Indian markets are likely to open negative note tracking SGX Nifty. However global
markets overnight have been strong and hence sharp negativity is unlikely to stay for
a long.
After witnessing sharp volatility in the last two days Indian markets extended its gain
yesterday. Banking stocks saw huge buying on the expectations that huge sum of
deposits in the coming days will increase the liquidity and reduce cost of funds for
them. Further the RBI has come out with a new norm of S4A scheme which should
allow banks to accelerate in resolution of the troubled assets hence banking stocks
could extend their rally.
The US markets closed on a mixed note while Dowjones closed higher NASADAQ
closed on a negative note. On the other hand European markets closed down and
selling pressure was witnessed. FTSE closed down 1.2% while DAX closed
marginally lower by 0.15%.

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