Benchmark Indices erased their gains in last hour of trade due to sharp
fall in Metals and Banking counters. Meanwhile, broader indices too
followed by the downtrend & ended lower by 0.75%-0.95%. Nifty has
been trading with strong momentum in the first half of trade & made new
life time highs of 7968.25. Sentiments turned negative in the second half,
after Metal stocks fell sharply as Supreme Court termed all coal block
allocations since 1993 as illegal and no objective criteria was followed in
allocations. Oil & Gas sector stocks were in limelight after reports
suggested that four-member committee of secretaries set up by the
government would review the gas-pricing formula and will hold its first
meeting with stakeholders. Information Technology and FMCG counters
ended with gains amid being on the defensive side.
On the global front, Asia stocks ended on a mixed note while European
markets are trading mostly in green. Indian markets have been making
new highs in past few trading sessions discounting all the global factors.
We expect Nifty to consolidate in the range of 7850-7950 levels in the
coming days amid volatility ahead of the August derivative expiry.
fall in Metals and Banking counters. Meanwhile, broader indices too
followed by the downtrend & ended lower by 0.75%-0.95%. Nifty has
been trading with strong momentum in the first half of trade & made new
life time highs of 7968.25. Sentiments turned negative in the second half,
after Metal stocks fell sharply as Supreme Court termed all coal block
allocations since 1993 as illegal and no objective criteria was followed in
allocations. Oil & Gas sector stocks were in limelight after reports
suggested that four-member committee of secretaries set up by the
government would review the gas-pricing formula and will hold its first
meeting with stakeholders. Information Technology and FMCG counters
ended with gains amid being on the defensive side.
On the global front, Asia stocks ended on a mixed note while European
markets are trading mostly in green. Indian markets have been making
new highs in past few trading sessions discounting all the global factors.
We expect Nifty to consolidate in the range of 7850-7950 levels in the
coming days amid volatility ahead of the August derivative expiry.
