Wednesday, 20 January 2016

BEARS WERE ON THE RAMPAGE WITH IT IS A SEA OF RED ACROSS GLOBAL MARKETS

BUY M&M ABOVE 1140 TG 1155, 1180 SL 1115
It was a sea of red in markets on Wednesday. Indian markets on Monday logged their biggest drop since May 16, 2014. The market breadth continued to be pathetic as more than six shares declined for every share advancing on Sensex was down at 24033 and the Nifty fall 136 points to 7299. It is a sea of red across global markets as the Hong Kong market closed with 750 point cut hitting LAST 3.5 year low while European markets are down near 2 %. Rupee also made a fresh intraday and a fresh 28 month low, hits 68 levels while dollar buying by foreign equity funds has put pressure on the currency.
The International Monetary Fund slashed its global growth forecasts for the third time in less than a year on Tuesday, as new figures from China showed that the economy grew at its slowest rate in a quarter of a century in 2015. Meanwhile, Idea Cellular was the top gainer in the index, up .73 % followed by Bajaj Auto and HCL Tech. Only six out of the 50 stocks in the Nifty index ended with gains and 44 stocks ended lower. The delay in economic reforms and high volatility in global markets have led foreign investors to turn net sellers of domestic equities. Foreign investors have sold a net around $847 million worth debt and equities so far this month, a third straight month of outflows. A total of six stocks registered a fresh 52-week high in trades today, while 167 stocks touched a new 52-week low on the NSE. Out of 1785 stocks traded on the NSE, 1272 declined and 290 advanced today.
Bajaj Auto, Sun Pharma, Hero Moto Corp and Wipro were losers in the Sensex. Hindalco, Adani Ports, SBI, Tata Motors and Reliance were top gainers
 
 

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