Morning Call - Sep 10 2009

Indian Equity benchmarks extended their winning streak and closed at fresh 15-month highs on Wednesday amid an extremely choppy session as traders resorted to alternate bouts of profit booking and bargain buying. Oil & Gas and Banking space did extremely well with RIL leading the pack gaining more than 4.5%. Today too we expect the markets to open firm on the back of strong global cues.

US Stocks rallied on Wednesday, with the Nasdaq and S&P 500 ending at 11-month highs as investors welcomed a Federal Reserve report that indicated the economy is stabilizing. Both Dow Jones Industrial Average & Nasdaq were up 0.6% & 0.9% respectively.


Asian markets are also trading higher at this point in time with Hang Seng & Nikkei up 1.7% & 1.4% respectively. Indian ADRs were up across the board with the exception of SBI which was down marginally. Satyam ended as the biggest gainer up more than 4%. Financials too remain strong with both ICICI Bank & HDFC Bank up by 3.6% & 1.4% respectively. Among other Tech ADRs, Wipro & Infosys ended the day with gains of 1.8% a piece. Sterlite was up 1%.