Visit http://indiaer.blogspot.com/ for complete details �� ��
Views on markets today
· Indian markets maintained the downtrend for the third consecutive day, closed to its lowest close in more than two months yesterday, on the expiry of November F&O series due to a new corruption scandal rocked the country, hitting shares of banks and other companies allegedly involved in exchanging bribes for large corporate loans. Real estate companies' shares completely slaughtered, the BSE Realty Index crashed 5.4% yesterday and tumbled 11% in three days. Except IT, all sectoral indices closed negative with real estate, capital goods, metal and power stocks were major loser.
· Market breadth was weak at ~0.33x as investors sold large cap stocks. FIIs sold equities worth `12.08bn while domestic institutions bought equities of `1.97bn.
· Asian markets are volatile with negative biased today in spite of positive close from the US markets. The Hang Seng dipped in early trade, with properties and banks leading the retreat, following a weaker lead from Shanghai, amid concerns Beijing will extend efforts to cool the economy and after the People's Bank of China ordered commercial banks to curtail lending in the remaining weeks of the year.
· We expect a cautious opening for the Indian markets as the cues from the Asian markets are weak. We expect the infrastructure and real estate stocks may remain in limelight amid the concerns of the loan scam. However, easing food prices is the major relief for the economy. The food inflation eased to 10.15% in the week ended November 13 helped by fresh crop arrivals.
Key events today
· Opening of the IPO of MOIL Ltd. (price band `340-375 per share), closes November 30.
· Closing of IPO of Claris Lifescience Ltd. (subscribed 0.09x as of November 25, 5PM)
Economic and Corporate Developments
· Food price index rose 10.15%, while the fuel price index climbed 10.57% for the week ended Nov. 13.
No comments:
Post a Comment