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Views on markets today
· Indian markets edged lower in a volatile trading session yesterday weighed by global macro-economic worries. The euro zone's debt crisis and speculation over a possible interest rate rise in China also weighed on investor sentiment. However, the markets managed to show a smart recovery in the last one hour of trade, which could be attributed to positive European markets. Banking stocks were on sellers' radar for another session, especially after the RBI governor asked banks to trim interest margins. Banks, real estate and FMCG stocks led the decline while oil & gas, metal and IT stocks provided some support to the markets.
· Market breadth was weak at ~0.43x as investors sold small and mid cap stocks. Both FIIs and domestic institutions sold equities worth `5.22bn and `4.27bn, respectively.
· Asian markets are mixed today after flat close by the US markets. The Nikkei is strong after a proposed extension in US tax cuts helped the dollar jump against the yen. However, the Hang Seng was down.
· We expect the Indian markets to open negative as the cues from the Asian markets are not very supportive and the investors are becoming more risk averse due to increasing crude oil prices. According to media, the government may increase petrol diesel prices by Rs2 per litre next week which may derail the efforts taken to reduce the inflation. We may see a strong momentum in the oil & gas stocks today.
Key events today
· Opening of the IPO of Ravi Kumar Distilleries Ltd. (price band `56-64 per share), closes December 10.
· Opening of the IPO of A2Z Maintenance & Engineering Services Ltd. (price band `400-410 per share), closes December 10.
Economic and Corporate Developments
· Oil companies plan to raise petrol and diesel prices by `2 a litre after a week as crude touched a two-year high of $90 a barrel on Tuesday.
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