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Views on markets today
· Indian markets snapped 3-day losing streak and closed positive on Friday on foreign funds and retail investors entered a fresh round of buying after data showing strong-than-expected industrial production growth for October 2010. Higher European markets and positive US index futures also aided sentiment. All sectoral indices closed positive with consumer durable, banks, oil & gas and metal stocks were major gainer. ACC spurted after three block deals.
· Market breadth was strong at ~1.9x as investors bought large cap stocks. FIIs sold equities worth `12.96bn while domestic institutions bought equities of `8.27bn.
· The Asian markets advanced today in mild relief after the People's Bank of China over the weekend raised bank reserve requirements but stopped short of increasing interest rates in spite of a spike in November inflation. Both the Nikkei and the Hang Seng are up today.
· We expect a positive opening for the Indian markets following the cues from the Asian markets. However, some resistant may be witnessed on higher levels due to the domestic economic uncertainties.
Key events today
· Opening of the IPO of Punjab & Sind Bank Ltd. (price band `113-120 per share), closes December 16.
Economic and Corporate Developments
· Inflation is likely to be about 8.26 per cent for the month, marginally lower than 8.58 per cent recorded in October, according to the Institute of Economic Growth (IEG).
· With raw material cost of iron ore, scrap and coking coal increasing, steel prices are on an upswing.
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