Views on markets today
· Indian markets ended on positive note yesterday tracking firm global markets and continued foreign fund inflow. Except FMCG, all the other sectoral indices closed positive with real estate, metal, oil & gas and capital goods were major gainers. Mid and small cap stocks continued to outperform the index heavyweights. Shipping Corp of India gained ~14% after the Indian cabinet approved a 10% stake sale in the state-run company.
· Market breadth was strong at ~1.48x as investors bought large cap stocks. FIIs bought equities worth `18.42Cr while domestic institutions sold equities of `9.76bn.
· The Asian markets are trading positive this morning. The Nikkei is trading positive as continued inflows into the real estate and financial sectors in the wake of Bank of Japan easing keep sentiments higher but the yen's rise to a fresh 15-year high undermined sentiment. The Hang Seng is also trading positive.
· The Indian markets are expected to open flat with positive note taking clue from firm Asian markets.
Key events today
· Announcement of food and fuel price inflation data
Economic and Corporate Developments
· IMF raises India’s growth forecast to 9.7% against 9.4% earlier.
· RBI is holding a meeting with industry chambers including Indian Banks Association and CII on new bank licences today.
· Gems and jewellery export may grow by 30-35% in FY11 says Gem and Jewellery Export Promotion Council (GJEPC).
Buzzing Stocks
· Maruti Suzuki plans to expand its service network to over 4,200 outlets from current 2,700 outlets across India.
· GAIL places Rs6.8bn orders for pipelines for laying a gas pipeline from Dabhol in Maharashtra to Bangalore.
· Cairn Energy to seek shareholders nod for the Cairn India Vedanta deal today.
· JSW Energy seeks lower rate for Rs33.8bn Ratnagiri project loan.
· HCL Technologies sees US$300mn opportunity in new technology such as cloud computing.
· Shree Renuka Sugars has bagged an order to supply 118mn litre of ethanol to oil marketing companies in five states for a period of 1 year.
· Neyvelli Lignite plans 50MW wind project in Tirunelveli.
· GVK Power and Infrastructure plans to raise US$300mn through share sale in the next few months.
No comments:
Post a Comment