SECOND
HALF BETTER
Nifty
7969 +57
S&P
improved India’s credit outlook and market gained smartly towards
close after breaching Thursday’s low levels and gained more
than 0.75% for the day. October Derivative series commenced on a
zigzag note with bullish bias. Nifty is back in the trading range
having closed above 7950. Nifty spot is expected to
encounter resistance at 8010,, 8045 and find support at 7930, 7895
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 trade in a zigzag manner
with better Second half.
MARKET
RECOVERS
The
BSE benchmark Sensex today recovered from its six-week low level to
close 158 points higher, ending three days of losing string, after
S&P's upgraded India's outlook to stable from negative. In a
highly volatile trade, the 30-share index resumed lower and gradually
moved downwards to a six-week intra-day low of 26,220.49, a net fall
of almost 248 points following weak Asian cues and sustained
offloading by foreign funds. Brokers said Standard & Poor's
(S&P's) upgrading the country's outlook helped the Sensex bounce
back. The barometer finally settled at 26,626.32, a rise of 157.96
points, or 0.60 per cent, from its previous close. In the last three
days, it had tanked by 738.38 points or 2.71 per cent. The index,
however, ended the week lower by 464.1 points. The broad-based NSE
index Nifty closed 57 points, or 0.72 per cent higher at 7,968.85.
International credit rating agency, Standard & Poors (S&P)
today upgraded country's credit rating outlook to stable from
negative following positive macro economic data, revival of growth
and Centre's capacity to push reforms, putting the country back on
high growth trajectory. "Markets remained volatile today but
bounced back at the end of trading session as S&P's upgraded the
outlook on the India's credit. The correction provides investor with
an opportunity to buy quality stocks," Sanjeev Zarbade, VP,
Private Client Group Research, Kotak Securities, said.
While as many as 19 stocks ended with gains led by Hindalco (up 5.25 per cent), Sun Pharma (4.30 per cent) and Mahindra & Mahindra (3.16 per cent), Dr Reddy's, HDFC and HeroMoto Corp remained major losers. "This week has been quite volatile... weak global cues, profit booking Supreme Court's decision on coal blocks led to indecision and selling pressure at higher levels," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
While as many as 19 stocks ended with gains led by Hindalco (up 5.25 per cent), Sun Pharma (4.30 per cent) and Mahindra & Mahindra (3.16 per cent), Dr Reddy's, HDFC and HeroMoto Corp remained major losers. "This week has been quite volatile... weak global cues, profit booking Supreme Court's decision on coal blocks led to indecision and selling pressure at higher levels," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
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