Thursday, 20 October 2016

Opening Bell - Sensex, Nifty rally in early trade

The S&P BSE Sensex is trading at 28,032 up 47 points, while NSE Nifty is trading at 8,693 up 34 points.

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The S&P BSE Sensex is trading at 28,032 up 47 points, while NSE Nifty is trading at 8,693 up 34 points.

Asian markets traded in the green as overnight Oil prices rallied above US$ 51 which saw energy stocks lead the way forward on the Dow Jones index.

Commodity market tips

The final US presidential debate came to a close with Trump labelling Hillary as ‘a nasty woman’ while she was describing her plan to raise taxes on the wealthy to fund Social Security. The jury is still out on how fortunes could turn in this election.

The markets will have to focus on earnings and global developments. The Indian banking system has been hit by cyber-attacks, which have been on a rise worldwide. Over 3 million debit cards have reportedly been compromised.

Banking stocks could see some weakness initially. Reliance will be in focus as it is set to report yet another quarter of strong performance in its core business of refining and petrochemicals.

Meanwhile, participation from small towns has resulted in Equity mutual funds adding over 1.5 million investor accounts in the first half of this fiscal.

Another setback in sentiment could take place as the GST Council failed to arrive at a final tax structure.

After a 2 week consolidation most equity markets seem poised for an up move as commodities both oil & base metals are seeing huge traction on the upside. Canada, Brazil & Russia are the main markets where indices are touching new highs regularly which could see the spill over lead to other indices.

The earnings calendar will see large number of companies declare results in the next week which will see volatility rise as we also have derivative contract expiry next Thursday.

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OPENING BELL SENSEX UP 85.05 @ 38692.06 NIFTY UP 16.15 @ 11612.85 BANKNIFTY DOWN 5.55 @ 29780.55 USD/INR 69.072 ...