Tuesday , 17 July 2018

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    Sensex Rises Nearly 100 Points, Nifty Above 10,800; Adani Ports, ICICI Bank Lead Gains

    A day after surging by over 260 points, the market benchmark index S&P BSE Sensex opened 97 points higher at 35,644 on Thursday. The NSE’s Nifty50 also rose by 36 points to open at 10,808 in the early hours today. The stocks to watch today include India Bulls Real Estate, Reliance Industries (RIL), Bank of Maharashtra, JK Cement, IndiGo, Jet Airways and L&T,among others. India Bulls Real Estate plans to issue non-convertible debentures (NCDs) of Rs. 480 crore. RIL stock might fall on the profit-booking by traders after it became the top gainer among Sensex stocks on Wednesday.

    L&T is also being eyed after it wrote to Niti Aayog to oppose the mega submarine project awarded to Mazagon Dock Shipbuilders. Bank of Maharashtra stock is also expected to react to the arrest of lender’s chairman Ravindra P. Marathe on Wednesday in a case of Rs.3,000 crore fraudulent loans extended to Pune’s DSK Group.

    Indigo might see an uptick after it clarified that it didn’t receive summons from Enforcement Directorate. Also, Jet Airways is also in the news after it announced that it took the delivery of its maiden 737 Max aircraft out of the 150 on order from Boeing.

    Technical analysts, however, believe that upside above 10,900 is unlikely since the 10860-10900 level being the strong resistance. Dyaneshwar Padwal, AVP, technical analysis of KIFS Trade Capital explains: “Key benchmark index nifty is unfolded in to corrective pattern where in tug of war between bulls and bears lead to the consolidation. On higher side 10860-10900 could be strong resistance where in tremendous selling pressure has been observed.”

    When it comes to global markets, Asian shares crept ahead on Thursday as a lull in the Sino-US trade tussle and talk of more Chinese stimulus helped calm nerves, while tensions in the oil market grew ahead of an OPEC meeting that could expand the supply of crude. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4 percent, while Japan’s Nikkei added 0.7 percent.

    Futures for the S&P 500 added 0.4 percent as investors waited for new developments on global trade. After a hesitant start, Chinese markets moved into positive territory as Shanghai blue chips rose 0.6 percent.

    The mere absence of new threats from President Donald Trump on tariffs was enough to stem recent selling, with investors clinging to the hope that all the bluster was a ploy which would stop short of an outright trade war.

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    “Many participants see the Trump Administration’s hard line as part of the negotiating strategy,” said Richard Grace, chief currency strategist at CBA.

    BSE Sensex fell on Wednesday by 261 points to close at 35,547. At the same time, the NSE’s Nifty50 shed 0.58 per cent to end at 10,772 points on Wednesday.

    Sensex Rises Nearly 100 Points, Nifty Above 10,800; Adani Ports, ICICI Bank Lead Gains Reviewed by on . A day after surging by over 260 points, the market benchmark index S&P BSE Sensex opened 97 points higher at 35,644 on Thursday. The NSE's Nifty50 also rose A day after surging by over 260 points, the market benchmark index S&P BSE Sensex opened 97 points higher at 35,644 on Thursday. The NSE's Nifty50 also rose Rating: 0
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