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You are here : IndiaNotes >> Market Action >> Fundamental

Markets under Pressure on the Eve of Union Budget Tomorrow

Dynamic Equities Pvt Ltd | 31 Jan, 2017  | Follow Author | Add to my Favourites 
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India’s Benchmark Index Nifty opened flat from yesterday’s close of 8633. Selling was witnessed as overnight Global Markets showed weakness on US President Policies on immigration hit investor sentiment. Nifty fell 80 points from the day high of 8632 and making low of 8552, before closing at 8561. Bank Nifty opened gap down by 52 points from yesterday’s close of 19585 making a high of 19624 and low of 19435 thereby trading in a range of 189 points before closing at 19515. Small cap index saw selling pressure as the index lost almost 90 points from its previous close of 6392 to close at 6302. Small Cap Index made a high of 6404 and a low of 6297, trading in a range of 107 points.


Economic Survey was tabled in Parliament today and markets were unmoved as it prepares for Union Budget tomorrow. After market hours ICICI bank results were announced and Asset quality was on the lower side of expectations and the stock is expected to be under pressure as it opens for trading tomorrow.


Infratel, Grasim, TCS, HCL Tech, Tech Mahindra are among the top losers today.


Dynamic Sector Performance – 31st January 2017


All the sectors were in the negative territory today. Fertilisers, Defence, Energy-Oil & Gas, Auto –Tyres & Tubes, Banks-PSU, IT, FMCG-Beverages, Infra-Construction, Engineering & Materials, Chemicals, Financial ServicesNBFC, Auto-Automobiles & Auto Parts, Financial Services were down by more than 1% today.


Hot Picks of the Day


Banks eyeing the Budget with Hopeful Sight


With the Union Budget 2017 just around the corner, Banking stocks are on a roll. The Bank Nifty, the barometer of banking stocks, has gained 11% since its December low of 17655.55 on 26th to settle at 19585.25 on January 30th 2017 in the anticipation of budgetary stimulus to keep demons of demonetization at bay. This is as compared to 9% rise in the Nifty50 Index. Like all the other sectors, even banks have some hopes pinned on the upcoming Budget.


Auto Companies and Auto Multibaggers counting on Budget


It’s Budget again around the corner and Auto sector has pinned their hopes on it. In the previous Budget, 1 per cent service charge was implied on purchase of luxury cars over Rs. 10 lakh and SUVs and 4% high capacity tax for SUVs made Luxury cars more expensive. The boost came from the rolling out of GST which is due in July.


Since the last Budget, Nifty Auto have surged 40% securing its place in the top three after Nifty Metal which rallied 91% and Bank Nifty which surged 43% since Budget. Auto Index held on to its position until last week after Nifty Finance claimed the first place, displacing Auto to the fourth in line.


LIC curtails holdings in Tata Group, most in Tata Chem


Life Insurance Corporation of India (LIC) has curtailed its holdings in Tata group firms, dreading that a potentially long legal battle between Tata Sons Ltd and its ousted chairman Cyrus P. Mistry will reduce its investments. Foreign portfolio investors (FPIs) and mutual funds have been more buoyant, with the latter growing their ownership in 12 Tata group firms and cutting their stake in seven.


The Story:


Twenty-seven Tata group firms are listed. In the December quarter, state-run LIC, India’s biggest investor, cut its stakes in seven out of the 11 Tata group firms it owns stakes in.



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About Dynamic Equities Pvt Ltd

Dynamic Equities Pvt. Ltd. is a a SEBI Registered Investment Advisor and Stock Broker, a leading financial services provider, and one of the major players in the Equity markets in India. With an experience of over 15+ years in Stock Markets and Equity Research, they provide daily updated Support & Resistance of 4200 instruments across 93 exchanges and 56 countries globally. They have an in-house team of over 25 analysts. Under the guidance and mentorship of Mr. Shailesh Saraf, MD of Dynamic Equities Pvt. Ltd., these analysts are dedicately involved in guiding their clients and users of the website www.dynamiclevels.com for trading in the market. Mr. Shailesh Saraf has an experience of over 24 years in the financial market, especially in capital & derivatives market operations, trading, research and management related areas. Dynamic Levels is a website owned by Dynamic Equities Pvt. Ltd. The website can be reached at www.dynamiclevels.com.


For more information please write in to [email protected]


Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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