In an interview with CNBC-TV18, SP Tulsian of sptulsian.com spoke about his multi-bagger ideas for investors.
US oil futures eased from a two-and-a-half year high and the euro stalled on Tuesday, while Asian stocks remained under pressure as investors fretted that higher energy prices would stunt the global economic recovery.
The benchmark Nifty bounced back with moderate gains in opening trade after a deep cut seen on Monday. The index touched the 5500 level as financial, steel, auto and infrastructure stocks were supporting the markets.
The Indian rupee opened at 45.03 per dollar versus 45.04 yesterday.
Rising crude oil prices has been a matter of grave concern in the past few days. Investment guru Marc Faber believes that crude may rise further before additional production comes into play. "We need to find new oil fields and develop them and that is very costly. I would estimate the marginal cost of adding new oil at USD 80 per barrel," he said.
The index is likely to remain extremely volatile without a clear trend and hence a conservative approach to trading is advisable, says Gautam Shah of JM Financial.
Today, Moon is in Mercury's constellation, and Mercury, from today, is not combust.
Today as per financial astrology, weakness may be seen capital goods, metal and stocks.
It was a volatile session for the Indian market on Monday; the Nifty lost 75 points to close at 5,460 while the Sensex fell 263 points. But we managed to claw back a bit from the lows of the day on hopes that there could be some political patchwork, said CNBC-TV18's managing editor Udayan Mukherjee.
Brent crude prices fell from intra-day highs of USD 118 as Arab media reports suggested that Libyan leader Muammar Gaddafi was looking for an agreement allowing him to step down, but there was no official confirmation of the reports.
FIIs were net sellers of Rs 92 crore while DIIs were net buyers of Rs 45.5 crore in cash markets on March 7, as NSE's provisional data.
I expect a 4-5 bps rally in the bond market over the next couple of days. Investor demand remains fairly strong. Inflation numbers may provide further cues. The 11-year yield is seen between 8.05 - 8.10%, says Sandeep Bagla, ICICI Sec Primary Dealership.
Technology shares led US stocks lower after a downgrade of semiconductors on Monday, helping push the sector below a key technical level, which could mean further losses.
The recent improvement in FII flows may offset the impact of dollar's gains globally and high crude prices. The currency may move in a narrow band. The range for next few days is seen between 44.90- 45.20/$, says Vikram Nanivadekar, Verity Analytics.
Market cues: FIIs net buy USD 139 million in the cash market on Mar 04.
The Dow Jones Industrial Average ended down 80 points at 12,090, after seeing recovery of 50 points from day's low of 12,041.
At 7: 46 am (IST), Asian markets were trading firm. Hong Kong's Hang Seng was up 0.15% or 35.57 points at 23,348.76. Japan's Nikkei rose 0.40% or 41.66 points at 10,546.68. Singapore's Straits Times was flat at 3,066.68. South Korea's Seoul Composite added 0.69% or 13.66 points at 1,993.93.
Crude came off its highs - WTI touched a low of USD 104.5/barrel from a high of USD 107/bbl on Monday. London Brent crude was stable at USD 115/bbl, which was trading at USD 114.5 a barrel in morning trade today.
In the US markets, stocks closed down, although off the lows of the day amid a slight pullback in oil prices and continued turmoil in West Asia.
It was a difficult day for the market, but it could have been worse because at one point the Nifty was at 5,420, says Udayan Mukherjee, managing editor of CNBC-TV18. The damage was done principally by the interest rate sensitives, he says.
The FMC has said that no extension has been given to the National Stock Exchange to lower its stake, as per regulatory norms, in NCDEX to 5% from 11.1%
It's been a disappointing start to the trading week, high crude prices and domestic political uncertainty dragged the markets deep into the red. But hopes of a patch up between DMK and Congress helped erase some of the losses.
Vibhav Kapoor, IL&FS says, there is quite a bit of nervousness in the market, which is pulling it down. “We have had negative news on both the oil and the political situation in the last few days,” he adds. According to him, the market is still in that range of 5,150 and 5,750.
Essar Shipping Ports & Logistics gained 2.80% or Rs 2.50 to end at Rs 91.85 on the BSE. It touched an intraday high of Rs 98.25 and an intraday low of Rs 90. There were pending sell orders of 447 shares, with no buyers available. The total traded volumes were of 766,860 shares. However, it rose 24.29% in last 3 days.
Investors were jittery on Monday on the back of political instability and inching up crude oil prices. The Nifty plunged more than 400 points in intraday trade as the talks between UPA allies DMK and congress over seat-sharing for forthcoming elections in Tamil Nadu failed during the last weekend.