Monday 10 October 2016

Nifty above 8700 mark; Metal, FMCG stocks lead

The S&P BSE Sensex is trading at 28,165 up 104 points, while NSE Nifty is trading at 8,729 up 32 points.

The BSE Mid-cap Index is trading up 0.48% at 13,608 whereas BSE Small-cap Index is trading up 0.53% at 13,293.

Tata Steel, Asian Paints, Cipla, M&M, Power Grid and Hero MotoCorp are among the gainers, whereas Bharti Airtel, TCS, Adani Ports, Infosys, HDFC and Sun Pharma are losing sheen on BSE.

Some buying activity is seen in metal, basic materials, consumer durables, utilities and FMCG sectors, while IT and teck are showing weakness on BSE.

The INDIA VIX is down 0.70% at 14.3825. Out of 1,852 stocks traded on the NSE, 346 declined, 1,100 advanced and 406 remained unchanged today.

A total of 49 stocks registered a fresh 52-week high in trades today, while 5 stocks touched a new 52-week low on the NSE.

The rupee opened higher by 10 paise at 66.57/$ as against the previous close of 66.67/$. The rupee opened higher in early trade at the forex market today on increased selling of the American currency by banks and exporters.


The domstic markets will remain closed on Tuesday and Wednesday on account of Dussehra and Muharram, respectively.

Asian markets opened flat as all eyes on Chinese markets which open after a week of holidays & should see an uptick on the back of commodity prices rallying globally. Hang Seng and Nikkei 225 are trading in red.

Globally consolidation continues as rise in bond yields leads to balancing of most portfolio's & money allocation to emerging markets set to rise as European banking woes to hit flows. Expect rally in equities this week from oversold territory as most events discounted & pullback on the cards.

Wall Street fell modestly on Friday after sharp swings in sterling and a slightly weaker-than-expected jobs report. The Dow slid 0.2 percent, while the tech-heavy Nasdaq and the S&P 500 eased about 0.3 percent each.

On economy front, data on industrial production (IIP) for August is scheduled to come on Monday.

On the international front, the US added 1,56,000 new jobs in September but the unemployment rate in the world's largest economy rose slightly by 0.1% to 5%. The International Monetary Fund's member countries on Saturday pledged to revive flagging global trade, boost government spending and remove barriers to business to fight weak growth that has left too many people behind.

Oil extended slide below $50 a barrel after the release of weekly U.S. oil rig count and the dollar held steady versus the yen, while gold rebounded from its biggest decline in almost a year.

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