INDIAN EQUITIES END 2018 HIGHER WHILE MOST WORLD INDICES BLEED

INDIAN EQUITIES END 2018 HIGHER WHILE MOST WORLD INDICES BLEED

WORLD MARKETS

Dow soared 1.2% while S & P 500 and Nasdaq gained 0.8% each on the last day of the calendar 2018

In Europe, FTSE fell 0.1% while CAC was up 1.1%. DAX was closed.

Earlier, China's official manufacturing PMI came in at 49.4, lower than the expected 49.9 figure. 

For 2018, S & P 500, Dow and Nasdaq lost 6.2%, 5.6% and 3.9% respectively, logging in their biggest annual losses since 2008. The S&P 500 and Dow fell for the first time in three years, while the Nasdaq snapped a six-year winning streak. In Europe, FTSE and CAC fell 12% each while DAX was down 18%. In Asia, Shanghai plunged 25% while Hang Seng and Nikkei fell 14% and 12% respectively.  Sensex and Nifty gained 5.9% and 3.1% respectively, extending the winning streak to third consecutive year. U.S. crude lost 25%, while Brent was off 20%.

AT HOME

After opening higher by about half a percent, benchmark indices gave away nearly all the gains through the session to end little changed. Sensex settled at 36068, down 8 points while Nifty added 2 points to finish at 10862. BSE mid-cap and small-cap indices gained 0.5% and 0.7% respectively. BSE Metal and Basic Material indices climbed 1.4% and 0.9% respectively, becoming top gainers among the sectoral indices while Telecom and Energy indices were the top losers, down 0.8% and 0.4% respectively.

FIIs net sold stocks and stock futures worth Rs 327 cr and 9 cr respectively but net bought index futures worth Rs 550 cr. DIIs were net buyers to the tune of Rs 322 cr.

Rupee appreciated 17 paise to end at 69.77/$.

For the calendar 2018, Sensex and Nifty gained 5.9% and 3.1% respectively, extending the winning streak to third consecutive year. Nifty mid-cap and small-cap index however, fell 15.5% and 29% respectively.

OUTLOOK

After Nifty crossed the 10840 hurdle, we had said that 10985, the top made on 19th December, was the next target/resistance to eye.

Nifty, after touching a high of 10923, retreated to close at 10862 yesterday.

Going by positive close in the US markets, Nifty is expected to open higher today.

10985 continues to be important immediate hurdle to eye. 10764-10747, the gap created by Thursday's gap-up opening, continues to be immediate support.