Market Today: Trade Setup, Cues And Stocks Outlook
While global markets trend downward and Dalal Street is bucking the trend. It seems Federal Reserve’s tapering plan won’t spoil the party. “Rise in the cost of capital will be extremely gradual with Fed normalizing ultra-cheap monetary policy.
TRADE SETUP: Cues for today’s market
- Nifty futures on the Singapore Exchange traded higher by 107 points at 8:15 hours (IST), signalling a gap-up start on Dalal Street.
- The yield on 10-year Treasuries was at 1.74%.
- The dollar was steady after registering decline
- Indian gold prices jumped Rs 104 to Rs 46,606 per 10 grams, which is in line with international gold prices.
Stocks In News
Vodaphone-Idea Stake Buying
Government’s potential stake in Vodafone Idea (Vi) is credit positive from an investor’s point of view, indicating that the telco would be in a better position to raise funds, brightening the prospects for its long-term survival, global funds and analysts said.
The government today said it has no plans to play a role in managing VODAFONE IDEA’S operations, despite possibly holding a 35.8% stake in the loss-making telco. It will get away after firms’ operations stabilises.
TCS, Infosys, Wipro May Post Robust Quarterly Results
These three top Indian IT firms are set to cut through the clutter of Wednesday’s earnings print with a burst of positive news. Infosys is expected to lift its guidance for the next financial year following strong performance during the quarter that gave it an opportunity to take on larger deals.
Kunal Shah of ICICI Securities reiterated its bullish view on Axis Bank, SBI and HDFC Bank. He is of the opinion that these stocks have not much re-rated. We are now seeing better growth coming in from there. The asset quality issues are stabilising.