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Views on markets today
· Indian markets jumped for third straight day and closed positive yesterday on high exports growth after impressive economic growth numbers bolstered trading sentiment. Firm global markets and buying by foreign funds also led the markets to close positive. Investor confidence got further support from data showing that exports to the US and European markets were up, indicating that the global economic environment was positive. Except tech all sectoral indices closed positive with metal, real estate, banks and capital goods were major gainers.
· Market breadth was strong at ~4.11x as investors bought large cap stocks. FIIs bought equities worth `4.91bn while domestic institutions sold equities of `1.99bn.
· Asian markets advanced today, as banks and resource producers rallied in the wake of a strong overnight rally in the US markets and higher commodity prices. Both the Japanese and Hong Kong markets are strong today.
· We expect a positive start for the Indian markets as the global markets are rallying. Improving sentiments with strong GDP numbers will also help the markets to stay bullish. Food inflation numbers may remain a cause for a volatility today.
Key events today
· Announcement of food and fuel price inflation data
· Closing of IPO of Claris Lifesciences Ltd. (subscribed 0.47x as of December 1, 5PM)
Economic and Corporate Developments
· India's merchandise exports rose 21.3% to $18bn in October 2010 over October 2009, boosting hopes that the country may be able to reach the $200bn target fixed for the current fiscal.
· World Bank has approved $45mn loan to National Highway Authority of India (NHAI).
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