INDIAN EQUITY MARKET OUTLOOK-21 FEB

INDIAN BENCHMARK rebounded tracking their Asian peers and overnight gains on Wall Street with banks and IT majors lifting the Nifty above 6,100 levels in early trades. Power Finance Corp and Rural Electrification Corp have disbursed transitional loans worth Rs337bn to state-owned power distribution companies.

FURTHER, Jindal Steel and Power Ltd announced the launch of its new retail brand Jindal Panther TMT rebars, signifying the company’s foray into the retail product segment. Bharti Airtel will move the Supreme Court of Nigeria against a judgement, dated 14 February, of the Court of Appeal, Lagos that ruled in favour of Econet Wireless of Nigeria.

Trend in FII flows: The FIIs were net buyers of Rs.206cr in the cash segment on Thursday while the domestic institutional investors (DIIs) were net sellers of Rs. 600cr, as per the provisional figures released by the NSE.