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Views on markets today
· Indian markets rose to a new record closing high on Friday after a special one-hour session on mahurat trading to mark the begging of the Samvat Year 2067 boosted by robust foreign fund inflows. However, after a strong start, the markets pared some of its initial gains. The markets has gained ~21% since last year's mahurat session held on October 17, 2009. All sectoral indices closed positive with pharma, auto, banks and real estate lead the gains. Bank stocks continue to rise as investors place their bets on an optimistic loan demand outlook. Coal India, which made a spectacular debut with a ~40% rise on Thursday, extended gains and rose 2.13% to Rs 349.65.
· Market breadth was strong at ~4.31x as investors bought large cap stocks. FIIs bought equities worth `1.67bn while domestic institutions sold equities of `23.9Cr.
· The Asian markets are trading mix this morning with buying in some markets supported by better-than-expected US jobs data Friday. The Nikkei is trading up after US stocks jumped to two-year highs on strong US job data. However, the Hang Seng is trading lower.
· The Indian markets are expected to open higher may continue to march forward. SBI may see some momentum as it will declare June-September 2010 quarter results today. Videocon may also see movement on its plans to split businesses to help them raise capital.
Economic and Corporate Developments
· The government is likely to consider on November 10 reserving scarce domestic natural gas for power plants that claim to be built by March 201
· Net direct tax collections in the first seven months of the current fiscal increased 17.8% over the same period last year.
Buzzing Stocks
· Reliance Industries may lose authorisation for the proposed 1,100-km pipeline from Kakinada in Andhra to Haldia in West Bengal.
· The government fixed price band at Rs 85-90 per share for about Rs76bn follow-on public offer of Power Grid.
· Larsen & Toubro is bidding for an Oman refinery expansion contract estimated at US$300mn.
· Reliance Power announced a deal to secure US$5bn in funding from the US Export Import Bank for gas-based and renewable energy projects totalling about 9,000 MW.
· NTPC is all set to add 13,000MW of power generation capacity by the end of the XI Five-Year Plan in 2012.
· Power Grid lines up total estimated fund expenditure of Rs226.49bn to meet the capital requirements for the implementation of 12 identified projects.
· Videocon plans to split businesses to help them raise capital.
· Coal India plans to strike a JV with Shipping Corp.of India in next two months; proposed 50:50 venture is scheduled to offer end-to-end logistics solution to former’s thermal coal import programme.
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