Thursday, 28 September 2017

Market Live: Nifty breaks 9700 on F&O

Market Live: Nifty breaks 9700 on F&O expiry day, Sensex mildly lower 

Govt plans to dilute stake in O&G fields: India plans to offer stakes of up to 60 percent in oil and gas fields owned by state energy companies that are already under production to private firms, Reuters said quoting five government and company sources with knowledge of the matter. 
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The government is making the decision after failing to draw investment from global oil majors in new fields. The plan would boost India's domestic oil and gas output and would meet Prime Minister Narendra Modi's target to reduce oil imports by 10 percent by 2022. However, the plan could reduce profits of state-owned companies. 

Technical Outlook: See Nifty support in the range of 9,710-9,755, said Laurence Balanco of CLSA in an interview to CNBC-TV18. He still has a long-term target of 12,000 on Nifty. 

  • Nifty at 9,710 is a good buying opportunity. 
  • Nifty can attain 10,300 mark by end of current calendar year. 
  • He see downside target for the rupee at 62 against the US dollar. 
  • Talking about crude, he said for Brent crude USD 58 per barrel looks like the top of its trading range 

Rupee at over 6-month low: The rupee took more blows today as it slipped 16 paise to a fresh six and a half month low of 65.88 against the dollar that gained clout overseas on talk of a US rate hike and the prospect of monetary stimulus pullout


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