Skip to main content

INDIAN INDICES RETREAT AFTER BIG RALLY

SENSEX, NIFTY OFF RECORD

Stocks took a breather today after three days of a dizzying rally as both the Sensex and the Nifty came down from life highs owing to rush among investors to take profit, sobered by caution in global markets.
Expiry of April derivatives contracts got under way, making participants hold back their bets. Global pointers remained subdued as the long-awaited tax plan unveiled by US President Donald Trump did not move investors. "Market traded range bound on the expiry day, while global market remained weak due to lack of clarity in US president’s corporate tax proposals which influenced investors to take out some profit," said Vinod Nair, Head of Research, Geojit Financial Services.
The Sensex scaled a new peak of 30,184.22 intra-day, driven by abundant liquidity. But subsequently, investors chose to book gains as the benchmark closed at 30,029.74, down 103.61 points, or 0.34 per cent.
Yesterday, the 30-share blue-chip index had hit its all-time closing high of 30,133.35 and gained 768.05 points in the previous three sessions. Likewise, the 50-stock NSE barometer Nifty finished 9.70 points, or 0.10 per cent, down at 9,342.15 after hitting yet another new high of 9,367.15 (intra-day). It had gained 232.45 points in the past three days. Sectors like metal, FMCG, healthcare and auto saw fresh spell of selling. Realty, IT, oil and gas continued to witness buying on encouraging quarterly earnings.
Traders said the market is in an "over-bought" position. Lupin, ITC Ltd, Tata Steel, SBI, HDFC, Bajaj auto, ICICI Bank and M&M succumbed to profit booking.
The country's largest carmaker Maruti Suzuki fell marginally after it announced its earnings numbers today.
Axis Bank plunged 2.19 per cent after the company reported 43 per cent drop in net profit for the fourth quarter. A total of 20 scrips out of the 30-share Sensex pack ended lower, 9 went up and 1 was unchanged. The broader markets displayed a mixed trend.
Foreign capital outflow also affected sentiment as FIIs net sold Rs 492.52 crore yesterday, as per provisional data. Asia too threw up a mixed picture.
European markets were trading lower as investors weighed in on the latest round of inflation data and earnings reports.

Comments

Popular posts from this blog

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…

ASTRO TECHNICAL GUIDE FOR NIFTY

 for 11, April 2017
Opening Session  Subdued
Tithi ::Chaitra Bahula  Padyami
Nakshatra:Chitta
Persons born in Pushyami, Anuradha and Uttarabhadra constellations and those born in Libra and Aquarius are advised to be alert in their dealings.
Sensitive / Trend change Timings : 10.05 AM; 11.40 AM; 2.30 PM
Likely Intraday Trend...
On the basis of planetary position and aspects amongst planets, Market is expected to open  Subdued  and remain so  till about 11.20AM and could remain  better from  about 11.30 AM till about 1.30 pm and could remain subdued thereafter till  about end of the day.
Astro Technical Trading Strategy...
If Nifty Fut. Trades below  ATP/ Open level by about 9.30 AM , Short   Positions can be taken with suitable   SL, and such positions can be closed by about 11.30 AM. If Nifty Fut trades above  ATP by about 11.45 AM, Long Positions can be taken with suitable SL,and such positions can be closed by about 1.30 PM / 1.45 PM.
Technical Levels... Resistance : 9220, 9255 Sup…