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Sensex, Nifty outlook still negative: Wednesday closing report

Sensex and Nifty break five-day falling trend, but only a close above any previous day’s high. This may bring strength to the Nifty

Wednesday turned out to be the first trading day of 2014 when the stock market closed in positive. The benchmark indices traded in the positive for the entire session except for a few minutes at the open and broke the five days of consecutive fall. The positive performance was on the back of higher market closes in the US and Asia.

 

The BSE 30-share Sensex and NSE Nifty opened at 20,767 and 6,178, respectively and witnessed a mildly volatile session. The Sensex moved from 20,688 to 20,786, closed at 20,729 (up 36 points or 0.17%) while the Nifty moved in the range of 6,160 and 6,192, closed at 6,175 (up 12 points or 0.20%). The gain on the Nifty happened on a volume almost at the same level as Tuesday. The NSE recorded a volume of 73.75 crore shares.
 

Except for Realty (down 0.61%); Infra (down 0.59%) and MNC (down 0.33%) all the other indices on the NSE closed in the positive. The top five gainers were PSU Bank (1.36%); Pharma (1.20%); Auto (0.80%); Dividend Opportunities (0.59%) and Midcap (0.53%).

 

Of the 50 stocks on the Nifty, 28 ended in the green. The top five gainers were Coal India (4.92%); Cipla (3.36%); Gail (2.41%); Bank of Baroda (2.14%) and Tata Power (1.95%). The top five losers were Axis Bank (2.12%); B P C L (2.09%); L T (2.03%); Ranbaxy (1.54%) and Bhel (1.48%).

 

Of the 1,227 stocks on the NSE, 627 closed in the green, 538 closed in the red while 62 closed flat.
 

Prime Minister Dr Manmohan Singh said India's economic growth in the current fiscal year will likely remain flat at 5%. A number of international as well as domestic factors have contributed to the slowdown in India's economic growth in the recent past, Dr Singh said.

 

The US indices closed in the positive on Tuesday. The US trade deficit fell almost 13% to $34.3 billion in November from a revised $39.4 billion in the prior month, the Commerce Department said Tuesday. Federal

 

Reserve Bank of San Francisco President John Williams said reverse repurchase transactions may be an effective way for the Fed to control interest rates when it starts withdrawing unprecedented stimulus. He said “It allows us to manage short-term interest rates more directly even at the same time that we have a very large balance sheet and lots of excess reserves.”

 

The ADP Research Institute reports the change in US company payrolls later in the day today, 8 January 2014. Except for Shanghai Composite (down 0.15%) and Seoul Composite (down 0.02%) all the other Asian indices closed in the green. Nikkei 225 (up 1.94%) was the top gainer.

 

European indices were trading in the negative and the US Futures too were trading lower. Germany's trade surplus, adjusted for seasonal and calendar effects, swelled to €17.8 billion ($24.3 billion) in November from a revised €16.7 billion in October, the federal statistics office said. Exports of goods—as opposed to services—rose for the fourth straight month, signaling a recovery in foreign trade. Exports in November were up 0.3% from October, in adjusted terms. Imports, meanwhile, dropped 1.1% on the month, partly erasing October’s strong gain.

 

The surplus in Germany’s current account—the broadest measure of trade and investment income—widened to €21.6 billion in November from a revised €18.8 billion in October, in unadjusted terms.

 

Retail sales in the euro region jumped 1.4% after falling a revised 0.4 percent in October, the European Union statistics offices said. The jobless rate was 12.1 percent for a second month, after climbing to a record 12.2% in September, a separate report showed.

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