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Views on markets today
· Indian markets snapped 2-day rally and closed lower after a choppy trade yesterday as investors turned cautious ahead of the Cabinet reshuffle amid interest rate hike concerns. Subdued European markets also led the market to fall. Capital goods, technology and oil & gas stocks ended lower while metals, realty and auto stocks moved higher. HCL Technologies gained nearly 4% after a better-than-expected 34.2% jump in consolidated quarterly net profit. Bajaj Auto gained nearly 2%, as it posted a 40% rise in its third-quarter net profit.
· Market breadth was marginally strong at ~1.02x as investors bought large cap stocks. FIIs sold equities worth `2.7bn while domestic institutions bought equities of `4.88bn.
· Asian markets were down Thursday, with losses in banking stocks hurting the Tokyo market after disappointing earnings from big US banks, including Goldman Sachs. Hong Kong shares declined early as broad overnight losses on the US markets caused financials and property developers to retreat, although stocks came off their early lows in the wake of better-than-expected economic and inflation data from China.
· Indian markets may open weak today following the cues from the Asian markets. We may see a pressure from the inflation data on the markets which will be announced today. Investors may continue to book profits.
Key events today
· Listing of IPO of C. Mahendra Exports Ltd. (NSE: CMAHENDRA, BSE code: 533304), issue price: `110 per share.
· Announcement of food and fuel price inflation data
Economic and Corporate Developments
· The RBI has asked banks to go easy on MFIs by relaxing certain norms regarding loan restructuring.
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