Market Update
Nifty opens above 7550 ahead of RBI policy; Sun Pharma up 1%
ONGC, GAIL, HDFC, Bajaj Auto and ITC are major losers while Adani Ports, Sun
Pharma, Tata Motors, Dr Reddy's Labs and Maruti are gainers in early trade.
Bank Nifty Technical Overview:
Bank Nifty futures opened with flat note and closed with
same after witnessing down side movement for the entire day and sustained below
15550 for the entire day and closed below support level of 15400. Tomorrow if
it continues to sustain below it then further downside movement can be seen.
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Indian Rupee Update
The Indian rupee opened flat at 67.85 per dollar against
previous close of 67.84. The dollar extended its rebound against the yen to a
fifth straight day after Wall Street reversed nearly all its earlier losses
allowing USD/JPY to hold onto 121 and close with a slim gain.
GLOBAL MARKET OVERVIEW
Asian shares started a new month on somewhat firmer footing
on Monday, helped by accommodative monetary policies in Japan and Europe, but
traders were cautious ahead of China factory and service sector activity
surveys.
The BOJ said it would charge for a portion of bank reserves
parked with the institution, an aggressive policy pioneered by the European
Central Bank (ECB). Earlier in January, the ECB indicated it could cut rates
further in March.
Wall Street surged over 2 percent on Friday after the Bank
of Japan unexpectedly cut interest rates and Microsoft led a major rally in
technology shares, repairing some of the damage to the S&P 500's worst
January since 2009.
Dow Jones industrial average ended 2.47 percent higher at
16466 while the S&P 500 gained 46.88 points or 2.48 percent higher to end
at 1940.
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