Views on markets today
· Indian markets ended with modest loss amid volatility for second consecutive session on Friday due to profits booking ahead of quarterly earnings, after rallying to a 33-month high earlier last week. However, markets pared most of its losses after showing smart recovery in late trade due to short covering. The down-move was mainly led by profit booking in metal, auto, consumer durables and power stocks while pharma, IT and oil & gas stocks witnessed some buying activities. L&T gained ~0.2% after the company secured orders worth `15.85bn.
· Market breadth was weak at ~0.61x as investors sold cap stocks. FIIs bought equities worth `5.86Cr while domestic institutions sold equities of `10.02bn.
· The Asian markets are trading positive this morning. The Hang Seng is trading higher as as resource sector shares extended their climb on expectations of further U.S. monetary easing. However, the Nikkei is closed today.
· The Indian markets are expected to open positive tracking firm Asian markets and robust foreign fund inflow. Nirma will be in focus after announcing plans to delist the company’s shares. Metals producers such as Sterlite Industries will be in focus after base metal futures rallied in Shanghai buoyed by expectations of more stimulus from the US Federal Reserve.
Key events today
· Listing of IPO of Gallantt Ispat Limited (NSE: GALLISPAT, BSE code: 533265), issue price: Rs50 per share.
Economic and Corporate Developments
· Foreign exchange reserves rose US$2.6bn during the week ended October 1 to US$294.1bn.
· The finance ministry is looking into a proposal that would allow overseas retail investors to invest directly in Indian equity markets.
Buzzing Stocks
· L&T bagged Rs15.85bn orders in July-September period from the construction segment.
· Fortis Global Healthcare plans to acquire Hong Kong’s Quality Healthcare Asia for ~Rs8.82bn.
· Punj Lloyd bagged Rs5.39bn contract from the Gail India for laying a natural gas pipeline from Dabhol to Bangalore.
· Jindal Steel and Power has started to build a US$2.1bn iron ore mine and steel project in eastern Bolivia after a series of delay.
· HPCL is in talks with Jindal Petroleum to buy the latter’s 25% stake in an oil and gas block in Rajasthan.
· Ambuja Cement signs agreement with the Rajasthan State Industrial Development and Investment Corporation to set up a 2.2mn ton cement plant in Nagaur district with a capital outlay of Rs22bn.
· Procter & Gamble plans to consider a stock split in its upcoming board meet.
· Bharat Forge-Alstom lowest bidder for Rs72bn NTPC-DVC contract.
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