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Sunday, 4 January 2015

Sensex hits 28000, Midcap outperforms; Ashok Leyland up 7%

10:35am Euro at 9-year low

The euro hit a nearly nine-year low versus the dollar as investors bet on quantitative easing by the European Central Bank while Asian shares were subdued as soft manufacturing surveys soured the mood.

The euro fell to as low as USD 1.18605, its weakest level since March 2006, having fallen below an important support at USD 1.20. The common currency last traded at USD 1.1955, down 0.4 percent from late US trade on Friday.

In an interview with German financial daily Handelsblatt, ECB President Mario Draghi said the risk of the central bank not fulfilling its mandate of preserving price stability was higher now than half a year ago.

Economists forecast that Wednesday's euro zone inflation data will show prices fell 0.1 percent in December for the first time since 2009.

That should fan expectations the ECB could ease its policy as soon as Jan. 22, when it will hold its first policy meeting this year, reports Reuters.

10:20am Market Expert

2015 will be a good year for Indian equities, believes Hiren Ved, director and CIO, Alchemy Capital Management. According to him, there are lot of macro positives like lower oil prices, slide in interest rates and a hope of earnings pick up from next quarter that might continue driving the market.

In an interview Ved says market may give double-digit returns this year led by a turnaround in the overall economic growth. He believes companies with good-shaped balance sheets will provide better returns in 2015.

10:00am Market Check

Equity benchmarks continued to trade higher with the Sensex rising 136.94 points to 28024.84 and the Nifty climbing 37.25 points to 8432.70. The broader markets outperformed frontline indices with the BSE Midcap and Smallcap indices gaining 0.8 percent.

The market breadth was positive. About three shares advanced for every share declining on the Bombay Stock Exchange.

Ashok Leyland was among the most active stocks on exchanges, rising more than 7 percent after strong sales data in December. The commercial vehicle maker sold 9290 units in the month gone by, up 48 percent compared to same period last year.

Infosys, ICICI Bank, Tata Motors, LIC Housing Finance, L&T, Marksans Pharma and Den Networks were other most active shares.

Maruti Suzuki topped the buying list on Sensex, up 2.4 percent followed by L&T with 1.8 percent gains. ICICI Bank, M&M, Wipro, Tata Steel, Sesa Sterlite and Tata Power gained 1-1.7 percent while Dr Reddy's Labs fell over 1 percent. HDFC, NTPC, Bharti Airtel, Hindalco and Coal India were marginally in red. More information please visit this site www.bigprofitbuzz.com

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