Nifty seen higher; GTL Ltd, GTL Infra eyed
NEW DELHI: The 50-share Nifty index is expected to flat to higher on Tuesday tracking positive Asian Markets but lack of clarity over Greece bailout will weigh on investors mind as it draws investors away from risk taking due to uncertain outlook.
Indian markets fell for the eighth time in nine sessions on concerns the government may review tax treaty with the Indian Ocean Island renewing fears foreign capital could be hit.
Nifty shed over 150 point in early trade and closed off day's lows. "Markets have broken through important levels on the charts and are likely to correct further even from the current levels", says Kunal Saraogi, CEO, Equityrush.
Nifty faces stiff resistance at 5350 and 5470 and has some support at 5200, adds Kunal.
Sectors that are likely to correct the most should the market lose more altitude are IT, Pharma, metals and auto. Sectors that may withstand the downturn are FMCG and banking.
US stocks rose on Monday, as the latest development to reduce Greece's debt helped boost investor sentiment.
The Dow Jones industrial average climbed 76.02 points, or 0.63 percent, to end at 12,080.38. The Standard & Poor's 500 Index rose 6.86 points, or 0.54 percent, to 1,278.36. The Nasdaq Composite Index gained 13.18 points, or 0.50 percent, to 2,629.66 at the close.
At 08:28 AM, the Nifty India stock futures in Singapore were down 5 points at 5260, indicating a mixed opening in the domestic market
Crude for July delivery, rising 54 cents to $93.80 and Brent North Sea crude for August advancing 15 cents to $111.84.
Stocks to watch:
ONGC after the government has appointed three independent directors on the board of the company, paving the way for sale of shares in the state-owned firm.
Reliance Industries after Oil Minister S. Jaipal Reddy said the petroleum ministry will reply in eight weeks to the draft report of the CAG regarding approval for increase in capital expenditure by RIL.
GTL Ltd , GTL Infra after concerns of pledged shares, debt repayment and margin funding issues spooked investors and stock plunged over 40 per cent in the previous session.
IDBI after the bank said it plans to raise $250 million through a private placement of bonds in the next two to three months.
Siemens after the German major said it has bagged a Rs 167 crore order from Delhi Cargo Service Centre to provide material handling solutions for a new cargo complex at the city's international airport.
The country's largest commercial vehicle financing firm, Shriram Transport Finance Company said it plans to raise up to Rs 1,000-crore through a sale of non-convertible debentures (NCDs) of face value of Rs 1,000 each.
Gitanjali Gems after the company said it has acquired 10 per cent stake in Giantti Italia SRL from Ambio SRL for an undisclosed amount, thus making the Italian jewellery company fully-owned subsidiary.
Indiabulls Real Estate after Maharashtra Pollution Board asked the company to stop work on its Mumbai Project. The also advised the company to stop work at Indiabulls Finance Centre.
Oracle Financial after Cognizant Technology Solutions and Capgemini are among the bidders in talks to buy Oracle's India-based financial services business unit.
NEW DELHI: The 50-share Nifty index is expected to flat to higher on Tuesday tracking positive Asian Markets but lack of clarity over Greece bailout will weigh on investors mind as it draws investors away from risk taking due to uncertain outlook.
Indian markets fell for the eighth time in nine sessions on concerns the government may review tax treaty with the Indian Ocean Island renewing fears foreign capital could be hit.
Nifty shed over 150 point in early trade and closed off day's lows. "Markets have broken through important levels on the charts and are likely to correct further even from the current levels", says Kunal Saraogi, CEO, Equityrush.
Nifty faces stiff resistance at 5350 and 5470 and has some support at 5200, adds Kunal.
Sectors that are likely to correct the most should the market lose more altitude are IT, Pharma, metals and auto. Sectors that may withstand the downturn are FMCG and banking.
US stocks rose on Monday, as the latest development to reduce Greece's debt helped boost investor sentiment.
The Dow Jones industrial average climbed 76.02 points, or 0.63 percent, to end at 12,080.38. The Standard & Poor's 500 Index rose 6.86 points, or 0.54 percent, to 1,278.36. The Nasdaq Composite Index gained 13.18 points, or 0.50 percent, to 2,629.66 at the close.
At 08:28 AM, the Nifty India stock futures in Singapore were down 5 points at 5260, indicating a mixed opening in the domestic market
Crude for July delivery, rising 54 cents to $93.80 and Brent North Sea crude for August advancing 15 cents to $111.84.
Stocks to watch:
ONGC after the government has appointed three independent directors on the board of the company, paving the way for sale of shares in the state-owned firm.
Reliance Industries after Oil Minister S. Jaipal Reddy said the petroleum ministry will reply in eight weeks to the draft report of the CAG regarding approval for increase in capital expenditure by RIL.
GTL Ltd , GTL Infra after concerns of pledged shares, debt repayment and margin funding issues spooked investors and stock plunged over 40 per cent in the previous session.
IDBI after the bank said it plans to raise $250 million through a private placement of bonds in the next two to three months.
Siemens after the German major said it has bagged a Rs 167 crore order from Delhi Cargo Service Centre to provide material handling solutions for a new cargo complex at the city's international airport.
The country's largest commercial vehicle financing firm, Shriram Transport Finance Company said it plans to raise up to Rs 1,000-crore through a sale of non-convertible debentures (NCDs) of face value of Rs 1,000 each.
Gitanjali Gems after the company said it has acquired 10 per cent stake in Giantti Italia SRL from Ambio SRL for an undisclosed amount, thus making the Italian jewellery company fully-owned subsidiary.
Indiabulls Real Estate after Maharashtra Pollution Board asked the company to stop work on its Mumbai Project. The also advised the company to stop work at Indiabulls Finance Centre.
Oracle Financial after Cognizant Technology Solutions and Capgemini are among the bidders in talks to buy Oracle's India-based financial services business unit.
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