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Views on markets today
· Indian markets were higher on firm global cues yesterday. The Sensex increased by 1.2% on Wednesday ahead of the expiry of the monthly derivative contracts. However, volumes remained lackluster as the year-end holiday season kept most of the investors out of the markets. HUL jumped 3.5% as the media reports said that the compay will put a property in Mumbai for sale. Consumer durables, FMCG, banks and metal stocks led the rally for the markets.
· Market breadth was strong at 1.7x as large cap stocks saw a buying interest from the FIIs. FIIs bought equities worth Rs5.5bn while domestic institutions sold equities of Rs1.7bn.
· Asian markets are mostly lower today after the flat US markets overnight and the slower rate of expansion in Chinese manufacturing activities. The Nikkei declined led by the exporter and auto stocks on strengthening yen. The Hang Seng is modestly up.
· We expect a weak opening for the Indian markets as the cues from the global markets are not very supportive. We expect the lack of volume to support a major upside as most of the investors are away ahead of the year end. Inflation data and F&O expiry will keep markets volatile today.
Key events today
· Weekly inflation data
· Listing of Punjab & Sind Bank
Economic and Corporate Developments
· SEBI has mandated company with less than 25% float to raise funds only via pubic issue and QIP will not be allowed
· Iran's central bank has asked for a meeting with the RBI over payments issues for crude imports from the Islamic Republic, a Reserve Bank of India spokesperson said on Wednesday.
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