1057: Marketbuzz Podcast with Reema Tendulkar: Sensex, Nifty 50 likely to open in the green today

The global set up is positive today morning, The Dow Jones gained 1 percent for the seventh day in a row.

The Asian market picture is broadly higher. The Nikkei is up more than a percent, the Taiwan, South Korean markets are also in the green. But Hang Sang continues to remain under pressure.

As the economic data from China over the weekend has been downbeat, it is putting pressure on the growth expectations. The GIFTY Nifty is also suggesting a higher start today.

Yesterday, the markets opened up pretty well. The Nifty Bank was at an all-time high level, the mid cap index notched up a record, the small cap index was at an 18-month-high. But then some profit booking set in in the second half of the trading session and the markets were consolidating. Experts we have spoken to indicated that this is not a trend reversal. It’s just healthy time correction, profit booking, which happens after a fantastic rally, which we have witnessed over the last couple of days.

In terms of flows, the DIIs sold Rs 1300 crore in the cash market, the FIIs net bought Rs 2100 crore.

In earnings reaction, IndusInd bank, HDFC Bank and Federal Bank have reported their numbers. HDFC Bank’s earnings were steady on all parameters, Federal Bank’s were a bit of a miss on the margin, but the other parameters looked go. And IndusInd Bank too has reported numbers in-line with Street estimates.

It's a steady showing by Indecent Bank and Morgan Stanley today has raised the target price to Rs 1800 per share.

Meanwhile, L&T Tech reported a big miss on revenue and ICICI Lombard reported a miss on the profitability and that is on account of higher losses due to the cyclone.

Keep your eye out on the block deals. Rallis -- Yesterday, Tata Chemicals bought nearly a 5 percent stake, Rekha Jhunjhunwala sold a 5 percent stake

IFC has announced it will be investing Rs 958 crore in Federal Bank, with this their stake in the bank will rise to 8.1 percent compared to the previous 4.1 percent.

Tune in to the Marketbuzz Podcast for more news and cues ahead of today’s session