As anticipated, the main Indian equity benchmarks have started the day's trading on a flat note. The undercurrent is cautiously optimistic amid lingering concerns about weak domestic economic backdrop and worsening eurozone credit crisis. Even technically, the frontline indices look a bit tired and could see some pullback in the near term from the current levels. For the day, all eyes will be on the inflation data for January, which is most likely to show moderation from December. The January wholesale price index (WPI) based inflation is expected round 6.7% as against 7.47% in December. Core inflation is also likely to slip below 7%. However, the impending drop in headline inflation is partly due to a high base effect. The midcap and the small- cap counters are trading positive by nearly half a percentage point. On the sectoral front, except for Healthcare, IT and Teck, all the other indices are trading in green. Further, the market breadth is positive as two stocks are seen advancing for every one decline.
(Pic. Source- bseindia.com)
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