Yesterday Nifty opened lower reacting to the S&P downgrade of EU
nations.Nifty futures had hit a low of 4,835.25 in the morning session
and it was seen trading off the lows after the announcement of inflation
data for the month of December.It had hit a high of 4,899.70 in the
noon session as market participants expected some kind of monetary
easing from the RBI in its first policy meet of the year 2012 on Jan
24th. WPI inflation for the month of December 2011 came at 7.47% which
is considerably lesser than the 9.11% for the same period a year ago.
Index heavy weights INFY and TCS were up by around 2% as TCS is set to announce its quarterly results today.SBI was up by around 3% as the Bank's chairman confirmed yesterday that the Government is set to infuse Rs.6000-8000 crores into the bank by March 31st and the infusion will be done through preferential allotment of equity by the bank to the Government.In another news, SBI is expected to raise the interest on its car loans by half a percent from today.
Maruti was the star performer among the Nifty stocks and was up by around 5% for the day.Maruti is set to launch the new version of Swift DZire by early February.The new car to have length lesser than 4 meters.The present model is 4.16 meters in length and it has an excise duty of 22%. The new model with lesser than 4 meters length falls into small car category and has just 10% excise duty.
Reliance Industries extended its fall for the day and was down by more than 2% for the day.Last week Morgan Stanley downgraded Reliance Ind. to under-perform with a downward target price of 650Rs per share.
In the International front, EFSF loses its AAA rating and is now assigned AA+ with a negative outlook(In my Yesterday's article I have written that the Banks of the nations downgraded by S&P and the EFSF may be downgraded).Now expect the banks to be downgraded in the Euro zone.In a not so surprising move, Moody's retained AAA rating of France and said it is still reviewing the stable outlook assigned to France.If you remember,in August when US was downgraded by S&P ,Moody's and Fitch maintained the AAA rating of US.
France successfully carried out the bond auction yesterday and the Moody's outlook helped the European indices to edge higher for the day.
Asian Markets are trading higher for the day and today around 0730 hours IST, China announces the GDP,Industrial production and retail sales data.
Chinese data to set the tone for the Asian markets for the day.Expect Nifty to open positive tracking the Asian markets.Stay cautious at higher levels.I expect huge volatility in stocks like HCLTech and TCS as they are announcing the Q3 results today.
Alex sir's Nifty View for the day.
Resistances are at 4900 and 4913. Supports are at 4860 and 4825.
Index heavy weights INFY and TCS were up by around 2% as TCS is set to announce its quarterly results today.SBI was up by around 3% as the Bank's chairman confirmed yesterday that the Government is set to infuse Rs.6000-8000 crores into the bank by March 31st and the infusion will be done through preferential allotment of equity by the bank to the Government.In another news, SBI is expected to raise the interest on its car loans by half a percent from today.
Maruti was the star performer among the Nifty stocks and was up by around 5% for the day.Maruti is set to launch the new version of Swift DZire by early February.The new car to have length lesser than 4 meters.The present model is 4.16 meters in length and it has an excise duty of 22%. The new model with lesser than 4 meters length falls into small car category and has just 10% excise duty.
Reliance Industries extended its fall for the day and was down by more than 2% for the day.Last week Morgan Stanley downgraded Reliance Ind. to under-perform with a downward target price of 650Rs per share.
In the International front, EFSF loses its AAA rating and is now assigned AA+ with a negative outlook(In my Yesterday's article I have written that the Banks of the nations downgraded by S&P and the EFSF may be downgraded).Now expect the banks to be downgraded in the Euro zone.In a not so surprising move, Moody's retained AAA rating of France and said it is still reviewing the stable outlook assigned to France.If you remember,in August when US was downgraded by S&P ,Moody's and Fitch maintained the AAA rating of US.
France successfully carried out the bond auction yesterday and the Moody's outlook helped the European indices to edge higher for the day.
Asian Markets are trading higher for the day and today around 0730 hours IST, China announces the GDP,Industrial production and retail sales data.
Chinese data to set the tone for the Asian markets for the day.Expect Nifty to open positive tracking the Asian markets.Stay cautious at higher levels.I expect huge volatility in stocks like HCLTech and TCS as they are announcing the Q3 results today.
Alex sir's Nifty View for the day.
Resistances are at 4900 and 4913. Supports are at 4860 and 4825.
