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Views on markets today
· Indian markets closed negative yesterday taking cues from weak global markets after military tensions in Korea and Ireland's financial troubles. North Korea fired artillery shells at South Korean islands, which triggered a sell-off from foreign investors as well as shorts buildup in afternoon trade. However, the markets recovered in last hour of trade due to some recovery in European markets. All sectoral indices closed negative with real estate, metal and oil & gas stocks were major loser. Bharati Shipyard rose 4.2% after the company plans to acquire majority stake in south India-based Tebma Shipyards for $757.5mn.
· Market breadth was weak at ~0.37x as investors sold large cap stocks. FIIs sold equities worth `14.93bn while domestic institutions bought equities of `15.02bn.
· Asian markets are mostly lower on account of uncertain global events spurred by North Korea's shelling of a South Korean island the previous day. Besides that profit taking pulled down the Japanese shares. The Hang Seng is opened up showing some recovery.
· We expect the Indian markets to open negative on the weak global cues. We may see some caution from the investors due to increasing negative news flows across the globe.
Key events today
· Opening of the IPO of Claris Lifesciences Ltd. (price band `278-293 per share), closes November 26.
Economic and Corporate Developments
· Foreign direct investment in India stood at just US$16bn during the January- September, 2010, period, down 26% visa-vis the same period last year.
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