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Indian stock market daily morning report (March 09, 2010, Tuesday)

March 9, 2010, Tuesday, 07:51 GMT | 02:51 EST | 13:21 IST | 15:51 SGT
Contributed by Keynote Capitals


By Nitin A. Khandkar (Keynote Capitals)

 

Views on markets today


- Indian markets witnessed a rally yesterday in line with global equities. Renewed buying interest in auto and banks stocks helped markets close in positive territory. However, real estate stocks witnessed profit taking.


- Market breadth was strong at around .1.7x. FIIs bought equities worth Rs11.3bn while domestic institutions sold equities of Rs5.7bn.


- Asian markets are down today on profit taking after a recent rally. Since US markets were closed overnight, Asian markets have been unable to take cues therefrom.


- We expect a flat opening for the Indian markets due to unfavorable Asian markets. However, SGX Nifty is trading with a modest upside.

 


Economic and Corporate Developments


- As per media reports, NMDC has indicated a price band of Rs300-350 per share for its FPO which opens for subscription tomorrow.

 

 

Buzzing Stocks


- German carmaker Daimler is selling its 5.34% stake in Tata Motors for up to $429mn.