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Views on markets today
· Indian markets extended losses for the second straight day and closed negative yesterday as the weak global markets kept the market sentiments subdued. The investors continued to book profits in rate sensitive sectors like banks, real estate and auto amid fears of an impending rate hike by the RBI. Except FMCG and IT, all sectoral indices closed negative with banks, real estate and auto were the major loser. Metal stocks dropped as base metal prices paused in the global markets after a recent rally. L&T closed 2.1% down despite the news that the company may be split into nine independent companies.
· Market breadth was weak at ~0.55x as investors sold large cap stocks. Both FIIs and domestic institutions sold equities worth `2.4bn and `1.01bn, respectively.
· Asian stocks are mixed in spite of strong sentiments in the US markets overnight. Japanese shares spurred on account of dollar appreciation against yen which fueled rally in the exporter stocks. However, the Hang Seng is down as the investors booked profits after 6 day rally.
· We expect a flat to positive opening for the Indian markets as the Asian markets are mixed today. However, we may see some volatility today due to inflation data.
Key events today
· Closing of IPO of C. Mahendra Exports Ltd. (subscribed 1.03x as of January 5, 5PM).
· Announcement of food and fuel price inflation data
Economic and Corporate Developments
· The HSBC Markit Business Activity Index, based on a survey of around 400 companies, declined to 57.7 in December from 60.1 in November - its strongest reading since July 2010.
· India's exports in November rose an annual 26.5% to $18.9bn, while imports for the month grew 11.2% on the year to $27.8bn.
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