Wednesday 4 September 2013

Daily Equity Market Report – September 4, 2013

After a free fall yesterday, Indian equity markets bounced back and gained over 1.8% in today’s trading session. The momentum was led by the value buying in oil & gas, metal, banks and tech stocks. Nifty ended the day at 5,448.10, surged by 106.65 points while Sensex ended at 18,567.55 up by 332.89 points. 

Indian rupee gained against the US dollar after RBI clarified on overseas direct investments by Indian companies, saying investment curbs are not applicable for deals before August 14. Meanwhile Raghuram Rajan took over as the next RBI Governor today. Former Deputy Governor Subir Gokarn said Rajan won't lessen RBI's focus on inflation but he may look for new ways to encourage dollar flows.

Real estate companies like DLF and Indiabulls Real Estate were down after the RBI objected strongly to builder schemes like 80:20, saying it should not be paid upfront to developers and wants home loans to be linked to stage of completion of the project.

Among the sectoral indices CNX Metal (2.64%), CNX Pharma (2.54%) and CNX Auto (2.51%) were top gainer while CNX Media (-0.85%) and CNX Realty (-0.34%) were only loser of the day.

Out of 50 stocks of Nifty 47 stocks ended in positive terrain while 3 stocks ended in negative.

Top Nifty gainers: Ranbaxy (8.70%), BHEL (6.46%), JP Associate (6.13%), LUPIN (4.59%) and Tata Motors (4.59%) were among top Nifty gainers.

Top Nifty losers: DLF (-1.02%), ITC (-0.23%) and Maruti (-0.07%) were only losers of the day.

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