MARKET ANALYSIS
- After a strong pull back session on Monday, selling pressure continued unabated on Dalal Street on Tuesday, with the Nifty slipping below its crucial psychological level of 8300 in trade today.
- However, markets recouped some of the intraday losses and the S&P BSE Sensex finally closed 50 points lower at 27440.14 while the 50-share Nifty index ended 11.25 points down at 8,320.70.
- Even though the benchmark indices managed to claw back its key resistance levels in the previous session, analysts think that the worst is not over yet and the Nifty could further drift towards the level of 8200 in the next 2-3 weeks.
- As per experts, the best case situation would be consolidation in the market plus/minus 100 points on the Nifty at current levels. Dutt says that there is a 30% to 40% probability that we may go below the 8200 levels as we test the round figure of 8000 levels over the next two to three weeks.
MARKET ANALYSIS
- The market was on fire fueled strongly by oil, FMCG and pharma stocks. The Sensex ended up 479.28 points or 1.8 percent at 27490.59 and the Nifty scaled the 8300-level. The 50-share index closed up 150.45 points or 1.8 percent at 8331.95. About 1954 shares advanced, 838 shares declined, and 153 shares were unchanged.
- ONGC was up 8 percent while Bajaj Auot, Cipla, M&M and BHEL were major gainers in the Sensex. Among the laggards were ICICI Bank, Axis Bank and Tata Motors with marginal losses.
- Shares of Shriram Transport slumped 16 percent intraday after it announced disappointing March quarter results. Its net profit declined 73 percent to Rs 84.23 crore in Q4 of FY15. During the period, its net interest income stood at Rs 1,105.57 crore against Rs 975.95 crore year-on-year.
- The tax department has issued demand notices to the tune of Rs 6,500-7,000 crore (around $1 billion) to foreign portfolio investors (FPIs), claiming payment of minimum alternate tax (MAT) on capital gains related to transactions on Indian stock.
ECONOMY ANALYSIS
- Sensex closes 215 points down, Nifty above 8200
- Marico Q4 profit jumps 24% to Rs 110 cr, volume growth 3%
- Biocon Q4 net jumps 78% to Rs 201 cr on Syngene shares sale
- US data, Fed caution keep pressure on world stocks, dollar
- New listing on bourses: VRL Logistics debuts at 40% premium
- Axis Bank rises 5%, brokerages say 'buy' post Q4 nos
MARKET ANALYSIS
- Equity benchmarks continued their slide on Thursday, with the Nifty breaching the psychological 8200-mark and the Sensex slipping below\ 27,000.
- The Sensex shed 214.62 points to close at 27011.31 after touching a low of 26897.54 intra-day. The Nifty fell 58.25 points to close at 8181.50, after hitting a low of 8,144.75 intra-day. For the truncated week, the Sensex was down 426.63 points or 1.55 percent and the Nifty by 123.75 points or 1.5 percent.
- The market will be closed for trading on Friday because of Labour Day. The Sensex and Nifty have now fallen a little over 10 percent from their record high seen in early March. But opinion is divided on whether this is a good time to start buying shares.
- MCG, IT, auto and metal shares were the prominent losers today. Banking shares rallied after a sedate start and were the best performers of the day.
NEWS INSIGHT
- US shares rally; dollar rises in May Day trading
- LIC loses 5% new premium market share to rivals
- Coal India registers 10.7% growth in production
- Sugar output rises 14.27% to 27.37 mn tonnes in Oct-Apr
- Hero MotoCorp sales decline 7% in April
- Petrol price hiked by Rs 3.96/ ltr; diesel Rs 2.37/ ltr
- Fund raising via NCDs down 77% in FY15
- Sebi to soon issue final norms for listing of startups
NIFTY ANALYSIS
- Positional Support for NIFTY 8020
- Positional Resistance of NIFTY is 8460
- Immediate resistance for NIFTY is 8340
- Intraday Support of NIFTY is 8140
- Oscillator Analysis: Nifty has achieved its target of Double top in full and now some correction in market should be expected. This is also a good opportunity for new investors’ to enter in market. Buy on dips strategy should be followed.
- Petroleum stock can be considered for positional buying.
