Wishing Our Readers Our Followers A Very "HAPPY DIWALI AND PROSPEROUS NEW YEAR 2070"
Sensex at new high; investors ready for Samvat 2070 warily The bellwether index broke past its previous high of 21206 after 70 months this morning amid a raging debate if the market can sustain its gains.
The recent positives on growth in exports and the anticipated pick-up in agricultural production do provide reason for optimism on the macro front. Also, we believe that the delay in Federal Reserve (Fed)'s tapering of QE3 appears as a window of opportunity for our economy since it gives us space to continue on the course of corrective policy action and improve resilience against external headwinds. Swift policy measures have been taken to attract capital inflows in the economy. Consequently FII investors have returned in the equity market driven by a) global liquidity continuing to remain benign for now and b) receding domestic macro risks.
FII flows to dictate trend
Trend in investment by foreign institutional investors (FIIs) who are currently on a buying spree, trend in other global emerging markets, rupee movement and movement in crude oil prices will determine near term on the domestic bourses. FIIs purchased shares worth a net Rs 15706.20 crore in October 2013. FIIs had bought shares worth a net Rs 13057.80 crore in September 2013.
The stock exchanges are conducting a special live trading session on Sunday, 3 November, 2013, on account of Muhurat trading on Diwali. Trading will begin at 18:15 IST and will conclude on 19:30 IST. The stock market remains closed on Monday, 4 November 2013, on account of Diwali-Balipratipada.
Investors will eye the next batch of Q2 September 2013 corporate earnings. State-run power equipment major Bharat Heavy Electricals (Bhel) unveils Q2 September 2013 results on Wednesday, 6 November 2013. Tata Motors and Punjab National Bank unveil Q2 results on Friday, 8 November 2013.
Markit Economics will unveil the results of a monthly survey on the performance of India's services sector for October 2013 on Tuesday, 5 November 2013. The HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, slipped from 47.6 in August 2013 to 44.6 in September 2013, its weakest since April 2009. That marked its straight third reading below 50, the threshold between growth and contraction.
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