Flat trade Ø CSEC Research

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Flat trade

Ø       The BSE Sensex opened in the red and declined more than a percent in the morning session. However, Sensex recouped its losses on the back of positive European cues.

Ø       IT index bucked the trend and closed in green. The rise was on account of weak rupee. The rupee was hovering near seven-week low on Wednesday.

Ø       Shares of state-run oil marketing companies (PSU OMCs) fell on fears the much anticipated fuel price hike would get delayed.

Ø      Textile stocks were mixed as reports claimed that a ministerial panel will review on Friday, the recently imposed cotton-export ban after the farm minister objected to the move saying it would harm farmers.

Outlook

Ø       U.S. stocks extended gains into a second session as a deadline for private bondholders to exchange Greece-issued debt passed. The Dow Jones Industrial Average closed up 70.61 points, or 0.6%, to 12,907.94. It’s still modestly lower for the week.

Ø    In today trade Asian markets are trading flat and the SGX Nifty is trading above 5300 mark. Going ahead Indian market is likely to witness gap up opening on the positive side.

Regards,

CSEC Research