NIFTY SURGES TO ALL-TIME CLOSING HIGH AFTER HOLDING 7855 SUPPORT; EYES 8000
WORLD MARKETS
U.S. indices ended little changed yesterday, with the S&P 500 managing to close at a record high above 2,000 points for a second consecutive session.
European markets, except a 0.2% cut in DAX, ended with marginal gains. Markets continued to mull whether or not more stimulus measures could be announced when the ECB next meets. Germany's Finance Minister reportedly told a newspaper that remarks by ECB President Mario Draghi had been "over-interpreted" to suggest imminent new measures.
A German consumer climate survey showed a fall in morale for the first time in more than 1-1/2 years. Forward-looking data from market research group GfK showed consumer confidence at 8.6 in September, down from 8.9 in August.
Nymex crude rose 2 cents to $93.9 a barrel; Gold lost 0.1% to $1283 an ounce.
In geopolitical news, Kiev accused Moscow of launching a fresh military incursion across its eastern border. The move throws a spanner in the peace process that was eyed after the leaders of the two nations met this week and agreed to de-escalate tensions.
AT HOME
After a gap up opening, benchmark indices traded in a narrow range and finally ended higher by four tenth of a percent, marking a fresh all-time high on closing basis. Sensex gained 117 points to settle at 26560 while Nifty finished at 7936, up 31 points. BSE mid-cap and small-cap indices gained 0.7% and 0.8% respectively. BSE Oil & Gas and Auto indices gained the most among the sectoral indices, rising 0.8% each while Realty index tumbled 1.4%, becoming top loser, followed by 0.6% cut in the Power index.
FIIs net bought stocks, index futures and stock futures worth Rs 290 cr, 438 cr and 205 cr respectively. DIIs were net buyers to the tune of Rs 237 cr.
Rupee depreciated 2 paise to close at 60.45/$.
DLF plunged after the Supreme Court today rejected company's plea to stay the Competition Appellate Tribunal's order upholding the penalty imposed on the builder by the Competition Commission of India and asked it to deposit the penalty amount of Rs 630 crore within three months.
Government yesterday notified the liberalised FDI norms for the Railways, permitting 100% FDI through automatic route in several areas, including high speed trains, suburban corridor projects through Public Private Partnership (PPP), dedicated freight lines, rolling stock including train sets, locomotives/coaches manufacturing and maintenance facilities, railway electrification, signalling systems, freight terminals, passenger terminals and infrastructure in industrial parks like railway line/sidings.
OUTLOOK
Today morning, barring a half a percent cut in Nikkei, other Asian markets are trading with gains of upto half a percent and SGX Nifty is suggesting about 20 points higher opening for our market.
After taking support near our indicated 7855 mark on Tuesday, Nifty advanced further yesterday to end at 7936, marking a fresh all-time high on closing basis.
Stay long with the stop loss of 7855 continues to be the advise. An upward sloping trendline adjoining tops made in May and June this year presents a resistance around 8010, which would be the immediate target to eye.
Indian markets will remain shut tomorrow on account of Ganesh Chaturthi.
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