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Views on markets today
· Indian markets start 2011 on positive note continued the uptrend for fourth consecutive session after a range bound session yesterday following strong global cues. Positive European markets also led the market sentiments high. Metal stocks leading the gains as investors placed bets that the base metals rally will stay. The upward movement was mainly led by gain in metal, consumer durables, banks and power stocks while auto, IT and oil & gas stocks witnessed some selling pressure. SAIL gained ~3% after the company raised prices of its products by an average 1,000 rupees a tonne. While Bajaj Auto dropped ~4.2% even as it reported a 10% increase in December sales, as it failed to meet street expectations.
· Market breadth was however strong at ~2.31x as investors bought large cap stocks. FIIs bought equities worth `3.41bn while domestic institutions sold equities of `1.24bn.
· Asian markets are strong following the cues from the US markets overnight. Japan's Nikkei gained in its first trading session of 2011, buoyed on stronger global manufacturing data, while resource shares rose optimism about demand for oil. Hong Kong shares advanced led by the broad gains in property developers.
· We expect a positive opening for the Indian markets as the Asian markets are strong. Consistently, increasing interest of FIIs may help the markets to stay positive. However, rising food and fuel prices is a major concern.
Economic and Corporate Developments
· Prime Minister's economic advisory panel may defer hike in diesel prices to next fiscal due to high inflation rate.
· India's exports in November rose 26.5% yoy to US$18.8bn.
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