Pre Open Thoughts: Decision & Revisions!!!
Ø In a minute there is time for decisions and revisions which a minute will reverse. For now the global developments have been changing by the minute. Back home all eye will be on the release of Q3 GDP data which is scheduled today. It is likely to show further drop in economic growth.
Ø We would still advise to be on a cautious approach towards the markets before determining the next leg of markets’ direction as a slew of important events lined up domestically. The budget session will kick off on March 12. Election results will be out on March 6. IIP for January will be released on March 12 while February inflation is due on March 14.
Ø One cause for concern lately has been the persistently tight liquidity in the banking system, stoking speculation of a possible move by the RBI on CRR cut before the March 15 policy meeting.
Ø Asian markets are up. US shares rallied as did their European counterparts. So, the opening is set to be pretty good. The question is whether the early gains will be sustained amid a spate of domestic macro-economic issues. The market is delicately poised with the Nifty just below 5500.
Ø As mentioned in our last note to keep the faith on the Tuesday’s wonders for Indian benchmarks. Indices Galloped close to 1.82%. For Nifty 5600 remains to be major resistance level now and on down side 5200 should act as a major support.
Ø The FIIs were net buyers of Rs 7.27bn in the cash segment on Tuesday while the domestic institutional investors (DIIs) were net sellers at Rs 5.87bn, as per the provisional figures released by the NSE.
Results today : Bata India, Claris Lifesciences, Kinetic Motor, Plethico Pharma and Videocon Industries.
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