Nifty 8768/Sensex 28335/ Bank Nifty 20327
15 Advances / 36 Declines/ 0 Unchanged
Indian benchmarks snap 4-days winning streak; Nifty fails to protect 8800 mark
Tremors of earthquake of 5.8 magnitude, which hit Uttarakhand on Tuesday, was felt on Indian stocks market too, as the frontline benchmark indices slipped over quarter percent with investors remaining on the sidelines and refraining from any buying activity ahead of the Reserve Bank of India’s (RBI) bi-monthly monetary policy committee meeting on Wednesday.
RBI, in its sixth bi-monthly policy statement for the year, may have to delay the repo rate cut until a better picture emerges out of the remonetisation exercise. Sentiments remained downbeat on report that foreign portfolio investors (FPIs) sold shares worth a net Rs 403.52 crore on February 6, 2017.
Besides, weakness in other Asian markets coupled with depreciation in rupee value against the dollar also spoiled sentiments. After rising for nine straight days, the rupee turned weak by 15 paise to 67.37 against the dollar on Tuesday on fresh demand for the American currency from importers.
However, losses remained capped with commerce and Industry Minister Nirmala Sitharaman’s statement that disbanding FIPB (Foreign Investment Promotion Board) will further improve ease of doing business and the respective regulators of the ministries concerned are ‘sufficient’ to take care of investment proposals. The decision, the minister said, is in line with the government's policy for 'maximum governance and minimum government'. Some support also came with the report that the Centre is looking at developing economic corridors and planning to come up with logistic parks on national highways.
Meanwhile, some steel stocks came under pressure on report that the government would not extend protectionist minimum import price (MIP) on 19 colour-coated steel products. The development comes a day after Steel Minister Chaudhary Birendra Singh stated that industry must gear up to face global competition as protectionist measures like MIP and anti-dumping cannot continue indefinitely. Most Indian automakers were down, contributing to the benchmarks’ decline, with Tata Motors and Bajaj-Auto falling as much as 3.5% and 0.8% respectively.
On the global front, Asian markets ended mostly lower on Tuesday as political and economic uncertainty sent investors sheltering in the Japanese yen and gold, while expectations China's foreign exchange reserves had fallen for a seventh month added to nervousness. Japanese market ended lower as caution crept in ahead of a meeting between Japanese Prime Minister Shinzo Abe and US President Donald Trump due this weekend. Meanwhile, European stocks traded slightly higher in early trade as investors continued to weigh concern over political risks and digest corporate earnings.
Back home, the local benchmarks got off to a pessimistic start, as investors largely remained influenced by the daunting sentiments prevailing in Asian markets. Thereafter, the key indices failed to show any kind of fervor due to lack of encouraging leads. The key gauges suffered a setback in afternoon trades as sudden bouts of profit booking emerged in the local markets. However, the bourses recovered from the lows of the day but could not succeed in minimizing the huge losses by the end of trading session.
FII’s Activity 07-Feb-17
FIIs stood as net buyers in equities as per January 23 data: NSDL
The FIIs as per Tuesday’s data were net sellers in equity segment, while they were net buyers in debt segment, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 4126.79 crore against gross selling of Rs 4569.23 crore. Thus, FIIs stood as net sellers of Rs 442.44 crore in equities.
In the debt segment, the gross purchase was of Rs 3388.81 crore with gross sales of Rs 1077.49 crore. Thus, FIIs stood as net buyers of Rs 2311.32 crore in debt.
Key Result
Bharat Forge Ltd
Birla Corporation Ltd
Cipla Ltd
City Union Bank Ltd
Coffee Day Enterprises Ltd
Dilip Buildcon Ltd
eClerx Services Ltd
Gateway Distriparks Ltd
Hathway Cable & Datacom Ltd
Hero MotoCorp Ltd
Indraprastha Gas Ltd
Kesoram Industries Ltd
Manappuram Finance Ltd
Navkar Corporation Ltd
NTPC Ltd
Oracle Financial Services Software Ltd
Polaris Consulting & Services Ltd
Rattanindia Power Ltd
Reliance Power Ltd
Siemens Ltd
Sobha Ltd
Star Ferro & Cement Ltd
Tata Chemicals Ltd
Thermax Ltd
Triveni Turbine Ltd
Union Bank of India
United Breweries Ltd
Now what to expect next??
Nifty Levels
Nifty unable to breach its resistance level of 8850 and fall sharply.
Now what to expect??
Support 8725 and resistance at 8850
Break and sustain below 8725 will take it to 8680—8630 and then to 8550 else it could touch its resistance level of 8850 again.
Further upside rally will see on close above 8850
Trade with levels only
Bank Nifty Levels
Bank Nifty too unable to breach its resistance level of 20650 and fall sharply to made low of 20330
Now what to expect??
Support at 19900 and resistance at 20650
Trend still looks positive and could touch its resistance level of 20650 , further upside rally will see on close above 20650 else could touch its support level of 19900
Looks weak only below 19900
Today's Top Pick
Today will have RBI policy. So traders remain cautious and concentrate on Banking stocks.
More will update during market hours on our APPLICATION
More will update soon!!
