The markets are slow because of the endless disappointment awaiting them at 5750 levels but the underlying strength is finally showing after Banknifty got ready for a tradeable surge at 11300 ( not that it is happening immediately) having stabilised at 11600. Private Sector Banks hincluding behemoths ICICI and HDFC have to make a clean break from PSE practices, indices and even market moves. Any signs of that will be welcomed by larger investor audiences from the looks of it. 

Fortunately at 5580 itself, some domestic brokerages have opened up to the idea of an ONGC to the uptick. But it takes more than one Angel for that elephant to move, investors and communities entrenched in India's only Crude Oil 'producer' (importer) Oil prices moved back from their lowest to $110 on the Brent for that unfortunate forage by the Jews. Whatever else they get right, they seem to blow it on the anti Gaza strip party. Just like the 20 year old kid, who summoned up the courage to say why shutdown Bombay? Not quite. Very different situations, but yet almost the same semantics.

FTIL has caught the fever and some domestic brokerages are also catching fire. MCX equity segment traded INR 2 B in Chhat trading yesterday. The run in M&M financial was confidence boosting. And muthoot and Mannapuram fill also come but only to those who wait. I think Dollar has more weakness written on it that people have not cottoned on to yet. Yesterday's move doqn from 81 to 80 was just the tip of the iceberg and the Japanese are buying US Treasuries so the Dollar shld remain weak on both PY and the AUD in the same trade cycle and that can fundamentalyy make you askip a few beats in the normally separated CAD/AUD cycles and the GBP/EUR cycles against the Dollar. 

 

 

 

Posted via email from The India Investment Post