Visit http://indiaer.blogspot.com/ for complete details Views on markets today
· Indian markets closed negative yesterday on heavy selling in frontline stocks and due to lack of support from global peers. The markets started the session on a strong note but could not sustain that for long and immediately turned volatile and profit booking triggered the markets to slip sharply and pulled the Sensex below 20,000 levels. The down-move was mainly led by profit booking in IT, real estate, metal and power stocks while pharma and auto stocks witnessed some buying activities. Biocon soared ~15% to a record high of `464.60, following a deal with Pfizer to market insulin made by the Indian company.
· Market breadth was however marginally weak at ~0.98x as investors sold large cap stocks. Both FIIs and domestic institutions bought equities worth `1.07bn and `2.4bn respectively.
· Following the US markets, Asian markets are lower today as many investors reduced their exposure to equities in the wake of a surprise rate hike from China on Tuesday. Resources stocks led the broad-based declines, weighing on markets in Sydney and Tokyo.
· The Indian markets are expected to open lower tracking weak Asian and US markets on fears banks might be on the hook for billions of dollars in souring mortgage bonds.
Key events today
· Listing of IPO of Oberoi Realty Ltd. (NSE: OBEROIREAL, BSE code: 533273), issue price: Rs260 per share.
Economic and Corporate Developments
· Direct tax collections rose 19% in the six months to September.
· Telecom regulator Trai today said it would come out with the 2G spectrum pricing norms by the end of this month.
· A ministerial panel on roads approved a proposal for an agreement between India and Malaysia on highway projects, road transport and highways.
Buzzing Stocks
· Reliance Industries will shut a crude distillation unit (CDU) for scheduled maintenance at its 660,000 barrel-per-day (bpd) for around a month starting November.
· NMDC has been offered coal mines in Russia's Siberian region for US$400mn by Intergeo.
· L&T has won an order worth Rs14.5bn from Bhaskar Group’s DB Power to supply and erect balance of plant package for a 1,200-mw power plant in Chhattisgarh.
· Sesa Goa is talking to the Orissa-based Ahluwalia family to renew a mining agreement that will enable Sesa to expand its capacity to five million tonne (mt).
· Indian Oil Corp said its Rs298bn Paradip refinery in Orissa will be commissioned by March 2012 and will cater to domestic market.
· Public offers of three blue chip companies SAIL, Indian Oil and ONGC will hit the capital market in the last quarter of the current fiscal.
· Ceat has expanded the production capacity at its Nashik plant by 1,000 tonnes per month.
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