The opening today is likely to be sluggish. Asian markets are more or less flat following a subdued session on Wall Street.
The dollar finally saw some cooling following words and perhaps action from the RBI. A separate dollar window for oil companies is being considered, says RBI governor. The dismay in petrol price hike was more than expected. The question now is will there be a rollback? Indications are state-run oil marketers could reduce petrol prices if the rupee improves and crude holds steady. The EGoM scheduled for today to consider a hike in diesel and other fuels may not happen. .
Market participants are very cautious especially due to a weak currency and lack of policy action. Any positive movement on policy front will boost sentiment. There might be some disappointments as well. So, be prepared for more sideways action on the main indices in the near term. The NSE Nifty has got stuck in a trading range of 4800-4960 and a breakout beyond this range will determine the near term direction. The recent correction has made quite a few quality stocks look attractive from medium- to long-term perspective. But, do proper due diligence before committing yourself to any counter.
Key Results Today: BPCL, Crompton Greaves, Great Offshore, Gujarat Fluorochemicals, GMDC, ITC, Karur Vysya Bank, Mukand, MOIL, Mirc Electronics, NHPC, Nitesh Estates, Pratibha Industries, Redington India, Reliance Infra, Religare Enterprises, Sun TV Network, Suzlon Energy, Texmaco Infra, Texmaco Rail & Engineering and Trident.
The dollar finally saw some cooling following words and perhaps action from the RBI. A separate dollar window for oil companies is being considered, says RBI governor. The dismay in petrol price hike was more than expected. The question now is will there be a rollback? Indications are state-run oil marketers could reduce petrol prices if the rupee improves and crude holds steady. The EGoM scheduled for today to consider a hike in diesel and other fuels may not happen. .
Market participants are very cautious especially due to a weak currency and lack of policy action. Any positive movement on policy front will boost sentiment. There might be some disappointments as well. So, be prepared for more sideways action on the main indices in the near term. The NSE Nifty has got stuck in a trading range of 4800-4960 and a breakout beyond this range will determine the near term direction. The recent correction has made quite a few quality stocks look attractive from medium- to long-term perspective. But, do proper due diligence before committing yourself to any counter.
Key Results Today: BPCL, Crompton Greaves, Great Offshore, Gujarat Fluorochemicals, GMDC, ITC, Karur Vysya Bank, Mukand, MOIL, Mirc Electronics, NHPC, Nitesh Estates, Pratibha Industries, Redington India, Reliance Infra, Religare Enterprises, Sun TV Network, Suzlon Energy, Texmaco Infra, Texmaco Rail & Engineering and Trident.
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