Daily Equity Report by www.epicresearch.co 03 August 2012
Indian equity markets down .08%
Nifty down 4.05 pts and settle at 5252.25
Sensex down 33 pts at 17224.
Bank Nifty down 32.55 pts at 10433
European markets were up with FTSE up by 26.53 pts at 5739.35, CAC up by 15.62pts at 3337.18 and DAX up 40.95 pts at 6795.41
Dow future up 48.00 pts at 12971
Key benchmark indices snapped four day winning streak as investors nervously awaited the latest policy decision from the European Central Bank. The barometer index, BSE Sensex, was provisionally down 35.69 points or 0.21%, up about 65 points from the day's low and off close to 25 points from the day's high. The market breadth was positive. Index heavyweight and cigarette maker ITC hit record high. Index heavyweight Reliance Industries (RIL) trimmed intraday losses in volatile trade. Ashok Leyland surged after strong sales in the month just gone by.
Shares of companies whose fortunes are linked to orders from Indian Railways and construction shares surged after Prime Minister Dr. Manmohan Singh today, 2 August 2012, approved relaxation in the land transfer policy of the government for government owned land so that infrastructure projects are not held up because of procedural delays. Airline stocks were mostly lower as state-owned oil companies on Wednesday raised jet fuel or ATF rates by a steep 4.5% on firming international crude oil prices.
Power generation major NTPC surged after block deals on BSE. Capital goods stocks extended recent gains. Interest rate sensitive banking stocks were mostly lower as the Reserve Bank of India (RBI) kept repo rate unchanged at its first quarter review of the Monetary Policy 2012-13 early this week. Lube oil major Castrol India hit record high.
The market edged lower in early trade on weak Asian stocks. The market trimmed losses in morning trade. Intraday recovery witnessed in morning trade proved short lived, with key benchmark indices hitting fresh intraday lows in mid-morning trade. The market extended losses to hit fresh intraday low in early afternoon trade. Key benchmark indices pared losses in afternoon trade
as European market opened higher. Intraday recovery witnessed in afternoon trade proved short lived as key benchmark indices we
News you can use
Sensex ends range bound session flat
NTPC spikes 4%
Ashok Leyland july sales up 25% at9,785 units
Markets next move depends on ECB decision
Factors to watch:
Nifty looks bullish
Strategy: Buy on dips
Bank Nifty looks bullish
Strategy: Buy on dips
STOCKS TO WATCH
SCRIPS IN BAN PERIOD
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