Sensex trades higher, Nifty holds above 9,100; Idea Cellular extends losses : 21 Mar 2017

bullish-bearish

The benchmark indices on Tuesday opened marginally higher after Asian markets surged to 15-month highs on the prospects of a less-hawkish Federal Reserve policy trajectory.

At 09:17 am, the S&P BSE Sensex was trading at 29,549, up 30 points, while the broader Nifty50 was ruling at 9,137, up 11 points.

In the broader market, BSE Smallcap index outperformed the frontline indices to add 0.3%, while BSE Midcap index dipped 0.1%.

“It’s difficult to make a time-wise prediction; but price-wise, we continue to expect the Nifty to head towards 9,400-9,600 over the next few weeks.
On the lower side, 9,100-9,050 levels would provide a strong support in the forthcoming week,” brokerage Angel Broking said in a technical note.

Meanwhile, foreign investors on Monday bought equities worth Rs 56.67 crore, while domestic investors turned net sellers and sold equities worth Rs 536 crore.

Buzzing stocks

ITC (up 1%) was the top gainer, while Dr Reddy’s (down 2%) shed the most on the Sensex. Idea Cellular extended losses and slipped over 3% to Rs 93 on the BSE.

Shares of Divis Laboratories tanked 20% to Rs 635, also its 52-week low on BSE in early morning trade, after the company said US drug regulator issued an import alert on the company’s Visakhapatnam unit-II.

GST rollout from July 1

Clearing the way for a July 1 roll-out, the Union Cabinet on Monday approved four Bills on a national goods and services tax (GST).

The decision comes two working days after the GST Council cleared these — Central GST (CGST), Union Territory GST (UTGST), Integrated GST (IGST) and the Compensation Bill. These are now set to be introduced in Parliament within this week, most likely as money Bills and so, not needing approval of the Rajya Sabha, where the ruling National Democratic Alliance does not have a majority.

Global markets

In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1% staying near a 15-month high it touched on Monday, with South Korean shares hitting two-year highs.

Japan’s Nikkei dropped 0.8% weighed by financial stocks, which were hurt by lower US yields and exporter stocks, which fell on the yen’s gains against the dollar.

While Asian shares have been supported by signs of strong global economic growth, concerns about protectionism cast a shadow after financial leaders of the world’s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States.

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