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MTECHTIPS EQUITY MARKET NEWS

MTECHTIPS:-Asian stocks gain as market looks past Sandy; Nikkei up 1.20%
Asian stocks rose on Wednesday after post-tropical storm Sandy began to weaken over the northeastern U.S.While the extent of the storm's damage will be massive and is still unknown, traders went long on equities, as cleanup and recovery will follow suit eventually.During Asian trading on Wednesday, Hong Kong's Hang Seng Index was up 0.48%, Australia's S&P/ASX200 was up 0.70%, while Japan’s Nikkei 225 Index was up 1.20%.Sandy continues to churn over the northeastern U.S. though the deadly storm has lost power.Eventually communities will shake off the debris and rebuild, often a bullish trend for equities.The news sparked demand for stock across Asia, especially in Japan.The Bank of Japan announced plans to expand its asset-purchasing program to JPY91 trillion from JPY80 trillion to further stimulate the economy, which was bullish for stocks as well.The euro, gold and other higher yielding assets saw demand rise on news that Italy saw borrowing costs fall to their lowest levels since May 2011 at a government auction of five- and tenyear debt.Headwinds still persisted over trading on Wednesday, especially out of Europe, a key Asian export market.German data showed that the number of unemployed in Germany rose by 20,000 in October, compared to expectations for an increase of 10,000, which kept many in the safety of the U.S. currency.The German unemployment rate rose to 6.9%, matching September’s rate, which was revised up from 6.8%.

MTECHTIPS:-Brokerages remain bullish on Maruti Suzuki post Q2 results Most brokerages have maintained bullish view on Maruti SuzukiBSE 2.54 % after its second quarter
results turned out to be above street estimates. The stock, which is owned by big fund houses, has extended gains for second straight session on increased volume activity. The auto major reported a net profit of Rs 227 crore for the quarter ended September, down 5.4 per cent, against a net profit of Rs 240 crore in the corresponding quarter last fiscal. ET Now poll expected the net profit at Rs 180 crore for the quarter. Jefferies has raised its target price by 11 per cent on Maruti SuzukiBSE 2.54 % and maintained 'Buy' rating on it. "Maruti's second quarter results beat our muted expectations by a wide margin, largely on account of cost control. The outlook for the remainder of the year seems positive with continued strength in Maruti's diesel portfolio, improving demand for petrol cars, and improving pricing," the brokerage said. According to EdelweissBSE 0.14 %, the last five quarters for the company have been very challenging due to production disruptions and higher input costs. "We expect margins to improve in coming quarters and normalize at over 9.5 per cent in FY14 due to superior product mix, lower discounts and other cost reduction measures taken by the company," the brokerage said. The brokerage is of the view that despite the near term headwinds, restoration of production at peak levels, falling interest rates as well in commodity prices augur well for Maruti Suzuki's long term demand and profitability outlook. "We maintain our 'BUY' rating on the stock with a revised target price of Rs 1,595, implying 16x FY14E core EPS of Rs 87 plus, and a discounted NPV of cash/share of Rs 209. Adverse currency movement remains a key downside risk," it added.

MTECHTIPS;-Glenmark Pharmaceuticals gains 7% on Q2 results; brokerages maintain buy NEW DELHI: Glenmark Pharmaceuticals Ltd surged over 7 per cent in early trade on Wednesday
after the pharmaceutical company said its consolidated net profit rose by nearly three fold to Rs 156.75 crore for the quarter ended September 30, 2012. The company had posted a net profit of Rs 56.58 crore for the quarter ended September 30, 2011, Glenmark PharmaceuticalsBSE 7.31 % said in a statement At 11:10 am, Glenmark Pharmaceuticals was trading 7.48 per cent higher at Rs 425.10. It has hit a low of Rs 403.20 and a high of Rs 426.20 today. The stock has gained over 40 per cent so far in the

year 2012."Revenue from the generic business was at Rs 578.39 crore for the quarter under consideration. The speciality formulations business, excluding out-licensing revenue, stood at Rs 669.74 crore for the quarter ended September 30, 2012," PTI reported. The company has a pipeline of five NCE and NBE molecules in clinical trials, including the inlicensed molecule 'Crofelemer', Glenmark said.

MTECHTIPS;-Sensex range-bound; Tata Motors, Maruti Suzuki top gainers
The BSE Sensex was trading in a range with a positive bias on Wednesday, led by gains in Tata Motors, ITC and Maruti Suzuki India Ltd.BSE 2.58 % At 10:40 am, the 30-share index was at 18,469.77, up 39.95 points or 0.2 per cent. It touched a high of 18,485.20 and a low of 18,409.20 in trade today. The Nifty was at 5,605.75, up 7.2 points or 0.12 per cent. The broader index touched a high of 5,610.40 and a low of 5,585.20 in trade today. After moving in a narrow band of 100 points from 5630 to 5730 for almost 3 weeks, the Nifty finally moved lower and closed below 5600 on Tuesday. "It is now likely to move in the 5540-5630 range for the next few trading sessions. The 50 DMA support is at 5540 and a breach of the same might trigger further selling up to 5450," said Vinit PagariaBSE -4.93 %, VP - Investment Strategies at MicrosecBSE 0.65 %Capital Ltd. "On the other hand, the upside resistance is at 5630 followed by 5730. A move beyond 5730 would now lead to a big move with could take the Nifty higher up to 5900-6000 in the next couple of months," he added. The rupee lost 14 paise to 54.12 against the dollar in early trade today largely due to month-end demand for the US

dollar from oil importers. Rate-sensitive sectors fell for the second day in a row. ICICI BankBSE 0.15 %was trading flat at Rs 1045, HDFC BankBSE -0.34 % was down 0.43 per cent to Rs 631.25. However, State Bank of IndiaBSE 0.64 % pared its early morning losses and was trading 0.2 per
cent higher at Rs 2081.45.