Happiness is the result!

The moments of happiness we enjoy take us by surprise. It is not that we seize them, but that they seize us. - Ashley Montagu.

After a long time, investors had something to cheer about Infosys results. The IT titan came out with strong Q2 earnings and improved guidance. The stock surged. Other IT shares also joined the party. Reports talk of a ‘cartel’ active on the counter and that the ‘cartel’ may look at pushing other heavyweights too depending on the results.



Such was the enthusiasm that market chose to ignore the disappointing IIP numbers. This morning, we are looking at another positive opening, spurred by overnight gains in the ‘western’ markets. US and European indices advanced on growing hopes that Europe may finally be getting a handle over its credit crisis. Asian markets too are mostly higher today.

Slovakia is set to approve Europe’s enhanced bailout fund, completing the ratification process across the 17-member eurozone. The European Commission has laid out a plan for the reinforcement of crisis-hit banks, payout of a sixth loan tranche to Greece and a faster start for a permanent rescue fund.

Meanwhile, the Fed too seems to have left the door open for QE3 in the near future, according to the latest FOMC minutes.

So, the risk trade is back in vogue, at least for the time being. Markets could head much higher if the overseas news flow remains encouraging. Amid all the little euphoria, stay alert and don’t get carried away as yet.

FIIs were net buyers of Rs 5.95bn (provisional) in the cash segment on Wednesday, according to NSE data. The domestic institutional institutions (DIIs) were net sellers at Rs 1.06bn on the same day.

FIIs were net buyers of Rs 14.43bn (provisional) in the F&O segment, according to NSE web site.

The foreign funds were net buyers of Rs 1.83bn in the cash segment on Tuesday.

Results Today: AP Paper, Asahi India, Kajaria Ceramics, Piramal Lifesciences, Praj Industries and VST Industries.

China's exports rose 17.1% in September from a year earlier, compared to a 24.5% rise in August. Analysts had forecast a 20.3% rise. Imports gained 20.9% from a year earlier, easing from a 30.2% rise in August, and short of the median forecast for a 23.7% rise.

The Bank of Korea has kept its key rate on hold at 3.25% for the fourth straight month. The move was widely expected by markets and economists.

Australia's unemployment rate fell to 5.2% in September, from 5.3% in August. Economists had forecast an unemployment rate of 5.3% for the month, according to reports. The Australian dollar rose following the jobs data.

The US Congress has cleared legislation for US free-trade agreements with South Korea, Colombia and Panama.