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Sunday, 28 September 2014

Sensex, Nifty in consolidation mode; banks & metals drag



11:30 am Market outlook: India received a shot in the arm as global rating agency Standard & Poor's on Friday revised India's credit outlook to "stable" from "negative", acknowledging the improvement in the country’s economic environment. The revision was backed by an improvement in India’s external position and growth prospects and means it’s no longer on the brink of a "junk" rating. 

S&P was the last of the three main global ratings agencies with a negative outlook on India; Moody’s never changed India’s outlook, while Fitch upgraded it to stable in 2013. Although Moody’s outlook on India remains stable, Andrew Colquhoun, Head of Asia-Pacific Sovereign Ratings Group at Fitch Ratings doesn't see any chance of an alteration in ratings for India in the medium-term.

The Nifty starts the week in consolidation mode as traders seem to be cautious ahead of the Reserve Bank of India's monetary policy review tomorrow. The 50-share index is down 1.20 points at 7967.65. The Sensex is up 35.34 points at 26661.66. About 1633 shares have advanced, 663 shares declined, and 66 shares are unchanged. 

Defensives continue to gain as Sun Pharma builds on to Friday’s rally while banks trade mixed & metals are weak. TCS, BHEL, Cipla and Infosys are top gainers in the Sensex. On the losing side are Hindalco, M&M, Tata Power, Coal India and Bharti Airtel. 

Tourism stocks are higher after the PM Narendra Modi eased visa norms for US nationals and PIO card holders.

 NSE's volatility gauge, India VIX has surged 7.3 percent and is heading towards fourth day of gains in five on fears of foreign investor sales. It has risen nearly 20 percent since September 22. Traders cite uncertainties including the Supreme Court's cancellation of most coal blocks allotted since 1993. State elections in October are also seen weighing. 

Globally, Asia is mixed while Hang Seng is at a two-month low on account of pro-democracy. More Information please visit this site www.bigprofitbuzz.com

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