Market Moves: 5th July 2011

The Market yet again struggled to hold its gain at higher levels and the 5700 level still seems to be a significant overhang on the market.The Nifty closed with a loss of one-third of a percentage with selling pressure observed at higher levels. On the global front the rally in Asian markets with significant gains in dollar.The rupee is also expected to be under pressure in the coming days.Reliance turned out to be a significant drag in the Nifty with it giving almost 2.5%.European markets are trading flat and seem to have factored in most of the good news in short term on the Greek front whereas the US markets trading weaker at the moment on back of weaker economic data on concerns of growth in Manufacturing sector. From a technical point of view market needs to cross 5700 to show strength whereas major supports are down around 5525 levels.

By
Pavan (for SOFIA)
Class of 2012

Market Moves: 4th July 2011

The markets traded in a narrow range today after showing good upward movement in the morning session. Realty and consumer durables were the biggest gainers of today's trade while FMCG and capital goods closed with marginal declines. The Nifty closed with a gain of 0.41% up 23 points from the previous day close. The world markets helped the gain and the prevailing cheerful mood after the euro area approved its share of a 12 billion-euro ($17.4 billion) aid payment for Greece on July 2 and pledged to complete work in the coming weeks on a second rescue package for the cash-strapped nation. Finance ministers agreed to disburse 8.7 billion euros of loans under last year’s 110 billion-euro bailout, rewarding Greek Premier George Papandreou for pushing an extra austerity plan through parliament. The other major news which affected the Asian markets was the rise of Thailand's baht to a one-week high on back of a clear political mandate erasing the fears of political instability to Yingluck Shinawatra who is set to become the new prime minister.

By

Pavan
Class of 2012
Goa Institute of Management