On Tuesday, share markets across Asia managed to post marginal gains, with the Australian stocks gaining mainly because of upbeat earnings posted by the country's most prominent lender, Westpac. The Euro, on the other hand, managed to hold its ground with Greece being given 30 days to reveal that its deficit plans were successfully on track.
Indian stock markets were trading with negative bias ahead of public holiday on Tuesday and January series expiry and RBI’s monetary policy declaration later this week.
Passive worldwide markets also dampened the overall reaction.
Indian stock markets crumbled more than 4% during the week for the first time this year on account of aggressive selling action by foreign insitutional investors (FIIs) and owing to China's monetary stiffening and US banks rules.
China`s central bank announced a 50 basis points increase in banks' RRR on Monday and US President Barack Obama projected new limits on the size and trading patterns of big US banking institutions on Thursday.
No positive results could be gained by the stock exchanges' controversial move to advance market opening from 9.55 am to 9 am, on the first day of trading. The basic aim behind this move was to garner more trading transactions.
As hopes of a fresh inflow of capital into equity on back of firming trends across Asian markets increased, the Indian Rupee in early trading today strengthened by 25 paise against the US Dollar, to trade at a new high of Rs. 46.39. A better-than-expected economic expansion of the Indian economy in the September quarter, as well as the Dollar's loss against other currencies, also helped fuel the Rupee's strength against it.
The Indian stock market did well last week, recovering all losses suffered in the previous week. The NSE Nifty and BSE Sensex closed at 5,000 mark and 17,000 mark respectively due to large scale transactions by foreign institutional investors (FIIs) and hopes of faster recovery after good Index of Industrial Productivity (IIP) numbers.
Government’s move to go for disinvestment of Public Sector Undertakings also pushed the market upwards.
Stock market analysts have maintained 'buy' rating on Globus Spirits Ltd with an intraday target of Rs 84.50.
According to them, interested traders can purchase the stock above Rs 83 with a strict stop loss of Rs 81.
If the bourses remain on the positive track, then the stock price will hit a target above Rs 86.
Stock market analysts are of the view that investors can buy Zee Entertainment Enterprises Ltd stock to achieve an intraday target between Rs 253-258.
According to them, investors can purchase the stock above Rs 251 with a strict stop loss of Rs 248.
The Bombay Stock Exchange (BSE), the oldest stock exchange of India, has announced a cut in transaction fee in the cash segment of the market from October 7.
From Wednesday, the cost of transaction in BSE’s cash segment will be Rs 3.25 per lakh, against Rs 3.50 that the exchange charges now. In addition, for passive orders, the transaction charge will be slashed from Rs 3.5 per lakh to Rs 2.25 per Rs 1 lakh.
Nirmal Bang, one of the leading equity research-cum-broking house, has recommended a buy on Reliance Industries Ltd with a target of Rs 965 in the short term.
The report further stated that, if the counter is successful to breach Rs 970 levels, then it will create a huge breakout.
The stock has strong support at Rs 897.