EQUITIES EXTEND GAINS ON EASING GEOPOLITICAL TENSION; IIP, CPI, EARNINGS IN FOCUS AT HOME
WORLD MARKETS
US indices ended with modest gains, extending the gains to second day, on signs of easing in geopolitical tensions.
Russian President Putin said his country is coordinating with the International Red Cross to send humanitarian aid to Ukraine.
In the Middle East, Israel and Hamas agreed on Sunday to an Egyptian proposal for a new 72-hour ceasefire.
Stanley Fischer, the vice chairman of the U.S. Federal Reserve, said that the recoveries in the U.S. and global economies had been "disappointing" thus far, indicating the Fed may not imminently tighten its monetary policy.
Later in the day, U.S. President Obama in a statement said Iraq made important strides toward rebuffing a militant group with the designation of a new prime minister and urged the formation of an inclusive government to address the needs of all Iraqis.
European markets soared 1%-2%.
AT HOME
Benchmark indices, after a gap up opening, traded in a narrow range through the session and finally ended higher by three fourth of a percent, breaking the three-day losing streak. Sensex gained 190 points to settle at 25519 while Nifty finished at 7626, up 57 points. BSE mid-cap and small-cap indices gained 0.6% and 0.8% respectively. BSE Auto index climbed 2.6%, becoming top gainer among the sectoral indices, followed by 1% rise in Realty index.
FIIs net sold stocks worth Rs 163 cr but net bought index futures and stock futures worth Rs 162 cr and 498 cr respectively. DIIs were net buyers to the tune of Rs 234 cr.
Rupee depreciated 3 paise to close at 61.17/$.
GAIL reported 23% dip in June quarter net profit at Rs 621 cr. Net sales rose 3.7% to Rs 13337 cr. Operating margin declined 390 bps to 7.8%.
Tata Motors reported a huge 213% rise in consolidated net profit at Rs 5398 cr driven by strong JLR performance. Consolidated revenue jumped 38% to Rs 64683 cr. Operating margin expanded by 390 bps to 17.2%.
OUTLOOK
Today morning Asian markets are trading with modest gains and SGX Nifty is suggesting about 40 points higher opening for our market.
After today's gap up opening, Nifty will be very close to the 7690 resistance where the trendline adjoining recent tops on the daily chart is placed. A crossover of this hurdle is required to turn the near term view decisively bullish.
India's IIP for June will be released today and is expected to show a further improvement in growth to 5.84% from 4.7% in May.
CPI for July too would come out today and is expected to inch up to 7.6% from 7.31% in June.
BHEL, BPCL, Coal India, JP Associate, Sun Pharma and Tata Power will report their quarterly earnings today.
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