Jan 17, 2013, 08.45 AM IST
The Sensex on Wednesday closed the day at 19817.63, 169.19 point lower than the previous day close and the Nifty was trading lower by 54.75 point at 6001.85 at the day close.
The Sensex on Wednesday closed the day at 19817.63, 169.19 point lower than the previous day close and the Nifty was trading lower by 54.75 point at 6001.85 at the day close. Yesterday, Bajaj Auto announced it quarterly numbers where it reported a 3 percent rise in third quarter net profit at Rs 819 crore, in-line with Street expectations.
The Asian markets were trading firm and the US trade ended the day with a lackluster trade. The firm trade in the Asian markets is a supporting edge to the Indian market and one needs to see if the domestic factors push the Nifty in green terrian.
Asian markets were trading firm. Hong Kong's Hang Seng was up 0.22% or 51.10 points at 23,408.09. Japan's Nikkei was up 0.36% or 38.65 points at 10,639.09. Singapore's Straits Times was up 0.15% or 4.83 points at 3,213.33. South Korea's Seoul Composite was flat at 1,977.07.
US markets end mixed
The US markets finished mixed in lackluster trading, with the DOW breaking a five-day winning streak, as investors digested a batch of bank earnings and amid ongoing concerns over the debt ceiling. Also weighing on the markets was the cut in the global growth forecasts by the World Bank yesterday which completely overshadowed the rally seen in Apple.
Industrial production was up 0.3 percent in December, following a 1 percent rise in November. Meanwhile, homebuilder sentiment remained unchanged in January at 47 after eight months of consecutive gains and consumer prices were flat in December. The consumer price index remained unchanged last month, following a 0.3 percent decline in November.
European markets end flat
European shares ended mostly flat, bouncing off intraday lows as many investors used the early dip to boost their exposure to equities, with mining shares the main drag.
In the currency space, the euro struggles to hold above 1.33 to the dollar. The dollar index is above 79.70 levels. Meanwhile, the yen hovered at one-week highs, still underpinned by a wave of short-covering.
In commodities, Brent crude slips below USD 110 levels on demand concerns. Meanwhile, NYMEX crude trades above USD 94 a barrel.
Gold hovers around USD 1680 an ounce.
Markets face resistance; Nifty likely to correct soon
After expansion comes contraction - this is the theme which the stock markets have begun to work on. This letter has been upbeat on the market. We still are, when it comes to the long term. The short term scenario may be different. For short term traders the strategy should be to take swing trades lasting one or two days, only on extremes.
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