Markets To Open Higher On Good Quarterly Results
DSIJ Intelligence / 16 Feb 2015
The domestic market too showed good optimism taken cues from the global bullishness on Friday. As we had mentioned on Friday morning, the BSE Sensex gained more than 1 per cent to 29095 on Friday. The midcap companies too saw some buying interest and the BSE midcap index was up by 0.74 per cent. The country’s state owned bank SBI posted good quarterly results on Friday. The stellar performance by largest bank took the BSE Bankex to advance by more than 1.3 per cent on the bourses.
The European markets showed good gains on last Friday as the German economy showed better than expected GDP numbers. Interestingly, the German stock market barometer DAX touched first time to 11000 levels. The German market surged by 0.4 per cent and closed at 10963. The UK equity market too showed good optimism after Eurozone’s quarterly gross domestic product reading of 0.3 per cent came in better than expected, predominantly driven by strength in Germany. The French CAC too closed at 4759, up by 0.7 per cent.
The US markets too inched upwards because of the positive news flow from European markets. The markets S&P 500 closed at its new record highs since March 2000. The S&P 500 was up by 0.0.41 per cent at 2097. The Nasdaq Composite Index advanced by 0.75 per cent to 4894. The Dow Jones Industrial Average surged by 0.26 per cent to 18019.
On Monday morning, the Asian markets too are showing good gains on bourses. The optimism from European markets seems to be continued in Japanese and Chinese markets. The Japanese markets i.e. Nikkie 225 index was trading at 18068, with handsome gains of 0.86 per cent despite of GDP numbers lower than expectations. Still the barometer touched to a fresh 7 year high. The Hong Kong Hang Seng index too advanced by 1.07 per cent to 24683 on good FII’s investment numbers. The Australian market seems to be taking rest after a rally of almost 2.3 per cent on last Friday. The ASX 200 was trading at 5873, with marginal negative gains of 0.08 per cent.
In the coming week, the WPI numbers are expected to be announced. Further, the FIIs have already taken benefit of recent correction in the domestic market and poured in more than Rs 10,000 crore in first couple of weeks in this month. The coming week is expected to show some stagnant movement as holidays in India, US and China. The country’s one of the largest private bank HDFC, posted good result on last Saturday. Taking cues from this, we expect market to open marginal higher today morning.
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