Indian Stock Market gained in the last two hours of trading session. The market was helped by the buying witnessed in HDFC and ITC. BSE Sensex closed 51 points higher while NSE Nifty closed 13 points higher.
Pharmaceutical major Dr Reddys Labs touched 52-week high of Rs 1921 and the stock closed at Rs 1908. Idea Cellular also touched 52-week high of Rs 112. Other stocks touching 52-week high included ING Vysya Bank, K Sera Sera, Cipla, Bank of Maharashtra, Marico, Nahar Spinning, Pantaloon Retail, Oracle Financial, RS Software and SBI.
Indian Currency gained compared to US dollar and Euro. Gold price remained flat while Silver was up by 0.4%.
Fitch Ratings has again raised the alarm against the Indian economy and growth outlook. The rating agency has cited high fiscal deficit as a reason for upcoming downgrades for Indian economy.
Finance Minister was quick to respond to Fitch’s report of future downgrades for India. He added that India is not concerned about downgrade as he is confident of containing the fiscal deficit.
Indian Stock market slipped on Monday after a very good start for the New Year 2013. Stock market experts are still positive about the movement of the Indian stock market. Goldman Sachs has given positive rating for Indian and Chinese markets.
BSE Sensex closed 93 points lower at 19691 and NSE Nifty closed 27 points lower at 5988. Among major losers in today’s trade were Larsen, Jaiprakash Associates, HDFC and HUL.
Goldman Sachs has given a strong guidance for Indian stock markets with 7000 as target for NSE Nifty by the year end. The brokerage house has upgraded the GDP growth for Asian region to 6.9 compared to earlier estimates of 6.2 per cent.
Bajaj Auto MD has expressed worries over lower sales in auto sector. He has pointed that Bajaj Auto expects flat sales in year 2013.
Major gainers in today’s session were BPCL, Maruti Suzuki, Cipla and Tata Steel.
Indian Stock Market closed higher on Tuesday after US managed to escape the fiscal cliff for the moment. BSE Sensex closed 154 points higher at 19580 and NSE Nifty closed 46 points higher at 5950. Next major resistance for NSE Nifty is 6000.
Among European markets, CAC was up yesterday while FTSE and DAX closed lower. US Markets are expected to remain positive in the start of New Year 2013. Markets closed with decent gains with Dow Jones gaining 1.28% and Nasdaq closing 2 per cent higher.
Punjab & Sind Bank gained 10% in today’s session after the bank announced that the board has approved the plan to raise Rs 1000 crore. The stock touched intraday high of Rs 81.75 on NSE and closed Rs 8.10 higher.
Among other major gainers were Reliance Infra, Jindal Steel, Hindalco and PNB. Among banking counters ICICI Bank, Bank of Baroda, HDFC Bank and Axis Bank closed positive.
Power Grid, NTPC, Infosys Technologies and Asian Paints were among major losers in today’s trade.
Indian currency gained smartly compared to USD. USD was down by 31 paisa at 54.68. Euro-INR was trading at 72.28.
Indian Stock Markets opened marginally higher and banking stocks have continued from yesterday’s rally. Axis Bank and SBI were among major gainers in early trades. BSE Sensex was up by 15 points while NSE Nifty was higher by 3 points.
Among banking stocks, Federal Bank, Union Bank, Axis Bank and Bank of India were up by more than a per cent. PNB, Kotak Mahindra, IndusInd Bank, SBI, Bank of Baroda, Yes Bank and Canara Bank were trading higher.
Among sectoral indices, BSE Auto was up by 86 points. BSE HealthCare was up by 45 points and BSE Metals index was also positive. IT, Oil & Gas and Capital Goods stocks were trading lower.
Aashish Tater of Fortunewizard. com has suggested Omkar Speciality Chemicals as a multbagger stock during at interview with CNBC-TV18. He has also suggested investors to buy Lanco Infratech with a medium term view for decent gains.
Indian Markets opened positive on Wednesday with BSE Sensex up by 42 points at 19296 and NSE Nifty up by 11 points. Asian Markets were trading strong as well. Nikkei 225 was trading higher as Japanese Yen was weak compared to US Dollar and Euro.
CFO of McLeod Russel has expressed his view that tea prices are likely to remain strong during year 2013. As the production of tea was hit by weather, the supply constraint will most likely push up prices. McLeod Russel stock was up by 0.6% at Rs 356.
Bharti Airtel, JP Associates, Ranbaxy Labs, Cipla and Sun Pharma were among major gainers in todays session. Infosys, TCS, Wipro and other technology counters were trading marginally lower. Banking stocks were also trading lower compared to previous close.
Market analyst SP Tulsian has given buy call for Balrampur Chini. Sudarshan Sukhani has given buy call for Sesa Goa. Manoj Murlidharan has given buy call for ITC with target price of Rs 301.
CARE has debuted on stock market today with positive surprise for retail investors. The stock has touched intraday high of Rs 985 and is currently trading at Rs 964 on back of strong trading volume.
Indian Stock Market closed marginally lower after hovering in negative territory for the trading session. European markets closed marginally higher compared to previous closing. BSE Sensex was down by 22 points at 19453 during the closing bell.
USD gained further ground compared to Indian currency. USD-INR was trading at 54.85. Euro was also trading strong at 72.81. Euro is near its all time high compared to Indian currency.
Among major gainers in today’s session were metal stocks. Hindalco gained 2.35% to close at Rs 132. Jindal Steel gained 2.2%. Tata Steel was also higher by 1.77% at Rs 431.
Major losers included Ambuja Cements, Sun Pharma, BPCL and Jaiprakash Associates.
Among major companies, Reliance, ONGC, ITC and Coal India closed flat. TCS gained Rs 19.4 to close the day at Rs 1252.
The banking amendment bill received final approval in the parliament today. BJP has retained similar number of seats in Gujarat. Congress won 36 seats in Himachal Pradesh.
Indian Stock Markets closed marginally higher on Tuesday. BSE Sensex closed 42 points higher at 19348 and NSE Nifty closed 5 points higher compared to yesterday’s close. Among European stocks, CAC was up by 0.8%. DAX and FTSE were marginally higher.
Jaiprakash Associates was among major gainers in today’s trade. The stock closed above Rs 100 after gaining 4.4%. Tata Power, Reliance and Ranbaxy Labs were among major gainers.
Top losers included Ambuja Cements, Mahindra & Mahindra, Wipro and TCS. The markets are looking at FDI in retail decision as various political parties have kept their cards hidden on the issue.
Rating agency Moody’s has maintained negative outlook for Indian banks. The financial services and banking sector is facing pressure on margins.
USD was trading at 54.68 compared to INR. Euro was strong compared to Indian currency at 71.52. Gold prices were down by 0.44% at Rs 31125 per 10 grams.
Indians are buying more gold even when the yellow metal is ruling at its all time high prices. Many experts were expecting that the price rise in Gold could impact the consumption of the precious metal but Indians have proved them wrong.
More people are buying gold and many of them buy it as an investment for long term. Global gold demand registered a decline of 11 per cent during third quarter of 2012. China and India are among major consumers of Gold. The gold purchases in China witnessed decline of 8 per cent during the same period.
Indian gold consumption went by 9 per cent in third quarter. The price of gold has been ruling higher in India due to rise in value of US dollar compared to Indian currency.
However, investors are finding gold as a safer investment and this has pushed the demand for the yellow metal. The recent trends in real estate market have been bearish. Due to lower returns on real estate investments, some investors are churning their funds and investing in Gold.
The demand for Gold coins and bars in Germany has witnessed steep fall. In Indian market, the price of gold was trading at Rs 31,596 per 10 grams.
Ambit Capital has expressed bullish view about Indian stock market with 23000 as target for BSE Sensex in coming 12 months. Saurabh Mukherjea, Head Equities, Ambit Capital said during an interview to CNBC TV18 that he expects markets to move higher. The current results are an indication of bottoming out of the earnings for Indian majors. He expects Indian markets to outperform other emerging markets.
Indian stock market was trading higher on Monday. BSE Sensex was up by 92 points at 18774 and NSE Nifty was trading higher by 22 points at 12.02 PM IST.
Among majors gainers were TCS, ICICI Bank, Mahindra & Mahindra and NTPC. Bank of Baroda, Ambuja Cements, ITC and Jindal Steel were among major losers in today’s trading session.
TCS management has expressed satisfaction over the current market condition. The outlook for the upcoming quarters is positive and the stock has been performing well on the bourses.
If the government pushes forward with reforms agenda, the investment climate in India can improve. The country faced rating downgrade from major rating agencies including S&P. If the UPA government is successful in reducing the current account deficit, the markets may look up in medium term.
Facing the pressure from opposition and UPA allies over the increase in diesel price, and FDI, Congress has played another card by increasing the number of subsidized LPG cylinders in a year from 6 to 9 in congress ruled states.
The decision comes after most political parties announced that 6 LPG cylinders per year are too low as common household consumption is more. Congress has directed the states where it has ruling to offer 3 additional cylinders at subsidy to consumers.
Mamata Banerjee has decided to withdraw support from UPA and their ministers will offer resignation on Friday. The Congress party leaders held meeting in New Delhi to discuss next course of action. The decision of Mamata Banerjee to quit the UPA government comes as her demands for rollback were not heard by Congress leadership.
Congress wants to push ahead with the reforms but its allies are not allowing it to move forward. Congress is also portraying itself as a victim to win public support, but with rising expenses, common man can not support the decisions of the government. Congress should have thought of other reforms, which could have allowed the government to reduce deficit rather than increasing diesel prices by Rs 5, which will surely impact budget of most of the people in the country.