As long as Nifty stays above 8,270, the index will edge higher
In Friday’s closing report, we had mentioned that the Nifty may continue to edge higher if it manages to stay above 8,240. The index opened lower but started moving higher.
After reaching near to Friday’s close the index moved sideways up to the beginning of the noon session. It then lost its strength and went into the negative. It regained strength and moved higher and finally managed closing the session in the green for the third consecutive session. Market sentiments were initially affected by the concern that Europe's stimulus plans may not solve the euro region's economic woes.
Sensex opened at 27,524 and hit its low at 27,324 while Nifty opened at 8,291 and hit its low at 8,246. At the end of the session Sensex reached up to 27,621 and closed at 27,585 (up 127 points or 0.46%) while Nifty reached up to 8,333 and closed at 8,323 (up 39 points or 0.46%). The NSE recorded a volume of 74.84 crore shares. India VIX rose 0.97% to close at 16.1100.
Today, the government will unveil industrial production data for November 2014 and on CPI inflation for December 2014.
India plans to implement a common goods and services tax across the country in the course of next year, Finance Minister Arun Jaitley reportedly said today.
India's growth slowdown has bottomed out and the pace of economic expansion is expected to accelerate, finance ministry's chief economic adviser Arvind Subramanian reportedly said on Monday.
BEML (10.07%) was among the top two gainers in ‘A’ group on the BSE. The stock hit its 52-week high today. It recently received Star Performer Award in the export category for the year 2012-13 at an event organised by EEPC India.
Videocon Industries (6.07%) was the top loser in ‘A’ group on the BSE. BSE has asked for a clarification from the company for the new article appearing in media that it is looking at buyers for its telecom business.
Hindustan Unilever (3.84%) continued to be the top gainer in Sensex 30 pack. It hit its new 52-week high today.
Finance Minister Arun Jaitley today said the divestment programme would be pursued on priority and will involve more than one PSU during this quarter ending March. Coal India (4.54%) was the top loser in Sensex 30 stock.
On Friday US indices closed in the red. US job growth increased briskly in December, but wages posted their biggest decline in at least eight years in a sign the tightening labour market has yet to give much of a boost to workers. Nonfarm payrolls increased by 252,000 last month after an upwardly revised jump of 353,000 in November, the Labor Department said. The jobless rate fell 0.2 percentage point to a 6-1/2-year low of 5.6%, but that was mainly because people left the labour force.
Asian indices which were trading today showed mixed performance. Hang Seng (0.45%) and NZSE 50 (0.45%) were the top gainers while Shanghai Composite (1.71%) was the top loser.
European indices were in the green while US Futures were trading higher. French gross domestic product expanded 0.1% in the fourth quarter from the third, the central bank said.