Wall Street rallied on Tuesday led by better than expected earnings from Alcoa and CSX Corp meanwhile strong demand for the Greek debt auction, strengthened the Euro and lifted Investor sentiment. Asian stock markets are rising higher in the morning trade.
Actuated by the positive cues from the global equity markets, key stock indices in India are expected to open positively on Wednesday. The NSE Nifty is expected to show a gap up opening around 5433. If it can stabilize above this level for some time, the index can slowly move towards the Major Resistance for the day at 5462. The overall mood will favour bulls as long as Nifty stays above the Critical Support level at 5389. Lower to this, Strong Support is seen at 5352.
* Navabharat Ventures- NBVenture: Essar Power has entered into a binding agreement to buy 100% stake in Navabharat Power
* ADANI ENTERPRISES: Is close to buying a coalmine in Australia for $1 bln.
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* EXIDE INDUSTRIES: Will acquire 100% stake in Leadage Alloys India for an
undisclosed amount.
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* NITESH ESTATES: Has won bid to develop a 150,000 sq ft residential project
in Bangalore.
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* PIRAMAL HEALTHCARE: To sell diagnostic services to Super Religare for 600 CRO.
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* SATYAM COMPUTER SERVICES: Corporate Affairs Ministers Khurshid expects US market regulator Securities Exchange Commission may not impose penalty on the
company for fraud committed by founder.
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* SPICEJET: Allots 57.18 mln shares to WL Ross entities upon conversion of
FCCBs.
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* SAIL: Its follow on issue for sale of 20% stake likely
by December.
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* TATA STEEL:
The consortium the company was in talks with for sale of Corus' Teeside
Cast Products plant in UK has pulled out of deal.
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* VIDEOCON INDUSTRIES: Its proposed special economic zone at Navi Mumbai gets
government's nod.
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