Views on markets today
· Indian markets closed negative yesterday as investors locked
in profits after a big rally that had taken the market to a 33-month
high this week. The markets open and trade most of the session on flat
note but the selling pressure intensified in the last session and pull
the market to close with loss of ~1%. Except pharma, all sectoral
indices closed negative with real estate, metal, IT and capital goods
were major loser. Biocon rose ~5.5% to an all-time high after the
report that the company firm would outlicense its insulin portfolio
for diabetes treatment to Pfizer.
· Market breadth was weak at ~0.65x as investors sold cap
stocks. FIIs bought equities worth `11.82Cr while domestic
institutions sold equities of `11.93bn.
· The Asian markets are trading mix this morning. The Nikkei
is trading lower as the yen stood near a 15-year peak against the
dollar, with investors reluctant to trade actively before key US
payrolls data today.
· The Indian markets are expected to open flat with negative
bias on further profit booking and mixed Asian markets.
Key events today
· Listing of IPO of Orient Green Power Company (NSE:
GREENPOWER, BSE code: 533263), issue price: Rs10 per share
· Listing of IPO of Ramky Infrastructure (NSE:, BSE code:533262).
· Closing of IPO of BS Transcomm Ltd. (subscribed 0.45x as of
October 07, 5PM)
· Closing of IPO of Oberoi Realty Ltd. (subscribed 1.34x as of
October 07, 5PM)
Economic and Corporate Developments
· Food inflation for the week ending September 25 eased to
16.24%, compared with 16.44% the previous week.
· The government will make it mandatory for mining companies
to pay annual compensation to land losers.
Buzzing Stocks
· Nine companies including TCS and Wipro have made it for the
first round for the mega tender floated by UIDAI.
· Jet Airways plans to raise US$400mn through a share sale to
foreign institutions may get delayed as the government deferred a
decision on the proposal.
· Sun TV network chief Kalanithi Maran has acquired another
~5% stake in SpiceJet for Rs915mn.
· Areva T&D appears to have almost completed the technical
discussions with Nuclear Power Corporation of India.
· Gitanjali Gems has made a bid to acquire Four luxury brands
of Italy's DIT Group.
· Cadila Healthcare on gets nod from USFDA to market high
blood pressure treatment tablets, Losartan Potassium and HCTZ.
US markets
The US markets closed flat after Weak commodities and a firmer dollar
and investors shunned big bets before a jobs report that could
determine the next move from the Fed. However, better-than-expected
weekly jobless claims limited declines, but the spotlight was on
Friday's larger non-farm payrolls report today. Today's report is
expected to show payrolls were unchanged in September, but the release
has bigger implications for a market hoping that weak data will spur
the Federal Reserve to take further steps to boost the economy. Alcoa
Inc gained 3.2% in extended trade after it reported a lower
third-quarter profit, but said global markets were strengthening.
No comments:
Post a Comment