Today markets witnessed a volatile day comprising movements of both up and downs where market risen into green then again falling back before ultimately giving close in the green. The BSE-30 Sensex index and NSE-50 Nifty index closed day green about 0.10% gain at 17484.93 and 5265.75 respectively, while the nifty future (largest trading instrument after nifty options) closed day with 0.56% at 5309.90 showing a huge premium of
44.15, indicating increased and sustained bullish undertone in the futures contract.
Nifty future was trading in tight range after it made fresh low of 5,221.15 around 1 pm in the noon. however then onwards nf traded about 5240-50 till ultimately started rising in the last 1 hour of the trade after 02.30 pm.
Amongst the indices realty, power, oil and gas, and capital goods stock outperformed most other sectors. There was mixed trading in banking stocks. BSE Smallcap index closed flat while Midcap index closed with half percetage gain. The market breadth (advance-decline ratio) remained negative with 752 stocks declining against 653 stocks rising.
Amongst the frontline gainerss Reliance infra, Acc, Dlf, Bhel, PFC, Sun tv, jsw steel, while indiabulls financial services, jp infra, crisil, and sail. HUL, Tata motors lost.
Stock Traders expected market to panick and make new low as the news from ongoing Greece crisis arrived. The Greece ruling party law makers called for the resignation of existing PM George Papandreou, whose government has agreed to tight measures as suggested by EU, and IMF in turn for a bail out. While the biggest risk out of this development is that if the George Panapdreou government collapses, the new opposition will likely turn the matters upside down as they are very much against the austerity and debt restructuring plan. The Greece markets and European markets fell 1-2% on the news and recoverd later on. However Indian market maintained ground and rose in last hour despite this bad news which has again reinforced the bullish undertone in the market persisting through out the beginning of this present derivatives expiry. Media reports suggests the market inched up as European markets showed strength and hopes that the Greece referendum will not happen. Some global experts are also contending that a Greek default might in fact be welcomed by the markets and not responded with a panick. However, the ripple effects of such a default could be devastating for the rest of the eurozone nations. The world markets are also looking for the G-20 meeting that started today. Our approach of buy on dips and avoid 'jump and sell' strategy made some money while avoiding loss of a lot.
0 comments:
Post a Comment