Wednesday, 17 February 2016

WINNING WEDNESDAY….!!! MARKETS GAIN MOMENTUM

BUY TATAELXSI ABOVE 1910 TGT 1930/1965 SL 1875

After a sharp sell-off the market gained in last hour of trading. The Sensex ended up 189.90 points or 0.8 %at 23381.87 and the Nifty was up 60.20 points or 0.8 % at 7108.45. About 1122 shares advanced, 1424 shares declined, and 148 shares were unchanged. The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 2472, shares advanced were 610 while 1737 shares declined and 125 were unchanged. The Indian rupee depreciated to near record lows against the American dollar, forcing the Reserve Bank of India to intervene to stem further falls. International crude oil prices remained volatile in today’s trade.  After climbing higher in the morning trade, oil prices have dropped on the backdrop that Iran may not agree to a deal between Saudi Arabia, Russia and other producers to freeze oil output at January levels, thus keeping the current oversupply intact. Shares of Just Dial has moved higher by 15% to Rs 509 on the National Stock Exchange (NSE) on back of heavy volumes after the company announced schedule for the buyback of equity shares. Overall 21 ended higher out of the 30-share Sensex pack.ICICI Bank was the top loser in the Nifty, the stock, fell 3 per cent to close at Rs 191. Yes Bank, Coal India, Lupin, Cipla, Axis Bank and Mahindra & Mahindra were also among the laggards.Pharma shares were trading mixed with Sun Pharma and Dr Reddy's Labs up 1%-2% each while Lupin was down 1.8%. Elsewhere, key indices in Asia, like Hong Kong, Japan, Singapore were down, while Shanghai Composite Index ended 1.08 per cent higher. European markets were in a better shape in their early deals largely on better-than-estimated earnings and crude oil rising. The financial sector, which has maximum weight in the index, is going through a rough phase. Any fall in the financial stocks will have a direct impact on the benchmark indices. The non-performing assets of most of the public sector banks have hit the roof, and till the time we do not see stability in that space, it is unlikely benchmark indices will bottom out.


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