Oct 24, 2013, 11.56 AM IST
BSE Sensex rallies over 200 pts; Bank Nifty up
2%, IT drags
The Sensex is up 212.04 points or 1.02 percent at 20979.92, and the Nifty is up 57.70 points or 0.93 percent at 6236.05.
The Sensex is up 212.04 points or 1.02 percent at 20979.92, and the Nifty is up 57.70 points or 0.93 percent at 6236.05.
According to him foreign institutional investors (FIIs) have not only shown a trading appetite on the long side for Nifty but have also bought around Rs 8000 crore in the current series uptil, which has also helped Nifty move higher.
The Bank Nifty could also make higher highs given the fact that the broad based index is expected to move higher, says Bhatnagar. He believes Bharti Airtel could surprise on the upside. From the metal and capital goods space, he is bullish on Tata Steel and Larsen and Toubro respectively.
11:20 am Buzzer: Shares of Jet Airways slumped 6 percent intraday on Thursday after reporting its biggest quarterly loss in history in September. The carrier's loss widened 9 times to Rs 891 crore in Q2 FY14 from Rs 99.7 crore year-on-year.INTRADAY CASH TIPS
Rupee depreciation, poor market conditions and grounding of some of its aircrafts dented its losses further.
Net income, however, rose marginally to Rs 4,194.7 crore in the quarter ended September 30, 2013 from Rs 4,137.63 crore Y-o-Y.
Don't miss: Nifty support at 6000-6050; buy any downside: Baliga
The market is rallying ahead of Diwali. One of the key reasons for the Indian market rally could be foreign institutional investors' bullishness on emerging markets including India. According to NSE data FIIs net nought Rs 645 crore in cash market while domestic investors bought Rs 545 crore.
The Sensex is up 212.04 points or 1.02 percent at 20979.92, and the Nifty is up 57.70 points or 0.93 percent at 6236.05.
About 1088 shares have advanced, 662 shares declined, and 100 shares are unchanged. The Asian markets recover as China's HSBC flash PMI hits a 7-month high.
Dollar index falls to 9-month lows to 78.9 with the dollar index touching 2-year low vs the euro at 1.39. The US 10 year yield fell to 3-month lows of 2.49 percent.
Commodities saw crude prices sell off sharply after a surprisingly large increase in us stockpiles. Brent slid to USD 108, gold saw profit taking from a 4-week high.
Back home, the rupee strengthened slightly after a flat opening taking cues from the positive sentiment in equities and stronger euro. Government bond prices are slightly higher tracking gains in the rupee and a slip in US yields.
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Oct 23, 2013, 09.11 AM IST
Pramit Brahmbhatt of Alpari India feels a weak dollar due to poor US jobs data may aid rupee gains seen this week. Also healthy capital inflows by FIIs and dollar selling by exporters at around 62/dollar levels will add to gains, he adds.
Indian rupee strengthened by 55 paise in
early trade on Wednesday at 61.10 per dollar as compared to previous day's
closing of 61.65.Pramit Brahmbhatt of Alpari India feels a weak dollar due to poor US jobs data may aid rupee gains seen this week. Also healthy capital inflows by FIIs and dollar selling by exporters at around 62/dollar levels will add to gains, he adds.TRADING TIPS
"However, strong month-end dollar demand from importers may cap gains. The range for the day is seen between 61.05-62/dollar," Alpari said.
Also Read - Industry sees 25 bps hike in policy rates on Oct 29: Survey
The dollar wobbled after disappointing US jobs data cemented expectations that the Federal Reserve will keep its stimulus in place at least until early next year. And the euro rose intraday to as high as 1.379/dollar, its strongest level since mid-November 2011.
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Oct 22, 2013, 09.28 AM IST
Nifty may trade between 6130-6240:
Magnum Equity Broking
According to Magnum Equity Broking,
Nifty is expected to trade between 6240 and 6130 with sideways biasness.
The benchmark BSE Sensex rose 0.05 percent, or 11 points, to end at 20,893.89, its highest close since November 2010. The broader Nifty rose 0.25 percent, or 15.60 points, to end at 6,204.95, closing above the psychologically important 6,200 level.
European shares closed near five-year highs on Monday, helped by gains from Philips and SAP, as well as encouraging US housing data. US Stocks finished narrowly mixed in lackluster trading Monday, after the S&P 500 hit another record high and as investors were reluctant to make big bets ahead of the September government jobs report.BSE STOCK TIPS
Global cues are not positive today with them SGX Nifty is showing 24 points cut in morning trade indicating that Indian market would open little soft today and Nifty is expected to trade between 6240 and 6130 with sideways biasness.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Oct 21, 2013, 11.20 AM IST
Silverm prices up 20% in February series so
far
Silverm prices were trading higher on MCX. Silverm prices have moved up Rs 8237, or 19.68 percent in the February series so far.
Silverm prices were trading higher on MCX. Silverm prices have moved up Rs 8237, or 19.68 percent in the February series so far.
At 10:58 hrs MCX SILVERM November contract was
trading at Rs 48830 up Rs 608, or 1.26 percent. The SILVERM rate touched an
intraday high of Rs 48987 and an intraday low of Rs 48400. So far 5130
contracts have been traded. SILVERM prices have moved up Rs 3024, or 6.60
percent in the November series so far.MCX NCDEX TIPS
MCX SILVERM February contract was trading at Rs 50091 up Rs 605, or 1.22 percent. The SILVERM rate touched an intraday high of Rs 50234 and an intraday low of Rs 49987. So far 181 contracts have been traded. SILVERM prices have moved up Rs 8237, or 19.68 percent in the February series so far.
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Oct 18, 2013, 10.20 AM IST
FIIs have bought more than Rs 7,600 crore worth of equity shares in October so far, in addition to Rs 12,632.90 crore worth of buying in September.
The market gained more strength in
morning trade with the Sensex rising over 200 points, supported largely by
financials. Inflow of foreign money is the main driver for Indian equities as
experts believe Fed tapering may not happen in 2013, so the flow of money may
continue in emerging markets.FIIs have bought more than Rs 7,600 crore worth of equity shares in October so far, in addition to Rs 12,632.90 crore worth of buying in September. STOCK TIPS
The Sensex is up 231.61 points or 1.13 percent at 20647.12, and the Nifty is up 67.95 points or 1.12 percent at 6113.80. More than three shares advanced for every share declining on the Bombay Stock Exchange.
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Oct 14, 2013, 09.33 AM IST
Resistance
for Nifty at 6170: HDFC Securities
According to HDFC Securities, strong support for Nifty is at 6050, while stiff resistance for the index lies at 6170.
According to HDFC Securities, strong support for Nifty is at 6050, while stiff resistance for the index lies at 6170.
India’s benchmark index, or Sensex, rose on
Friday, gaining support from Infosys which reported a better-than-expected 3.8 percent dollar revenue growth in the September quarter.
BSE Sensex finished the last day of the week well above 20,500 as Infosys results and global markets boosted sentiment. S&P BSE Sensex ended up 1.3 percent, or 256 points, at 20,529, while Nifty gained 1.3 percent, or 75 points, to 6,096. The broader markets underperformed the benchmark indices - BSE midcap and smallcap indices gained 0.3 percent and 0.5 percent respectively.
Market breadth was positive, as the A/D ratio was 1.2:1 on the BSE. NSE cash turnover was Rs 12,428 crore vs Rs 10,428 crore on Thursday. The sectoral indices ended the day on a mixed note. The top gainers for the day were BSE IT, bankex, capital goods and realty. The top losers were metals, power, healthcare and FMCG.
Among the Sensex 30 stocks, the top gainers were ICICI Bank , Infosys, Larsen and Toubro and Tata Motors . The top losers were Coal India , Tata Power , NTPC and Hindalco Industries .
As per the provisional figures on Friday, FIIs were net buyers of Rs 1010 crore in the cash market, while they were net buyers of Rs 432 crore in the F&O markets. However, DIIs were net sellers of Rs 544 crore in the cash market.NIFTY TIPS
Indian market could open flat to marginally in the red and consolidate in a narrow range throughout the session. Strong support for Nifty is at 6050, while stiff resistance is at 6170. Among the sectoral indices, Banks & IT are expected to do well. However, FMCG could underperform.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Oct 10, 2013, 09.13 AM IST
Indian rupee opens weak, down 25 paise at
62.20/dollar
Himanshu Arora of Religare feels the
rupee may continue its mild weakness and lose more steam against the dollar.
"Ongoing stalemate in the US is expected to further dampen
sentiment," he adds.
Indian rupee slipped 25 paise in opening trade
on Thursday at 62.20 per dollar as against previous day's close of 61.95 per
dollar.Himanshu Arora of Religare feels the rupee may continue its mild weakness and lose more steam against the dollar. "Ongoing stalemate in the US is expected to further dampen sentiment," he adds.
According to him, the range for the day is seen between 61.70-62.35/USD.NSE BSE TIPS
Also Read - Fall in CAD may keep rupee in 61-62/$ zone: Indranil Pan
The dollar regained some footing as hopes grew of a break in the US fiscal standoff with Washington finally showing signs of pulling the world's biggest economy from the brink of an historic debt default.
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Oct 09, 2013, 09.18 AM IST
Nifty may trade between 5840-5950: Magnum
Equity Broking
According to Magnum Equity Broking, Nifty is likely to trade range bound between 5950 and 5840.
According to Magnum Equity Broking, Nifty is likely to trade range bound between 5950 and 5840.
Indian markets rose on Tuesday to their highest
close in nearly two weeks, led by gains in lenders after the Reserve bank of
India cut an overnight interest rate on Monday, further unwinding extraordinary
measures taken to defend the rupee. The benchmark BSE index closed up 0.44
percent, or 88.51 points, at 19,983.61 after rising as much as 1.3 percent. The
broader NSE index rose 0.38 percent, or 22.25 points, to end at 5,928.40.NIFTY TIPSEuropean shares closed lower on Tuesday as the partial US government shutdown, now in its eighth day, continued to weigh on investor sentiment. US Stocks finished sharply lower for a second session Tuesday, with major averages hitting one-month lows, as investors digested comments from President Barack Obama on the ongoing political impasse in Washington.
Global cues are subdued today with them SGX Nifty is showing 40 points cut in morning trade indicating that Indian market would open soft today and Nifty is likely to trade range bound between 5950 and 5840.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Oct 08, 2013, 10.36 AM IST
Sensex
firm above 20k on RBI's move; Tata Motors, L&T up 3%
Nilesh Shah of Axis Capital sees reasonable possibility for Nifty to hit 6,100-6,200, but the current momentum should not be taken for granted because the market has not priced in US shutdown.
Nilesh Shah of Axis Capital sees reasonable possibility for Nifty to hit 6,100-6,200, but the current momentum should not be taken for granted because the market has not priced in US shutdown.
The market gave thumbs up to the RBI's move on
Tuesday with the equity benchmarks surging more than a percent.The Sensex is up 242.62 points at 20137.72, and the Nifty is up 73.35 points at 5979.50. Advancing shares outnumbered declining ones by 831 to 337 on the Bombay Stock Exchange.
Nilesh Shah of Axis Capital sees reasonable possibility for Nifty to hit 6,100-6,200, but the current momentum should not be taken for granted because the market has not priced in US shutdown.
RBI’s decision to further slash marginal standing facility rate (MSF) is a positive for short-term, he said. “The market has now gained some amount of confidence that RBI will take corrective actions whenever it’s necessary,” he added.BSE SHARE TIPS
Banks stocks are on fire today with the BSE Bankex surging more than 3 percent after the Reserve Bank of India (RBI) reduced the marginal standing facility (MSF) rate by 50 bps to ease liquidity pressure.
Banks welcomed the move as the overnight borrowing rate dropped to 9 percent from 9.5 percent. YES Bank and IndusInd Bank gained the most among largecaps, rising 6-7 percent followed by Kotak Mahindra Bank and Axis Bank with 3.5 percent gains.
India's largest lenders State Bank of India, ICICI Bank , HDFC Bank , Punjab National Bank and Bank of Baroda rallied between 2-3 percent.
The MSF cut will ease short-term rates and companies are likely to borrow from the commercial paper (CP) market instead of banks.
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Oct 07, 2013, 10.17 AM IST
Sensex slips 200 pts; ICICI loses 3.5%, ITC
& HDFC down 2%
The performance of our market has
nothing to do with India’s fundamentals, says Viktor Shvets of Macquarie,
adding, it’s more to do with bond yields in the US.
The Sensex is down 219.44 points at 19696.51, and the Nifty is down 63.50 points at 5843.80.
The performance of our market has nothing to do with India’s fundamentals, says Viktor Shvets of Macquarie, adding, it’s more to do with bond yields in the US.
"If bond yields were to fall lower, around 2.2-2.3 percent, carry trade may restart and funds flow may come back. On the other hand, a reversal back to above 3 will kill markets like Indonesia, India, Brazil, South Africa, and Turkey - anybody who is capital hungry," he says.
Brent futures edged down towards USD 109 a barrel on Monday as oil production resumed in the Gulf of Mexico after a tropical storm, while lingering concerns over the US government shutdown clouded the outlook for demand.STOCK TIPS
Tropical Storm Karen had prompted producers to shut in nearly two-thirds of oil output in the Gulf of Mexico. But it was downgraded to a tropical depression late on Saturday, with production starting to return to normal by the end of the weekend, reported Reuters.
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Oct 04, 2013, 09.46 AM IST
According to Magnum Equity Broking, Nifty is expected to trade between 5940 and 5830 with sideways biasness.
Indian markets surged almost two percent
on Thursday the Nifty rose more than 2 percent to its highest close in nearly
two weeks as software services exporters gained on bets for an improving business outlook in key markets, while banks surged on potential gains from falling bond yields.
The Sensex advanced 1.97 percent, or 384.92 points, to 19,902.07. The Nifty rose 2.24 percent, or 129.65 points, to 5,909.70, closing above the psychologically important 5,900 level and rising for a second day.
European shares closed lower on Thursday, tracking the downward trend in US stocks as the budget deadlock in Washington continued for a third day. US Stocks finished broadly lower Thursday, with the Dow closing below the psychologically-important 15000 mark, after gunshots were fired outside the Capitol building and as the government shutdown dragged into a third day. STOCK NIFTY TIPS
Global cues are subdued today with them SGX Nifty is showing 29 points cut in morning trade indicating that Indian market may open soft today and Nifty is expected to trade between 5940 and 5830 with sideways biasness.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Oct 01, 2013, 09.56 AM IST
Sensex in red; US govt shuts down
for first time since 1996
After 7 successive petrol price
hikes, there is finally relief- oil marketing companies cut petrol prices by Rs
3 but hike diesel prices by 50/paise a litre.
9:45 am Market check: The Sensex is at 19350.32,
down 40 points, while the Nifty is at 5727.45, down 12 points. 9:40 am US govt shuts down: US government shuts down for first time since 1996. White House has notified federal agencies to implement shutdown plans. It has also ordered government agencies to begin shutting down.
Don't miss: Use of ECB allowed for multiple rounds of disinvestment, says RBI
After tepid sessions, the market is in green terrain today. The Sensex is at 19452.05, up 73 points while Nifty is up 17 points at 5751.92.
The Indian rupee opened with a marginal gain of 11 paise at 62.49 per dollar versus 62.60 yesterday.NSE BSE TIPS
Tirthankar Patnaik, Religare said, "We expect overall CAD for the fiscal at a much lower USD 55 billion or 3.2 percent of GDP, thanks to a narrowing trade deficit. Concerns on the capital account have also faded after the RBI's recent steps. However, with lower growth and the Fed's 'taper' still remaining key risks for India, we maintain our 58-62/USD band for the rupee for now."
Meanwhile, current account deficit (CAD) widens to USD 21.8 billion in the first quarter of the fiscal. Imports surge at a 4.7 percent pace during the quarter, while exports decline by 1.5 percent.
Oil marketing companies are under selling pressure on price cut. After seven successive petrol price hikes, oil marketing companies cut petrol prices by Rs 3 but hike diesel prices by 50/paise a litre. BPCL loses 3 percent, HPCL is down 2 percent and IOC falls 2.3 percent on the BSE.
US markets finished sharply lower as the budget impasse in Washington threatens the first government shutdown in nearly 17 years, but major indices still capped a rocky month and quarter with robust gains.
The Dow Jones lost nearly 130 points to close lower for the seventh session in the last 8 days. The yield on the 10-year treasury remains almost unchanged at 2.6%. The CBOE volatility index jumped to near 17 levels. For the month, the Dow rallied 2.16 percent, the S&P 500 jumped 2.97 percent, and the Nasdaq soared 5.06 percent.
Equity markets in Asian enjoyed a modest rebound on Tuesday but investors remained on tenterhooks on the back of a likley US government shutdown. Japan's Nikkei and South Korea's Kospi were both rallying while Australia's S&P ASX 200 traded flat.
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Sep 30, 2013, 09.40 AM IST
Nifty may trade between 5700-5980:
Way2Wealth.com
According to Way2Wealth.com, market
is expected to open on subdued note and thereafter will continue to trade with
negative biasness. Nifty will continue to trade in broad range of 5700-5980
levels.
Indices opened on positive note in Friday’s
session but failed to sustain above 5900 levels and saw profit booking coupled with fresh selling pressure from higher levels. Sectors like banking, metals, capital goods and power saw selling pressure that dragged Nifty to its days low level of 5820 and finally it settled around 5833 down by almost 50 points.
Long unwinding was seen in Nifty Futures in Friday’s session whereas bank nifty fut. added fresh shorts. Fresh short accumulation was seen in banking, infra, realty, and power sector. Major selling pressure was seen in stocks like Reliance Infrastructure , Voltas , Financial Technologies , Reliance Capital , Oriental Bank of Commerce and Bharti Airtel .
Selected buying was seen in oil marketing sector and stocks like MRF , BPCL , Bata , Aurobindo Pharma , Petronet LNG and Hindustan Petroleum Corporation . Mcleod Russel (India) , Tata Motors . HDFC , Sesa Goa , LIC Housing Finance and BHEL were some of the stocks that saw profit booking.STOCK NIFTY TIPS
This week, markets are expected to open on subdued note and thereafter will continue to trade with negative biasness. Overall, markets are looking range bound for next few trading session and will continue to trade in broad range of 5700-5980 levels for some time before giving any fresh breakout on either side.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Sep 27, 2013, 09.38 AM IST
According to Magnum Equity Broking, market may open flat today and Nifty is likely to trade range bound between 5960 and 5840.
Indian markets edged higher amid volatility caused due to the expiry of the
September equity derivative contracts on Thursday, led by Sun Pharmaceutical
Industries , which rose to an all-time high on hopes of higher sales of a key
cancer drug. The BSE index rose 0.19 percent, or 37.61 points, to end at
19,893.85. The broader NSE index rose 0.14 percent, or 8.40 points, to end at
5,882.25, taking support around its 200-day moving average for the third
consecutive day.European shares closed mixed on Thursday, as political uncertainty in Italy weighed against positive US data, which ended five days of losses on Wall Street. US Stocks closed modestly higher in choppy trading Thursday, with major averages avoiding a six-day losing streak.
Global cues are mixed today, with them SGX Nifty is showing just 2 points cut in morning trade indicating that Indian market may open flat today and Nifty is likely to trade range bound between 5960 and 5840.
NSE BSE TIPS
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Sep 26, 2013, 09.35 AM IST
Nifty may
trade between 5800-5960: Magnum Equity Broking
According to Magnum Equity Broking, Nifty is likely to trade volatile between 5960 and 5800.
According to Magnum Equity Broking, Nifty is likely to trade volatile between 5960 and 5800.
Indian shares ended lower on Wednesday as
investors remained cautious ahead of the expiration of monthly derivative
contracts, and continued to sell index heavyweights like Reliance Industries to
balance positions. The benchmark BSE Sensex fell 0.32 percent, or 63.97 points,
to end at 19,856.24, marking their lowest close in a week. The broader Nifty also edged down 0.32 percent, or 18.60 points, to end at 5,873.85, after earlier falling as much as 1.38 percent, taking support around its 200-day moving average at 5,841.
European shares closed lower on Wednesday, with investor sentiment still subdued as concerns weighed about the US debt ceiling. US Stocks ended lower Wednesday, with the Dow and S&P closing in the red for the fifth straight day, as jitters over budget talks in Washington continued to weigh on markets. Asian equity markets posted a third session of losses on Thursday as investors remained on the sidelines ahead of next week's US budget vote.
Global cues are little subdued today with them SGX Nifty is showing 19 points cut in morning trade indicating that Indian market may open slightly negative today and Nifty is likely to trade volatile between 5960 and 5800.STOCK TRADING TIPS
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Sep 25, 2013, 09.38AM IST
Support
for Nifty at 5850: HDFC Securities
According to HDFC Securities, Nifty may find strong support at 5,850 while stiff resistance for the index is at 6,000.
According to HDFC Securities, Nifty may find strong support at 5,850 while stiff resistance for the index is at 6,000.
Market breadth was negative as the A/D ratio was 0.98:1 on the BSE. NSE cash turnover was Rs 11,148 crore vs Rs 10,943 crore in the previous session. The sectoral indices ended with a mixed bag.
While the top gainers were the BSE capital goods, auto and power indices, the top losers were the BSE metal, IT and oil and gas indices. The top gainers from the BSE 30 were Bajaj Auto , Tata Power , Larsen and Toubro (L&T) and NTPC . The top losers were Hindalco Industries , Coal India , Jindal Steel and Bharti Airtel .
As per the provisional figures on Tuesday, FIIs were net sellers of Rs 21 crore in the cash market while FIIs were net sellers of Rs 584 crore in the F&O market. DIIs were net sellers of Rs 494 crore in the cash market. NIFTY TIPS
The Indian markets could open on a flat note and consolidate ahead of the F&O expiry tomorrow. Strong support for Nifty is at 5,850 while stiff resistance is at 6,000.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Sep 24, 2013, 09.41 AM IST
CLSA
“A 3-4 percent swing in the vote can make a big difference to election results due to India’s fragmented politics. Some 70 million new voters, representing 10 percent voters, will take part, largely due to India’s young demographics. A surprise outcome cannot be ruled out,” says the CLSA note.
Brokerage house CLSA sees a 60-70 percent probability of a weak, indecisive
coalition coming to power and so is cautious on the market.But CLSA does not rule out a surprise outcome.
“A 3-4 percent swing in the vote can make a big difference to election results due to India’s fragmented politics. Some 70 million new voters, representing 10 percent voters, will take part, largely due to India’s young demographics. A surprise outcome cannot be ruled out,” says the CLSA note.FREE STOCK TIPS
Also, a weak coalition may not necessarily spell trouble for the economy and market. Flashback 1996:
“The United Front, a 13-party coalition held power for two years after the 1996 elections in one of the most unstable of political environments, yet GDP averaged above trend at 6.6%.”
CLSA is betting on exporters and stocks with revenue and earnings visibility such as TCS , Lupin , Power Grid , Reliance Industries
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Sep 23, 2013, 09.56 AM IST BSE
The Indian rupee opened lower by 31 paise at 62.54 per dollar against 62.23 Friday. Agam Gupta, Standard Chartered said, "Rupee will probably open between 62.60-62.70/USD.
9:45 am FII views: Ridham Desai of Morgan Stanley told CNBC TV18 that most of
the positive news are price in at current levels and Nifty can drift down to
test its previous low of 5300. He doesn't see much upside at current levels and
will use the rally to sell. While Fed’s decision to differ taper is positive
for EM equities, India’s fundamentals are still weak and the turf wont be easy
for equity investors over the next 3 months, he said. Similar caution was voiced by Jyoti Jaipuria of BOA-ML in his strategy note this morning where is said, "We expect the market to correct 6-8 percent from current levels and will be in the 18,500-20,500 range as weak economic and earnings growth to cap the upside."
However, he feels, hopes of rate cuts and policy measures protect the downside. He continue to favour global plays (software, pharma) over domestic plays and within sectors he maintains overweight on telecom and prefers to play a better monsoon demand through autos.
For BOAML their top buy are Lupin, TCS, Idea, Hero Motocorp, ICICI and their top Under-performs are BHEL, NTPC, HUL.
STOCK FREE TIPS
Even Bharat Iyer of JP Morgan feels, Investors need to brace for volatility and stay hedged and stick to benchmark. "We expect a more decisive stake into late Oct/early November," he added.
9:34 am Market check: The market has recovered a bit after the panic selling in opening. The Sensex is down 124.70 points or 0.62 percent at 20139.01, and the Nifty is still below 6000, down 37.95 points or 0.63 percent at 5974.15. About 496 shares have advanced, 450 shares declined, and 58 shares are unchanged.
HDFC twins, SBI, ICICI Bnak and Bharti Airtel are top losers in the Sensex. On the gainers list are Hero Motocorp, HUL, Hindalco, Wipro and Coal India.
Meanwhile, Angela Merkel won a landslide personal victory in Germany's general election. However, leftist rivals may have to join a coalition government due to short of the votes needed to rule to be majority.
Don't miss: India rallies 20% in 20 days: Are EMs back in favour? Udayan decodes
The market has opened on a lower note as rate sensitive stocks are under selling pressure buoyed down by Raghuram Rajan's maiden monetary policy. The Sensex is down 201.87 points or 1 percent at 20061.84, and the Nifty down 66.30 points or 1.10 percent at 5945.80.
About 98 shares have advanced, 224 shares declined, and 32 shares are unchanged.
SBI, L&T, ICICI Bnak, Dr Reddy's Labs and HDFC are top losers in the Sensex. On the gaining side are technology stocks with Infosys leading the pack.
Meanwhile, the Indian rupee opened lower by 31 paise at 62.54 per dollar against 62.23 Friday. Agam Gupta, Standard Chartered said, "Rupee will probably open between 62.60-62.70/USD. We saw nationalised banks sell dollars on Friday after the RBI repo rate hike and we need to see whether they follow it up with more sales. The range for the day is seen between 62.35-62.85/USD."
On the global front, Japan and Hang Seng are shut for trade. Other Asian markets were mixed in morning trade today ahead of the release of China's manufacturing PMI. Experts are waiting to see if China's positive growth momentum will extend into this month, after rising to 50.1 in August
In the currency space, the dollar is subdued ahead of China's PMI data. The euro-dollar traded at 1.35 levels and the yen stood at 99/USD levels. It was a volatile Friday for the rupee as well. Post RBI’s announcement, the rupee slipped further from that level. The currency finally ended the day at 62.23/USD.
In commodities, Brent prices traded flat at USD 109/bbl levels while Nymex slipped to sub USD 105/bbl levels as Friday’s expiration of the contract for October delivery prompted liquidation selling. From precious metals space, gold slid 3 percent on Friday on hints that the Fed may taper in October although it pared some losses in early Asian trade today morning.
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Sep 20, 2013, 09.22 AM IST
The
party's on in emerging markets-here's why
"We have been looking to get long EM currencies for some weeks now, and while we have gapped today, we think EM FX will continue to gain in coming weeks," Jens Nordvig of Nomura Securities said.
"We have been looking to get long EM currencies for some weeks now, and while we have gapped today, we think EM FX will continue to gain in coming weeks," Jens Nordvig of Nomura Securities said.
When investors thought that the Federal Reserve
was going to stem the flow of easy money into the US economy, it was emerging
markets that sold off the most. Now that the "taper" is off , it`s
emerging markets that are on a tear. When US interest rates rise, they provide more competition against other assets with higher yields. But now that the Fed may be keeping pressure on long-term rates for longer than expected, that competition may disappear.
Markets and currencies in the Western Hemisphere moved in tandem with the US markets yesterday-which is to say, a lot higher: the Brazilian Bovespa shot up 2.64 percent, and the Mexican Bolsa tacked on 1.86 percent.
Brazil`s currency also rallied sharply, giving some relief to that country`s Central Bank which has been intervening to defend the currency.
Overnight markets in Southeast Asia rallied too. Indonesia climbed more than 4.5 percent. India and Thailand, more than 3 percent. The Indian Rupee and the Turkish Lira both hit one-month highs as well.
Jens Nordvig of Nomura Securities told clients in a note late on Wednesday that emerging market currencies will likely move higher from here.
"We have been looking to get long EM currencies for some weeks now, and while we have gapped today, we think EM FX will continue to gain in coming weeks," Nordvig said. The "highly likely" appointment of Janet Yellen as Fed chair, he said, "may give a further impetus for the trade."
Nomura has "a long EM basket" consisting of the Mexican peso, the Brazilian real, the Polish zloty, Malaysia`s ringgit, and the Philippines` peso, all funded in US dollars.
NSE BSE TRADING TIPS
Even before Fed Chairman Ben Bernanke`s announcement Wednesday , research firm Ashmore said it believed that the consensus on US monetary poly was wrong. In a note to clients this month, the firm said, "We think it is quite likely that Emerging Markets will be the strongest performing asset class in the world over the next twelve months."
US interest rates rose sharply earlier this summer, when it looked as if the Fed was going to cut back on quantitative easing. Speculative money departed dramatically from markets such as India, Brazil, and Turkey.
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Sep 19, 2013, 09.16 AM IST
Why Bernanke may have ended gold's bear market
"The
two-year bear market for gold is over, and the uptrend is going to
resume," said Boockvar, chief market analyst at the Lindsey Group.
When Ben Bernanke announced that the Federal
Reserve would not reduce the pace of its USD 85 billion-per-month quantitative easing program, gold greeted the news with open arms. The yellow metal promptly added more than USD 50 after Wednesday`s news to hit the highest level in a week.
But Peter Boockvar says we`ve only seen the beginning of gold`s response to the news.
"The two-year bear market for gold is over, and the uptrend is going to resume," said Boockvar, chief market analyst at the Lindsey Group.
"Gold is your defense against your policies of the Fed, and in my eyes, the Fed lost a lot of credibility today," Boockvar told CNBC.com. "Just when you thought the Fed was very dovish, they pull an even more dovish act, and many in the markets were blindsided."
For Boockvar, gold`s post-announcement move was "predicated on the idea that the Fed is going to repeat the mistakes of the mid-2000s, and way-overstay its welcome with QE." He owns gold, because he thinks that thesis will end up playing out.
But for Mark Dow, a former hedge fund manager who writes at the Behavioral Macro blog, Boockvar`s thesis has already been disproven.
"The Peter Boockvars of the world haven`t learned that they were wrong about gold this whole time," Dow said. He says the idea that QE will create massive inflation "is kind of mindless, because the broader supply of money isn`t growing. That money is just ending up as reserves."
But traders believe that the fundamental picture has changed. In fact, Wednesday`s Fed decision changed Anthony Grisanti from a gold bear to a gold bull, but not for the reasons Boockvar outlined.
MCX NCDEX TRADING TIPS
"It`s not so much the fact the the Fed is continuing QE," said Grisanti, who is the founder of GRZ Energy and a CNBC contributor. "It`s the message that`s being sent, which is that the underlying economy is so bad that we can`t taper $10 billion. That means that you want to own gold to protect yourself-and that`s why I`m changing my opinion on gold."
In fact, even Dow isn`t shorting gold`s Wednesday bounce. "The longer-term time horizon is that the US economy will heal, rates will go up and gold will go down," Dow said. "But most of the guys talking publicly about gold are still bearish, and until that flips and people get bullish again, the rally will probably continue."
After all, macro elements aside, "so much of this is about psychology and markets in general," Dow said, adding: "And no part of the market is more psychological than the precious metals."
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Sep 18, 2013, 09.45 AM IST
Investors remain stubbornly bearish on EM
equities: BoAML
According to Michael Hartnett of Bank of
America Merrill Lynch, investors remain stubbornly bearish on EM equities, even
as Chinese growth expectations rebounded dramatically in September.
Here are experts’ equity calls for
the day on how the market is expected to trade:
Michael
Hartnett of Bank of America Merrill Lynch: Fund manager survey indicates that
bond market fear is greater than equity market greed. Investors remain
stubbornly bearish on EM equities, even as Chinese growth expectations
rebounded dramatically in September. A net 18 percent of global investors are
Underweight EMs, among the lowest exposures since Nov 2001.Timothy Moe of Goldman Sachs: Nifty saw a 10 percent snapback rally aided largely by policy, positioning and positive global factors. NIFTY TIPS But domestic growth outlook remains challenged, which coupled with tighter financial conditions, points to lower earnings/multiples. We expect earnings to grow 8 percent in CY14, below consensus estimate of 13 percent. At 14x fwd P/E, valuations are expensive. We stay underweight on India with a 12-mth Nifty target of 5700.
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Sep 17, 2013, 09.46 AM IST
Nifty may trade between 5900-5795: Magnum
Equity Broking
According to Magnum Equity Broking,
market may open flat today and Nifty is expected to trade range bound between
5900 and 5795.
Indian markets closed more or less flat on
Monday. The Nifty declined little bit for a third day, dragged by Ranbaxy Laboratories shares which recorded their biggest intra-day fall after an import alert ban from the US drug regulator, while faster-than-expected rise in August inflation also weighed.
The broader Nifty fell 0.17 percent, or 10.05 points, to end at 5,840.55, marking its third consecutive day of fall. The benchmark BSE Sensex ended 0.05 percent, or 9.71 points higher, at 19,742.47.
European stocks closed at five-year highs on Monday, boosted by the news that Larry Summers had withdrawn his name from the race to succeed Ben Bernanke as chairman of the US Federal Reserve. US stocks eased off their best levels Monday but still finished sharply higher. The Nasdaq finished lower, dragged by sharp losses in Apple. Asian equity markets fell on Tuesday amid anticipation of a reduction in US monetary stimulus.
FREE TRAILS TIPS
Global cues are mixed today, with them SGX Nifty is showing 2 points cut in morning trade indicating that Indian market may open flat today and Nifty is expected to trade range bound between 5900 and 5795.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Sep 16, 2013, 09.33 AM IST
Nifty may touch 5960-6000: Aditya
Birla Money According to Aditya Birla Money,
Nifty traded in a range bound manner
all throughout the day closing flat at 5851 albeit holding well above the
support at 5800 zone. Holding above 5800 and subsequent breach above 5880 would
lead to the up move continuing towards 5950-6000 levels.
However it is
important to note that the daily momentum has now reached over bought zone and
thus could pose stiff resistance as the index attempts to approach 6000 zone.
Holding 5800, the index could witness an up move towards 5950-6000 levels.
Profit booking could emerge at 6000 zone. Bank Nifty traded in a range bound manner
all throughout the day closing almost flat albeit holding well above the
support at 10000 zone. The index has been stuck in a range between 10000 on the
lower side and 10500 on the higher side. Holding above 10000, the index could
once again head higher towards 10500 zone.
However at 10500 zone the index is
facing stiff resistance due to convergence of falling trend line joining prior
highs and 61.8 percent retracement of last fall from 11854 to 8349.
Thus breach
and sustenance above 10500 would be essential for up move to continue towards
10700; failure to do so would invite profit booking/selling pressure and keep
index in a range between 10500 and 10000 levels. Daily momentum is testing
extreme over bought zone and thus any rise could now face stiff resistance.
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Sep 12, 2013, 09.33 AM
Nifty may touch 6000 if it holds support at 5870: A B Money
According to Aditya Birla Money, Nifty could further move up towards falling trend line at 6000 levels as long as immediate support at 5870 holds.
Nifty
consolidated in the initial trading hours only to resume uptrend later in the
day towards 5920 levels. The index appears to be positive and could further
move up towards falling trend line at 6000 levels as long as immediate support
at 5870 holds. However it is important to note that while the weekly momentum
continues to rise, daily momentum has now reached over bought zone and thus
could lead to profit booking emerging at higher levels. As long as support at
5870 holds, the index is likely to trade with positive bias towards 6000
levels. Bank Nifty struggled during initial trading hours however was later
able to gather momentum and edge higher towards 10460 levels. The index is
approaching strong resistance at 10500 zone viz falling trend line joining
prior highs and 61.8 percent retracement of last fall from 11854 to 8349. Thus
breach and sustenance above 10500 would be essential for up move to continue
towards 12700; failure to do so would invite profit booking/selling pressure.
Moreover while the weekly momentum continues to rise, daily momentum has now
reached over bought zone and thus could lead to profit booking emerging at
higher levels. Breach and sustenance above 12500 essential for up move to
continue towards 12700; failure to do so would invite profit booking/selling
pressure. STOCK NIFTY TIPS
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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ry
After an extended weekend, the market seems to be in a good mood today.
The Sensex surges 245.45 points or 1.27 percent at 19515.51, and the
Nifty is up 58.10 points or 1.02 percent at 5738.50.
About 294 shares have advanced, 56 shares declined, and 22 shares are
unchanged.
The Indian rupee opened higher by 85 paise at 64.39 per dollar versus
65.24 Friday. Mohan Shenoi, Kotak Mahindra Bank said, "EM currencies
have seen gains against the dollar. After a long weekend rupee is also
expected to continue its recent strength. The currency may breach 65/USD
and trade in a range of 64.20-65/USD.
The euro held steady around a more than one-week high in early Asian
trade on Tuesday, as risk appetite ticked up following Russia's
non-military solution to the Syria crisis.
In the global front, US markets gained 1 percent across the board on
Monday led by upbeat Chinese exports data with the Dow recording its
best day in two months and closing above the 15,000 mark. Earlier,
European markets closed lower weighed down by uncertainty over Syria and
fears of Fed tapering.
Asian markets were trading higher in early trade today morning. In the
currency space, the euro held steady around a more than one-week high in
early Asian trade on Tuesday, as risk appetite ticked up following
Russia’s non-military solution to the Syria crisis.
In commodities, Brent prices fell to 1-week lows of USD112/barrel as
concerns of an imminent strike on Syria eased. Nymex stood at USD
108/barrel levels. From precious metals space, gold prices trend lower,
surrendering some of the gains made in the previous session, on market
expectations that the Federal Reserve may taper its monetary stimulus.
Read more at: http://www.moneycontrol.com/news/local-markets/bse-sensexover-400-pts-nifty-hits-5800_946685.html?utm_source=ref_article
Read more at: http://www.moneycontrol.com/news/local-markets/bse-sensexover-400-pts-nifty-hits-5800_946685.html?utm_source=ref_article
| News Service/ Mumbai 08:30 , Sep 11, 2013 | |||
Sensex to open on a positive noteGiven the pace at which the market has run up, a 6000 mark on the Nifty seems achievable in the coming days. |
|||
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Sep 06, 2013, 09.36 AM IST
Nifty may trade between 5650-5560: Magnum Equity Broking
According to Magnum Equity Broking, Nifty is likely to trade between 5650 and 5560 with positive biasness.
Indian markets rose more than two percent on Thursday as banking stocks
saw their biggest single-day gains in over 4 years after the raised overseas borrowing limits for lenders in a slew of measures unveiled by new Reserve Bank of India Governor Raghuram Rajan. The BSE Sensex rose 2.22 percent, or 412.21 points, to end at 18,979.76, marking its second consecutive day of gains.
The broader Nifty ended 2.66 percent, or 144.85 points, up at 5,592.95, after rising as much as 3.3 percent. The NSE bank index surged 9.5 percent, marking its biggest single-day percentage gain since May 18, 2009, tracking a rally in the beleaguered rupee.
European shares closed higher on Thursday, after both the European Central Bank and the Bank of England voted to maintain ultra-loose monetary policy. US stocks eked out gains for a third-consecutive session Thursday, with the 10-year note yield pushing closer to the psychological threshold of 3 percent.STOCK NIFTY TIPS
Global cues are little positive today with them SGX Nifty is showing 35 points up move in morning trade indicating that Indian market would open optimistic today and Nifty is likely to trade between 5650 and 5560 with positive biasness.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Sep 06, 2013, 09.21 AM IST
Rupee opens at 65.92 to a dollar
After new RBI governor Raghuram Rajan
announced a slew of measures to prop up rupee, it opened nearly flat
from Thursday's close.
 |
The new measures to prop up the rupee included providing exporters and importers with more flexibility in hedging their forward currency contracts, as trading firms had long complained about regulation that left them unable to quickly cope with rapid currency movements.
Rajan also announced plans to offer forex swap lines at below-market rates for banks raising deposits from Indians abroad. Bankers estimate those measures could attract about $15 billion in additional funds over the next three months.
Sep 05, 2013, 09.18 AM IST
Resistance for Nifty at 5450-5480: Aditya Birla Money
According to Aditya Birla Money, Nifty
may face crucial resistance at 5450-5480. If Nifty is able to breach and
sustain above 5480, it could negate the bearish sentiment and turn the
index positive once again towards 5550-5600 levels.
Nifty consolidated and witnessed a relief rally after the sharp fall
seen in Tuesday's session. Theindex is facing resistance at 50-61.8 percent retracement of the sharp fall seen in Tuesday’s session at 5460-5480 zone.
However, if Nifty is able to breach and sustain above 5480, it could negate the bearish sentiment and turn the index positive once again towards 5550-5600 levels.
Daily momentum is turning after testing over bought zone at 80 while weekly momentum continues to decline; the index is thus likely to face resistance at higher levels.
Crucial resistance at 5450-5480 zone; Breach and sustenance above would lead to up move continuing towards 5550-5600 levels.NSE TIPS
Bank Nifty consolidated and witnessed a relief rally after the sharp fall seen in Tuesday's session. The index is facing resistance at 50-61.8 percent retracement of the sharp fall seen in Tuesday's session at 8900-8950 zone. However, if the index is able to breach and sustain above 8900, it could negate the bearish sentiment and turn the index positive once again towards 9200-9300 levels.
Daily momentum has once again faced resistance at prior highs at 70 and is turning while weekly momentum continues to hover at extreme oversold zone. This is likely to keep price action choppy.
Crucial resistance at 8900-8950 zone; Breach and Sustenance above would lead to up move continuing towards 9200 levels.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Sep 04, 2013, 09.36 AM IST
Nifty may decline to 5250-5200: Nirmal Bang
According to Nirmal Bang, Nifty faces
crucial hurdles at 5,420-5,450 levels on the upside and may further
decline to 5250 and 5200.
Nifty has observed a sharp decline from yesterday highs and has closed
below 5,400 levels. The index facescrucial hurdles at 5,420-5,450 levels on the upside; expect selling pressure to continue at higher levels. One should maintain a sell on rise approach and expect further declines to 5,250 and 5,200 levels.
Bank Nifty faces strong resistance around the 8,750 and 8,850 levels on the upside where selling pressure is expected and one should maintain a sell on rise approach. There is an immediate support at 8,550 levels and on a decisive close below one can expect further weakness and declines to 8,400-8,350 levels.STOCK TIPS
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Sep 03, 2013, 09.25 AM IST
BSE Sensex, Nifty flat; BHEL, Bharti Airtel gainers
The market opened on a strong note but
soon turned flat. The Sensex is up 14.79 points or 0.08 percent at
18900.92, and the Nifty is down1.00 points or 0.02 percent at 5549.75.
About 424 shares have advanced, 132 shares declined, and 30 shares are
unchanged.
 |
The Indian rupee opened at 66.28 per dollar versus 66 yesterday.
The dollar index gained to 82.3 levels, while the euro slipped a bit and the yen was at a one-month low nearing 100/USD.
NS Venkatesh, IDBI Bank said, "Expect markets to strengthen on the back of receding geopolitical risk from Syria and strengthening equity markets across Asia. The range for the rupee is seen between 65.10-65.80/USD."
NSE BSE TIPS
Meanwhile, in the global front Asian markets gained for the second day on back of upbeat factory data around the globe, while a delay in a potential US strike on Syria diminished the safe-haven appeal of gold and the yen. MSCI's index of Asia-Pacific shares outside Japan added 0.3 percent, building on Monday's 1.2 percent rise and Japan's Nikkei stock average added 1.9 percent.
European markets stage nearly a 2 percent rally across the board buoyed by positive manufacturing data and the Vodafone-Verizon deal. The USD 130 billion deal was completed shortly after the close of markets. What also aided sentiment was the strong chinese and European factory data which boosted hopes that the global economy is growing out of stagnation.
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Sep 02, 2013, 09.39AM IST
Nifty breaches 5500; rupee at 65.83/$; banks, metals gain
The market kickstarts the week on a
decent note as the Sensex is up 70.31 points or 0.38 percent at
18690.03, and the Nifty is up 8.45 points at 5480.25.
About 236 shares have advanced, 66 shares declined, and 24 shares are
unchanged.
 |
Don't miss: Govt may cut FY14 plan expenditure to rein in 4.8% growth
The market kickstarts the week on a decent note as the Sensex is up 70.31 points or 0.38 percent at 18690.03, and the Nifty is up 8.45 points at 5480.25. About 236 shares have advanced, 66 shares declined, and 24 shares are unchanged.
The Indian rupee opened weak by 39 paise at 66.09 per dollar agianst 65.70 on Friday.
Agam Gupta, Standard Chartered said, "Weak growth data on Friday is expected to keep the rupee subdued. Aggressive selling by nationalised banks on behalf of RBI is expected to continue, keeping the rupee strong. The range for the day is seen between 65.60-66.60/USD."
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The dollar is trading at a 4-week high of 82.26 on safe haven buying. Conversely, the euro slipped to 1.31/USD levels while the dollar-yen trades at 98 levels.
The April-June quarter GDP growth was the slowest in four years. It came in at a lower-than-expected 4.4 percent as the manufacturing and mining sectors contracted. But policy-makers are unfazed about growth coming in below 5 percent for the third quarter in a row and they growth will pick up in the second half of the year. GDP data was announced after market hours on Friday.
The US market shut will remain shut today on account of labour day take a check on the losses this month. Dow Jones tumbled 4.5% percent while the S&P 500 lost over 3%. The Nasdaq fared a little better though.
The 10-year treasury yields gained on weaker than expected economic data, with the possibility of a military strike against Syria adding to a safety bid ahead of a holiday-lengthened weekend.
Brent prices retreat further to USD112/barrel levels. While nymex slipped to sub USD 106/barrel mark on uncertainty over the Syria strike. Oil prices record their biggest monthly gain in a year, with Brent up more than 6 percent in August. From precious metals space, gold prices slid below USD 1400/oz on a stronger dollar and as investors squared month end positions. Gold has gained nearly 5.6 percent this month.
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Sep 02, 2013, 09.20 AM IST
Support for Nifty at 5430-5400: SMC Global Securities
According to SMC Global Securities' technical report, support for Nifty seen at 5430-5400.
Indian market continued their upward journey on Friday and ended higher
for the second consecutive day. It was a great beginning for the
September series as benchmark indices rallied over 1% on short covering
and fall in crude oil price. Indian currency also boosted the market
sentiments by rebounding from its intraday low on Friday. Among the
sectoral indices, rally led by the sectors like Healthcare, oil &
gas, FMCG, technology and banks stocks saw buying interest while the
metal stocks lost their shine.STOCKSupport for Nifty at 5430-5400 and resistance at 5500-5520.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Aug 30, 2013, 09.33 AM IST
Nifty may trade between 5460-5350: Magnum Equity Broking
According to Magnum Equity Broking, Nifty is expected to trade between 5460 and 5350 with sideways biasness.
Indian market rose over two percent on Thursday as blue chip shares including HDFC
surged tracking a rebound in the rupee from a record low in the
previous session after the Reserve Bank of India's move to provide
dollars directly to oil companies. The benchmark BSE index rose 2.25
percent, or 404.89 points, to end at 18,401.04, rising for a second
consecutive session.FREE TRAILSThe broader NSE index rose 2.35 percent, or 124.05 points, to end at 5,409.05. It had risen as much as 2.7 percent earlier in the day but August derivatives expiry related selling weighed in the final hour of trade.
European shares closed higher on Thursday, with investor sentiment boosted by earnings reports and the news that the US economy accelerated more quickly than expected in the second quarter. US Stocks finished in positive territory Thursday thanks to a pair of stronger-thanexpected economic reports, but lingering worries over Syria put a damper on gains.
Global cues are mixed today, with them SGX Nifty is showing just 1 point cut in morning trade indicating that Indian market may open flat today and Nifty is expected to trade between 5460 and 5350 with sideways biasness.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Aug 30, 2013, 09.16 AM IST
Nifty may rise to 5500-5550: NIrmal Bang
According to NIrmal Bang, Nifty formed a
bullish pattern on the daily charts which has confirmed a positive
bias. Nifty to rise towards the 5,500 and 5,550 levels.
 |
Indian equity ended on a buoyant note on Thursday helped by recovery in the rupee following RBI's announcement of fresh measures. Oil & gas, metal, FMCG and capital goods stocks led the rally in the market.
At the close, the benchmark 30-share index, BSE Sensex gained 404.89 points or 2.25 percent at 18,401.04 with 22 components registering rise. Meanwhile, the broad based NSE Nifty went up by 124 points or 2.35 percent at 5,409.05 with 37 components posting rise.
Nifty formed a bullish pattern on the daily charts which has confirmed a positive bias. The index has managed to hold the crucial support of 5,300 levels and bounced sharply. We expect the markets to rise towards the 5,500 and 5,550 levels.STOCK NIFTY TIPS
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Aug 29, 2013, 09.52 AM IST
Rupee rallies on oil window; bond yields, swap rates dip
The partially convertible rupee was
trading at 66.90/91 per dollar at 9:10 a.m., 2.8 percent stronger than
its close of 68.80/81 on Wednesday, when it hit a record low of 68.85.
 |
The partially convertible rupee was trading at 66.90/91 per dollar at 9:10 a.m., 2.8 percent stronger than its close of 68.80/81 on Wednesday, when it hit a record low of 68.85.STOCK
To get the latest on dollar-rupee rate here .
The benchmark 10-year bond yield also gained tracking the rupee, with the yield falling as much as 21 basis points to 8.75 percent.
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Aug 29, 2013, 09.50 AM IST
Brent falls below $116 after 2-day surge on Syria conflict
The West is gearing up for a military
strike against Syria in response to last week's chemical weapons attack,
although US President Barack Obama faced new obstacles with British
allies and US lawmakers that could delay any imminent action.
 |
The West is gearing up for a military strike against Syria in response to last week's chemical weapons attack, although US President Barack Obama faced new obstacles with British allies and US lawmakers that could delay any imminent action.
Brent crude for October delivery was at USD 115.87, down 74 cents by 0313 GMT, after rising more than 5 percent in the last two sessions.
October US crude fell 58 cents to USD 109.52 a barrel following a near 4 percent gain over the past two days.
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"The market is overdone to the upside," Tony Nunan, a risk manager at Mitsubishi Corp, said, adding that more sell-offs could occur if the strike is going to be brief.
Obama said on Wednesday that a "tailored, limited" strike, not a protracted engagement like the unpopular Iraq war, could be enough to send a strong message that the use of chemical weapons cannot be tolerated.
Oil has jumped this week to multi-month highs on fears that the potential strike on Syria could spread unrest to major oil producers in the Middle East and disrupt supply.
"There are so many other parties involved when it comes to Syria," Nunan said. "Israel, Iran are close by and other countries could get dragged into it."
Oil is likely to stay above USD 110 with support from the Middle East uncertainty and as the Libyan oil supply situation has worsened, he said.
Libya's crude output has been cut to 250,000 barrels per day (bpd) from pre-war levels of 1.6 million bpd as workers' strikes crippled exports, Prime Minister Ali Zeidan said on Wednesday.
Brent's premium to US crude has risen to more than USD 6 a barrel, the widest since June, on expectations of rising supply at the US contract's delivery point in Cushing, Oklahoma.
US crude stockpiles rose almost 3 million barrels to 362 million barrels last week, data from the US Energy Information Administration showed on Wednesday, far exceeding a forecast of a 0.2 million barrel build in a Reuters poll.
Crude stocks at Cushing, Oklahoma, have dropped 26 percent since the end of June to 36.59 million barrels, falling 837,000 barrels last week.
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