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MTECHTIPS:-Technical Snapshot:
The Nifty gave a flat opening for the day taking weak cues from the world markets, but strong recovery was seen in the markets in final hours of trade as the index gained sharply on positive statements by the Finance Minister about reforms. It turned out to be a noteworthy session for the Indian equity markets as market bulls vehemently fought back, in the late trade, supported by Finance Minister P Chidambaram’s comment that there is no serious threat of a ratings downgrade.The main support to the Indian bourses came from European counters, which provided the required confidence to the investors with all the European markets witnessing bounce back after opening lower following Spain’s downgrade. Back home, the undertone in the Indian markets remained sanguine, as investors awaited for the next round of economic reforms from the UPA, while bracing for the latest batch of corporate results. All eyes will be on the earnings from IT titan Infosys and housing finance major HDFC on Oct 12. Investors will also keep an eye on the IIP data and CPI inflation, both of which will release on October 12.Support also came in after Cabinet Committee on Economic Affairs agreed to hike the prices of urea-based fertilizers by Rs 50 per tonne, thereby reducing government’s fertilizer subsidy bill, estimated to touch Rs 65,000 crore this fiscal year. All the fertilizer stocks like Rashtriya Chemical Fertilizers, National Fertilizers, Coromandel International and Gujarat State Fertilizers all edged higher.
The Nifty gave a flat opening for the day taking weak cues from the world markets, but strong recovery was seen in the markets in final hours of trade as the index gained sharply on positive statements by the Finance Minister about reforms. It turned out to be a noteworthy session for the Indian equity markets as market bulls vehemently fought back, in the late trade, supported by Finance Minister P Chidambaram’s comment that there is no serious threat of a ratings downgrade.The main support to the Indian bourses came from European counters, which provided the required confidence to the investors with all the European markets witnessing bounce back after opening lower following Spain’s downgrade. Back home, the undertone in the Indian markets remained sanguine, as investors awaited for the next round of economic reforms from the UPA, while bracing for the latest batch of corporate results. All eyes will be on the earnings from IT titan Infosys and housing finance major HDFC on Oct 12. Investors will also keep an eye on the IIP data and CPI inflation, both of which will release on October 12.Support also came in after Cabinet Committee on Economic Affairs agreed to hike the prices of urea-based fertilizers by Rs 50 per tonne, thereby reducing government’s fertilizer subsidy bill, estimated to touch Rs 65,000 crore this fiscal year. All the fertilizer stocks like Rashtriya Chemical Fertilizers, National Fertilizers, Coromandel International and Gujarat State Fertilizers all edged higher.
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