Skip to main content

NIFTY OUTLOOK FOR 1st SEPTEMBER & REVIEW

CLOSING CRUCIAL...


Nifty                               7954     +18 

Nifty made another all time closing high and closed with a gain of 18 point amid narrow and choppy movement. August Derivative series and month closed at the highest level. However, a wide range can be expected early next week in view of the very narrow trading range days in the last Two weeks. However, Nifty continued to close above 7900 mark and short term bullishness would be terminated only if it closes  below 7860 and further strength would be reinforced only when it surpasses 8000 mark . Nifty spot is expected to encounter resistance at 8000, 8035 and find support at 7915, 7875 for Monday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to display general bullishness in the forenoon session and the closing session quite crucial in view of the likely huge volatility. 


INDICES CLOSE @ RECORD HIGHS


Riding high on capital inflows, the benchmark Sensex today rose 77.96 points to end at new peak of 26,638.11 and logged the seventh straight month of gains in August as investors cheered steps taken by the Modi government to bring the back the economy on high growth path. Gains were seen in blue chips amid volatility as monthly derivative contracts expired today and partcipants eyed GDP April-June quarter data scheduled for release tomorrow. Domestic markets appeared resilient to fag-end news of rising tension in Ukraine that trimmed gains in Asia and Europe. The BSE Sensex also hit life high of 26,674.38 during the session today. At closing level, the index surpassed its previous closing peak of 26,560.15 hit yesterday. It extended winning run to sixth day in which it has gained 324 points. In 30-share Sensex, 17 stocks led by BHEL, L&T, ICICI Bank, ONGC, Wipro and GAIL gained while 12 declined. Hero MotoCorp held unchanged. "Markets consolidated at higher levels during the week, ending the month with around 3 per cent gains. Several mid-caps found buyers and outperformed the broader indices," said Dipen Shah, Head - PCG Research, Kotak Securities. Markets will be closed tomorrow on account of Ganesh Chaturthi. Thursday was the last trading day of this week and also the month in which Sensex has gained over 743 points. This also marks the seventh straight monthly gain. The NSE Nifty barometer gained 18.30 points, or 0.23 per cent, to settle at record 7,954.35, breaching its previous peak of 7,936.05 reached yesterday. Intra-day, it touched a high of 7,967.80, just missing the life high of 7,968.25 hit on August 25. The Sensex and the Nifty have gained about 26 per cent this year so far, the most among biggest global indices. Rail stocks were in demand after the government notified liberalised FDI norms for the sector. Shares of Texmaco Rail, Titagarh Wagons and Kalindee Rail Nirman rose. Sectorally, the BSE Capital Goods sector index gained the most by rising 1.43 per cent, followed by Oil & gas index 1.06 per cent, FMCG index rose 0.74 per cent. The thematic PSU index jumped 0.32 per cent. Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 290.18 crore yesterday.

Comments

Popular posts from this blog

JIO TARIFF CICK FOR TELECOM STOCKS

Telecom stocks today surged up to 8 per cent after the recent increase in Reliance Jio tariffs, which is largely seen as positive for the sector. Shares of Bharti Airtel jumped 4.99 per cent to close at Rs 497.50 on BSE. Bharti Airtel was the biggest gainer among the 30-share index components. The scrip of Idea Cellular soared 7.74 per cent to end at Rs 98.15 and Reliance Communications zoomed 7.60 per cent to Rs 17.70. Reliance Jio made its service dearer by about 15 per cent for its popular 84-day plan at Rs 459 from October 19, under which subscribers get 1GB 4G data at high speed per day. The company restructured its various schemes by reducing their validity period. The recent increase in Reliance Jio tariffs will increase its average revenue per user by up to 20 per cent and is a positive for the telecom sector, which is seeing a rapid consolidation, says a Philip Capital report. Established telecom sector players have seen huge reduction in their margins. Idea Cellular and Reli…

INVESTORS RICHER BY Rs. 25 LAKH CRORES IN SAMVAT 2073

Stock markets ended on a flat note on Wednesday, just below their record highs, but finished Samvat 2073 with robust gains of over 16 per cent. Equities added over Rs 25 lakh crore to investors' wealth this Samvat year. The benchmark Sensex has gained 4642.84 points, or 16.61 per cent, in the Hindu Samvat year 2073, while the broader NSE Nifty surged 1572.85 points, or 18.20 per cent during this period.
Small loss in last session
In the last session of the Samvat 2073 on Wednesday, the 50-share Nifty fell by 23.60 points or 0.23 per cent to close at 10,210.85 after moving between 10,175.75 and 10,236.45. The Sensex resumed lower at 32,518.56 and fell further to a low of 32,462.85 before ending at 32,584.35, down 24.81 points or 0.08 per cent. Investors adopted a cautious approach ahead of the long Diwali weekend, while a weak rupee too affected sentiment, brokers said.
- Axis Bank emerged as the worst performer among Sensex components, tumbling 9.52 per cent following a spike in ba…

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…