The fireworks may be missing for now but looks like we are set to start the event-packed Diwali week on a positive note. Most Asian markets are up after China’s official manufacturing PMI expanded at the fastest pace in six months in October. But shares in Japan are down owing to a few disappointing earnings. US and European markets closed flat on Friday.
RELIANCE INDUSTRY : RESULT IS IN LINE AS EXPECTED BY THE MARKET.
Any pullback may prove to be short lived unless the Nifty convincingly closes above 6100. The immediate support is at 5950 and then at 5800. On the way up, resistance is expected around 6100-6120 and again at 6150-6180.
FII inflows have been tapering off. FIIs were net buyers of Rs. 7.35bn in the cash segment on Friday (provisionally), according to the NSE web site. Local funds were net buyers of Rs. 3.44bn. In the F&O segment, the foreign funds were net sellers at Rs. 5.32bn on Friday.
CATCH RELIANCE AND ICICIBANK IF YOU CAN.
Events for the day:
Major corporate action:Gravita India IPO opens today.
Monthly cement production & dispatches figures, auto sales numbers to be out from today.
India's export & import data for September.
Results: JSW Energy, Punj Lloyd, GTL Infrastructure.
TODAY: Today, on the first day of new month (November), the Indian markets are expected to kick-off the session on a strong note, tracking the positive Asian cues. However, the markets may witness a quiet session with traders and fund managers awaiting the Reserve Bank of India's credit policy announcement scheduled tomorrow (November 02, 2010).
The multiple data to be released today like HSBC Markit Purchasing Managers’ Index for September, monthly auto sales and cement dispatches numbers, which may provide some direction to the markets. This may keep the auto and cement stocks in focus.
The domestic bourses going ahead will take cues from the US Federal Reserve's quantitative easing measures and the quarterly results of the companies. Reliance Industries announced its results on Saturday (October 30, 2010), reporting another record breaking jump of 28% in its second quarter net profit – its highest ever quarterly profit since 2007, on the back of higher gas sales and improved refining margins; the stock will be eyed.
RELIANCE MONEY MORNING NOTES:: https://acrobat.com/#d=VPsmeVml2s8NJOgr2Y5znA
NOTE: I WILL NOT BE AVAILABLE DURING TRADING TIME TODAY.
