Wednesday, November 4, 2015



WORLD MARKETS                             

After opening in the red, US indices saw a sustained upmove through the session to end higher by 0.3%-0.5%, supported by gains in energy and tech stocks.

U.S. factory orders fell 1% in September, a second-straight month of decline. Auto sales for October came in at 18.2 million, up from 16.6 million a year ago.

Nymex oil rose $1.76 or 3.8% to $47.90 a barrel. Gold tumbled $22 to $1114 an ounce.

Treasury yields continued to climb higher, with the 10-year yield near 2.22% and the 2-year yield at 0.76%, hitting their highest levels since the Fed meeting of Sept. 17.

European markets, except a marginally lower Italy, gained upto 0.4%.


After rising more than half a percent in the initial trade, benchmark indices gave away most of the gains through the session to end just marginally higher. Sensex settled at 26591, up 31 points while Nifty added 10 points to end at 8061. BSE mid-cap and small-cap indices gained 0.3% and 0.4% respectively. BSE IT and Oil & Gas indices gained 0.9% and 0.8% respectively, becoming top gainers among sectoral indices while Consumer Durable and Capital Goods indices lost 0.7% and 0.5% respectively.

FIIs net sold stocks worth Rs 450 cr but net bought index futures and stock futures worth Rs 402 cr and 117 cr respectively. DIIs were net buyers to the tune of Rs 350 cr.

Rupee depreciated 6 paise to end at 65.645/$.

Tech Mahidra reported in-line with estimated 2.2% rise in dollar revenue at 1011 mn. In constant currency terms, the growth stood at 3%. Rupee revenue increased 5.1% to Rs 6616 cr and net profit rose 16.2% to Rs 786 cr. EBIT margin expanded 156 bps to 13.66%.

GAIL reported worse than expected 3.9% q-o-q rise in net profit at Rs 440 cr. Revenue rose 13% to Rs 14165 cr. Operating profit fell 19.2% to Rs 844 cr and margin contracted by 230 bps to 6%.


Today morning Asian markets are trading with gains of 0.5%-1.5% and SGX Nifty is suggesting about 40 points higher opening for our market.

In yesterday's report we had mentioned that 8030 continues to be immediate support, a close below which would open up the space for further downside and that immediate resistance on the hourly chart had moved lower to 8150, a breach of which is required to generate a buy on the hourly chart.

Nifty, after touching a high of 8100 in the initial trade, slipped to end at 8060, trading within the 8030-8150 range.

8030-8150 continues to be immediate range, a crossover of which, on either side, is required to take a fresh view.

Ashok Leyland will report its quarterly earnings today.

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