Outlook on Markets Today
The Sensex on Saturday closed flat on
inadequate buying by investors in a special 90 minute session perform for
testing. The sensex closed at 17,636.99, marginally up by 0.19 points over last
close. IT chief Infosys ended higher by 0.45% to 2,859.40. Main supporters to
the market were Tata power, Jindal steel, Sunpharma and HDFC Bank closed up
1.09%, 0.52%, 0.41% and 0.33%. On the other hand Cipla, Bajaj Auto, Sterlite
industry, NTPC and Bharti Airtel were down 1.00%, 0.99%, 0.88%, 0.62% and
0.61%. Meanwhile, shares in Indian hospitality firm EIH rose as much as 9.92%
on Saturday after a subsidiary of Reliance Industries bought an additional
3.73% stake for Rs.1.92Bn in an open market transaction.
Market breadth was feeble at ~1.56x. On
interim basis, FIIs and domestic institutions sold equity of Rs.0.1Bn and
Rs.0.05Bn.
Asian markets refuse today, after feeble US
markets on Friday as technology firms pared the losses. We expect markets to
open moderately lower today following the cues from the Asian markets.
Investors may keep close eye on number of UP
election results tomorrow as strategy reforms direction going is much more
dependent on the election results.
Financial and Commercial Developments
With one more concern of NBCC in the
pipeline, the government will be able to accomplish only a little over 36% of
the disinvestment target of Rs 40,000 crore in the existing economic.
The government attached economic growth at
around 7.5% in 2012-13, mainly driven by growth in the manufacturing sector.
Active Stocks
Agro Tech Foods, the Indian subsidiary of
universal food main ConAgra, proposes to set up four more manufacturing units
including one in Bangladesh over the next three years at a cost of around Rs
100 crore.
National Thermal Power Corporation (NTPC),
the country's chief thermal power producer, expects to get physical control of
land for its super thermal projects proposed at Gajamara and Darlipalli, with
capacity of 1,600 MW apiece, by June this year.
Infosys will set up a software development
centre here, second in Maharashtra after Pune, with an investment of Rs 100
crore.
Power Grid Corporation is likely to get $400
million (over Rs 1,980 crore) funding from the International Finance Corp for
undertaking electricity transmission projects in the country.
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