The major Indian equity market opened on a positive note on 10th July 2013, finding support from the international market. The US stocks rose for the fourth session in a row on Tuesday as investors bet that companies will be able to surpass the low bar set for earning season, leaving room for better than expected result that could drive the rally further. Europe too ended higher. Asian markets were firm in morning trade on Wednesday with China's Shanghai composite rose 0.50% and Hang Seng of Hong Kong gained 0.72% at 20831.89. The Bank of Japan has begun its policy meeting today with a decision due on Thursday. No change in monetary policy is expected as the central bank is likely to await the outcome of upper house elections on July 21 before making its next move. Currency on domestic bourses opened marginally lower at 60.03 per dollar versus 60.15 yesterday. The dollar is likely to strengthen further against the rupee amid risk aversion amongst investors after IMF cut global growth forecasts. All these led the Sensex to trade around 19500.00 and Nifty at 5875.35, up by 0.30% each at the time of writing this. Midcap and Small Cap index are trading in green with a gain of 0.46% and 0.43% respectively. The market seems to be suggesting a mild bullish bias and that seems to be working out. We are now coming close to a significant resistance level of 5900. With the exception of FMCG and Auto sector all other sectors are trading positive since open. Consumer Durables is the best performing sector which is up by more than a percent, followed by Teck and Realty sectors while on other hand FMCG and Auto sector are trading down by 0.12% each till now.
Further the market breath opened positive as about 342 shares have advanced, 108 shares declined and 36 shares are unchanged
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