Reliance rally on buyback buzz Ø CSEC Research

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Reliance rally on buyback buzz

Ø  Indian markets opened on a flat note and remained subdued throughout the day. Mild selling pressure was observed during the mid session. However, Reliance and HDFC Bank remained firm and guided Sensex to close above 16450 mark.

Ø  Reliance surged 5 percent as the management informed that they are planning for a buy back of the Company's equity shares. Meanwhile, a meeting of the Board of Directors of the Company will be held on January 20 to announce Q3 results and buy back details.

Ø  Metal stocks snapped their multiple day winning streak and weighed on index movement. Tata Steel, SAIL shed more than 4 percent and topped the nifty losers list.

Ø  Coal India declined sharply after Coal Minister Mr. Sriprakash Jaiswal stated that the firm may not raise prices after it finalizes a wage increase agreement with its workers later this month.

Ø  Result impact was witnessed in TCS and NIIT Technologies. The former declined 3 percent while the later surged 4 percent on the back of strong Q3 numbers.

Outlook

Ø  The S&P 500 Index closed above 1,300 for the first time since July 28, on improved sentiment in housing and as Goldman Sachs Group Inc.’s earnings beat expectations.

Ø  In today’s trade Asian markets are up two third of a percent and the SGX Nifty is trading at 5000. Going ahead, the Indian market is likely to open on a soft note with positive bias.Q3 results of HDFC Bank, Hero motors, Bajaj Auto and Godrej properties are to be announced today.

 

Regards,

CSEC Research