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Indian stock market morning report by Keynote Capitals (November 19, 2008, Wednesday, 7.00 a.m. GMT)
19 November 2008
Source: www.keynoteindia.net
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Economic and Corporate Developments
- The rupee opened lower this morning, at 49.72/74 per USD, compared to yesterday’s close of 49.66/67, as
weak Asian equities raised concerns of foreign fund withdrawals from the local stock market.
- The government had appealed to car and two-wheeler makers, airlines, hotels and real estate developers to
cut prices in order to boost consumer demand and help revive the Indian economy.
- In line with our expectations of levying import duty on steel (as mentioned in our recent note “Steel - still not
a steal?”), the government has imposed an ad valorem import duty of 5% on pig iron, semi-finished, flat and
long steel products. An import duty of 20% has also been imposed on crude soybean oil with immediate
effect.
- The RBI is expected to announce another round of rate cuts in a week or so in an effort to ease liquidity and
reduce borrowing costs to counter slowing economic growth.
- Bharat Heavy Electricals had received a contract worth Rs1325Cr for the supply of plant package for a power
project in the Andhra Pradesh.
- Parsvnath Developers has forayed into the infrastructure sector with a tie-up with Spanish construction
company Constructora San Jose SA. The JV would bid for projects in transportation, aviation, power
generation and transmission, among others.
- NMDC has signed an MoU with West Bengal Mineral Development and Trading Corporation (WBMDTC) to
explore, develop and mine coal at Deocha-Pachami block in Birbhum district, which has a reserve of 2bn
tonnes, spread over an area of 9.7 sq km.
US markets
- US stocks erased losses of Monday, with the Dow Jones Industrials recovering by 150 points in the last
hour of the trading session.
- Technology major Hewlett Packard Co. (HP) and home improvement retailer Home Depot reported
better than anticipated results which fuelled the rally. The stocks were up by 11.3% and 3.6%
respectively. HP expects to perform better than Wall Street analysts’ expectations in Q4.
- There are a few negative news as well. National Association for Home Builders reported a record
monthly fall in the index in November. The clash between Treasury Secretary Mr. Paulson and FDIC
Chairperson Ms Blair over spending some of the $700bn package on foreclosure of homes has
increased uncertainties in the markets.
Views on markets today
- Indian markets are moving in tandem with their global counterparts. Bulls seem to have lost
confidence and any short term rally may just be a short recovery by bears.
- Indian markets saw yet another weak day yesterday amidst thin volumes. It declined by 3.8% led by
Bharti Airtel and ICICI Bank. On NSE, volumes were Rs83bn and on the BSE Rs30bn.
- Asian markets have opened weak this morning, in spite of positive overnight close of the Dow.
Strengthening Yen has become a major concern for the Asian exporters. Falling crude prices have
pushed Asian energy stocks downward.
- Back home, the Finance Minister is focusing all efforts on increasing the confidence of investors. He
has reiterated that the government is carefully watching the entire situation and would take all the
required steps. He further added that the economy would recover in the H2FY10 and would grow by
9%.
- The government announced a 5% import duty on specified iron and steel products and slapped a 20%
customs duty on crude Soyabean oil. We may see momentum in Steel and Soya processing counters
today.
- Stocks in news:
-- ONGC won 2 exploration blocks in Columbia.
-- DLF deferred some of its projects due to lower demand and liquidity crunch.
-- Mundra Port signed a pact with Japanese Nippon Yusen Kaisha and Norway's Wallenius
Willhemsen Lines to set up an automobile terminal.
-- Transport Corporation of India has decided to cut capex by half to Rs75Cr.
- We may witness another volatile day with weakness. However markets may see some short recovery.
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Indian stock market morning report by Keynote Capitals (December 31, 2008, Wednesday, 7.00 a.m. GMT), 31 December 2008
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