Friday, 19 February 2016

BUDGET WILL BE DECISIVE MARKET BREADTH TURNED POSITIVE

Fridays have been good for the stock market in India in recent weeks  although it has not managed to live up to its previous week’s performance today  indices have just managed to end with minor gains. The Sensex ended a choppy session with gains of 59.93 points or 0.25 % at 23709 Nifty also managed to eke out gains to close at 7,210.75, up 19 points, or 0.26 per cent.It was a quiet day of trading with markets moving between losses and gains.  Banking shares gained for the second straight day, with public sector banks taking the lead. The government is likely to set up abad bank to take over the non-performing assets. Telecom stocks rallied in the session after reports emerged that Telecom Commission may discuss the liberalization of 800MHz spectrum in circles that lack market-determined prices. Meanwhile, energy stocks witnessed heavy selling with Hindustan Petroleum and IOC losing the most. Oil stocks fall as oversupply woes hit crude supplies globally; Hindustan Petroleum falls 4.9 per cent, IOC down 4.1 per cent, Bharat Petroleum loses 2.8 %.For the most part of the day, the Sensex and Nifty traded on a subdued note tracking losses in other Asian markets and selling in oil & gas, FMCG, capital goods and metal stocks. However, a spurt in the late noon deals pulled the benchmark indices out of the negative territory. On February 19 Indian Rupee and Bond Market will be closed on accounts of Shivaji Jayanti Some buying activity is seen in telecom, auto, utilities and consumer durables sectors while oil and gas, energy, capital goods and pharma are losing sheen on the BSE. The broader markets also ended on a subdued note .
Among other Asian markets, Japan's Nikkei climbed 2.47 per cent while Hong Kong's Hang Seng was trading higher by 2.04 per cent in early trade. Shanghai's Composite index was up 0.23 %
Top Gainers: PNB, Hero MotoCorp, SBI, Bosch, Tech Mahindra, Asian Paints, Bajaj-Auto, NTPC and UltraTech Cement
Top Losers: BPCL, BHEL, Maruti Suzuki, Coal India, Vedanta, Dr.Reddy's, Axis Bank and HDFC were among the losers today.




 


No comments:

Post a Comment