Auto majors have manufacturing facilities in and around Chennai, which is called Detroit of India.. Leading IT companies of India have operation centers in Chennai IT park. Due to ongoing flood situation in Chennai. and news flow that Government may downwardly revise GDP target, Nifty opened in downward gape and tested 7880 level in morning trade. European Markets opened in GREEN and pulled Nifty above 7900. In last half hour of trade, Nifty broke 7880 with momentum. After making low of 7853, Nifty finally closed at 7864. Throughout session, India VIX kept rising and remained in GREEN zone. After hovering around 1, NSE ADR finally closed below 1. USD-INR December or 1-M future moved in narrow range and finally closed flat at 66.90 INR
Except NSE Reality Index, all sectoral Indexes closed in RED. NSE Metal Index closed 1.5% lower with most of Metal Index stocks closed below 2%. NSE Pharma Index closed 1% lower with all Index stocks closing in RED. Bank Nifty also closed 0.6% lower. Reliance Communication closed 6% higher at 83.60 INR with volume. On follow up buying, Indian Hotel closed 5% higher at 109.3 INR with volume. Bosch closed flat. Apollo Tyre closed 3.5% lower at 158.20 INR on back of report that it will lose production loss due to Chennai flood. Infy moved in narrow range and had flat closing. SunPharma closed 0.8% lower at 725.8 INR. PNB closed 2.4% lower at 136.25INR.
At the time of writing of this post, ECB didn't increased the quantum of current program as expected by market and cut the deposit rate. European stock market closed 3 to 3.5% lower. after opening higher. US FED chairman Ms Jenet Yellen indicated that, US FED will hike gradually. As per provisional figures, today FII sold equity worth 610 crore INR where as DII bought equity worth 520 crore INR. As India VIX closed in Green and NSE ADR is less than 1. Both these indicates future weakness.
Disclaimer :-
This blog is for sharing information regarding the equity market. Writer of blog may have position in equity and derivative market as per his own risk profile and market condition. Readers of this blog page are requested to consult their financial adviser before acting on the information provided here.Writer may have discussed similar thing with friends in group.
Written Date :- 03.12.2015 Thursday 22:15 hours IST
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