Stocks
Nifty, Sensex may be headed down – Weekly closing report
Bank Nifty has already turned downwards and Nifty will be headed lower if its closes below 8,750
 
The S&P BSE Sensex closed the week that ended on 20th February at 29,231 (up 136 points or 0.47%), while the NSE’s CNX Nifty closed at 8,834 (up 28 points or 0.32%). In the previous week, we had mentioned that Nifty and Sensex may continue to head higher.
 
On Monday, after a gap up opening, Nifty moved higher to hit the intra-day high. However, by the end of the session, all of the intra-day gains were given up and it closed marginally higher. Nifty closed at 8,809 (up 4 points or 0.04%). The annual rate of inflation based on monthly wholesale price index stood at negative 0.39% in January 2015, compared with a reading of 0.11% for December 2014.
 
The stock market was closed on Tuesday for Mahashivratri. 
 
On Wednesday, the Nifty closed higher for the sixth consecutive session as the benchmark gained sudden upward momentum in the noon session. Nifty closed at 8,869 (up 60 points or 0.68%). Prime Minister Modi said his government did not want India to be the biggest importer of defence equipment in the world and vowed to double output of defence manufacturing in the country.
 
On Thursday, Nifty closed marginally higher at 8,895 (up 26 points or 0.30%). In a notification issued on Wednesday, the Reserve Bank of India (RBI) said, "Nominated banks are now permitted to import gold on consignment basis. All sale of gold domestically will, however, be against upfront payments. Banks are free to grant gold metal loans".
 
On Friday, Nifty broke seven days of consecutive upmove, closing at 8,834 (down 62 points or 0.69%). In the first round of coal auction the government has raised nearly Rs84,000 crore. The government said it will start the second tranche of auctions by 25th February.
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 
 

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Nifty, Sensex struggling to rally – Thursday closing report
Nifty will weaken below 8,840, while Bank Nifty is already showing signs of weakness
 
In Wednesday’s closing report, we had mentioned that the uptrend on NSE’s CNX Nifty may weaken, if it closes below 8,820. The 50-share index opened Thursday higher and moved in a range upto 10.20am, after which it started moving sharply lower. However, from 2pm, the benchmarks, Nifty and S&P BSE Sensex started rallying sharply higher. In the next 80 minutes, the Sensex went up by 450 points non-stop. Finally, the indices managed to come back above Wednesday’s close and ended the day marginally higher.
 
Sensex opened at 29,435 while Nifty opened at 8,883. Sensex moved from the low of 29,108 to the high of 29,523 and closed at 29,462 (up 142 points or 0.48%). Nifty hit a low 8,794 before rising to a high of 8,913 and closed at 8,895 (up 26 points or 0.30%). NSE recorded a volume of 111.64 crore shares. India VIX fell 2.46% to close at 20.3975.
 
There were reports that the Indian government could consider subsidy for raw sugar exports at a cabinet meeting later in the day.
 
In a notification issued on Wednesday, the Reserve Bank of India (RBI) said, "Nominated banks are now permitted to import gold on consignment basis. All sale of gold domestically will, however, be against upfront payments. Banks are free to grant gold metal loans". 
 
Coming back to the stock market, Jindal Steel & Power (25.59%) was the top gainer in ‘A’ group on the BSE. There are reports that the company has won Gare Palma IV/2 and IV/3 blocks in the ongoing coal block e-auctions. The company is reported   to have won the bids at Rs108 per tonne for both the blocks, which have a mining capacity of about 6 mtpa.
 
Suzlon Energy (6.53%) was the top loser in ‘A’ group on the BSE. The stock was the top gainer of the group on Wednesday following reports that Dilip Shanghvi Family and Associates have made an open offer to buy another 26% stake for Rs2,837 crore in the company.
 
Sesa Sterlite (6.95%) was the top gainer in Sensex 30 pack. Its subsidiary Bharat Aluminium Company won the Chotia coal block in Chhattisgarh for Rs3,025 per tonne, according to the results of e-Auction for Schedule II coal mines announced by the Ministry of Coal on Tuesday. Wipro (1.36%) was the top loser in the Sensex 30 stock. 
 
On Wednesday, US indices closed flat with a negative bias. Minutes from the latest Federal Reserve meeting showed that policymakers were concerned that a premature rise in interest rates could hurt US economic growth and recovery in the labour market.
 
Among the Asian indices, which were trading today, Nikkei 225 rose 0.36,% while NZSE 50 fell 0.26% and SET Composite index of Thailand fell 0.20%.
 
Japan's exports continued to rebound in January, while imports shrank. Exports for the month grew 17% from a year ago, according to data released Thursday by the Ministry of Finance. Imports decreased 9% as the price tag for inbound shipments of crude oil was dramatically smaller. The trade balance came to a deficit of 1.18 trillion yen, marking the 31st straight month of shortfalls.
 
European indices were showing mixed trading while US Futures were trading flat.
 
Greek officials are reportedly planning to submit a proposal to Eurozone finance ministers for breaking the impasse in debt negotiations between the new government in Athens and Greece's European creditors.
 

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