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Views on markets today
· Indian markets recovered smartly in the second half of trade to end on flat note yesterday. The markets started the trade on a weak note following weak Asian cues and on the back of profit booking, but manage to recover all loses and closed flat. The upward movement was mainly led by gain in auto, IT and FMCG stocks while banks, real estate and pharma stocks witnessed selling pressure and capped the markets for and positive gains. Hero Honda Motors jumped 18% after the company said that royalty payment to Japan's Honda Motor will go down from January 2011. SKS Microfinance tumbled 9.5% to a record low of `599 on the back of renewed fears about the sector's future profitability.
· Market breadth was strong at ~1.14x as investors bought small and mid cap stocks. FIIs sold equities worth `1.19bn while domestic institutions bought equities of `1.34bn.
· Asian markets were higher today with markets in Seoul and Tokyo rising amid cooling tensions on the Korean peninsula. Both the Nikkei and the Hang Seng are strong in the morning trades.
· We expect a positive opening for the Indian markets as the global economic concerns are easing. However, profit taking on the higher levels can not be ruled out.
Economic and Corporate Developments
· Domestic Airline industry reported a 25% yoy increase in passengers flown in November this year.
· Advance tax payments by India’s top 100 corporate taxpayers rose 18.7% yoy in December.
· State-owned oil firms have seen their losses on diesel sales widen to over `6 per litre.
· The liquidity deficit in the system hit record high on 20th December, with banks borrowing nearly `1.6tn from the repo window.
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