Pre Open Thoughts: Measure of Intelligence!!
Ø Action is the real measure of intelligence. What action RBI is likely to take or will it maintain status quo when it meet today is anybody’s guess. It is not expected to lower the repo rate till inflation, especially core inflation, declines to acceptable levels.
Ø In the Meanwhile RBI’s US counterpart, the Federal Reserve will also review its policy at a two-day meet that starts today. FII inflows have been robust and therefore hold the key to further ascent in Indian equities. Earnings announcements will accelerate in the coming few weeks as well.
Ø The start is likely to be indecisive for the Indian markets. US stocks were also mixed where as European counter parts ended in green. Asian markets those which are open are mildly positive.
Ø As mentioned in our last note As per our systems and technically also the Nifty nearly accomplished its upside potential of 5100. Amid all the little euphoria we would still advise to stay alert and don’t get carried away. Banks will be in focus ahead of RBI policy review & Futures Expiry on Wednesday (i.e. Tomorrow) as Indian markets will remain shut on Thursday on account of Republic Day.
Results Today: Cairn India, Grasim Industries, Mangalore Refinery , Biocon, Lupin ,Yes Bank, Indraprastha Gas India bulls Real Estate, Arvind, India bulls Power, Kirloskar Brothers, Kalindee Rail Nirman, Zensar Technologies, Greaves Cotton, 3i Infotech, Edelweiss Financial Services, Supreme Petrochem, Hyderabad Industries, Ajanta Pharma, Ceat, HMT, Nocil.
Rollover Snapshot:
Ø NIFTY rolls on E-2 day remained above 3M & 6M averages whereas Market wide rolls remained slightly below 3M and 6M averages.
Ø On the Sectoral front TEXTILE, RETAIL and AUTO shown higher rollovers; Whereas MEDIA, Chem & Fert and TELECOM were laggards.
Ø Stock specific COREEDUTEC and McLEODRUSS shown above average rollovers whereas RUCHISOYA and BRFL were laggards.
Curr Mnth 3M Avg 6M Avg
Mkt Wide 44.20% 47.03% 46.89%
NIFTY 51.89% 47.52% 47.17%
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