Friday, 16 January 2015

Morning Summary, Market Synopsis: 16th January, 2015

Market edges lower in early trade: Markets opened with marginal losses weighed down by profit taking in select financials after sharp gains on Thursday following the rate cut by the RBI and IT major TCS post its third quarter earnings. At 9:45 AM, the S&P BSE Sensex was trading at 28043 down 32 points, while NSE Nifty was trading at 8485 down 9 points. However, the Mid-cap and Small-cap Index, both, is outperforming the broader indices. The Sensex regained psychological 28,000 levels after falling briefly below that mark. The market breadth indicating the overall health of the market was positive. The Indian rupee opened flat at 62.08 per dollar against previous close of 62.06. The euro hovered above 11-year low as investors bet the Swiss move to abandon its currency cap meant it was almost certain the European Central Bank would launch large-scale bond buying next week. Overnight, US markets closed lower for the fifth straight session on concerns over global economic growth while weak US retail sales data also weighed on the markets.

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