Market to remain sideways, Stock specific action likely
Stocks on Dalal Street are expected to have a flat to positive opening
on the first trading day for the week. Expect the Sensex to gain
nearly 80 points on 1 percent for the day.
Stock futures in Asia are slightly in the positive territory in the
pre-market session. Metals and Financials are likely to be the
outperformers in today's trade. The Japanese Benchmark Nikkei is
likely to rebound after a terrible Friday.
The sentiment towards IT stocks has turned positive as the valuations
seems attractive and these companies have little debt and lots of cash
on their balance sheets. Rupee appreciations was also one of the
predominat reasons for the positive sentiment in this sector.
Rupee depreciated on the speculation investors will stay away from
emerging-market assets as the global financial slump deepens.The rupee
declined 1.1 percent to 51.7025 in Mumbai before hitting a record low
on the 3rd of March.
Satyam Computers might remain active in early trades after hitting the
upper circuit on Friday. According to the news reports the company
might invite for EOI as early as Tuesday and the whole sale process
might be wrapped up within a month. The scrip at Rs 42, looks like a
low risk hight reward bet at the current market price.
Watch out for a rebound in banking and realty stocks as these stocks
look oversold at current levels. Overall, subdued market with a
bullish tone is on the cards in Monday's trade.
Previous Close Box :
BSE Sensex 8332.82 134.90
NSE Nifty 2620.15 43.45
USD Rs.51.51
Oil Nymex $45.52
Research Desk
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