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Views on markets today
· Indian markets closed negative on Friday underperforming mostly lower global stocks, with markets keeping a watchful eye on events out of Ireland. The rumour about Prime Minister Mr. Manmohan Singh resigning, amid the raging scandal over the government’s sale of telecom spectrum, sparked a late selloff. Sentiment turned nervous because of fears about political instability in addition to fears about the impact of events in China. All sectoral indices closed negative with real estate, oil & gas, metal and consumer durable stocks were major looser. Hero Honda climbed 1.7% as it extended gains after brokerage Credit Suisse upgraded the top company to "outperform" from "neutral".
· Market breadth was weak at ~0.31x as investors sold small and mid cap stocks. Both FIIs and domestic institutions bought equities worth `3.67bn and `3.01bn, respectively.
· Asian markets are mixed today after a recovery in the US markets on Friday. Japan's Nikkei share average is up and hit a fresh five-month intraday high today, supported by news of a bail out for Ireland, although gains were limited by profit-taking interest after a recent rally. The Hang Seng declined to a negative territory today after a positive opening due to profit taking.
· We expect a flat opening for the Indian markets following the mixed cues from the Asian markets. The markets may show some recovery after a sharp decline over the previous week. However, we don't expect strong investor confidence amid high political uncertainties and weak global cues.
Key events today
· Closing of IPO of R.P.P. Infra Projects Ltd. (subscribed 0.76x as of November 19, 5PM)
Economic and Corporate Developments
· DoT may ask new mobile operators to either pay an additional fee or surrender their 2G licences, in a bid to counter allegations of causing huge revenue loss, as a result of giving away licences cheaply in 2008.
Buzzing Stocks
· Suzlon is in the race to bag an estimated `3bn project from Nalco.
· Reliance Industries says it has restarted crude distillation unit no.1 and coker unit at the Jamnagar refinery complex.
· Petroleum ministry says it will consider approval for the US$8.5bn Cairn-Vedanta deal only after Cairn Energy makes a formal application for transfer of control in all its 10 properties in the country.
· Fortis Healthcare is planning to set up seven new hospitals in the country at an approximate investment of `4bn in the next two years; to add around 2,500 to 3,000 beds to the present bed capacity of around 6,000.
· Dr Reddy’s Labs launches Zafirlukast tablets a bioequivalent generic version of Accolate in the US market.
· S Kumars Nationwide is undertaking a re-positioning exercise for its apparel brands, including Reid & Taylor and Belmonte.
· Essar Shipping plans to invest around `55bn in capacity building in ports and shipping activity.
· SCI plans to invest `60bn for acquisition of 29 ships by 2012.
· Core Projects and Technologies plans to open 30 schools with an initial investment of `4.5bn.
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