09:45 a.m. Market update: Sensex down 53 points to 21,779, Nifty off 20 points at 6,503 (Track markets)
Arindam Ghosh, director of BlackRidge Capital Advisors, says Indian markets could see move up further by 3-5 per cent till the elections and the volatility is likely to go up as the event draws closer.
09.30 a.m. Market analyst Saumil Trivedi says 50-100 point correction on the Nifty looks possible, but there is nothing to be alarmed about. Cements, metals and engineering names such as ABB, Cummins, L&T, Bharat Forge are piling on strength, which are signs that big bets are being placed with conviction. This market is unlikely to go down in a hurry and investors should stick to the bullish view.
Saumil is tracking three stocks closely to get a sense of markets. 1) Infosys should not break its 200 DMA of 3160. 2) SBI has a major resistance at 1750, which corresponds with 6,575 levels on the Nifty. 3) L&T: A break below 1200 will signal weakness in markets, but it should hold this level.
Saumil's stock picks:
1) Sell Adani Enterprises: Target of 302, stop loss of 330
2) Apollo Tyres: Sell with a target of 125, stop loss of 139.
09: 16 a.m. Markets open lower over Fed's hawkish rate outlook: Sensex down 0.20 per cent, Nifty off 0.26 per cent (Track markets)
09.10 a.m. Gaurang Shah of Geojit BNP Paribas says sub-6500 open on Nifty cannot be ruled out. Don't expect recovery today and early next week and flight to safety in pharma, IT stocks is possible. High beta may correct.
09.00 a.m. Rupee opens lower at 61.38 per dollar versus Wednesday's close of 60.95.
08.35 a.m. Nifty futures on the Singapore exchange traded down by 26.50 points (-0.40%).
08.30 a.m. Major Asian indices are currently trading in red. Nikkei is trading down 0.52 per cent, Hang Seng trading down 0.89 per cent, Kospi down by 0.79 per cent and the KLSE down marginally by 0.18 per cent.
08.15 a.m. Global cues are the key to Indian markets today. Overnight, the Fed voted to cut its monthly bond purchases from $65 billion to $55 billion, in line with what analysts were expecting. (Read full story here)
The Federal Reserve also said that it will raise short-term interest rates starting in 2015. At a press conference, newly appointed Fed Chair Janet Yellen was asked how much time would need to pass between when the Fed ends its bond-buying program - which is expected to end in the second half of 2014 - and when the Fed would raise interest rates. Yellen responded that the Fed could consider raising interest rates in "six months or that type of thing" from when the bond-buying program would end.
A timetable of six months was much sooner than investors had predicted. Stock and bond prices steepened in their decline after she made her comments.
The reaction to Yellen's remarks and the Fed's announcements was far more noticeable in the bond market.
The yield of the 10-year U.S. Treasury note, a benchmark for many kinds of loans including mortgages, rose to 2.77 percent from 2.67 percent Tuesday, a large move. The sell-off was even more pronounced in two-year and five-year Treasury notes.
The US dollar had its biggest one-day gain since August 2013 and gold had its worst day since December. The Dow Jones industrial average lost 114.02 points, or 0.7 per cent, to 16,222.17. The Dow fell as much as 209 points before erasing some of its loss.
8:00 a.m. The Sensex and Nifty closed flat on Wednesday as frontline IT stocks took a hit amid muted revenue guidance given by IT major TCS. TCS ended the day with 4 per cent losses, but metal and banking stocks supported markets. (Read the full story)
(With inputs from Reuters)
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