Stellar Rebound Ø The S&P CNX Nifty :: CSEC Research

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Stellar Rebound

Ø   The S&P CNX Nifty recouped its losses and posted 110 points gains. The nifty closes a tad below 5200 mark.

Ø   Metals and Mining were star performers in this rally. Hindalco, Sesagoa posted more than 5 percent gains.

Ø   SBI advanced more than 3 percent as the Government of India has agreed to inject approximately Rs 7,900 crore into bank by way of preferential allotment of equity shares. ICICI bank, TITAN remained upbeat as their Q3 numbers were above street estimates.

Ø   Cement stocks gained ahead of announcement of monthly cement dispatches data for January.

Ø   Tata Global Beverages rallied 10% on forming joint venture (JV) with the world’s biggest coffee chain operator, Starbucks, to roll out its cafes on a pan-India basis.

Outlook

Ø  U.S. markets slipped into negative territory after U.S. economic data failed to live up to its billing. However, Both the Dow Jones Industrial Average and the S&P 500 recorded their best percentage jump for the month of January since 1997. The Nasdaq Composite recorded its best January since 2001.

Ø  In today’s trade Asian markets are trading mixed and SGX Nifty is trading at 5,219, below its previous day close, indicating soft opening.

 

Regards,

CSEC Research