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Views on markets today
· Indian markets closed negative after witnessing a sharp fall in the last half-hour of trade yesterday on the reports that the CBI raid several offices of LIC Housing Finance across India over possibility of the entity’s involvement in multi-crore fake home loan scam. The reports also suggested that officials of Central Bank of India were also questioned by the CBI while Bank of India may also be involved in the said scam. The share price of LIC Housing Finance plunged 18.88% while Central Bank of India fall 8.02% after the report. Except FMCG and auto, all sectoral indices closed negative with banks and real estate stocks were major loser on housing loan scam.
· Market breadth was weak at ~0.75x as investors sold large cap stocks. Both FIIs and domestic institutions sold equities worth `4.73bn and `94.94Cr, respectively.
· Asian markets are higher today after strong close of the US markets. Japan's Nikkei share average opened higher on as recent strength in the dollar against the yen and gains on Wall Street prompted short-covering following the previous day's loss. The Hong Kong stocks are also positive supported by the real-estate stocks.
· Indian markets are likely to open up higher following the cues from the Asian markets. However, the housing finance scam which was announced yesterday by CBI and the inflation data that is to be announced today may keep it volatile.
Key events today
· Announcement of food and fuel price inflation data
Economic and Corporate Developments
· The Government is unlikely to decontrol retail prices of diesel anytime soon.
· In connection to the housing loan scam, the Finance Ministry has sought reports from the public sector banks and financial institutions raided by Central Bureau of Investigation (CBI).
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