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Indian stock market morning report by Keynote Capitals (November 21, 2008, Friday, 7.00 a.m. GMT) 21 November 2008 The Indian markets remained bearish yesterday, with the Sensex closed down 3.7%. Weak global cues and lack of investor interest kept the markets depressed. This is the 8th straight intra-day loss by the Sensex. The markets witnessed another day of weak volumes (BSE Rs29bn, NSE Rs78bn). Provisional data released by these two stock exchanges shows that FIIs sold Rs7.6bn of shares while domestic institutions bought Rs4.3bn of shares. Indian stock market morning report by Keynote Capitals (November 20, 2008, Tuesday, 7.00 a.m. GMT) 20 November 2008 After a steady opening, Indian markets declined sharply in the afternoon session yesterday. The fall was driven by weak European markets and the negative opening of DJIA futures. FIIs were net sellers of equity worth Rs265Cr yesterday, as per the provisional data released by BSE and NSE. Asian markets are weak today following the US market cues. Technology, financials and consumer electronic stocks are the draggers. Back home, RBI would conduct a special 14 day repo auction of Rs567bn to meet liquidity needs of MFs. RBI expects to make recast of realty loans tougher, rollover to attract NPA tag. Indian stock market morning report by Keynote Capitals (November 19, 2008, Wednesday, 7.00 a.m. GMT) 19 November 2008 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. Indian stock market morning report by Keynote Capitals (November 18, 2008, Tuesday, 7.00 a.m. GMT) 18 November 2008 Indian markets saw huge volatility yesterday. In the last 2 hours of the trading session, the Sensex recovered sharply by over 300 points. However, as per the provisional data from both stock exchanges, both FIIs and Domestic institutions were net sellers of Rs521Cr and Rs178Cr respectively. RBI said yesterday that it would provide enough liquidity to markets if required. Indian stock market morning report by Keynote Capitals (November 17, 2008, Monday, 7.00 a.m. GMT) 17 November 2008 Japan is in a recession. Q3CY08 GDP shrank by 0.4%, first time since 2001. The Nikkei has recovered after a weak opening. Other Asian indices are positive today. Indian markets were volatile for last two trading sessions. On Friday, the Sensex closed down 1.6%. However, both the NSE and BSE saw good delivery based volumes. However, overall volumes remain low. The Finance Minister has said that the global crisis would impact India for 6-9 months. He expects a slowdown in all the sectors. About G-20 meet, he said that there was a broad agreement on common accounting standards among countries. Indian stock market morning report by Keynote Capitals (November 14, 2008, Friday, 7.00 a.m. GMT) 14 November 2008 The US markets ended up 6.7% on bargain hunting in energy shares and optimistic news from the retail sector. Auto and technology sector did not participate in the surging session with major names down on the day. In the tech sector, Intel cut its 4Q revenue forecast, citing softer demand and now expects revenue to range from $8.7bn to $9.3bn. Wal-Mart stated it expects earnings for 4Q to range from $1.03 to $1.07 per share, and from $3.42 to $3.46 per share for FY09. However, both ranges fell below Wall Street's expectations, causing investors to look past better-than-expected results for the latest quarter. Gains were broad-based as all 10 economic sectors posted gains. Even struggling financial sector finished with an impressive advance of 8.1%. The financial sector remains the worst performer this year, down more than 54% year-to-date. Weekly jobless claims continue to indicate a soft labor market and suggest non-farm payrolls will decline for an 11th consecutive month. Claims for the week ended Nov. 8 totaled 516,000, which is a 7-year high. Claims were up 32,000 from the prior week. Indian stock market morning report by Keynote Capitals (November 12, 2008, Wednesday, 7.00 a.m. GMT) 12 November 2008 Asian markets are trading weak today, due to the fall in energy stocks due to declining crude prices and weak sentiments in auto stocks. Indian markets reported 6.6% decline yesterday after the selloff by FIIs. FIIs were net sellers of equities worth Rs371Cr yesterday, as per provisional data from the BSE and NSE. Indian stock market morning report by Keynote Capitals (November 11, 2008, Tuesday, 7.00 a.m. GMT) 11 November 2008 Asian markets are down today, shedding gains from the previous session, following the weak cues from the US markets. The worries in the Asian financial stocks are amply highlighted by the revamped bailout deal for insurance giant AIG. The Nikkei again dropped down to below 9000 levels while the Hang Seng is weak too. Indian markets were positive yesterday as well. FIIs bought Rs300Cr Nifty futures; however the volumes remain low. The increase in deliverable volumes of the top 10 traded stocks on both exchanges yesterday (from 17% on Friday to 37%), is a major positive. However, the Indian economy seems to reflect the global recession. Indian merchandise exports recorded a dip of 15% in October, for the first time in the last five years. The government expects the situation to continue or even deteriorate in the coming months. Auto sales recorded a 14.4% fall in October. Industry expects November and December months would also remain weak. Indian stock market morning report by Keynote Capitals (November 10, 2008, Monday, 7.00 a.m. GMT) 10 November 2008 China rescue package of $586bn for its economy has acted as a stimulus for other Asian markets. The major Asian indices have opened up with a gap today. However, the Hang Seng has witnessed some profit booking at higher levels. Crude prices also reacted positively on the news and jumped up by around $3/barrel to touch $64 levels. Indian stock market morning report by Keynote Capitals (November 7, 2008, Friday, 7.00 a.m. GMT) 7 November 2008 Following the weakness in the US markets, Asian markets too are trading negative this morning. Increasing worries of the global economic slowdown have pushed global markets to record lows. The Nikkei is weak due to the strengthened Yen and lower earnings forecast from Toyota Motors. The Hang Seng too showed strength after recording a bottom close to 13200 levels and is trading at 13700 levels. The global slowdown is mirroring in the decline in crude prices which have reached $60/barrel levels. As expected, Bank of England and European Central Bank reduced interest rates by 150bps and 50bps respectively. Indian stock market morning report by Keynote Capitals (November 6, 2008, Thursday, 7.00 a.m. GMT) 6 November 2008 Asian markets this morning erased all gains of yesterday, amid global economic worries. Chinese Shanghai index has dropped to a two year low, while the Nikkei and the Hang Seng slumped by almost 6%. Commodity stocks are the major losers, while the strengthening Yen has led to increased selling pressure in exporter stocks. Yesterday’s decline of over 5% in the Sensex has already indicated the strong come-back of the bears. Surprisingly, in spite of yesterday’s decline, FIIs remained net buyers of Rs606Cr in the Nifty futures. As per the provisional data of FII and DII investments declared by both stock exchanges, FIIs were net buyers and domestic institutions were net sellers. Indian stock market morning report by Keynote Capitals (November 5, 2008, Wednesday, 7.00 a.m. GMT) 5 November 2008 In the run up to the announcement of the US Presidential Election results, all major Asian indices are trading in positive territory today. Asian energy and exporter shares are seeing a major rally today. The Indian markets have been moving in tandem with Asian indices. The Sensex has been trading above sentimentally important 10,000 levels for the last 2-3 days, which can increase the confidence in the investors. We may see a broad based rally in the markets today. Specifically talking about sectors, we may see momentum in banking stocks. Many banks have positively reacted to the FM's demand of interest rate cuts to spur the liquidity in the system. Moody's has reaffirmed the financial strength of ICICI Bank's UK subsidiary. Last month, the stock had been beaten down on the news about the risky provisioning by its UK subsidiary. The investors of ICICI Bank might get some relief. Another important news is that RIL is shutting down 5 of its polyester units and has given an exit option to 800 employees. We may see a huge volatility in aviation stocks today, particularly Kingfisher Airlines. As per the news, Kingfisher defaulted on lease rentals of 4 jets. The other important sector to remain in focus would be technology which is highly correlated to the developments in US. Indian stock market morning report by Keynote Capitals (November 4, 2008, Tuesday, 7.00 a.m. GMT) 4 November 2008 Asian markets are giving a mixed performance today. While the Hang Seng is bearish after yesterday's rally, the Nikkei has gained over 4%. Japanese auto stocks reported strong gains today, in spite of the news of a major monthly drop in US auto sales in October 2008. Crude oil has again started its downward rally and is trading below $64 levels. Indian stock market morning report by Keynote Capitals (November 3, 2008, Monday, 7.00 a.m. GMT) 3 November 2008 The rally in the Asian markets has continued today as well. The across the world cut the interest rates and other liquidity improvement measures from central banks have started showing positive results. The Hang Seng is up by almost 5% today, while the Japanese markets are closed. However, a few events in the US are likely to have an impact on the global markets this week. These include the US presidential elections, reports on manufacturing, service sector and employment. Indian stock market morning report by Keynote Capitals (October 31, 2008, Friday, 7.00 a.m. GMT) 31 October 2008 The Asian markets are trading mixed today. The Nikkei and the Hang Seng have both opened lower with a gap. However, both have recovered from their respective lows. Markets are awaiting the Japanese central bank's decision on interest rates. Indian markets were closed yesterday. We may see some action in the markets today, backed by some positive as well as negative news flows and the announcement of financial results from major companies. On the positive side, inflation continues its downward journey and came down to 10.68%. This is a major positive in the current liquidity crunch scenario. Falling crude and commodity prices can aid the declining trend of inflation. However on the negative front, a few major corporate announced disappointing results. ONGC reported a drop of 5.7% in its Q2FY09 net income, which was 27.2% below street estimates. Jindal Steel reported a net profit of Rs4.5bn, again below consensus estimate of Rs4.9bn. We may see some movement in these stocks. Volatility may continue, in anticipation of the earning announcements of a few major companies incl. telecom majors Bharti Airtel and Reliance Communications, real estate majors DLF, HDIL, and Unitech, and oil and gas major IOC. Changing FII holdings in Indian Banks 31 October 2008 Banking has been one of the favorite sectors of institutional investors. Over the last few years, Indian banking stocks have been attracting attention of FIIs due to major reforms in the sector (particularly the enactment of the SARFAESI Act in 2002). Indian stock market morning report by Keynote Capitals (October 29, 2008, Wednesday, 7.00 a.m. GMT) 29 October 2008 Asian markets advanced today after a strong overnight rally in the US markets. Markets hope that US Fed and Japanese Central Bank will reduce the interest rates to support their weakening economies. Indian markets are in festive mood. Yesterday, on Mahurat Trading session markets traded in a bullish zone. Sensex crossed crucial 9000 level. However, the long term rally is still not confirmed. Investors confidence is deteriorating and the recovery does not seem to continue for a long as few major events are in the pipeline such as FOMC meet today and Q3 GDP data announcement tomorrow in the US. Few major companies will announce their results which include M&M and Cairn India. We expect markets to trade positive today taking cues from global markets. Indian stock market morning report by Keynote Capitals (October 27, 2008, Monday, 7.00 a.m. GMT) 27 October 2008 Asian markets extended Friday's slide today as well. The Hang Seng posted a fresh low of 11,960 this morning, while the Nikkei remains volatile. Other Asian indices including Kospi are taking a breather after last week’s sharp decline. In India, markets will be in Diwali mood this week. The festival remains an important event for Indian corporates. It is a major driver for the retail industry and has historically boosted sales of apparel, white goods, vehicles, etc. However, recent developments give a very poor indication for the medium term for Indian markets. Global recessionary fears, redemption of funds across the world, and huge liquidity-crunch in almost all countries have been pushing the Indian markets to record new lows. On Friday, the Sensex slumped by over 10% to close below the 9000 level. Indian stock market morning report by Keynote Capitals (October 24, 2008, Friday, 7.00 a.m. GMT) 24 October 2008 With the Asian markets sliding further down this morning, today is all set to be another day for the bears. The Nikkei is down 600 points, dropping below the 8,000 level for the first time since May 2003. The Kospi fell below the 1000 level a level witnessed for the first time since June 2005. Back home, there is no stopping the bad news. While the Finance Minister confirmed the slowdown in the economy, he also expressed concerns about the increasing deficits. As per the Minister, India may not achieve its revenue and fiscal deficit targets. Corporate earnings growth is seen subdued. While Reliance Industries reported flattish earnings growth, some major corporates saw a huge dip in earnings. Reliance Industries’ profits went up by 7.4%. Though the earnings growth is above estimates, it took a major hit on margins. Grasim, Bajaj Auto, and Dr. Reddy's Laboratories saw a major fall in quarterly earnings. Apart from global factors, a few major companies will announce their results which include ABB, Tata Steel, Maruti Udyog, ITC, Ambuja Cements and Lupin. We may see volatility with weakness in the Indian markets today. Indian stock market morning report by Keynote Capitals (October 23, 2008, Thursday, 7.00 a.m. GMT) 23 October 2008 Asian markets plummeted this morning on fears of a global recession. A major sell off in the exporter stocks pulled the Nikkei down to its lowest level in over five years. The Hang Seng is trading below its sentimentally crucial support level of 14,000. Back home, Indian markets are seen following global cues. Yesterday, the Sensex dropped 5% from its high of 10455. TCS reported 8.5% growth in topline and 1.5% in bottomline in Q2, which was far below expectations. TCS is cautious about FY09 due global financial turmoil. We may see momentum in large cap IT sector counters. A few major results will keep market volatile today. Results of cement majors ACC, Grasim and Madras Cement would be keenly awaited by traders. However, markets would be more interested in Reliance Industries results, also to be announced today. The counter has witnessed a sharp drop of 31% over the last one month. Last but not least, the announcement of WPI based inflation data which may continue its slide for this week as well. Overall, we may see huge volatility persist in the markets today with a weakness due to weak global cues. Indian stock market morning report by Keynote Capitals (October 22, 2008, Wednesday, 7.00 a.m. GMT) 22 October 2008 A strengthened Yen brought the Japanese markets down this morning. Overnight fall of the US markets also led to negative sentiments in Asian markets. Fears of global recession are mounting. We expect Indian markets to perform in line with their global counterparts and remain negative today. Apart from the weak global cues we may see a profit booking in heavyweight stocks. Domestic institutions have been in the buying mode over the last two days. We expect markets to remain in a cautious state till the announcement of RBI's monetary policy on October 24. We may see a weakness in the Wipro stock. The company issued cautious near term outlook because of deteriorating economic conditions. Tech Mahindra may see some action after its 56% growth in the bottom line. A few major companies are announcing results today which will also drive the market movement. We note that speculative activity in top traded stocks seems to have shifted to the BSE from the NSE. Aggregate deliverable volumes for top 10 stocks (in terms of value of turnover) stood at just 12.6% on the BSE, vis-a-vis 25.4% on the NSE. Indian stock market morning report by Keynote Capitals (October 21, 2008, Tuesday, 7.00 a.m. GMT) 21 October 2008 Following the strong overnight close of the US markets, the Asian markets have followed suit this morning. The market’s reaction to the repo rate cut by RBI is largely positive. However, the prime minister has warned of slower economic growth during the current year. We believe stocks have been oversold over the last week in particular, and the relief rally seen yesterday may continue in the early part of the session today. However, possibility of some profit taking towards the close of the session cannot be ruled out. Indian stock market morning report by Keynote Capitals (October 20, 2008, Monday, 7.00 a.m. GMT) 20 October 2008 Asian markets are trading mixed today, mostly positive. Nikkei has opened strong, on reports that Nippon Steel and JFE Holdings were likely to raise profit forecasts, while the Hang Seng was lifted by bargain-buying in beaten-down financial and property shares. However Chinese markets are bearish as the GDP data indicates a slowdown in the economy. China's GDP growth eased to 9% from 10.1% in the third quarter. This is the slowest growth rate since the second quarter of 2003. Back home, Indian markets witnessed a sharp decline on Friday. The Sensex closed below 10,000 for the first time after June 2006. However, we believe the bottom has still not been formed. According to press reports, banks and other lenders are pressurizing real estate companies to expedite property sales amidst increasing fears over payment defaults. Results of Idea Cellular and Canara Bank will be declared today. After few disappointing results in the public sector banks space from Allahabad Bank and Indian Bank, Canara Bank results would be important to watch. We may see positive sentiments today with high volatility in the Indian markets. Indian stock market morning report by Keynote Capitals (October 17, 2008, Friday, 7.00 a.m. GMT) 17 October 2008 The Asian markets opened mixed today, following the overnight positive close of the US markets. A weakened yen and the bounce back in the financial and steel companies helped the Nikkei recover by around 2%. However, the Hang Seng is weak. In India, the aviation industry was the major news maker yesterday. Jet Airways has rolled back its decision on the retrenchment of the staff while Kingfisher Airlines cut its losses. In our view markets has a few small positives. On the macro-economic front declining inflation is a positive. The WPI based inflation has declined from 11.8% to 11.44% this week. Falling crude prices is another positive. Analysts expect crude prices to move towards $35/barrel over the long term, which may also provide a one more tool to the Indian government and the RBI to tackle the inflation problem. Indian stock market morning report by Keynote Capitals (October 16, 2008, Thursday, 7.00 a.m. GMT) 16 October 2008 Following the US market’s cues, Asian markets plunged sharply today. The worst performing sectors are exporters, shipping and metals. Indian markets are likely to follow suit. Yesterday, the Sensex corrected by 5.9%, while this morning Nifty futures listed in Singapore Stock Exchange fell by 6%. The fears of liquidity crisis forced the RBI to reduce CRR again by 100bps. This would inject Rs40000Cr into banks. With this, the RBI has made available additional money of Rs100000Cr to banks. The Government has also announced an immediate release of Rs25000Cr to banks on account of the farm debt waiver and relief scheme. Larsen & Toubro's (L&T) results disappointed the markets yesterday. It reported net profit of Rs460Cr, 6.8% below estimates. HCL Technologies (HCL) reported a bottom line below estimates by 2.7%. HDFC Bank will announce its results today. We may see some momentum in the stock. Inflation data to be released post market, in our view will keep markets volatile. Falling crude prices is however a positive for the markets. However, currently markets are focusing on the global events and we may see another bottom today. Motilal Oswal Financial Services Q2-FY09 Results Highlights 16 October 2008 The highlight of MOFSL’s Q2 results is the continued focus on reducing the share of broking income in the revenue mix. Broking revenues have a strong correlation with stock market movements, and are seen as volatile. Indian stock market morning report by Keynote Capitals (October 15, 2008, Wednesday, 7.00 a.m. GMT) 15 October 2008 Following cues from the US markets, Asian markets opened weak today. Fresh worries of a slowing global economy have impacted stocks of shipping companies and exporters in Asian markets. While the Nikkei is volatile, the Hang Seng recorded a sharp drop early in the session. Back home, bear dominance is seen rising again. Yesterday the market rally could not sustain, and the Sensex ended up losing a large part of the gains. Increasing recessionary pressures and the liquidity crisis are becoming major issues for the RBI and government. In a major development, RBI has introduced a special liquidity window of Rs20,000Cr to tide over the unprecedented liquidity crisis. It has relaxed the borrowing norms for some funds that have seen huge redemptions in the past few days. It is estimated that recent redemptions from liquid and liquid plus schemes amount to Rs30,000Cr. We may see weakness in the markets today following global cues. Indian stock market morning report by Keynote Capitals (October 14, 2008, Tuesday, 7.00 a.m. GMT) 14 October 2008 Asian markets predictably opened strong this morning, following the rally in US stocks overnight. The Nikkei gained 13% this morning, boosted by from international government measures to pour cash into struggling banks and restore confidence in the global financial system. Following the government interventions across continents, the market slide seems to have been reversed for the moment. However, back home the picture is clearly not rosy, as evident from the weak growth in IIP. The September quarter results will be keenly watched by market players to decide on trading strategies. As for today, we expect the domestic markets to have strong opening, though some profit-taking is likely in the later part of the trading session. Indian stock market morning report by Keynote Capitals (October 13, 2008, Monday, 7.00 a.m. GMT) 13 October 2008 Major Asian indices have opened positive this morning, after the 10-12% decline last week. Indian markets too witnessed a similar downturn, with the Sensex falling by 11% in the last week and 19% since October 1, 2008. This week we may see volatility continue, with the major result announcements. Capital goods major L&T and banking major HDFC Bank will announce results this week. However, situation of the economy is grim, which is reflected in the weak IIP numbers. August IIP growth fell to 1.3% indicating it may be difficult to achieve double digit growth in the near future. However, the RBI took steps to increase liquidity in the market by cutting CRR by 100bps. In October alone, the RBI has cut CRR by 150bps. Today we may see momentum in bank stocks, particularly ICICI Bank and Axis Bank. Axis Bank will declare its results today which we believe would be a good indicator of the health of the overall private banking space in India. While ICICI Bank stock will be under focus as its officials have been reiterating that everything is fine with the bank’s operations. Markets as a whole are likely remain positive on global cues. Indian stock market morning report by Keynote Capitals (October 10, 2008, Friday, 7.00 a.m. GMT) 10 October 2008 The Nikkei today reported its biggest one-day drop in over two decades, as investors hit the panic button. The Nikkei tumbled as much as 11.4% in the initial trading session touching a low of 8,115, which is the lowest since May 2003. Infosys declared Q2FY09 results today, which are slightly above expectations. We may see some momentum in the IT stocks today, with the rupee touching a new low of Rs49.10 per USD this morning. Indian markets witnessed a short recovery on Wednesday. However, considering today's broad-based fall in Asian markets, we expect sharp weakness in the initial trading session. Indian stock market morning report by Keynote Capitals (October 8, 2008, Wednesday, 7.00 a.m. GMT) 8 October 2008 Asian markets continued to see a sell-off this morning too, following the steep fall in overnight US markets and worries that Toyota Motor results will disappoint the markets. The Nikkei reported its 4 year low and trading below 10,000 points, while the Hang Seng has seen a decline of almost 6%. Exporters and financial stocks witnessed a major drop in the Japanese markets. Back home, Indian markets witnessed high volatility yesterday. Even the RBI and Sebi's announcements could not curb the bearish sentiment. Today, we expect the Indian markets to mirror the fall in US and Asian markets, with huge volatility led by telecom news and European markets. The UK government is expected to declare a bail-out package of $79bn for Royal Bank of Scotland (RBS) Group and Barclays, which may affect the Indian markets in the latter part of the trading session today. We expect telecom stocks to remain in focus as the ARPUs per month for Q1FY09 saw a steep decline of 9.5% from Rs264 to Rs239. Tata Motors could see some momentum due to the clarity on the Nano car project. Indian stock market morning report by Keynote Capitals (October 7, 2008, Tuesday, 6.00 a.m. GMT) 7 October 2008 Asian markets fell sharply this morning, after deep losses in the US markets. The Strengthened yen (JPY) pushed the Nikkei dropped below the 10,000 level for the first time since December 2003. The RBI and Sebi have announced few steps to reduce the liquidity crunch in India. While RBI reduced CRR by 50bps, Sebi eased norms on Participatory Notes (PNs). While we may expect a relief rally on account of these measures, we believe profit taking may happen at higher levels, leading to the indices ending lower than yesterday’s levels. Indian stock market morning report by Keynote Capitals (October 6, 2008, Monday, 6.00 a.m. GMT) 6 October 2008 Asian markets have opened weak today due to increasing worries of the global financial crisis spreading to Germany, Europe's largest economy. Back home, Sebi has called a meeting to discuss the impact of financial turbulence on Indian capital markets. It is expected to ease PN norms to bolster capital inflows, which have been slowing down over the last few months. However on the positive side, easing crude prices and inflation are the positives for Indian markets, which may help the RBI postpone another interest rate hike. We expect the markets to trade with a negative bias, amidst high volatility due to weak global markets. Indian stock market morning report by Keynote Capitals (October 3, 2008, Friday, 6.00 a.m. GMT) 3 October 2008 In spite of the Senate's approval to the bailout package, the bears were back in action. Asian markets too have followed suit this morning. A strengthening yen due to fears for US economy has pulled down share prices of Japanese exporters. Back home, India is celebrating the approval of nuclear deal from the US Senate which may bring some momentum in power sector stocks today. HCL Tech and Infosys are again in the news as Axon Technologies choose HCL Tech as a preferred bidder. However, Infosys has 60 days for making a counter offer. Falling crude prices have brought some relief to oil marketing companies and refiners. We expect some weakness in the markets today, in line with global sentiments. Indian stock market morning report by Keynote Capitals (October 1, 2008, Wednesday, 6.00 a.m. GMT) 1 October 2008 On positive cues from the US markets, the Asian markets too have opened positive today. Banking and financial stocks have led the rally. Japanese business sentiment survey turned negative for the first time in five years, indicating the Japanese economy may be in a recession. The Nikkei is in positive territory today even in a highly volatile session, partly due to the ban on short sales. Markets in China, Hong Kong, Indonesia, Malaysia, Singapore, the Philippines and Pakistan are closed today for public holidays. Indian stock market morning report by Keynote Capitals (September 30, 2008, Tuesday, 6.00 a.m. GMT) 30 September 2008 After the overnight blood bath in the US markets, Asian markets have opened weak this morning. However, after the initial weakness they have recovered to some extent. Back home, India has signed a nuclear deal with France. However, the nuclear deal with the US is still in the pipeline. No major events are expected today. We may see initial weakness in the markets; however we expect a recovery, as markets seem to be oversold. Pyramid Saimira Theatre - Reduction in theatre portfolio 30 September 2008 Pyramid Saimira Theatre Ltd. (PSTL) has reduced its theatre properties and decided to curtail its expansion plans, in view of the slowdown in the entertainment sector, stemming largely from seemingly reducing disposable income in the hands of consumers. Indian stock market morning report by Keynote Capitals (September 29, 2008, Monday, 6.00 a.m. GMT) 29 September 2008 The Asian markets have given a lackluster response to the announcement of bailout package from US government. After opening higher the major Asian indices shed all gains today. However, in spite of announcement of bailout package the crude and commodity prices showed weakness. We believe the bailout news is already discounted in crude and commodity prices. We expect Indian markets to respond cautiously today as Asian markets seem to have given a thumbs-down to the bailout package. However, we may see some stock specific action in the Infosys and HCL Technologies stocks and power stocks. Both are battling for UK based Axon. Power stocks may see momentum as the nuclear power deal is on the table of US Congress. Indian stock market morning report by Keynote Capitals (September 26, 2008, Friday, 6.00 a.m. GMT) 26 September 2008 The Asian markets opened weak this morning due to uncertainty over the US Government's $700bn rescue plan for the financial sector. Back home, the markets will await the announcements of inflation and business confidence index (BCI). Inflation has remained steady at 12.14%, though it is still very high compared to RBI's target of 5.5%. The BCI data released by National Council of Applied Economic Research (NCAER), shows signs of slowing economy. BCI has dipped sharply from 148.7 in June 2008 to 125.8 in July 2008. This is the lowest level in last five years. We expect these adverse news flows to impact the domestic markets negatively ahead of the weekend, and also ahead of the US nuclear deal going before the US Congress. Indian stock market morning report by Keynote Capitals (September 25, 2008, Thursday, 7.00 a.m. GMT) 25 September 2008 Asian markets were dragged down by commodity and mining resource related stocks this morning, while banks and financial stocks fell on indecision over US Government bailout plan for the financial sector. We expect Indian markets to remain cautious and range-bound today ahead of today's inflation data announcement. |
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