LOS ANGELES: Apple Inc has sold more than 600,000 units of its newest iPhone after just a day of preorders, surpassing some analysts' expectations and sending its shares up nearly 3 per cent on Wednesday.
The makers also of the iPad and iPod said it and carrier partner AT&T Inc had been forced to turn away "many" potential customers after the surprising volume of online orders triggered order and approval system malfunctions.
"We apologize to everyone who encountered difficulties, and hope that they will try again ... once the iPhone 4 is in stock," Apple said in a statement. AT&T, the exclusive US provider for iPhone, said orders of the iPhone 4 on Tuesday, the first day of online preorders, were 10 times higher than for the iPhone 3GS last year.
Wednesday, June 16, 2010
Market heading 5300-www.moneycontrol.com
It was a quiet session for the markets. The indices moved within a tight range and closed the day absolutely flat. The Nifty ended the day at 5,233, up 11 points. The Sensex shut shop at 17,462, up 50 points. The Midcap index also ended marginally in the green. The gap between the advance and declines narrowed through the session to end at 1:1.
The mood on Dalal Street is getting optimistic. But does that mean a big rally is on its way or will global cues play spoilsport?
Naresh Kothari, President, Edelweiss Capital, sees some amount of optimism returning to the market over the last 3-5 days. "At lower levels, we are seeing continuous buying interest. At 4700-4800, we saw very good interest come in. I guess this continues to remain a period when people are sort of coming out of their shell and starting to look at opportunities and ideas."
He asks investors to be cautious around 5,300-5,400 levels. "The global phenomenon continues to be an overhang on the market. Also, the second half might not be as good as the first half. I think the market is a little bit more cautious on the upside. These two factors are actually ensuring that this will not be a runaway market. I would start buying more of Puts and build some amount of cash in the portfolio."
Ambareesh Baliga of Karvy Stock Broking expects the Nifty to continue in a 5,200-5,300 range. "Crossing this level will be quite difficult. Inspite of all the good news, whether it is advance tax figures, IIP (Index of Industrial Production) data, monsoons, GDP (gross domestic product) estimates, if you are not able to convincingly cross these levels, it clearly shows that there is no conviction in the market. Over the next two-three months, we will be in the broad range of 4,700-4,800 and to around 5,300."
However, Sudarshan Sukhani of Technical Trends feels the market can see a 70-80 or 100 point correction. He advises investors to buy on dips.
Phani Sekhar, Fund Manager, Angel Broking, too asks investors to buy on dips. But unlike Sukhani he sees another 4-5% upside. "Individual midcaps and stocks will be doing much better than indices and that is where a lot of money is there to be created."
How should you play stocks from the Reliance pack?
On Reliance:
Baliga sees huge upside potential in Reliance Industries. "We have been talking of Rs 1400 levels, which it is refusing to go towards in the last six-eight months. But by January- February next year, once all these things settle down, it should trade over Rs 1400. At these levels, we are quite bullish on Reliance Industries."
Sekhar is betting on Reliance Industries and Reliance Infrastructure from the Mukhesh Ambani stable.
On the ADAG pack:
Reliance Communications, Baliga said, has already moved up decently from lower levels. "I don't think it can move much more looking at the way the telecom sector is doing." On the other stocks in the pack, he feels they are more of a speculative move than a fundamental move. "It is more of traders' pick at this point of time than a fundamental buy."
From the ADAG group, Sekhar likes Reliance Infrastructure. "This is a very young engineering company. The numbers that you see now are not really reflective of the potential numbers that you will see in a couple of years’ time when majority of its current projects come onstream. Valuationswise, it looks pretty attractive. We will give a pass to the rest of the stocks and pick Reliance Infrastructure."
The mood on Dalal Street is getting optimistic. But does that mean a big rally is on its way or will global cues play spoilsport?
Naresh Kothari, President, Edelweiss Capital, sees some amount of optimism returning to the market over the last 3-5 days. "At lower levels, we are seeing continuous buying interest. At 4700-4800, we saw very good interest come in. I guess this continues to remain a period when people are sort of coming out of their shell and starting to look at opportunities and ideas."
He asks investors to be cautious around 5,300-5,400 levels. "The global phenomenon continues to be an overhang on the market. Also, the second half might not be as good as the first half. I think the market is a little bit more cautious on the upside. These two factors are actually ensuring that this will not be a runaway market. I would start buying more of Puts and build some amount of cash in the portfolio."
Ambareesh Baliga of Karvy Stock Broking expects the Nifty to continue in a 5,200-5,300 range. "Crossing this level will be quite difficult. Inspite of all the good news, whether it is advance tax figures, IIP (Index of Industrial Production) data, monsoons, GDP (gross domestic product) estimates, if you are not able to convincingly cross these levels, it clearly shows that there is no conviction in the market. Over the next two-three months, we will be in the broad range of 4,700-4,800 and to around 5,300."
However, Sudarshan Sukhani of Technical Trends feels the market can see a 70-80 or 100 point correction. He advises investors to buy on dips.
Phani Sekhar, Fund Manager, Angel Broking, too asks investors to buy on dips. But unlike Sukhani he sees another 4-5% upside. "Individual midcaps and stocks will be doing much better than indices and that is where a lot of money is there to be created."
How should you play stocks from the Reliance pack?
On Reliance:
Baliga sees huge upside potential in Reliance Industries. "We have been talking of Rs 1400 levels, which it is refusing to go towards in the last six-eight months. But by January- February next year, once all these things settle down, it should trade over Rs 1400. At these levels, we are quite bullish on Reliance Industries."
Sekhar is betting on Reliance Industries and Reliance Infrastructure from the Mukhesh Ambani stable.
On the ADAG pack:
Reliance Communications, Baliga said, has already moved up decently from lower levels. "I don't think it can move much more looking at the way the telecom sector is doing." On the other stocks in the pack, he feels they are more of a speculative move than a fundamental move. "It is more of traders' pick at this point of time than a fundamental buy."
From the ADAG group, Sekhar likes Reliance Infrastructure. "This is a very young engineering company. The numbers that you see now are not really reflective of the potential numbers that you will see in a couple of years’ time when majority of its current projects come onstream. Valuationswise, it looks pretty attractive. We will give a pass to the rest of the stocks and pick Reliance Infrastructure."
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