Thursday, 10 March 2016

MARKET ERASED ALL ITS PREVIOUS DAY'S GAINS AHEAD OF ECB MEET

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After showing strength on Wednesday The Sensex closes 0.69%, or 170.62 points, lower at 24623.34, while the Nifty closes 0.61%, or 45.65 points, lower at 7,486.15,
From the Nifty-50 basket of stocks, 31 stocks declined while 19 stocks ended higher. Indices were unable to carry forward the momentum as market participants remained skeptical ahead of the eagerly awaited ECB meet which is scheduled later today in Europe. - See more at snapping a six-day rally as investors booked profits, especially in blue chips such as Reliance Industries Ltd. . Sentiment remained under pressure after International Monetary Fund (IMF) stated that the government must prioritise clean-up of its banks balance sheets and tackle corporate debt overhang, additionally cautioning against the risk of potential capital outflowsTata Steel Ltd is trading at Rs.300, up 1%. It has gained for the tenth consecutive session. Since 24 February, the stock is up over 33.2% and so far this year, it has gained 14.4%. Reliance Industries Ltd falls as much as 2.8%, the highest fall since 12 February, and touched a low of Rs.1014.30. The company will meet today to consider interim dividend. The Nifty50 came under slight pressure but was still trading above its key support level of 7500 supported by gains in realty, power, oil & gas, consumer durable, and auto stocks. Meanwhile, the Indian rupee extended its morning gains and strengthened beyond the key psychological level of 67 per dollar briefly on the back of dollar sales by exporters and gains in Asian currencies. Most other Asian stocks edged higher after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank (ECB) later today. Global policymakers are stepping up efforts to revive their weak economies. A rebound in the price of oil, a source of recent anxiety, also calmed investor nerves Among others, Reliance Industries, L&T and GAIL lost 2-3 percent followed by ITC, SBI, M&M and Dr Reddy's Labs loss while HDFC, Maruti Suzuki, Bharti Airtel and Hindalco Industries



 
 

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