Will Santa visit Indian market too? Check out cues

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Will Santa visit Indian market too? Check out cues

Santa seems to be still contemplating his entry to the markets. After a volatile session, the Nifty closed half a percent higher yesterday at 4780. Dow and Nasdaq too closed up 0.5%.

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iGATE Solutions BSE | NSE 01/01/70 Are Mutual Funds betting on iGATE Solutions? Other Stocks in this news Patni Computer Systems | HDFC Bank | Bharti Airtel | Idea Cellular | Indian Oil Corporation | Orchid Chemicals and Pharmaceuticals | GVK Power & Infrastructure |

Santa seems to be still contemplating his entry to the markets. After a volatile session, the Nifty closed half a percent higher yesterday at 4780. Dow and Nasdaq too closed up 0.5%.

Signaling improvement in labor market, the US jobless claims report that was released late yesterday saw the figure down to a 3.5 yr low. US Consumer confidence index was at its highest in six months. 

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In Italy, Mario Monti's government passed the emergency austerity budget to restore market confidence and an ECB member commented that they might resort to quantitative easing in Europe if threat of deflation emerges. DAX, CAC and FTSE ended the day up 1 to 1.5% higher.

The cheer has rubbed on to the Asian market opening today. Taiwan is up 1.5% and Hang Seng up 1.1%. Shanghai has however dropped marginally by about 0.1% and Nikkei remains shut today.

In the currency space, the euro is holding above 1.30 at the moment. The dollar index is at 79.89.

Commodities have been largely flat. Brent is just below USD 108/bbl and gold futures trade flat at USD 1611 per ounce.

Moving on to the newsmakers and stock cues,

Like the 3G auction bailed out government last year, SUUTI, the special undertaking of UTI, is set to be used by the government to get closer to its divestment target and reduce the fiscal deficit. CNBC-TV18 reports that the government may pledge Suuti assets to cut deficit.  There are also news reports that the government may borrow Rs 50,000 crore by pledging land and shares to narrow budget deficit.

Phaneesh Murthy, CEO of iGate - Patni says that if the proposed delisting goes through, he will aim to begin merger of Patni with iGate by December 2012.

HDFC Bank has raised the NRE fixed deposit rates to 9% from the earlier 3.8%, effective from today.

Keep an eye on the telecom stocks today. After jamboree with new telecom regulations, Bharti , Vodafone and Idea have been told to scrap 3G roaming agreements which could drastically affect their margins.

News reports say that airlines may get to import jet fuel directly, bypassing IOC . This is a move to save nearly 2500 cr rupees annually for the airlines.

Orchid Chemicals has received 1.5 million dollar payment from Merck for drug development collaboration.

In the infra space, NHAI is set to launch bonds of Rs 10,000 cr to part finance projects. Also, newspaper reports say that GVK Power & Infra may sell stake in its Australian unit to raise USD 500 million.

Padma Venkatraman
padma.venkatraman@network18online.com