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Views on markets today
· Indian markets ended flat due to lack of investors participation. Oil & gas, auto and capital goods stocks saw profit booking while defensives like FMCG and pharmaceutical stocks ended higher. The Sensex closed at 20032.87, down 3.94 points or 0.02%. Mid and small cap stocks outperformed marginally to broader indices.
· Tata Motors (-2.74%), SBI (-0.97%), Reliance Industries (-0.84%), ICICI Bank (-0.82%) and HUL (-0.81%) led the Sensex’s fall.
· Market breadth was flat at 1x as the FIIs investments did not get support from the domestic institutions. Large cap stocks saw weak breadth. FIIs bought equities worth Rs1.1bn while domestic institutions sold equities of Rs2.7bn.
· Asian markets are strong today supported by the rising crude oil prices. Both the Nikkei and the Hang Seng are strong led by energy stocks.
· We expect a positive opening for the Indian markets following the cues from the Asian markets. However, we expect investors to keep caution on account of higher inflation and uncertain global economic developments.
Economic and Corporate Developments
· Finance Ministry plans fast track sale of PFC and Rashtriya Ispat Nigam to make up for shortfall in disinvestment target.
· India, the world's biggest producer and consumer of pulses, has extended ban on pulses exports until further order, the farm minister, Sharad Pawar, said on Tuesday, as it battles to rein in high food prices.
· A panel of ministers, empowered to decide fuel prices, is expected to meet on Thursday.
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