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· Indian markets bounced back and closed positive yesterday on firm global markets, continued robust foreign fund inflow and good quarterly results from India Inc. The markets opened higher on the back of positive cues from Asian peers, however markets failed to hold gains and pared some of its intraday gains as the session progressed. Buying activities witnessed in consumer durables, auto, metal and pharma stocks led the markets to close positive. However, some profit booking was there in IT and FMCG stocks. Dr Reddy's Lab rose 1.3% after the company reported on Saturday a 32% jump in quarterly net profit, topping estimates.
· Market breadth was strong at ~1.38x as investors bought large cap stocks. FIIs bought equities worth `5.87bn while domestic institutions sold equities of `3.86bn.
· The Asian markets are trading lower this morning. The Nikkei is trading lower as the yen stayed near a 15-year high against the dollar, but many investors were taking a wait-and-see stance towards the market as Japanese firms head into the peak of their earnings season. The Hang Seng is alos trading lower.
· The Indian markets are expected to open lower tracking weak Asian markets however corporate earnings will be watched for markets direction. Reliance Industries may gain some momentum as the company aims to reach peak gas output of 80 million standard cubic metres per day at its KG D6 block off the country's east coast in about 12 months.
Economic and Corporate Developments
· SEBI has increased the application limit for retail investors to `0.2mn, from `0.1mn at present.
· India’s exports shot up by over 23% in September, the highest level in nearly two years, and the trade deficit shrunk to US$9.12bn.
Buzzing Stocks
· Dr Reddy's Laboratories has entered into an agreement with drug major Cipla and UK-based Vitabiotics to market over-the-counter (OTC) and prescription drugs, besides nutraceutical products, in Russia and CIS countries.
· Elecon Engineering to acquire the Benzler-Radicon group of businesses from UK-based David Brown Gear Systems Group for ~`1.3bn.
· IVRCL Infrastructures & Projects Ltd bagged three projects worth `19.7bn from Saudi Arabia and Nepal marking the entry of the company into international projects.
· NTPC will invest about `200bn to set up a 3,960MW coal-based power project in Madhya Pradesh.
· RIL to achieve peak output in KG-D6block in one year, gas production from block to rise 80 Mmscmd.
· Coal India IPO price set at `.245/share; government to raise ~`155bn.
· Tech Mahindra, Spanco and IBM have bagged the Bharti Zain business process outsourcing (BPO) deal worth US$500mnand spread across 16 African countries.
· BGR energy bags `2.2bn thermal power project.
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