Stocks
Sensex, Nifty still directionless: Friday closing report

The index is possibly getting ready to put in a short rally

The improved result of Infosys, declared before market hours, on the back of recovering US economy and strengthening dollar and the upward revision of the it future guidance helped improve market sentiments. Today although the market had a slightly higher opening after hitting the days low the indices soon began its upward journey which went upto 1.45 pm after which the market started giving up gains and closed almost at the same level as yesterday.

 

The Sensex opened at 20,761 and moved up to the level of 20,971 from the low of 20,625 and closed at 20,758 (up 45 points or 0.22%) while the Nifty which opened at 6,179 hit a low of 6,140 before hitting the high of 6,239. Nifty closed at 6,171 (up 3 points or 0.05%). NSE recorded a volume of 70.10 crore shares.

 

Market today awaits industrial production data for November 2013 to be released after trading hours.

 

Infosys raised its revenue growth guidance in both rupee and dollar terms for the year ending 31 March 2014. The company increased its dollar revenue growth guidance for this financial year to 11.5-12% from 9%-10% earlier and raised the rupee revenue growth forecast to 24.4%-24.9% for the financial year ending March 31, 2014, from 21%-22% estimated earlier.

 

On the macro front, India’s trade deficit widened in December 2013 on slowing export growth, data released by government today, 10 January 2014 showed. The trade deficit stood at $10.14 billion in December 2013, compared with $9.22 billion in November 2013. Merchandise exports rose 3.49% year-on-year to $26.35 billion, slowing down from a 5.86% pace in November. Imports fell 15.25% year-on-year to $36.49 billion as gold and silver imports dropped. For the April-December period, exports aggregated $230.3 billion and imports $340.3 billion while the trade deficit stood at $110 billion.

 

US indices closed flat. The number of Americans who applied to receive unemployment benefits in the first week of this year fell to the lowest level since the end of November. In the week ended January 4, initial jobless claims fell by 15,000 to a seasonally adjusted 330,000, the US Department of Labor said Thursday. Janet Yellen, incoming Federal Reserve chairwoman, said in an interview on Thursday that the US economy would see stronger growth this year.

 

Asian indices had a mixed performance. Jakarta Composite was the top performer which rose 1.28% while Shanghai Composite was the worst performer which fell 0.71%.

 

China's exports rose 4.3% in December from a year earlier, according to reported data, after surging 12.7% in November. Imports were 8.3% higher than the year-ago month, accelerating from 5.3% growth in November. The resulting trade surplus was $25.6 billion, narrowing from the previous month's $33.8 billion.

 

European indices were trading in the green and the US Futures too were trading higher.

 

The Bank of England on Thursday, 9 January 2014, left the size of its bond-buying program unchanged and held its key lending rate at a record low of 0.5%, where it has stood since March 2009.

User

Book Review: Leading from the Top: Directors Who Make the Difference

Corporate governance practices in India and across the world

What do Sahara, Satyam,...

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 High-Frequency Game Changer

If you want to know about high-frequency trading (HFT) then this book will be useful

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)