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Views on markets today
· Indian markets gained for second straight day and closed positive yesterday on buying by funds in fundamentally strong scrips, especially software and metal stocks, after impressive corporate earnings amid a firming global trend. Good third quarter earnings from TCS and strong European markets also help the market to trade in positive. Metal sector stocks were also in focus following a recent hike in steel prices and a rising base-metal prices in overseas markets. Banks stocks, which have been hammered since the beginning of the month on fears a likely interest rate increase, reversed the trend as investors hoped that banks would report improved results for the December quarter. Except oil & gas all sectoral indices closed positive with IT, metal, pharma and FMCG stocks were major gainers.
· Market breadth was strong at ~1.11x as investors bought large cap stocks. FIIs bought equities worth `72.54Cr while domestic institutions sold equities of `26.2Cr.
· Asian markets are strong as the cues taken from the US markets overnight. Japanese indices increased on account of higher technology stocks. Hong Kong stocks climb, with property developers leading gains as risk appetite improves.
· We expect a positive opening for the Indian markets as the Asian cues are positive. We may see a positive momentum in Indian IT stocks as Apple Inc and IBM in US reported good results. However, investors may try to book profits ahead of the inflation data tomorrow.
Key events today
· Listing of IPO of C. Mahendra Exports Ltd. (NSE: CMAHENDRA, BSE code: 533304), issue price: Rs110 per share.
Economic and Corporate Developments
· Perceiving a threat of money laundering and terror-financing in banking transactions with Iran, the Reserve Bank of India (RBI) has asked banks and other financial entities to be cautious in their dealings with entities and funds from the Middle East country.
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