Market watch: Cues that will help you trade better
The Indian market closed flat on Tuesday. The Sensex fell 9.68 points to close at 18,329.32. The Nifty rose just 0.15 point and ended at 5,571.55. A quick look at global and local cues.
November 21, 2012 / 09:20 IST
Moneycontrol Bureau
The Indian market closed flat on Tuesday. The Sensex fell 9.68 points to close at 18,329.32. The Nifty rose just 0.15 point and ended at 5,571.55.A quick look at global and local cues.US markets:The US markets cut their losses to finish flat in a choppy trading session, but Fed chairman Ben Bernanke's negative comments on the looming "fiscal cliff" put a damper on gains. The CBOE volatility index traded above 15.Bernanke dismissed fears that their bond buying programme could cause inflation saying that it is not an immediate concern. He also said that the US economy's housing market appears to be showing clear signs of improvement. Also read: Nifty may slide to 5400-5450, say expertsUS economic data:Housing starts gained 3.6 percent to a seasonally-adjusted 894,000, hitting its highest rate in more than four years. Key data to watch out for in US today:Weekly jobless claims are expected to slip to 4,15,000. Consumer sentiment is expected to come in at 84 levels. Also watch out for data from weekly mortgage applications.European markets: European markets ended higher on hopes of more cash for Greece. Euro group is still discussing ways to cut Greece's debt to the target of 120%. That target is crucial before the IMF can agree to more loans. The proposal being discussed is to allow Greece to buy back about 40 billion euros in bonds at 30 cents to the euro. Also being negotiated is a plan granting a 10-year moratorium on interest on about a 130 billion euros on EFSF loans made to Greece.Asian markets:At 7: 40 am (IST), Asian markets were trading higher. China's Shanghai Composite was up 0.35% or 7.10 points at 2,016.02. Hong Kong's Hang Seng rose 0.82% or 175.03 points at 21,403.31. Japan's Nikkei gained 1.05% or 95.62 points at 9,238.26. Singapore's Straits Times was up 0.10% or 3.04 points at 2,961.86. South Korea's Seoul Composite gained 0.25% or 4.70 points at 1,894.88. Taiwan's Taiwan Weighted rose 0.27% or 19.34 points at 7,165.11.Currency space: The euro traded near a two-week high against the dollar as European finance ministers continue to work toward an agreement on extra financing for Greece.Commodities: Crude prices slipped from one-month highs as Egypt says cease fire between Israel and Palestine is imminent. Brent was around USD 110 per barrel levels.Meanwhile, gold continued to trade at around USD 1,725 per ounce levels.Stocks in news: Agency reports indicate that the government may approve 9.5 percent stake sale in NTPC. Cabinet may approve 9.5 percent paid up equity capital in NTPC out of government's shareholding of 84.50 percent.Also reports indicate that the government will approve NMDC's 50 percent stake buy in Legacy Iron Ore, which is an Australian-based company. They are likely to approve NMDC stake acquisition later this weekFocus will also be on JSPL as the company says that they will export first coal from Mozambique by January 2013 and will start export of coal at 1.3 million tonnes per year.Vini Amesar.
vini.amesar@network18online Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
