Outlook: - Markets displayed strength and closed near day high levels, firmly above 5,750 levels. - While west seemed hardly surprised by the US partial shutdown, Asian markets gains a bit in early trades eyeing initial steps taken by authorities to break the deadlock. - Job details and this deadlock may prompt Fed to postpone the schedule for tapering. This would lead to INR appreciation along with other emerging currencies. - RBI gets additional time to fight the internal liquidity in this environment. We may see some of the earlier tightening measures being reversed. - This will give a positive direction to banking sector in general and PSU banks in specific. - Two-wheelers – Hero MotoCorp & Bajaj Auto should gain momentum as they reported better monthly nos, despite the inauspicious sharadh period. - Nifty looks to be confined in a range (5,650 – 6,050) ahead of the result season, unless global cues effect a change in course. News: - September Auto Monthly Nos: HMCL IN sales stood at 468,670 units ( 16% YoY, 2% MoM) below estimates due to Haridwar labour issues; strong YoY growth though on low base. BJAUT IN vol grew 2% ( 18% MoM) to 367,815 units, exports stabilizing; domestic vols benefit from pre-festive stocking. MSIL IN reported above estimate volumes of 104,964 units ( 12% YoY, 20% MoM), driven by festive led inventory build-up and ramp-up in export volumes. TTMT IN reported total sales of 50,427 units. Our volume estimates of 18% decline in FY14 implies 10% residual de-growth or ~59,992 units run-rate. MM IN Tractor vols above est to 26,637 units; Autos in-line; UVs recover post inventory correction. TVSL IN Sales grew by 16% to 197,409; motorcycles registers 30% growth; exports growth remains strong; 3Ws sales highest ever. - GNP IN: As per media report, Glenmark Pharma has put on the block its oral contraceptive product division which makes the generic anti-pregnancy medicine and sells it in the American market. bit.ly/15MX5LR
Posted on: Thu, 03 Oct 2013 03:39:09 +0000
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