BSE Sensex and Nifty struggled on Wednesday, with the 5-day
rally losing some steam. The Sensex was down marginally at 26,931 while
Nifty fell 6 points at 8,146.
Here Are Top 10 Developments:
1) Oil & gas stocks ONGC and Cairn India surged today after a sharp jump in global crude prices. Brent, the global benchmark for crude, rose 5.4 per cent on Tuesday to one-month highs of $51.92 per barrel. Cairn India surged over 5 per cent while ONGC gained over 2 per cent.
2) The rally in oil & gas stocks also boosted metal shares, with Vedanta rising 2 per cent and Hindalco edging up 0.4 per cent.
3) Analysts have attributed the rally in Indian markets to supportive global markets, resumption of buying from foreign investors and strong momentum after the RBI's bigger-than-expected rate cut last month.
4) Nifty is likely to face pressure at around resistance level of 8,220 levels, say analysts. In addition, with September quarter earnings season kicking off from next week, traders are likely to turn cautious, analysts say.
5) Market analyst Rajat Bose said that unless 8180-8220 levels are taken out decisively, markets may not see significant upside. A slide below 8100 could increase selling pressure, he added.
6) Prashasta Seth, CEO of IIFL AMC, does not expect positive surprises from the September earnings season. He expects markets to remain rangebound.
7) On the positive side, foreign investors have been big buyers of Indian stocks so far this month. This is a big turnaround after selling over Rs 20,000 crore of Indian equities (net) in the previous two months. The resumption of buying from foreign investors has provided strong support to domestic markets. Analysts don't see significant downside risks from current levels.
8) The IMF yesterday lowered India's growth forecast to 7.3 per cent this year, from its earlier estimate of 7.5 per cent, and said that a faster-than-expected deceleration in inflation provides leeway for modest cuts in interest rates.
9) Data on Friday showing a surprisingly soft reading on US jobs led many investors to scale back their expectations that the Federal Reserve would raise interest rates this year. That in turn has supported riskier assets which had come under pressure partly on worries the Fed would tighten policy at a time of cooling growth in China and globally.
10) Asian stocks held firm on Wednesday as a sharp rebound in oil prices supported battered resource shares and emerging economy currencies. Japan's Nikkei was however trading flat. Overnight, the Wall Street ended mixed.
Here Are Top 10 Developments:
1) Oil & gas stocks ONGC and Cairn India surged today after a sharp jump in global crude prices. Brent, the global benchmark for crude, rose 5.4 per cent on Tuesday to one-month highs of $51.92 per barrel. Cairn India surged over 5 per cent while ONGC gained over 2 per cent.
2) The rally in oil & gas stocks also boosted metal shares, with Vedanta rising 2 per cent and Hindalco edging up 0.4 per cent.
3) Analysts have attributed the rally in Indian markets to supportive global markets, resumption of buying from foreign investors and strong momentum after the RBI's bigger-than-expected rate cut last month.
4) Nifty is likely to face pressure at around resistance level of 8,220 levels, say analysts. In addition, with September quarter earnings season kicking off from next week, traders are likely to turn cautious, analysts say.
5) Market analyst Rajat Bose said that unless 8180-8220 levels are taken out decisively, markets may not see significant upside. A slide below 8100 could increase selling pressure, he added.
6) Prashasta Seth, CEO of IIFL AMC, does not expect positive surprises from the September earnings season. He expects markets to remain rangebound.
7) On the positive side, foreign investors have been big buyers of Indian stocks so far this month. This is a big turnaround after selling over Rs 20,000 crore of Indian equities (net) in the previous two months. The resumption of buying from foreign investors has provided strong support to domestic markets. Analysts don't see significant downside risks from current levels.
8) The IMF yesterday lowered India's growth forecast to 7.3 per cent this year, from its earlier estimate of 7.5 per cent, and said that a faster-than-expected deceleration in inflation provides leeway for modest cuts in interest rates.
9) Data on Friday showing a surprisingly soft reading on US jobs led many investors to scale back their expectations that the Federal Reserve would raise interest rates this year. That in turn has supported riskier assets which had come under pressure partly on worries the Fed would tighten policy at a time of cooling growth in China and globally.
10) Asian stocks held firm on Wednesday as a sharp rebound in oil prices supported battered resource shares and emerging economy currencies. Japan's Nikkei was however trading flat. Overnight, the Wall Street ended mixed.
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