Bullish start seen on the cards

Indian shares are likely to open on a positive note as the global cues look slightly supportive with SGX Nifty trading 27 points higher.

Results on January 21, 2015

ITC, Raymond, Tata Elxsi, ING Vysya Bank, Zee Entertainment, TTK Prestige, KPIT Technologies, Mcleod Russel, L&T Fin.Holdings

Headlines for the day:

  • Tech Mahindra eyes 20% revenue from BFSI in 3 yrs

  • TCS to support Virgin Atlantic’s digital transformation programme

  • M&M completes Peugeot Scooters stake buy

  • RCom gets Rs650 cr from promoter group TIFPL

Indian Indices:

Indian shares are likely to open on a positive note as the global cues look slightly supportive with SGX Nifty trading 27 points higher.

Indian shares surged to a record high on Tuesday as metals stocks advanced after China’s economic growth data came in slightly better than expected, while blue chips were underpinned by widespread confidence about the domestic economy. The S&P BSE Se nsex and CNX Nifty ended 1.85% and 1.69% higher each.

On Tuesday (January 20, 2014), the S&P BSE Se nsex ended 523 points higher at 28,785 after hitting fresh all-time high level of 28,829.29 and the 50-share Nifty closed up 145 points at 8,695 after touching life-time high level of 8,707.90.

Global Indices:

Asian shares held firm and the euro stayed under pressure on Wednesday as investors counted on the European Central Bank to unveil a stimulus drive, while the yen was subdued ahead of the Bank of Japan’s policy announcement later in the Asian day.

U.S. stocks closed little changed on Tuesday after the International Monetary Fund reduced growth forecasts for 2015 and 2016, increasing speculation that central banks would take more aggressive policy moves to spark economic improvement.

European shares climbed to a new seven-year high on Tuesday after data showed China’s economic growth had slowed less than feared and expectations grew that the European Central Bank would launch a quantitative easing programme later this week.