Tuesday, 12 April 2016

RAIN GAIN! POSITIVE MOMENTUM IN THE MARKET


JUSTDIAL HIT FINAL TGT 845 MADE HIGH OF 866.45


The Indian equity market ended with smart gains on Tuesday extending its winning streak to the third consecutive trading session. Indices surged higher after Skymet on Monday predicted an above normal Southwest monsoon this year. After market hours, MET department also predicted monsoon to be above normal. Indian monsoon rainfall may be 106% of long period average this year. The sentiment was optimistic ahead of IIP and inflation data scheduled to be released later today. The upside could be on the back of good monsoon expectations and ahead of industrial output data. Rebound in Europe after weak opening also aided sentiment Indian stock market closed higher for the second consecutive session on Tuesday. The BSE Sensex ended with a gain of 123 points at 25,145. The BSE Sensex opened at 25,056 touched an intra-day high of 25,180 and low of 24,996. Reliance Industries Infrastructure Ltd rises 2.3% to Rs.452 ahead of its March quarter earnings.  Bharat Petroleum Corp shares were trading 1.07 per cent up at Rs 926.60. BPCL board on Monday approved proposal to seek shareholders’ consent for increasing the FII investment ceiling from 24 per cent up to 49 per cent. According to Bloomberg estimates, on standalone basis the company may post net profit of Rs.4.99 crore and net sales of Rs.23.50 crore. Banking stocks are trading higher. ICICI Bank up 2%, Punjab National Bank up 1.2%, Oriental Bank of Commerce 1.1%, City Union Bank 1.1%, Karur Vysya Bank 1%, Kotak Mahindra Bank 0.7%, Axis Bank 0.7%, Federal Bank 0.5%, Axis Bank 0.5%, Syndicate Bank 0.8%, Canara Bank 0.8%, Bank of Baroda 0.8%, Bank of India 0.7%, Union Bank of India 0.7%.The Indian Rupee was trading down by 4 paise at 66.46 per US dollar. Asian equity markets ended mostly higher on Tuesday. Japanese shares rallied as the yen pulled back from the previous day’s 17-month high against the dollar, lifting shares of exporters as well as recently battered banks. However, Chinese shares succumbed to profit taking after sharp gains in the previous session on the back of encouraging consumer as well as producer price inflation data. China’s Shanghai Composite index also dropped on liquidity worries after the country’s securities regulator approved seven initial public offerings that will raise a total 2.8 billion yuan too led to drop in Chinese shares.





1 comment:

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