Visit http://indiaer.blogspot.com/ for complete details �� ��
Views on markets today
· Indian markets closed negative on Friday as the housing finance scam unearthed by CBI, monetary tightening in China, sell-off in global markets due to Korean fears and credit concerns in European continued to rattle investor confidence. Political instability due to 2G spectrum scam also was an added dampener and weighed heavy on the markets. All the sectoral indices closed negative with real estate, consumer durables, metal and power stocks were major loser. Jaiprakash Power Ventures shed 4.3% as the company has received a notice from the CBI regarding an ongoing probe into a loan-bribery scandal.
· Market breadth was weak at ~0.19x as investors sold small and mid cap stocks. FIIs sold equities worth `6.28bn while domestic institutions bought equities of `9.59bn.
· Asian markets are mixed today following the weak US markets on Friday. The Nikkei is up as the exporters led the gains while the Hang Seng is down.
· We expect a flat opening for the India markets as the cues from the Asian markets are not clear. However, the markets may remain positive biased in the initial trades as the European Union backed the Ireland's bailout package of ~$115bn.
Economic and Corporate Developments
· Driven by a strong domestic demand from the automobile, infrastructure and other allied sectors, steel prices are likely to increase by $ 25-30 (Rs 1,000 1,200) per tonne in the next three to four months.
No comments:
Post a Comment