VantageTrade Eagle Eye: Markets open higher led by metal and bank stocks

After a volatile session, markets closed with minor gains as selling in FMCG and IT sectors trimmed earlier gains gains. Nifty managed to make a higher high and a higher low but closed marginally in green.  The benchmarks closed flat for the second consecutive day as the market is eagerly waiting for fresh trigger to move up further. The Nifty ended at 5,287.95, up 9.35 points or 0.18%. It touched a high of 5,317 and a low of 5,265.95 today. The Sensex closed at 17,425.71, up 26.73 points or 0.15%. It touched a high of 17,526.82 and a low of 17,351.50 today.

The Indian rupee stayed stronger for the fourth straight session and appreciated by 63 paise to 54.80 against the US dollar. It was a sharp recovery from record closing low of 57.15/$.

Shares of IT services companies fell on Tuesday. TCS, the largest software services exporter, fell 1.5%. Infosys, which is expected to announce results on 12 July 2012, ended flat. Infosys results typically set the tone for the rest of the sector

 

US markets, after initially showing a lack of direction, moved mostly higher over the course of the trading session yesterday. Strength that emerged on Wall Street was partly due to the release of a report from the Commerce department showing a bigger than expected increase in factory orders in the month of May. The markets also benefited from news of strong sales by U.S. automakers in the month of June. The Dow Jones industrial average gained 72.43 points, or 0.56%, to 12,943.82. The Standard & Poor's 500 Index rose 8.51 points, or 0.62%, to 1,374.02. The NASDAQ Composite Index added 24.85 points, or 0.84%, to 2,976.08.

 

Asian shares opened stronger today as investors latched on to hopes for more monetary policy stimulus by central banks to support the faltering global economy. Japan's Nikkei 225 index was trading 0.4% higher at 9,106.75 and Hong Kong's Hang Seng index was trading lower at 19,720.12, down 0.08%. South Korea's Kospi index was trading 0.3% higher at 1,873.45. China's Shanghai index was trading at 2,226.12, down 0.1%.

 

The BSE Sensex and the NSE Nifty opened with gains today led by bank and metal stocks and as rupee appreciation against dollar and reform hopes improved investors' sentiment. The Sensex was up 57.65 points to 17,483.36 and the Nifty gained 18.65 points at 5,306.60. Benchmarks are still looking for fresh triggers, which could be new reforms from Finance Minister or European Central Bank meeting scheduled for tomorrow.

The rupee snapped its four-day rising streak anddeclined by 23 paise to Rs 54.61 against the dollar in early trade today on the Interbank Foreign Exchange due to the American currency gaining against the euro overseas.

 

 

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• SAIL, Kobe to seal pact for Rs.1,500cr plant next week
• Bharti Airtel launches cloud computing services

 

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