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· Indian markets ended lower amid high volatility, tracking weak European stocks and lower US index futures, as caution prevailed ahead of G-20 meet. Profit booking also dampened market sentiments and pulled markets lower. The down trend was led by selling pressure in real estate, FMCG, metal and auto stocks while some buying witnessed in IT and consumer durable stocks capped the markets from major loss. TCS rose as much as 6.7% to a record high after beating September-quarter earnings estimate, while rival Wipro shed as much as 5.4% as it lagged forecast.
· Market breadth was weak at ~0.87x as investors sold large cap stocks. Both FIIs and domestic institutions bought equities worth `5.84bn and `3.27bn respectively.
· The Asian markets are trading mix this morning. The Nikkei is trading lower as investors grew cautious ahead of the peak of Japan's earnings season, with many focusing on the impact of a strong yen on companies' full-year earnings outlooks. However, the Hang Seng is trading higher.
· Indian shares are seen opening higher today, tracking firm Asian peers and supported by robust foreign fund inflows. Dr Reddy's Laboratories will be in focus as its sales reported on Saturday a 32% jump in quarterly net profit, topping estimates. Tata Motors will be on the radar after the Wall Street Journal reported the company's Jaguar Land Rover is in talks with a Chinese auto maker to establish a manufacturing and sales joint venture in China. Bajaj Auto, India's No. 2 motorcycle maker, will replace cement producer ACC as a component of the BSE Sensex from Dec. 6.
Economic and Corporate Developments
· TRAI will examine a recent DoT proposal to merge all 22 telecom circles in the country into a single service area, a move that could lead to the end of costly roaming charges.
Buzzing Stocks
· Sterlite Energy revised the outlay for its proposed power project in Punjab upwards by over Rs30bn, taking the total investment commitment to around Rs130bn.
· Reliance Industries says it plans to shut down one of the crude distillation units at its Jamnagar Refinery for maintenance and inspection.
· NTPC is scouting for tie-ups with global reactor manufacturers for setting up nuclear power projects on its own.
· HDIL Leisure, a wholly-owned subsidiary of HDIL, plans to set up hotels in Versova in Mumbai and Kakinada in Andhra Pradesh.
· Maruti Suzuki is planning to ramp up its service centres by a massive 1,500 outlets by 2015 in line with its expansion of production capacity to over 17 lakh units annually.
· Sesa Goa is planning an investment of over Rs300bn in the steel space in Orissa and Jharkhand and may rope in a global company to jointly run the ventures.
· PowerGrid is in talks with the Indian Army and Air Force for leasing out its towers for data transfer purposes.
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