• By seeking parliamentary approval for the bank recap program, the government has sent a message that it is serious. Stocks like PNB, which we had recommended yesterday, were up by nearly 7% and the story may have just begun.
• We have been mentioning about the rural growth story in this budget and very focused companies in drip irrigation and agrochemicals could benefit. Our top is Jain Irrigation where see a target of nearly Rs.175 in the next 1 month.
• FIIs were net buyers to the tune of Rs.212 crores while DFIs bought Rs.325 crore on Thursday. However, gross volumes continued to be very thin for both the domestic and the global institutional investors.
• On a day when the Dow scaled the 25,000 level the mood was obviously upbeat in global markets. Nikkei was up over 3 % with Europe up by nearly 1.5%. The SGX Nifty is already quoting above the 10550 mark in trades.
• We reiterate our buy call on PNB as we see the stock being a key beneficiary of the IBC process. We expect the stock to touch a level of Rs.220 in the next 3-4 months and traders can position themselves accordingly.
• The decision by Hindalco to go aggressive on global acquisitions is a good move in this phase of the metals cycle. Here you can take a long position with a target of Rs.350 in the next 1 quarter.
• With the launch of its latest anti-inflammatory drug, Glenmark could again be in the news. At a price level of Rs.589, Glenmark leaves a good margin of safety and could be looked at from a long term perspective.

We are not making any fresh additions in our equity portfolio today and will wait for the Nifty to give direction.