Stock Market News : SENSEX Ends With Marginal Profit

Indian stock market closed with marginal gains after a flat session. The SENSEX surged 87.51 points by the end of day. Overall, the indices moved within a narrow range and lead sensex to close at 16944, with gaining 81 points, and Nifty at 5086, up 19 points from the previous close. The market breadth was positive with advances at 741 against declines of 539 on the NSE. Top gainers stocks were M&M, BPCL and ONGC while losers included Suzlon Energy, Sterlite Industries and Rcom.

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Stocks Summary: Essar Group, ONGC, Unitech, Suzlan, M&M, JP Associates

Stock News at a glance.

Essar Group
    * Essar Group acquires 59% stake in Avaya Global Connect for Rs 206 cr, Open offer at Rs 274/sh ((CMP: 279))
ONGC
    * Sales down 3.93% at Rs 14713.3 crore Vs Rs 15314.5 crore
    * OPM at 55.25% versus 59.70%
    * Net profit up 23.66% at Rs 3776 cr Vs Rs 3053.6 cr
Unitech
    * Revenues: Rs 1132.89 cr vs Rs 774.46 cr (expectation of Rs 865.63 cr)
    * EBIDTA at 24% vs 24%
    * Net Profit: Rs 163.41 cr vs Rs 176.01 cr (expectation of Rs 219.45 cr)
    * Net profit adjusted at Rs 179.4 cr vs Rs 176.1 cr
Suzlon
    * Sales at Rs 6083 cr vs Rs 9121.1 cr ( down 33% YoY)(lower than estimated))
    * Losses at Rs 188 cr vs Profit at Rs 314 cr ((Estimate was profit of Rs 140 cr))
    * Total FY10 Execution: 1460MW vs 2760MW ((Guided for of 1900-2000MW for FY10))
M&M
    * Revenues up 45% at Rs 5304 cr vs Rs 3646 cr.
    * OPM at 16% vs 15.2% (EXP 13.6%).
    * PAT up 36% at Rs 570 cr vs Rs 418 cr.
JP Associates
    * Revenues up 68% to Rs 10355 cr.
    * Net Profit before extraordinaries at Rs 1920.3 cr vs Rs 897 cr.
    * Net Profit after extraordinaries at Rs 1708.36 cr vs Rs 897 cr.

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RBI may hike short-term rates

As global markets continue to slide down due to the Euro crisis, the Indian markets too seem to have consolidated after three sessions of consecutive rallies. In an interview to CNBC-TV18 PJ Nayak, India Head and CEO of Morgan Stanley, explained that the Indian financial sector, in the past 2 years, was not as injured as compared with global counterparts. Although he believes that RBI’s policy action is likely to be calibrated, he warns that there maybe a couple of minor hikes in the short term.

Speaking to CNBC-TV18 ahead of the Morgan Stanley conference that kicks off tomorrow, he says that this year, the conference is likely to be bigger and expectations were huge. This year round 325 investors are attending compared to 250 investors the last year while around 60 companies will be attending the conference against 50 in the previous year.

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Stock Tips For Today:

Buy Biocon with target of Rs 304 and stop loss of Rs 288.The stock witnessed positive notes and could move forward.

Sell Jindal Steel with target of Rs 646 and stop loss of Rs 657.  In this stock one could go for sell on rise in it, stock may fall till the lower levels of 620 to 580 in short term.

RESISTANCE: 633 SUPPORT: 612 

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Stock Market News : SENSEX Ends At Green

The stock market closed this weekend on a modest positive note after a dismal opening which saw the indices dip on renewed European debt worries and other global issues. But, three consecutive days of rallying, on the back of good global cues, recovered for the losses without much volatility and pushed the benchmark indices up. This week's performance was not good at all, but average and the numbers are: Sensex up 2.4% and Nifty up 2.6%.

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