The Indian markets seem to have continued their lackluster performance even today in the absence of any major cues. There will be cautiousness in the markets as the RBI Governor, D Subbarao has said that there is a limited scope for easing of monetary policy over the next few months, as there is a risk of inflation escalation as well as concerns over fiscal and current account deficits.
Globally cues are sluggish as Asian market showed mixed trading trend. There was no trading in the US on account of President’s day, while the European markets too closed on a mixed note. On back of global factors and not much domestic support, equity market too is likely to show downtrend today.
While the Sensex opened 0.03 percent higher at 19512, the Nifty opened flat at 5901.
Wipro, ICICI Bank, BHEL, Sun Pharma, Hero MotoCorp, NTPC, HDFC, Tata Motors, Gail India, Mahindra & Mahindra, are among gainers in Sensex and Nifty.
RIL, Infosys, TCS, Bharti Airtel,Tata Steel, ONGC, Dr Reddys Lab, Bajaj Auto, Sesa Goa, Hindalco Inds, are among losers in Sensex and Nifty.
DLF shares doing well again today, after rallying yesterday. The stock is up nearly 1 percent to Rs 263.2 after the company posted a 10 percent rise in profits and promised to cut its debt by 50 percent in the next three years.
Hotel Leela is up 10 percent this morning after it sold its IT park building in Chennai to Reliance Industries Limited (RIL) for Rs 170.17 crore, a move that will help the hospitality group reduce its debt of over Rs 4,000 crore.
Kingfisher Airlines is up 5 percent after its group holding firm United Breweries (Holdings) today said it is hiking its loan limit for the ailing carrier from Rs 300 crore to Rs 750 crore.
Trent is up 2 percent after the Tata Group retail arm said its board has approved a proposal to buy private equity fund TVS Shriram Growth Fund’s entire stake in Landmark Ltd, for Rs 84 crore.
Though, the money markets are closed today but the government’s decision to cancel its last bond auction for 2012-13 in view of its improving cash position will boost the sentiments of the traders.
The telecom sector will continue buzzing after the Telecom Commission allowed Internet service-providers with broadband spectrum to offer voice services after paying an entry fee of Rs 1,658 crore.
There will be buzz in the banking sector too, as the deputy governor of RBI, Anand Sinha has said that the Reserve Bank is likely to come out with the final guidelines for new bank licences much before the end of the fiscal.
There will be some important result announcements too, Glaxosmithkl Pharma, Thomas Cook and MidValley Entertainment will be announcing their numbers today.
BSE is reportedly tying up with S&P to use the global rating agency’s brand for its index, the Sensex.
British Prime Minister David Cameron said on Monday he wanted his country’s companies to help India develop new cities and districts along a 1,000 km (600 mile) corridor between Mumbai and Bangalore, generating investment projects worth up to $25 billion.