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Markets close flat ahead of RBI credit review tomorrow - January 23, 2012

January 23rd, 2012

The Indian stock markets are expected to be range bound and volatile ahead of the RBI’s short term credit policy review due tomorrow. China, Hong Kong, Singapore, Korea and Taiwan markets are shut today because of Chinese New Year. Nikkei is trading up at 0.12%.

With Reliance Industries posing a net profit decrease by 13.6% year-on-year, markets would react a little heavily on the script. And considering Reliance to be the uno of the Indian stock markets, the opening session will definitely to be watched at. However, some experts believe that Reliance Industries will alone be not the decision maker of the market direction this morning. This is because the markets are ignoring Reliance Industries for a long time because of its lacklusture performance. Also, the Indian markets are in a short term upward trend which would continue for few more sessions.

Nomura, in its report on Reliance Communications dated January 17, 2012 said that the FCCB refinancing removes near-term concerns and has given a NEUTRAL rating on the script with a target of Rs. 90.

Kotak Institutional Equities has given some interesting calls on stocks in its research report dated Jan 23, 2012. Here are few calls from the report.

Reliance Industries - BUY with a target of Rs. 925. Buy-back program details a pleasant surprise, results not so.

ITC - ADD with a target of Rs. 230. All well, almost.

Wipro - ADD with target of Rs. 460. Good quarter and outlook

Hindustan Zinc - ADD with target of Rs. 150. In-line quarter, no ‘silver lining’ in production target.

Axis Bank - BUY with target of Rs. 1350. Few concerns addressed; capital constraints may pose an overhang.

Exide Industries - SELL with target of Rs. 100. Pick-up in inverter sales leads sequential improvement

United Spirits - BUY with target of Rs. 900 - One-offs spoil the picture.

Indian stock markets are flat for almost all throught the day. The SENSEX colosed at 16751.73 gaining 12.72 (0.08%) while the NIFTY closed at 5046.25 slipping by 2.35 (-0.05%) points. The CNX Midcap closed at 6834.20 adding 31.05 (0.46%) points while BSE Smallcap closed at 6294.01 gaining 16.74 (0.27%).

Maruti Suzuki Q3 net down 64% on lower sales, rupee decline. The script closed up 5.18% at Rs. 1160.65 gaining 5.18%.

Rupee hits 10-week high on inflows; outlook bullish

L&T eyes sales target for FY12, despite tough environment; L&T Q3 net up 18% at Rs 991 cr

Kotak Mahindra Bank Q3 net rises 21%

GAIL Q3 net up 13%, plans capex of Rs 9Kcr for FY13

Entry Filed under: Equity Markets