PROFIT BOOKING @ HIGHER LEVELS
Inputs by
Dr.Bhuvanagiri Amaranatha Sastry
Astro Technical Analyst
Saketha Consultants, Hyderabad
sastry.saaketa@gmail.com
09848014561
http://www.saaketa.com/AstroTechnicals.aspx |
Nifty 7014 +155
Review for Monday :: Euphoric Markets.. Nifty above 7000 … !!!
Nifty opened better and after a brief pause, surged further
to close above 7000 mark with a gain of more than 2%. Nifty achieved 6000 mark
in January 2008 and took more than 6 years to achieve the next mile stone of
7000 mark. 43 of Nifty stocks gained but broader market was not so enthusiastic
as as Advance Decline ratio is a mere 1:!. ITC, HDFC Bank and Reliance
contributed more than 60 points to Nifty’s gain.
Coal India, HDFC Bank, Power Grid, Grasim and Tata Motors remained major gainers among Nifty stocks while Mc Dowell, Sun
Pharma, Cipla, Hindalco, Jindal Steel
remained losers.
IRB, Coal India, JP Associates, Power Grid, IOC remained major gainers
among F&O stocks while Mc Dowell, Dish TV, UPL, Biocon, Hexaware
declined among F&O stocks.
MARKET RISE ON STABLE Govt. HOPES
Stocks markets continued their
record-breaking show as BSE benchmark Sensex ended at new closing high
of 23,551 and NSE Nifty at 7,014.25 in anticipation that exit polls
later today will show formation of a stable government at the Centre.
Intra-day, the Sensex rallied to an all-time high of 23,572.88,
surpassing previous high of 23,048.49 and the Nifty touched 7,020.75,
breaking the earlier high of 6,871.35. Shares of refinery, power, auto,
capital goods, banking, FMCG and metal firmed up sharply on good buying
support from investors and operators. Consumer Durable, IT and Teck
sectors also firmed up in line with other sectors. Healthcare, however,
declined on mild selling. The Sensex resumed higher at 23,031.11 and
firmed up further to an all-time high of 23,572.88, before settling at
23,551.00, showing a sharp rise of 556.77 points or 2.42 per cent from
its last weekend's record closing of 22,994.23.
The NSE 50-share
Nifty crossed 7,000 level for the first time in the history to touch
7,020.75. It finally ended at 7,014.25, showing a smart gain of 155.45
points or 2.27 per cent. It surpassed previous closing high of 6,858.80.
The rupee was trading at 59.8 levels against US dollar. Jignesh
Chaudhary, Head of Research, Veracity Broking Services said: "Positive
sentiments in the global equities helped our local indices to trade
strong. Indices posted new all time highs... in anticipation that the
exit polls today will show BJP on the winning side." The nine-phase
long Lok Sabha polls end today and the first set of exit polls are
expected to be out soon. Sentiments were boosted on account of strong
capital inflows into the Indian equity market. Last Friday, a net Rs
1,268.78 crore was pumped as per provisional data from the stock
exchanges. Most Asian stocks ended higher after Chinese President Xi
Jinping reportedly said the nation needs to adapt to a new normal" in
the pace of economic growth. Key benchmark indices in South Korea, Hong
Kong and China finished higher in 0.43 per cent to 2.08 per cent range.
Indices in Japan, Singapore and Taiwan eased by 0.35 per cent to 0.91
per cent.
European stocks were trading mixed in their
early trade with mining shares advancing after reports of a sector
upgrade. Benchmark indices in the UK and Germany were up 0.19 per cent
and 0.27 per cent respectively while France's CAC was down 0.17 per
cent. Indications of a higher opening in US index futures was also the
another factor driving the rise in overall sentiment. Back home, major
gainers from the Sensex pack were Coal India (7.04 per cent), HDFC Bank
(4.59 per cent), Tata Motors (4.09 per cent), Hero Moto (4.01 per cent),
Maruti Suzuki (3.99 per cent), ITC (3.86 per cent), Sesa Sterlite (3.38
per cent), Gail India (3.35 per cent) and SBI (3.27 per cent). Larsen
& Toubro (3.27 per cent), Reliance Industries (3.17 per cent), ONGC
(3.06 per cent), NTPC (2.49 per cent) and Bharti Airtel (2.48 per cent)
also notched up good gains. However, Sun Pharma dropped 1.73 per cent
and Cipla by 1.26 per cent. "The market is moving upward mainly on the
back of likely positive outcome on the day of Exit poll. However, such
move in frontline and index stocks is increasing the valuation gap
between mid-size stocks and frontline stocks," said Shrikant Chouhan,
Head-Technical Research, Kotak Securities. Among the S&P BSE
sectoral indices, Oil&Gas rose by 3.07 per cent, followed by Power
2.98 per cent, Auto 2.88 per cent, Capital Goods 2.78 per cent and FMCG
2.53 per cent. Bankex 2.50 per cent, Metal 2.36 per cent, Consumer
Durables 1.93 per cent, Teck 1.26 per cent and IT 1.04 per cent ended in
the gree while Healthcare dropped 0.81 per cent. However, the market
breadth turned marginally negative at closing as 1,440 stocks finished
with losses, 1,408 stocks ended with gains while 165 ruled steady.
Total turnover rose further to Rs 3,592.61 crore from Rs 3,238.55 crore
on last Friday.
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