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Views on markets today
· Indian markets snapped 4-day losing streak and closed positive yesterday tracking firm global markets and buying witnessed in heavyweight stocks. Positive European markets after approval of an 85-billion-euro aid package for debt-crisis-stricken Ireland, also boosted sentiments. Reliance Industries gained over 3.50% while ICICI Bank, Bharti Airtel, Larsen & Toubro and Infosys also logged decent gains. All sectoral indices closed positive with oil & gas, consumer durables, banks and capital goods stocks were major gainers.
· Market breadth was weak at ~0.97x as investors sold small and mid cap stocks. Both FIIs and domestic institutions bought equities worth `1.56bn and `1.99bn, respectively.
· Asian markets are down today on account of Japan's weak economic data. Japanese industrial output decreased 1.8% in October compared with the previous month, a fifth straight month of declines for the index. Its seasonally adjusted unemployment rate ticked up to 5.1% in October. Both the Nikkei and the Hang Seng are trading lower today.
· Indian markets are expected to open weak today following the cues from the Asian markets. Burgeoning worries about the European countries as the Portugal is expected to be the next candidate for the bail-out package, weak Japanese economic data and domestic economic uncertainties may affect the the Sensex.
Key events today
· Opening of the IPO of Shipping Corporation of India Ltd. (price band `135-140 per share), closes December 3.
Economic and Corporate Developments
· As per Fertilizer Secretary, Govt may decontrol urea pricing in FY11.
· The telecom ministry will send 85 notices to telecom operators questioning their licenses.
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