Market to open on positive note: Ventura Securities

Ventura Securities' fundamental report:

Sensex, on Monday, lost 61 points and closed at 29,122 on account of cautiousness ahead of RBI’s meet today and slowdown in Indian factory activity. Among sectors, FMCG, Oil & Gas, Metals & PSU declined the most. Among stocks, Bharti Airtel, Dr Reddy's, HUL, ICICI Bank and ITC declined over 2 percent each. Market breadth was negative with 1,616 declines against 1,303 advances.

Nifty lost 12 points and closed at 8,797. Today we expect the markets to open in green on the back of positive global cues and an anticipation of rate cut in today’s US markets ended the day on a positive note. Dow Jones and Nasdaq closed 1.14 percent and 0.89 percent uprespectively, driven by hopes of a Greek debt deal; energy shares bounced with recovery in oil prices. US markets, today, will see data releases on FactoryOrders, IBT/TIPP Economic Optimism and Vehicle Sales.

Asian markets are, however, trading on a negative note with Nikkei down 0.27 percent and Hang Seng down 0.2 percent on account of stock specific movements determined by corporate earnings. SGX Nifty is trading 21 points up at 8,883. Indian ADRs ended the day on a positive note. Among financial ADRs, ICICI Bank closed 1 percent down and HDFC Bank closed 1.3 percent up. Among IT ADRs, Wipro was up 1.56 percent and Infosys was up 0.79 percent. Tata Motors was up 2.92 percent.

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