11/1/2012 9:03 PM Thursday
The RBI has veered away from the government’s path once again and maintained status quo on the interest rates. On the other hand, the corporate results have been better than expected. It is just a matter of time before the markets get back on an upward growth trajectory, says Saikat Mitra.
The markets are yet to get into a festive mood, and the RBI’s move of maintaining status quo on the interest rates has further restricted the attempt at gathering momentum. The last fortnight saw them end on a rather flat note, with the Sensex and Nifty declining by 0.39 per cent and 0.64 per cent respectively. The RBI’s meeting was being eagerly awaited as there were expectations of a rate cut. However, it only saw the regular reduce the Cash Reserve Ratio (CRR) for the second consecutive time by 25 basis points.
On the other hand, the Q2FY13 report card of India Inc. has been quite good, with the results coming in better than expected. For the 669 companies that had declared their results till October 30, the topline has witnessed a growth of 14.42 per cent and the net profit registered a gain of 21.41 per cent on a YoY basis. This is indeed a good sign. It is expected that the results of the remaining companies will also be ahead of expectations.
On the global front, the US markets are reeling in the aftermath of hurricane Sandy that lashed the US East Cost, forcing a closure of the markets there for two consecutive days. Although put on the backburner due to this natural catastrophe, the US Presidential election is the most important event that is being looked forward to by investors across the globe. In Europe, stocks climbed, heading for a fifth straight month of gains as Air France-KLM Group and Deutsche Lufthansa AG (LHA) posted earnings that beat estimates. On the data front, certain important data will be released in the next fortnight, which includes the jobless claims, consumer confidence, GDP and new home sales numbers.
|Sensex ||18,505.38 ||18,577.70 ||-0.39 |
|S&P CNX Nifty ||5,619.70 ||5,655.75 ||-0.64 |
|BSE - 100 Index ||5,620.99 ||5,660.85 ||-0.70 |
|BSE - 200 Index ||2,276.15 ||2,294.08 ||-0.78 |
|BSE - 500 Index ||7,118.77 ||7,172.10 ||-0.74 |
|NSE - CNX 100 ||5,503.20 ||5,545.45 ||-0.76 |
|NSE - CNX 500 ||4,448.85 ||4,486.80 ||-0.85 |
|Shanghai Composite ||2,068.88 ||2,101.05 ||-1.53 |
|FTSE ||5,843.02 ||5,870.54 ||-0.47 |
|Dow Jones Ind Avg ||13,107.21 ||13,551.78 ||-3.28 |
|Nikkei ||8,928.29 ||8,812.87 ||1.31 |
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