Visit http://indiaer.blogspot.com/ for complete details Views on markets today
· Indian markets snapped two day losing streak and closed positive yesterday on robust foreign fund inflow, strong Q2 results and heavy buying in index heavyweights. However, the markets opened and traded most part of the session on negative note but last hour buying pared all losses and pulled markets to closed positive. The up-move was mainly led by gains in IT, oil & gas and real estate stocks while consumer durable, FMCG and pharma stocks witnessed selling pressure. L&T erased early losses to close 1.2% higher after beating market estimates with a 32% rise in quarterly profit and pickup in order execution.
· Market breadth was however weak at ~0.72x as investors sold large cap stocks. FIIs bought equities worth `3.35Cr while domestic institutions sold equities of `12.18bn.
· Asian stock markets are mostly positive led by the banking and commodities stocks after a strong earnings report from Citigroup. Both the Nikkei and the Hang Seng are up today.
· Positive opening likely to the Indian markets on account of firm Asian markets. Banking stocks may see positive momentum after the recovery in global financial stocks alongwith anticipated positive results from HDFC Bank which will be announced today . Quarterly results of Bajaj Auto will keep auto stocks in momentum. Stock specific action may be witnessed in Biocon as Pfizer Inc will sell insulin made by Biocon.
Economic and Corporate Developments
· The housing regulator plans to tighten the rules governing affordable housing as it looks to ensure that projects built on subsidised priority loans are actually delivered.
· The government said it would not free diesel prices from its control in hurry as the move would lead to sharp rise in price of fuel most used in the transport sector.
Buzzing Stocks
· Biocon has entered into a US$350mn strategic alliance with drug-major Pfizer for marketing Biocon’s insulin products.
· Reliance Industries’ four gas pipelines, which were scheduled to be completed by 2012, are likely to be delayed.
· The Supreme Court extended the stay on closure of Sterlite Industries' copper smelting unit at Tuticorin in Tamil Nadu till the second week of December.
· Emami will nationally roll out a new soap and skin creams within a month to strengthen its portfolio ahead of winter, a crucial period for the personal care and healthcare major.
· Reliance Communications (RCom) added 2mn wireless subscribers in September, taking its total customer base to over 117mn.
· McNally Bharat has won an order worth Rs212mn from Essar Projects.
· Adani Enterprises will invest US$6.9bn in developing its recently acquired Australian coal mines.
· Bharat Forge Ltd with diverse business interests is now aiming to get into coal mining and, subsequently, the power generation business.
No comments:
Post a Comment