Thursday, 21 April 2016

D STREET HAS SNAPPED 6 DAY WINNING STREAK AS IT LOST STEAM

SELL 200 SHARES BATAINDIA BELOW 555 TGT 548/539 SL562
The Sensex was up 36.20 points or 0.1 percent at 25880 and the Nifty is down 2.70 points at 7912About 1085 shares have advanced, 1489 shares declined, and 153 shares were unchanged. Banks rallied once again as the RBI finally relented on bad loan provisioning. The central bank has allowed banks to drop 20 companies like Jaiprakash Associates and Essar Steel to from the initial list of 150 defaulting firms. On commodities sides, crude prices were steady due to an IEA report which says that production in non-OPEC countries will fall significantly this year but immediate production glut concerns still remain. The ECB is due to meet today but the central bank is widely expected to hold interest rates steady following its decision last month to cut its main interest rates, expand its bond-buying program to 80 billion euros a month and add corporate bonds into the mix.
European equities were mixed in early Thursday's trade, as a disappointing set of earnings weighed on the market ahead of a closely watched monetary policy decision from ECB. It is all about Bank Nifty, which is actually setting the pace and giving direction to the market. IndusInd Bank's results may not have cheered the market too much, but it is not doing any damage either. In the currency market, the rupee depreciated 9 paise to 66.31 against the US dollar in early trade, in line with the weak trend seen in most Asian currency markets. The domestic currency had climbed 33 paise to close at 66.22 on Wednesday amid sustained selling of US dollars by banks and exporters. This was the second consecutive day of gains for the rupee.
 

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