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Views on markets today
· Indian markets snapped three day falling streak on Friday and closed positive led by buying in heavyweights like ICICI Bank and ITC post their strong performance in quarterly earnings. The markets remained lower through out the session but rebound in last hour trade to close with a positive gain and closed above psychological level of 20,000 and 6,000 for Sensex and Nifty. However, the global markets was negative as caution prevailed ahead of US third-quarter economic growth data was due on Friday. The up-move was mainly led by buying in banks, FMCG and oil & gas stocks while metal, real estate and power stocks witnessed some selling pressure. ICICI Bank rose 6.5% as it beat forecasts with a 19% rise in quarterly net profit, helped by robust credit growth and fewer bad debts.
· Market breadth was however weak at ~0.41x as investors sold small and mid cap stocks. Both FIIs and domestic institutions bought equities worth Rs7.35bn and Rs3.44bn respectively.
· Asian markets are mostly up with an exception of the Japanese Nikkei as the Chinese factories data showed surprise improvement. The Nikkei was flat but negative while the Hang Seng was strong.
· We except positive opening for the Indian markets as the Asian markets are strong. Good results of Reliance Industries will boost the market sentiments and also the oil and gas stocks.
Key events today
· Opening of the IPO of Gravita India Ltd. (price band Rs120-125 per share), closes November 03.
Economic and Corporate Developments
· Finance Ministry has agreed to release an additional Rs30bn (in addition to the Rs 100bn already committed) to compensate the OMCs for under-recoveries incurred in the April-September period.
· Mobile subscribers can apply for number portability from November 25.
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