Daily Nifty Analysis
Nifty Analysis_06.06.2012_xDirect India |
The Indian markets are likely to remain choppy as European concerns bloats up with concerns of Greece still looming in and where Moody’s downgrading German banks ahead of the EU Summit is also weighing more on the bearish front.
Nevertheless, the rally could be seen another opportunity to go on the sell-side, as there’s absence of any sort of triggers for further flow into the market. Before the RBI meet the rally towards 4800-4900 could be a good opportunity for another round of selling bout.
View on Indian Rupee
USD/INR Report_06.06.2012_xDirect India |
The Indian Rupee once again witnessed a volatile trading session with
the currency opening in the positive territory though couldn’t managed
to hold on to its early gains. The home currency rise in the early part
of the trading session was led by speculation the central bank will
lower borrowing costs in its forthcoming monetary policy meeting,
reducing the rate for the second time in 2012 to support economic
growth. At the end of the day,, the INR finished at 55.64 at the spot
market against Monday’s close of 55.66. The Indian stock markets too
followed a similar trend wherein they opened with healthy gains
tracking, however gave away most of the gains to finish modestly in the
green. The BSE Sensex and the NSE Nifty both were higher by around 0.2%
at close.
• Reliance Industries again overtakes TCS as the most valued Indian company.
ReplyDelete• Zydus begins Phase-II trials for its new anaemia drug Zyan.
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