Pre Open Thoughts: Carnage Overdone?

Pre Open Thoughts: Carnage Overdone?

Ø  Okay, buckle up for anther rough and tough session. The fear is whether this carnage overdone or will there be more pain? The answer is hard to come by at this stage. Nifty undergone wild volatility in this week and It was a sluggish start to week, reflecting negative global cues.

Ø  Worry and nervousness has still not left the street as India market struggle to tackle the global menace. Greece and Spain continue to be major source of fear.

Ø  Coming back to today’s action. We see a mildly positive start .On Nifty 5050 is the level to watch . Decisive Break above this level might take nifty upto 5150 level. We expect a grinding session owing to external uncertainties.

Ø  The delay of GAAR also bodes well for foreign investors' purchase of Indian assets

Ø  Rupee plummeted to a new two-year low against the US dollar as political turmoil in Greece has stoked fresh concerns about ongoing efforts to rein in the long-running debt crisis in the eurozone. The continued weakness in the rupee prompted the RBI to step in once again to try and arrest the slide in the Indian currency.

Ø  The FIIs were net sellers of ~Rs 3.76bn in the cash segment on Wednesday while the domestic institutional investors (DIIs) were net buyers of Rs 1.62bn, as per the provisional figures released by the NSE.

Results Today: Apollo Tyres, Cadila Healthcare, Canara Bank, Cipla, Dewan Housing Finance, Escorts, HEG, Jain Irrigation, Jubilant Foodworks, Lupin, Navneet Publications, NELCO, NTPC and Sintex Industries.

Global Data Watch today: China Trade Balance (Apr), Australia Unemployment Rate (Apr), Germany Wholesale Price Index (Apr), Japan current account and trade balance (Mar), EU ECB Monthly Report, UK Industrial Production (Mar), UK Manufacturing Production (Mar), UK Trade Balance (Mar), BOE Interest Rate Decision, US Initial Jobless Claims, US Trade Balance (Mar), US Import Price Index (Apr), US Fed’s Bernanke speech, US Monthly Budget Statement (Apr) and US Fed Minneapolis’s Narayana Kocherlakota speech.