Skip to main content

NIFTY OUTLOOK FOR 29th & REVIEW

WIDE RANGE DAY...SCRIP SPECIFIC MOVEMENTS

After Two days’ of mild correction, Nifty closed with minor gains and continues to hold 7300 level. Stop loss for Nifty may be maintained at  7265 (on close basis). Scrip specific movement can be expected in view of the last day of Derivative settlement. While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to  experience zigzag movement with subdued midsession. Stock specific movements can be expected in view of the last day of the derivative settlement and a wide range too can be expected in view of the narrow movement for the last Two days.

Nifty                               7330  +12

Review for Wednesday :: Lackluster Movements… … !!!

Market traded in a very narrow range and closed with minor gains for the day. 28 of Nifty stocks ended in the green and broader market too was positive  with Advance Decline ratio at about 2:1. IT, Realty Infra indices gained while Metal, PSU Bank, Auto, Energy indices closed weak for the day. HDFC Bank, Infy, ICICI Bank  contributed about 20 points to Nifty’s gain while  ONGC, M&M,      dragged down by more than 10 points.
 
Ultra Cement, Ambuja Cement, Tata Power, ACC, HCL Tech   remained gainers  among Nifty stocks while Coal India, ONGC, Asian Paints, M&M,    remained  major  losers.
  
PFC, Orient Bank, Ultra Cement, Ambuja Cement,      remained major  gainers  among F&O stocks while Sail, Dish TV, HPCL, Syndicate Bank, JP Power   declined among F&O stocks.

ANOTHER FLAT CLOSING

Equity benchmarks Sensex and Nifty today eked out marginal gains in choppy trades on alternate bouts of buying and selling ahead of the expiry of May derivative contracts tomorrow. Brokers attributed nearly stable market to rolling over positions in the futures and options (F&O) segment from May series to June before the expiry of equity derivatives. IT, Teck and Realty counters attracted good buying while Metal, Consumer durable and Auto stocks recorded losses. The BSE 30-share barometer resumed slightly better and moved erratically in a range of 24,643.33 and 24,488.81 before finishing at 24,556.09, a rise of 6.58 points or 0.03 per cent. Yesterday, it had fallen 167.37 points or 0.68 per cent. Smart gains were seen in the likes of HDFC Bank, Infosys, TCS, ICICI Bank, L&T, Bharti Airtel, Tata Power, Hero MotoCorp and Wipro. ONGC, Tata Motors, M&M, GDFC, Coal India, ITC, SBI, Sun Pharma and NTPC, among others, closed lower. The wide-based 50-issue CNX Nifty of the NSE also edged up by 11.65 points, or 0.16 per cent, to end at 7,329.65. Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Local indices traded flat as foreign investors extended their selling, as some of them are booking profit at the higher levels. Also, investors are being cautious ahead of the expiry of May derivative contracts due Thursday." Smallcaps outperformed large-caps on buying by retail investors. The BSE Smallcap index closed up 1.63 per cent. Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 202.61 crore yesterday as per provisional data from the stock exchanges. Markets are now looking at RBI's Monetary policy next week and also the Union Budget in July by the new government, brokers said. Excepting Singapore, which closed slightly weak, other Asian markets ended with gains after China reported increase in industrial profits. Indices in China, Hong Kong, Japan, South Korea and Taiwan closed up in 0.24-0.97 per cent range. European benchmarks were trading flat to positive in their early morning deals. 

Comments

Popular posts from this blog

BIRLAS ENTER TOP LEAGUE WITH $50 BILLION M CAP

The Aditya Birla group has entered the top valuation league with a market cap of over USD 50 billion post listing of financial services arm Aditya Birla Capital (ABCL), but Tatas remain on top with over USD 132 billion.
The combined market valuation of the Kumar Mangalam Birla-led listed companies stood at Rs 3,42,354.87 crore (USD 53.5 billion) at the end of Friday's trade.
Among various listed companies of the group, UltraTech Cement's valuation stood at Rs 1,10,097.70 crore at the end of Friday's trade while that of Grasim Industries was Rs 76,881.73 crore.
The newly-listed Aditya Birla Capital's market capitalisation was over Rs 55,000 crore, Hindalco (Rs 54,607.09 crore), Idea Cellular (Rs 32,064.91 crore), Aditya Birla Fashion and Retail (Rs 13,155.73 crore) and Aditya Birla Money (Rs 547.71 crore).
Among Indian conglomerates, the Tata group remains on the top in terms of total valuation of listed firms with about Rs 8,46,567 crore (USD 132.5 billion).
There are 29 pu…

DHIRUBHAI ENJOYED IN WEALTH CREATION

Leading businessman Anil Ambani today said more than creating wealth for himself, his father late Dhirubhai Ambani derived greater happiness from creating wealth for masses. "If you ever asked what part of being an entrepreneur he (late Ambani) enjoyed the most, he would say, 'I enjoy creating wealth. But what I enjoy even more is in creating wealth for the people of the country,'" the Anil Ambani Group chairman said while addressing an industry event here. It can be noted that the late Ambani, who had a humble beginning as a primary school teacher's son in Gujarat, is regarded as the father of capital markets and the equity cult, who made millions of investors millionaires with the IPO of Reliance Textile Industries in 1977. A person who had put in Rs 1,000 then in the IPO is worth over a million today, going by the price of RIL. Stating that the launch of Kothari Pioneer Mutual Fund, which was country's first private MF in 1993, was his (Dhirubhai's) id…

BEAR GRIP ON INDIAN STOCK MARKET

RECORDS 1 WEEKLY FALL IN 6 WEEKS
Gripped by fear psychosis due to geo-political aftershocks, key stock market indices were on a sticky wicket for the fifth day today as both Sensex and Nifty fell over 1 per cent to hit their one-month lows. The sharp plunge left investors poorer by over Rs 95,000 crore as the market cap stood at Rs 1,27,08,846 crore. Risk appetite took a hit after the Economic Survey said achieving the high end of the 6.75-7.5 per cent growth projected previously will be difficult. This is markets' first weekly fall in six.
Weakness in the rupee against the American currency and lacklustre global shares dragged down the indices, too. The BSE 30-share Sensex remained in the negative zone and settled down 317.74 points, or 1.01 per cent, at 31,213.59, its weakest closing since July 4. The index had tumbled 794.08 points in the last four sessions. The NSE Nifty after cracking the 9,700-mark to hit a low of 9,685.55, finally settled lower 109.45 points, or 1.11 per cent…