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Views on markets today
· Indian markets ended a volatile session in the negative note yesterday on the last day of October F&O series, extending losses for the third straight session. Market gave away most of the early gains after a strong opening and turned choppy as traders squared off F&O positions. All sectoral indices, except auto, ended lower as investors discounted positive cues from Europe and dip in annual food inflation for the week ended October 16. Intense selling in the last half hour triggered the indices to close below psychological levels of 20,000 for Sensex and 6,000 for Nifty. Major selling pressure was witnessed in real estate, consumer durable, power and metal stocks.
· Market breadth was weak at ~0.66x as investors sold large cap stocks. Both FIIs and domestic institutions sold equities worth `9.50bn and `60.4Cr respectively.
· The Asian markets are trading lower this morning. The Nikkei fell to a seven-week low Friday as disappointing earnings hit shares of companies such as Sharp Co with downward momentum accelerating after the index breached a key technical support level. The Hang Seng is also trading lower.
· Indian markets to open lower tracking the Asian market cues. We may see some volatility in the markets as some of the major Indian companies viz., ICICI Bank, ITC, BHEL and Mahindra and Mahindra will announce their quarterly results.
Economic and Corporate Developments
· Food inflation eases to 13.75%yoy for the week ended 16th October 2010.
· India’s infrastructure sector output grew 2.5%yoy in September.
Buzzing Stocks
· ONGC may acquire 60% stake in exploration block AA-ONJ/2 from the Indian arm of UK based Tullow Oil.
· RPower has places US$8.2bn order with Shanghai Electric for equipment to generate 23,760MW power.
· JSW Steel will have to wait till the end of this year for a final decision on additional land requirement for its proposed Rs200bn expansion project in Karnataka.
· Petronet LNG plans to set-up 1,200MW gas based power plant linked to its Dahej Terminal.
· Adani Enterprises announced that it has won to develop and operate a coal mine at Chendipada in Orissa.
· Suzlon Energy looks to enter Latin America, Africa.
· Dhanlaxmi Bank buys 15% stake in Destimoney Securities for Rs130mn.
· Tata Global Bevergaes board has approved forming 50-50 JV with PepsiCo to sell its Himalayan Brand of natural water.
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