Key gauges in the US extended their winning streak led by a late session buying as Traders and Investors were encouraged by a bigger than expected drop in Jobless and Continuing claims despite some weaker reading on Consumer credit. Stock averages in Asia are trading with moderate gains on the last trading day of the week.
The Indian stock markets are expected to open with a positive bias on Friday. The NSE Nifty is expected to start above its Critical Support level at 5305 while the trend in expected to be bullish as long as it holds this mark. The first Resistance for the day is seen at 5333. If it crosses this level, it may further rally towards the higher Target 5354. During any downside movement, below the Critical level, Nifty will get Support at 5276. However if it falls below this level, Major Support exists at 5248.
STOCKS
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* BAJAJ AUTO: Renault SA-Nissan Motor Co alliance has signed a pact with the
company to develop a new four-wheeler product for India and emerging
markets..
* BHARTI AIRTEL: Will expand its submarine cable offerings globally to target
business opportunities in over 100 countries by 2013
.
* BIOCON: Plans to launch drugs in the eye care segment
.
* FUTURE CAPITAL HOLDINGS: Approves raising up to 3 bln rupees via NCDs.
.
* HCL INFOSYSTEMS: Has acquired 60% stake in Dubai-based NTS Group for $6.5
mln.
.
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* JUBILANT ORGANOSYS: Has approved hiving off its agricultural and
performance polymer business into a new entity, Jubilant Industries.
.
* KINGFISHER AIRLINES: Aviation ministry has approved a domestic code sharing
agreement between the company and British Airways.
.
* KPIT CUMMINS INFOSYSTEMS: To consider acquisition of a Germany-based
automotive product company, with revenue below $5 mln, on Tuesday.
.
* M&M: To decide by Jul 20 whether to bid for troubled South
Korean automobile maker Ssangyong Motor Co.. M&M, Renault-Nissan, Daewoo Bus left in race for Ssangyong. Ssangyong acquisition will help M&M to get SSangyong's hybrid & electric technology; will help to enter the US
* RELIANCE INDUSTRIES: US-based Atlas Energy Inc expects its joint venture
with the company to boost Marcellus shale gas output to 500 mln cu ft
per day by the end of 2014.
* SHIV-VANI OIL & GAS EXPLORATION SERVICES: To raise $75 mln via FCCB issue.
Pipavav Shipyard settles arbitration with Golden Ocean-
Golden Ocean Group Ltd. had referred the shipbuilding
contracts to arbitration, and that both parties were exploring the option, of
resolving the issues bilaterally.
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