Make hay while the sun shines - HDFC Securities
Though the U.S. markets have closed mixed, the fact they have clawed back from an abyss augurs well for the global markets. Techies were weak as aggressive pricing by Apple has raised concerns for Amazon, Netflix and Disney.
The ECB is likely to announce a stimulus package tomorrow, which has kept the EU markets chirping. Our markets are likely to begin on a weak note, they are likely to consolidate rather than fall much.
Nifty has been rising for last 4 consecutive sessions with higher highs and higher lows. Immediate resistance comes in at 11142. Stop for the all trading position can be now raised to 10890.
An interesting observation is that the midcaps and the small caps have begun to outsmart the Nifty. The breadth of the market is also getting stronger day by day. This augurs well for our markets as investors are likely to see some appreciation in their portfolios.
We expect small cap index to outperform and rise at least 5% in short span of time. Selected stocks can do much better. Make hay while the sun shines!
Essel group completes first tranche of ZEE stake sale to Invesco Oppenheimer
Subhash Chandra-promoted Essel Group has sold an around 8.7% stake in Zee Entertainment Enterprises to Invesco Oppenheimer, completing the first tranche of its deal to sell 11% of the Zee Entertainment.
The group is confident of completing the balance sale of 2.3% stake over the next few days, The group is working towards timely completion of operational formalities in order to conclude the entire transaction at the earliest.
The Essel Group promoters, who owe lenders, including mutual funds, more than Rs 11,000 crore, have time till September 30 to repay debt. The money from the stake sale will directly go to lenders. The promoters are also selling infrastructure and solar power assets to raise money to pay off debt.
On July 31, Essel Group promoters signed an agreement with Inveso Oppenheimer to sell up to 11% stake in ZEE for Rs 4,224 crore. It completed the sale of the first tranche of shares to Invesco Oppenheimer Developing Markets Fund yesterday
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