Market Update
1) Indian markets are witnessing an exodus from foreign
investors who sold a record Rs 16,877 crore worth of domestic stocks in August.
On top of that, they sold Indian stocks worth nearly Rs 4,000 crore in the past
four sessions.
2) The keenly watched US jobs report, which was released on Friday, failed to allay uncertainty over the timing of a Federal Reserve rate hike, a factor that has been weighing on global equity and currencies for a while.
3) Analysts say that Indian markets are likely to remain volatile till the crucial US Fed meet which is scheduled for September 16-17. An interest rate hike in the US could accelerate the selling from foreign investors who would like to park their money in US bonds.
4) Asian markets were mostly lower today on uncertainties over Fed rate hike and fears about China economy. Japan's Nikkei was down nearly 0.35 per cent while Hong Kong's Hang Seng slipped 0.30 per cent.
5) On Friday, Wall Street fell over 1.5 per cent on Friday, which also weighed on Asian markets today. US markets will be closed today for a holiday.
2) The keenly watched US jobs report, which was released on Friday, failed to allay uncertainty over the timing of a Federal Reserve rate hike, a factor that has been weighing on global equity and currencies for a while.
3) Analysts say that Indian markets are likely to remain volatile till the crucial US Fed meet which is scheduled for September 16-17. An interest rate hike in the US could accelerate the selling from foreign investors who would like to park their money in US bonds.
4) Asian markets were mostly lower today on uncertainties over Fed rate hike and fears about China economy. Japan's Nikkei was down nearly 0.35 per cent while Hong Kong's Hang Seng slipped 0.30 per cent.
5) On Friday, Wall Street fell over 1.5 per cent on Friday, which also weighed on Asian markets today. US markets will be closed today for a holiday.
The index has remained choppy in the last few sessions.
It is not really outperforming, but the structure is not negative yet. The
range of 11,800-11,930 remains a significant challenge for the CNX IT to break.
That said, individual stocks are doing well and, therefore, there is a good
chance that the index may head higher. As long as 11,600 level on the index is
not broken, maintain a positive bias.
The index has remained choppy in the last few sessions. It is not really outperforming, but the structure is not negative yet. The range of 11,800-11,930 remains a significant challenge for the CNX IT to break. That said, individual stocks are doing well and, therefore, there is a good chance that the index may head higher. As long as 11,600 level on the index is not broken, maintain a positive bias.
The index has remained choppy in the last few sessions. It is not really outperforming, but the structure is not negative yet. The range of 11,800-11,930 remains a significant challenge for the CNX IT to break. That said, individual stocks are doing well and, therefore, there is a good chance that the index may head higher. As long as 11,600 level on the index is not broken, maintain a positive bias.
Indian Rupee Update
The Indian rupee slipped in early trade on Monday. It has
opened lower by 19 paise at 65.86 per dollar versus Friday’s closing value
of 65.67.We expect a range of 65.60-66/dollar for the day.
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