Analyst Stock Recommendations:
- Eicher Motors raised to ‘add’ and Buy for price target: Rs 2,795
- Divi’s Labs cut to ‘reduce’ at Neal Bhai price target: Rs 4,628
Rupee traders will watch for inflows as India’s biggest initial share sale opens for subscription. Bond traders are likely to weigh the impact of a cut in excise duty on gasoline and diesel on inflation and government finances.
- The float by One97 Communications, the parent of Paytm, is priced in a band of Rs 2,080-2,150 and aims to raise as much as Rs 18,300 crore ($2.5 billion); offer closes Nov. 10
- USD/INR fell 0.3% to 74.4600 on Wednesday
- Onshore markets were shut Thursday and Friday for the Diwali holiday
- Implied opening from forwards suggests spot may start trading around 74.24
- 10-year yields little changed at 6.36% on Wednesday
- Global funds sold net Rs 401 crore of India stocks Wednesday: NSE
- They did not sell sovereign bonds under limits available to foreign investors, and withdrew Rs 63 crore of corporate debt
- State-run banks bought Rs 738 crore of sovereign bonds on Nov. 3: CCIL data. Foreign banks sold Rs 359 crore of bonds
Source: Bloomberg