According to a Reuters Poll, the Reserve Bank of India (RBI) is expected to raise its repo rate by a total of 75 basis points for the rest of 2011, including a 25 basis point increase on Thursday.
Markets corrected close to 1 pct on Wednesday on expectation of a rate hike by the RBI on Today.
Bank and auto stocks were worst hit. The banking stocks were slipped 1.6 percent in the previous session as investor's brace for another rate hike at the RBI's policy meet later today.
Markets are likely to be under pressure and may correct some more going forward. "Nifty is likely to drift down to levels close to 5350 over the next few sessions", says Kunal Saraogi, CEO, Equityrush. If Nifty does not manage a close above 5480 for the week on Friday there will be a crucial break down of the weekly channel that will signal the beginning of a more serious downtrend that might take the Nifty to levels closer 5100, he adds
Traders need to be cautious and look to sell metals, sugar, banking and oil and gas stocks that look the weakest on the charts.
India's top 100 firms in the Mumbai region paid 14 percent higher advance tax in April-June compared to a year ago, a top official of income-tax department said on Wednesday.
At 07:47 AM, SGX Nifty breaks 5400 range trading at a 3-week low, down 67 points.
Asian markets slipped over 1 per cent in early trade after concerns over Greece debt crisis deepened and fresh US data indicated slow recovery.
The Dow Jones industrial average dropped 178.84 points, or 1.48 percent, to 11,897.27. The Standard & Poor's 500 Index lost 22.45 points, or 1.74 percent, to 1,265.42. The Nasdaq Composite Index slid 47.26 points, or 1.76 percent, to 2,631.46.
Stocks to watch:
Lanco Infrastructure after the Construction and energy conglomerate dropped plans to bid for Australia's Premier Coal, owned by coal-to-retail conglomerate Wesfarmers, its executive chairman said on Wednesday.
Tata Motors after the top car maker said its global vehicle sales in May rose 11 percent from a year ago to 88,251 units.
Airline stocks will be watched after two state-owned oil firms today hiked ATF prices by 2.4 per cent in response to the increasing international crude prices.
PVR after the firm announced buy-back of 27.15 lakh equity shares at Rs 140/share. Buyback constitutes up to 10 pct of its outstanding shares. The buyback from open markets is at nearly 35 per cent premium to the current market price.
Shares ACC, Ultratech, Ambuja will be focus after Ministry of Corporate Affairs asked SFI to probe existence of a Cartel. Companies underutalising capacity to create shortage, SFIO will also probe the role of top management.
ONGC after the Oil major plans to sell 30 pct stake in KG Block. The company is in talks with BG India and Italian E&P major, ENI.
Essar Ports after the company is planning for a port project in Canada according to reports. If the plans go-through 25 pct of funding will be done by Canadian government.
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