Monday, 9 January 2017

Sensex, Nifty may be positive; market cautious on IT stocks

Indian IT companies are likely to be in focus again after re-introduction of H1B Visa Reform Bill in the US Congress by two lawmakers. The coming week is going to be action-packed as Infosys , TCS and IndusInd Bank will kick start December quarter earnings season. 

The market trend looks positive with firm Asian cues. Asian shares were higher on Monday morning, following the Dow Jones coming within inches of hitting the 20,000 mark at the close of trade last week.

The ASX 200 gained 0.54 percent, seeing broad gains across all sub-indexes except for materials and gold. In South Korea, the Kospi added 0.04 percent in early trade.

Across the Korean peninsula, North Korea had announced Sunday that it could test the launch of its intercontinental ballistic missile at any time from any location, Reuters reported.

US stocks ended at record highs fueled by optimism about Trump's plans to stimulate the economy with lower taxes and infrastructure spending. Both the Nasdaq and the S&P 500 ended at record highs.

Back home on, the NSE Nifty gained 0.7 percent but the broader market outperformed smartly with the Nifty Midcap index rising 3.5 percent in the week gone by.

Indian IT companies are likely to be in focus again after re-introduction of H1B Visa Reform Bill in the US Congress by two lawmakers. The coming week is going to be action-packed as Infosys , TCS and IndusInd Bank will kick start December quarter earnings season. Macro data - November factory data and December retail inflation - will also be announced during the week (after market hours on January 12).
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