Northward movement?

"The optimist pleasantly ponders how high his kite will fly; the pessimist woefully wonders how soon his kite will fall." - William Arthur Ward Colourful kites are crowding the skies. The festival known by different names like Pongal, Makar Sankranti and Lohri marks the beginning of the Sun's movement northward for a six month period. If only we knew for certain when or how long the northward journey of our market could last. After a positive surprise from Infosys, the street is perhaps expecting more blockbuster performance on the bourses even if companies just about manage to beat expectations. Reliance Industries, TCS and ITC are among the big numbers this week. The opening is set to be flat to mildly positive. As usual, the companies announcing results will be in focus. The inflation numbers will also be keenly watched and it is expected to have risen in December. The RBI had projected December inflation of around 8% in its October policy review. What the RBI does on January 29 is likely to be speculated as the week goes by. For the Nifty, the trading range of 5920-6100 remains intact. Asian markets are more or less flat. Japan is reviving its export engine by aggressively devaluing its currency. The yen has fallen over 14% since October last year. US markets managed to end the week with slight gains but this week will have a host of economic data besides results. Retail sales and consumer sentiment will be eyed here. Results watch: TCS, ARO Granite, Electrosteel Cast, Shree Ganesh Jewel, Maharashtra Scoot, Muthoot Fin,Vakrangee Soft. Trends in FII flows: This year so far, FIIs were gross buyers of shares worth Rs 25,458 crore, while they sold equities amounting to Rs 16,645 crore -- a net inflow of Rs 8,813 crore ($1.6 billion), according to Sebi data. The FIIs were net buyers of Rs8.25bn in the cash segment on Friday, while the domestic institutional investors (DIIs) were net sellers of Rs5.16bn, as per the provisional figures released by the NSE. The foreign funds were net buyers of Rs7.72bn in the cash segment on Thursday, according to the SEBI figures. On the global front, China will release its GDP numbers Global Data Watch: Coming-of-Age Day JPY, ANZ Job Advertisements (Nov) AUD, Home Loans (Nov) AUD, Investment Lending for Homes (Nov) AUD, Fed's Evans Speech USD, Wholesale Price Index (MoM) (Dec) EUR, Wholesale Price Index (YoY) (Dec) EUR, Industrial Output w.d.a (YoY) (Nov) EUR, Industrial Output s.a. (MoM) (Nov) EUR, Industrial Production w.d.a. (YoY) (Nov) EUR, Industrial Production s.a. (MoM) (Nov) EUR, Fed's William Dudley speech USD, Fed's Lockhart speech USD, NZIER Business Confidence (QoQ) (Q4) NZD, Food Price Index (MoM) (Dec) NZD, Money Supply M2+CD (YoY) (Dec) JPY In other news in the media: Gail India plans to spend a Rs90bn in capital expenditure in the next fiscal, most of which will be used to complete the many on-going projects, a top company official has said. (ET) The Tata Housing Company limited has signed an MoU with the Gujarat government for constructing affordable houses worth Rs35bn in Ahmedabad district. (ET) Infrastructure major IVRCL Ltd has stopped work in the about Rs3bn hydel power project in Nepal, which it had won in 2010, demanding increase in the budget, sources said. (BL) Reliance Industries plans to set up three-in-one telecom towers, starting with Mumbai, as it readies to launch fourth generation telecom services across the country. (BL) Indicating that power tariffs could go up further, Power Ministry has said the price of electricity has to match the rising cost of inputs. (ET)