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Nifty, Bank Nifty, Sensex to record more gains – Tuesday closing report

If the Nifty closes above 8,750, the upswing will gain momentum

 

We had mentioned in our Monday closing report that NSE’s CNX Nifty may try to rally and if it manages to hold above previous day’s lows and closes above 8,670, it will be the first sign that the downtrend is over. The 50-share benchmark opened above this level and began to move higher. However, by 11.30am, it started to lose strength. The gradual fall made the benchmark go marginally below Monday’s close. After trading marginally lower for few minutes, Nifty made a sharp recovery and hit a higher high and closed in the positive.
 
The S&P BSE Sensex opened at 28,595 while Nifty opened at 8,689. Sensex moved from the low of 28,435 to high of 28,784 while Nifty moved to level of 8,743 after hitting the low of 8,631. Sensex closed at 28,736 (up 299 points or 1.05%) while Nifty closed at 8,723 (up 90 points or 1.04%). Bank Nifty also witnessed trading mostly in the green. It opened at 18,961 and moved from the low of 18,782 to 19,122 and closed at 19,058 (up 221 points or 1.17%). NSE recorded a volume of 83.80 crore shares. India VIX fell 0.33% to close at 15.1275.
 
Yearly SBI Composite Index for March 2015 inched up to 54.6 (Moderate Growth) from 53.5 (Moderate Growth) in February 2015, a 6-month high, according to Ecowrap, which is an economics research publication from State Bank of India (SBI).
 
Market regulator SEBI will take necessary action against listed firms, which fail to appoint at least one woman director on their Boards by the end of this month, Parliament was informed on Tuesday.
 
The Maharashtra’s economic survey for 2014-15 has estimated that the gross state domestic product (GSDP) is expected to grow at 5.7% compared to 7.3% in 2013-14 and 7.8% in 2012-13. The advance estimates of GSDP for 2014-15 at constant prices (2004-05) is expected at Rs9.48 lakh crore.
 
Emerging markets must prepare for the impact of a rise in US interest rates, which could surprise in both its timing and pace, the head of the International Monetary Fund said in India on Tuesday.
 
Foreign direct investment in India more than doubled to $4.48 billion in January, the highest inflow in last 29 months.
 
India imported gold worth about $26 billion during the April-December period of the current fiscal, Parliament was informed today.
 
Coming back to Indian stock markets, BEML (8.04%) and VA Tech Wabag (6.13%) both hit its 52-week high today. They were the top two gainers in ‘A’ group on the BSE.
 
PMC Fincorp (9.98%) was the top loser in ‘A’ group on the BSE today. It was the top gainer group yesterday.
 
Hindalco (5.75%) was the top gainer in Sensex 30 pack while Infosys (1.10%) was the top loser.
 
On Monday, US indices closed sharply higher. The US manufacturing and the housing industry posted weaker-than anticipated data. Separate reports showed that US manufacturing output slid February for a third straight month, while an index of manufacturing in the New York region fell in March, and homebuilder confidence dropped to the lowest level in eight months in March.
 
Weaker than anticipated data from the US raised hopes that it may prolong its timing of raising the interest rate.
 
Asian indices closed mostly in the green. Seoul Composite (2.14%) was the top gainer.
 
The Bank of Japan (BOJ) left its main policy unchanged today despite a tumbling inflation rate, indicating it is still confident that prices will resume their upward trend later in the year without the need for additional action. 
 
China attracted $8.56 billion of foreign direct investment in February, up 0.9% from a year earlier, the Ministry of Commerce said in a statement today.
 
European indices were showing mixed trading while US Futures were trading in the red.
 

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