Friday, 17 June 2016

Sensex, Nifty hold early gains on short covering; Max Fin spikes

The broader markets also joined the party with the BSE Midcap and Smallcap indices rising 0.4-0.6 percent. The market breadth remained positive as about two shares advanced for every share falling on BSE. 

10:40 am FII View: The Indian market does offer a positive risk-reward ratio for investors at current levels, says Gautam Chhaochharia, Head of India Research at UBS.

In an interview with CNBC-TV18, Chhaochharia said the economy was seeing incipient signs of recovery but that had been priced into stocks following their recent rally.

"I would be a buyer of Nifty at 7,500, seller at 8,400," he said.

Chhaochharia also weighed in on the delay in monsoon, saying that its positive impact is overestimated ("it directly impacts 3 percent of the GDP") but added that, on the flip side, a third straight year of weak rains would be a cause of worry, if forecasts of a strong monsoon do not play out.

10:20 am Sugar stocks in focus: In a bid to rein in sugar prices, the government yesterday announced a 20 percent import duty on the sweetener. The duty, which works to around Rs 7,000 per tonne, will likely bring exports to a halt, said ISMA Director General Abinash Verma.

"There was a small margin of about Rs 500-1,000 that we used to get on imports," he said.

Going forward, Indian sugar prices will depend on local demand-supply situation.

"For the next year, sugar production and consumption may match, leading to prices to remain stable," Verma said.

Also read - Credit Suisse bets on Maruti, sees double digit FY17 EBITDA growth

10:00 am Market Check: The market continued to be in positive terrain with the Sensex rising 130.06 points to 26655.52 and the Nifty climbing 28.85 points to 8169.60, tracking recovery in global peers after yesterday's sell-off. COMMODITY TIPS

The broader markets also joined the party with the BSE Midcap and Smallcap indices rising 0.4-0.6 percent. The market breadth remained positive as about two shares advanced for every share falling on BSE.

Max Financial Services shares rallied 20 percent and HDFC gained 2 percent intraday after a media report indicated there are merger talks between companies for their life insurance business. Axis Bank also gained over a percent as the bank holds 5.99 percent stake in Max Life.

Tata Motors, Maruti Suzuki, Dr Reddy's Labs and Coal India added a percent while Infosys, Sun Pharma, L&T and Tata Steel were marginally lower.
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2 comments:

Peehu Sharma said...

I found it quiet interesting, hopefully you will keep posting such blogs…!!!!
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