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Economy Mar 13, 2012

Nifty futures point to strong start; Asian markets up

By Venky Vembu

Hong Kong: Another strong start to the trading day is on the cards, going by early trends on regional markets across Asia.

Indices across the region are up early on Tuesday, generally driven by the absence of bad news, and the return of the risk-on trade. Overnight, Wall Street ended marginally ahead.

As at 7.30 am IST, indices from Tokyo to Sydney to Hong Kong to Shanghai are all ahead.

Nifty futures too are up in early trades.

Nifty futures too are up in early trades, in excess of 1 percent, which once again points to a strong start for Mumbai. Yesterday too we had one of those starts but that momentum was lost after the IIP data pointed to core weaknesses.

Analysts back home, looking ahead to the Budget, expect the market to remain range-bound, but so far markets have proved to be rather more buoyant than those expectations. BNP Paribas reckons that Indian equities are undervalued and oversold.

For today, we'll probably see another explosive start to trading.

by Venky Vembu

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