Morning Summary, Market Synopsis: 27th February, 2015

Nifty opens above 8,750; Economic Survey eyed: Markets have started the session on a higher note tracking Asian cues. Investors will closely watch the Economic Survey for 2015-16 which will be released by the government today. A day ahead of tabling of the Economic Survey in Parliament, Standard & Poor's on Thursday pegged India's economic growth at 7.9% for 2015-16 and 8.2% for the next financial year, against 7.4% expected in the current financial year. It termed India as the "bright spot" in Asia-Pacific.

At 9:45 AM, the S&P BSE Sensex was trading at 28923 up 176 points, while NSE Nifty was trading at 8745 up 61 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee opened lower by 11 paise at 61.86 per dollar on Friday against previous day's closing value of 61.75 a dollar. The dollar rises to a one-month high against a basket of currencies as US inflation and business orders supported bets the Federal Reserve will raise interest rates in the middle of the year.

Closing Summary, Market Synopsis: 27th Febbruary, 2015

Sensex ends above 29000; Economic Survey lift the sentiments: Benchmark indices ended firm on Friday post the release of the Economic Survey which estimated India’s GDP growth between 8.1 and 8.5 per cent in 2015-16. Further, heavy buying by the market participants ahead of the Union Budget tomorrow lifted the trading sentiments. The market breadth indicating the overall health of the market was strong. The Sensex ended higher by 473.4 points at 29220.1 and the Nifty was up 160.7 points at 8844.6. The Indian rupee witnessed profit taking after recent gains against the US dollar in the previous few sessions. The currency is trading marginally lower at 61.79 compared to the previous close of 61.75 at the Interbank Foreign Exchange after the US dollar appreciated against other currencies. On Thursday, the rupee had hit fresh three-week high on the back of dollar sales by banks and exporters.

Closing Summary, Market Synopsis: 26th February, 2015

Nifty ends below 8,700; Rail Budget failed to lift the sentiments: Markets ended lower following the expiry of February derivative contracts with IT majors leading the decline along with defensive Pharma and FMCG shares. Further, the Railway Budget announcement, which acts as a precursor to the Union Budget, failed to boost the sentiments of the domestic investors. However, some good news came from the global rating agency S&P as it raises India's GDP forecasts and said India is a bright spot in Asia. The market breadth indicating the overall health of the market was weak. The Sensex ended lower by 261 points at 28746.6 and the Nifty was down 83.4 points at 8683.85. The Indian rupee is trading higher at 61.78 per dollar versus 61.97 Wednesday.

Closing Summary, Market Synopsis: 25th February, 2015

Nifty ends below 8,800 ahead of F&O expiry, Union Budget: Benchmark indices reversed gains to end on a flat note on losses in capital goods, select pharmaceutical, technology and bank shares as caution ahead of F&O expiry, presentation of Railways and Union Budget kept risk-appetite subdued. After global rating agency S&P, its peer Moody's too emphasised today the need of financial and fiscal reforms before India's credit rating can be upgraded. The agency said times of both accelerating and decelerating growth, India's wide fiscal deficits, poor infrastructure and regulatory complexity have combined to create a mismatch between domestic demand and supply, contributing to inflation and current-account pressures. The market breadth indicating the overall health of the market was weak. The Sensex ended higher by 3.3 points at 29007.9 and the Nifty was up 5.15 points at 8767.20. The Indian rupee is trading higher at 62.02 per dollar versus 62.20 Tuesday.

Morning Summary, Market Synopsis: 25th February, 2015

Global cues lift markets higher; Nifty reclaims 8,800: Markets have started the session on a higher note following firm global cues after Federal Reserve Chair Janet Yellen suggested the Fed would not rush into raising interest rates. However, key events including Railway Budget, Economic Survey and Union Budget due to be presented in the subsequent days will dictate the trend on the bourses. The Railway Budget 2015-16 will be tabled in the parliament by Rail Minister Suresh Prabhu tomorrow. The Economic Survey will be tabled on Friday, 27 February 2015. Furthermore, markets will remain volatile as traders will roll over positions in the futures & options (F&O) segment from the February series to March series tomorrow.
At 9:35 AM, the S&P BSE Sensex was trading at 29226 up 221 points, while NSE Nifty was trading at 8825 up 63 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee gained in the early trade. It has opened higher by 20 paise at 62 per dollar versus 62.20 Tuesday. The dollar edges lower against the yen and euro early after Federal Reserve Chair Janet Yellen held back from giving a clear view on when the Fed may begin raising interest rates.

Morning Summary, Market Synopsis: 24th February, 2015

Markets open on a cautious note; Nifty above 8750: Benchmark indices have opened flat as investors remain cautious ahead of key events including Economic Survey, Railway Budget and Union Budget along with the expiry of February series due later during the week. Only days before the 2015-16 Budget, global ratings agency Standard and Poor’s (S&P) said the government must deliver on its reform promises, as low income levels and weak fiscal indicators were constraining the sovereign’s credit worthiness compared to its peers.

At 9:35 AM, the S&P BSE Sensex was trading at 29026 up 51 points, while NSE Nifty was trading at 8770 up 15 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee has opened higher at 62.25 per dollar against previous day's closing value of 62.32 a dollar. The dollar holds steady against the yen ahead of congressional testimony by Federal Reserve Chair Janet Yellen.

Closing Summary, Market Synopsis: 23rd February, 2015

Markets slip amid choppy trades; Nifty ends below 8760: Benchmark indices ended lower amid a choppy trading session on sustained selling in energy and select banking shares. Further, the domestic sentiment dampened as investors remained cautious ahead of the ahead of key events including Economic Survey, Railway Budget and Union Budget along with the expiry of February series due later during the week. The market breadth indicating the overall health of the market was negative. The Sensex ended lower by 256.3 points at 28975.1 and the Nifty was down 78.65 points at 8754.95. The Indian rupee is trading flat at 62.24 per dollar versus 62.22 Friday.

Commodity Market Update (Gold)

Precious metals on CMX are trading down as demand for safe haven assets weakened after euro zone finance ministers agreed on a deal to extend Greece’s bailout by four months on Friday. Actively traded Gold contract tested a low of 1190.60 before settling at 1192.20, down over a percent or 12.70 points while Silver futures fell 1% or 16 cents to trade at 16.11 after having tested a low of 16.065 an ounce. Base metals are trading mixed since morning with Copper trading at 5680.00, down 19.50 points or 0.34%, followed by Aluminum and Zinc while Nickel is gaining around a percent or 130 points to trade at 14075.00 per metric ton. Natural Gas is extending its last day’s gain and joined 2.64% or 0.078 cents with its previous settlement whereas Crude Oil is down 56 cents or 1.10% to trade at 50.24 per barrel.

Morning Summary, Market Synopsis: 23rd February, 2015

Budget Session kick-starts; Nifty reclaims 8850: Markets have commenced the trading session on a higher note as investors have eyed the key events (Economic Survey, Railway Budget and Union Budget) along with the expiry of February series due later during the week. US stocks rallied on Friday, 20 February 2015 sending the S&P 500 and Dow Jones Industrial Average to record levels on news that euro zone ministers agreed to a four-month extension of Greece's bailout.
At 9:35 AM, the S&P BSE Sensex was trading at 29305 up 73 points, while NSE Nifty was trading at 8854.6 up 21 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices but are also trading sharply lower. The market breadth indicating the overall health of the market is strong. The Indian rupee opened flat at 62.20 per dollar versus 62.22 Friday.

Closing Summary, Market Synopsis: 20th Februaury, 2015

Markets snap seven day winning streak; RIL dips 3%: Markets snapped seven day winning streak on sustained selling in energy and IT shares with Reliance contributing the most to the decline after one of its employees was arrested by the Delhi Police for illegally sourcing government documents. Further, caution prevailed across the bourses ahead of the Union Budget to be presented in the forthcoming week. The market breadth indicating the overall health of the market was negative. The Sensex ended lower by 230.8 points at 29231.4 and the Nifty was down 61.7 points at 8833.60. The Indian rupee is trading higher by 13 paise at 62.21 per dollar versus 62.34 Wednesday.

Morning Summary, Market Synopsis,: 20th February, 2015

Market edges lower in early trades; Nifty below 8850: Markets have started the trading session on a lower note as investors remain cautious ahead of the Union Budget to be presented in the forthcoming week. Sectors like FMCG, ITC and Oil & Gas are trading in negative zone. Japanese stocks rose to a fresh 15-year high on Friday and the dollar was on the front foot again on upbeat US data, but continuing uncertainty over the weighed on the euro.
At 9:35 AM, the S&P BSE Sensex was trading at 29265 down 197 points, while NSE Nifty was trading at 8838 down 57 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices but are also trading sharply lower. The market breadth indicating the overall health of the market is weak. The Indian rupee gained in the early trade. It has opened higher by 13 paise at 62.21 per dollar versus 62.34 Wednesday.

Closing Summary, Market Synopsis: 19th February, 2015

Markets gains for seventh straight day; Metal shares gain: After a heady swing, the market ended with some smart gains. The market rebounded in late trade led by capital goods, metals, technology stocks and HDFC. The market breadth indicating the overall health of the market was negative. The Sensex ended higher by 142 points at 29462.2 and the Nifty was up 26.2 points at 8895.30. India's bonds and currency markets are also closed today. In overseas markets, European stocks dropped as pressure mounts for Greece to reach a deal with creditors. Trading in US index futures indicated that the Dow could fall 49 points at the opening bell today.

Commodity Market Update (Natural Gas)

Gold extended a rebound from the lowest level in six weeks after minutes from the Federal Reserve’s January meeting signaled many officials were inclined to keep interest rates near record lows for longer. Actively traded Silver futures contract jumped around 2% or 32 cents to trade at 16.58 after having tested a high of 16.715 an ounce and Gold tested a high of 1221.00 before settling at 1217.50, gaining around 1.5% or 17.30 points. WTI Crude Oil fell for a second day before US government data forecast to show crude stockpiles in the world’s biggest consumer expanded to a record level. Light Sweet Crude Oil futures tested a low of 49.73 before settling at 50.14, slashed around 4% or 1.94 points to trade at 50.23 per barrel. Natural Gas is up 1.17% or 3 cents to trade at 2.864 per mmbtu. Base metals are trading lower since morning with Copper trading at 5715.50, down 11 points while Nickel is losing most of the ground, down 265 points or 1.87% to trade at 13935.00 and lead the group.

Morning Summary, Market Synopsis: 19th February, 2015

Market edges higher in early trades; Nifty above 8900: Markets open higher, amid firm global cues, led by shares of auto and consumer durables companies. However, upside gains are capped as traders remain cautious ahead of the Union Budget 2015-16. The Dow and S&P 500 ended barely lower on Wednesday after a drop in energy shares but declines were limited by minutes from the latest Federal Reserve meeting, which showed policymakers are concerned about raising interest rates too soon.
At 9:35 AM, the S&P BSE Sensex was trading at 29430 up 110 points, while NSE Nifty was trading at 8890 up 20 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. In other asset classes, the dollar was trading flat after seeing a drop after minutes from the Federal Reserve's January meeting.

Commodity Market Update(Crude Oil)

Precious metals on CMX are trading near its six weeks low on Wednesday as equities recovered on hopes Greece would patch together a deal with its creditors, while the absence of major buyer China also dragged on the metal. Actively traded Gold contract is trading in red at 1205.80, down 2.80 points or 0.23% an ounce while Silver tested a high of 16.52 before settling in green at 16.39 an ounce. Base metals on LME are extending their declines since morning with Copper trading at 5673.00, down 13 points after having tested a low of 5650.00 while Zinc is losing 1.37% or 29 points to trade at 2086.00 and leading the industrial metals group. WTI Crude Oil is down around 1.5% or 80 cents to trade at 52.74 and Natural Gas is trading almost flat at 2.749, with negative bias. Oil prices declined as investors locked their profits after its recent rally.

Morning Summary, Market Synopsis: 18th February, 2015

Market edges higher in early trades; Nifty above 8830: Markets have commenced the trading session on a flat note with positive bias tracking firm global cues. Asian equities tracked a mild bounce on Wall Street to edge higher on Wednesday, although caution over talks later in the day in the ongoing Greek debt saga limited gains. With the corporate earnings season coming to an end, investors will keenly watch out for the Union Budget 2015-16 for further clues. Union Finance Minister Arun Jaitley’s 2015-16 Budget, less than two weeks away, is likely to announce incentives to boost Prime Minister Narendra Modi’s flagship schemes, such as Make in India, Swachh Bharat and Smart Cities.

At 9:35 AM, the S&P BSE Sensex was trading at 29230 up 94 points, while NSE Nifty was trading at 8834 up 25 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee opened flat at 62.20 per dollar against 62.16 Monday. The euro rebounds helped by a bounce in German investor sentiment and hopes that Greece will find a common ground with its euro zone partners for support beyond its current bailout programme.

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4 Lessons Rahul Dravid Can Teach You About Investing

In early October of 2013, one of India’s go-to cricketer and last classic test match batsman – Rahul Dravid, played his last match in international cricket. As a classic test batsman with phenomenal technique, Dravid is one of the few batsmen who have been able to score over 10,000 runs. The aspect that drove Dravid’s performance and style was technical excellence coupled with his mental toughness and emotional restraint especially during troubled times.

There are many similarities between Dravid’s approach to cricket, and the approach taken by smart investors who build long term wealth.  

#1: It pays to remain patient

During the 4th ODI of West Indies tour of India in the year 2002, Rahul Dravid chased down a high target of 325 set by West Indies by scoring an unbeaten century. A composed knock which included just 8 boundaries and no sixes and rarely a shot misplaced or a mishit which would have cost him his wicket.

Another element of Dravid’s skilful play was that of tiring out the opponent; several bowlers have remarked that Dravid frustrates the best of the bowlers by not doing anything entertaining and skilfully defending ball after ball after ball.

For investors, our opponents are largely volatility in the equity markets and time. Both of them put together are like a perfect mix of pace bowlers and spinners rarely giving loose balls in the beginning of the game. As the game progresses, we need to tire out their arms and let the heat of the pitch get to them. The only way to beat them is to use Dravid’s strategy of being patient and stomach the volatility over the longer term. With patience, Dravid was able to establish himself in the team as a ‘must-have’ in both formats of the game. Similarly, with patience, time becomes the friend of the investor and returns start kicking in.

#2: Be consistent

At the start of Dravid’s ODI career, his batting average did not cross single digits for quite a while. If the selectors had written him off from the shorter version of the game, India would have lost a world class middle order batsman.

Dravid took almost 10 matches to score his first half-century and 33 matches to score his first ever century. In fact Dravid has scored only 12 centuries in a career spanning over a decade in the ODIs but what mattered most was the consistency in which he scored his runs that saw him retire with a batting average of 39.16.

This teaches us investors the most important lesson in investing. Invest regularly no matter how small the amount. While a few bulk investments,like the 12 centuries of Dravid, will help you raise your numbers, it is the small, regular monthly investmentsthat help you grow your money over the long term.

#3: When it comes to investments, think logical- not emotional

Throughout Dravid’s career, he has displayed immense emotional restraint and mental toughness which has aided him to bat well in tough situations.

Circa 2001, Calcutta. It is one thing to chase a total of 446 that the Aussies set and it is completely another thing to end up winning the match against the Aussies after being all-out for 171 in the first innings. Such was the adversity that VVS Laxman and Dravid faced on that day when the match would have been easily written off favouring the Australians after the first innings collapse. But it wasn’t over for Dravid and VVS; the resilience they displayed on the pitch for the next 2 days took us to a lead of 384 runs which was successfully defended with an excellent bowling performance by Harbhajan singh.

As investors we also see tough situations during which we would also need to display emotional restraint while keeping in mind the eventual goal of investing. For example, in between July and August 2013, we saw India’s benchmark equity index fall from just a shade over 6,000 points to nearly 5,400 points in one month.

While the fundamental story and growth outlook for India had not changed, much of the fall was on account of panic selling due to global factors. In the subsequent months the Nifty bounced back. If investors lacked emotional restraint during turbulent times, they would have participated in the panic selling and eventually lost out on the potential gains that could have been made.

#4: Future is unpredictable; but that’s OK

Back in 1996, when Dravid started his international playing career, no one, including Dravid himself, would have ever imagined that he would end up scoring more than 10,000 runs in both forms of Cricket. Thanks to his unbreakable resilience, patience and determination that Dravid not only passed the 5-digit mark in both Test and ODI cricket, he also gave us a lot of moments to cheer about as fans of Cricket.

Like Dravid, you would never know at the start of investing that how much you are going to make after a long spell of 7 years. But with patience and discipline by your side your investments might turn out into a hugely successful one like Dravid’s career.

(Source: scripbox.com)

Closing Summary, Market Synopsis: 16th February, 2015

Markets gain fifth straight day; FMCG shares gain: Markets ended flat with positive bias on Monday after easing whole-sale price inflation led to renewed buying interest in stocks of fast moving consumer goods companies. Oil stocks were down as Finance Minister Arun Jaitley may look at re-imposing 5 percent customs duty on crude oil imports to shore up revenues by USD 3 billion and create a level-playing field for domestic producers. Presently, the government does not levy any import or customs duty on crude oil imports. On the other hand, domestically produced crude oil attracts two percent central sales tax, something which imported oil is exempted from. The market breadth indicating the overall health of the market was weak. The Sensex ended higher by 40.95 points at 29135.88 and the Nifty was up 3.85 points at 8809.35. The Indian rupee is trading slightly lower at 62.20 to the US dollar compared to Friday's close of 62.19.

Closing Summary, Market Synopsis: 13 th February, 2015

Market shows FM means business; Nifty reclaims 8800 and Sensex jumps 800 point in 4 days: Markets surged on Friday and Nifty reclaimed its crucial psychological level of 8800 on positive global cues and expectations of a growth-oriented Budget. European markets, including Greek shares, were trading with a positive bias in trade, as investors held out hope that a key meeting next week could see Athens reach a deal with its creditors. Meanwhile, Jaitley is seen unveiling a raft of economic reforms in Budget 2015 as the Modi govt looks to revive the economy, generate jobs and encourage investment.
The market breadth indicating the overall health of the market was strong. The Sensex ended higher by 289.8 points at 29094.9 and the Nifty was up 93.95 points at 8505.5. The Indian rupee is trading higher at 62.19 per dollar against previous day's closing value of 62.30 a dollar.

Commodity Market Update (Natural Gas)

On COMEX, precious metals rebound from 5 weeks low after talks between Greece and its European partners failed to reach agreement on a way forward to allow Athens to get a needed funding program in place before the end of the month. Front month Silver futures tested a high of 17.04 before settling in green at 16.90, gaining around a percent or 14 cents and Gold is up around half a percent or 5.50 points to trade at 1225.10 after having tested a high of 1232.80 an ounce. Base metals are gaining on Thursday as investors cheered reports of a cease-fire agreement between Russia and Ukraine. Copper and Lead are leading the group, climbing around 1.30% each to trade at 5667.00 and 1823.00 respectively, followed by Aluminum and Zinc while Nickel is the only metal, is trading in red at 14660.00, down 75 points or 0.50% after having tested a low of 14545.00. Crude Oil is surging around 3% or 1.41 points to trade at 50.26 while Natural Gas jumps over 2.50% or 8 cents to trade at 2.84 per mmbtu.

Morning Summary, Market Synopsis: 12th February, 2015

Market edges higher in early trades; Nifty above 8650: Markets have started the session on a higher note ahead of the CPI and IIP data due to be released later during the day. Also, corporate earnings to be posted by some of the blue-chip companies including BHEL, Cipla, Coal India and Hindalco are likely to dictate the trend on the bourses during the session. Asian stocks and the euro dipped on Thursday as markets erred on the side of caution over the ongoing Greek debt negotiations amid conflicting headlines on progress in the talks.
At 9:35 AM, the S&P BSE Sensex was trading at 28562 up 28 points, while NSE Nifty was trading at 8650 up 23 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee slipped in the early trade. It has opened lower by 14 paise at 62.39 per dollar versus 62.25 Wednesday. Euro declines led by a barrage of conflicting headlines that left investors no clearer on whether Greece may yet secure a new debt agreement with its European lenders.

Commodity Market Update (Crude Oil)

Precious metals on CMX are trading silent since morning with positive bias. Actively traded Gold contract is trading up 4.70 points or 0.40% an ounce and Silver is trading at 17.04, gaining around a percent or 17 per ounce as we write this. WTI Crude is continuing its decline after the last night’s sharp decline as on the expectation of supply glut. Light Sweet Crude Oil futures fell 0.70% or 37 cents to trade at 49.64 after having tested a low of 49.43 while Natural Gas is gaining around 3% or 8 cents to trade at 2.75 per mmbtu. Base metals are trading mixed since morning with Copper trading at 5645.50, up 27.50 points or half a percent, followed by Lead and Zinc while Aluminum and Nickel both are trading in red at 1832.00 and 14790.00 respectively.

Closing Summary, Market Synopsis: 11th February, 2015

Markets ended in green for second straight day: The Sensex and Nifty rose on Wednesday, heading for their second consecutive session of gains, as blue-chips such as ICICI Bank climbed on hopes that Delhi election defeat may prompt faster reforms by the Modi government especially in the budget. On the global front, issues related to the Greece debt crisis are set to be discussed by the Euro Zone finance ministers who will meet later today for an extraordinary meeting in Brussels.
The market breadth indicating the overall health of the market was strong. The Sensex ended higher by 178.3 points at 28534 and the Nifty was up 61.85 points at 8627.4. The Indian rupee is trading lower at 62.25 per dollar against previous day's closing value of 62.18 a dollar. The dollar hovered at one-month highs versus the yen, bolstered by gains in treasury yields, while uncertainty over a new debt deal for Greece kept a cloud over the euro.

Morning Summary, Market Synopsis: 11th February, 2015

Market edges higher in early trades; Nifty above 8600: Key benchmark indices edged higher in early trade as firmness in global stocks boosted sentiment. However, market participants are likely to remain cautious ahead of a meeting of euro area finance ministers on Wednesday to renegotiate Greece’s bailout package. Meanwhile, investors, who had feared a victory for the anti-establishment party would further spook the markets, took AAP’s victory in their stride. Market participants feel defeat in the Delhi polls would spur the central government to boost capital spending and announce a reform-oriented Budget later this month.
At 9:45 AM, the S&P BSE Sensex was trading at 28500 up 144 points, while NSE Nifty was trading at 8610 up 45 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee opened lower by 8 paise at 62.26 per dollar against previous day's closing value of 62.18 a dollar. The dollar hovered at one-month highs versus the yen, bolstered by gains in treasury yields, while uncertainty over a new debt deal for Greece kept a cloud over the euro.

Commodity Market Update (Silver)

Gold and Silver prices on CMX are trading between gains and losses due to Greece uncertainty and a volatile dollar index. Actively traded Gold tested a high of 1245.95 before trading in red at 1238.10, down 3.70 points or 0.30% an ounce while Silver futures dropped 1.38% or 23 cents to trade at 16.835 an ounce. Oil fell for the first time in four days amid forecasts for continued supply growth. Front month Crude Oil contract plunged around 1.5% or 72 cents to trade at 52.12 after having tested a low of 51.90 while Natural Gas is up 1.287% or 3 cents to trade at 2.63 per mmbtu. Base metals are losing heavily since morning with Copper is trading at 5585.50, plunged around 2% or 100 point and Nickel is down 1.5% or 240 points to trade at 14925.00, followed by rest of the counters which are declining more or less a percent each.

Closing Summary, Market Synopsis: 10th February, 2015

Markets snap seven day losing streak: Market witnessed a roller-coaster ride on the Delhi election verdict day and finally closed on positive terrain for the first time after seven days of decline. All major sectoral indices, barring IT and pharmaceuticals, ended in positive terrain, with banks, metals and auto leading the decline. A lot had to do with Tuesday's verdict that saw the Arvind Kejriwal-led Aam Aadmi Party decimate the BJP and Congress in the Delhi elections. Kejriwal will take oath as the Chief Minister on February 14. His party won 67 out of 70 assembly seats. The next major event for the market is the Union Budget on February 28. 

The market breadth indicating the overall health of the market was strong. The Sensex ended higher by 128.2 points at 28355.6 and the Nifty was up 39.2 points at 8565.5. The Indian rupee is trading flat at 62.12 per dollar against previous day's closing value of 62.17 a dollar. The dollar slips somewhat after a payrolls-inspired rally ran out of steam. The dollar index is a tad softer but not far from an 11-year peak scaled last month.

News Hour:India is World's Fastest-Growing Big Economy Officially

India on Monday forecast that annual economic growth would accelerate to 7.4 per cent in the year ending in March after its statisticians changed the way they measure Asia's third-largest economy.

The new estimate is sharply higher than the Reserve Bank of India's (RBI) growth projection of around 5.5 per cent under the old method as well as a revised 6.9 per cent growth a year earlier.

Under the new method, the economy grew 7.5 per cent in the quarter ending in December, outpacing China's 7.3 per cent growth in the latest quarter and making India the fastest growing major economy in the world.

The revisions mark a dramatic turnaround for an economy that barely a fortnight ago was assumed to be still struggling to gather momentum under Prime Minister Narendra Modi's reform-minded government. Prior to PM Modi's election last May, the economy had endured its weakest phase of growth since the 1980s.

The apparent recovery is, however, in large measure due to changes both in the way authorities calculate gross domestic product (GDP) and the base year.

India now measures GDP by market prices instead of factor cost, to take into account gross value addition in goods and services as well as indirect taxes. The base year has been shifted to 2011/12 from 2004/05.

The reading, however, is at odds with other indicators such as industrial production and trade data, which suggest the economy is still suffering from slack.

A. Prasanna, economist at ICICI Securities Primary Dealership Ltd, questioned the credibility of the data and asked the government to explain glaring gaps.

"The government has itself been saying that tax collections are slow due to a slowdown in the economy, but the other wing of the government is saying that GDP growth has been good," he said.

"That means either one part of the economy is not taxed or there is an issue with the data."

GDP growth for the first half of fiscal 2014/15 was also recalculated and revised up to about 7.4 per cent from the 5.5 per cent reported earlier.

(Copyright: Reuters 2015)

Morning Summary, Market Synopsis: 10th February, 2015

Nifty above 8550; Delhi poll outcome in focus: Benchmark Indices have recovered after opening the trading session on a weak note as investors remain wary ahead of the Delhi poll outcome amid weak global cues. Also, weak earnings posted by prominent companies including L&T and DLF are weighing on the bourses.
At 9:35 AM, the S&P BSE Sensex was trading at 28308 up 81 points, while NSE Nifty was trading at 8550 up 24 points. The Mid-cap and Small-cap Index, both, is out-performing the broader indices. The market breadth indicating the overall health of the market is strong. The Indian rupee has opened flat at 62.15 per dollar on Tuesday against previous day's closing value of 62.17 a dollar. The dollar slips somewhat after a payrolls-inspired rally ran out of steam. The dollar index is a tad softer but not far from an 11-year peak scaled last month.

Closing Summary, Market Synopsis: 9th February, 2015

Markets end lower for the seventh straight session: Benchmark indices finished lower for the seventh straight session as investors remain wary ahead of the Delhi assembly election result due tomorrow. Sustained selling by funds and retail investors, discouraging third quarter earnings by some blue-chip companies including GAIL, L&T and Tata Steel coupled with weakness in the rupee dampened the sentiments of the market participants.
The weakness on the bourses was broad based. The market breadth indicating the overall health of the market was quite weak, with more than two losers for every gainer. The Sensex ended lower by 490.5 points at 28227.3 and the Nifty was down 134.7 points at 8826.35. The Indian rupee is trading sharply lower at 62.11 to the US dollar compared to previous close of 61.69 as demand for greenback was high due to constant FII out-flows.