Q3 GDP stood at 6.1% Ø CSEC Research

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Q3 GDP stood at 6.1%

Ø     Mirroring the Asian peer’s Indian market opened on a positive note and touched a high of 5458. However markets started to slide on the back of tepid Q3 GDP numbers. The S&P CNX Nifty lost more than 75 points from the days high to close below 5400 mark.

Ø    State-run ONGC surged more than 3% as government said it will sell 5% stake in ONGC through an auction. Meanwhile, shares of other state run companies rallied on expectation of its disinvestment.

Ø      Shares of ACC rallied as the company intimated that it is likely to set up a new clinker production facility of 2.79 million tonnes per annum and allied grinding facility at Jamul, in Durg district of Chhattisgarh, phasing out the existing clinkering and grinding lines there. The new plant will help meet the demand for cement in the eastern region.

Ø      Reliance communication were in action as the company intimated that it had paid redemption amount of US $ 1,182 Mn in advance to redeem outstanding FCCBs. However, in last hour of trade the shares of RCOM declined on reports of delay in tower unit stake sale.

Outlook

Ø    The Dow Jones industrial average dropped 53 points on the back of U.S Federal Reserves chairman view on U.S recovery.

Ø    In today’s trade Asian markets are down half a percent and SGX Nifty is down one third of a percent. Going ahead Indian market is likely to open on soft note with negative bias.

Regards,

CSEC Research