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Newz Flow

Upmove May Continue
The market crossed the psychological 10000 level in yesterday's trades and is likely to take further lead as buying interest continues in large-caps and several other sectoral counters. A strong overnight US markets and around 1-2% gains in the Asian indices in current trades may augur well for the markets. Among the key local indices, the Nifty could test higher levels around 3107 and 3035 and has supports at 2837 and 2805. The Sensex has a likely support at 9920 and may face resistance at 10186.

Strong earnings reports from FedEx and Morgan Stanley helped the US indices post significant gains for the second consecutive session on Wednesday. While the Dow Jones scaled above the 11000 levels to close at 11079, up 105 points, the Nasdaq ended 34 points higher at 2141.

Indian floats, too, were upbeat on strong domestic and US markets. Barring Dr Reddy's other Indian ADRs ended at higher levels. Tata Motors led the upmove and surged 5.32% while Satyam, HDFC Bank, MTNL, VSNL, Infosys and Rediff gained over 2-4% each.

Global crude oil prices edged above $70 a barrel, with the Nymex light crude oil for July series rising by 99 cents at $70.33 per barrel. In the commodity space, the Comex gold for August delivery flared up $10.50 to settle at $591 a troy ounce.

Stocks To Watch
Ranbaxy is on the verge of picking up a 10% stake in Zenotech Laboratories for about Rs20 crore.

Elder Pharmaceuticals is looking to set up a marketing subsidiary in the Italian generics market.

L&T is planning to set up a full-fledged life cycle support unit that will service, repair and maintain arms and ammunition for the defence forces, including guns, tanks, radars, aircrafts, and rocket launchers.

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