Market seen reversing four-day loosing streak on firm global cues

Key benchmark indices are likely to open firm, reversing a four-day falling trend on firm global cues. The SGX Nifty January 2009 futures rose 29 points. However high volatility may be the order of the day. Reports of the government mulling a Rs 2,000 crore bailout package for the crisis-ridden Satyam Computers may lift the setiment.

India's second largest private sector bank by net profit HDFC Bank will declare its Q3 December 2008 results today, 14 January 2009. Aggregate results for 41 companies showed 33.10% rise in net profit on a 38.80% increase in net sales in Q3 December 2008 over Q3 December 2007.

Asian stocks advanced today, 14 January 2009 as technology companies gained on assumption consolidation will strengthen profits and a jump back in oil boosted energy producers, overriding declines among retailers. China's Shanghai Composite gained 0.56% or 10.35 points at 1,873.72, Hong Kong's Hang Seng rose 1.18% or 161.83 points at 13,829.88, Japan's Nikkei advanced 0.81% or 68.11 points at 8,482.02, Singapore's Straits Times surged 1.35% or 23.81 points at 1,785.63, South Korea's Seoul Composite was up 0.14% or 1.66 pointrs at 1,169.37 and Taiwan's Taiwan Weighted added 0.71% or 32.04 points at 4,564.40.

US markets ended mixed on Tuesday, 13 January 2009, as earnings concerns hovered. Exonn Mobil, Chevron and JPMorgan were biggest gainers on Dow Jones while Alcoa, General Electric and Bank of America were the biggest losers. The Dow Jones industriale average slipped 25.41 points, or 0.30%, to 8,448.56. However the S&P 500 index rose 1.53 points, or 0.18%, to 871.79 and the Nasdaq composite index gained 7.67 points, or 0.50%, to 1,546.46. In economic news, trade deficit shrank nearly 29% in November 2008, the biggest contraction in 12 years.

Back home, key benchmark indices extended losses for the fourth day in a row on Tuesday, 13 January 2009, in what was a highly volatile trading session. The BSE 30-share Sensex slipped 38.69 points or 0.42% to 9,071.36 and the S&P CNX Nifty fell 28.15 points or 1.02%, at 2744.95

Foreign institutional investors (FIIs) were net sellers worth Rs 345.78 crore while mutual funds bought shares worth Rs 152.58 crore on Tuesday, 13 January 2009, according to provisional data on NSE.