The markets will start from 7700 on the Nifty and the Banknifty will be in the lead from 15200 levels as cyclicals celebrate earnings and non performers already discounted out of the rally remain worse off after another bout of results including DLF and banks like United.
The Sensex is also near the 25900 marks and has to lead the economy’s run up to 8% growth levels as investment returns banking on a majority government at the end of an extended bear cycle since the end of 2011
The markets start the morning slow in the preopen call auction but are unlikely to remain weak during the day. Pre Open markets have shown a tendency to discover the end of the “other trend direction” in the first thee years of its existence but is also a reliable indicator of the markets per se. DLF continues to be the prime concern before 9:15 and IDFC, ICICI , YEs and Bharti and ITC can easily take up the slack except for the sell down on Sun Pharmas Ranbaxya acquisition which continues to not find any sponsors in the wider institutional market.
Auto sales will also be a big positive as figures trickle in before noon
noon update: rupee has receded to 61 in search of settling down at 63 levels negating the gains from the petered out oil rally..