Nifty has had a pretty range bound session today. It opened with a gap down of 17 points near the support of 5770 and broke it to make a low of 5756. Then it moved up sharply to the high of 5888. The Sensex opened below its 200DMA (19115) at 19103 and after testing the resistance went down to the lows of 19969.8. The IIP came below estimate at 2% v/s expectation of 2.5% but there was silver lining in the form of lower CPI inflation. But markets gave away grounds and went down to the lows of 5738.6 which is in the support zone of 5750-5730. There was a sharp reversal and markets went up to new high of 5792.9. But got sold off again to close at 5760.
On the hourly charts the nifty is quite oversold and has been falling in the downward sloping channel. RSI is also showing positive divergence.
In order to move up it has to cross the barrier of 5800-5810. Only above these levels a sustained pull back can be seen in the markets. Banknifty has already broken out of the falling channel and is likely to lead the move up. The support for nifty is at 5730-5690-5640 and resistance is at 5798-5830-5862.
Nifty June Future has been trading at 12-13 points premium to the spot. The implied volatility on the Nifty June Options of ATM strike calls were at 16.67 and for puts were at 19.45. India VIX closed at 18.85. PCR for Nifty based on open interest was at 0.89 and PCR for the day based on volumes was at 0.87 for the market.
Cash Market:
FII 2511.04 - 3571.21 = ( 1060.17)Cr.
DII 1788.65 - 1070.76 = 717.89 Cr.
FII Derivatives Market:
| BUY | SELL | NET | |
| INDEX FUTURES | 1902.37 | 2385.84 | -483.47 |
| STOCK FUTURES | 1853.50 | 2088.63 | -235.13 |
Corporate Action:
| Ex-Date | Company | Purpose |
| 13-Jun-13 | Bank of Baroda | Annual General Meeting / Dividend - Rs.21.50/- Per Equity Share |
| 13-Jun-13 | Finolex Cables Limited | Annual General Meeting And Dividend Rs.1.20 Per Share |
| 13-Jun-13 | The Jammu & Kashmir Bank Limited | Annual General Meeting And Dividend Rs.50/- Per Share |
| 13-Jun-13 | KEI Industries Limited | Annual General Meeting And Dividend Re.0.20/- Per Equity Share |
| 13-Jun-13 | HDFC Bank Limited | Annual General Meeting / Final Dividend Rs.5.50/- Per Equity Share |
| 13-Jun-13 | Transformers And Rectifiers (India) Limited | Bonus 1:9 |
| 13-Jun-13 | Surana Corporation Limited | Annual General Meeting And Dividend Rs.1.80 Per Equity Share |
| 13-Jun-13 | Punjab National Bank | Annual General Meeting / Final Dividend Rs.27 Per Equity Share |
| 13-Jun-13 | Monsanto India Limited | Interim Dividend - Rs.50/- Per Share (Special Dividend) |
| 13-Jun-13 | Torrent Power Limited | Dividend-Rs.2/- Per Share |
| 13-Jun-13 | Navin Fluorine International Limited | Annual General Meeting / Final Dividend Rs.7.50/- Per Equity Share |
Apollo Tyres (Stock was up 3 percent at close)
-To acquire Cooper Tire in all-cash deal for Rs 14,500 crore (USD 2.5 billion)
-Acquisition of Cooper Tire largest deal in industry in India
-Cooper deal third major acquisition by company in last 7 years
-Cooper acquisition to make company 7th largest tyre maker in world
-Apollo & Cooper had combined sales worth USD 6.6 billion in 2012
Apollo Tyres says
-To raise USD 2.5 billion of new debt to fund Cooper Tire buy
-To raise bulk of debt through 7-8 year bonds
-To delist Cooper Tire after acquisition
-To raise USD 2.5 billion new debt
-No plan to close any manufacturing facility
-Currently India contributes 65 percent to total revenue
-Will have good foot in emerging markets post deal
-Have seen decline in sales in American markets
-'Have been selling Apollo brands in African markets'
-Rupee depreciation not to affect company directly
-Margins remain under pressure in India business
-Expect margins of combined entity to be in double digits
-Combined entity to have an EBITDA margin of 13.7 percent
Sun Pharma -Reach settlement with Pfizer for Generic Protonix
-To pay USD 550 million
-Sun Pharma’s cash on books around USD 1.3 billion, nearly 50 percent cash to go towards settlement
-Teva to pay Pfizer and Takeda USD 1.6 billion
MMTC offer for sale (OFS) today (CMP Rs 210)
-Floor price set at Rs 60/share
Alert: MMTC floor price set at 71.4 percent discount to current market price of Rs 210/Share
Alert: Govt to divest 9.33 percent stake via OFS today
On cement cartel case: Supreme Court -Directs cement companies to deposit 10% penalty amount with Competition Appellate Tribunal (COMPAT)
-11 cement companies to deposit approximately Rs 630 crore with COMPAT
-11 cement companies including UltraTech , ACC , Jaiprakash Associates -11 cement companies including Ambuja Cement , Madras Cement
-COMPAT to keep penalty amount in interest bearing bank account
-11 cement companies to deposit penalty amount by June 24
-Upholds COMPAT's interim order in cement cartel case
Supreme Court says
-Competition Commission of India (CCI) penalty does not benefit consumer
-COMPAT may direct cement companies to compensate consumer
-COMPAT may direct cement companies to sell cement at a particular price
-Not directing cement companies to sell cement at particular price
-Foresee practical challenges in directing companies to sell at particular price
-Open to tribunal to decide how consumers may benefit
-Have not considered merits of cement cartel case
-Cement companies free to seek rectification of penalty amount
Oil Minister M Veerappa Moily to CNBC-TV18
-Every Re 1 depreciation (of rupee) means loss of Rs 9,000 crore for oil companies
-Finance ministry has assured rupee will stabilise in few days
-PM has intervened; Kirit Parikh committee will give recommendations
-Kirit Parikh committee members finalised on Tuesday
-Kirit Parikh report expected in 2-3 months
-Will not stop monthly diesel prices review on account of Lok Sabha polls
-Will try to take Rangarajan report on gas prices to cabinet next week
-No consensus yet on USD 6-7 gas price
-USD 6-7 gas price not so exorbitant for power, fertiliser ministeries
-ONGC Videsh's (OVL) Mozambique acquisition is in final stages
-Going seriously after OVL's USD 5 billion Kazak acquisition
-Have China as a competitor in acquiring stake in Kazak block
-Kelkar panel to decide on gas prices for beyond 12th year plan
-'Ready for IOC divestment from our side'
-Shale, CBM gas policy to be finalised in 20 days
Telecom minister Kapil Sibal says -Group of ministers (GoM) held preliminary talks on MTNL , BSNL's financial condition
-GoM to meet again to decide on MTNL, BSNL revival plan
-Next GoM to look at detailed presentation
-Immediate solutions important for revival of BSNL, MTNL
SC hearing on plea against Ranbaxy manufacturing License likely today
Alert: Earlier Apollo had banned Ranbaxy drugs for a day, SC had said will hear PIL against co this week
Ex-dividend
- Bank of Baroda Rs 21.50/share
- HDFC Bank Rs 5.50/share
- J&K Bank Rs 50/share
- PNB Rs 27/share
- Monsanto India - Rs 50/share
- Navin Fluorine Rs 7.5/share
Other stocks and sectors that are in news today: -Finance ministry sources say may announce measures for rupee today
-Political theater JD (U) to end alliance with BJP in next few days, Advani tries to allay fears
- United Spirits (USL) plans Rs 3000 crore capex BS
- Oil India to buy Assam Petro for Rs 230 crore BS
-Shriram Life may bid for HSBC’s 26% in Canara JV TOI
-Relief for DLF : SC to hear crest matter of July 16th (Gurgaon Project)
- Transformers and Rectifiers to announce bonus in ratio of 1:9
- Hanung Toys CMP 110: Board approves stock split from Rs 10 to 5
- Indraprastha Gas to buy 50 percent in Central UP Gas for Rs 69 crore
- L&T Construction bags Rs 900 crore contract from Wave Group's realty arm Wave Infratech
- Globus Spirits to mull buying major stake in Globus Trois on June 20
-Myers Tire enters into JV with TVS Auto; to distribute tools, supplies & equipment in Indian market
- ICRA places IFCI rating under watch with negative implications
- Samtel Color board to mull delisting of shrs from NSE Jun 19
Fitch revises India's outlook to stable from negative -Fitch affirms India's ratings at BBB-
Fitch says -Expect Govt to meet FY14 Budget deficit target of 4.8 percent
-Revision of rating outlook reflects measures taken by GoI
-See FY14 India GDP growth at 5.7 percent; FY15 at 6.5 percent
-Recent weakness in rupee may limit scope for more rate cuts
-Sovereign rating constrained by structural deficit
-Profitability of banks to remain under pressure
-Do not see banks as material risks to macro stability
Coal scam update:-CBI gets nod to question former coal secretary HC Gupta
CBI sources say-To question Naveen Jindal upon his return from London
Alert: Naveen Jindal named accused in Coal scam FIR
-Have seized documents & PC hard drives during raids
-Docs Related To Investment, Property, Bank A/c Details
SEBI issues circular on enhancement in foreign institutional limits in govt debt
-Additional USD 5 billion for SWFs, insurance, pension funds & multilateral agencies
Alert: SWF: Sovereign Wealth Fund
Stocks in Ban Period:
HDIL
Trades of today:
| 12/06/2013 | ||||||
| script | buy/sell | entry | target | stoploss | intraday/Positonal | reached |
| nifty | sell | 5729 | 5699 | 5741 | intraday | 5692 |
| BPCL | sell | 358.5 | 356.5 | 359.5 | intraday | 353.8 |
| Hindalco | sell | 94.25 | 93.55 | 94.75 | intraday | 94.4 |
| JPYINR fut | buy | 62.14 | 62.29 | 62.05 | intraday | 62.345 |
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