GLOBAL MARKETS ROUNDUP
Asian shares got off on the back foot on Friday, on track for a weekly loss, following Wall Street lower as caution reigned ahead of U.S. employment data that may help determine whether the Federal Reserve could raise interest rates as early as next month.
The market has opened flat. The Sensex is up 10.99 points at 28309.12 and the Nifty is down 13.30 points at 8575.35. About 486 shares have advanced, 258 shares declined, and 80 shares are unchanged.
LOCAL MARKETS PREVIOUS CLOSE
• BSE index 28,298.13 (up 0.27 pct)
• NSE index 8,588.65 (up 0.24 pct)
• Rupee 63.7650/7750 per dollar (63.7675/7775)
• 10-year bond yield 7.81 pct (7.84 pct)
• 5-year OIS rate 7.12 pct (7.16 pct)
• 1-year OIS rate 7.43 pct (7.46 pct)
• Call money 7.10/7.15 pct (7.20/7.25 pct)
TYRE STOCKS VALUED
CeatBSE 2.62 %, JK TyreBSE 2.31 % and MRF are all strong buys, but they are very close to our target prices. In fact, MRF has crossed our target price post the company's quarterly numbers. Clearly, the structural story remains quite intact in terms of ROE, ROC expansion, pure costing and cross-ply (growth).
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