Thursday, 7 April 2016

A GOOD SLIDE DOWN OF NIFTY

 JINDALPOLY BUY ABOVE 482 TGT 487/500 SL 462
After going through a choppy session in the previous day and just managing to eke out marginal gains, the Indian equity market lost heavy ground on Thursday. The Sensex dropped 215.21 points to 24685.42 and the Nifty fell 67.90 points to 7546.45. The market breadth also turned negative in last hour of trade as about 1448 shares declined against 1107 advancing shares on Bombay Stock Exchange. The broader market traded in-line with the benchmark indices with the BSE midcap and smallcap indices losing 0.10 and 0.15 per cent, respectively. Torrent Pharma has teamed with private-equity firm Apax Partners to emerge as the frontrunner to buy Hyderabad-based Gland Pharma.Wall Street witnessed firm buying in overnight trade after the release of the minutes of the Fed's March 16-17 policy review. The S&P500 index climbed 1.05 % to 2,066.66, while the Dow Jones industrial average advanced 0.64 per cent to 17,716.05.It is learnt that as part of the deal, Gland's promoters may sell their 60 percent stake in the firm for a valuation of a little above USD 1 billion while PE firm KKR may also sell its remnant 40 stake. Equity benchmarks have not still shown any sign of complete recovery in afternoon trade. The Auto, IT and FMCG stocks led the decline followed by realty, capital goods, banking stocks. Even the mid-cap and small-cap stocks were not spared. The Nifty has now declined by 2.5% post the Reserve Bank's interest rate reduction announcement on April 5 while the Bank Nifty has fallen almost double i.e. by 4.3% and the Nifty PSU Bank index has plunged 7% since then.
 

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