Markets opened on a flattish note after a spectacular rally in the past week. The key benchmark indices reached their highest closing level in more than six weeks last week. High volatility is expected in this week as traders roll over their positions in futures & options (F&O) segment from the near-month January 2012 series to February 2012 series. Reliance Industries (RIL), India's biggest company by market value, reported that net profit fell 13.6% to Rs 4440 crore on 40.2% growth in turnover to Rs 87480 crore in Q3 December 2011 over Q3 December 2010. The company said that it would buyback up to 12 crore shares at a maximum price of Rs 870 and payable in cash upto an aggregate amount not exceeding Rs 10440 crore from the open market through stock exchanges. The maximum buyback price represents a nearly 10% premium over 20 January 2012 closing price of Rs 793.35 on BSE. L&T, Maruti Suzuki India, Sterlite Industries (India), Idea Cellular, GAIL (India) and Kotak Mahindra Bank will unveil their Q3 results today. The Chinese markets are closed for the whole of this week, while Hong Kong bourses are shut for three days starting today for Lunar New Year holidays. The stock market in Taiwan which has been shut since 19 January 2012 for Lunar New Year holidays remains closed for the whole of this week. Stock markets in Indonesia, South Korea and Singapore were also closed for a holiday today.
(Pic. Source- bseindia.com)
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