Stocks
Sensex, Nifty on a slow uptrend: Wednesday closing report

If the Nifty closes strongly below 6,310 the uptrend may pause


The Nifty on Wednesday closed marginally higher, with almost the same trading volume as yesterday on the NSE. After the weak opening, the market moved almost flat for most of the session only to move higher in the last hour of the session and close near the day’s high.

 

The BSE Sensex opened at 21,252 and moved in the from the level of 21,168 to 21,378 and closed at 21,338 (up 87 points or 0.41%) while the NSE Nifty which opened at 6,309 moved in the range of 6,288 and 6,350 and closed at 6,339 (up 25 points or 0.40%). The NSE recorded a volume of 52.94 crore shares.

 

Except for PSU Bank (down 0.19%) and FMCG (down 0.08%) all the other indices on the NSE closed in the positive. The top five gainers were Pharma (1.58%); Metal (0.95%); Energy (0.83%); Media (0.73%) and Realty (0.73%).

 

Of the 50 stocks on the Nifty, 32 ended in the green. The top five gainers were Sun Pharma (3.17%); B P C L (2.43%); Tata Steel (2.41%); Lupin (2.31%) and Hindalco (2.08%). The top five losers were Asian Paints (0.93%); State Bank of India (0.93%); A C C (0.79%); I T C (0.77%) and Cairn (0.71%).

 

Of the 1,507 companies on the NSE, 750 companies closed in the green, 656 companies closed in the red while 101 closed flat.          

 

A Reserve Bank of India panel has recommended that the central bank should start using a consumer-price inflation target to determine monetary policy. If this accepted then managing inflation take precedence over the bank's two other current main objectives of economic growth and financial stability. In a 130-page report released on Tuesday suggested a CPI inflation rate target within two percentage points above or below 4%. If accepted, the report's recommendation would bring India in line with global norms by placing less emphasis on wholesale price inflation, which India has used until now as its main indicator of price movements.

 

Finance Minister P Chidambaram said that developing economies will feel some impact from the US Federal Reserve's winding down of its stimulus but India is better prepared than last year. He also said "(for the) financial year 2013/14 that will end in March, we will be only about 5% (growth). But for the financial year 2014 -15, which is nine months of calendar 2014, we will cross 6%."

 

US indices closed mostly in the green on Tuesday.

 

The International Monetary Fund has raised its forecast for global growth this year as expansions in the US and UK accelerates, and urged advanced economies to maintain monetary accommodation to strengthen the recovery. The global economy will grow 3.7% this year, compared with an October estimate of 3.6%, the IMF said in revisions to its World Economic Outlook released in Washington. While it raised the outlook for advanced nations, the IMF said "downside risks remain," including financial-market volatility in emerging markets.

 

Except for KLSE Composite and Straits Times closing marginally lower all the other Asian indices closed higher. Shanghai Composite was the top gainer which rose 2.16%.

 

The Bank of Japan today pledged to maintain economic stimulus after a two-day monetary policy review. The BOJ said it will keep plans to increase the monetary base annually by 60 trillion to 70 trillion yen and maintained its inflation target for 2015.

 

European indices were trading lower and US Futures too were trading in the negative.

 

Bank of England officials indicated that they may maintain interest rates at a record low even if the jobless rate falls to a key level sooner than they had previously anticipated. UK unemployment, as measured by International Labour Organization methods, declined to 7.1% in the three months through November from 7.4% in the quarter through October, the Office for National Statistics said.

 

Euro zone government debt fell for the first time in nearly six years in the third quarter, data showed on Wednesday.

 

Debt in the 17 countries sharing the euro stood at 8.842 trillion euros ($11.98 trillion) in the three months to September, or 92.7% of the bloc's GDP, compared with 8.875 trillion euros, or 93.4%, in the previous quarter. The European Union's statistics office Eurostat said it was the first decline, in absolute terms, since the fourth quarter of 2007.

User

Book Review: Profiting from Hedge Funds

What are the strategies of top US investors?

This is a surprisingly accessible book on...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Book Review: The Law & Practice of Income-tax

The 10th edition of this masterpiece has just been launched


The first edition of Kanga...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)