Does Nifty have the firepower to push ahead from 5400?

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Does Nifty have the firepower to push ahead from 5400?

It was a steady session for our markets with the Nifty closing above the 5,400 mark. It has been range-trading for the past seven sessions. Will it push higher today?

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Moneycontrol Bureau

It was a steady session for our markets with the Nifty closing above the 5,400 mark for the second time in its range-bound trade over the past seven sessions. Opinion on the Street is divided as some say it may head higher, while others say it is likely to remain within the band for a while. One thing is for sure- The Nifty is showing no sign of slackening.

Global news:

The US markets ended mixed yesterday after a volatile session of trade. Markets cut their losses in the final minutes of trading following reports that the Greek conservative party leader would deliver a letter of commitment to lenders today.

Meanwhile, Europe closed in the red. Tepid US economic data and Moody's downgrade of six European countries dampened investor sentiment.

Asia has however opened higher, with Nikkei hitting a six-month high after the bank of Japan expanded its asset buying programme.

From other asset classes:

The dollar held on to its gains in Asia trade after the bank of Japan expanded its asset-buying program, while the euro was hurt by more negative news from EU.

Oil prices remained firm with Brent crude trading at USD 118. Gold prices meanwhile dropped as the dollar rallied versus the euro on renewed fears of credit downgrades in major European economies and uncertainty over Greece's bailout.

Domestic movers:

Back home, the Empowered Group of Ministers may decide on the ONGC & BHEL stake divestment today. CNBC-TV18 learns that fresh doubts have  emerged over BHEL's stake sale as the heavy industries minister is not in favour of it.

Haryana has proposed to demerge the RIL SEZ to build a model township at Jhajjar. The demerger is subject to HSIDC approval.

In the financial space, the RBI yesterday allowed non-bank entities to set up and operate ATMs and laid down guidelines for the operation.

According to industry experts, NBFCs and telecom players most likely to apply to the RBI for the same. Watch out for some stock moves.

There is news that HCL Tech is in a pact with State Street Bank to provide BPO services.

Some earnings impact, Voltas has recorded a consolidated net loss of Rs 115 crore in Q3 and net sales has come in at Rs1154 crore. Educomp meanwhile cut its profit guidance for FY12 to Rs 140-150 crore. Its earlier guidance was Rs 400 crore.

Padma Venkatraman
padma.venkatraman@network18online.com