Visit http://indiaer.blogspot.com/ for complete detailsViews on markets today
· Indian markets ended negative yesterday, after it touches 33-month high in early trade, on profit booking at higher level across the selective sectoral indices ahead of earnings result of Infosys Tech and core inflation data due tomorrow. European markets came off initial highs also trigger fresh selling pressure and pulled the markets down. The down-move was mainly led by profit booking in capital goods, oil & gas, power and banking stocks while metal and IT stocks witnessed some buying activities. Bedmutha Industries got very good response on debut and gained 77.3% to `180.80 from its issue price of `102. LIC Housing Finance gained ~1% as the mortgage lender posted a better-than-expected 36% rise in quarterly net profit.
· Market breadth was weak at ~0.61x as investors sold large cap stocks. FIIs bought equities worth `10.19Cr while domestic institutions sold equities of `6.94bn.
· The Asian markets are trading lower this morning. The Nikkei is trading negative after sentiments hurt by broad profit-taking and as financial stocks tracked their Wall St peers lower on worries about a widening US foreclosure crisis.
· The Indian markets are expected to open lower tracking weak Asian markets. However, quarterly results from Infosys Technologies and guidance for the period ahead will set the direction for Indian market today.
Key events today
· Announcement of monthly inflation data for the month of September 2010
· Closing of IPO of Gyscoal Alloys Ltd. (subscribed 1.83x as of October 14, 5PM)
Economic and Corporate Developments
· Indirect tax mop-up soars 44% in H1 FY11.
· Cement companies to hike prices, from Sunday, by Rs15-20 per 50-kg bag despite low demand.
Buzzing Stocks
· Reliance Infra ties-up Rs70bn debt for Mumbai metro project.
· Bharti Enterprises is in talks with Bank of India to sell it 25% stake in domestic asset management business.
· GlaxoSmithKline to step-up capacity for elephantiasis drug production.
· Godrej Consumer Products Board approves merger of sister company, Godrej Household Products Ltd.
· SJVN Ltd has signed an agreement with the Bhutan Government for the preparation of DPR for 600MW project in Himalayan kingdom.
· Natco Pharma to set-up a drug unit for multiple sclerosis.
· Zensar Technologies has opened its sixth global delivery centre in Shanghai, China.
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