Wipro's good Q3 result may support market; HDFC result eyed

The market may open higher on better than expected Q3 Result from IT heavyweight Wipro. As per consolidated basis, the company's net profit rose 21.26% to Rs 121/74 crore on 4.17% rise in total income to Rs 7055.80 crore in Q3 December 2009 over Q3 December 2008. The company announced the result before market hours today. Another Index heavyweight, HDFC will announce its Q3 December 2009 result today, 20 January 2010. Asian markets were trading mixed today. While US markets closed higher on Tuesday,

Economic growth will accelerate this year, Commerce and Industry Minister Anand Sharma said on Tuesday as he demanded better access to China's markets to help exports. Sharma's call for greater access for goods comes amid a widening trade gap between the countries. Trade between the two grew rapidly to $50 billion in 2008, making China India's second-largest trading partner, but fell back to $43 billion in 2009 as global trade declined. Sharma called for more Chinese direct investment in India, especially in infrastructure, while noting that Indian firms are already present in China.

Monthly inflation may touch double digits by March 2010, federal Chief Statistician Pronab Sen told Television media on Tuesday. The wholesale price index rose to 7.31 % in December from a year earlier, driven by higher food prices.

The Reserve Bank of India (RBI) on Tuesday allowed the introduction of currency futures in euro, yen and pound sterling, a move would improve liquidity in the derivatives market.

Asian stocks fluctuated on Wednesday as declines among financial companies overshadowed gains by mining companies and Japanese exporters. Chinese regulators asked some banks to limit lending. The key benchmark indices in South Korea, Singapore, Japan and Indonesia rose by between 0.05% to 0.8%. But the key benchmark indices in China, Hong Kong and Taiwan fell by between 0.43% to 1.5%.

After an extended weekend, US stocks opened the week on an encouraging note on Tuesday 19 January 2010. Stocks rose to fresh 15-month highs led by healthcare stocks as a key senate-seat vote in Massachusetts on Wednesday could change the course of healthcare reform. Technology stocks got a boost from anticipation of strong earnings from IBM. Numbers were reported after the bell and were well ahead of expectations. In other earnings, Citigroup hit its earnings target but missed on revenue.

The Dow gained 115.78 points, or 1.1%, to 10,725.43. The Standard & Poor's 500 index added 14.20 points, or 1.3%, to 1,150.23. The Nasdaq composite index rose 32.41 points, or 1.4%, to 2,320.40 on Tuesday.

The world's economy is recovering more strongly than expected and the projected growth rate in 2010 is likely to beat the forecast 3 percent, Dominique Strauss-Kahn, the head of the International Monetary Fund, said on Wednesday. But he said the recovery was patchy and various regions were rebounding at a varying pace.

Closer home, the key benchmark indices lost ground in choppy trade on Tuesday, 19 November 2010 as weakness in world stocks weighed on investor sentiment. Global stocks fell as investors awaited key earnings reports from the US. The BSE 30-share Sensex fell 155.02 points or 0.88% to 17,486.06 on that day.

As per provisional figures on NSE, the foreign funds sold shares worth Rs 361.67 crore and domestic funds bought shares worth Rs 22.54 crore on Tuesday.