Indian markets are likely to open flat tracking global markets and SGX NIFTY.
However banking stocks could see buying interest as RBI intends to relax
restructuring norms under S4A.
US markets closed on a negative note after erroneous news that ECB would
probably wind down its 90 bn monthly bond purchases. Despite clarification from
ECB market continued to be under pressure. However European markets closed
with strong gain backed by recovery in troubled lender Deutsche Bank.
Indian markets closed with a positive note after the RBI’s 25 bps cut in repo rates.
While selective banks moved up the real winner during the day were the Gas
producers in India i.e ONGC up 4.5% and GAIL up 4.4%. However market missed
the fire power which a rate cut should bring. With one of the key events getting over
now market participants will look forward towards quarterly results.
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