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  • Comments on the Market by Mr. Kiran Kumar Kavikondala, Director & CEO, WealthRays Securities

    Published on July 4, 2014

    The Indian markets had a volatile day today with benchmark indices rising at wealthopening, then declining in mid-session and then rallying in the last half hour to close at record highs. Nifty had a slightly positive opening but then it declined to touch a low of 7661.40. From then on, it rallied to close at 7751.60. BSE Sensex had a similar trend and fell below the 25700 mark in mid-session but then rallied to close just below 26000. Energy was the top gainer in today’s session with the sector posting gains in the later half of trading and rising 1.66% on NSE.

    Rupee opened at 59.66, 7 paise up from previous day close of 59.73 and touched intra-day high of 59.64. After that slight depreciation was seen and rupee touched intraday high of 59.82. Intervention by Central Bank was seen in the market to prevent any further appreciation in rupee. US Dollar index is 0.32% up indicating slight strength in dollar, which in turn will put pressure on rupee.

    Indian Markets The Indian markets had a volatile day today with benchmark indices rising at opening, then declining in mid-session and then rallying in the last half hour to close at record highs. Nifty had a slightly positive opening but then it declined to touch a low of 7661.40. From then on, it rallied to close at 7751.60. BSE Sensex had a similar trend and fell below the 25700 mark in mid-session but then rallied to close just below 26000. Energy was the top gainer in today’s session with the sector posting gains in the later half of trading and rising 1.66% on NSE. Rupee opened at 59.66, 7 paise up from previous day close of 59.73 and touched intra-day high of 59.64. After that slight depreciation was seen and rupee touched intraday high of 59.82. Intervention by Central Bank was seen in the market to prevent any further appreciation in rupee. US Dollar index is 0.32% up indicating slight strength in dollar, which in turn will put pressure on rupee.

    Other Asian Markets Among the other Asian indices, Hang Seng closed flat rising 0.04% to close at 23540.14. The Nikkei 225 traded high closing 0.58% up at 15437.13. The KOSPI Composite decreased by 0.07% to close at 2009.66 while the SSE Composite was down by 0.19% to close at 2059.375.

    Commodity Outlook: Gold and Silver traded flat as the Equity Markets in India and Europe were strong after the US payroll data. Crude Oil and Natural Gas traded on the lower side which could have been due to US holiday. However, the bullish US supply data is likely to limit their downside risk. Base Metals had a mixed day with Copper and Aluminium trading on a slightly higher. US holiday is likely to affect Base Metals as well and could keep their prices range bound.

    Outlook for Evening session: With US markets not active today, Commodities could follow the same trend and are expected to be range bound.

    Stock Recommendations:

    Tata Global Beverages – Buy at ` 167.85 (CMP); Target -` 171; Stop Loss – ` 166

    Info Edge – Buy at ` 644.60 (CMP); Target -` 655; Stop Loss – ` 638

    Voltas – Buy at ` 215 (CMP); Target -` 219; Stop Loss – ` 213

    Sectors Snapshot

    Bank Nifty: Bank Nifty closed 0.68% high in today’s session at 15556. HDFC Bank rallied in the last hour of trading to close 2.37% high at 856.65. PNB, Kotak Mahindra and Federal Bank were down more than 1%.

    CNX Energy: The energy index had a volatile day but it ended the day as the top sector gainer on NSE rising 1.66%. Reliance Industries rallied in the last one hour closing 2.53% high at 1031.95. Power Grid was also strong closing 2.63% up.

    CNX Metals: The metals segment was the only one which ended the day on a low falling 0.89%. Majority of the index constituents were in the red today after most of them had rallied in the last few sessions

    CNX Realty: The Realty sector was strong today rising 1.25%. Prestige Estates Projects zoomed 7.71%. Phoenix Mills also rallied 3.75% while DLF closed 1.2% up.

    CNX Infra: The infra index was 0.45% up at the end of trading. CESC Ltd was the top gainer rising 5.84%, while Tata Communications rallied 4.05%.

    Market Movers

    Gainers

    Power Grid: The electricity company had a very flat day trading in the range of 140-141 before surging in the last half hour of trading to close as the top gainer on Nifty. It touched a day high of 146.2 before closing at 144.2, a gain of 2.63%

    Losers

    ACC Ltd: The cement major saw a 2nd day of consecutive decline closing 1.97% to close just above 1450. The stock fell sharply around 12:15 where it touched a low of 1421.10 before rallying in the nest half of the session.

    Source :  Sachin Murdeshwar

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