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Views on markets today
· Indian markets snapped two-day falling streak and closed positive on Friday due to buying emerged in last trading hour as investors reshuffled portfolios amid slowdown in buying by foreign funds ahead of the year-end. Metal stocks also support the rally on promising prospects for industrial metals. Except auto and oil & gas all sectoral indices closed positive with consumer durable, metal, FMCG and pharma stocks were major gainers. Stocks of companies belonging to the Anil Dhirubhai Ambani Group jumped in late trade with Reliance Communications closed 10.5% up, while other companies such as Reliance Power, Reliance Mediaworks and Reliance Infrastructure ended up between 3.4% and 6.2% respectively.
· Market breadth was strong at ~1.25x as investors bought large cap stocks. FIIs bought equities worth `14.82Cr while domestic institutions sold equities of `2.96bn.
· Asian markets are mixed as China tightened its monetary policy. Japanese shares rose as the tech and retailer stocks saw buying while the Hong Kong shares declined today.
· We expect a flat opening for the Indian markets on account of mixed cues from the Asian markets. Policy tightening from China may hurt Indian metal stocks. Investors may take a cautious view due to uncertainties in the global economies.
Key events today
· Listing of IPO of Ravi Kumar Distilleries Ltd. (NSE: RKDL, BSE code: 533294), issue price: Rs64 per share.
· Opening of the IPO of Shekhawati Poly-Yarn Ltd. (price `30 per share), closes December 29.
Economic and Corporate Developments
· Indian refiners processed 3.7% less crude oil in November from a year earlier, the fourth straight monthly decline. Domestic refiners processed 3.16 million barrels per day (bpd) of crude oil in November.
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