It tested the support level of 4,770 and then there was no looking back. Yesterday`s low has formed at 78.6% retracement...

Top 4 intra-day technical calls from ICICIdirect

Tue, 05 Jun 2012 09:04:00 +0530

Following technical calls have been recommended by ICICIdirect for intra-day trade on June 5, 2012:

Bharat Petroleum Corporation (BPCL)

`Buy` above Rs 721 with target of Rs 734 - 740 higher and stop loss Rs 714.5.
Comment: Price taking support at the 50 days EMA which has acted as strong support previously and 14 period RSI in buy mode.

IDBI Bank

`Buy` in the range of Rs 84.20-84.80 with target of Rs 86.50-87.50 higher and stop loss...

Currency outlook from Way2Wealth

Tue, 05 Jun 2012 09:04:00 +0530

Following is the currency outlook for the day from Way2Wealth Research:

USDINR: 56.73

Prices are respecting the valid support line, visible on the hourly chart. If prices violate the line, steep decline can be seen in the counter.

RSI (14) has entered the neutral zone from the over sold.

EURINR: 69.24

Pair tested the neckline support of the double top chart pattern and ended with the bullish hammer candlestick pattern. Further pullback is expected in the counter from current levels.

RSI (14) has given negative crossover.

GBPINR: 85.67

Prices are declining in lower high/low fashion on the...

Nifty has resistance at 4,880: Mehta Equities

Tue, 05 Jun 2012 09:03:00 +0530

``Indian markets are expected to open with a flat tone tracking mixed cues from global markets. Asian markets are eyed as investors looked to European policymakers and the wider G7 to take decisive action to address the worsening euro zone crisis. Overall, markets are likely to remain volatile for the fortnight ahead of Greece election results (June 17) and the RBI`s policy meet (June 18). Technically, 4,750 is an important level for the Nifty and if the index holds on it some short covering can be expected. Support 4,780 & resistance 4,880,`` said...

Market may open on a positive note: IDBI Capital

Tue, 05 Jun 2012 09:02:00 +0530

``The market is expected to open on a positive note taking some clues from the Asian markets and as we saw yesterday, markets recovered on statement from RBI deputy governor Subir Gokarn that there are chances for interest rate to soften in the upcoming monetary policy on June 18, 2012. With decline in international crude oil prices, inflation rate is expected to soften in June month which will lead to cut in the interest rates,`` said IDBI Capital.

``Nifty took its long term support at 4,800 where some buying has been...

`Sell` USD/INR June for target of 55.66/55.58: ICICIDirect

Tue, 05 Jun 2012 09:00:00 +0530

ICICIDirect expects the US dollar to attract some selling on rallies against the INR. ``Utilise the highs in the USD/INR June contract to sell below 55.86 with 55.66/55.58 and a stop loss of 55.95,`` it says.

``In the currency futures market, the most traded near-month dollar-rupee contract on the NSE closed at 55.7. The USD/INR June open interest was up by 4.0% from the previous day. The July contract open interest was up 18.4% from the previous day,`` it notes.

Disclaimer: IRIS has taken due care and...

Nifty has resistance at 4,880-4,930: RK Global

Tue, 05 Jun 2012 08:58:00 +0530

``Nifty rebounded from its recent low and closed on a slightly positive note. It made a double bottom pattern on short-term daily chart and ended with a white candle. Though we still suggest clients to stick to the strategy of buy on dips and sell on rally, as we are in strong down trend and running below all the crucial technical levels. Chart pattern suggests if this bounce back gets carried away, then 4,880-4,930 will act as the major resistance, hence people are recommended to stay cautious on rise. Both the indicators are...

Nifty has resistance at 4,900 & 4,950 levels: HDFC Securities

Tue, 05 Jun 2012 08:58:00 +0530

``The Indian markets could open marginally in the green today following Asian market cues. However, later during the day the market could face resistance and higher levels and then could witness some correction from the highs. The immediate supports for Nifty stands at 4,770 and 4,700 levels while the immediate resistance levels are at 4,900 and 4,950. Among the sectoral indices, metals, FMCG and CD appear weak,`` said HDFC Securities.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by...

Rupee has strong resistance at 56.20: Emkay

Tue, 05 Jun 2012 08:56:00 +0530

``Yesterday, INR opened with a gap down and made a high of 55.25. 56.20 will act as a strong resistance. Decisive move below 55.20 levels will drag the prices even lower till 54.90,`` said Emkay Global Financial Services.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for...

News Centre@myiris.com India's Most Comprehensive Financial Destination

Sensex trades up 86 pts; Power, Bankex rise

Lupin gets USFDA nod for Suprax capsules

Commodity market opens positive

Monsoon rains to hit Kerala by Wednesday

Nifty has support at 4,800 & 4,760: Pace Stock Broking

Top 2 intra-day picks from IDBI Capital

Top 3 intra-day picks from Fairwealth

Metals & mining sector outlook by Emkay

Jaypee Infra`s Yamuna expressway to start soon; stock up 10%

Weekly commodity outlook from JRG Wealth

Geometric gains on launch of CAMWorks Nesting

Suzlon launches new wind turbine with up to 29% increased output

Currency outlook & strategy from brokers

Rupee gains 15 paise against US dollar to 55.38

Nifty has support at 4,680-4,700 levels: Mansukh

Sensex rises in early trade

`Accumulate` Bata, Titan on dips: Satish Gupta

Japan`s private sector growth stagnates in May

Nifty has support around 4,810: SMC Global

`Buy` BoB, `Sell` Wipro June futures: ICICIdirect

Nifty has resistance at 4,890-4,900 levels: Nirmal Bang

Nifty has resistance at 4,870: Fortune Equity Brokers

Top 4 intra-day technical calls from ICICIdirect

Currency outlook from Way2Wealth

Nifty has resistance at 4,880: Mehta Equities

Market may open on a positive note: IDBI Capital

`Sell` USD/INR June for target of 55.66/55.58: ICICIDirect

Nifty has resistance at 4,880-4,930: RK Global

Nifty has resistance at 4,900 & 4,950 levels: HDFC Securities

Rupee has strong resistance at 56.20: Emkay