Friday, June 24, 2011
± Food inflation in the country touched a two-and-half-month high of 9.13 per cent in the week ended June 11 on the back of costlier fruits, milk, onions and protein-based items. (ET)
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Marke Commentary ..
A spirited comeback by US shares in late trade sounds good on a Friday morning. Asian markets are also up and Singapore Nifty futures are pointing to a higher start back home.
Crude oil futures sank after the International Energy Agency’s surprise release of oil reserves to counter shortfall from Libya. Crude has recovered a tad though in electronic trading in Asia.
Talking of oil, reports suggest the much-delayed EGoM on fuel prices may meet today to consider a hike in diesel and LPG prices. It could also mull a duty rejig to cushion the blow to the consumer class. However, with oil having come off one has to see if the EGoM actually materialises.
Sugar stocks may be in action after another EGoM cleared export of 5 lakh tons. So, we could close the week on a high if overseas cues remain encouraging. We expect the advance to sustain as long as the Nifty remains above 5250. Immediate resistance is seen around the 5372 levels.
Thursday, June 23, 2011
Marke Commentary ..
There seems to be neither growth nor comfort in the market. No real surprises in what the US Federal Reserve has done with interest rates and QE2. What has perhaps caught the markets by surprise a wee bit is the Fed’s move to prune growth forecast and lift its inflation view. Wall Street reacted negatively to Ben Bernanke & Co.’s somewhat gloomy assessment of the US economy. European markets too closed in the red as Philips’ profit warning weighed on the sentiment. Asian indices are also trading lower this morning.
So, it’s a no-brainer that the Indian market too will witness a bit of a nervous start. On the whole, the prospects don’t appear to be bright for Indian equities - in the near-term at least. The below-par monsoon forecast has only added to the list of pressure points.
Q1 FY12 earnings will be analysed closely to gauge the impact of the series of rate hikes and sticky inflation. In the meantime, we expect the current sideways consolidation phase to prevail. Market breadth and volumes have been tepid, reflecting the cautious approach adopted by most players.
Wednesday, June 22, 2011
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Marke Commentary ..
After eking out some gains on Tuesday we expect a positive opening. Again it remains to be seen whether the indices are able to capitalise on the early pop.
Greek Prime Minister George Papandreou has survived the confidence vote. Next week will be another litmus test for him when the Greek parliament votes on the new set of tough austerity measures. The steps to cut deficit are imperative to secure the next tranche of the EU-IMF aid and a fresh lifeline. So, Greece is not completely out of the woods. Even if it manages to avoid a default, the eurozone debt problems may continue to haunt the global markets for sometime to come.
US stocks rallied, extending the recent advances ahead of Wednesday’s FOMC move. European indices too closed with solid gains. Asian markets have posted healthy gains.
Some pockets of the broader market may remain jittery about the pledged shares phenomenon.
The latest monsoon forecast is not encouraging. Monsoon session of parliament has been postponed as the UPA II debates Lokpal Bill draft and tackles corruption cases. The Nifty may face resistance around 5400 while 5200 is likely to be a key support level.
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