For the weak trend to reverse, Nifty has to first close above 8,730 and Bank Nifty above 18,700
We had mentioned yesterday that the weakness on Nifty may continue, if it remains below 8,752. Today, the index opened slightly above this level and after hitting the day’s high, the stock moved lower to hit a six day (including today) low.
Sensex opened at 28,876 while Nifty opened at 8,757. After hitting a high at 28,876 and 8,760 the indices moved lower to the level of 28,498 and 8,646. Sensex closed at 28,666 (down 134 points or 0.46%) while Nifty closed at 8,707 (down 44 points or 0.50%). Bank Nifty witnessed a volatile session. After opening at 18,732 which was also the day’s high it moved to the low of 18,505 and recovered in the afternoon session to close at 18,637 (down 79 points or 0.42%). NSE recorded a volume of 80.41 crore shares. India VIX rose 2.26% to close at 14.9500.
Indian Oil Corporation announced a reduction in the retail selling price of petrol by 80 paise per litre at Delhi (including state levies), with corresponding price revision in other states.
Prime Minister Narendra Modi on Wednesday said that he seeks Canada's cooperation and investment in every area of India's national development priority - Energy and Infrastructure, Manufacturing and Skills, Smart Cities and agro-industry, and Research and Education.
Reserve Bank of India on Wednesday issued a notification allowing banks to offer differential interest rates on term deposits based on whether the term deposits are with or without-premature-withdrawal-facility, subject to certain conditions.
India has the potential to make 9%-10% growth rate "a new normal", Finance Minister Arun Jaitley said today while asserting that high growth was essential to meet the challenges posed by the country's burgeoning young population.
Bank account penetration in India increased from 35% to 53% between 2011 and 2014, but the country also suffers from high dormancy rates, says a World Bank report.
India's manufacturing contracted sharply in April as build-up in new orders and capacity utilisation remained "patchy and erratic", SBI Composite Index said today. The index fell to 46.8 in April, from 58.5 in March.
KEC International (9.13%) was the top gainer in ‘A’ group on the BSE. It was in the news for having entered into a binding agreement for sale of its telecom assets, for a consideration of Rs81 crore, in the states of Chhattisgarh, Meghalaya and Mizoram consisting of 381 telecom sites to ATC Telecom Tower Corporation Private Limited.
PMC Fincorp (15.42%) was the top loser in ‘A’ group on the BSE. The stock hit its 52-week low today. ONGC (3.25%) was the top gainer in the Sensex 30 pack while Hero MotoCorp was the top loser (3.76%) in the pack.
On Wednesday, US indices closed in the green. The Empire State manufacturing index plunged, falling to a negative reading, while, industrial production fell by more than expected in March. Both reports suggested a deceleration in economic growth. A gauge of confidence among home builders rose in April, according to the National Association of Home Builders/Wells Fargo housing-market index released yesterday.
Except for Straits Times (0.24%) all the other Asian indices closed in the green. Shanghai Composite (2.71%) was the top gainer.
Chinese Premier Li Keqiang today said that it will not be easy for China to grow its economy by 7% this year, but he ruled out currency devaluation to promote growth through exports.
European indices were trading deeply in the red. US Futures were also trading lower. The European Central Bank, as anticipated, left the official interest rates unchanged yesterday.
In Greece, Germany's finance minister reportedly said yesterday that there was no prospect of the euro zone reaching a deal with Athens next week on economic reforms that would unlock bailout funds, potentially leaving Greece perilously short of money.
Crediting rating agency Standard & Poor's Ratings Services yesterday, 15 April 2015, slashed its credit ratings on Greece's debt deeper into junk territory.