India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Views on markets today
· Indian markets tumbled to six-week closing lows yesterday as a sell-off accelerated in the second half of the trading session on heightened fears of a rate hike by the RBI to cool inflation. Heavy selling by foreign funds and reports that the proposed new Goods and Service Tax (GST) will not be rolled out before April 2012 due to continued parliamentary disruption, also unnerved investors. Global markets fell on rising pressure on Portugal to seek financial help to prevent the debt crisis also dampened the market sentiments. All sectoral indices closed negative with real estate, capital goods, consumer durable and banks stocks were major loser. Infosys Technologies, which will announce its quarterly earnings on Thursday, bucked the trend and closed 0.9% higher on expectations of robust performance and optimistic guidance.
· Market breadth was weak at ~0.29x as investors sold large cap stocks. FIIs sold equities worth `11.38bn while domestic institutions bought equities of `10.18bn.
· Asian markets are mixed today as the energy stocks led the rally in the Hang Seng while blue chip shares pulled down the Nikkei.
· We expect a weak opening for the Indian markets as the sentiments are weakened in the global markets. Burgeoning inflation is the worry for the domestic economy. Uncertainties regarding telecom sector as the Supreme Court asked the government and 11 licensing companies why not canceled their licences.
Key events today
· Listing of IPO of Shekhawati Poly-Yarn Ltd. (NSE: SPYL), issue price: Rs30 per share.
Economic and Corporate Developments
· With the ongoing Parliamentary stalemate, the proposed new Goods and Service Tax (GST) will not be rolled out before April 2012.
No comments:
Post a Comment