7980 CONTINUES TO BE UPSIDE TARGET; 7850 IMMEDIATE SUPPORT
WORLD MARKETS
US indices soared 1%-1.3% yesterday as technology sector
led the gainers and commodity prices rebounded.
Nymex oil rose $1.06 or 2.9% to $37.87 a barrel while
Brent gained 3.5% to $37.91 a barrel. Copper climbed more than 3% to its
highest level in more than a week. Media reports suggested that nine large
copper smelters in China have agreed to cut sales of spot metal by as much as
200,000 tonnes in the first quarter of 2016 to counter low prices. Natural gas
extended Monday's surge to settle up 6.5% percent at $2.372, up more than 25%
over the past five days.
US consumer confidence for December came in at 96.5,
topping expectations. S & P/Case-Shiller Home Price index for October rose
5.2% in October, greater than the 4.9% gain in September.
European markets climbed 1%-2%.
AT HOME
Benchmark indices ended marginally higher after a choppy
trade. Sensex settled at 26079, up 45 points while Nifty added 4 points to
finish at 7929. BSE mid-cap index gained 0.4% but the small-cap index lost
0.1%. BSE Telecom and Auto indices gained 0.7% and 0.6% respectively, becoming
top gainers among the sectoral indices while Realty and Capital Goods indices
lost the most, down 0.9% and 0.5% respectively.
FIIs net bought stocks, index futures and stock futures
worth Rs 8 cr, 699 cr and 3 cr respectively. DIIs were net buyers to the tune
of Rs 6 cr.
Rupee depreciated 20 paise to end at 66.39/$.
OUTLOOK
Today morning Asian markets are trading mixed with modest
changes and SGX Nifty is suggesting a flattish start for our market.
We have been working with an upside target of 7980 after
Nifty managed to cross the 7850 hurdle.
After Monday's upmove, yesterday was a day of
consolidation as the benchmark, after a choppy trade, managed to end marginally
higher at 7929.
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