Nifty testing 200 DMA Ø CSEC Research

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Nifty testing 200 DMA

Ø    Key benchmark indices edged lower, as weak global stocks weighed on sentiment.

Ø    Interest rate sensitive i.e. banking stocks declined on fears banks' bad loans could increase in a slowing economy. Among banking stocks, Bank of India, Kotak Mahindra Bank, IndusInd Bank, Punjab National Bank, Bank of Baroda, IDBI Bank and Axis Bank dropped by 0.94% to 4%.

Ø    Cairn India tumbled 4.16% after the company's chief executive officer told the media that a proposed 80% increase in cess on crude petroleum oil produced in India could discourage the firm's expansion plan.

Ø      Gold financing companies gained on bargain hunting after steep recent slide triggered. Manappuram Finance gained 2.5% while Muthoot Finance rose 2.97%.

Outlook

Ø    U.S. stocks fell for a second session as investor’s dumped energy and other stocks closely tied to global growth. Durable-goods orders stood below street estimates which also aided the fall.

Ø     In early trade Asian markets are down nearly a percent. The SGX Nifty is trading below 5200 mark. Going ahead Indian market is likely to open on a soft note with a negative bias.

 

 

Regards,

CSEC Research