“Victory is sweetest when you've known defeat.”
It was exactly the case for the Chennai Super Kings as they edged out the favourites - the Mumbai Indians in the IPL final. As far as the market is concerned, the gains made over the past one year or so have been spectacular post the global meltdown. Today promises to be yet another sweet start for the market on the back of good global tidings. The key to watch is whether the Nifty closes above 5350.
Equities worldwide have gained after Greek decided to tap into the EU-IMF loan. The initial monsoon forecast is encouraging. Earnings from a couple of big private banks have been pretty robust. On the flip side, Reliance’s results were slightly disappointing. Crude oil is above $85. The political temperature is rising and calls for tighter bank regulations have got shriller in the US.
As the MI’s loss to CSK shows, nobody is invincible. So, one has to guard against complacency. No need to take undue risk. Wait for a decisive move in key indices. We expect the market to remain sideways and rangebound ahead of the Fed meet and F&O expiry.
Results Today: Allied Digital, AstraZeneca Pharma, Bosch, Geometric, Godrej Consumer, Indiabulls Financials, Indoco Remedies, Kiri Dyes, Kirloskar Brothers, Maruti Suzuki, Religare, Sterlite Industries, Tata Metaliks and Uco Bank.
FIIs were net buyers of Rs3.39bn on Friday on a provisional basis. Local funds were net buyers of Rs290.9mn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers of Rs3.58bn. On Thursday, FIIs were net buyers of Rs17.48bn in the cash segment, as per the SEBI web site. Mutual funds were net buyers at Rs2.47bn in the cash segment on the same day.
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