Pre-Market Report, January 17, 2014 | Stocks and Commodities

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January 17, 2014
Time: 8.30 am

Pre-Market Report:

1. US markets closed mixed. Banking majors declared results which missed estimates.
2. Most Asian markets are falling following US markets.
3. Our markets may follow global markets and fall in the morning, but may surprise towards the end.
4. Indus Ind Bank declared results, shares fell, then Yes Bank declared results, shares closed flat and again Axis Bank declared results and shares closed flat.
5. We have to see how HDFC Bank performs today.
6. Despite Nifty reaching the high of January 2, Bank Nifty is still far below that level.
7. So clearly IT is out performing and Banks are underperforming.
8. SGX Nifty is trading about 20 points lower.
9. We are expecting some positive surprise because of three things

• Results expectation from HDFC Bank, Reliance, ITC and WIPRO.
• FIIs have bought for 1200 crores in the last two trading sessions.
• US fall had already been factored into European markets and today afternoon Europe may open positive and that may lift sentiment here.