CSEC Research, Feb 29 Morning Call

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Smart Recovery

Ø      Indian markets opened in the green and rallied more than 250 points on account of positive news flow from the global markets. The BSE mid and small cap rebounded more than 2 percent.

Ø     Bargain hunting was witnessed in beaten down stocks. Amongst the sectoral indices realty index arrested its multiple day falls and gained more than 6 percent.

Ø     Reliance Industries rose nearly 2% on reports that the RIL and BP PLC will submit a joint plan to the government to develop the D6 natural gas block and its satellite fields as an integrated unit.

Ø     Shares of Tea Company rallied on the back of reports that the wholesale tea prices will rise by about 10-15% soon on the back of a faltering supply.

Outlook

Ø    The Dow Jones Industrial Average gained 23 points and closed above 13,000 as consumer confidence hit a 12-month high and oil prices fell. The last time the blue-chip index finished above the round-number mark was May 19, 2008.

Ø     In today’s trade Asian markets are up more than a percent and the SGX Nifty is trading above 5450. Going ahead Indian market is likely to open on a positive note and likely to react to 3^rd quarter GDP numbers.