Ravi Bhatt
Global market turned positive over dovish Federal Reserve policy
In
the early morning session, The GIFT Nifty was trending 0.22% positive at
25,515, indicating a flattish to positive open for the benchmark Nifty 50. US
index futures traded positively as well, with gains of up 0.09% while Euro
Stoxx 50 futures were flat. Following positive cues from US benchmarks and
global gauges, coupled with US Federal Reserve's rate cuts, Nikkei started the
day strong, trading with gains of almost 1%.
The
Indian benchmark equity indices closed in the green for the third straight session
on Thursday after the US Federal Reserve cut its key interest rate by 25 basis
points and signalled the possibility of two additional rate reductions this
year. The NSE Nifty 50 ended 93.35 points or 0.37% higher at 25,423.60 and the
BSE Sensex closed 320.25 points or 0.39% up at 83,013.96.
The
foreign portfolio investors on Thursday turned net buyers of Indian shares
extending its alternate cycle of buying and selling. The FPIs bought stocks
worth approximately Rs 366.69 crore, according to provisional data from the
National Stock Exchange. The DIIs stayed net buyers for the ninth session and
bought stakes worth Rs 3,326.56 crore.
Fundamental Update
- Thomas Cook – Company’s arm Sterling Holiday
resort launched ‘Sterling Hibis Vellore’ Resort. Positive
- Allied Blenders and Distillers – It’s
subsidiary announced the debut of its portfolio at the Duty-Free Travel Retail
in Bengaluru. Positive
- Vedanta -The company declared as a preferred
bidder for Punnam Manganese block in Andhra Pradesh. Positive
- Texmaco Rail - The company received Rs 87 crore
order from Ultratech Cement for BCFC Wagons along with Brake Van. Positive
Technical Update
- NIFTY – Nifty gained another 90 points to
settle above 25,400 at 25,423 on Thursday. Index took support at 25,300 and
traded positive throughout session. Resistance lies at 25,550. Today’s range
25,300 – 25,550.
- BANKNIFTY – Bank nifty too continued upward
march and closed at 55,727 on Thursday. Index has 56K as next target as
sentiments remain bullish over PSU banking stocks. Today’s range – 55,500 –
56,000.
Disclaimer: This report is prepared by an analyst who has exercised due diligence in
checking the correctness and authenticity of the information before publishing
research report. We shall not be in any way responsible for any loss or damage
in analysis or views obtained from the use of information contained in this
report and especially states that we have no financial liability whatsoever to
the user of this report.
No comments:
Post a Comment