Cooling continues!

Money is the opposite of the weather. Nobody talks about it, but everybody does something about it. - Rebecca Johnson.

The market is again turning as unpredictable as the weather even as it consolidates after a spectacular rally. The trend is likely to continue today as well as the Greek debt drama drags on and data shows faster-than-expected inflation in China. Bank of Korea has left borrowing costs steady. Japan’s core machinery orders dropped 7.1% in December.

Talking of economic stats, growth in the direct tax receipts remains slow while credit offtake too continues to moderate. Car sales for FY12 may be either flat or even tad lower. On the plus side, FII inflows are still positive while the domestic funds are more cautious.



The opening is likely to be wee bit cooler as global investors fret over Greece’s inability to seal a deal on second bailout. Asian markets are mostly down post the Chinese inflation data. US markets managed modest gains while their European counterparts finished mixed.

Lots of results are on tap today. Watch out for the outcome of the ECB and Bank of England policy meetings. But, all eyes will be on Greece as it seeks to secure more international aid to avoid a default.

Trend in FII flows: The FIIs were net buyers of Rs 3.84bn in the cash segment on Wednesday while the domestic institutional investors (DIIs) were net sellers at Rs 4.24bn, as per the provisional figures released by the NSE.

The FIIs were net sellers of Rs 5.21bn in the F&O segment on Wednesday, according to the provisional NSE data.

The foreign funds were net buyers of Rs 6.92bn in the cash segment on Tuesday, as per final SEBI data. Mutual Funds were net sellers at Rs 2.81bn on the same day.

Major Results Today: ACC. Adani Enterprise, Alfa Laval, Ambuja Cements, Anant Raj, Apollo Tyres, Cummins India, Fortis Healthcare, Gammon India, GTL, GTL Infra, GNFC, GSPL, Hikal, Hindalco, HPCL, Indiabulls Securities, Jindal Saw, Jindal Stainless, JK Tyre, Kernex Micro, KRBL, Moser Baer, MRF, NDTV, Network18 Media, Page Industries, Rajesh Exports, Sundram Fasteners, Talwalkar's, Tata Steel, TV Today and TV18 Broadcast.