Markets Bounce Back And Expect To Rally Today Too

13 Mar

Posted by Shyam as IntraDay Calls

The Indian share markets made a good come back rally which was expected last time. Due to the strong global cues coming in the Indian share markets were up and sensex closed 2.25% up and NIfty too closed 1.69% up today. There were many other news flows during the day. The inflation figures for the week ending Feb 28th stands at 2.43% which is lowest since June 2002. The IIP data which was also expected yesterday came at -0.05% as against -0.06% last time.

So the industries contracted at a rate of 0.05% in Jan 2009. But it is on a very slow but improving direction as of now. The declining inflation figures also add some relief for now. Then 3 companies have shown their interest in bidding over satyam’s 51% stake. L&T, Tech Mahindra and Spice Corp have shown interest with their EOI(Expression Of Interest). But the Satyam prices fluctuated and closed down yesterday.

Meanwhile there is some good news coming in from world markets.CITI group and GM news has given some momentum to the markets. The US markets closed up above 7000 levels. Dow was up by 3.46% and Nasdaq up by 3.97%. Currently the Asian markets are also on a + side. Nikkei-225 is up by 4.4% and Hang Seng is up by 2.94% as of now. The Indian stock markets will be moving up with all +ve news flows today.

Some intra day calls to watch out would be: ICICI, Educomp, Satyam, Axis Bank,Indian Overseas bank.Have a great trading session ahead.