Tuesday, 9 February 2016

MARKET KEEPS SWINGING BACK AND FORTH

“SELL STAR BELOW 1035 TGT 1025, 1000”
“SELL CRISILBELOW 1830 TGT 1820, 1800”
TO KNOW SL GIVES US CALL ON 8109066640

After a lot of struggle, the market ended with severe losses. Sensex slipped 1.1 % at 24020 and Nifty ended down 1.2 % at 7298. About 856 shares have advanced, 1747 shares declined, and 119 shares are unchanged. Top IT and banking stocks pulled the domestic equity benchmarks down on Tuesday amid a global selloff in equities, as the market extended the losing streak to a second day. Domestic market sentiment was hurt mainly by poor earnings and Monday's lower-than-expected GDP data. Economic growth slowed in the last quarter of calendar 2015 with GDP growing at 7.3 % annually during the October December quarter. The Chinese markets were shut for the day on account of the Lunar New Year. Japan's Nikkei index fell 5.40 %to 16085 points. Shares of Vedanta fall 3 %. Goldman Sachs cuts Vedanta to neutral from buy cuts target price to Rs 77 rupees from Rs 135. Greek woes have come back to hit global financial markets yet again amid concerns over the future of government reforms. Asian markets ended in red on Tuesday after US and European markets fell sharply overnight on concerns over slowing global growth and speculation over the Federal Reserve raising rates further in March. Japanese shares fell after a selloff in the European banking sector triggered safe-haven bids for the yen, sending dollar crashing through the 115-yen level to its lowest since November 2014. Nikkei 225 declined 918 points to 16085 and Jakarta Composite was down by 30 points to 4768. Wall Street rode another wave of selling on Monday that sent US stocks sharply lower. The Dow Jones fell 177.92 points to 16027.05. Maruti Suzuki, Axis Bank, Cipla, Larsen & Toubro, Mahindra & Mahindra and HDFC Bank were the other prominent losers.On the positive front, Lupin extended its bull-run and gained another 4.5 percent at Rs 1,903. Sun Pharma jumped over 2 percent to Rs 855.NTPC ONGC, Bajaj Auto and Gail India were the other major gainers up 1-2 %each.

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