Following last week's 350 points' rally to 9,870.79, 10,000-level looks attainable.
Market men feel that inflow from FIIs will continue in 2006 as it is reckoned that strong economic growth will transform into decent growth in earnings of India Inc. On Tuesday, RBI raised India's FY 2006 GDP growth forecast to 7.5-8% from earlier 7-7.5%. FIIs pumped in over $ 10 billion in 2005.
The bullish outlook for economic growth has attracted investors to Asian markets like India, South Korea, Taiwan others. Further, foreign investors are investing in emerging markets assets due to low yields in the US and Europe. Following Friday's rally, Australian stocks are at an all-time peak and Japanese markets are at 5-year high.
In the near, the domestic bourses are likely to hold firm on pre-budget expectations. Traditionally, bourses enter a bullish phase before the budget is presented in February on expectation that the government would offer incentives for companies.
Some of the other major Q3 results due in the next four days are VSNL, Asian Paints, Thermax, Glenmark Pharma, Voltas, Cummins India, Balrampur Chini Mills, Punjab Tractors, i-flex solutions, MTNL, Essar Steel, NOCIL, United Phosphorus, Essar Shipping, GE Shipping, Apollo Hospitals, Suzlon Energy, Elgi Equipment, Force Motors, Lupin and Motherson Sumi Systems.
Source: Capital Market
