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Views on markets today
· Indian markets closed on flat note yesterday, giving up initial strong gains as profit taking emerged after the markets hit 3-month high. The market sentiments also turned weak as European markets turned negative, led by banking stocks as worries about the euro zone debt crisis persisted, with investors cautious ahead of the outcome of a meeting of euro zone finance ministers. SBI tumbled ~4% after the bank said it will hike deposit rates. Selling activity was seen in banks, real estate and FMCG stocks while metals, oil & gas and IT stocks showed some strength.
· Market breadth was weak at ~0.72x as investors sold small and mid cap stocks. Both FIIs and domestic institutions sold equities worth `2.01bn and `3.13bn, respectively.
· Asian markets are mixed today mostly negative biased after the flat close of the US markets overnight. Japanese shares edged lower as the yen strengthened against the dollar and euro, weighing on profit prospects for exporters. Hong Kong and Chinese stocks dropped in early trades after reports came that China may increase interest rates again this weekend, with banks and property developers leading the decline.
· We expect a flat but negative biased opening for the Indian markets as the cues from the Asian markets are not very supportive. The markets may witness profit taking from the investors.
Economic and Corporate Developments
· An Empowered Group of Ministers headed by Finance Minister Pranab Mukherjee will take a call on making prices of diesel fully market-determined.
· As per the deputy chairman of the Planning Commission Montek Singh Ahluwalia, India should open its multi-brand retail sector to foreign investors and raise its investment cap in the insurance sector to 49% from the current 26%,
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