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Sensex falls, Nifty holds 8750 ahead of RBI policy

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Indian Indices: Indian equity benchmarks continued to trade sluggish in late afternoon session as investors remained on the sidelines ahead of the Reserve Bank of India's policy meeting due tomorrow. The RBI is expected to conduct its sixth and final bi-monthly monetary policy review of the current fiscal on February 7-8, 2017. Profit booking coupled with mixed global cues and a weak rupee, pulled the markets lower. Sentiments also remained downbeat with Commerce Minister NirmalaSitharaman’s statement that the proposed changes in the regime for issuing H-1B visas for skilled workers by the US government will have an impact on Indian companies and the Commerce Ministry will soon hold a meeting with the industry to discuss its strategy for dealing with it.Further, agency noted that under the new guidelines, three of the 21 state-run banks-- Central Bank of India, Indian Overseas Bank and United Bank of India will have positive reserves, who had negative distributable reserves under the earlier guidelines. Further it said that banks are required to appropriate 25% of their annual net profits towards statutory reserve.

The BSE Sensex is currently closed at 28364.83, down by 104.12 points or 0.37% after trading in a range of 28334.61 and 28483.41. There were 10 stocks advancing against 20 stocks declining on the index.The broader indices were trading mixed; the BSE Mid cap index was down by 0.02%, while Small cap index was up by 0.21%.

The CNX Nifty is currently shut down at 8768.30, down by 32.75 points or 0.37% after trading in a range of 8770.10 and 8809.30. There were 16 stocks advancing against 35 stocks declining on the index.

MARKET INDICATORS

·           

 

Top Movers (Group A)

 

 

Company

Cmp

% chg

Gainers

 

 

Unitech

6.69

16.15

Amtekauto

38.70

11.05

FSL

43.35

9.61

Trent

260.00

6.30

Losers

 

 

Jubilant

700.00

-6.40

Ramcocem

676.25

-5.36

Adanient

92.10

-5.20

JPassociat

13.08

-4.94

Market Statistics

 

 

 

BSE

NSE

Advances

1397

648

Declines

1190

811

 

Crporate Front: Mutual fund industry's asset base rose to all-time high of Rs 17.37 lakh crore at the end of January primarily on account of strong inflows in equity, income and money market segments, reported PTI.

 

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1397: 1190, while 159 scrips remained unchanged.

Macroeconomic front:

The Central Board of Direct Taxes (CBDT) has entered into four unilateral Advance Pricing Agreements (APAs) pertaining to the manufacturing, financial and information technology sectors. Four APAs were signed on Monday. The international transactions covered in these agreements include contract manufacturing, IT-enabled services and software development services," the Finance Ministry said in a statement here.

 

On the global front:

On the global front, European markets were trading mostly in green with some encouraging company updates and gains in healthcare stocks helping to counter weakness in oil majors and eurozone banks. However, Asian markets were trading in red as economic and political uncertainty gripped global markets.


Commodity Updates:

Commodity Prices (MCX):

Commodity

Rs

% Chang

Gold

29248.00

0.19

Silver

42254.00

-0.08

Crude oil

3571.00

-0.22

Natural Gas

209.20

1.6

Alluminium

122.50

-0.45

Copper

391.80

-0.38

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Consumer Durables up by 0.54%, Capital Goods up by 0.51%, Power up by 0.50%, Bankex up by 0.14% and PSU up by 0.10%, while Metal down by 0.96%, Auto down by 0.84%, TECK down by 0.24%, IT down by 0.24% and Oil & Gas down by 0.15% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Kotak Mahindra Bank up by 2.05%, BPCL up by 1.85%, BHEL up by 1.63%, Bank of Baroda up by 1.38% and BhartiInfratel up by 1.30%. On the flip side, Tata Motors - DVR down by 3.04%, Coal India down by 3.03%, Tata Motors down by 2.58%, ONGC down by 1.88% and Hindalco down by 1.58% were the top losers.

 

Global Signals:

Asian markets were trading mostly in red; Nikkei 225 decreased 65.93 points or 0.35% to 18,910.78, Hang Seng decreased 16.67 points or 0.07% to 23,331.57, Jakarta Composite decreased 12.33 points or 0.23% to 5,383.67, Shanghai Composite decreased 3.9 points or 0.12% to 3,153.09, FTSE Bursa Malaysia KLCI decreased 2.47 points or 0.15% to 1,688.77 and KOSPI Index decreased 2.45 points or 0.12% to 2,075.21. On the flip side, Taiwan Weighted increased 16.55 points or 0.17% to 9,554.56.

European markets were trading mostly in green; Germany’s DAX increased 11.25 points or 0.1% to 11,521.09 and UK’s FTSE 100 increased 15.92 points or 0.22% to 7,188.07. On the flip side, France’s CAC decreased 1.48 points or 0.03% to 4,776.60.

 

 

US stocks see profit booking as US$ falls with bond yields while Gold sees safe haven buying!!

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Indian Indices: Asian markets opened mildly in the red as weakness in European markets & profit booking in the US indices saw money being taken off the table. The Japanese 'Nikkei" was the big loser as the US$ fell which saw the Yen hit near 3 month highs. Gold prices rallied to near term highs as safe haven buying emerged with equities seeing profit booking.


Nifty closed @ 5 month highs as it closed above 8800.The RBI policy on Wednesday will see near term volatility till the event, however the trend continues to be 'buy the fall' as any weakness is seeing buying. With mutual fund inflows the strongest ever in the last 5 years expect retail participation to continue to drive indices higher albeit at a slower pace as nearness to 8900 will see caution prevail.


The BSE Sensex is currently trading at 28391.21, down by 48.07 points or 0.17% after trading in a range of 28361.97 and 28483.41. There were 14 stocks advancing against 16 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.28%, while Small cap index was up by 0.45%.The CNX Nifty is currently trading at 8784.75, down by 16.30 points or 0.19% after trading in a range of 8773.55 and 8809.30. There were 21 stocks advancing against 30 stocks declining on the index.

 

MARKET INDICATORS

·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

Corpbank

54.20

10.95

ICRA

4379.85

7.0

Unitech

6.27

8.85

Trent

259.35

6.03

Group ATopLosers

 

 

Redington

103.10

-3.28

Muthootfin

342.00

-2.91

HDIL

68.60

-2.63

SREinfra

95.25

-2.56

Market Statistics

 

 

 

BSE

NSE

Advances

1703

770

Declines

673

693

 

Technical view: Nifty will find resistance around 8840 which is almost 80% of the retracement of the entire fall, while 8740 will act as support. Bank Nifty however is in blue sky territory with 20576 being the last resistance on the upside while 20200 acts as strong support.


INDEX PERFORMANCE

 

 

Indices

Support

Resistanes

Sensex

8775

8840

Nifty

28357

28569

 

Trading ideas :RCF (Buy above Rs 62 for target of Rs 68, SL at Rs 59): Stock has broken out from a bullish flag pattern on daily charts continuing its prior uptrend. Our analysis of weekly charts indicate, RCF has also broken out from a triple bottom pattern in first week of Jan 2016. We expect the current momentum to be carried forward as other momentum oscillators are also indicating strength in the current upmove. We advise to Buy RCF above Rs 62, stop loss at Rs 59 and Target of Rs 68.


Corporate SnippetsONGC’s decision to invest USD11.5bn in Andhra Pradesh, at a time when gas prices in India are falling, may put its cash flow under pressure.

NTPChas decided to shut down old polluting power plants of capacity totalling roughly 11GW and replace those with new ones which are highly efficient.

CESChas bagged the power distribution franchisee for Bikaner city in Rajasthan. It plans to invest Rs1.35bn in the network in three years and hopes to clock a turnover of around Rs4bn.

Nifty Movers:  The top gainers on Nifty were BHEL up by 2.74%, BhartiInfratel up by 1.59%, BPCL up by 1.45%, Kotak Mahindra Bank up by 1.11% and GAIL India up by 0.98%. On the flip side, Tata Motors down by 2.06%, Tata Motors - DVR down by 1.91%, Zee Entertainment down by 1.56%, ACC down by 1.49% and Bajaj Auto down by 1.41% were the top losers.The top gainers on Nifty were BHEL up by 2.74%, BhartiInfratel up by 1.59%, BPCL up by 1.45%, Kotak Mahindra Bank up by 1.11% and GAIL India up by 0.98%.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were PSU up by 0.57%, Oil & Gas up by 0.56%, Consumer Durables up by 0.55%, Metal up by 0.53% and Capital Goods up by 0.35%, while Auto down by 0.91%, IT down by 0.16%, TECK down by 0.15% and Bankex down by 0.10% were the losers on BSE.The top gainers on the Sensex were Sun Pharma up by 1.12%, ITC up by 0.85%, GAIL India up by 0.82%, Tata Steel up by 0.65% and Cipla up by 0.60%.

 

 

On the global front: On the global front, Asian shares were trading mostly in red, as global cues dampened sentiments with economic and political fears sent investors seeking shelter in the yen. China is expected to report on Tuesday that foreign exchange reserves fell for the seventh straight month in January but at a much slower pace as authorities’ tightened controls on capital outflows and the surging US dollar lost some steam.

 

Global Signals: The Asian markets were trading mostly in red; Hang Seng decreased 12.39 points or 0.05% to 23,335.85, Nikkei 225 decreased 12.1 points or 0.06% to 18,964.61, Shanghai Composite decreased 10.35 points or 0.33% to 3,146.63, Jakarta Composite decreased 9.05 points or 0.17% to 5,386.95, KOSPI Index decreased 3.44 points or 0.17% to 2,074.22 and FTSE Bursa Malaysia KLCI decreased 2.93 points or 0.17% to 1,688.31. On the other hand, Taiwan Weighted increased 9.4 points or 0.1% to 9,547.41.

 

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