The euro slid to a four-year low against the dollar, and stocks and copper tumbled after Germany banned certain bearish investments, fueling speculation that European debt crisis will worsen. Australian consumer confidence tumbled by the most in 19 months after the central bank boosted borrowing costs for the sixth time since October and concern about European debt triggered turmoil on financial markets.
Hewlett-Packard, the world's largest technology company, used its heft to push sales and income higher last quarter as both consumers and businesses upped their spending on HP's computers and printers. HP (HPQ, Fortune 500)'s net income rose 28% in its second fiscal quarter, ended April 30, to $2.2 billion, or 91 cents per share. That's up from $1.7 billion a year ago. The Securities and Exchange Commission proposed new rules that would pause trading in certain stocks that experience extreme swings. The move is in response to the brief but historic stock market crash of May 6, in which the Dow Jones industrial average fell nearly 1,000 points, its biggest intra-day drop on record, before the index rebounded within a matter of minutes. The Telecom Regulatory Authority of India (TRAI) has told the telecom ministry that two key recommendations are still in progress and that the ministry should wait for the finished article before taking any decision. The Cabinet Committee on Economic Affairs is likely to consider raising the price of natural gas sold under administered pricing mechanism at its next meeting later this week. An empowered group of ministers headed by finance minister Pranab Mukherjee is likely to meet on June 7, 2010 to look into the recommendations of the Kirit Parekh Committee on raising fuel prices. The Government is expected to launch NELP- IX in July. Bank of Rajasthan will merge with ICICI Bank. The share swap ratio has been set at 25 shares of ICICI Bank for every 118 shares of Bank of Rajasthan. Vodafone Group has cut the value of its Indian arm, Vodafone Essar, by USD3.2 billion because of a price war triggered by stiff competition and future payments for spectrum. RIL and RNRL have started final talk on gas pricing. Kumar Mangalam Birla will convert preferential warrants into equity shares in Aditya Birla Nuvo. Maruti Suzuki is pressing its vendors to speed up their capex plans.Godrej Consumer Products may raise as much as USD150 million from selling shares to fund its purchase of Sara Lee’s stake in an Indian venture and other acquisitions. MindTree has announced a partnership with the Carlyle Group for its global data centres. L&T is not happy with Mahindra Satyam for keeping its investors in the dark over detailsof its performance. Chennai Petroleum is planning 9 million tonne expansion at a cost of Rs.10000 crore. Nifty May contracts ends the Day marginally up by 5.35 points a discount of 2.80 points in May contracts and paring OI by 0.80% across all active Nifty contracts. Nifty VIX at 26.54% compared to 27.17% previous Day. Nifty OI PCR at 1.084 compared to 1.102 the previous Day. Nifty call options adds 14.40 Lakh and put option adds 2.81 Lakh over the Day. Highest OI in Nifty calls seen at 5300 May strike and puts at 5000 May strike. Long build up seen in TITAN, FEDERALBNK, GAIL, LT, ASIANPAINT, OPTOCIRCUI, CUMMINSIND, PETRONET, BEML, GRASIM & AMBUJACEM etc. Short build up seen in SUNTV, ROLTA, AUROPHARMA, TATAMOTORS, GODREJIND, JINDALSTEL, PRAJIND, SESAGOA, JSWSTEEL, HDIL, HINDZINC, ZEEL, EDUCOMP & MUNDRAPORT etc. FII side saw short covering in Nifty, long build up in stock futures and Nifty options is seen to be sold with a rise in OI with indications of Options writing over the day. Nifty: (5066). The index opened a negative note and witnessed range bound movement throughout the day’s trading session. It ended the day with gain of 6 points. Falling Channel & 10 dma: The index is in downtrend and is in a falling channel formation. Resistance can be expected around the upper end of the channel around 5100 level. Till the index is sustaining below the upper end of the channel on a closing basis the near term volatility is likely to continue. Index is facing resistance around the 10 dma level around 5111.Close above the 5111 level with rise in volumes will see index inch higher towards 5200 mark. Support: Index has critical support around the 200 dma level around 4987, higher support is around 5018. Resistance : Index faces resistance around 5100-5111 range. Conclusion: Expect intra day choppy movement with resistance around 5111.
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