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Views on markets today
· Indian markets snapped 3-day gains amid choppy trade and closed negative yesterday as investors booked profits after weak global markets. The macro-economic worries arising from rise in global crude oil prices weighed on market sentiment. The downward movement was mainly led by loss in oil & gas, capital goods and banks stocks while metal, PSUs and FMCG stocks witnessed some buying activities. Maruti Suzuki lost ~2.1% as the plants of the company is likely to roll out less units in December than in the previous month owing to a seasonal maintenance shutdown.
· Market breadth was however strong at ~1.07x as investors bought small and mid cap stocks. FIIs sold equities worth `67.57Cr while domestic institutions bought equities of `98.93Cr.
· Asian markets are positive today following the US markets overnight. The Hang Seng is up led by resource-related stocks while Japanese markets are closed today.
· We expect a positive opening for the Indian markets as the Asian shares are strong today. However, cautious approach of the investors may put some resistance. Weekly inflation data today may fuel volatility in the markets.
Key events today
· Listing of IPO of A2Z Maintenance & Engineering Services Ltd. (NSE: A2ZMES, BSE code: 533292), issue price: `400 per share.
· Announcement of food and fuel price inflation data
Economic and Corporate Developments
· An EGoM is likely to meet on December 30 to consider hike in diesel and domestic LPG prices.
· Finance Ministry to bear one-third subsidy burden of oil marketing PSUs.
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