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Views on markets today
· Indian markets ended a lackluster session flat-to-negative yesterday amid low volumes as investors stayed on the sidelines ahead of the holiday season. Macroeconomic worries arising from a high global crude oil prices also weighed on investor sentiment. Oil prices held above $90 a barrel, close to their highest in two years, after cold weather boosted demand and US stockpiles shrank. Profit booking was seen in consumer durable, metals, realty and capital goods stocks while pharma and IT stocks closed modestly higher. Metal producers gave up gains as traders booked profits after the recent spike, triggered by a rally in base metal prices. A2Z Maintenance & Engineering Services listed yesterday at `385, down 3.75% from its issue price of `400 a share. The stock extended losses and closed at `328.90.
· Market breadth was however weak at ~0.89x as investors sold large cap stocks. Both FIIs and domestic institutions sold equities worth `1.43bn and `88.63Cr, respectively.
· The Asian markets are trading lower this morning. Nikkei is trading down as a stronger yen against both the dollar and euro after more ratings downgrades of European countries weighing on shares in holiday-thinned trade. The Hang Seng is also trading lower.
· Indian markets are expected to open lower tracking weak Asian markets. Oil marketing companies - Indian Oil Corp , Bharat Petroleum Corp and Hindustan Petroleum Corp will be on focus on firm oil prices,
Economic and Corporate Developments
· India's food price index rose 12.13% for the week ended Dec. 11 as compared to 9.46% in the previous week while fuel price index climbed 10.74% compared with 10.67% in the previous week.
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