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Views on markets today
· Indian markets snapped a three day winning streak and closed lower yesterday ahead of the RBI’s credit policy meet as weak global markets triggered profit taking. Concerns that a fuel price hike may stoke inflation pressures also weighed on investor sentiment. Except IT, all sectoral indices closed negative with major loser were rate sensitive stocks like real estate and banks. Patni Computer gained ~5% amid media reports that private equity consortium of Carlyle Group and Advent International are looking to acquire stake in the company, while Hero Honda Motors slipped over 5% on media buzz that Hero Group's board has approved termination of JV with Honda Motors.
· Market breadth was weak at ~0.49x as investors sold large cap stocks. Both FIIs and domestic institutions sold equities worth `87.61Cr and `97.8Cr, respectively.
· Asian markets were lower this morning as renewed concerns over euro-zone sovereign debt sidelined buyers. Japan's Nikkei Stock Average was flat while the Hang Seng was down with moderate decline.
· We expect a flat but negative biased start for the Indian markets. Markets may see volatility ahead of the inflation data and credit policy announcement.
Key events today
· Announcement of credit policy by the RBI
· Announcement of food and fuel price inflation data
Economic and Corporate Developments
· The government has allowed the export of 0.5mn tons of sugar to the US and EU under the open general licence.
· Credit offtake from banks grew by 23.1 % during the one-year period ended December 3, 2010.
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