India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Views on markets today
· Indian markets ended volatile session on a flat-to-positive note yesterday snapping two-day losing streak as market sentiment continues to remain edgy on sustained selling by foreign funds and fears of aggressive rate-hike by central bank to cool inflation. Gains in IT, consumer durables, banks and FMCG stocks were offset by losses in real estate, metals and capital goods space. Profit booking in mid-caps and small-cap stocks saw broader markets closing in the red. Anil Ambani group companies declined after two group firms agreed with the market regulator to not invest in stocks until December 2012. L&T ended down 1.7% after the company reported a fall in third-quarter operating margin, even as it beat forecasts with a 10.5% rise in quarterly net profit.
· Market breadth was weak at ~0.43x as investors sold small and mid cap stocks. FIIs sold equities worth `1.73bn while domestic institutions bought equities of `3.59bn.
· Asian markets are mixed today on the investors averseness amid earnings season. Hong Kong shares posted modest gains early Tuesday, with Chinese metal producer Chalco pacing the advance after forecasting a return to profits in 2010, and with local property developers extending gains on a robust 2011 outlook. The Nikkei is flat after a negative opening.
· We expect Indian markets to open positive today following the cues from the Asian markets. However, the markets look hardly sustainable as the inflationary pressures are still increasing.
Economic and Corporate Developments
· Indirect tax collections were up 42.8% to `2.4tn in Apr-Dec, 2010 against `1.6tn in the corresponding period.
· Telecom ministry will look in to the process followed while the formulation of NTP '99 to come out with a New Telecom Policy 2011.
· RBI has asked all non-banking finance companies to make a provision of 0.25% on standard assets.
No comments:
Post a Comment