India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Views on markets today
· Indian markets fell for the sixth session in a row and closed flat to negative yesterday as rate rise concerns continued to rattle investors. However, the markets bounced back after a sell-off in previous five sessions but failed to recover completely and the market dropped to its lowest close in six weeks. Stubbornly high inflation, stretched liquidity, uncertain political scene, spiraling commodity prices are major concern for the markets. The downward movement was mainly led by loss in real estate, IT, oil & gas and power stocks while banks, auto and capital goods stocks witnessed some buying activities.
· Market breadth was weak at ~0.63x as investors sold large cap stocks. FIIs sold equities worth `11.62bn while domestic institutions bought equities of `10.64bn.
· Asian shares are strong today helped by positive US markets overnight. Japanese stocks pushed higher in early trade as the exporter shares benefited from a slightly weaker yen. The rise in the Hong Kong shares was led by energy producers which extend their gains following a sharp rise in crude-oil prices.
· We expect a positive opening for the Indian markets following the cues from the Asian markets. Investors may recover the money after a sell-off in the markets. However, inflation concerns may keep the markets under pressure.
Key events today
· Listing of IPO of Shekhawati Poly-Yarn Ltd. (NSE: SPYL, BSE code: 533301), issue price: Rs30 per share.
Economic and Corporate Developments
· SEBI has permitted domestic stock exchanges to offer trading in futures and options contracts on foreign stock indices in the equity derivatives segment. The instruments shall be denominated in the Indian rupee.
· India's top iron ore producer Orissa is considering proposing a ban on exports of the key raw material for steel.
· India, the world's third-largest iron ore exporter, sells about half of its 200mn tonnes of annual output, mainly to China, which has the world's biggest steel industry.
No comments:
Post a Comment