NIFTY RISES FOR THE SIXTH DAY; TRAIL STOP LOSS TO 7740
WORLD MARKETS
US indices gained about half a percent yesterday, with Nasdaq hitting fresh 14-year high and S & P 500 closing just 10 points away from the all-time high, on the back of encouraging economic reports.
Consumer price index increased 0.1% in July, in line with expectations and indicating the cost of living remains muted even as the economy improves. Housing starts for July came in at 1.093 mn vs. 970000 estimate.
European markets gained upto 1% with DAX leading the tally as easing tensions in Ukraine and stellar earnings reports boosted sentiment. In UK, consumer price inflation for July touched a near-five-year low at 1.6%.
Nymex crude tumbled $1.93 to $94.5 a barrel, a seven-month low; Brent touched a 14-month low at sub $102 level; gold fell $2.6 to $1296.7 an ounce.
AT HOME
Benchmark indices ended with modest gains after a rangebound trading session, extending the winning streak to sixth straight session and closing at fresh all-time high. Sensex gained 30 points to settle at 26421 while Nifty finished at 7897, up 23 points. BSE mid-cap and small-cap indices outperformed, climbing 1.1% and 1.2% respectively. Except a 0.6% and 0.4% cut in BSE IT and Teck indices, all other sectoral indices ended in green with Auto and Realty indices leading the tally, rising 2.2% and 1.6% respectively.
FIIs net bought stocks, index futures and stock futures worth Rs 559 cr, 451 cr and 834 cr respectively. DIIs were net sellers to the tune of Rs 263 cr.
Rupee appreciated 9 paise to close at 60.67/$, marking a two week closing high.
OUTLOOK
Today morning, despite positive cues from the US, Asian markets are trading mixed with modest changes as a ceasefire in the Gaza Strip has collapsed, with Palestinian militants firing rockets into Israel, prompting Israeli airstrikes in return.
SGX Nifty is suggesting about 10 points lower opening for our market.
After taking out 7690 hurdle last week, Nifty has risen nearly 200 points in just 3 sessions. Traders would do well to book some profits in trading longs and trail stop loss in remaining ones to 7740, which is the immediate support on the hourly chart. 7960 continues to be the next target on the way up.
In the US, minutes of the latest Fed meeting will be released today.
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