As the EU euphoria is settling down and the reality is dawning in EU,
our markets gave up all its gains after the European markets
opened.Index heavy weight RELIANCE extended its losses as the company
announced a 3 week maintenance in its Jamnagar distillation facility.The
European indices edged lower and the US markets ended flat.
More pressure for KFA as SBI,BOB and BOI terms KFA's loan as NPAs. KFA's market share fell to 5th position in November compared to the 3rd position in October.
M&M rallied yesterday as the company announced that it is investing 800 crores in Korean arm SsangYong.It fell by around 8% on Tuesday and Wednesday as BofA had cut its target price.
CLSA has upgraded Cairn India and BPCL and it had downgraded GAIL and Ranbaxy.
Credit Suisse says India's valuations are cheap and upgrades India to Neutral from Under-weight.It added that a fall in headline inflation and fewer earning downgrades in December are the reasons to upgrade India.India is the fourth most under valued market in Asia.
In another surprise move RBI raised the FCCB limit to 750 Million Dollars from 500 Million Dollars.This would encourage more funds to flow into the nation.RBI's Dy.Governor said that the interest rates are unlikely to rise further.
In the International arena, Iran lawmakers discussed on Wednesday to devise a relevant plan by which the foreign warships crossing the Hormuz straits will have to obtain permission from Iran.This is clearly aimed at USA's warships as US operates two air bases in Kuwait , one in UAE ,one in Qatar and one in Oman.The Qatar and the Oman bases are the largest bases operated by US outside US.Oman's base is the only base outside of Hormuz strait and all the other above mentioned bases can be reached only by crossing the Hormuz strait.On Thursday the Saudi and the all the gulf states were put on war alert.As US is headed for elections this November,it would be interesting to watch how it will tackle this issue.
I expect our markets to open lower tracking the Asian peers and we may bounce back from lower levels.
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More pressure for KFA as SBI,BOB and BOI terms KFA's loan as NPAs. KFA's market share fell to 5th position in November compared to the 3rd position in October.
M&M rallied yesterday as the company announced that it is investing 800 crores in Korean arm SsangYong.It fell by around 8% on Tuesday and Wednesday as BofA had cut its target price.
CLSA has upgraded Cairn India and BPCL and it had downgraded GAIL and Ranbaxy.
Credit Suisse says India's valuations are cheap and upgrades India to Neutral from Under-weight.It added that a fall in headline inflation and fewer earning downgrades in December are the reasons to upgrade India.India is the fourth most under valued market in Asia.
In another surprise move RBI raised the FCCB limit to 750 Million Dollars from 500 Million Dollars.This would encourage more funds to flow into the nation.RBI's Dy.Governor said that the interest rates are unlikely to rise further.
In the International arena, Iran lawmakers discussed on Wednesday to devise a relevant plan by which the foreign warships crossing the Hormuz straits will have to obtain permission from Iran.This is clearly aimed at USA's warships as US operates two air bases in Kuwait , one in UAE ,one in Qatar and one in Oman.The Qatar and the Oman bases are the largest bases operated by US outside US.Oman's base is the only base outside of Hormuz strait and all the other above mentioned bases can be reached only by crossing the Hormuz strait.On Thursday the Saudi and the all the gulf states were put on war alert.As US is headed for elections this November,it would be interesting to watch how it will tackle this issue.
I expect our markets to open lower tracking the Asian peers and we may bounce back from lower levels.
(To receive the Daily Market Report and Breaking news during market hours, in your inbox, type your email id in the box(Subscribe to Broker King) below the World Map in the blog and click Subscribe).www.brokerking.blogspot.com
For your comments and suggestions Kindly visit our FB page, http://www.facebook.com/pages/Broker-King/115212095212768
