– Indian markets went up today on the back of positive global outlook. Stock markets across the world traded positively over the expectations that US Fed will give some signal of keeping interest rates low in today’s FOMC meeting. International markets including COMEX, Currency and Crude are expected to see fluctuations.
– Moody’s, a rating agency based in US, has retain “negative” outlook for Indian banking system. Negative outlook suggests that Indian banking system is running at risk and many banks could see future rating downgrade which is bad for any company and industry. However, in equity markets today was a mixed day as many companies did good on earnings part while few missed their chances. Dr. Reddy’s Lab fell down as it posted weak results in Q2 despite the introduction of generic drug Rapamune in US markets. Tech Mahindra posted weak results today after the markets closing and is expected to go down tomorrow.
– Sesa Goa and Grasim Industries went up after announcing their Q2 results. Realty Sector went up on the news of government has decided to consider proposal of liberalizing FDI (Foreign investment come freely without government’s intervention) in construction by finance ministry. Auto sector too saw fresh buying coming in as many companies suggested that they have posted good sales number during festive season.
– COMEX Gold is expected to trade in range of 1226-32 but any surprise from FOMC outlook will make prices to take a deep swing. Upcoming crude inventory data along with FOMC meeting outlook has kept the prices up for a while. Crude is weak and is expected to remain that way because of increased Shale Gas production in US. Shale gas has become an alternate source of fuel and US is the largest producer of it. US has lowered the demand of Crude because of it and led prices down.