FORENOON
BETTER
Nifty
continued its fall for the Second day and closed below 7750. One more
fall would confirm the short term weakness. Stop loss for Nifty long
positions may be continued at 7725. Nifty spot is expected to
encounter resistance at 7785 7820 and find support at 7705 7670, for
Tuesday. 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
generally better in the forenoon and could face selling pressure
towards close.
Nifty
7749 -41
Review
for Monday :: Bearish Bias … !!!
Market
opened steady and drifted lower to trade with negative bias through
out the day and closed with a loss of more than 0.50%. 35 of Nifty
stocks closed in the red and broader market too was quite negative
with Advance Decline ratio at about 1:2. IT, Pharma and FMCG indices
gained while Realty, Metal, Media, Energy indices declined. ICICI
Bank, Reliance and Axis Bank dragged down Nifty by more than 20
points while Hind Unilever and Inbfy contained the fall by
about 10 points.
Hind
Unilever, HCL Tech, Cairn, PNB, BHEL remained gainers among Nifty
stocks while DLF, Coal India, BPCL, Ambuja Cement remained major
losers.
RPower,
Hind Unilever, JP Associates, Glenmark, JP Power remained
major gainers among F&O stocks while DLF, IRB, CESC, Tata
Motors DVR, Jubilant Food declined sharply among F&O
stocks.
INDICES
@ ONE WEEK LOW
Extending
losses for the second day, equity benchmarks closed at one-week lows
with the Sensex ending below the 26,000 mark and the Nifty ending at
7,748.70 as investors booked profits in recent out-performers in
sectors including realty, metals, oil & gas. The BSE Sensex and
the NSE Nifty were seen trading with negative bias ahead of
tomorrow's trading holiday and July F&O expiry on Thursday.
Market breadth was largely negative. Small-cap and mid-cap indices
fell due to persistent selling pressure from retail investors. The
30-share index Sensex resumed higher at 26,173.47 hovered in a range
of 26,181.83 and 25,900.25 before ending at 25,991.23, showing a loss
of 135.52 points or 0.52 per cent from Friday's closing. It has now
dropped 280.62 points, or 1.07 per cent, in two consecutive sessions.
Today's closing is its weakest since July 21 (25,715.17). The CNX
50-share Nifty dropped by 41.75 points, or 0.54 per cent, to close at
one-week low of 7,748.70. On Friday, it had slipped by over 40
points. In eight straight trading sessions (July 15-24), the Sensex
and the Nifty spurted by over 5 per cent to hit lifetime highs.
Stocks of FMCG major Hindustan Unilever gained 3.69 per cent after
the company today reported increase in standalone net profit at Rs
1,056.85 crore for the June quarter. Among major losers, Coal India
suffered the most by plunging over 3 per cent, the most in three
weeks. Other laggards include Hindalco Industries, Tata Steel, RIL,
ICICI Bank, SBI, Hero MotoCorp, M&M and Bajaj Auto. Foreign
Portfolio Investors (FPIs) bought shares worth a net Rs 125.51 crore
on last Friday, as per provisional data. In Asia, Chinese stocks led
gains by jumping over 2 per cent on strong growth in profit at
industrial companies in June 2014. Key indices in China, Hong Kong,
Japan and South Korea ended higher by 0.20 per cent to 2.41 per cent
while Taiwan weighted index declined by 0.20 per cent. European
markets were trading mixed in their early trade as investors weighed
company earnings and awaited data on American services and home
sales. Key indices and France and UK firmed up by 0.15 per cent to
0.48 per cent while Germany's DAX was quoting lower by 0.03 per cent.
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