Daily Equity Report by www.epicresearch.co 24 JULY 2012
Daily Market
Indian equity markets down 1.67%
Nifty down 87.15 pts and settle at 5117.95
Sensex down 281.09 pts at 16877.35
Bank Nifty down 207.00 pts at 10274.60
Global Market
European markets were down with FTSE down by 129.23 pts at 5522.54, CAC down by 86.69 pts at 3107.20 and DAX down 204.61 pts at 6425.41
Dow future down 205.00 pts at 12568.
Market Analysis
The 30-share BSE Sensex fell 281 points - biggest fall in two months - on Monday, weighed down by Spain woes and road block to FDI in retail. Sharp fall in rupee too added fuel to the fire. The BSE benchmark declined 1.64% to close at 16,877.35 and the NSE benchmark was down 87.15 points to 5,117.95.
The Indian rupee was near to 56 a dollar today, which depreciated by 60 paisa to 55.92 against the US dollar. Market experts feel if the government won't take any action on reforms, then the rupee may cross the 57 a dollar too. Overall experts are still hopeful for diesel price cut. All sectoral indices ended in the red. The BSE Metal Index lost 3.35% while Realty, Power, Auto, Capital Goods and Bankex were down 2-2.9%.Top car maker Maruti Suzuki crashed 5.65% due to stoppage of work at its Manesar plant since Wednesday's violence. Commercial vehicle maker
Tata Motors tanked 3%.Country's largest lenders State Bank of India and ICICI Bank dropped 2% each while their rival HDFC Bank was down 1.57%.Metals stocks like Tata Steel, Sterlite Industries, Hindalco Industries and Jinda l Steel plunged 3-5%.The broader markets fell 1% as about three shares declined for every share advancing on the National Stock Exchange.
News you can use
Godrej Industries plans to raise up to Rs 405 cr via QIP
SIAM to take up Maruti labor stir with PMO, Haryana govt
LIC,Singapore Government hike stake in MukeshAmbani-ledReliance Industries
Aurobindo Pharma gets USFDA nod for Metformin tablets
Factors to watch:
NIFTY
Nifty looks bearish
Strategy: Sell on rise
Support:5070
Resistance:5150
BANK NIFTY
Bank Nifty looks bearish
Strategy: Sell on rise
Support: 10225
Resistance:10330
STOCKS TO WATCH
PFC
PETRONET
HCL TECH
REC
REL. CAPITAL
SCRIPS IN BAN PERIOD
SUZLON
ALOK TEXT
PUNJLLOYD
ONMOBILE
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