Market Watchers: 10 stocks to watch on F&O expiry

Global markets were subdued after a lacklustre session on Wall Street saw major indices snapping their 3-day rally to end in the red. European markets too ended lower after weaker-than-expected eurozone economic data reviving recession fears in Europe.

European Markets

A weak euro zone service sector activity, revived fears of the economy sinking into recession and raising doubts over the Greece's ability to revive its economy and push fiscal reforms needed under the just agreed bailout programme. Fitch cut its rating for Greek sovereign debt to C from triple-C," saying that a default is 'highly likely in the near term.' DAX was down 1%; CAC was down 0.5% and FTSE was down 0.2%.

Click Here to listen to pre-market cues with Chelsea Saldanha

Data to Watch

- US Jobless Claims
- EIA Petroleum Status Report
- Germany IFO business climate Index (Feb)

US Markets

Investors took a breather following the strong run-up that propelled major averages to multi-year highs. However, indices are on pace to log their best two-month start to the year since 1991. At the close, Dow was down 0.2% at 12,939, S&P was down 0.3% at 1357.7 while the Nasdaq was down 0.5% at 2933.17.

US Economic Data

Existing home sales in the US increased 4.3% to an annual rate of 4.57 million units in January while weekly mortgage applications declined last week.

Asian Markets

Asian shares fell on concerns over a slowdown in the global economy, including higher oil prices and data showing the eurozone is nearing a recession. Kospi was down 1.2%; Hang Seng was down 1%, Straits was down 0.8%, Taiwan was down 0.5% and the Nikkei was down 0.2%.

Currencies & Commodities

While the Greek deal appears to have given the market some breathing space, mixed movements in a range of asset classes in the immediate aftermath suggested sentiment could be hit by factors such as slower growth prospects or political risk.

The escalating Iranian nuclear row, which has helped push up oil prices 11% this year, also returned to the radar for global investors.

Crude prices continued to head north with Brent above USD 122 levels. Gold jumped to a three-month high, above USD 1,771/oz on fund buying. In currencies, euro stood resilient at 1.32 to the dollar. The dollar index is at 79.2. The dollar hung near a seven-month high against the yen of around 80.40 yen hit on Wednesday. The rupee is at 49.22 to the dollar.

Indian Market

It was a rough session for our market which saw profit booking and global weakness sending the Nifty down 100 points. The Sensex lost 280 points.

Stock Specific Action

Sources have told CNBC-TV18 that the DIPP (department of industrial policy and promotion) has started the process for finalising the cabinet note on aviation FDI. The industry department has received a note from the aviation ministry recommending 49% aviation FDI.

Also Indian carriers have been permitted to directly import aviation turbine fuel.

Sources have also told CNBC-TV18 that the DIPP has concluded its sectoral consultations on multi-brand retail FDI. The department will shortly consult states on the proposal to allow 51% FDI in retail that was put on hold by the Cabinet.

In a CNBC-TV18 exclusive, the long pending demand of domestic power manufacturers for some protection from zero duty imports of power equipment is set to become a reality soon, with the power ministry circulating a proposal to impose a total 19% duty on imports.

In another exclusive, Kingfisher has submitted its revised appeal to the I-T department to lift the freeze on its accounts. The company has committed to pay the entire outstanding in tranches.

And the Delhi High Court will take up the Department of Telecom's plea on lifting the stay on 3G intra circle roaming pact today.

South Africa-based Econet seeks USD 3 billion in damages from Bharti Airtel . The dispute is over ownership of its subsidiary Airtel Nigeria. However, Bharti Airtel states that they have not received any notice.

The MCX issue witnessed robust demand from retail as well as institutional investors. The Initial Public Offer (IPO) of the top commodity exchange was subscribed 91% on day one. In all the IPO got total bids worth about Rs 500 crore.

Watch out for Tata Communications as it unveils its biggest partnership to date.

Dewan Housing 's QIP book is launched. The company is planning to raise USD 60 million, with an upside option up to USD 100 million. The QIP issue floor price is Rs 255.5 per share.
 
Bhushan Steel fixes rights issue price at Rs 335 at a ratio of 1:15.

PNB approves preferential issue of 1.28 crore shares to GoI and 1.58 crore shares to LIC at Rs 1003.69 per share.

MSP Steel and Power defers its preferential issue of 1 crore shares to promoters and non promoters.

Hero MotoCorp inks technology sourcing pact with Erik Buell Racing.

Vakrangee Software 's board will meet today to consider bonus issue, stock split and hike in authorized capital.

And DLF will sell 350 flats for Rs 500 crore in Gurgaon.

Results Today

ABB, Ranbaxy Labs, Gujurat Gas and SKF India

Chelsea Saldanha
chelsea.saldanha@network18online.com