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Views on markets today
· Indian markets gained for the third consecutive day and closed on positive note on Friday on sustained buying amid indications that strong economic growth will boost company earnings. Markets gain was led by support from banking, Anil Dhirubhai Ambani Group, realty, telecom, auto, select metal and power stocks. Except IT, all sectoral indices closed positive with real estate, banking and auto stocks were major gainers. Bajaj Auto surged 75% in 2010 to be the top gainer in the benchmark stock index, followed by Tata Motors, which gained 65 percent on improving finances. Metals and telecoms stocks lagged the broader market in 2010.
· Market breadth was however strong at ~2.09x as investors bought large cap stocks. FIIs bought equities worth Rs5.31bn while domestic institutions sold equities of Rs1.21bn.
· Asian stocks are up led by local banks and exporters. However, worries that China might tighten its policies keep some Chinese shares under pressure. The Hang Seng has opened up while the Nikkei is closed today.
· We expect a positive start for the Indian markets led by firm Asian shares. However, risk averseness of the investors and high inflation may resist markets on the higher side.
Economic and Corporate Developments
· The fiscal deficit of India for April to November was Rs186000Cr ($41.6 billion) which is 48.9% of the full-year target of Rs381000Cr.
· The domestic car market grew at least 25% last month over the previous year.
· India plans to overhaul its decade-old telecoms policy, framing new rules on mergers and on radio waves, says telecom minister.
· Government will impose a 60% import tax on sugar from January 1.
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