VantageTrade Eagle Eye: Nifty and Sensex flat, Wipro down on poor results

The Indian ended 0.50% up in yesterday’s trading session. Buying pressure was observed in IT stocks. Better-than-expected quarterly result by TCS posted on Monday and positive expectation from Wipro result which is scheduled for today were some of the major reasons for gains in IT stocks. Selling pressure was visible in telecom stocks, due to concerns that the increase in spectrum reserve price proposed by the Telecom Regulatory Authority of India may result in huge capital expenditure for the telecom operators. Nifty ended 5,221.70, up 21.10 points, or 0.41 per cent. It touched an intraday high of 5,232.35 and a low of 5,180.35. Sensex ended at 17,200.88, up 104.20 points, or 0.61%. It touched an intraday high of 17,247.53 and a low of 17,046.72.

US stocks rose overnight after firm earnings from big manufacturing companies. However the session finished mixed as investors’ didn’t want to take any significant moves ahead of Federal Reserve's monetary policy announcement due today. The Dow Jones industrial average gained 74.39 points, or 0.58%, to close at 13,001.56. The Standard & Poor's 500 Index rose 5.03 points, or 0.37%, to 1,371.97. But the Nasdaq Composite Index slipped 8.85 points, or 0.30%, to 2,961.60.

Asian shares opened higher today following positive cues from USA, however key central bank meetings this week make traders cautious. Japan's Nikkei 225 index was trading 0.7% higher at 9,536.62 and Hong Kong’s Hang Seng index was trading higher at 20,686.12, up 0.05%. South Korea's Kospi index was trading 02% lower at 1968.45. China’s Shanghai index was trading at 2391, up 0.1%.

Nifty and Sensex opened with negative bias today as players squared off their positions ahead of April’s expiry session and following the dull trade in Asian bourses   . Gains in metals, auto and healthcare were offset by losses in technology and realty. Nifty opened 0.45 points down at 5,222.20 and Sensex started up 18.25 at 17,225.54.

Wipro stocks is trading more than 7% down after the company roughly met expectations with a 7.7% rise in quarterly net profit, and forecast muted revenue growth for its key IT services unit due to the fragile global economy.  However, Sesa Goa jumped 2.4%post fourth quarter numbers.

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