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Views on markets today
· The Indian markets closed weak on profit booking from the investors amid the lack of firm global triggers. The markets were in positive territory till the afternoon session. However, weak European markets dragged down the Indian markets as well. Metal and real estate stocks led the fall while pharma and IT stocks provide some support. Sterlite Industries, Bharti Airtel and Reliance Industries led the decline in the Sensex. Reliance Communications stocks declined after the Reliance Industries denied any plans to invest in the telecom company.
· Market breadth was flat at 1x as the FIIs investments did not get support from the domestic institutions. Large cap stocks saw weak breadth while mid and small cap stocks reported positive breadth. FIIs bought equities worth Rs2.5bn while domestic institutions sold equities of Rs1.1bn.
· Asian markets are decline today following the flat US markets. Hong Kong stocks declined with property shares lower in reaction to China's weekend interest-rate hike. Japanese stocks also saw a decline.
· We expect a weak opening for the Indian markets led by the weak Asian sentiments and continuation of the profit booking from the investors.
Key events today
· An Empowered Group of Ministers on Food is scheduled to meet today and is likely to review prices of essential commodities and also discuss imposition of import duty on sugar.
Economic and Corporate Developments
· The Reserve Bank of India (RBI) on Monday further curbed transactions with Iran, saying all current account transactions including trade deals with the Islamic Republic should be settled outside the Asian Clearing Union (ACU).
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