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.
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