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Views on markets today
· Indian markets snapped four-day long winning streak and ended choppy session in the negative territory yesterday as traders booked profits at higher levels. Accelerating inflation pressures could push up borrowing costs as the RBI is scheduled to review policy on January 25 also dampen the market sentiments. Rate sensitive sectors like banks, real estate and auto led the decline while FMCG, oil & gas and pharma provided some resistance. Tata Steel dropped 1.3% on concerns that the company may face higher costs after Australian coal mines were hit by flood.
· Market breadth was weak at ~0.96x as investors sold small and mid cap stocks. FIIs bought equities worth `7.17bn while domestic institutions sold equities of `4.91bn.
· Asian markets are mostly weak as the loss led by resource stocks due to weakness in gold and oil prices. Japan's Nikkei Stock Average was flat with negative biased while the Hang Seng started lower as a report China may adjust reserve requirements pushed banking shares down.
· We expect a flat start for the Indian markets catching the cues from the Asian markets. We may see some profit taking to continue today as well.
Economic and Corporate Developments
· Fertilizer companies could get `9bn every year for next three years as a part of a package to improve efficiency in the sector.
· FDI Inflows slip 7% to US$1.6bn in November.
· Banks’ borrowing under the liquidity adjustment facility fell to a month’s low of Rs681.5bn.
· As per ratings agency Crisil, the strong domestic demand will enable the Indian economy to register an average annual growth of 8.4% during next five fiscals.
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