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Views on markets today
· Indian markets ended volatile session in negative note ahead of October F&O series expiry yesterday on the back of profit booking ahead of an expected increase in interest rates by the RBI next week. Weak European cues also weighed on the markets to some extent. The down trend was led by selling pressure in metal, banks, pharma and power stocks while some buying witnessed in consumer durable and auto stocks capped the markets from major loss. Sterlite Industries dropped after it reported a slightly lower-than-expected 5% rise in September quarter net profit.
· Market breadth was weak at ~0.9x as investors sold large cap stocks. FIIs bought equities worth `4.81bn while domestic institutions sold equities of `7.08bn.
· The Asian markets are trading positive this morning. The Nikkei gained after two days of losses, helped by short-covering on a halt in the yen's advance against the dollar, with solid earnings reported so far helping boost investor confidence. The Hang Seng is also trading positive.
· Indian Markets is expected to open flat with positive bias tracking positive Asian markets. Jindal Steel & Power may see some momentum the company expects higher earnings from steel and value added products but sees merchant power revenue falling on higher supply in the December-quarter.
Key events today
· Listing of IPO of Prestige Estates Projects (NSE: PRESTIGE, BSE code: 533274), issue price: Rs183 per share.
· Listing of IPO of Gyscoal Alloys (NSE: GAL, BSE code: 533275), issue price: Rs71 per share.
· Listing of IPO of BS Transcomm (NSE: BSTRANSCOM, BSE code: 533276), issue price: Rs248 per share.
Economic and Corporate Developments
· According to the Finance Minister current account deficit will be 3-3.5% of GDP this year.
Buzzing Stocks
· Tata Steel along with New Millennium Capital Corp has formed a new JV company called Tata Steel Minerals Canada Ltd, which will acquire Direct Shipping Ore's (DSO) entire mining claims and related assets.
· JSW Steel and JSL Stainless, have entered into an agreement. JSL Stainless will produce coke for JSW Steel and the raw material to produce coke will be supplied by JSW.
· NTPC has offered a 40% stake in its Kayamkulam gas-based power project to Qatar Petroleum.
· Cairn Energy said it expects to complete the sale of its majority stake in its Indian unit to Vedanta Resources in the first quarter of 2011.
· Kalpataru Power Transmission has bagged two orders worth Rs3.8bn.
· Aegis Logistics has got an order from Bharat Oman Refinery for product storage and dispatch operations at its plant in Bina, Madhya Pradesh
· Titan Industries plans to launch higher priced premium collection of watches under the Titan brand.
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