Indian equity benchmarks ended flat on Thursday after stock specific movement backed by earnings. Markets were marred by lack of participation as traders expected disappointing quarterly results from oil&gas major Reliance Industries.
However, RIL earnings beat market expectations and traders may cover their shorts pushing the indices higher on Friday.
The company reported 9.8 per cent dip in net profit at Rs 3501 crore for the quarter ended Dec 31, 2008 against Rs 3882 crore same quarter year ago. Net sales was down 8.8 per cent at Rs 31,563 crore for quarter against Rs 34,590 crore in the same quarter year ago. The gross refining margin was $10 per barrel, on expected lines.
“Everybody was waiting for Reliance results which turned out to be better than expected. Provided international markets don’t see any exceptional sell-off, we may see a better opening (Friday). Investors should stick to buying in top 10 index stocks and not venture beyond that,” said Rajesh Baheti, managing director, Crossseas Capital Services. (Source : Economic Times)
Rupesh Yatesh Dalal
MARKETCALLS
However, RIL earnings beat market expectations and traders may cover their shorts pushing the indices higher on Friday.
The company reported 9.8 per cent dip in net profit at Rs 3501 crore for the quarter ended Dec 31, 2008 against Rs 3882 crore same quarter year ago. Net sales was down 8.8 per cent at Rs 31,563 crore for quarter against Rs 34,590 crore in the same quarter year ago. The gross refining margin was $10 per barrel, on expected lines.
“Everybody was waiting for Reliance results which turned out to be better than expected. Provided international markets don’t see any exceptional sell-off, we may see a better opening (Friday). Investors should stick to buying in top 10 index stocks and not venture beyond that,” said Rajesh Baheti, managing director, Crossseas Capital Services. (Source : Economic Times)
Rupesh Yatesh Dalal
MARKETCALLS
