Sector Watch
Realty, bank and auto stocks may see some strong buying at lower levels. Information technology and capital goods stocks may remain a bit sluggish and oil stocks may feel some pressure following the sharp rise in crude oil prices.
Scrip Watch Shares of infrastructure firm Era Infra Engineering will attract attention following the company bagging a contract worth over Rs 81 crore from Central Public Works Department for development of Minto Road Area. Malvinder Mohan Singh has stepped down with immediate effect as chairman, chief executive and managing director of Ranbaxy Laboratories. The promoter group, it may be recalled, had sold its stakes to the Japanese drug maker Daaichi Sankyo last year. The Satyam Computer Services counter will see some action on reports that the management is likely to sack most of its non-billable staff working in the marketing, human resource and administrative departments. Reliance Infrastructure will be in focus following an announcement from the company that the board of directors approved a proposal for new equity capital infusion of around Rs 4,300 crore. The increase will significantly enhance the company's net worth to over Rs 16,000 crore and further augment its borrowing capabilities to Rs 32,000 crore at even a debt equity ratio of 2:1. Karnataka Bank, RECL, Jet Airways, Omnitech and Dishmarn Pharma will announce their quarterly results today.
Macro and Market Factors
Cues from Wall Street and Asian markets are not any positive this morning. While Wall Street ended almost flat following a late sell-off on Friday, Asian markets have declined after an early surge today on the back of North Korea's nuclear test. The arrival of south-west monsoon is likely to aid the sentiment to an extent. For any rally to sustain, institutional investors will have to stay invested and refrain from indulging in heavy selling.
Flashback
Sensex ends historic week with a 14% gain
Sify Finance
May 23, 2009 With global markets displaying some strength on a few sessions and outcome of general elections 2009 turning out to be a pleasant surprise with the Congress-led UPA alliance coming up with an impressive mandate, the bulls held sway once again in the Indian stock markets. >>more
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