Just waiting…

If you wait for tomorrow, tomorrow comes. If you don't wait for tomorrow, tomorrow comes. – Anonymous The market seems to be on a waiting mode for some time. Expectations are this lackluster movement will continue till around the budget. A stormy budget session is in store later this week as the Opposition gears to take on the government on various issues especially those on corruption. Reports suggest that the FM may bring about extensive changes in the regulatory regime governing capital markets in the upcoming budget. Fm had promised to unveil more measures in the budget to make the country's regime friendlier to foreign flows. But for that we will have to wait till it actually happens. The opening is set to be muted with global markets mixed today. The indices continue their losing streak for the third week in a row though the Nifty is showing some resilience near the support of 5860. With the Nifty trading in extreme oversold condition there is hope of a pre-budget rally in the coming days, provided the budget session goes on smoothly. After facing headwinds for two consecutive years, the economy is set to grow at 6.8% next fiscal on a reversal in deterring factors, says CMIE. Meanwhile, the government is considering expanding the definition of infrastructure sector with a view to promoting industrial activity and boosting economic growth in the next financial year, says a report. The US markets are shut today in honour of President’s Day. Key statistics on the housing market will be released throughout the week, including the National Association of Home Builders Housing Market index, housing starts, building permits and existing home sales. Concerns of a global currency war may dim as the world's biggest economies pledged they would not devalue their money. Finance ministers and central bankers from the G20, ended a two-day meeting in Moscow where they stated that they ‘will not target our exchange rates for competitive purposes, will resist all forms of protectionism and keep our markets open.’ Federal Reserve Chairman Ben Bernanke said in Moscow that the U.S. has deployed "domestic policy tools to advance domestic objectives," adding that bolstering the U.S. economy will support world growth. Japan's Nikkei 225 index was down marginally and so was Hong Kong 's Hang Seng index. South Korea's Kospi index is a tad higher. US crude fell a bit to $95.64 a barrel. Results watch: Esab India FII Flows: FIIs have pumped in a staggering $4 billion into the Indian stock market in the first two weeks of February, taking the investment tally to $8 billion for calendar year 2013 so far. Foreign Institutional Investors (FIIs) infused a net amount of $3.95 billion (about Rs. 21,058 crore) in Indian equities in February so far, taking the total for the year to $8 billion (Rs. 43,117 crore). Global Data Watch: Family Day CAD, President's Day USD, Rightmove House Price Index (MoM) (Feb) GBP, Rightmove House Price Index (YoY) (Feb) GBP, New Motor Vehicle Sales (MoM) (Jan) AUD, New Motor Vehicle Sales (YoY) (Jan) AUD, Current Account n.s.a (Dec) EUR, Current Account s.a (Dec) EUR, BoJ Monetary Policy Meeting Minutes JPY . In other news in the media: After protracted delays, Cairn India has won approval to drill exploration wells on the prolific Rajasthan block that will help it boost output to 215,000 barrels per day by March 2014. (BL) The board of Gujarat NRE Coking Coal has advised company shareholders to reject Jindal Steel and Power’s all-cash Rs12bn takeover bid, saying the offer does not adequately reflect future prospects. (BL) Welspun India plans to invest up to Rs10bn in the next fiscal to scale up its yarn and cotton production at its two plants in Gujarat, as it aims to reduce dependence on external sources for raw materials. (BL) Etihad Airways needs to revise its deal to buy a stake in Jet Airways and it is too soon to say when a final agreement will be struck, the Abu Dhabi airline's chairman said. (BS) Aurobindo Pharma Limited has received final approvals from the US Food & Drug Administration (USFDA) to manufacture and market Pioglitazone tablets and its earlier tentatively approved Pioglitazone plus Metformin Hydrochloride tablets. (BS) CCL Products (India) Limited, which exports processed coffee to 64 countries, is planning to expand its presence in the domestic market besides focusing on brand building in the country. (BS) Top officials of Diageo and United Spirits, including its chairman Vijay Mallya, are likely to meet this week to discuss regulatory and other issues related to their proposed US$ 2 bn deal. (ET) Equipment manufacturers and contractors will count on state firms for large orders next fiscal as power sector giants such as NTPC, Power grid plan to invest Rs500bn in various projects, although the private sector has been stymied by fuel scarcity and distribution problems. (ET) Central Bank of India is expected to get Rs24bn fund infusion through preferential issue of shares to the government by end of next month. (ET) Uninor has closed down its mobile networks in Kolkata and West Bengal as well as in Mumbai from Saturday midnight. (BL) Betting big on the country’s economic growth and its positive impact on the retail industry, Lifestyle International Pvt Ltd is planning to invest another Rs6bn in the next three years to widen its footprint across cities. (BL) The operators offering 4G services with 2,300-MHz spectrum are likely to get the option of switching to the more efficient 700-MHz band, with the Department of Telecommunications (DoT) working out modalities to offer the latter in the next round of auction.(BS)