The market seems to be ignoring any geo-political tension that comes its way these days. Fund flow into stocks continues with renewed optimism even as indices look geared to scale higher peaks in coming weeks.
The outlook is a positive start with the Nifty eyeing the 7,800 mark. Over 250 stocks touched their 52-week highs, of which 58 stocks hit record highs. Even though indices have skyrocketed, the market cap in US dollars among the Top 10 countries shows that India is the only one that's trading at a discount of 8% to its peak, while the rest are at par or close to their highest levels, says a report. In 2010, the market cap of Indian stocks was $1.62 trillion, while currently it is $1.49 trillion, a report in ET adds. The market will look at filling in this gap if sentiment remains upbeat for longer.
Global cues are positive too. US closed higher with earnings on expected lines and economic data coming in better. Apple Inc missed revenue forecasts but reported third-quarter earnings that met expectations.
Results preview: Cairn Rev Rs44.2bn (+8.8% yoy), PAT Rs25.4bn (-18.8% yoy)