Stocks
Nifty, Sensex, Bank Nifty may move up: Weekly market report
Nifty has to close above 8,390 for the first confirmation of a new upmove
 
The stock market is fearful about the potential negative news from international markets and is therefore moving up cautiously. Today’s market indices closed with marginal gains. The S&P BSE Sensex closed at 27,661.40, up 0.32%. It opened at 27,705.36 and touched a high of 27,729.46 and a low of 27,530.90. The CNX Nifty closed at 8,360.55, up 0.38%.  It opened at 8,365.70 and touched a low of 8,315.40 and a high of 8,377.10. Bank Nifty, as expected was more bullish, closing at 18,719.80, up 1.14%. It opened at 18,584.95 and touched a low of 18,534.55 and a high of 18,767.80.
 
On Monday, the stock market displayed bullishness in a spectacular fashion. After being down 98.75 points at the opening following the news of Greek referendum Sunday, the NSE’s CNX Nifty recovered the entire loss and closed higher, even as all global markets were awash with red. The market is set to record further gains, our guess.
 
The 50-stock benchmark opened Tuesday higher and moved in a range up to 2pm. After this, it made a quick plunge into the red. It tried recovering but after reaching up to Monday’s close, Nifty slipped again and closed marginally lower. The S&P BSE Sensex closed flat some 37 points or 0.13% down in the day's trade. The Sensex touched a high of 28,335.23 points and a low of 28,084.36 points in the intra-day trade. The 50-scrip Nifty closed 11.35 lower points or 0.13% down at 8,510.80 points. In an emergency meeting of Eurozone leaders in Brussels, Greek Prime Minister Alexis Tsipras was expected to reveal fresh proposals to the country's creditors, was the Tuesday report.
 
Drawn by the bull market, companies have been lining up initial public offers (IPOs). At least three companies -- low-cost carrier IndiGo, staffing firm Teamlease and e-retailer Infibeam – were expected to raise an over Rs3,000 crore. The 50-stock index opened Wednesday below Tuesday’s level and after a range bound session till 10.30am, started moving sharply lower and hit a six-day low. Thereafter, Nifty tried to recover, was not successful and closed just off the day’s low. The continuous slide in the Chinese stock markets, crashing commodity prices and the stalemate in the Greece debt talks dampened investor sentiments.
 
On Thursday, indices remained subdued but recorded only minor losses with the market players keeping an eye on the China meltdown and stalemate in the Greek debt crisis. On Friday too, the indices remained subdued even though all global markets were sharply higher on the hopes of a resolution to the Greek crisis. 

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Nifty, Sensex, Bank Nifty may rally, if Greece issue is resolved – Thursday closing report
A close of Nifty above 8,400 would be bullish
 
We had mentioned in Wednesday’s closing report that NSE’s CNX Nifty will be under pressure until it regains 8,440. However, the Indian stock market reversed direction and closed with marginal losses, proving that the medium term trend is an uptrend.
 
 
The top gainers and losers on shares of major indices are given in the table below:
 
 
Negative global cues emanating from China and Greece countered the positive sentiments surrounding the upcoming first quarter (Q1) results and led the 30-stock Sensex to close 114 points down on Thursday.
 
The S&P BSE Sensex closed Thursday 114.06 points or 0.41% down after the day's trade. The Sensex touched a high of 27,798.13 points and a low of 27,540.60 points in the intra-day trade.
 
The wider 50-scrip Nifty also closed in red. It was down 34.50 points or 0.41% at 8,328.55 points.
 
Analysts said that after the opening session, markets remained range-bound. However, they soon slipped into negative territory, due to the heavy sell-off in information technology (IT) counters ahead of TCS (Tata Consultancy Services) results. 
 
Market observers also pointed out that the investor confidence was shaken a day after the barometer index lost 484 points due to fears of a Chinese stock markets meltdown and the stalemate in the Greek debt crisis.
 
However, the positive bias is being cancelled-out by the negative international cues from China and Greece. 
 
Even the sharp fall in the light sweet crude oil of West Texas Intermediate (WTI) futures and options index on Wednesday, which pegged a barrel at $50, failed to cheer the markets. 
 
The India markets which depend on Brent crude oil index are also affected by the price movements of the WTI.
 
On Friday, the major trigger for the markets will be the Index of Industrial Production (IIP) data.
 
During Thursday's intra-day trade, healthy buying was observed in capital goods, healthcare and bank stocks. 
 
However, the IT, oil and gas, automobile, technology, entertainment and media (TECK) and fast moving consumer goods (FMCG) scrip came under intense selling pressure.
 
The S&P BSE capital goods index augmented by 344.53 points, healthcare index extended-gains by 23.82 points and bank index rose by 21.32 points.
 
The S&P BSE IT index plunged by 198.47 points, oil and gas index receded by 199.54 points, automobile index plummet by 105.96 points, TECK index was lower by 91.32 points and FMCG index was down by 44.87 points.
 
The major Sensex gainers during Thursday’s trade were: BHEL, up 3.59% at Rs264.35; Larsen and Toubro (LT), up 2.39% at Rs1,847.50; Hindalco Inds, up 2.21% at Rs.104; Hero MotoCorp, up 2.05% at Rs2,605.40; and Bharti Airtel, up 0.83% at Rs432.90.
 
The major Sensex losers were: Vedanta, down 4.86% at Rs139; TCS, down 2.80% at Rs2,521.40; Bajaj Auto, down 2.33% at Rs2,513.95; Infosys, down 2.04% at Rs937.70; and Tata Motors, down 1.73% at Rs398.15.
 
Among the Asian markets, Japan's Nikkei was up by 0.60%, China's Shanghai Composite Index gained by 5.79%, and Hong Kong's Hang Seng rose by 3.73%.
 
In Europe, the London FTSE 100 index was up by 1.08%, the French CAC 40 was higher by 2.11% and Germany's DAX Index gained by 1.92% at the closing bell in India.
 
The closing values of select world indices are given in the table below:
 
 
Among European indices, DAX was at 10,948.86, up 1.91% and FTSE 100 was at 6,562.69, up 1.11%. Athex Composite Share Price Index was at 797.52, up 2.03%. US index futures were marginally in the red.

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The Easiest Way To Lose Money

Don’t get tempted by IPOs

 

In our Cover Story of 18 November 2010, we had researched companies that had made initial public offerings (IPOs) and found that subscribing to an IPO is not a good idea. Generally, you lose money. However, we also found that if you are really tempted to buy a stock through an IPO, you should exit immediately after listing. In 2010, our analysis of three...
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