Mutual Funds
Top Schemes, Popular Stocks
Most stocks are common across different equity schemes, points out 
 
Time and again,...
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
Don’t Fall into ULIP Trap Again
You will soon get surrender value for units surrendered five years ago
 
Insurance...
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
Nifty, Sensex continue to be deeply oversold – Wednesday closing report
However, the first sign of a short-term Nifty rally will be on a close above 7,400
 
We had mentioned in Tuesday’s closing report that Nifty, Sensex may be at the start of a rally if the Nifty closes above 7,460. However, there was a sharp correction in the major indices of the Indian stock markets starting with a gap-down opening. The falling stock prices reflect investor worries over slumping crude prices and volatility in China’s markets that continue to trigger concerns about the health of the global economy. The trends of the major indices during the day’s trading are given in the table below:
 
 
Huge declines in Asian markets, coupled with a slump in global crude oil prices and a weak rupee depressed the Indian equity markets. The selling frenzy led both the bellwether indices of the Indian equity markets to trade at levels which were last seen during May-June 2014. The selling pressure was accelerated by absence of any fresh positive trigger and below expected third quarter (Q3) results.  Furthermore, investors were seen cautious regarding the sliding value of rupee which touched a low of 68.05 to a US dollar -- its weakest level since September 2013 during the intra-day trade. The rupee previously closed at 67.64-65 to a greenback.
 
The weakness in the rupee value indicates the massive foreign funds outflow from the Indian equity and debt markets. The foreign institutional investors (FIIs) were net sellers in the equity markets on Tuesday. They divested Rs.857.70 crore. Besides, long-liquidation positions and disappointing macro-data points for December which eroded investors' hopes for an interest rate cut during the upcoming monetary policy review of the apex bank dented sentiments. The S&P BSE market breadth favoured the bears -- with 2,091 declines and only 384 advances.
 
Reliance Communications on Wednesday said it has paid Rs5,383.84 crore to the government as fee toward spectrum sharing and trading in 16 circles for the 800-850 MHz band, two days after it announced a pact on this with Jio for nine service areas. This also follows a statement by the company a week ago that while it heard from the Department of Telecommunications (DoT) regarding its plans for sharing and trading in scarce airwaves in the 800-850 MHz space, it was awaiting the response in four other circles. The company statement said it has already been granted a stay by the Kolkata High Court not to furnish any bank guarantee towards one-time spectrum charge, as had been demanded earlier by the government. Sources said Reliance Communications wanted to pursue spectrum trading in nine circles with Jio and sharing it with Jio in 17 circles. The Reliance Communication share closed at Rs68.50 down 6.55% on the BSE.
 
Tokyo stocks tumbled on Wednesday as the ongoing downtrend in oil prices coupled with concerns for the outlook of the global economy contributed to a dire market mood. The 225-issue Nikkei Stock Average lost 367.04 points, or 2.15%, from Tuesday to 16,681.33, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 28. 30 points, or 2.04%, at 1,362.11, reports Xinhua.
 
Chinese stocks opened lower on Wednesday, with the benchmark Shanghai Composite Index down 0.49%, at 2,993.01 points, Xinhua news agency reported. The Shanghai Composite closed at 2,976.69, down 1.03%.
 
Bank of England (BoE) Governor Mark Carney has ruled out an interest rate hike for the time being contending that "now is not yet the time to raise interest rates" in the wake of gloomy global economy and modest British economic growth since summer. "Not enough cumulative progress had been made to warrant tightening monetary policy," Xinhua cited Carney as saying at Queen Mary University of London on Tuesday. He said this as an assessment for last summer when he suggested that a decision as to when to start raising bank rate would likely come into sharper relief around the turn of the year. The governor said the outlook for monetary policy depends on three things -- the Monetary Policy Committee's objectives, its strategy, and the British economic prospects. "Our objective is clear: to return inflation to the target in a way that avoids undue volatility in output and employment," he added. British inflation rate as measured by the Consumer Prices Index (CPI) rose to an 11-month high of 0.2 percent in December, from November's 0.1 percent, the Office for National Statistics (ONS) released on Tuesday. Latest minutes from BoE's MPC, which voted 8-1 to keep rates at their current historic low of 0.5%, showed that members expect inflation to remain far below its two percent target for some time yet.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

User

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)