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Tuesday, May 10, 2016

Equity Tips

INDIAN BENCHMARKS: EUROPEAN MARKETS LIFT SENSEX BY 84 POINTS, NIFTY ABOVE 7850

After Monday's raging Bull Run, Tuesday would have ended in utter disappointment but a late surge gave the benchmark Sensex an 83-point lift.

Domestic equity indices opened in the red and traded flat with a negative bias for most of the day before turning positive at around 1 pm on strong cues from a strong opening in the European markets. A fresh bounce in crude oil prices also helped investor sentiment.

The Sensex ended at 25,772.53, up 83.67 points or 0.33 per cent, while NSE's Nifty50 closed at 7,887.80, up 21.75 points or 0.28 per cent.

Dr Reddy's Labs (up 3.04 per cent), Axis Bank (up 2.22 per cent), HUL (up 1.93 per cent), L&T (up 1.87 per cent) and GAIL (up 1.26 per cent) were the top Sensex gainers while Tata Motors (down 3.58 per cent), NTPC (down 1.75 per cent), ONGC (down 1.65 per cent), Adani Ports (down 0.99 per cent) and Asian Paints -0.83 % (down 0.83 per cent) were among the biggest losers.

UPCOMING RESULTS TOMORROW: APOLLOTYRE, HAVELLS, ASIAN PAINTS, KOTAK MAHINDRA BANK, ORIENT BANK, SOUTH IND BANK, OFSS, VAKRANGEE, COSMOFILMS

HEADLINES OF THE DAY
Tata Motors drops on below than estimate JLR Sales
Kaveri Seed Q4 consolidated net loss at Rs7 cr (YoY)
JSW Steel among 7 bidders short-listed for Tata Steel UK asset

The crucial resistance for Nifty SPOT is now seen at 7925 and above this 7992. Support for the immediate term is now placed at 7777 and next support will be 7697.

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