Friday, 11 March 2016

UP DOWN AND UP NIFTY ABOVE 7,500 AHEAD OF IIP DATA

Nifty closed with a gain of 24 points at 7,510. The NSE Nifty opened at 7,485 hitting a high of 7,544 and low of 7,461. Sensex and Nifty edged higher on Friday in a volatile session led by gains in heavyweights such as ITC, Reliance Industries, HDFC, HDFC Bank and Tata Motors. However, gains were capped due to losses in Tata Steel, ICICI Bank and L&T. Reliance Industries was among the top gainers in the Nifty after the government simplified oil and gas licensing rules, while property developers gained after parliament passed a real estate bill. The Union cabinet on Thursday cleared a proposal to amend the mines and minerals law to allow the transfer of captive mines granted through non-auction routes, a move likely to spur mergers and acquisitions in the cement industry. Shares of India Cements gains 2.25%, Birla Corporation Ltd 8.36%, Burnpur Cement Ltd 10.26%, Barak Valley Cements gains Ltd 5.1%. The Indian Rupee was trading down by six paise at 67.13 per US dollar. Global stocks fell in spite of ECBs stimulus in the form of rate cuts further into negative territory and higher than expected increase in bond buying programme. A run up in stock prices three weeks ahead of the policy, ECB guidance that further cuts will not take place soon and lack of faith in stimulus' ability to boost economic growth were the reasons for the fall in markets. What will excite markets is a recovery in corporate earnings, both globally and in India. Next in focus will be statements by the US Fed and Japan Central Banker next week. ITC, HDFC Bank, HDFC, HUL, Lupin and Tata Motors were among the top Sensex movers

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