MID SESSION SUBDUED... RECOVERY @ CLOSE….!!
Nifty
continued its gains for the Seventh day in a row . Nifty is in the
vicinity of 7800 and it could aim at 8000 mark in the near term. Stop
loss for long positions may be trailed to 7700. Nifty spot is
expected to encounter resistance at 7830, 7870 and find support at
7755 7720, for Thursday. 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 be volatile with subdued midsession and recovery towards
close.
Nifty 7796 +28
Review for Wednesday
:: Volatile Movements with Bullish Bias … !!!
Market opened better
and traded in a zigzag fashion with bullish bias and IT stocks helped
broader indices to close at record high. 26 of Nifty stock declined
and t broader market too was negative with Advance
Decline ratio at 1:1.3. IT, PSU Bank, Auto and FMCG indices gained
while Media, Metal declined. Infy, ICICI Bank, TCS contributed more
than 25 points to Nifty’s gain.
IT and Oil PSU
stocks gained smartly.
Infy, BPCL,
Hindalco, Bank of Baroda, Wipro remained major gainers among Nifty
stocks while Ambuja Cement, Ultra Cement, ACC, IDFC remained losers.
MRF, GMR Infra, Dish
TV, Glenmark remained major gainers among F&O stocks while
Ultra Cement, Exide, Ambuja Cement, ACC declined among F&O
stocks.
SENSEX,
NIFTY @ NEW PEAKS
The
benchmark Sensex today rose 121 points to end at a new closing high
of 26,147.33 extending its winning run to seventh session, its
longest since September 2012, boosted by gains in IT and banking
shares on upbeat earnings, robust capital inflows and positive global
cues. The NSE Nifty rose 27.90 points, or 0.36 per cent, to end at
yet another record close of 7,795.75, crossing its previous peak of
7,787.15 (July 7). It also hit new intra-day peak of 7,809.20,
surpassing level of 7,808.85 hit on July 8. IT stocks firmed up on
positive economic data in the US, the biggest outsourcing market for
the Indian IT firms. Good
results by major IT firms also boosted the sentiment. Country's second largest software services exporter, Infosys, was the top Sensex gainer with a rise of 3.46 per cent and contributed over 60 points to the surge. TCS attained its record market valuation of Rs 5 lakh crore helped by over 2 per cent spike in stock value. Wipro shares also rose. In banking, ICICI Bank and SBI witnessed good buying. Total market breadth, however, was negative following selling in second-line stocks by retail investors. ""Markets kissed new highs as firmness in Asian and European stocks after better-than-expected data in the US boosted sentiments. On domestic front, consistent FII inflows and healthy earnings also helped," said Jayant Manglik, President-retail distribution, Religare Securities. Traders said sustained capital inflows kept the market tempo strong as Foreign Institutional Investors (FIIs) injected Rs 412.03 crore yesterday as per provisional data. The BSE 30-share gauge resumed higher and moved in a range of almost 190 points before settling at new peak of 26,147.33, a rise of 121.53 points or 0.47 per cent. Its highest level at close was 26,100.08 hit on July 7. Sensex , however, failed to cross previous all-time high of 26,190.44 recorded on July 8, 2014 as it touched 26,188.64 intra-day. In straight seven sessions, the Sensex has now garnered 1,140.35 points or 4.56 per cent. This is its longest winning run since September 2012. Asian stocks closed mixed with upward bias. Indices in China, Hong Kong, Singapore and Taiwan closed higher while from Japan and South Korea ended slightly lower. European markets, however, trading better in their late morning deals. France's CAC was up by 0.42 per cent, Germany's DAX by 0.36 per cent and the UK's FTSE by 0.19 per cent.
results by major IT firms also boosted the sentiment. Country's second largest software services exporter, Infosys, was the top Sensex gainer with a rise of 3.46 per cent and contributed over 60 points to the surge. TCS attained its record market valuation of Rs 5 lakh crore helped by over 2 per cent spike in stock value. Wipro shares also rose. In banking, ICICI Bank and SBI witnessed good buying. Total market breadth, however, was negative following selling in second-line stocks by retail investors. ""Markets kissed new highs as firmness in Asian and European stocks after better-than-expected data in the US boosted sentiments. On domestic front, consistent FII inflows and healthy earnings also helped," said Jayant Manglik, President-retail distribution, Religare Securities. Traders said sustained capital inflows kept the market tempo strong as Foreign Institutional Investors (FIIs) injected Rs 412.03 crore yesterday as per provisional data. The BSE 30-share gauge resumed higher and moved in a range of almost 190 points before settling at new peak of 26,147.33, a rise of 121.53 points or 0.47 per cent. Its highest level at close was 26,100.08 hit on July 7. Sensex , however, failed to cross previous all-time high of 26,190.44 recorded on July 8, 2014 as it touched 26,188.64 intra-day. In straight seven sessions, the Sensex has now garnered 1,140.35 points or 4.56 per cent. This is its longest winning run since September 2012. Asian stocks closed mixed with upward bias. Indices in China, Hong Kong, Singapore and Taiwan closed higher while from Japan and South Korea ended slightly lower. European markets, however, trading better in their late morning deals. France's CAC was up by 0.42 per cent, Germany's DAX by 0.36 per cent and the UK's FTSE by 0.19 per cent.
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