Wednesday, 9 December 2015

Live: Sensex falls 45 points; logistics stocks fall as GST hopes fade

The Sensex falls 45.46 points, or 0.18%, to 25,264.87, while the Nifty is down 15.65 points, or 0.2%, to 7,686.05
Indian benchmark stock indices drop further flat after sliding to three-month lows on Tuesday. The 30-share S&P BSE Sensex falls 45.46 points, or 0.18%, to 25,264.87, while the Nifty is down 15.65 points, or 0.2%, to 7,686.05.
Logistics stocks drop as goods and services tax (GST) seems to have hit another roadblock after Congress offensive casts shadow on reforms push. Gati Ltd drops 5.8%, Blue Dart 1% and VRL Logistics 3.5%.
Indian Rupee Update

The Indian rupee opens unchanged at 66.84 per US dollar as most traders stayed cautious ahead of the US Federal Reserve’s rate-setting meet due next week.
The yield on India’s 10-year benchmark bond is trading at 7.799% compared with its Tuesday’s close of 7.801%. It opened at 7.795% and touched a high of 7.802%—a level last seen on 30 November.
The US dollar is trading at 122.88 yen, down from 122.99 yen in the previous session. The euro rises to $1.0899 from $1.0888.
Shares of Tata Motors gained nearly 2 percent intraday Tuesday on strong retail sales in November by its UK subsidiary and luxury car maker.
Rating agency ICRA has downgraded the rating on the proposed Rs 750-crore non-convertible debenture programme of Eros International Media Ltd citing concerns of parent company’s reduced financial flexibility and also revised outlook to negative from positive. ICRA said it has revised the the rating on Eros’ NCD programme to A+ from AA- .
Most large caps trading cheap, not all are bargains 
Analysts rank HDFC Bank, Axis Bank and consumer goods company Dabur India as promising picks among BSE 100 stocks. Others on their radar are LIC HousingBSE 0.43 % Finance, Hero MotoCorpBSE -1.02 %, Tata Consultancy Services and UltraTech Cement. It may not be apparent from the lacklustre performance of benchmark indices, which have lost nearly 10% from the year ago, nor would it be obvious from economic growth of 7.4% in the September quarter.But two out of every three comp .. 

Today’s Stock Recommendation 
Technical Overview: Stock recommendation for 09/12/2015 is Amaraja battery. In today’s trading session it was up by 0.25%. Its long term trend is up. It has made a small green candle indicating further buying in daily chart. Its short term support level is 935. All the indicators are suggesting that one can go for long position in this stock above 955 levels. The stock may test level of 980-1000 in coming days.

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