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· Indian markets bounced back and closed positive yesterday after sustained buying across the sector from foreign investors due to strong second quarter results and gain in European markets. All sectoral indices closed positive with FMCG, banks, oil & gas and metal stocks were major gainers. Reliance Industries topped the gainers, climbing 2.9% in its best show in five weeks, after being a laggard for the year. Allahabad Bank climbed 4.2% as the bank posted a forecast-beating 20.7% rise in its September quarter net profit.
· Market breadth was however marginally strong at ~1.73x as investors bought large cap stocks. FIIs bought equities worth `8.51bn while domestic institutions sold equities of `2.3bn.
· The Asian markets are trading mix this morning. The Nikkei is trading higher on light short-covering ahead of the weekend with investors closely watching moves in the yen. However, the Hang Seng is trading lower.
· Indian markets to see flat to positive opening as Asian markets are mixed today. IT stocks may see momentum after TCS and Wipro's results.
Economic and Corporate Developments
· The weekly food inflation falls to 15.53% for the week ended Oct. 9 as against 16.37% for the previous week.
Buzzing Stocks
· Gayatri Projects has secured new order under BOT worth `43.45Cr from Naveen Gupta Head- Procurement, for engineering, design, site preparation, security, structural fabrication, other facilities required for the construction of iron ore crushing plant for Kumaraswamy.
· GTL Infrastructure and Quippo are among those short listed to buy a stake in Saudi Telecom's 7010.SE tower business and final offers are likely to be made within the next few weeks.
· Piramal Healthcare to consider dividend and/or buyback.
· Balaji Tele gets notice of Rs 33 cr for evasion of service tax, CENVAT.
· Essar Oil, India's second-largest private refiner, is eyeing oil and gas exploration blocks in Africa to secure crude oil supplies for its refineries in India and Kenya.
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