Latest News
WealthRays Securities Source Name: WealthRays Securities

Comments on the Market by Mr. Kiran Kumar Kavikondala, Director & CEO, WealthRays Securities

Oct 30, 2014   17:48 IST 
India

Markets like never ever before; Nifty and Sensex hit all time highs.

 

Indian Indices hit their all-time high today strongly supported by major sectors like Banking, IT and Energy. Investors remained positive on Markets despite the Fed putting an end to Quantitative Easing. Yes Bank and Maruti Suzuki posted results which were above estimates which cheered the markets while ICICI Bank Q2 results were in line with expectations. India VIX rose around 2% in the trading session today which suggest the upside could be limited. European Markets were seen trading in the red and Investors are likely to keep a close eye on US markets as well” , Mr. Kiran Kumar Kavikondala said.

 

Indian Markets

Indian Indices hit their all time high today strongly supported by major sectors like Banking, IT and Energy. Investors remained positive on Markets despite the Fed putting an end to Quantitative Easing. Yes Bank and Maruti Suzuki posted results which were above estimates which cheered the markets while ICICI Bank Q2 results were in line with expectations. India VIX rose around 2% in the trading session today which suggest the upside could be limited. European Markets were seen trading in the red and Investors are likely to keep a close eye on US markets as well.

 

USD INR pair opened 16 paisa below the close after optimistic announcement from US central bank regarding rate hike. As some dollars were sold by custodian bank rupee was seen gaining and moved flat near 61.43 levels. Most of the Asian currencies were seen trading weak in today’s session while dollar index was up by 0.33% at 86.24.

 

Other Asian Markets

Asian Indices ended mixed in today’s session tracking US fed decision on end of quantitative easing. SSE was seen at its highest level after China’s state council’s said it would boost consumption in its key areas. However, hang Seng index was seen down by 0.49% to close at 23702.04. NIKKEI was up by 0.67% to close at 15658.2 while KOSPI was down by 0.11% after September factory output below expectation.

 

Commodity Outlook:

Commodity Market traded with lot of weakness in the morning session. Gold and Silver Prices plunged in the trading session today due to Fed’s optimism over the economy as it put an end to Quantitative easing. Crude Oil prices looked weak despite US supply report and Natural Gas Prices traded flat in the morning session but chilly weather forecasts in USA are expected to provide its prices solid support. Base Metals looked weak in the morning session as Fed decision to end QE is expected to reduce its demand.

 

Evening outlook:

Gold and Silver Prices are expected to remain weak in the Evening season; Crude Oil is expected to trade flat while Natural Gas could make gains in the Evening session; Base metals are expected to be range bound in the Evening session.

 

Stock Recommendations:

ICICI Bank – Sell at Rs.1614.05(CMP); Target - Rs.1597.00; Stop Loss – Rs.1630.00

 

Titan – Buy at Rs.419.40(CMP); Target - Rs.424.00; Stop Loss – Rs.415.00

 

Bharti Airtel – Buy at Rs.407.5(CMP); Target - Rs.412.00; Stop Loss – Rs.404.00

 

Sectors Snapshot

Bank Nifty: Bank Nifty was up by 126 points in today’s session after good results posted by Yes bank which rallied to close at 662.60, 3.81% up followed by Indusind Bank gaining 2.59%. ICICI bank results were in line with estimates.

 

CNX Energy: Energy index was seen up by 1.55% supported by Reliance Industries which gained 2.91%. Gail India was another major gainer in this sector gaining 1.75% while Cairn India was down by 1.29%.

 

CNX Pharma: Pharma was able to sustain in green though Nifty was at its all time high. Rise in Pharma was led by Cadila healthcare (2.71%) followed by Piramal Enterprise (2.15%) while Cipla was the top loser among Pharma stocks down by 0.96%.

 

CNX Media: Media space was completely driven by Zee Entertainment which gained 2.31% in today’s session while HT Media gained 0.97%. Remaining all the stocks in the index was seen trading in red.

 

India VIX: India VIX was up by 2% as the markets were seen positive.

 

Market Movers

Gainers

DLF: Shares of the company were top gainer in today’s session gaining 5.08% to close at 124.15 after the government eased FDI norms in construction sector. Realty sector was up by 3.24% led by Unitech and DLF. Shares traded up ahead of SAT hearing on company’s appeal against SEBI orders barring it from the capital markets.

 

Losers

Cairn India: Shares of the company were down by 1.29% to close at 282.35 after continuous fall in crude oil prices was seen. Also the company’s results were seen bad and below estimates and some profit booking was seen after two days of successive rise.

 

For more information and tables Click Here


 
 
For press background on WealthRays Securities

click here