‘Dilli’ Dallying

Refer to ‘Dilli Durbar’ (Moneylife, 17th December). The civic authorities should be held...

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Wednesday’s Market Preview: Positive opening expected

The domestic market is likely to witness a green opening today, tracking firm global cues. Markets in the US closed at their two-year highs on positive earnings forecasts and news of corporate deals. The Asian pack was trading with marginal gains in early trade this morning on signs that recoveries in the regional economies were on track. The SGX Nifty was 6.50 points higher at 6,020.50 against its previous close of 6,014.

The market opened with modest gains on Tuesday on support from the global arena. The Bombay Stock Exchange’s bellwether index—Sensex—regained the 20,000-mark in early trade on across-the-board buying. The market touched the day’s high in late morning trade, but pared some early gains and was seen range-bound in subsequent trade. The market continued to trade sideways in the post-noon session in the absence of any major triggers, but ended with gains of close to 1%.

The Sensex closed above the 20,000-mark at 20,060.32, up 171.44 points (0.86%). The Nifty ended a tad above the 6,000 levels at 6000.65, a gain of 53.60 points (0.90%).

The US markets ended in the green overnight with the Dow and the S&P 500 closing at their two-year highs on growth optimism for 2011 and on earnings forecasts. Banking stocks rallied on news that Canada-based Toronto-Dominion Bank agreed to acquire Chrysler Financial, the auto lender owned by Cerberus Capital Management, for $6.3 billion. Adobe Systems Inc surged 6% to $30.93 after it gave a positive earnings forecast for the fourth quarter.

The Dow gained 55.03 points (0.48%) to 11,533.16. The S&P 500 added 7.52 points (0.60%) to 1,254.60. The Nasdaq rose 18.05 points (0.68%) to 2,667.61.

Markets in Asia were trading with marginal gains in early trade on Wednesday. Japan’s export growth in November accelerated for the first time in nine months. Overseas shipments rose 9.1% in November from a year earlier, from October’s 7.8% gain, the finance ministry said in Tokyo today. However, the euro-zone debt crisis continued to dampen investor sentiment.

The Hang Seng gained 0.39%, the Jakarta Composite was up 0.19%, the KLSE Composite rose 0.37%, the Nikkei 225 added 0.06%, the Straits Times surged 0.45%, the Seoul Composite was up 0.18% and the Taiwan Weighted gained 0.26%. On the other hand, the Shanghai Composite was down 0.10% in early trade. The SGX Nifty was 6.50 points higher at 6,020.50 against its previous close of 6,014.

Buoyed by 8.9% growth in the first half, global consultancy Fitch on Tuesday revised upwards its growth forecast for India to 8.7% this fiscal, from its earlier estimate of 8.5%.

This is almost similar to the growth projection of 8.75%, plus or minus 0.35% made by the government in its mid-year Economic Review earlier this month. For 2011-12 and 2012-13, however, Fitch said that economic growth is likely to fall further to 8.5% and 8%, respectively.

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