Nifty Rebounds; ACC, Cipla, BPCL, Hindalco tops – Benchmarks rebounds after a weak initiative as buying activity summarized all across the sectoral indices with IT, auto and oil and gas in the main lead. In the mean time, Dubai declared it has acknowledged $10 billion from its fellow UAE member Abu Dhabi to help in repaying $4.1 billion Islamic bond maturing today.
Stay alert and cling to a stock centric strategy. There is no as such solution available to the lack of clear direction in the market. The true fact is we will remain at the clemency of global cues and foreign money. Any domestic booster is basically intraday in nature. Don’t crush the panic button in chance any fresh bad news come. This entire week’s trend will hinge on what the Fed says at the end of its policy meeting on Wednesday.
Nifty will proceed to trade in a 5000-5200 range. Till then, we expect the key indices to remain sideways. It is for sure that there are some more speed bumps available in some form or other. In several parts of world, recovery which is going on will be a stop and go affair. Now, it is taking varied shapes all across the globe.
“The essential event to look out will be the Fed’s exit approach. Then, it will decide the fate of the dollar, whose weakness has been driving up the risk appetite,” as per India Infoline report. At 10:14 am, National Stock Exchange’s (NSE) Nifty was at 5130.60, up 13.3 points, 0.26%. The broader index hit a high of 5144.80 and low of 5101.40.
BSE (Bombay Stock Exchange) Sensex was at 17201.51, up 82.48 points, 0.48%. The 30-share index hit a high of 17224.58 and low of 17088.92. The BSE Midcap Index was up by 0.05% and BSE Smallcap Index moved 0.39% higher.
Amongst the sectoral indices, BSE IT Index gained 0.76%, BSE Auto Index was up by 0.66% and BSE Oil&gas Index moved 0.65% higher. BPCL (1.58%), ACC (1.51%), Hindalco Industries (1.44%), Ambuja Cement (1.28%) and Cipla (1.22%) were amongst the top Nifty gainers. On the contrary, Bharti Airtel (-1.30%), Cairn India (-1.25%), IDEA (-1.17%), Jindal Steel (-0.99%) and Reliance Communications (-0.60%) fended the rise.
With 39 advances and 11 declines, market breadth was positive on the Nifty. Global markets were showing mixed signals. Reports of $10 billion aid to Dubai from fellow UAE member Abu Dhabi helped the Asian markets to bounce back. Hang Seng was up 0.09%, Seoul Composite moved 0.28% higher and Taiwan Weighted inched 0.06% higher. Besides this, Nikkei 225 was down by 0.29%.
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