Markets May Continue With Their Postive Streak
DSIJ Intelligence / 08 Aug 2012
The Indian markets may continue to open on positive note ahead in line with the global cues. The SGX Nifty is up by 23.50 points at 5,363, indicating a positive gap up opening to the markets today
The Indian markets may continue to open on positive note ahead in line with the global cues. The SGX Nifty is up by 23.50 points at 5,363, indicating a positive gap up opening to the markets today.Also, the Asian markets have opened on positive steady note extending steep gains made in the previous session.
| Benchmark Indices | ||
|---|---|---|
| Index | Closing | % Change |
| SENSEX | 17601 | 1.08 |
| NIFTY | 5337 | 1.03 |
| Dow Jones | 13,168 | 0.39 |
| S&P 500 | 1401 | 0.51 |
| NASDAQ | 3015 | 0.86 |
| Bovespa | 57725 | -1.06 |
| FTSE | 5,841 | 0.56 |
| DAX | 6967 | 0.71 |
| CAC | 3453 | 1.5 |
| .. | ||
| Hang Seng | 20119 | 0.23 |
| Nikkei | 8956 | 1.71 |
| Shanghai | 2164 | 0.31 |
The Indian markets witnessed a positive trading session yesterday as the broader indices closed higher by 1 per cent for the second consecutive day in a row. Nifty closed at just above the 5,300 level mark while the Sensex closed at about the level of 17,600. Yesterday the Indian markets opened on a flat note but gained momentum in the afternoon trade on the back of positive global cues and on hopes of reform measures post the appointment of P Chidambaram as the new finance minister.
The Asian markets too closed with marginal gains on a positive note. This was on the back of positive global sentiments especially from the European and the U.S. markets which have consecutively shown upside movement in the last three days. Major Asian indices Hang Seng, Nikkei and Shanghai closed higher by nearly 0.5 per cent each.
Overnight, the U.S. stock markets closed on a positive note at its three-month highs, continuously extending the rally on the expectation of more assistance for the troubled euro zone and on account of the optimism for recovery surrounding the U.S. earnings. Investors are also expecting the Federal Reserve to come up with some stimulus measures to boost growth in the economy.
The European stocks too ended on a positive note yesterday for the third consecutive day in a row. The rally started in the wake of a statement by European Central Bank’s chief, Mario Draghi, who said on July 26 that the ECB would do “whatever it takes” to protect the euro from the region’s sovereign debt crisis, which led to a bailout of Greece. And now investors are hoping that the ECB will buy Spanish bonds to lower the borrowing costs in order to help Europe, which has been trapped in a debt disaster. However, as per Bloomberg, the trading volume has consistently come been at below-average levels, which may be on the back of persistent doubts over whether the policy makers will be able to agree on concrete measures to fix the European debt crisis.
On the Indian turf the rupee has gained some strength against the dollar and closed at a level of Rs 55.49. However, it continues to remain in the higher zone and a cause for concern for companies that have to depend on imports, including the government. Meanwhile, with a slew of positive data emanating from the U.S., the London Brent crude oil price is continuously inching higher to levels touching its two-month high of USD 111.21 as against USD 109.57 per barrel.
| Currency Rates | ||||
|---|---|---|---|---|
| Rs/$ | Rs/Euro | Rs/GBP | Rs100/JYP | |
| RBI Rate | 55.49 | 68.69 | 86.39 | 70.92 |
| Future | 55.25 | 68.59 | 86.46 | 70.49 |
| Key Global Indicators | ||
|---|---|---|
| Gold (Rs/10gm) | Crude ($/bbl) | |
| Spot | 29731 | 111.8 |
| % change | - | -0.1 |
| Future | 29759 | 93.41 |
| % change | -0.56 | 0.03 |
In conclusion, for today we expect the markets to operate on a positive bias on the back of positive global cues and some on hopes on various reforms measures to be announced by the newly appointed FM. Also, the Asian markets have opened on positive steady note extending steep gains made in the previous session. This is on the back of fresh optimism over possible ECB steps to buy bond, and better-than-expected corporate earnings in the U.S providing some support for the Asian market.
| FII | DII | |||||
|---|---|---|---|---|---|---|
| Trade Date | Buy | Sales | Net | Buy | Sales | Net |
| 3-Aug-12 | 1,508.84 | 1,300.15 | 208.69 | 804.26 | 1,238.91 | -434.64 |
| 6-Aug-12 | 1,738.14 | 1,182.41 | 555.73 | 876.85 | 881.08 | -4.23 |
| 7-Aug-12 | 2455.56 | 1639.61 | 815.94 | 1234.5 | 1179.26 | 55.25 |
| Total Aug 12 | 9,371.00 | 7,209.05 | 2,161.95 | 4,567.59 | 5,190.68 | -623.07 |
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