Use this space to put some text. Update this text in HTML

www.bigprofitbuzz.com. Powered by Blogger.
There was an error in this gadget

Sunday, 12 October 2014

Nifty breaks 7800, Sensex falls 180 pts; Tata Motors drops


09:40am Market Update
 
The 50-share NSE Nifty breached 7800 level for the first time since August 18, 2014, down 61.55 points or 0.78 percent at 7798.40. The 30-share BSE Sensex fell 179.46 points or 0.68 percent to 26117.92.
About 621 shares have advanced, 828 shares declined, and 50 shares are unchanged. 

Shares of Tata Motors, Bharti Airtel, ICICI Bank, HDFC Bank, ITC, L&T and Wipro declined 1-2.5 percent while Infosys, Hero Motocorp and TCS bucked the trend.

 09:30am Market Expert
 
Sandip Sabharwal of asksandipsabharwal.com is not surprised by the recent fall in the Indian market. He says the dollar rally was indicative of pullout of risks. 

Markets across the globe, developed markets included, always resist the fall initially and then give up, he adds. In this context, it is very difficult for a country like India to move up in the face of a troubled macro-economic situation. 

Sabharwal says at the moment, for India, inflation is not a concern, but growth is. Going ahead, he sees GDP downgrades and expects the next quarter to be even worse considering there will be a huge agri element.
 According to him, the overall macroeconomic scenario, ex-inflation, looks bad. 

09:15am Market Check
 
Equity benchmarks opened lower on weak global cues. The Sensex declined 119.37 points to 26178.01 and the Nifty fell 53.45 points to 7806.50. About 440 shares have advanced, 568 shares declined, and 46 shares are unchanged.

 Bharti Airtel, Sesa Sterlite, Hindalco Industries, BHEL, Larsen and Toubro, DLF and Jindal Steel lost 1.5-2 percent. However, Infosys gained further, up over a percent followed by Reliance Industries, Sun Pharma, Hero Motocorp, BPCL, IndusInd Bank and Lupin with marginal gain. 

Globally, the US markets logged their worst week since May 2012 with benchmark indices ending in the red for the third straight week after Standard & Poor downgraded its outlook for France to negative from stable. 

The CBOE VIX spiked 13 percent with the Asian shares extending losses today following last week's selloff with oil markets under pressure ahead of key Chinese data. Japanese market is shut for a public holiday today.

 European shares closed sharply lower over global growth concerns and weak economic data from Germany. 

In other asset classes, the dollar continues to gain against most currencies. The euro is trading weak as ECB president Mario Draghi re-affirmed economic slowdown concerns. 

And the strength in the dollar index also stalled the rally in gold prices capping four days of gains. The international gold prices trade around the USD 1200 dollar mark as widespread economic concerns and a dollar rally kept commodities muted.

 Brent crude was trading near the USD 89 mark on rising supplies while Nymex crude fell below USD 85. More Information Please visit this site www.bigprofitbuzz.com





No comments:

Post a Comment