It was high drama on Friday as the indices were moving in a tight range
in the first half and then started edging lower in the second
half.Wipro announced better than expected earnings and was trading
higher.Bajaj Auto and Hero moto corp extended the rally on Friday after
posting a good set of numbers.Around 3 PM markets edged lower and made
new lows for the day.It was around this time Axis Bank announced its Q3
results and the stock started moving up.HDFC and HDFC Bank which was
trending lower for the day erased all the losses and started moving up
after the Axis Bank announced a good set of numbers.Indices spurted
suddenly around this time and Reliance which was expected to announce
results after market hours started moving up too.Both the Sensex and
Nifty scaled new highs in the last 30 minutes of trade and closed on a
positive note for the week.
After market hours Reliance Industries announced the results and the profits fell for the first time in two years.And Analysts felt that the shares buy back announced by the company is to cover up the bad results.The refining margin fell to 6.8$ per barrel compared to 10.1$ per barrel in the previous quarter.The Maximum Buy back price is fixed at Rs 870 per share which is at 10% premium to the Friday's closing price.It would be interesting to note how the share prices react today when the markets open.In my opinion, I expect the stock prices to open lower on account of the drop in profits.
The most awaited judgement on Vodafone was out on Friday.And Vodafone won the case against the IT Department.The Apex court asked the IT department to refund Rs.2500 crores to the company with a 4% interest rate.This landmark judgement is set to pave the way for the company which is planning for an Indian IPO.Vodafone uses OnMobile's Value added services like speech recognition,ring back tones in its own network and its partner networks across its worldwide operations.OnMobile is an Infosys seeded company and provides speech-enabled services in various Indian and international languages.I would advise a short-medium term Buy on OnMobile Global Limited around the Friday's closing price(74.60).
Most of the Asian markets are closed in this week on account of Lunar New year(Refer to my Friday's article for details). In India, it is a truncated trading week as we celebrate Republic day on Thursday.The FNO expiry for the January series is on Wednesday.Inflation for the week ended 14th January to be announced on Friday, the 27th as Thursday the 26th is a holiday on account of Republic Day.The first policy meet of RBI for the year 2012 will happen on Tuesday the 24th.
Disclosure- I do not hold any of the stocks discussed in the article.
After market hours Reliance Industries announced the results and the profits fell for the first time in two years.And Analysts felt that the shares buy back announced by the company is to cover up the bad results.The refining margin fell to 6.8$ per barrel compared to 10.1$ per barrel in the previous quarter.The Maximum Buy back price is fixed at Rs 870 per share which is at 10% premium to the Friday's closing price.It would be interesting to note how the share prices react today when the markets open.In my opinion, I expect the stock prices to open lower on account of the drop in profits.
The most awaited judgement on Vodafone was out on Friday.And Vodafone won the case against the IT Department.The Apex court asked the IT department to refund Rs.2500 crores to the company with a 4% interest rate.This landmark judgement is set to pave the way for the company which is planning for an Indian IPO.Vodafone uses OnMobile's Value added services like speech recognition,ring back tones in its own network and its partner networks across its worldwide operations.OnMobile is an Infosys seeded company and provides speech-enabled services in various Indian and international languages.I would advise a short-medium term Buy on OnMobile Global Limited around the Friday's closing price(74.60).
Most of the Asian markets are closed in this week on account of Lunar New year(Refer to my Friday's article for details). In India, it is a truncated trading week as we celebrate Republic day on Thursday.The FNO expiry for the January series is on Wednesday.Inflation for the week ended 14th January to be announced on Friday, the 27th as Thursday the 26th is a holiday on account of Republic Day.The first policy meet of RBI for the year 2012 will happen on Tuesday the 24th.
Disclosure- I do not hold any of the stocks discussed in the article.
