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Views on markets today
· Indian markets surged in last hour of trade and closed positive after the RBI announced measures to ease liquidity crunch in the banking system while keeping the key policy rates unchanged, which helped to boost sentiment of the investors in the markets. The RBI reduced the SLR of SCBs from 25% to 24% and will conduct open market operation auctions for purchase of government securities for `48,000Cr in the next one month. Hero Honda raced 3.5% after its board has approved the termination of its joint venture agreement with Japan's Honda Motor. Except capital goods and power, all sectoral indices closed positive with IT, banks, metal and real estate stocks were major gainers.
· Market breadth was strong at ~1.16x as investors bought large cap stocks. FIIs sold equities worth `3.16bn while domestic institutions bought equities of `96.03Cr.
· Asian markets declined today as ongoing concern about credit problems in Europe weighed on sentiment. Both The Nikkei and the Hang Seng were down moderately in the morning.
· Indian markets are likely to open weak today following the cues from the Asian markets. Investors may book profits today as the concerns of the European countries are increasing.
Key events today
· Listing of IPO of Claris Lifesciences Ltd. (NSE: CLARIS, BSE code: 533288), issue price: `228 per share.
Economic and Corporate Developments
· The government diluted its stake in nine state-owned companies in 2010, including Coal India, to raise `40,000Cr that helped cut borrowings.
· As per Centre for Monitoring Indian Economy (CMIE), India's real GDP growth in fiscal 2010-11 is likely to be at 9.2%.
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