While Nifty will be influenced by overseas markets for now, only a close above 8,420 may lead to a short-term rally
We had mentioned in Tuesday's closing report that CNX Nifty is likely to bounce back, but it may be a short-lived rebound. Today the index moved close to yesterday’s close without any clear direction, it ultimately closed marginally higher.
S&P BSE Sensex opened at 27,712 and moved in the range of 27,710 and 27,905, and closed at 27,831 (up 34 points or 0.12%), while Nifty opened at 8,318 and moved between 8,317 and 8,377, closing at 8,356 (up 15 points or 0.18%). NSE recorded a volume of 72.54 crore shares. India VIX fell 2.02% to close at 12.2425.
The Ministry of Urban Development yesterday said that a ten-member all Party Parliamentary delegation from Romania, which is currently on a six-day visit to India, has expressed the desire to enhance Romania's engagement with India in parliamentary and economic spheres.
Reports said that Parliamentary Select Committee has reportedly cleared the government's proposal of a composite cap of 49% on foreign investment in the insurance sector.
The Appellate Body of the World Trade Organization has ruled against the US imposing high duty on imports of certain Indian steel products, a move that will help Indian manufacturers and exporters.
India will have stronger GDP growth in 2015, which we forecast at 5%-6%, up from around 5% in 2014 according to Moody's in a report titled -- 2015 Outlook-Global Credit Conditions.
A new foreign trade policy (FTP) is under consultation and finalisation, government said today.
SKS Microfinance (10.76%) was the top gainer in ‘A’ group on the BSE. The stock hit its 52-week high today. UBS has given the stock a ‘buy’ rating and a price target of Rs500.
Havells India (6.73%) fell drastically after hitting its 52-week high today. It was the top loser in ‘A’ group on the BSE.
State Bank of India (3.06%) was the top gainer in Sensex 30 pack. The bank’s chairperson Arundhati Bhattacharya reportedly said that a cut in lending rates was possible, when a little bit more of pick-up took place in credit. She also said the Reserve Bank of India should signal the market with a deeper cut in policy rate for banks to reduce lending rates.
BHEL (2.30%) was the top loser in the Sensex 30 stock. The stock was in the news after Parliament informed that the company has initiated the setting up an integrated solar photo-voltaic manufacturing facility of around 500 MW per annum in phases in Maharashtra.
On Tuesday US indices had mixed closing.
Except for Nikkei 225 (2.25%), Seoul Composite (1.29%) and Taiwan Weighted (1.06%) all the other Asian indices closed in the green. Shanghai Composite (2.93%) was the top gainer.
China's annual consumer inflation eased to a five-year low of 1.4% in November. The consumer price index fell 0.2% in November from October, the National Bureau of Statistics said today, 10 December 2014.
European indices were trading in the green while US Futures were trading marginally in the red.
French industrial output fell in October as production of energy, agricultural and food products declined on the month, official data showed today. Industrial production fell 0.8% in October compared with September, the national statistics agency Insee said.