Monday, 22 February 2016

EQUITY BENCHMARKS CONTINUED TO BE IN POSITIVE TERRAIN NIFTY ENDS NEAR 7250

BUY BFUTILITIE ABOVE 515 TGT 530/560 SL 490
Nifty50 was testing its crucial support level of 7250 supported by leads in banking, auto, realty and energy stocks  The Nifty futures is managing to sustain above 7200 levels, but is not gaining momentum to extend its up move sharply. Gains were led by ICICI bank, Reliance Industries Tata Motors, L&T, Sun Pharma.   The 50-share NSE barometer Buying was visible in healthcare stocks. The healthcare index was up 1.17 % Oil & gas index was the top sectoral gainer up 1.23 %. Castrol India was the top gainer from this space up 2.76 %.  The market breadth remained positive as about 1386 shares advanced against 1089 declining shares on the BSE. Equity benchmarks extended gains in afternoon trade with the Nifty reclaiming 7250 level, aided by oil, pharma, technology and banks stocks.Data showed that topline growth of the Nifty50 companies fell 2 % in December quarter, while PAT dropped 15 %, let down by weak numbers from commodities and capital goods companies.  Oil prices recovered today following steep losses in the previous session, supported by a fall in the number of US rigs in use, but analysts said general oversupply was keeping the market weak. Gold prices fell by Rs 280 to crack below the Rs 29000 mark to Rs 28970 per ten grams at the bullion market today  tracking a weak trend overseas amid subdued demand from jewelers at domestic spot market. The Indian rupee recouped some of its early losses but still traded weaker at 68.54 per US dollar, down 0.11%, from its previous close of 68.47. Railway Minister Suresh Prabhu will present the rail budget on February 25 while Finance Minister Arun Jaitley will unveil the union budget on February 29.
HUL, Reliance, sun Pharma, Dr Reddy's Labs and ONGC were top gainers while ITC, Adani Ports, Maruti, Wipro and GAIL are losers in the Sensex.

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