Only a close above 8,450 in Nifty may negate the downward bias
We had mentioned in Wednesday’s closing report that the indices are headed lower.
Today, the bourses witnessed an indecisive move. The Sensex opened at 28,101 while Nifty opened at 8,407. Sensex moved in the range of 27,915 and 28,119 and closed at 28,068 (up 35 points or 0.12%). Nifty moved between 8,353 and 8,411 and closed at 8,402 (up 20 points or 0.23%). NSE recorded a volume of 81.70 crore shares. India VIX fell 1.25% to close at 14.1650. The indices are still in a short downtrend which started yesterday.
The Ministry of Coal on Wednesday placed in public domain the draft rules for auction/allocation of 204 coal blocks cancelled by the Supreme Court in September this year. The draft rules provide the process of allocation through auction and allotment. The coal ministry has invited comments on the draft rules for auction/allocation of coal blocks from the public and stakeholders. The comments and suggestions can be sent by 24 November 2014, the coal ministry said.
Finance Minister Arun Jaitley met government bank heads and discussed ways to bring down Non-Performing Assets (NPAs). Jaitley also asked banks to take steps to ensure smooth credit flow to projects.
Bajaj Holdings & Investment (7.77%) was the top gainer in ‘A’ group on the BSE. The stock also hit its 52-week high today.
Kotak Mahindra Bank (7.28%) was among the top three gainers in ‘A’ group on the BSE.
The stock also hit its 52-week high today. The exchange has sought clarification from it with respect to the media report appearing titled "Kotak Bank may merge ING VYSYA with itself in the ratio 2:2.5, Deal likely to close within one month". The response from the bank is awaited.
Rasoya Proteins (9.95%) was again the top loser in ‘A’ group on the BSE. Amara Raja Batteries (6.22%) was among the top two losers in the group. The stock hit its 52-week high on Wednesday.
Cipla (3.23%) was the top gainer in Sensex 30 pack. Cipla today announced an agreement with Serum Institute of India for distribution of paediatric vaccines in Europe.
As per the agreement, Serum Institute of India will develop and manufacture paediatric vaccines and Cipla will seek European Medicines Agency approval and market the products in Europe. Sesa Sterlite (2.33%) was among the top losers in Sensex 30 stock.
On Wednesday, US indices closed marginally in the red. The minutes of the US central bank's October 28-29 meeting gave investors few new clues as to when US interest rates may rise.
Asian indices showed mixed closing. Taiwan Weighted (1.29%) was the top gainer while Jakarta Composite (0.67%) was the top loser. The China flash HSBC/Markit manufacturing purchasing managers' index published on Thursday showed factory output contracted in the world's third-biggest economy for the first time in six months.
The preliminary HSBC China Manufacturing Purchasing Managers Index fell to 50.0 in November, compared with a final reading of 50.4 in October, HSBC Holdings PLC said Thursday.
European indices were trading in the red. US Futures too were trading lower. France's manufacturing PMI survey missed expectations. The preliminary Markit France Manufacturing purchasing managers' index (PMI) for November fell to 47.6 - a three-month low - down from 48.5 in October. The Services sector gave a slightly better reading than expected - 48.8, up from 48.3 in October and this helped to lift the overall composite PMI to 48.4 from 48.2 last month.
Germany's private sector has grown at the slowest rate in 16 months in November.
Markit's flash composite Purchasing Managers' Index (PMI), which tracks growth in the manufacturing and services sectors that account for more than two-thirds of the economy, fell to 52.1 in November from 53.9 in October, marking a 16-month low.