Global mkts stable; IIP, CPI numbers clincher for Nifty

Thursday did not sizzle with momentum, but still the Nifty got very close to 5,600, but one has to see whether this is a more durable pullback. It is an important day for the market with the earnings season kicking off today with IT major Infosys.
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Apr 12, 2013, 11.17 PM | Source: CNBC-TV18

Global mkts stable; IIP, CPI numbers clincher for Nifty

Thursday did not sizzle with momentum, but still the Nifty got very close to 5,600, but one has to see whether this is a more durable pullback. It is an important day for the market with the earnings season kicking off today with IT major Infosys.

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Global mkts stable; IIP, CPI numbers clincher for Nifty

Thursday did not sizzle with momentum, but still the Nifty got very close to 5,600, but one has to see whether this is a more durable pullback. It is an important day for the market with the earnings season kicking off today with IT major Infosys.

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Udayan Mukherjee (more)

Consulting Editor, CNBC-TV18 |

Thursday did not sizzle with momentum, but still the Nifty got very close to 5,600, but one has to see whether this is a more durable pullback. It is an important day for the market with the earnings season kicking off today with IT major Infosys .

Also read: Infosys Q4 profit seen down 3% QoQ, sales likely up 4%

It has to be seen if the first of the few earnings, will egg the Nifty forward towards and beyond the 200 day moving average. Global markets are okay but now local factors assume some importance with the micro and macro data (February IIP data) lined up for the day, said Udayan Mukherjee, managing editor, CNBC-TV18.

Thursday did not look table thumping though because the market got narrow once again and that is never a good sign. So, it could be just a temporary breather but we did not have great breadth in the market yesterday. Midcaps did not outperform, handful of largecap names did quite well, for example- Infosys, Tata Motors , DLF , ICICI Bank . So, in a sense the largecap leadership was good but the breadth was not there.

Today is an important day because we get a lot of macro data and Infosys’ comes out with its earnings. It is a combination of what would be important in determining whether this rally continues for another 100-150 points on the Nifty or if it going to run into headwinds immediately now. Yesterday was the first sign of tiredness, which crept in.

It is an interesting day for the market for sure. It is crucially poised after two days of an attempted upmove, but I think today, also being the weekly close, it might be a bit of a decider on whether this rally or pullback  has legs going into next week or it will be terminated abruptly.

It is difficult to decide what’s next for the market because there is a lot of newsflow around the opening time. So, I guess, today’s market reaction or start will be determined to some extent by what the numbers from Infosys turn out to be like. The IT sector has had a fairly influential role in holding the market up over the last few weeks. So, Infosys assumes an importance and then the macro numbers, the IIP numbers which may not be strong, followed by the consumer price index (CPI) number, which also comes in. So, I think today the market will see a lot of newsflow, which vitiates a clean trading environment and a call that you can take for weekly.

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