Nifty has to stay above 8,100 and Bank Nifty above 17,800
We had mentioned in Wednesday’s closing report NSE’s Nifty may try to recover as long as its stays above 8,100. The 50-stock index opened Thursday sharply lower and traded in the red for the entire session but there was continued effort to recover during the day, to rise higher. It even edged into the green for a few minutes near the end of the day.
The S&P BSE Sensex opened at 27,290 and moved from the low of 26,949 to the high of 27,294 and closed at 27,206 (down 45 points or 0.17%) while Nifty opened at 8,232 and reached 8,236 after hitting a low of 8,137. Nifty closed at 8,224 (down 11 points or 0.14%). Bank Nifty too traded in the red for the most of the session but managed to close marginally in the green. It opened at 18,071 and moved from the low of 17,806 to the high of 18,157 and closed at 18,116 (up 19 points or 0.10%). NSE recorded a volume of 73.85 crore shares. India VIX rose 0.07% to close at 20.7000.
The WPI inflation stood at negative 2.65% in April 2015, data released by the government on Thursday showed. WPI inflation was minus 2.33% in March 2015. Meanwhile, WPI inflation for February 2015 was revised downwards to negative 2.17% from negative 2.06% reported earlier.
Rating agency Moody's Investors Service said that of the non-financial and infrastructure corporates that it rates in India, the vast majority carry either positive or stable outlooks.
India's gold demand increased by 22% to 150.8 tonnes in the March quarter. This was accompanied by a 6% fall in investment-related gold demand, which was at 40.9 tonnes, according to data released by the World Gold Council in its demand trend report for the quarter ended 31 March 2015.
India's banking system may not yet have seen the peak in bad loans, the Reserve Bank of India (RBI) Governor Raghuram Rajan said on Thursday though this had little impact on bank stocks.
The Supreme Court Thursday dismissed a batch of petitions filed by various telecom companies, including Vodafone and Bharti Airtel, seeking extension of their spectrum licences. Telecom companies have argued that the terms and conditions of their 20-year licences state that they were extendable by another 10 years, the government has argued that the norms say it "may" extend the licence, and hence the matter was at its discretion.
Indian economy is likely to clock 8.1% growth in the current financial year, spurred by strong consumer spending amid low inflation, infrastructure projects and government's reform measures, says a UN report.
National Buildings Construction Corp (NBCC) is betting on the redevelopment of millions of square feet of vacant government property as it plans to grow its $3.4 billion order book by 25% a year to 2020. The stock was almost unchanged.
India has been ranked at a lowly 100 position on the global Human Capital Index, which measures countries on development and deployment of human capital. India is ranked lower than all its BRICS peers -- Russia, China, Brazil and South Africa -- and smaller neighbours like Sri Lanka, Bhutan and Bangladesh.
Coming back to Indian stock market, Oriental Bank of Commerce (9.89%) was the top gainer in ‘A’ group on the BSE. It hit its 52-week low last week. It reported growth in its top line but it reported net loss for the March 2015 quarter.
Lupin (3.42%) was the top loser in ‘A’ group on the BSE. It has acquired 100%equity stake in Brazil’s Medquimica Industria Farmaceutica subject to certain closing conditions. It is expected to have muted June quarter.
Hindalco (2.92%) was the top gainer in the Sensex 30 pack while Vedanta (1.65%) was the top loser.
US indices closed Wednesday flat after opening high. US retail sales were unchanged in April as households cut back on purchases of cars and other big-ticket items and import prices fell for a 10th straight month in April and business inventories barely rose in March.
Asian indices showed mixed performance. Seoul Composite (0.29%) was the top gainer while Taiwan Weighted (1.16%) was the top loser.
European indices were trading in the green. US Futures were trading sharply higher.
Greek Finance Minister Yanis Varoufakis reportedly said that the country's debt repayments to the European Central Bank should be pushed back to the distant future.