TODAY, NIFTY opened flat and touched high at 8445 pts and closed at 8435 pts ending in a jerky fashion. The charts registered small bullish candle candle creating resistance level at 8440-8480 levels with previous breakout of support level at 8407 pts. Banking, metal,IT were major losing sectors while FMCG, AUTO and energy sectors were gaining sectors and moving along with the market. Idea,gail were among top gainers while Ultratech, zeel, axis bank were among top losers. YESbank, axisbank, infosys, reliance were among the top traded stocks.
SMC GLOBAL OUTLOOKS MARKET TO HAVE AN EFFECT DUE TO GLOBAL CUES: It reports that new US administration reforms and policies such as interest hike, inflation rates may have an impact on the market in the coming days.
ASIAN MARKETS REMAIN NEUTRAL WHILE EUROPEAN MARKETS WERE ON A POSITIVE TREND WITH YELLEN’S HERALDED SPEECH:Asian shares were down after Federal Reserve chairman Janet Yellen gesticulated that there can be hike in interest rates. Meanwhile oil prices tumbled with a dollar jump on.
IMF CHAIRMAN CHRISTINE LAGARDE EMBRACES INDIA AS ‘VERY FRIENDLY’ DESPITE CONTINGENCIES: At World Economic Forum IMF chief cherished that good investments can be made in India and also stressed about gender gap which can be overcome by latest technology adoption.
YES BANK, AXIS BANK RELEASED ITS QUARTER RESULTS HAVING AN EFFECT ON TODAY’S MARKET: Axis bank registered 73% drop in Q3 net profit to 579.57 crore with escalated fresh slippages of 4560 crore where its NPAs was 5.22% with increase in bad loans and was a major loser in the market slipping 2% whereas YES bank witnessed 30.6% growth net profit and NPAs was 0.85% of its gross advances and had 22% drop in provisions along with high interest income and trading sunk at 0.02% at BSE.
INDIA FASCINATES 418 MILLION USD OF FDI IN PRECIOUS METALS: India enticed a considerable amount of FDI in diamonds, gold ornaments which has 29% of global consumption from APR 14 TO SEP 16 and also increased equity inflows of Railways of about 216.77 USD.
INDIA IS BECOMING A PERSUASIVE M&A MARKET WITH INCREASE IN DEALS: The M&A activity has 64.5 billion USD with increase in 8.8% of overall asia pacific deals and highest since 2007 however with a dip in technology sector and active sectors being energy,mining and utility sector
MARKET MAY SPOT-ON CORRECTION IF CHANGES IN LTCG MADE IN UPCOMING BUDGET: If the Govt decides to change the LTCG tax structure with extension of 3 years instead of 1 year , the market may face a correction of 5-10% says Experts
RUPEE NOSEDIVES WHILE GOLD HASSLES DUE TO SIGNALLING OF INTEREST HIKES IN RAMBLE; With major Asian currencies slip and rupee plunges by 17 paise to 68.25 against dollar while GOLD bulldoze from 8-week high after announcement from Yellen about scrambling interest rates of US.
