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Views on markets today
· Indian markets closed rangebound session on a flat note after the RBI raised short-term interest rates by an expected quarter-point and indicated a pause in the near term. The RBI raised its lending and borrowing rates for the sixth time this year and said it would remain vigilant about inflation that remains above its comfort level. Real estate stocks fell with DLF and Unitech shedding more than 3% each after the central bank raised the risk provisioning to rein in a jump in asset prices. Consumer durable, capital goods, IT and FMCG stocks witnessed buying activities while real estate, oil & gas auto stocks capped the markets to close flat.
· Market breadth was however weak at ~0.86x as investors sold large cap stocks. FIIs bought equities worth `4.61bn while domestic institutions sold equities of `2.02bn.
· The Asian markets are trading positive this morning however, many investors stayed on the sidelines ahead of the outcome of the hotly anticipated US Federal Reserve meeting. The Hang Seng rose to their highest in 28 months, spurred by gains in banks and oil counters. The Nikkei is closed today.
· The Indian markets are expected to open higher tracking firm global markets. However, markets may see some movement ahead of the outcome of the US Federal Reserve meeting.
Key events today
· Announcement of food and fuel price inflation data
· Closing of IPO of Gravita Indian Ltd. (subscribed 1.91x as of November 2, 5PM)
Economic and Corporate Developments
· RBI raised key repo and reverse repo rates by 25 basis points each to 6.25% and 5.25% respectively.
· The Uttar Pradesh government raised the state advisory price of sugarcane by `40 per quintal.
Buzzing Stocks
· A consortium of India’s top state owned energy firms led by ONGC, is in talks to acquire a 25% stake in Australia’s Advent Energy for around US$1bn.
· Power ministry has favoured allocation of gas from Reliance Industries' KG-basin block to NTPC and will push for the same in the inter-ministerial meeting next week.
· NALCO has short listed MEC Coal and Bumi Murau Coal for supplying coal to its $4bn Indonesia aluminium smelter project.
· BPCL said its Bharat Petro Resources-led consortium announced oil and gas discovery in Badik – 1, located in Tarakan basin in Nunukan PSC, Indonesia.
· Hindustan Copper expects to sell off non-core assets including reserves of granite and copper ore tailings that are expected to fetch the company more than `30bn over an extended period.
· JSW Energy may go in for dilution of promoter holding to fund its second phase of expansion, expected to commence in 2012.
· SpiceJet board has approved purchase of 30 Nextgen turboprop aircraft from Canada's Bombardier for US$900mn.
· Arvind Mills is looking to set up facilities in Sri Lanka and South Africa to expand its manufacturing reach and retail presence in India and abroad over three to four years.
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