The Indian markets rejoiced in last session the lower than expected inflation numbers that raised the hopes of RBI keeping a status quo in its upcoming monetary policy review. Today, the start is likely to be in green and the markets will extend the rally mood with Finance minister P Chidambaram expressing confidence of India getting on the high growth path in the next three years and attributing the decline in growth rate to global factors. Also, the World Bank in its latest report has said that India's economy is expected to grow by 6.2% in 2014 and 7.1 percent by 2016-17 as global demand recovers and domestic investment increases. There will be some buzz in the India Inc. as the Reserve Bank in a notification has said that establishments from Hong Kong and Macau will require its prior approval to set up business or related activities in India. Meanwhile, RBI has tightened provisioning norms for unhedged forex exposure and has asked lenders to calculate the incremental provisioning of such securities at least once in a quarter. PSU banks are likely to be under pressure on report that there will be no relaxation in the Finance Ministry directive that public sector banks must apply for an insurance broking licence to sell policies of multiple insurers.
Today, there will be lots of important result announcements to keep the markets buzzing. Axis Bank, Bajaj Auto, D B CORP, Gruh Finance, HCL Tech, Indowind Energy, KRBL, LIC Housing Finance, Mindtree, Rallis India and TCS are among the many to announce their numbers.
The US markets extended their rally mood on Wednesday with S&P 500 surging to a new record high on the back of some upbeat earnings news from financial giant Bank of America, coupled with improvement in the World Bank’s expectations of the global economic growth. Most of the Asian markets have made a green start on good global growth outlook after a set of robust US data.
Back home, Indian equity benchmarks exhibited a strong performance on Wednesday with frontline gauges garnering gain of over a percentage point. There was broad based buying witnessed in the markets and apart from the blue chips, the broader indices too participated in the rally. Both the benchmarks scaled past the psychological levels of 21,250 (Sensex) and 6,300 (Nifty). Sentiments remained up-beat since beginning as key bourses opened with a decent gap on upside amid firm global cues. Markets gained more strength, as India’s main inflation gauge, based on monthly WPI, cooled more than expectations at 6.16% for the month of December as against 7.52% (Provisional) for the previous month of November. This figure was way lower than street’s expectations of 7.00%. However, October inflation was revised upwards to 7.24% against 7% earlier. Supportive cues from US markets provided the much-needed support to local markets in early deals, moreover, Asian equity benchmarks ended mostly in the green. Back home, sentiments also got bolstered after Yes Bank reported better-than-expect third quarter numbers. The bank reported 21.41% rise in its net profit at Rs 415.60 crore for the quarter as compared to Rs 342.31 crore for the same quarter in the previous year. Total income of the bank increased by 18.60% at Rs 2902.00 crore for quarter under review as compared to Rs 2446.83 crore for the quarter ended December 31, 2012. On the currency front, Indian rupee marginally appreciated and traded at 61.50 per dollar at the time of equity markets closing, as compared to its previous close of 61.52 per dollar. Meanwhile, rate sensitive counters like Banking, Realty and Auto all surged after WPI which eased to a 5-month low, raised hopes that the Reserve Bank of India (RBI) would maintain status quo on key policy rates for the second straight month at its policy review meet end-January. Finally, the BSE Sensex surged by 256.61 points or 1.22%, to settle at 21289.49, while the CNX Nifty gained 79.05 points or 1.27% to settle at 6,320.90.
Today, there will be lots of important result announcements to keep the markets buzzing. Axis Bank, Bajaj Auto, D B CORP, Gruh Finance, HCL Tech, Indowind Energy, KRBL, LIC Housing Finance, Mindtree, Rallis India and TCS are among the many to announce their numbers.
The US markets extended their rally mood on Wednesday with S&P 500 surging to a new record high on the back of some upbeat earnings news from financial giant Bank of America, coupled with improvement in the World Bank’s expectations of the global economic growth. Most of the Asian markets have made a green start on good global growth outlook after a set of robust US data.
Back home, Indian equity benchmarks exhibited a strong performance on Wednesday with frontline gauges garnering gain of over a percentage point. There was broad based buying witnessed in the markets and apart from the blue chips, the broader indices too participated in the rally. Both the benchmarks scaled past the psychological levels of 21,250 (Sensex) and 6,300 (Nifty). Sentiments remained up-beat since beginning as key bourses opened with a decent gap on upside amid firm global cues. Markets gained more strength, as India’s main inflation gauge, based on monthly WPI, cooled more than expectations at 6.16% for the month of December as against 7.52% (Provisional) for the previous month of November. This figure was way lower than street’s expectations of 7.00%. However, October inflation was revised upwards to 7.24% against 7% earlier. Supportive cues from US markets provided the much-needed support to local markets in early deals, moreover, Asian equity benchmarks ended mostly in the green. Back home, sentiments also got bolstered after Yes Bank reported better-than-expect third quarter numbers. The bank reported 21.41% rise in its net profit at Rs 415.60 crore for the quarter as compared to Rs 342.31 crore for the same quarter in the previous year. Total income of the bank increased by 18.60% at Rs 2902.00 crore for quarter under review as compared to Rs 2446.83 crore for the quarter ended December 31, 2012. On the currency front, Indian rupee marginally appreciated and traded at 61.50 per dollar at the time of equity markets closing, as compared to its previous close of 61.52 per dollar. Meanwhile, rate sensitive counters like Banking, Realty and Auto all surged after WPI which eased to a 5-month low, raised hopes that the Reserve Bank of India (RBI) would maintain status quo on key policy rates for the second straight month at its policy review meet end-January. Finally, the BSE Sensex surged by 256.61 points or 1.22%, to settle at 21289.49, while the CNX Nifty gained 79.05 points or 1.27% to settle at 6,320.90.
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