ETMarkets Morning Podcast: What will sway your market today?
Hello everyone, good morning!
Markets look upbeat this morning from the US to Asia, as stocks resume their ascent in hopes of better earnings growth. TCS’ posted a set of muted numbers on Thursday, but they showed signs of business revival.
That’s where we start the day, ladies and gentemen. This is Saloni Goel, your market jockey with all the news, views and cues you need to know to start your day on Dalal Street.
The bulls were back on Dalal Street on Thursday and lifted the benchmark indices to new peaks. The S&P BSE Sensex settled at a fresh lifetime high of 34,503, with IT major Infosys being the top gainer and IndusInd Bank the worst laggard. The Nifty50 closed above the 10,500 level for the first time.
The Nifty50 signed off the session, forming a small bullish candle on the daily chart. Analysts said the index is likely to consolidate a bit unless it decisively breaks above the 10,660 level.
Nifty futures on the Singapore Stock Exchange traded higher this morning, promising a good start to Mumbai trade.
In overnight trade, Dow Jones added 205 points, the S&P500 rose 19 points and the Nasdaq gained 58 points.
Across Asia, equity indices are trading higher, lifting the MSCI’s broadest index of Asia-Pacific shares outside Japan some 0.2 per cent, but Nikkei was down 0.1 per cent.
The oil counter continues to worry. Brent crude futures hit a three-year high of $70.05 a barrel on Thursday before settling at $69.26 a barrel. Brent has gained 5 per cent since the beginning of the year, picking up from its late-year surge.
The rupee again weakened on Thursday, closing 0.11 per cent down at 63.67 to the dollar
In other news, Morgan Stanley said India’s economic indicators such as PMI data, vehicle sales and steel demand suggest growth momentum gathered pace in December. However, prices are also on an uptrend, with retail inflation likely to have firmed up further to 5.4 per cent in December owing to a lower base of comparison, it said.
Among specific stocks to track today, watch the TCS counter. The IT major posted muted results for the third quarter, missing market expectations by a whisker, but showed signs of rebound on the back of strong growth in key sectors like retail and in major markets like the US.
Infosys will release it Q3 numbers post market hours today. Brokerage firm KR Choksey Shares and Securities believes Infosys may report a 1.4 per cent growth in dollar revenues.
In the IPO mart, the offering from Apollo Micro Systems saw over nine times subscription on Day 2 of the bidding process on Thursday. Bidding for the issue closes today.
If you are looking for more stock-specific triggers, there are plenty of them and over a dozen stock recommendations from top brokerages on www.etmarkets.com. If you need them daily, simply download our app on your phone and keep getting them on the go. We now also offer them in many other languages besides English.
Before I go, let’s have a look at some of the interesting headlines from ETMarkets print edition.
Investors intending to take exposure to cement sector may consider investing in regional midsized companies, which are looking attractive, as their valuation ratios still look promising and demand revival for cement is expected to take place in select regions and
Share buyback has failed to lift share prices in recent times, as 23 of the 51 companies that had conducted buybacks in the past year have underperformed the Sensex since the day they made the announcement.
Capital First said it was exploring various opportunities on a continuous basis amid market talk that the Mumbai-based non-banking finance company could be considering a merger with IDFC Bank
That’s it from me for the day. Thank you for listening. Do enjoy your trading day and make loads of money.
But don’t forget to log on to www.etmarkets.com for continuous updates on every development in the financial markets. Have a good day!
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Via:: Economic Times – Stocks