Pointers from international markets:
According to a Greek official, the participation rate at the debt swap is above 90%, meaning that Greece can now move forward with the biggest sovereign debt restructuring in history. This led European markets to log in 1-3% gains.
Yet another cue for markets in Europe came from the Central Bank's policy meeting that concluded yesterday. As widely expected, the ECB left its key interest rate unchanged at 1%. However, it has cut its growth forecast and raised the red flag on inflation owing to rise in oil prices.
Meanwhile, Wall Street too ended higher on optimism over the Greek debt swap deal and ahead of the crucial jobs data report today. The CBOE volatility index in fact finished below 18. S&P was up 1% at 1365.9, Dow up by 0.6% at 12907.9 and Nasdaq up 1.1%.
Asian stocks have risen for a second day as Greece moved closer to completing the biggest sovereign-debt restructuring in history, easing concern the nation at the center of Europe's credit crisis will default.
Cues from other asset classes:
Crude prices rose on signs that sanctions on Iran are succeeding in cutting the nation's crude exports. Brent is currently trading above USD 125 levels.
Gold meanwhile jumped the most in two weeks as the improved prospects for a debt swap in Greece sent the euro higher against the dollar, boosting the appeal of the precious metal as an alternative to the US currency. It hovers around USD 1699 levels.
Domestic movers and shakers:
While some analysts predict a down leg to the Nifty to below 5000 level, most say that it is more likely to be a ranged trade ahead of Budget and the credit policy meet in India. Consensus puts strong support to the index around 200 DMA of 5189.
On specific stocks, a fresh set of problems have arisen for Kingfisher Airlines. Things took a turn for the worse as IATA suspended Kingfisher's ticket sales, while the IT department issued a showcause notice to the airline's top management. Meanwhile, oil companies stopped fuel supply to KFA for non-payment of dues.
Mahindra Satyam has acquires vCustomes's BPO business for USD 27million. Meanwhile, newspapers report that 3M is looking to sell its stake in Wendt India. The L&T board is set to meet today to discuss the acquisition of Hexaware.
source http://www.moneycontrol.com
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