The Nifty Wednesday is likely to open weak with the market indicator SGX Nifty down 22 points at 8107 around 7.45 am. Yesterday too the benchmark indices continued to see profit booking (amid consolidation) for second consecutive session. The enforcement directorate and CBI arrested 6 people in connection with the Bank Of Baroda case -- illegal remittances worth over Rs 5,100 crore have been unearthed from 59 accounts.
A slowdown in demand growth next year and added supply from Iran if sanctions against Tehran are lifted are likely to keep the oil market oversupplied through 2016.
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After a two-day monstrous rally, BSE Sensex and Nifty were sharply lower on Thursday, tracking weak Asian stocks. The Sensex fell over 400 points while Nifty slumped below 7,700 levels. Rupee also fell today, hurting the sentiment in stock markets.
The market has opened with a sharp loss following weak global markets. The Sensex is down 335.92 points or 1.3 percent at 25383.66 and the Nifty is down 106.55 points or 1.4 percent at 7712.05. About 129 shares have advanced, 692 shares declined, and 24 shares are unchanged. Hindalco, Vedanta, ONGC, BHEL and SBI are major losers while there is no green stock in the Sensex.
After a stellar rally, the market has opened on a weak note. The Sensex is down 36.13 points at 27454.4 and the Nifty is down 14.35 points at 8317.60. About 424 shares have advanced, 253 shares declined, and 82 shares are unchanged. TCS, ONGC, Wipro, Sun Pharma and Tata Motors are top gainers in the Sensex. Among the losers are Bajaj Auto, Bharti Airtel, Coal India, ITC and Dr Reddy's Labs.
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A two-year wait for cheaper credit may end in the next few weeks as banks across the board are poised to lower lending rates as their hands are being forced by surplus liquidity and low credit demand.
The country's top banks, be it the largest lender State Bank of IndiaBSE -0.04 %, or IDBI BankBSE 0.14 %, or Axis BankBSE -0.23 % in the private banking space, seem to be on the same page now on the direction of interest rates and the need to lower rates to push credit demand. Companies have turned their backs on banks which were reluctant to lower rates.
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Indian ADRs ended lower on Wednesday.
In the IT space, Infosys was up 1.22% at USD 52.18
Wipro was down 0.96% at USD 9.28.
In the Telecom space, Tata Communication was down 2.02% at USD 8.23.
In the Banking space, ICICI Bank was up 0.18% at USD 44.2
HDFC Bank was down 0.28% at USD 39.13.
In the other space, Sterlite was down 2.98% at USD 7.5,
Tata Motors was down 1.61% at USD 28.65
Dr Reddys was down 0.47% at USD 35.76.
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MM WORLD MARKET UPDATE
HANG SENG +155
NIKKEI +42
SHANGHAI +0
DOWJONES -35.79
NASDAQ +10.39
SGX NIFTY +3.5
Advances 555
Declines 878
Unchanged 140
Total Puts add 13.7 lakh shares in Open Interest
Total Calls add 3.6 lakh shares in Open Interest
Nifty PCR at 0.99 versus 0.97
India VIX closed at 15.31 down by 2.17%.
Tata Power Company is
currently trading at Rs 98.05, up by 0.95 points or 0.98% from its
previous closing of Rs 97.10 on the BSE.
Bharti Airtel is currently trading at Rs 326.95, up by 2.40points or 0.74% from its previous closing of Rs 324.55 on the BSE.
FIIs net sell Rs 710 cr in Index Futures; Index Futures Open Int contract up by 39348
FIIs net buy Rs 490 cr in Index Options; Index Options Open Int contract up by 73695
FIIs net buy Rs 377 cr in Stock Futures; Stock Futures Open Int contract up by 7457
MM GOOD MORNING
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 6010
SUPP 2: 5930
RES 1: 6115
RES 2: 6180
MM BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 12550
SUPP 2: 12230
RES 1: 12885
RES 2: 13150
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Punjab National Bank
is currently trading at Rs. 894.25, up by 60.00 points or 7.19% from its
previous closing of Rs. 834.25 on the BSE.
GAIL (India) is currently trading at Rs. 339.60, up by 0.65 points or 0.19% from its previous closing of Rs. 338.95 on the BSE.
SELL DLF (LCP-271.65) BELOW 270.5 TG-267.5-263
BUY MUTHOOT FINANCE(LCP-228.1) ABOVE 230 TG-234-239
MM BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 12550
SUPP 2: 12230
RES 1: 12885
RES 2: 13150
Bharti Airtel is currently trading at Rs. 357.85, up by 0.25 points or 0.07% from its previous closing of Rs. 357.60 on the BSE.
