Equity Morning Mantra

MARKET OUTLOOK

The market is likely to open on a positive note taking cues from global markets. Most Asian stocks rose, led by material producers after Shin-Etsu Chemical Co. said it will seek a price increase. Banks fell as National Australia Bank Ltd. said it will sell stock. U.S. stocks rose on Tuesday as a solid profit from Caterpillar Inc overcame some uneasiness about the company's outlook for the current quarter, but the gains were limited as some investors paused following the recent earnings-fueled run-up. According to provisional data on NSE, foreign funds sold worth a net Rs. 250.36 crore on Tuesday, 21 July 2009. Domestic funds sold shares worth a net Rs. 7.44 crore on that day.

STREET EXPECTATION ON QTRLY. RESULTS
Wipro is to announce its first quarter results. According to market estimates, the company's revenues are seen down 3.3% to Rs 6331 crore versus Rs 6546 crore. Its net profit is seen up 6% to Rs 951.4 crore versus Rs 897.9 crore. The company's margins are seen flat at 19.9% versus 20%.
HDFC is to announce its first quarter FY10 results. According to market estimates, Q1FY10 net profit is seen up 19.96% from Rs 468.11 crore to Rs 561.54 crore. It’s net interest income is seen up 30.38% from Rs 651.57 crore to Rs 849.52 crore. Canara Bank is to announce its first quarter results. According to market estimates, the company’s Q1FY10 net interest income is seen up 21.44% from Rs 1019.19 crore to Rs 1234.69 crore. Its Q1 net profit is seen up 333.94% from Rs 122.68 crore to Rs 532.37crore.
BHEL is to announce its first quarter results.

According to market estimates, the company’s PAT is seen up 42% at Rs 545.93 crore versus Rs 384.41 crore. Its net sales were up 24% at Rs 5367.05 crore versus Rs 4329.24 crore