Randomness on the Street!

Without the capacity to provide its own information, the mind drifts into randomness. - Mihaly C.

The Indian market was hit by a triple whammy last week with IIP, Infosys and Inflation disappointing investors. It was a truncated week. So, in a sense the market may have got away with only a marginal damage. This week too there will be a public holiday on account of Good Friday. The undertone remains a wee bit shaky even as FII inflows have started to ebb and earnings keep rolling in.



We expect a cautious start and a choppy day. Selling pressure could worsen in case of a break below 5745. However, some recovery cannot be ruled out later in the day if overseas markets remain resilient. A lot of stock centric activity is on the cards though.

Infosys and IT pack will stay in focus. Aditya Birla Chemicals and Kanoria Chemicals will attract attention following the weekend deal. News-based action is also likely in Everonn Education and IRB Infra.

Muthoot Finance IPO kicks off today.

US and European markets managed modest gains on Friday while Asian equity benchmarks are mixed. Over the weekend, China hiked its reserve ratio by 50 bps. Saudi Arabia reportedly cut oil output in March due to oversupply.

The Indian markets will be all ears to the first official monsoon forecast from the IMD on Tuesday. They will also keep an eye on the ongoing state elections.

Eurozone debt worries persist after Moody’s downgraded Ireland’s debt ratings on Friday. Oil prices are still elevated on the back of the relentless political unrest in the MENA region. Precious metals are on fire on inflation concerns.

Meanwhile, more than 100 American companies that are part of the S&P 500 index will report their quarterly results this week.

Results Today: CMC, HDFC Bank, IFCI, IndusInd Bank and Persistent Systems.

FIIs were net sellers of Rs 2.53bn in the cash segment on Friday, according to the provisional NSE data. The domestic institutional institutions (DIIs) were net sellers at Rs 3.6bn on the same day. In the F&O segment, the foreign funds were net sellers at Rs 8.43bn. The foreign funds were net buyers of Rs 2.03bn on Thursday, as per the SEBI data.