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Views on markets today
· Indian markets gained for third straight day and closed to their highest level in the last five weeks after the firm global markets. Higher European markets also supported market sentiments. Except IT and pharma, all sectoral indices closed positive with metal, banks, real estate and oil & gas stocks were major gainers. Metal stocks rallied as base metals price rose in key world markets. Non-ferrous metals producer Sterlite Industries and aluminium maker Hindalco firmed 4.6% and 4.5%. JSW Steel was up by 2.2% after the company bought majority stake in Ispat Industries while Ispat Industries tanked 15% on huge volumes.
· Market breadth was strong at ~1.61x as investors bought large cap stocks. FIIs sold equities worth `34.79Cr while domestic institutions bought equities of `3.76bn.
· Asian markets are edged narrowly higher early today on the back of an overnight advance in the US markets and strong gains in Shanghai, with refiners climbing after Beijing allowed an increase in fuel prices.
· Indian markets are expected to open up higher today following the cues from the Asian markets. However, investors may stay cautious ahead of the food and fuel inflation data tomorrow. Increase in food inflation remains a concern for the economy.
Economic and Corporate Developments
· Rating agency Fitch has upped its India FY11 GDP forecast to 8.7% from 8.5%. The revision in forecast was on the back of higher-than-expected quarter one and two growth numbers. It said India’s consumption, experts, investment are registering high growth.
· India's apparel exports registered a modest year-on-year growth of 1.5% to US$728mn in October, 2010.
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