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Views on markets today
· Indian markets fall ~2.3%, biggest one-day slide in more than six months and closed negative yesterday on fears of a widening regulatory crackdown on companies and deepening probe into a telecom corruption scandal. Year-end selling by foreign funds and rise in food inflation that could signal a possibility of interest rate hike also dampened market sentiments. Chinese stocks also fell yesterday on fears that Beijing will soon move to tighten policy again. Except IT, all sectoral indices closed negative with consumer durable, real estate, metal and pharma were major loser.
· Market breadth was significantly weak at ~0.16x as investors sold large cap stocks. FIIs sold equities worth `12.96bn while domestic institutions bought equities of `8.27bn.
· Asian markets are lower today following the lackluster performance of the US markets. Both the Nikkei and the Hang Seng are down.
· We expect a cautious opening for the Indian markets as the worries regarding domestic and global uncertainties are increasing.
Key events today
· Closing of IPO of Ravi Kumar Distilleries Ltd. (subscribed 0.52x as of December 9, 5PM)
· Closing of IPO of A2Z Maintenance & Engineering Services Ltd. (subscribed 0.81x as of December 9, 5PM)
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